By investing in leading logical zipper companies, the main business has become stable: the company's main zipper business has gradually stabilized, and it is difficult to achieve high growth in the future. In 2014, the company achieved operating income of 1,050 million yuan, up 4.30% year on year; net profit attributable to shareholders of listed companies was 78 million yuan, up 29.02% year on year. As can be seen from the company's revenue growth over the years, the company's main zipper business has stabilized, and the overall prosperity of the revenue market has greatly affected. Judging from net profit, net profit has also declined by a certain margin in the face of fluctuations in revenue, but the main business can provide steady cash flow. In view of this, the company began to look for a second main business. With the separation of the management and administration of the basketball league, profits are expected to improve, but the schedule is yet to be determined: on January 16, 2016, the General Administration announced that it would separate management and administration and establish a league company (with management rights, no competition management rights). The company consists of club investment and shareholding. However, the timeline is currently unclear. The establishment of a league company is expected to improve the market-based operation of the CBA League. The CBA will probably no longer package and sell commercial rights, but will adopt a copyright bidding system similar to that of the Chinese Super League to let the market determine the ultimate value of media copyright. The commercial value of the CBA League is expected to increase dramatically. The group has basketball club resources and has a good foundation for sports transformation: Fujian Xunxing Basketball Club is controlled by Xunxing Group Co., Ltd., the majority shareholder of the company, and has the highest score of 6th place in the league. In the 2012-2013 season, Fujian Xunxing's revenue reached 30.26 million yuan, with a loss of 7.74 million yuan. Revenue in 2014 was about 40 million yuan, a marginal profit. As the marketization of CBA accelerates, the commercial value of CBA will further increase, and the profit level of the group Xunxing Basketball Club will improve markedly in the future. The investment suggests that Xunxing Co., Ltd. is a leading zipper enterprise. The development of the main business has gradually stabilized, and it is difficult for the main garment accessories industry to achieve rapid growth in the past in the future, and there are strong expectations for transformation. Our profit forecasts for the company for 2015-2017 are $0.21, $0.23, and $0.27. The company's second main business has strong momentum for transformation. According to the investor relations record sheet, the company said it could experiment in physical education and training, stadium operation, injury rehabilitation, sports brokerage, event promotion, etc., but so far no results have been achieved. We believe it is worth looking forward to the injection of basketball clubs into listed companies by the group. In the short term, the loss of Xunxing Club may be the main resistance. The company currently has a small market capitalization. If it can successfully transform, there is a lot of room for improvement, it will be given a “buy” rating. The progress of venture companies' transformation into sports fell short of expectations. The decline in performance brought about by the decline in downstream clothing demand.