Core view: Adjust the structure and layout to transform Guancheng Chase, a long-standing listed company, with real estate development and enameled wire production as the main support for the company's past business development. Beginning in 2014, the company transitioned to a new energy lithium-ion battery+financial investment business in the context of gradually increasing pressure on the traditional industry. After nearly 2 years of hard work, the company gradually explored a transformation path suitable for its own development, expanded the layout of the lithium-ion battery industry chain in the form of equity acquisition+project investment; integrated its financial resources, built a P2P business platform, and entered high-end medical and high-end health and vacation centers. Acquisition+investment, sharing the dividends of industrial development. The layout in the field of new energy has also been gradually progressing since 2014, and all proposed acquisition plans will be implemented in 2015. Judging from the direction of layout, the company hopes to be able to vigorously expand the entire industry chain of lithium-ion battery production and vigorously expand the local civilian market, especially the power battery market. Beginning in the second half of 2015, the company and the Fujian Provincial Investment Platform set up an investment fund for emerging industries. In the future, the company will share the industrial dividends brought about by the explosive development of the new energy industry in the form of increased equity investment. Expand the healthcare industry and acquire a wholly-owned subsidiary of Swiss Holiday Medical Center for 16 years with a wholly-owned subsidiary of Swiss Holiday Medical Center, with 307 million yuan of 100% shares in Mirador in Switzerland. Le Mirador Resort, formerly known as Mon Repos Private Hospital, was founded in 1904. After the acquisition is completed, it is planned to launch a high-end medical service project for anti-aging treatment, which will become a new profit growth point for the company in the future. The EPS for 16-17 is expected to be 0.27 and 0.29 yuan respectively, maintaining the “buy” rating. The total value of the company's NAV is 11.89 billion yuan, and the company's current total share capital is 1.49 billion shares, so the company's NAV price per share is 800 yuan/share. After deducting the new energy business, the discount rate is 15.4%. Risk indicates that real estate business sales are affected by the market, and there is some uncertainty about the progress of new business projects.