Incident: The company released its 2019 annual report. In 2019, the company achieved operating income of 1,103 billion yuan and net profit to mother of 605 million yuan, a year-on-year increase of 84.79%. Comment: High return on investment increases profits. In terms of real estate business, during the period, the company achieved sales volume of 827 million yuan, an increase of 39.2% over the previous year, and a sales area of 33,800 square meters, an increase of 44.4% over the previous year. The increase in sales scale was mainly affected by the pace of sales promotion. The company's traditional real estate business will invest prudently, and in the future, it will focus on transforming into a “new city science and technology life service provider”. The high increase in the company's net profit was mainly contributed by investment income. During the period, the company sold 70% of the shares in the wholly-owned project subsidiary Xianghe Wantong, and continued to confirm investment income during the Z3 project in the Beijing CBD core area transferred in October 2018. In 2019, the company recorded a total investment income of 1,251 billion yuan, an increase of 462% over the previous year. In terms of profit margin, realized gross margin and net profit margin to mother during the period were 51.7% and 54.8%, respectively, up 17.7 pct and 45.9 pct year-on-year, respectively. Introduce international strategic investors to maintain self-sufficiency and steadily expand finance. During the reporting period, the company introduced Prologis Group as the shareholder holding 10% of the company's shares. In terms of commercial real estate business, as of the end of 2019, the company held a total operating property area of 225,800 square meters and rental income of 255 million yuan. The year-on-year increase was 9.4%. Among them, the rental income of Beijing Wantong Center office buildings accounted for 41%, and the occupancy rate stabilized at over 90%. In the real estate finance business, Zhongrong Guofu, a wholly-owned subsidiary of the company, achieved net profit of 111 million yuan during the period, an increase of 14.69% over the previous year, exceeding performance promises. The company's high-value repurchases show confidence in development. Based on confidence in the company's future development prospects and recognition of its intrinsic investment value, the company announced in December 2019 that it plans to use its own funds to repurchase some of the company's shares through centralized bidding. The total amount of capital to be repurchased is not less than 250 million yuan and no more than 500 million yuan. As of April 21, the company has repurchased 86.576 million yuan and announced that it will adjust the maximum share repurchase price from the original plan of 6.58 yuan/share to 9.76 yuan/share to maintain the company's purchase rating. The company's EPS for 2020, 2021, and 2022 is expected to be 0.35, 0.40, and 0.45 yuan, corresponding to PE in 2020, 2021, and 2022, respectively. Risk warning: The real estate market declined beyond expectations due to the pandemic; real estate policies were tightened beyond expectations; corporate transformation fell short of expectations