■特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 证券代码：600850 证券简称：电科数字 中电科数字技术股份有限公司投资者关系活动记录表 投资者关系活动类别： □现场参观 □其他 （请文字说明其他活动内容） 参与单位名称及人员姓名： 西南证券 马嘉程，磐厚动量 胡建芳，东北证券 陈俊如、吴雨萌，交银施罗德 基金 刘庆祥，东方红资管 张明宇，野村东方国际证券 徐也清，国新投资 刘宏 伟 日期时间： 2024/9/27-2024/10/12 地点： 公司会议室 上市公司接待人员姓名： 副总经理、董事会秘书 侯志平 投资者关系活动主要内容： 一、问答环节 Q1：柏飞电子目前的经营情况？ A1：柏飞电子上半年新签订单同比增长 48%，与主要总体单位客户新签合同 呈现较快增长趋势。在轨道交通领域，公司上半年新签订单已超过去年全年水平； 在半导体领域，公司服务的客户数量持续增加，为未来增长奠定了一定的基础； 在航天领域，公司在航天消耗类飞行器上取得突破，一些型号已经定型并通过试 验，预计未来一、两年将量产；在低空经济领域，公司低空雷达的信号处理机已 进入批产阶段，上半年合同额突破 20 ...

证券代码：600850 证券简称：电科数字 中电科数字技术股份有限公司投资者关系活动记录表 投资者关系活动类别： | --- | --- | |---------------------------|-----------| | | | | | | | ■特定对象调研 □分析师会议 | | | □媒体采访 □业绩说明会 | | | □新闻发布会 | □路演活动 | □现场参观 □其他 （请文字说明其他活动内容） 参与单位名称及人员姓名： 西部证券 牛先智、周成，信达证券 傅晓烺，银河基金 田萌 日期时间： 2024/8/26-2024/9/10 地点： 公司会议室 上市公司接待人员姓名： 副总经理、董事会秘书 侯志平 投资者关系活动主要内容： 一、问答环节 Q1：柏飞电子目前的经营情况？ A1：柏飞电子上半年新签订单同比增长 48%，与主要总体单位客户新签合同 呈现较快增长趋势。在轨道交通领域，公司上半年新签订单已超过去年全年水平； 在半导体领域，公司服务的客户数量持续增加，为未来增长奠定了一定的基础； 在航天领域，公司在航天消耗类飞行器上取得突破，一些型号已经定型并通过试 验，预计未来一、两年将量产；在低空 ...

2024 年 08 月 27 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn [Table_Title] 2024H1 业绩持续稳健，产品和出海增速可观 ——电科数字（600850）2024 年半年报点评 最近一年走势 事件: 2024 年 8 月 24 日，公司发布 2024 年半年报。2024H1，公司营收 45.13 亿元，同比+5.98%；归母净利润 1.33 亿元，同比+1.41%；扣非 归母净利润 1.30 亿元，同比+1.39%； 2024Q2，公司营收 25.19 亿元，同比+10.10%；归母净利润 0.86 亿元，同比+1.11%；扣非归母净利润 0.84 亿元，同比+1.25%。 投资要点: 聚力数字化产品研制，全面赋能行业数字化 相对沪深 300 表现 2024/08/26 2024H1 公司数字化产品/行业数字化/数字新基建业务实现收入 表现 1M 3M 12M 电科数字 -2.1% -8.7% -18.5% 2.02/40.43/2.81 亿元，同比+44.05%/6.09%/-12.83%，分业务 ...

证券代码：600850 证券简称：电科数字 中电科数字技术股份有限公司投资者关系活动记录表 投资者关系活动类别： | --- | --- | |---------------------------|-----------| | □特定对象调研 □分析师会议 | | | □媒体采访 ■业绩说明会 | | | □新闻发布会 | □路演活动 | □现场参观 □其他 （请文字说明其他活动内容） 参与单位名称及人员姓名： WT Asset Brian Tang，博时基金 谢泽林，创金合信 李晗，东北证券 陈俊如， 东财证券 向心韵，富荣基金 骆奕诚，光大证券 白玥，国海证券 刘熹，国金证 券 孟灿，国联证券 黄楷，国泰基金 智健，国泰君安证券 伍巍，国投证券 杨 楠，国新投资 刘宏伟，国信证券 库宏垚，国元证券 王朗，海港人寿 史晗，华 安证券 傅晓烺，华宝基金 卢毅，华创证券 杨玖祎，华富基金 傅晟，华福证券 袁家亮，华泰证券 彭钢，混沌投资 张培培，建信资管 杨晨，开源证券 李海强， 昆仑保险 周志鹏，聆泽投资 翟云龙，民生证券 赵奕豪，南方基金 郭东谋，鹏 华基金 杨飞，平安证券 李峰，千合资本 庄劼，人保资产 ...

