Guide to this report: After issuing the “Report on the Repurchase of Company Shares”, the company completed the repurchase of the company's shares through centralized bidding in the market for the first time. Key points of investment that can be anticipated in future company development: maintain the “increase in holdings” rating, and the target price of 18 yuan remains unchanged. The company issued the first repurchase announcement of the company's shares. On the same day, 415,000 shares were repurchased at 5.43 million yuan, accounting for 0.062% of the company's total share capital. The company was given a valuation of 30 times in 2019, and the corresponding target price was 18 yuan. It remained the same and maintained the “increase in holdings” rating. The company plans to use its own or self-raised funds to repurchase some public shares through centralized bidding transactions. The capital amount for the repurchase is not less than 200 million yuan, and not more than 400 million yuan, and the repurchase price is not more than 15 yuan/share. The purpose of repurchasing shares includes, but is not limited to, for subsequent employee stock ownership plans or equity incentive plans, corporate bonds issued by a listed company that can be converted into stocks, or situations necessary to preserve the company's value and shareholders' rights. The company focuses on 5G site operations and edge computing. The company has carried out in-depth cooperation with companies such as Huaping Co., Ltd. in the field of 5G sites. As the rapid development of edge computing drives the value of light poles and small base station site resources, the company is expected to embrace 10 billion emerging markets in the future. catalysts. Enterprise SMS business volume has increased; 5G-based construction operators have increased network maintenance expenses; and financial outsourcing services have developed smoothly. Risk warning. The gross margin of the SMS business declined; 5G construction fell short of expectations; and the expansion of the financial services outsourcing business market fell short of expectations.