Events: The first three quarters achieved revenue of 473 million yuan, an increase of 51.24% over the previous year; net profit of the mother was 118 million yuan, an increase of 41.26% over the previous year. Key investment performance continues to grow rapidly, and investment in product and service development continues to increase: As business reform in the financial industry continues to advance and financial supervision policy adjustments, a series of new financial policies and financial supervision regulations, such as the introduction of value-added tax on asset management products, new valuation regulations for stocks with restricted circulation, new liquidity risk management regulations, and new asset management regulations, have effectively promoted the continuous increase in the corresponding information system construction needs of financial institutions; the company closely followed market demand and strengthened relevant product development and accelerated project implementation and acceptance progress. Revenue continued to grow rapidly in the first three quarters. In the first three quarters, the gross profit margin was 80.01%, a slight decrease of 0.63pct from the same period last year; the company continued to explore new fields and customers; sales expenses and management expenses in the first three quarters increased 69.32% and 80.89%, respectively; and the net profit margin was 25.89%, down 2.03pct year on year. Net operating cash flow was -172 million, up from -263 million in the same period last year. The amount of capital advanced for the supply chain procurement business of mainly holding subsidiaries decreased compared to the same period. Accounts receivable for the first three quarters were 568 million, up 63.16% year on year. On the one hand, revenue continued to grow rapidly; on the other hand, customer repayments were concentrated in the fourth quarter; other accounts receivable were 394 million, up 49.87% year on year, mainly due to funds advanced by holding subsidiaries in the payment supply chain procurement business. Technology helps financial supervision, and product expansion covers all assets and businesses: With the advancement of the three tasks of preventing and controlling financial risks, serving the real economy, and deepening financial reform, the financial industry has entered a new era of unified and coordinated supervision, and financial supervision and technology are becoming more and more closely integrated. At the same time, fintech, which is mainly characterized by applications such as microservices, cloud computing, big data, artificial intelligence, and blockchain, is developing rapidly. The trend of internetization, cloud, data, and intelligence in the financial industry's informatization construction is very obvious. In this context, the company adheres to the two-way parallel development of product innovation and technological innovation, and solidly promotes the continuous expansion of the company's product service scope and customer application implementation of new technologies. The company's products and services are further extended to OTC transactions, non-standard assets, TA fund settlement, intelligent asset management, intelligent operation of asset management, intelligent management, management, supervision, settlement, accounting and valuation, performance evaluation, storage and management, data integration, customer service, etc., gradually achieving the “full asset, full business, full data, and entire industry” product service goals. The synergistic effect of subsidiaries is obvious, and unicorns have significant potential: the company's holding and participating subsidiaries include Dongwu Fintech, Dongfang Jinxin (big data platform), Chainshi (blockchain), Shanghai Huairuo (artificial intelligence), and Shanghai Yingliang (supply chain finance). On the one hand, the existing business collaboration between the subsidiary and the parent company is obvious. Dongwu Fintech's front-end decision-making and trading system is expected to connect with the company's back-end asset management, custody, and valuation systems. Based on the intelligent technology of subsidiaries such as Chainshi, Dongfang Jinxin, and Shanghai Huairuo, it provides customers with one-stop front, middle, and post-transaction support and collaborative development. On the other hand, various subsidiaries are gradually scaling up, and the potential for unicorns is remarkable. Profit forecast and investment rating: The company's net profit for 2018-2020 is estimated to be 288 million yuan, 3.92 million yuan, and 521 million yuan respectively, corresponding to PE of 31, 23, and 17 times, respectively. The company's leading position in the middle and back office fields has been established, and the fintech landscape has taken shape, maintaining a “buy” rating. Risk warning: New asset management regulations are being implemented slowly; accounts receivable are growing too fast