In 2015, the company's revenue increased 2.5% to 590 million yuan, and net profit of 17.12 million yuan to reverse losses. The EPS was 0.11 yuan, and the performance was in line with expectations. The company achieved revenue of 590 million yuan in 15 years, an increase of 2.5% over the previous year, net profit of 17.12 million yuan, net profit of 17.12 million yuan, deducted non-net profit of 7.22 million yuan, and successfully reversed losses. EPS was 0.11 yuan. The company plans to distribute a cash dividend of 0.15 yuan for every 10 shares. In 2015, the company's domestic sales revenue increased 13%, while export revenue fell 20%, and the share of domestic sales had increased to 76%. The company's gross margin fell 5.7 pct to 16% year on year, and net profit rebounded to 3%. The main reason for the increase in net profit is that asset impairment is preparing to sink back+increase in investment income+government subsidies. Net operating cash flow rose sharply to $360 million. The company's main business is worsted wool in the wool industry, and the future strategy is to extend to downstream brand clothing. 1) The company's main business is the design, production and sales of worsted woolen fabrics. It focuses on the wool industry, which has been deeply involved for many years. “Ruyi spinning” technology is leading, has won industry awards many times, and has occupied the high-end domestic worsted wool market. It has advantages in domestic high-end business wear and other markets, and is actively building a rapid response mechanism for the market. 2) Against the backdrop of an overall slowdown in the growth rate of the woolen industry and pressure on exports, the company is actively expanding downstream of the industrial chain to form an integrated woolen fabric and garment industry chain through fixed increases in the purchase of woolen garment assets, which is expected to make better use of synergies and increase profitability. The company plans to increase by 1,838 billion dollars to acquire domestic apparel assets and expand production capacity, etc., and the related party Ruyi Technology plans to subscribe by 10-40%: the company plans to increase 1,888 million shares, issue no more than 230 million shares, and issue a reserve price of 914 yuan/share to raise capital to 1) acquire Ruyi Technology apparel assets, Taian Ruyi and Wenzhou Zhuangji shares; 2) build Ruyi textile high-end fabrics, research centers and Ruyi textile 2 million sets of high-end suit projects; 3) repay bank loans. Among them, Ruyi Technology is the controlling shareholder of Woolen Group, which is the controlling shareholder of the company, and promised to subscribe for 10-40% and lock in for 3 years, while other investors are locked in for 1 year. Ruyi Technology's clothing assets and Taian Ruyi's customers are well-known European and American brands and large and medium-sized domestic enterprises, while Wenzhou Zhuangji is an old clothing brand, and has revenue commitments in 15-19 (for example, revenue of not less than 220 million yuan in 2019). Currently, the company's application for additional issuance has been reviewed and approved by the Securities Regulatory Commission, and is still awaiting approval. Ruyi Technology has huge assets, including brand clothing acquired overseas in recent years. The company is its only listed company platform. The actual controller of Ruyi Technology is Qiu Yafu, the company's chairman. The company has completed an MBO in '14. Ruyi Technology has huge assets. The fields covered include wool spinning, cotton spinning, clothing, printing and dyeing, etc., with revenue of 21 billion yuan in 2014, net profit of 590 million, net profit of 590 million yuan, H1 revenue of 10.1 billion yuan in 2015, and net profit of 200 million yuan. In addition, over the past 10 years, Ruyi Technology has accelerated the pace of overseas brand integration, and has successively acquired brand resources such as Japan's PeineGruppe and Germany's PeineGruppe. As the only listing platform for Ruyi Technology, the company is expected to rely on Ruyi Technology's resources to grow bigger and stronger in the future. The company's market capitalization is the smallest in the textile and garment industry, less than 2.5 billion dollars. It is a typical large group+small listed company. The private enterprise mechanism is flexible, and the industrial chain is expanding to downstream brand clothing. It is expected to grow bigger and stronger in the future and maintain an increase in holdings rating. Considering the addition of distribution into the clothing business with higher profitability, maintain the company's 16-18 EPS forecast of 0.46/0.75/0.88 yuan, respectively, and the corresponding PE is 33/21/18 times, respectively, maintaining an increase in holdings rating.