Financial Performance - Revenue for the first half of 2024 was 4,513,410,823.00 RMB, a 5.98% increase compared to the same period last year[10] - Net profit attributable to shareholders was 133,412,331.55 RMB, a 1.41% increase year-over-year[10] - Basic earnings per share (EPS) for the reporting period was 0.1935 RMB, up 0.78% from the previous year[11] - Total assets decreased by 12.24% to 10,026,137,026.31 RMB compared to the end of the previous year[10] - Operating cash flow was negative at -1,342,548,211.27 RMB, a further decline from the previous year[10] - Weighted average return on equity (ROE) decreased by 0.21 percentage points to 2.98%[11] - Revenue for the first half of 2024 reached 4.513 billion yuan, a year-on-year increase of 5.98%[24] - Net profit for the first half of 2024 was 134 million yuan, a year-on-year increase of 2.97%[24] - Revenue increased by 5.98% to RMB 4,513,410,823 compared to the same period last year[31] - Operating costs rose by 6.17% to RMB 3,673,641,715[31] - R&D expenses grew by 3.40% to RMB 220,661,530[31] - Other income decreased significantly by 71.02% to RMB 9,598,908[31] - Investment income dropped sharply by 203.36% to a loss of RMB 1,507,192[31] - Tax refunds received increased by 82.96% to RMB 4,045,285[32] - Cash received from investments surged by 100% to RMB 5,270,000[32] - Cash received from equity financing increased by 100% to RMB 9,927,108[32] - Total operating income for the first half of 2024 reached 4,513,410,823.00 RMB, compared to 4,258,808,057.77 RMB in the same period last year[86] - Operating costs for the first half of 2024 were 4,367,977,680.40 RMB, slightly higher than 4,127,419,333.38 RMB in the same period last year[86] - R&D expenses increased to 220,661,530.13 RMB in the first half of 2024, up from 213,403,333.08 RMB in the same period last year[87] - Net profit for the first half of 2024 was 134,494,126.32 RMB, compared to 130,608,705.34 RMB in the same period last year[87] - Total assets as of the end of the first half of 2024 were 4,512,496,953.78 RMB, slightly higher than 4,424,313,827.63 RMB at the end of the same period last year[84] - Total liabilities as of the end of the first half of 2024 were 1,280,944,191.29 RMB, compared to 1,184,442,779.06 RMB at the end of the same period last year[85] - The company's total equity as of the end of the first half of 2024 was 3,231,552,762.49 RMB, slightly lower than 3,239,871,048.57 RMB at the end of the same period last year[85] - Sales expenses for the first half of 2024 were 359,946,247.06 RMB, compared to 356,817,571.97 RMB in the same period last year[86] - Financial expenses for the first half of 2024 were -4,146,707.49 RMB, compared to -15,173,834.11 RMB in the same period last year[87] - The company's long-term equity investment remained stable at 2,760,188,265.48 RMB as of the end of the first half of 2024[84] - Revenue for the first half of 2024 was RMB 363.36 million, a decrease from RMB 388.62 million in the same period of 2023[89] - Net profit for the first half of 2024 was RMB 293.78 million, compared to RMB 146.77 million in the same period of 2023[90] - R&D expenses increased to RMB 19.61 million in the first half of 2024, up from RMB 16.52 million in the same period of 2023[89] - Sales expenses rose to RMB 12.00 million in the first half of 2024, compared to RMB 8.55 million in the same period of 2023[89] - Comprehensive income for the first half of 2024 was RMB 288.51 million, up from RMB 146.35 million in the same period of 2023[91] - Basic earnings per share (EPS) for the first half of 2024 was RMB 0.1935, slightly higher than RMB 0.1920 in the same period of 2023[88] - Cash flow from operating activities was RMB 4.31 billion in the first half of 2024, compared to RMB 4.11 billion in the same period of 2023[91] - Other comprehensive income related to foreign currency translation adjustments was RMB 1.54 million in the first half of 2024, compared to RMB 11.67 million in the same period of 2023[88] - Investment income for the first half of 2024 was RMB 290.00 million, significantly higher than RMB 150.00 million in the same period of 2023[90] - Total comprehensive