The incident company announced its semi-annual report. In the first half of the year, it achieved revenue of 773 million yuan, an increase of 47.48% over the previous year, and realized net profit of 3.4989 million yuan, a year-on-year decrease of 80.49%. A brief review of the company's revenue expansion. Real estate carry-over factors affected the rapid growth rate of the revenue side of larger companies. Judging from the business structure, the increase was mainly the company's tourism real estate sector contribution, which achieved revenue of up to 379 million yuan. The main reason was that subsidiaries carried over revenue from Mingfeng's neighborhood, which ultimately boosted the tourism real estate sector's revenue growth by 1,256.10% year-on-year, leading to an increase of 351 million yuan in the tourism real estate business from 5.33% in the same period last year to 49.05%. Among the remaining businesses, transportation (14.67%), travel agencies (5.56%), and culture (3.37%) businesses grew well. The revenue achieved during the reporting period was 113 million yuan, 43 million yuan, and 26 million yuan respectively, with year-on-year growth rates reaching 17.45%, 15.92%, and 332.09%, respectively. The company's performance improved mainly in Q2. Revenue and net profit for a single quarter reached 577 million yuan and 24 million yuan respectively, up 88.89% and 31.56% year on year. At the same time, the net interest rate level in Q2 also increased to 8.42% from 7.83% in the same period. Fee control capabilities were strengthened, efficiency continued to improve, and the gross margin level of the company's main business reached 25.16%, an increase of 0.11pct over the same period last year. Under the influence of the collaborative effects of the company's seven major businesses and operation and management experience, the rate level continued to decrease. During the reporting period, the company's sales expense ratio and management expense ratio reached 3.78% and 7.92% respectively, down 2.5 pct and 2.6 pct respectively from the same period last year, which is a significant drop, indicating that the company's operating efficiency is constantly improving. The quality of the acquisition target is good, and asset restructuring has improved expectations. The company leverages the resources of the majority shareholder OCT to give full play to the platform advantages of its listed companies: the wedding culture company acquired by the company's wholly-owned subsidiary (Happy Valley Company) in 2017 gradually moved from the preparation period to normal operations, driving the tourism and culture sector to grow 332.09%. Although the sector currently accounts for only 3.37% of the revenue structure, it is expected that the business share will increase rapidly under the influence of its high growth rate. The profitability of the cultural tourism technology that the company is planning to acquire is good. Its revenue and net profit accounted for 25.42% and 216.67% of the company in 2017, which is expected to greatly improve the company's profit structure and inject lasting new vitality into the company's development. Considering that the company's shareholder OCT Group still has many assets related to high-quality tourism and culture, expectations for the company's future integration as a platform have further increased. Investment advice: We believe that the company's shareholders have strong resources. Under the trend of asset injection and integration, the company's future profitability will be greatly improved, and the scope of business and resource integration will be further expanded and improved. The EPS for 2018-2020 is expected to be 0.12, 0.38, and 0.44 yuan respectively. The current stock prices corresponding to PE are 60X, 19X, and 17X, respectively, maintaining the “buy” rating. Risk warning: Project progress falls short of expectations; economic factors influence; market competition pattern worsens.