The 2013 EPS report was 0.24 yuan, and net profit increased 149% year on year, and the performance was in line with expectations. The company's sales revenue was 886 million yuan, up 11% year on year, net profit attributable to shareholders of listed companies was 98.62 million yuan, up 149% year on year. EPS was 0.24 yuan, and EPS after deduction was 0.17 yuan, in line with the forecast in the performance report. Revenue of 190 million yuan in the fourth quarter increased 10% year on year, and net profit of 50.9 million yuan increased 558% year on year. Mainly, it received more subsidies from the Hubei Jiayu government in the fourth quarter. The 2013 profit distribution plan is to distribute cash of 0.8 yuan for every 10 shares, 2 bonus shares, and transfer 8 shares to all shareholders for every 10 shares using the capital reserve fund. Performance growth was driven by a recovery in exports, and net interest rates rose sharply due to rising gross margins and government subsidy incentives. The company's export revenue accounts for 94%, and is highly dependent on exports. Beginning in the second half of 2013, global demand for outdoor sportswear products picked up markedly. The functional fabrics developed by the company for this market segment quickly showed a trend of strong production and sales and an increase in gross profit. Among them, fabric revenue increased 4.84% year on year, and garment revenue increased 5.17% year on year. In 2013, the company received a number of government subsidies and incentives, totaling 36.92 million yuan, contributing 40% of net profit. It is expected that the Hubei Jiayu project will continue to be subsidized in the future. In November 2013, the company announced that it plans to acquire 25.87% of Siliu Software's shares at a price not exceeding RMB 28.457 million. The target company has an overall valuation of 110 million yuan. At the same time, the agreement stipulates that Ruosanliu Software's net profit after tax will reach 41 million yuan in 2014, and will continue to increase its investment ratio. The core staff of Shanliu Company all have a background in working for a first-class game company. Their team is experienced and strong, and can be expected to bring profits to the company in the future. The company will increase investment in its own brand KR and export brand SN, and is expected to promote KR outdoor brands through new media such as mobile games in 2014. The company has always adhered to the technology-leading high-end fabric and garment supplier route. With its strong fabric production advantages, the company has also begun to gradually increase its investment in downstream industries. In 2013, the KR brand no longer simply pursued expansion to bring growth, but instead focused on increasing single-store yield. KR currently has 50 direct-run stores with sales exceeding 30 million yuan, an increase of 50% over the previous year, and the company is also trying to cooperate with new channels such as the Internet to promote free brands. In terms of export brand SN, the company focuses on marketing and channel development, and has made numerous appearances at internationally renowned outdoor sports fairs, striving to gain popularity. Currently, SN has 350 stores in the European market, and has entered the sales of all 90 stores in the largest sports goods chain in Australia, REBEL, the largest sports goods chain in Australia. Although the launch in the Japanese and South Korean markets only began in 2013 Q3, the results achieved have exceeded expectations. The high-end outdoor industry is in a period of rapid growth. The target company for the acquisition, Sanliu Software, has excellent quality, and the mobile game industry in which it is located is growing rapidly and maintaining an increase in holdings. It is estimated that the EPS for 14-15 is 0.30/0.36 yuan, and the corresponding PE is 31.6/26.3 times. Considering that the company's main business has reversed, future prospects for entering the mobile game industry with high growth are promising, and the future prospects for entering the mobile game industry with high growth can be expected, maintaining an increase in holdings.