Key investment events: The company announced that Suqian Sanfu Jinding Investment Management Center plans to invest in Beijing Leen Jiaye Sports Development Co., Ltd. through a cash capital increase. The investment amount is 10.15 million yuan. After the investment is completed, Sanfu Jinding's investment will hold 17.50% of Lega Sports shares. Recently, Sanfu Jinding Investment signed a “Capital Increase Agreement” with Lega Sports. Comment: Lega Sports is a leading professional orienteering enterprise in China. It is a comprehensive organization integrating event promotion, base construction, and base operation. It is a comprehensive strategic partner of the State Administration of Sports and the China Orienteering Association. Since 2004, it has participated in the organization and map drawing of various large-scale orienteering events (National Sports Festival, World Qualifying Tournament, National Championships, Championship, etc.); at the same time, various orientation bases and orientation parks have been set up in more than 20 provinces, cities and autonomous regions across the country to provide targeted professional services and targeted activity venues for the general public. Join forces with Lega Sports to build the entire outdoor sports industry chain with a high degree of compatibility. The company is deeply involved in business levels such as online and offline chain sales platforms, events and adventure activities, comprehensive outdoor camp design, construction and operation, and youth outdoor camp education. It is in line with Lega Sports' main business. It has a high degree of compatibility and continuous cooperation in the construction of comprehensive outdoor camps and professional orientation parks, organization of a series of international and domestic targeted events and events, and youth outdoor experience training, etc., implementing the entire outdoor industry chain layout. Orienteering originated in Europe and is a sport known internationally as “chess+marathon”. It uses a map and a compass to visit each point indicated on the map in sequence, and whoever reaches all the pointers in the shortest time wins. Orienteering is a trendy outdoor sports program integrating innovative sports tourism, leisure and fitness, and youth education. It has been booming in China in recent years. Profit forecast and investment rating: After nearly 20 years of development, the company has become a leading enterprise in outdoor products and event operations in China. Relying on the company's rich competition activities and loyal membership system, the company has actively expanded projects such as camp+training and retail+experience integrated operation centers, and has been recognized by relevant governments; since its listing, the company has relied on the capital market to gradually achieve a national layout, and cooperated with Jinding Investment to establish a merger and acquisition fund with capital advantages to achieve rapid expansion of the outdoor industry and achieve a leading edge in the outdoor industry chain. At the same time, the company has launched employees in less than 1 month The equity incentive plan includes 61 employees, including management, middle management, and key employees who have worked for 12 years. The exercise price is 31.48 yuan, unlocked over 4 years (25% per year), and the performance for the next 4 years is guaranteed (15%/33%/53%/75% respectively over 15 years) and full use of the incentive advantages of private enterprises. The impact of fixed growth is not considered yet. The company's EPS for 16-18 is expected to be 0.55/0.64/0.75 yuan, respectively, maintaining the “increase in holdings” rating. Risk warning: The expansion of off-site projects fell short of expectations; the tournament was held in an accident; the impact of Haitao exceeded expectations.