Revenue increased by 63.5% in the first half of the year, and losses narrowed by 50% to 16.6 million yuan. During the period, the company achieved total revenue of 447 million yuan (HK$, same below), a year-on-year increase of 63.5%. Among them, construction revenue was 147 million yuan, an increase of 35% over the previous year, mainly due to the final construction of the Nanchang project during the period and the construction confirmation of the Yangzhou project; in the first half of the year, the operation of two power generation projects in Huizhou and Nanchang was added, achieving operating revenue of 49.82 million yuan. In the same period last year, there were only two landfills, Duyun and Weng'an in Guizhou, with corresponding operating revenue of 5.06 million yuan. Furthermore, thanks to the operation of the Mashan project in Anhui, revenue from electronic dismantling services was 203 million yuan, an increase of 54.3% over the previous year. The gross profit was 86.7 million yuan, up 78.4% year on year, and realized a loss of 16.6 million yuan during the period, which narrowed by 50% year on year, slightly lower than expected. The progress of the project in the first half of the year slowed, and it is expected that it will gain strength in the second In terms of project construction, two new projects began in the first half of the year in Yangzhou, Jiangsu, and Huludao, Liaoning, which are expected to be completed and put into trial operation by the end of the year. In terms of operation, the 1,200-ton/day domestic waste power plant in Nanchang began commercial trial operation in January. Currently, the capacity utilization rate is around 60%. It is expected that it will enter formal commercial transportation by the end of the year. The garbage collection and transportation project in Linyi, Shanxi was put into operation in January. Overall, the progress of the project in the first half of the year was slightly slower than expected. We expect that after solving the funding problem, the company is expected to concentrate on speeding up the project in the second half of the year. Among the projects in hand, it is expected that construction of the new plant in Huizhou will begin before the end of the year, and Hangzhou Xiaoshan Food Anaerobic Digestion is expected to sign a license agreement in the fourth quarter. Furthermore, the company is also actively developing the market. It is expected that 3-4 new projects will be launched in the second half of the year (a total scale of 3000-4000 tons/day). Results for the second half of the year are expected to improve, and financial expenses will be drastically reduced. The company's current stock offering raised HK$2.1 billion, of which about $800 million was repaid on short-term loans. The debt ratio was reduced to less than 50% from 77% previously, and the capital structure was optimized. Judging from the performance, loan repayment is expected to save more than 20 million yuan in financial expenses in the second half of the year. At the same time, subsidies of more than 16 million yuan for the Huizhou project this year were recorded before the end of the year. The capacity utilization rate of the Nanchang project increased in the second half of the year, and operating income increased. In terms of project construction revenue, two projects in Huludao and Yangzhou were able to confirm a large proportion of revenue in the second half of the year, which is expected to increase compared to the first half of the year. In the future, we will follow the path of “endogenesis” + “extension”: as a comprehensive solid waste platform under the pioneering group, the company has received support from the group in terms of projects, capital, technology and talents. On the endogenous side, the company focuses on domestic waste incineration power generation, food waste, and hazardous waste, and actively seizes the market. Currently, it is already involved in projects in Shanxi, Henan, Guizhou, Guangxi and other places. In the future, it aims to increase market share by at least 4,000 tons/day every year. At the same time, the company is also active in extrinsic mergers and acquisitions. The group spent nearly 5 billion yuan to acquire New Zealand TPI in March 2014. It is expected that 35% of its shares will be injected into the company in early 2016, while other solid waste assets within the group will also gradually be injected into the listing platform, enhancing the company's market competitiveness.