Key investment events: Guofeng Group shareholders, the controlling shareholder of the company, signed the “Guofeng Group Co., Ltd. Capital Increase Agreement”. After the capital increase, the actual controller of the company, Ouyang Xu, and his family together held 65% of Guofeng Group's shares (26.52%), while the remaining three natural person shareholders held 35% of the shares, of which Sun Taoran held 24.02%, Zhao Wenquan held 5.99%, and Zhang Jun held 4.99% of the shares. Comment: The holding group's new shareholders are strong. Shareholders of Guofeng Group, which holds the company's holdings, previously transferred part of their shares to Sun Taoran, Zhao Wenquan, and Zhang Jun. The three obtained a total of 24% of the shares. After the capital increase was completed, the share of the three people increased further. According to public information, Ouyang Xu, the actual controller of tourism in Tibet, graduated from the 1987 Chinese Department of Peking University, and was a Peking University student of the same year as Sun Taoran and Zhao Wenquan. Zhao Wenquan is currently the chairman and general manager of Blue Cursor and is the largest shareholder; Sun Taoran is currently the chairman and president of Beijing La Cala Electronic Payment Company. Since January 2008, he has been the director of Blue Cursor, ranking as the sixth largest shareholder. Natural person shareholders once again increased their holdings of the controlling shareholder of the company, demonstrating their optimism about the long-term development of the listed company. At the same time, the controlling shareholder Guofeng Group introduced powerful shareholders to demonstrate their determination to control the listed company. Profit forecast and investment rating: Without considering the impact of fixed growth for the time being, we expect the company's EPS for 15-17 to be -0.19/0.04/0.11 yuan respectively. As the five major Tibetan regions and neighboring exclusive domestic tourism listed companies, the company has exclusive rights to manage resources in top quality scenic spots such as Brahmaputra Grand Canyon Scenic Area, Lulang, Benjishanshan Mountain, and Alishenshan Sacred Lake. Transportation improvements in the Linzhi region continue to advance. As the Tibet region continues to benefit and the company's scenic spots gradually mature, we recommend paying attention to the company's excellent long-term development capacity and growth space. Fixed increase After completion, it will receive more than 300 million yuan in working capital, and there are future capital operation expectations to maintain the “increase in holdings” rating. Risk warning: The number of visitors to scenic spots falls short of expectations, policy support falls short of expectations, and risks such as politics and natural disasters.