income attributable to the parent company was RMB 129.68 million in the first half of 2024, compared to RMB 142.80 million in the same period of 2023[88] - Operating cash flow for the first half of 2024 was -1,342,548,211.27 RMB, a decrease compared to -1,279,598,791.90 RMB in the same period last year[92] - Net cash used in investing activities for the first half of 2024 was -64,054,433.55 RMB, compared to -52,727,911.05 RMB in the same period last year[92] - Net cash used in financing activities for the first half of 2024 was -462,500,260.60 RMB, compared to -234,285,054.48 RMB in the same period last year[92] - The company's cash and cash equivalents decreased by 1,865,977,218.08 RMB in the first half of 2024, compared to a decrease of 1,552,027,424.88 RMB in the same period last year[93] - The company's cash and cash equivalents balance at the end of the first half of 2024 was 837,886,942.10 RMB, compared to 1,349,256,652.30 RMB at the end of the same period last year[93] - The parent company's operating cash flow for the first half of 2024 was -179,986,303.25 RMB, compared to -136,289,589.46 RMB in the same period last year[94] - The parent company's net cash from investing activities for the first half of 2024 was 312,280,983.21 RMB, compared to 149,080,209.25 RMB in the same period last year[95] - The parent company's net cash used in financing activities for the first half of 2024 was -321,006,676.33 RMB, compared to -196,171,966.58 RMB in the same period last year[95] - The parent company's cash and cash equivalents decreased by 188,711,996.37 RMB in the first half of 2024, compared to a decrease of 183,381,346.79 RMB in the same period last year[95] - The parent company's cash and cash equivalents balance at the end of the first half of 2024 was 59,893,576.98 RMB, compared to 38,850,204.75 RMB at the end of the same period last year[95] - Total owner's equity at the beginning of 2024 was RMB 4,740,707,098.51, with a decrease of RMB 278,750,408.80 during the first half of the year[96] - Comprehensive income for the first half of 2024 was RMB 130,761,994.25, with a net profit attributable to the parent company of RMB 129,680,199.48[96] - The company allocated RMB 310,349,056.95 for profit distribution to shareholders, resulting in a total distribution of RMB 423,029,056.95 including minority interests[96][97] - Total owner's equity at the end of the first half of 2024 was RMB 4,461,956,689.71, with a decrease of RMB 278,750,408.80 compared to the beginning of the year[97] - The company's capital reserve increased by RMB 12,973,288.90 due to owner's capital injection and other equity transactions[96] - The company's retained earnings decreased by RMB 176,936,725.40 during the first half of 2024, primarily due to profit distribution[96] - The company's minority interests decreased by RMB 111,598,205.23, reflecting changes in subsidiary ownership structures[96] - The company's total comprehensive income for the first half of 2024 was RMB 141,846,026.48, with a net profit attributable to the parent company of RMB 142,799,924.87[98] - The company's owner's equity at the beginning of 2023 was RMB 4,326,538,879.41, with an increase of RMB 2,360,782.66 due to accounting policy changes[98] - The company's owner's equity at the end of the first half of 2023 was RMB 4,328,899,662.07, with a decrease of RMB 63,676,277.32 during the period[98] - Net loss attributable to parent company owners was RMB -205,522,303.80[99] - Total owner's equity at the end of the period was RMB 4,265,223,384.75[100] - Comprehensive income for the period was RMB 288,514,116.97[101] - Profit distribution to owners (or shareholders) amounted to RMB -310,349,056.95[102] - Total owner's equity at the beginning of the period was RMB 3,239,871,048.57[101] - Capital reserve increased by RMB 543,365.00 during the period[101] - Other comprehensive income decreased by RMB -5,270,000.00[101] - Retained earnings at the end of the period were RMB 319,171,050.78[102] - Total owner's equity at the end of the period decreased to RMB 3,231,552,762.49[102] - Special reserve balance remained unchanged at RMB 185,166,688.20[102] - Total equity at the