The company's rental revenue increased significantly. In the first half of the year, the company achieved commercial property rental revenue of 138,346,000 yuan, accounting for 56.69% of the company's semi-annual revenue, mainly from commercial property rental and office rental; asset management service revenue of 29,487 thousand yuan, accounting for 12.08% of the company's semi-annual revenue; leasing revenue of 8,543 thousand yuan from operating rental projects, accounting for 3.5% of the company's semi-annual revenue; settlement revenue for comprehensive development projects was 67,649 thousand yuan, accounting for 27.72% of the company's semi-annual revenue, mainly from the Beijing Sunshine Shangdong Project and Beijing Pioneer Style Project . In the first half of the year, the company's revenue from leasing and services related to owned commercial real estate increased steadily; there was a certain gap between sales of residential products and expectations. New developments have been made in asset acquisitions. In the first half of the year, the company increased its investment in asset acquisition in the Yangtze River Delta region and obtained ownership of the main building and group building at 888 Zhongshan West Road, Shanghai, through bidding. Currently, the project's commercial upgrading plan has begun. In addition, the company completed its investment in Hong Kong's Haowei Investment, which completed the main settlement of asset transactions with RecoShine and RecoSiaChina in July. Through this transaction, the company increased its equity ratio in 12 commercial projects, including the Tianjin Beichen Commercial Project and the Beijing Bensi Commercial Project. Commercial real estate grew better, while residential sales declined. Revenue from asset management and other services increased significantly in the first half of 2014. The operation of various commercial projects held by the company was stable, and leasing revenue was rising steadily. In January 2014, the Chengdu Sunshine New Industry Center successfully opened, and rental revenue from owned commercial real estate increased 8.29% over the same period last year. Investment promotion and opening preparations for new projects such as Huaihai Road in Shanghai are progressing smoothly. In terms of sales of residential products, due to market factors, sales of the Beijing Sunshine Shangdong Project, Chengdu Jinshang Project, and Tianjin Yangliuqing Project fell short of expectations. Sales revenue for residential products in the first half of the year decreased by 52.72% compared to the same period last year. The company's advance residential sales revenue in the first half of the year increased by 45.29% compared to the beginning of the year. Advance payments reached 1,017 billion yuan, and settlement in the second half of the year was guaranteed. The company's capital is better, and financial expenses have increased. The company adopted strengthened financing management according to business needs. The company formulated a strict financing plan based on business and investment plans, and obtained 1,404,000 yuan in loans from financial institutions in the first half of 2014. As of June 30, 2014, the loan balance was $3,945,430 thousand, an increase of $1,187,347 thousand over December 2013. Due to the increase in loan size, the company's financial expenses increased by 3,318.07% over the same period last year. Conclusion: The company's business is concentrated in core cities and reserves commercial projects in core locations in Tier 1 and 2 cities through acquisitions and other means. We believe that Sunshine Co., Ltd.'s superior ability to export services through commerce has become a leading integration expert in the domestic market, and has a leading advantage in domestic integration. The company is a company with an international level. The company's entire process and full value chain operation model will become a leader in domestic commercial real estate development and operation, and the market prospects are very broad. The construction of the company's capital platform has been gradually improved, and the financing channels are diversified. The company's projects have occupied the central area of the national region, and in the future, the central area will gradually expand to the whole country in the two major directions of northwest and southeast as a base. Starting in 2014, the company will enter a phase of improving both valuation and performance. After the company acquired the commercial real estate assets of the majority shareholders in 2013, it will add color to the company's commercial operation capabilities. We expect the company's operating income in 2014-2016 to be 1,511 billion yuan, 2,035 billion yuan and 3.140 billion yuan, respectively, with earnings per share of 0.33 yuan, 0.48 yuan and 0.71 yuan respectively, corresponding PE of 13.48, 9.34 and 6.34 times, respectively. Maintain the company's “Highly Recommended” rating.