Valuation and investment suggestions: Maintaining the company's performance estimates, the company's revenue in 2016-2018 is estimated to be 5.271 billion yuan, 5.484 billion yuan and 5.71 billion yuan, respectively. The net profit for the same period was 103 million yuan, 109 million yuan and 114 million yuan respectively. EPS for the same period was 0.2 yuan, 0.21 yuan and 0.22 yuan, respectively, corresponding to the closing price on December 19. Dynamic PE was 53.6 times, 50.6 times and 48.6 times, respectively. PB was 1.89 times, 1.88 times and 1.86 times, respectively. We believe that the quality of the company's assets is excellent. The core assets are mainly monetary capital and properties held in the core area of Beijing, and the asset revaluation value is high. At the same time, the company has huge room to carry out capital operations by combining its own financial strength with the existing resources of the controlling shareholder Haidian state-owned assets, and maintains a “recommended” rating for the company. Risk warning: The macroeconomy fell short of expectations; the decline in traditional department store business exceeded expectations; the company's extension fell short of expectations.