Incident: The company announced its 2015 annual report, achieving revenue of 1,213 billion yuan, an increase of 43.32% year on year; net profit attributable to shareholders of the parent company was 112 million yuan, an increase of 56.79% year on year. The company plans to generate revenue of 1.5 billion yuan in 2016, operating costs of about 948 million yuan, expenses for the period of 370 million yuan, and gross profit of about 36.8%. The real estate revenue growth rate reached a record high, and the layout of Jinan's strategy was first-line: the real estate business achieved revenue of 865 million yuan, accounting for 71.32% of revenue, a record high; 4 projects under construction, 2 newly started projects, and 9 completed projects were all located in Shandong Province, which accelerated third-tier inventory removal, with remarkable results; in September '15, the company established Shenzhen Tianying Industrial Co., Ltd. in a joint venture, clarifying the company's goal of entering first-tier cities. Three major initiatives to tap the potential of the Australian Mingar mine and greatly enhance the profitability of the mining industry: 1) The main source of profit for the whole year and the basic performance promise: the mining industry achieved annual revenue of 300 million yuan, accounting for 25%, and profit of 103 million yuan, accounting for 92%, completing 94% of Tianye Group's performance promises; 2) Optimizing mineral processing to greatly increase the recovery rate and reserves, and greatly improving the industrial chain capacity: changing self-construction to a KGP plant purchase project. The total mine recovery rate is expected to rise from 56% to 80%; add 1.64 million tons of ore and nearly 18 tons of gold metal; extend the mining industry chain It has sold a total of 45,200 tons of ore, with revenue of 23 million Australian dollars; 3) Proposed continuous capital increases in multiple forms, and expectations for future epitaxial development are strong: Tianye Gold plans to increase capital by no more than 95 million Australian dollars through debt-for-equity swaps, etc. Actively promote fixed financial growth, venture capital participation in Qihu's privatization, and promote equity incentives: 1) Actively promote a fixed increase of 3.2 billion yuan and lay out diversified financial services: it is planned to raise 3.2 billion yuan at a price of 11.97 yuan from investors such as Guokai Hanfu to increase capital for Tianye Microfinance, Boshen Leasing and Community Finance Internet integrated service platform construction projects; 2) Actively promote the venture capital business and participate in Qihu's privatization project: The financial venture capital business has invested a total of 1.47 billion yuan. The company participated in the Qihoo 360 privatization project through Tianying Huixin, and is expected to achieve a high investment of US$897.14 million. Capital appreciation income; 3) Promoting equity incentives and gathering management interests: Granting 28 million restricted shares at a price of 6.65 yuan/share to 15 incentive recipients, binding senior interests and improving the company's internal governance structure. Investment suggestions: Jinan's real estate business layout is on the front line, benefiting from continuous optimization of the inventory removal policy structure. The mining business identified 1.67 million ounces of gold metal by optimizing mineral processing forms, while expanding the industrial chain to increase ore sales. The performance promise was basically completed. In addition, the company actively promoted 3.2 billion fixed financial growth projects, venture capital business participated in the Qihoo 360 privatization project, implemented equity incentives for management, diversified business development, and many innovations in management. We expect the company's EPS in 2016-2018 to be 0.20, 0.27, and 0.34, corresponding to the current stock price PE's valuation is 69.9X, 51.6X, and 40.4X. For the first time, it covered a “buy-A” rating, with a target price of 19.8 yuan for 6 months. Risk warning: Gold business fluctuates greatly, real estate business continuity issues