The company's announcement on the non-public offering was reviewed and approved by the Development and Review Committee of the Securities Regulatory Commission, indicating that the company's fixed introduction of industrial capital bosses such as Cao Guoxiong and Xie Shihuang to help the company's transformation proceed in an orderly manner. We believe that the company will gradually expand from a single aquaculture to comprehensive utilization of water surface resources such as water environment management, photovoltaic power generation, health tourism, and sports after introducing a fixed increase in investment. The new distribution conference is the first step in the company's transformation. There are expectations for further expansion of the company's layout in the future. The company's 2015-2017 EPS is expected to be 0.02/0.03/0.06 yuan respectively (regardless of the impact of additional distribution and new business), maintaining the “increase in holdings” rating, with a target price of 20.3 yuan. A fixed increase will be the first step, and premium distribution shows confidence in long-term development. In 2015, the company determined a long-term development strategy for gradually expanding from a single lake aquaculture to water environment management, photovoltaic power generation, lake culture, sports, health, leisure and entertainment, etc., to enhance the value of lake surface yield, and at the same time achieve industrial transformation and upgrading through various methods such as Internet marketing, Internet finance, and “industry+capital” mergers and acquisitions. 2016 was the year the company's transformation strategy was implemented. The fixed increase plan was approved by the Securities Regulatory Commission, and the fixed increase will bring in industrial capital bosses such as Cao Guoxiong (Jingwei Venture Capital Partner) and Xie Shihuang (Vice President of Ali Group) to help the company transform. At the same time, the fixed price increase of 10.15 yuan/share (locked for three years, no price reduction and re-pricing) of 11.3% over the current price (9.12 yuan/share) also demonstrated the confidence of major shareholders and industrial capital in the long-term development of the company. The lake surface is rich in resources, and expansion into new fields is worth looking forward to. The company has 1.8 million mu of lake surface resources, and has successively invested in companies in the aquaculture industry chain, such as Nanjing-style small fish e-commerce, Qianhai Great Lake supply chain, Yuanjinshuo (P2P), Tibet Great Lake Investment, Great Lake Aquaculture Hanshou Turtle, and Yangcheng Lake Hairy Crabs, etc., to gradually increase the added value of the company's products. At the same time, the future layout around water surface resources in new fields such as health tourism and sports, photovoltaic power generation, and water environment management is worth looking forward to. Core Risk: Transformation Drives Low Expectations