end of the period is RMB 3,020,072,718.84[105] - Comprehensive income for the period is RMB 146,345,167.30[104] - Total profit distribution to owners (or shareholders) is RMB -205,522,303.80[104] - Total share capital increased to 689,685,708 shares as of June 30, 2024[107] - Capital reserve stands at RMB 1,991,503,584.77[104] - Undistributed profit is RMB 290,447,194.49[104] - Other comprehensive income is RMB -45,501,863.97[105] - Special reserve is RMB 157,298,788.19[104] - Total owner's equity at the beginning of the period is RMB 3,079,249,855.34[104] - Total changes in owner's equity during the period is RMB -59,177,136.50[104] Business Operations and Strategy - The company completed the acquisition of 100% equity in Baifei Electronics[5] - The company is a leading provider of digital solutions in China, focusing on finance, telecommunications, internet, large enterprises, government, and public services[17] - The company's digital product business includes intelligent computing hardware and software, with applications in radar communications, high-end manufacturing, and industrial control[19] - The company's digital infrastructure business covers consulting, design, construction, and operation of data centers, with qualifications such as Class A electronic and intelligent engineering[21] - The company's industry digitalization business provides solutions for financial institutions, telecom operators, and large enterprises, including smart production lines and industrial control[20] - The company is actively developing new data center operation services, offering high-availability IDC resource hosting and operation services[21] - The company is deepening the application of big data and artificial intelligence, focusing on industry digital transformation and providing secure cloud-edge-end integrated solutions[21] - Digital product business revenue for the reporting period was 202 million yuan, a year-on-year increase of 44.05%[25] - Industry digitalization business revenue for the reporting period was 4.043 billion yuan, a year-on-year increase of 6.09%[26] - New contracts in the rail transit sector reached 30 million yuan in the first half of the year[25] - Revenue from international business for the reporting period was 292 million yuan, a year-on-year increase of 65.59%[30] - Revenue from the digital new infrastructure business decreased by 12.83% year-on-year, while gross profit increased by 59.56%[29] - The company's Xinchuang (information technology innovation) contract scale reached 1.666 billion yuan, a year-on-year increase of 22.24%[28] - The company successfully implemented projects in financial technology, including at SPD Bank and Sichuan Bank[26] - The company's smart service area solution for highways has been implemented in Jiangxi[26] - The company invested RMB 5.27 million in Shanghai Huacheng Jinrui Information Technology Co., Ltd., maintaining a 10.54% stake[36] - Overseas assets amounted to RMB 646,802,229, accounting for 6.45% of total assets[35] - Huaxun Network's total assets reached 640,701.48 million yuan, with a net profit of 17,382.92 million yuan[37] - Baifei Electronics reported a net loss of 2,513.12 million yuan, with total assets of 148,911.11 million yuan[37] - East China Computer System's total assets were 54,104.77 million yuan, with a net loss of 652.05 million yuan[37] - Huacun Data's total assets were 26,501.12 million yuan, with a net loss of 1,476.27 million yuan[37] - Huayu Weicheng's net profit was 145.19 million yuan, with total assets of 8,951.51 million yuan[37] - The company faces risks including international environment changes, macroeconomic policies, and industry policy changes[39] - The company is addressing investment risks by enhancing feasibility studies for new projects and evaluating exit mechanisms[39] - The company is mitigating business innovation risks by seeking new breakthroughs based on past experiences[39] - The company is tackling human resource risks by improving management and incentive mechanisms to stabilize core talent[39] - The company is managing data center project risks by strengthening customer relationships and reducing