Key investment points: high-quality asset injection, performance commitment completed. In 2013, through the implementation of major asset restructuring, the company made Dongshengmiao Mining, owned by Jianxin Group, Sidwan, and Zhishang Donghe, become a wholly-owned subsidiary of the company, thus establishing its main business as lead and zinc ore mining and related product production and operation business. As a result, the company obtained high-quality assets related to lead-zinc ore mining, asset quality was fundamentally improved, and profitability was greatly increased, thus restoring the ability to operate continuously and enabling the company's stock to resume listing. According to the special audit report issued by Ruihua Certified Public Accountants, the completion rate of the 2013 target asset (Dongshengmiao Mining) profit forecast commitment was 105.42%, the completion rate of the 2014 profit forecast commitment was 102.90%, and the completion rate of the 2015 profit forecast commitment was 101.26%. Performance commitments for 2013-2015 have been fulfilled. Mainly engaged in lead and zinc mining, extending downstream industries. The company is mainly engaged in lead-zinc ore selection business. The mining area under the jurisdiction of its Dongshengmiao Mining is a rich mining area with rich geological reserves of lead and zinc and is easy to mine. Currently, the company's total reserves of lead and zinc minerals are 303,000 tons of lead metal and 1,428 million tons of zinc metal. In 2015, the company's lead and zinc raw ore mining volume totaled 2.1669 million tons, and lead and zinc ore processing volume totaled 2,0711 million tons; the total output of finished products was 61,7432.5 tons, of which the total production of lead-zinc-copper concentrate was 10,2313 tons of metal. While acquiring and integrating natural mineral resources, the company is vigorously expanding into the downstream non-ferrous metals industry. Currently, through parallel development between Dongshengmiao Mining, Jinpeng Mining, and Zhongdu Mining, and Zhongdu Mining, plus the extension of the Linhe Xinhai industrial chain, the upstream mining business and the downstream sulfuric acid production business can develop in a coordinated manner. Zinc prices continue to rebound, and performance is expected to improve. In 2016, under the influence of global zinc mine production capacity reduction, zinc concentrate and zinc concentrate production declined markedly. Inventories fell, supply-side contraction contributed to improved fundamentals, and zinc prices gradually broke out of the trough. While demand remains relatively stable in the second half of the year, a reversal in supply and demand is expected to stimulate a further rise in zinc prices. In this context, the company's main business revenue and gross margin are expected to increase, providing great support for performance. Plan group restructuring and seek strategic investment. In order to ease and improve the financial situation of Jianxin Group, Jianxin Group plans to introduce strategic investors to restructure Jianxin Group through equity capital increases or equity transfers. During the planning period, Jianxin Group held discussions with potential strategic investors such as Xinjiang Kaidi Investment Co., Ltd. and China Great Wall Asset Management Company. According to the company announcement, all work is currently in progress, and no final restructuring plan has yet been agreed upon. Earnings forecasts and ratings. The profit of the company's non-ferrous metals procurement business is stable, and the gross margin in 2015 was as high as 53.50%. The expansion of lead and zinc production by its subsidiary Dongshengmiao Mining to build 1 million tons of lead and zinc has entered the feeding-linked test run stage, and production capacity has been greatly increased; in 2015, the company's non-ferrous metal mining, sales volume and production volume increased by 123.56% and 129.83%, respectively. The company's 2016-18 EPS is estimated to be 0.35, 0.45, and 0.60 yuan/share, respectively, giving the company a PE valuation of 35 times that of 2016, with a target price of 12.25 yuan, and a rating to increase holdings. Uncertainty analysis. The supply side of zinc prices fell short of expectations, and there was a risk that the group restructuring would fail.