The guide to this report: The company's performance turned a loss into a profit, and the transformation model of “in-depth content building+asset-light extension expansion” is expected to further open up room for profitable growth. Investment points: Maintain an increase in holdings rating, with a target price of 41.4 yuan, 35% room compared to the current price. The 2016/17 EPS was maintained at 0.52 and 0.87 yuan, with growth rates of 478% and 67%, respectively. We believe that the company's “asset-light expansion+content construction” business model is conducive to the company's future transformation into a leading comprehensive real estate solution provider in China, thus achieving rapid profit growth. The performance turned a loss into a profit, and the capital reserve turned 10 to 10. In 2015, it achieved operating income of 268 million yuan, an increase of 171%; realized net profit of 38 million yuan, turning a loss into a profit over the same period in 2014; and an EPS of 0.09 yuan, with a capital reserve of 10 to 10. The increase in performance is mainly due to the increase in rent, reduction in financial expenses, and the increase in investment income from the sale of shares, as the operation of Royal Palace Plaza is on the right track. Improve content creation and build a leading brand in the field of comprehensive real estate services. The market has yet to realize the huge synergy between the company's “content building” strategy and business management. We are optimistic that the company will create space for content in the three major sectors of children's themes, entertainment themes, and fashion lifestyle. In the future, we hope to go deep into emerging business formats through a combination of endogenesis and epitaxial extension. Joining hands with giants, we look forward to the implementation of more asset-light projects. The company joined hands with strategic partners such as Wangfujing and Jiuding Investment to carry out extended expansion with comprehensive real estate operation services as the core, and set up M&A funds and concentric shareholding funds. It is expected that rapid replication of real estate management will be achieved in the future. In terms of talent reserves, the company's recruitment efforts are gradually increasing. Wang Pei, the former vice president of Alibaba Group, became the company's independent director to protect the implementation of subsequent strategies. Risk factors: Competition at Royal Palace Plaza intensifies; subsequent transformation is uncertain. Expected catalysts include the implementation of asset-light contract management projects, significant progress in mergers and acquisitions in new business formats with commercial management content, and acceleration of financial services business.