Investment highlights: 2.4 billion yuan to acquire the remaining 75% of Suzhou Haowu's shares. On September 26, the company announced that it intends to purchase 75% of Suzhou Haowu's shares from 16 shareholders including Wang Meiling by issuing shares and paying cash, and to raise additional supporting capital from specific targets. ① Asset acquisition: Assets valued at 2.4 billion yuan, of which 720 million yuan were paid in cash, additional 159 million shares were issued at 1,055 yuan/share, for a total price of 1.68 billion yuan; ② Raising supporting capital: 10 specific investors including Yin Meijuan, Red Star Furniture, and other 10 specific investors, including Yin Meijuan, Red Star Furniture, and others, raised 760 million yuan in supporting capital by additional 72 million yuan per share. The real estate industry has stabilized over the medium to long term. The innovative real estate marketing model shows that the real estate industry is stabilizing in the medium to long term, and there is room for development. The real estate e-commerce marketing model became apparent after rapid growth slowed down. The real estate marketing model changed from traditional marketing plan planning, advertising, etc., to omnichannel marketing, linking online platforms with offline agents, and accurate big data marketing. Suzhou Haowu: A pioneer in real estate O2O, reconstructing the real estate transaction ecosystem Suzhou Haowu was founded in 2012. It is the first one-stop global real estate marketing platform in China based on mobile Internet. Its business covers new home e-commerce, second-hand housing transactions, and big data information services. Compared with the traditional real estate marketing model, Suzhou Haowu uses the Internet and strong resource integration capabilities to drastically reduce intermediate links and reduce transaction costs. Its novel business model has been widely recognized by the market. Join hands with Haowu China to achieve collaboration, implement the “jewelry+Internet e-commerce” development strategy, and join hands with Haowu China to achieve business collaboration and resource sharing, and profoundly implement the “jewelry+Internet e-commerce” development strategy. Specifically, on the one hand, achieve management collaboration and resource sharing for mutual benefit between the two sides, and on the other hand, reach strategic collaboration and profoundly implement the “jewelry+Internet e-commerce” development strategy. Giving buy-rating brand-name jewelry as a leader in traditional jewelry companies, it strives to innovate business models in the context of the traditional downturn in the offline real economy. The acquisition of the remaining 75% of Haowu China's shares has, on the one hand, achieved management collaboration and resource sharing, which benefits both sides. On the other hand, it has reached strategic collaboration and profoundly implemented the “jewelry+Internet e-commerce” development strategy. Haohouse China's promised performance for 16-18 is 190 million/250 million/320 million yuan respectively. Assuming that this fixed increase is completed by the end of 16, we expect the company's profit for 16-18 to be 50 million/310 million/400 million yuan, EPS is 0.10 yuan/0.41 yuan/0.53 yuan, respectively. The current stock price corresponding to PE is 137X, 31X, and 25X, respectively. The risk suggests that Haowu China's future profit level will fall short of expectations.