The company released its 2013 performance report on the 20th. In 2013, the company achieved a total operating income of 1,781 billion yuan, an increase of 8.26% over the previous year; net profit attributable to shareholders of the parent company was 119 million yuan, an increase of 16.81% over the previous year. EPS of 0.17 yuan was achieved during the reporting period, and the performance fell short of expectations. The downturn affected the decline in the main business. Asset operations were in jeopardy. In 2013, due to national policies, hotel business sales fell 15.62% year on year; manufacturing revenue fell 63.50% year on year; real estate revenue fell 84.62% year on year; overall, the company's hotel business revenue in 2013 was affected to a certain extent. However, due to additional revenue from asset operations, the company's operating income has maintained a certain increase compared to the same period last year. Asset operations entered the payback period in 2013, and the company added an asset operation business. By revitalizing existing assets, the accumulated asset stock was converted into current assets to achieve incremental growth, injecting momentum into the company's continuous development. Through the “after-sales leaseback” asset-light operation of the three projects of Xiaoxiang Huatian Hotel, Yiyang Huatian Hotel, and Huatian Hotel Main Store, it returned 470 million yuan in capital and achieved net profit of 210 million yuan. In 2014, the company plans to continue to maximize asset value added through asset operations to support the strategic expansion of the company's large tourism industry chain complex model. Various main businesses are showing signs of stabilizing in the future. The company emphasizes the “two-legged approach” of self-operated development and brand promotion. In 2013, 7 new managed hotels were added. The company is actively seeking transformation to popularization, popularization, and marketization, which will help improve the quality and occupancy rate of guest room software and hardware. Recently, the company suspended trading due to planning an asset restructuring with Tianjin Aidi Tongzhi Technology Co., Ltd. In the future, the company plans to focus on intervening in the development of the entire entertainment, culture, and networking industry in the tourist hotel industry, broadening the scope of the company's main business, and promoting the company's development. Future expectations and profit forecasting The company is actively exploring the innovation of a “capital-heavy, asset-light” business model. It is expected that the company's hotel business will stabilize in 2014, the asset operation business will be the main driving factor for future performance growth, and the company will continue to expand its “hotel+real estate+commercial+tourism” strategy. We expect the company's 2014-2016 EPS to be 0.24 yuan, 0.28 yuan, and 0.30 yuan respectively, giving it a “neutral” rating for the time being.