Get back to the point.

Recently, we have made a move on China Tianyi Holdings (hereinafter referred to as "China Tianyi" or "collection"). According to the implementation of the previous business strategy, the current collection is mainly focused on promoting non-premium reduced orange juice (NFC100% juice) with Sammy as the high-end brand, and increasing the construction of e-commerce networks, and its sales are growing rapidly, basically in line with our previous expectations. The monthly sales revenue of NFC juice in October has reached 1400 million yuan, a sharp increase of about 33.3 percent over September. Judging from the current situation of all kinds of pipeline development, especially the effect of the holiday at the end of the year, we plan that the sale of NFC juice from November will be greatly increased, and it may be close to the level of about 3500 million in November.

The main reason for the increase in sales sales is the substantial expansion of various sales levels. In November, Sammy launched the "Family" convenience store, and the number of sales outlets has exceeded 1500. According to the feedback from the management staff, we will actively expand more channels, such as Starbucks Corp, and other high-end communities, focus on high-end community residents, and promote the F2C (Factory to Customer) sales model. We are also seeking cooperation with partners, such as community property companies, to expand the scope of coverage to consumers.

On the whole, China Tianyi is better than expected in the process of expanding the sales pipeline, the centralized management team has a strong executive ability, the brand positioning is clear, the product quality is excellent, and it has a strong performance compared with similar products. With the market's industry position, clear strategy and stable profitability, I have great confidence in China's future spillover. At present, the stock price at the time of the stock's last report has risen sharply. We still hold its 12-month target to HK $2.00, which is about 52% higher than the latest closing price, which is equivalent to 22.3 times of 2016 earnings and 1.3 times of price-to-earnings ratio. (as of December 09)

Clear sales strategy and healthy promotion plan

China Tianyi focuses on promoting non-fat reduced orange juice (NFC100% juice) with Sammy as the high-end brand. With the help of O2O and other sales channels, the sales target is set at urban white towns with high consumption capacity and middle-class households, greatly increasing the sales volume. In November, Senmei launched the "Family" convenience store, and the number of retail outlets has exceeded 1500. In addition, Yamagata Aeon has also started to put its products on the shelves. At the same time, we will actively promote the sales model of F2C and cooperate with us to strengthen the brand image of NFC100% juice in high-end communities. for example, recently, we have actively promoted Senmei products together with Wuzhou property, and the sales have achieved remarkable results.

By the end of October, the monthly sales revenue of NFC juice in October had reached 1400 million yuan, a sharp increase of about 33.3 percent over September. In particular, with regard to the effect of the holiday at the end of the year, we plan that the sales of NFC juice from November will be greatly increased, which may be close to the level of about 3500 million per month in November. Judging from the current data, China Tianyi is better in the process of expanding the sales pipeline than we had expected, the collective management company has a strong ability, a clear brand positioning, a high quality of products, and has a strong reputation compared with similar products. We have great confidence in the performance in the future, although the stock price at the time of the last report of the stock market has risen significantly, but we still hold its 12-month target to HK $2.00, and the latest closing price is about 52% higher than the price-to-earnings ratio of 22.3 times and the price-to-book ratio of 1.3 times in 2016. (as of December 09)

Cymbals

The sales revenue was greatly affected by the market environment, and the growth rate was lower than expected.

There has been an increase in the market, and the product promotion is lower than expected.

Short-term domestic stocks fell sharply.