The company released its 2018 quarterly report, achieving revenue of 2,988 billion yuan, a year-on-year increase of 28.8%, net profit of 514 million yuan, a year-on-year increase of 1076.5%, and an EPS of 0.2999 yuan. The removal of inventories from commercial projects continued to drive high performance growth in the first quarter: the company's net profit margin increased 15.3 percentage points to 17.2% over the same period last year during the reporting period. The main reason for the sharp increase in first-quarter results is that the company continued to accelerate inventory removal in the first quarter, removing its commercial properties, leading to a sharp increase in operating income, and a marked increase in profit margin. The consolidated gross margin for the first quarter increased 32.24 percentage points to 45.99% compared to the same period last year. At the same time, due to the increase in gross margin, land value-added tax for subsidiary subsidiaries increased significantly in the first quarter, leading to a 582% year-on-year increase in sales tax and surcharges. In terms of sales, the company achieved a contract amount of 4.327 billion yuan in the first quarter, an increase of 0.72% over the previous year. By the end of 2017, the company's saleable area in Jiangsu, Zhejiang and Shanghai was as high as 70%, and will become the main contributor to sales in the future. In 2018, the company's sales target was 25 billion dollars, an increase of 5.7% over the actual contract amount in 2017, and completed the sales target of 17.3% in the first quarter. Diversification is actively expanding land storage, and cold chain logistics continues to advance: in the first quarter, the company added 483,900 square meters of land reserves through diversified land acquisition methods such as tenders, mergers and acquisitions, and cooperative development, an increase of 1768.34% over the previous year. Among them, the newly acquired projects are located in the five cities of Shanghai, Suzhou, Changsha, Changzhou, and Yantai. In terms of acquisition amount, the first tier accounts for 6%, the second tier accounts for 43%, and the third tier accounts for 51%. As of the end of 2017, the Yangtze River Delta region accounted for the largest share of the company's land storage structure, reaching 72%, followed by the Bohai Rim, accounting for 21%, and the Midwest, accounting for 7%. The company currently has large-scale bonded room temperature warehouses and cold chain logistics parks in key development areas such as Yangshan Free Trade Zone and Dahongqiao, and continues to actively build logistics, supply chain, and vegetable management sectors. Actively innovate financing methods: In February '18, the first CMBS order for a state-owned enterprise in Shanghai was issued, with a scale of 880 million yuan, an interest rate range of 5.99%-6.99%, and actively exploring innovative financing channels. By the end of the first quarter, the company's short-term debt pressure and leverage levels had rebounded. We believe that in the future, the company's financing advantages will continue to be reflected in the convenience of financing channels and resource preferences for major shareholders, which will help the company develop healthily, stably and sustainably in the future. Risk warning: policy regulation in Tier 1 and 2 cities continues, settlement falls short of expectations, etc.