Event: Company announcement # In 2015, it achieved revenue of 152 million yuan (-4.98%), net profit of 5.36 million yuan (loss of the same period last year), net profit of 5.36 million yuan (loss of 33.46 million yuan in the same period last year), loss of 62.52 million yuan after deduction (loss of 28.19 million yuan in the same period last year), and EPS of about 0.03 yuan per share. Comment: The company specializes in scenic spots, hotels, travel agencies, and passenger transportation services. Scenic areas: Five 4A scenic spots have been developed, including Brahmaputra Grand Canyon, Mount Benri (Niyang River Scenic Belt), Basuntso and Lulang Flower Sea Ranch (Lulang Wuzhai), and Sacred Lake of Mount Ali. Hotels: The company plans, designs and builds 5 self-owned brand hotels in the scenic area to which it belongs, and has the advantage of monopoly management. Travel agency: Kamiyama International Travel Service can operate immigration services. Passenger transportation: Holy Land Tour Bus operates tourist passenger transportation within the Tibetan region. The decline in revenue was mainly affected by natural disasters and the “two limits and one warning” policy. The consolidation of ongoing construction projects and the cessation of calculation of interest capitalization increased depreciation expenses and financial expenses during the reporting period, leading to a decline in net profit deductions. Losses were reversed mainly due to debt restructuring gains and losses of 51.04 million yuan and investment income of RMB 20.04 million from the sale of Guofeng advertising shares. In the long run, the company's operations will benefit from the support policies of the country and the Tibet region for the tourism industry. The 13th Five-Year Plan of the Tibet Autonomous Region plans to create world tourist destinations, focusing on three world-class tourist destinations: Lhasa International Cultural Tourism City, Linzhi International Ecological Tourism Zone, and Gundis International Tourism Cooperation Zone. Among them, the company has strong competitiveness and a certain monopoly advantage in the Linzhi International Ecotourism Zone and the Gundis International Tourism Cooperation Zone. Profit forecast and investment rating: The company's fixed increase has already passed. After the fixed increase is completed, the shareholding ratio of controlling shareholders increased from 16.10% to 22.52% and strategic investors were introduced, and control disputes were mitigated. Currently, major asset restructuring plans are suspended. As the scenic area passes through the cultivation period and new capital operation expectations, it is expected to enter a new period of development and become the most growing company among listed scenic area companies. The 13th Five-Year Plan for Tibet has been officially implemented. As the exclusive listed tourism company for Tibet and the Tibetan regions of the four provinces, the company is expected to play an important role in building a world tourist destination in Tibet, with significant benefits. It is optimistic about the company's long-term development. It is expected that the EPS for 16-18 will be 0.04, 0.11, and 0.21 yuan respectively, maintaining the “increase in holdings” rating. Risk warning: natural disasters and political risks; the cultivation period of scenic spots is too long; asset strength falls short of expectations