Summary of the announcement: The company plans to raise no more than 464.19,800 shares of unissued shares, and the total capital raised will not exceed 1,175 billion yuan. The net amount after deduction of issuance fees will be used for the “smart courier cabinet R&D and industrialization project”. The construction period is 2 years, and it is expected that the annual production of 24,000 smart courier cabinets will be achieved after delivery. The smart courier cabinet project will further expand the traditional manufacturing industry and develop information service operations. This smart courier cabinet R&D and industrialization project includes R&D and production and Internet-based operation services, in line with the company's “communication manufacturing+information service” strategy. Among them, the development and production of intelligent courier cabinets will utilize the company's many years of experience in traditional manufacturing (especially the accumulation of design, precision processing, assembly and inspection of RF optical fiber connection devices and box equipment) to expand new categories. At the same time, various subsidiaries use new technology reserves such as communication technology, the Internet of Things, and big data to create an Internet operation platform. Combined with postal and other customer resources accumulated in the early stages, it is hoped that after the deployment of smart courier cabinets is completed, large-scale operations will be achieved, user stickiness will be built, user data accumulation, and in-depth exploration and analysis will achieve value-added benefits such as precise marketing. Online shopping has driven high growth in the express logistics industry, and there is a lot of space in the smart courier cabinet market. The development of the Internet has made online shopping a common consumer behavior among residents. Currently, the scale of online shopping in China accounts for more than 10% of total retail sales of consumer goods, leading to the continuous expansion of the scale and number of express delivery companies. In 2014, the national express delivery volume was 14 billion, an increase of 52%. The express logistics industry showed a trend of leapfrog growth. However, during the “last mile” delivery process, the delivery dilemma caused by the courier and recipient not being able to effectively connect in time and space has become a problem that the express delivery industry needs to solve urgently. Intelligent courier cabinets have effectively solved the above problems, improved efficiency and reduced delivery costs. Combined with community video surveillance, real-time communication between property and owners, and public resource distribution systems, they can cover outlets such as communities, schools, stores, supermarkets, commercial buildings, etc., so that customers can enjoy convenient services, speed and safety, and have great potential for development. Synergistic effects are gradually showing, and I am optimistic about the development prospects of the Internet information service business. Through mergers and acquisitions strategies, the company has diversified its business structure and enhanced its overall competitiveness. This smart courier cabinet project will involve information communication and connection module construction, enterprise information module construction, advertising module construction, and courier cabinet design and manufacturing, etc., integrating the resources of various subsidiaries, which is conducive to leveraging synergies. The project expects average annual revenue of 1.34 billion yuan and net profit of 198 million yuan during the operating period, adding new profit growth points. Investment advice: Wu Tong Communications has achieved leapfrog development through mergers and acquisitions strategies, and is optimistic about the company's development potential in the field of Internet information services. We expect the company's 2015-2016 EPS to be 0.79 yuan (annual exam preparation) and 1.11 yuan respectively, maintaining a buy-B rating, with a target price of 44.20 yuan. Risk warning: risk of poor integration; risk of fixed increase projects falling short of expectations