FY2014 results were generally in line with expectations. Huanan City announced its results for the 2014 fiscal year, which are largely in line with our expectations. Operating revenue increased 79.9% year over year to HK$13.47 billion, mainly due to the 81.7% year-on-year increase in property sales revenue. Gross margin and core net margin fell from 55.8% and 25.3% to 48.6% and 21.4%, respectively, mainly due to changes in the product portfolio due to new projects being put on sale. Companies often set lower selling prices in the early stages of launching new projects to attract customers and more attention. Core net profit increased 50.7% year over year to HK$2.68 billion. The company decided to pay a final interest of HK14 cents per share, an increase of 40% over the previous fiscal year. FY14 contract sales increased 71.9% year over year. The company's contract sales for FY2014 increased 71.9% year over year to HK$141 billion, meeting the sales target after the increase (HK$14 billion). The average sales price of the vast majority of projects has increased. In fiscal year 2015, the company's sales target was HK$18-20 billion, which is equivalent to a year-on-year increase of 27.7-41.8%. The net debt ratio declined. Thanks to satisfactory sales performance, the company's cash holdings increased significantly from HK$6.78 billion to HK$12.78 billion, while the net debt ratio decreased from 31.6% to 24.4%. To a certain extent, the reduction in debt ratios was also affected by the expansion of equity after Tencent (0700 HK) took shares. Dabble in the WeChat platform. South China City just signed a Memorandum of Cooperation with Tencent on June 24 to implement cooperation between the two parties in the field of e-commerce, and will also establish more links between the company's online platform and the WeChat platform. We expect that by providing better services to its customers, the South China City online platform will attract more member registrations in the future. The results in FY14 were steady, and strong buying was maintained. In fiscal year 2014, the company signed framework agreements with local governments in the two major cities of Chongqing and Guangzhou. This is an important step in the company's future development, and we have a positive outlook on it. Recently, commercial logistics developers have attracted more and more attention from the market, and this special business model has also received more recognition. Huanan City's current stock price is equivalent to a 54% net asset discount per share. We think this level is unreasonable considering the rapid growth in property sales and the potential huge room for growth in e-commerce business. We maintain a strong buy rating with a target price of HK$5.94.