Performance Overview In the first half of 2017, the company achieved operating income of 133 million yuan/ +15.17%, net profit attributable to shareholders of listed companies of 6.1093 million yuan/+ 147.05%, and basic earnings per share of 0.0664 yuan/share/ +146.84%. Performance review The revenue of the parent company in Dalian increased rapidly, and the performance of the Harbin region suffered further losses: the operating income of the parent company in Dalian was 92.8565 million yuan/ +25.3%, and the net profit was 12.7 million yuan/ +25%. The high performance growth in the Dalian region is mainly due to the company's marketing plan innovation and product innovation, which have had a positive effect on the flow of visitors to scenic spots. The Harbin subsidiary achieved operating income of 32.716,600 yuan/ -4.6% and net profit of 6.1216 million yuan/ -30.9%. The decline in ocean park profits in the Harbin region is mainly due to intense external competition. The company's service revenue was 7.3227 million yuan, and the revenue growth rate after service revenue was 8.8%. According to the net interest rate of 50% of service revenue, endogenous performance was the same as last year: in May 2017, the Huai'an Dragon Palace White Whale Water World Phase I Polar Aquarium was put into trial operation, and the Huai'an project and the Wuhu project brought the company about 7.3227 million yuan in service revenue. After excluding the company's service revenue, simply relying on the performance contributions of the Dalian project and the Harbin project can only achieve the same level as last year's performance. The internal performance is clearly under pressure. The non-public offering failed due to the expiration of approval, and funding requirements for new projects will be replenished by its own capital or other means, and the financial cost pressure is high: the company's new project layout continues in addition to Dalian and Harbin. Among them, the investment amount of the first phase of the Yingkou project is 780 million yuan, the investment amount of the Hangzhou Wildlife Park Phase II Longhui Ocean Kingdom is 1 billion yuan, the investment amount for the Xiamen project is 382 million yuan, and the investment amount for the Qiandao Lake project is 880 million yuan. The total investment amount for these five projects is 3.3 billion yuan. If the capital pressure of 3.3 billion yuan is solved through bank loans or fund bonds, the financial cost pressure is relatively high. The financial expenses for the first half of the year were 7.2924 million yuan, an increase of 64.43%, and the financial expense ratio was 5.5% /+1.7 pct. At the same time, the payback period for the company's asset-heavy projects is long. According to the analysis of the feasibility report, the payback period of the project investment is over 7 years, and the project investment is heavy and there are uncertain risks. Profit adjustments and investment recommendations estimate that the net profit for 2017-E-2019E will be 0.56/0.49/51 million yuan, with a growth rate of 67%/-13%/4%. EPS is 0.46/0.4/0.42 yuan, and PE corresponding to the current stock price is 55/63/60 times, respectively, maintaining an increase in holdings rating. Risks indicate that the company's projects under construction are delayed in opening time, and the proposed cooperative projects are not progressing smoothly, and the funding gap is large