Key investment events: On May 18, after being nominated by Mr. Liu Xiaoliang, the company's general manager, and approved by the nomination committee of the 8th board of directors of the company, the company's board of directors agreed to appoint Mr. Yao Zhenyan as the company's deputy general manager. The term of office starts from the date of review and approval by the current board of directors and ends on the expiration date of the current board of directors. With rich sports management experience and resources, the company has added powerful executives. Yao Zhenyan, the company's newly appointed executive, has rich experience and resources in tournament operation, sports marketing, planning and design, etc., and has served as an executive of Shanghai COSCO Sanlin Football Club, Beijing Zhonghui International Sports Management Co., Ltd., Suzhou Qipushi Football Club Co., Ltd., Beijing Shenzhou Xingyuan Sports Development Co., Ltd., and Beijing Ouxun Sports Culture Co., Ltd. It hosted a number of domestic and international events, including the International Series of Friendly Soccer Tournament, the IAAF Diamond League in Shanghai, etc., and participated in formulating urban sports marketing plans for many provinces and cities, overall sports marketing plans for many professional soccer clubs, and the preparation of business development plans for the China Football Association. Pay attention to the introduction of outstanding sports talents and build a professional management team. Since the beginning of the transformation into the sports industry, the company has actively adjusted its organizational structure, introduced a large number of outstanding sports talents, and established a core management team with rich experience and resources. Liu Xiaoliang, the company's new general manager, Qin Jihong, deputy general manager, and Chen Wei, head of the investment and development department, are all sports industry professionals who have joined the company since its transformation. Expand sports operators and improve sports operation capabilities. The newly added personnel have not only enhanced the company's experience and ability in the operation of the sports industry, but also brought rich resources to the company, which has a strong impetus and support for the company's future cultivation and development of the sports industry. Profit forecast and investment rating: The company's 2017-2019 EPS is expected to be 0.08/0.12/0.16 respectively, maintaining the “increase in holdings” rating. Risk warning: Sports business development falls short of expectations, and sports operation results fall short of expectations.