The core idea is to transform experiential consumption, and location advantages protect it: Hangzhou Jiebai is a leading established department store retail company in Zhejiang Province, with rich brand and customer resources. The company has completed the acquisition of 60% of Hangzhou Tower's shares. It has a total of 4 large stores and 2 reserve projects, which is quite large-scale. Since the beginning of 2015, the company has rearranged its main shopping malls, actively experimented with the “life experience+internet” business model, provided value-added services to consumers, and built a “shopping+social+experience” service platform. At the same time, benefiting from the geographical location of stores, high consumption capacity per capita, and the prosperity of the tourism industry, the location advantage is obvious. Cross-border sports and health industries enjoy synergy effects and industrial development dividends: the company invests in Yuesheng Sports and is mainly involved in sports lottery and stadium operations. Over the next 6 years, many major domestic and international events will be held in Hangzhou, including the 2022 Asian Games. The sports economy will gradually take shape, and the company is expected to enjoy the dividends of the rapid expansion of the industry. The company and Baida Group and Dian Diagnostics jointly established the Zhejiang Yihe Whole Health Management Center. The “D2B2C” operation model is novel and will link top medical resources at home and abroad to create a one-stop high-end private health management center. Shareholders' resource advantages complement each other, which is expected to form a strong synergy effect. Synergies with major shareholders can be expected: Hangzhou Business Travel Group, the parent company of Hangzhou Jiebai, is a wholly state-owned group and holds 68% of its shares. The Group has huge external assets, and has many investment holding companies. It has covered six major sectors, including commerce, hotels, food and processing, tourism, and cultural creativity. The platform value of Hangzhou Jiebai's listed company is obvious, and asset integration is expected to further strengthen expectations and achieve synergy effects. The new president of the Business Travel Group is from the Hangzhou Finance Office, which is conducive to financial reform. It is undervalued and enjoys multiple safety margins: Currently, the total market value of the company is 7.8 billion yuan, the market value in circulation is only 3.4 billion yuan, and the TTM price-earnings ratio is 34 times, so there is plenty of room for future growth. At the same time, the company enjoys multiple safety margins: 1) the company's stores are well located, with huge asset market value, far higher than its total market value and book assets; 2) abundant cash flow and no interest-bearing liabilities, short inventory turnover days, and secure account periods; 3) 87% of the company's revenue comes from a joint venture model, low risk and stable income; 4) The company's business model innovates and actively lays out the sports and health industry. The market response lags behind the pace of the company's transformation. 2016 Stock Price Catalyst: 1) State-owned enterprise reforms are expected to accelerate, and regional leaders in department stores have greater investment opportunities. Moreover, the platform of Hangzhou Jiebai's listed companies is highly valuable, and there are expectations of further asset restructuring, which will become a means of increasing the asset securitization rate; 2) the company has a single shareholding structure, market-based incentives and diversification of shares are expected to be implemented as a solution; 3) the company will actively experiment with new business models, enter the sports industry, or reap the dividends of rapid industrial development; 4) The short-term G20 and Disney spillover effects are obvious; 5) The mid-term Asian Games and various sports events will gradually form a sports economy, boost consumption and tourism, and bring a stock price catalyst to the company.