operational costs[39] - The company and its subsidiaries strictly comply with national and local environmental laws and regulations, with no penalties for environmental violations during the reporting period[45] - The company is not classified as a key pollutant discharge unit and has not disclosed additional environmental information[45] - The company has made commitments to avoid competition and ensure fair transactions with its subsidiaries, effective since May 2023[47][49] - The company guarantees the independence of its subsidiaries in terms of assets, personnel, finance, organization, and business operations[51] - The company has committed to profit forecasts and compensation related to major asset restructuring, with specific targets for 2022, 2023, and 2024[51] - Net profit targets for 2023 and 2024 are set at 197.47 million yuan and 237.04 million yuan respectively[53] - The company commits to avoiding and reducing unnecessary related-party transactions with Dianke Digital[55] - The company ensures that any unavoidable related-party transactions will be conducted on fair and reasonable terms[57] - Shares obtained through the transaction are restricted from trading or transfer for 36 months post-issuance[57] - The lock-up period for shares held by Baiying Investment is 36 months for 3.1979% of the shares and 12 months for the remaining 96.8021% of the shares[59] - The lock-up period for shares held by the 32nd Institute and CETC Investment is 18 months from the end of the issuance[60] - The company ensures that CETC Digital maintains independent assets, personnel, finance, organization, and business operations[60] - CETC guarantees that CETC Digital has independent and complete ownership of its assets, separate from CETC and its controlled enterprises[61] - CETC Digital maintains an independent financial system, including separate bank accounts and financial decision-making authority[61] - The company commits to not providing any form of financial assistance, including loans or guarantees, to incentive recipients under the equity incentive plan[62] - The company has a significant ongoing legal case involving Shanghai Jiaoxiang Technology, with a judgment of RMB 54,574,460.00 awarded to the company, but the case is under appeal with the Shanghai High Court[63] - The company's daily related-party transactions in 2024 are within the expected range, with actual sales of goods and services reaching RMB 6,436.03 million and procurement of goods and services at RMB 2,076.49 million[66] - The company has deposits in China Electronics Technology Finance Co., Ltd. with a daily maximum deposit limit of RMB 2,256,330,161.02 and a deposit interest rate range of 0.2%-1.35%[68] - The company's related-party transactions include a total expected amount of RMB 83,000.00 million for sales of goods and services, and RMB 20,000.00 million for procurement of goods and services in 2024[66] - The company has a loan from China Electronics Technology Finance Co., Ltd. with an actual amount of RMB 8,000.00 million in the first half of 2024[66] - The company's deposits in China Electronics Technology

证券代码：600850 证券简称：电科数字 中电科数字技术股份有限公司投资者关系活动记录表 投资者关系活动类别： | --- | --- | |---------------------------|-----------| | | | | | | | ■特定对象调研 □分析师会议 | | | □媒体采访 □业绩说明会 | | | □新闻发布会 | □路演活动 | | | | □现场参观 □其他 （请文字说明其他活动内容） 参与单位名称及人员姓名： 东方财富证券 方科、向心韵，东北证券 冯浚瑒、陈俊如、吴雨萌，中邮证券 孙 业亮、常雨婷，华福证券 袁家亮，远海资管 邵万琦，玖鹏资产 陈虹宇，华云 控股集团 颜晓滨，华福证券 袁家亮，国诚投资 王文强、魏岗，东方海峡 王千 义，泰德圣投资 李妮莎 日期时间： 2024/5/28-6/18 地点： 公司会议室 上市公司接待人员姓名： 副总经理、董事会秘书 侯志平；证券事务代表 缪抒雅 投资者关系活动主要内容： 一、问答环节 Q1:公司与华为的合作进展及 2024 年的展望？ A1：公司自 2019 年与华为开展全面战略合作，2023 年成为华为政企中国区 的第一大 ...

公 司 研 究 / 信 息 技 术/ 证 券 研 究 报 告 [【投资要点】 Table_Summary] ]yrtsudnI_elbaT[ 数字化领军企业，业绩稳健增长 公司发布 2024 年一季报：24Q1 公司实现营业收入 19.94 亿，同比增 长 1.19%，实现归母净利润 0.47 亿，同比增长 1.96%，实现扣非净利 润 0.47 亿元，同比增长 1.86%。数字化产品业务收入较上年基本持平， 行业数字化业务实现收入约 18 亿元，同比增长约 1%，数字新基建业 务收入同比增长约 5%。 公司发布 2023 年年报：2023 年，公司实现了营业收入 100.01 亿元， 同比增长 1.31%；营业利润 5.68 亿元，同比增长 0.64%；归母净利润 4.97 亿元，同比下降 4.64%；扣非净利润 4.93 亿元，同比下降 6.23%。 公司的毛利率为 20.28%，相较于 2022 年提高了 1.09pct，与 2021 年相比提升了 5.14pct。经营活动产生的现金流量净额为 1.44 亿元， 较 2022 年增长了 81.14%，公司加大了现金分红力度，向全体股东每 10 股派发现金 ...

