Incident: Yongqiang Guomao, a wholly-owned subsidiary of the company, plans to use its own capital of no more than 200 million yuan as a limited partner to participate in the investment establishment of a venture fund. The investment ratio is 88.89%, and it will invest in high-tech fields supported by the state or enterprises with scientific and technological achievements in the national science and technology transformation project bank. Comment: Set up venture funds to enhance the company's investment capacity through the power of professional investment institutions, steadily develop the main leisure furniture business to guarantee the company's performance, and explore new growth points through the “Internet+Tourism” of the Nuggets. ① Set up a venture fund, make full use of the capital market, enhance the company's investment capabilities, reserve mergers and acquisitions targets for the company's future development, and help explore new growth points; ② The North American market is expanding at an accelerated pace, and the domestic leisure home market is on the rise. The company will use its first-mover advantage to expand sales channels and build a leading domestic leisure and home industry; ③ Nugget “Internet+Tourism”, acquire the 51Book platform to create a second main business, explore new growth points, and develop collaboratively between the two main industries; expected EPS 0.29/ in 2015-17 0.35/0.41 yuan, giving the original business industry average of 40xPE in 2016, 51book20XPS, target price of 14.56 yuan, increased holdings rating. The company makes full use of the capital market, improves capital utilization efficiency through venture capital funds, reserves mergers and acquisitions targets for future development, and helps explore new growth points. ① Venture fund partners Zhejiang Keyouye and Zhejiang Science and Technology Venture Capital Co., Ltd. are professional investment institutions with rich capital market investment experience, which will greatly enhance the company's investment capabilities; ② The company is actively seeking new growth points based on its original main business. Establishing a venture fund will help the company seize the development opportunities of the M&A market, reserve mergers and acquisition targets for future development, and help the company continue to explore new business development directions. The North American market is expanding at an accelerated pace, and the domestic market is on the rise. The company is actively expanding sales channels and will become the leading domestic leisure, lifestyle and home furnishing with a first-mover advantage: ① Overseas markets: the European market has a clear first-mover advantage, channel flatten plastic barriers, and strengthen its own brands to help increase gross margin; the expansion of channels in the North American market accelerates, and the steady growth of the main business guarantees the company's performance; ② Domestic market: low penetration rate, rapid growth rate, and large demand space; join hands with Jia.com to integrate online and offline channels to build its own brand and increase the popularity of C-end celebrities; Cabinet, empowering mobile devices, strives to build the first mobile e-commerce platform for leisure life. Nuggets the “Internet+Tourism” market to build a second main business: ① The company's 51Book is the leading online travel B2B distribution platform in China. It focuses on mobile terminals through differentiated positioning and expands the travel product distribution market to help the company accelerate development; ② Relying on Zhejiang Yongqiang's capital and resource support, it will accelerate the construction of a 100-billion-level travel distribution platform. Risk warning: Failure to find suitable investment projects; e-commerce platforms are progressing less than expected.