Incident: The company announced its 2014 annual report and 2015 quarterly report. In 2014, the company achieved revenue of 160 million yuan, a decrease of 19.8%, and profit of 33.37 million, an increase of 1.3%. In the first quarter of 2015, the company achieved revenue of 35.28 million yuan and profit of 8.663 million, a year-on-year decrease of 17.61% and 18.79%, respectively. Revenue declined due to a decline in chemical trade services: Overall revenue declined in 2014 due to a decline in chemical trade service revenue due to a decline in REACH registration business. Overall, the company's original business remained stable. Pay attention to the further improvement and trading volume of the bulk trading platform: The company's commodity trading platform completed platform construction, system improvement, and technical testing in 2014. Internal testing began in 2015. As the test operation progresses and the system is improved, we expect that the company's financial services and logistics service modules will also be gradually launched, and a real platform integrating transactions, payment, financing, and logistics will gradually be completed. The launch of the financial services and logistics services sector will also promote the increase in transaction volume, and the future trading volume of the platform is worth paying attention to. Logistics warehousing resource integration capabilities are strong, and professional logistics and warehousing platforms have gradually surfaced: after years of hard work, the company has carried out extensive resource integration work for upstream and downstream customers, banks, and warehousing logistics for bulk chemicals. The company's subsidiary Shanghai Wangsheng Yunze Logistics Network signed a strategic cooperation framework agreement with the China Transport Association Express Branch and Industry Media Group to jointly build a “China Bulk Logistics Supplier Certification System”. A strategic cooperation agreement was signed with the China Warehousing Association to carry out long-term cooperation on resource docking, warehouse certification, warehouse certification, warehouse certification, warehouse receipt standards and application, storage standard construction, industry research and marketing based on the “Third Party Management Code for Responsible Storage” (GB/T 31300-2014) national standards. The Dangerous Chemicals Logistics Branch of the China IoT signed a strategic cooperation agreement to carry out in-depth cooperation on dangerous goods logistics enterprise certification, supplier recommendations, driver credit reporting system construction, and IoT certification in the field of hazardous chemicals logistics. Valuation and Rating: Based on the share capital calculation after conversion, the 2015-2017 EPS is expected to be 0.26,0.39,0.56, maintaining a “buy” rating. Risk warning: Cooperation fell short of expectations, transaction volume fell short of expectations, and third party payment license acquisition fell short of expectations.