Financial Performance - Revenue reached 10.001 billion yuan, a year-on-year increase of 1.31% [2] - Operating profit was 568 million yuan, up 0.64% year-on-year [2] - Net profit attributable to shareholders was 497 million yuan, a decrease of 4.64% year-on-year [2] - Gross margin improved to 20.28%, up 1.09 percentage points from 2022 [2] - Cash flow from operating activities surged to 144 million yuan, an 81.14% increase from 2022 [2] - Dividend payout increased by 50%, with a cumulative dividend of 1.553 billion yuan over 12 consecutive years [2] Business Segments - Digital product segment revenue grew to 712 million yuan, up 14.45% year-on-year, with intelligent application software revenue doubling to 136 million yuan [3] - Industry digitalization segment revenue reached 8.498 billion yuan, maintaining industry leadership, with gross margin up 1.53 percentage points [3] - Xinchuang business contract value surged to 2.385 billion yuan, a 34.21% increase [3] - Financial technology segment contract value reached 4.314 billion yuan [3] - Digital infrastructure segment revenue grew to 817 million yuan, up 7.53%, with gross margin up 0.39 percentage points [3] Strategic Partnerships - Became Huawei's largest partner in China in 2023, collaborating on industry digitalization solutions and intelligent hardware products [6] - Developed joint solutions with Huawei in financial, advanced manufacturing, and smart park sectors [6] - Partnered with Huawei in AI inference kits and smart computing platforms [6] Innovation and R&D - Launched industry-specific AI scheduling systems, data engines, and intelligent algorithms [8] - Developed industry-specific large models and upgraded cloud management systems [8] - Achieved 102% growth in intelligent application software revenue to 136 million yuan [8] Future Growth Areas - Exploring data elements across industries, developing industry-specific large models for mining safety and flood warning [9] - Piloted transparent mine emergency solutions and small watershed flood defense systems [9] - Expanding into satellite and civil aviation sectors through subsidiary Bofei Electronics [7] - Developing one-time aviation products and expanding in high-end industrial control and rail transit markets [7] Financial Technology Outlook - Financial technology contract value reached 4.314 billion yuan in 2023, driven by Xinchuang initiatives [4] - Targeting city commercial banks, rural credit unions, and securities/insurance sectors for Xinchuang transformation [5] - Leveraging Shanghai Financial Xinchuang Base and People's Bank of China authorized laboratory capabilities [4]

证券代码：600850 证券简称：电科数字 中电科数字技术股份有限公司投资者关系活动记录表 投资者关系活动类别： □特定对象调研 □分析师会议 □媒体采访 ■业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） 参与单位名称及人员姓名： 创金合信基金 李晗；中加基金 王升晖；淡水泉 张汀；汇泉基金 周晓东；中邮 人寿 朱战宇；景顺长城基金 冯思捷；光大保德信基金 林晓凤；明河投资 姜宇 帆；博时基金；磐厚动量 于昀田；中原英石基金管理有限公司 赵梓峰；合众资 产管理股份有限公司 田玉铎；国海证券 刘熹 钟依浓 陈德静 伍海量；东北证 券 吴源恒；万和证券 章莹；139****4603 日期时间： 2024/5/10 地点： ...

23 年一季报点评：全年利润稳健增长，坚定 看好公司数字化转型成果-2023/04/25 5.电科数字（600850.SH）2022 年业绩预告 点评：优化产业布局，全年净利润大幅增长-2 023/02/02 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------|--------|--------|--------|--------|----------------------|--------|--------|--------|--------| | [TABLE_FINANCE] 利润表（百万元） | 2023A | 2024E | 2025E | 2026E | 主要财务指标 | 2023A | 2024E | 2025E | 2026E | | 营业总收入 | 10,001 | 11,237 | 12,752 | 14,653 | 成长能力（ % ） | | | | | | 营业成本 | 7,969 | 9,003 | 10,176 | 11,62 ...