Description of the incident, the company announced a draft employee shareholding plan: A total of 77 directors, supervisors, and middle level employees participated, raising no more than 75 million yuan in capital. By entrusting Ping An Securities targeted asset management plan, they obtained about 4.49 million shares of the company's shares, and the lockdown period was 1 year. The incident reviews the majority shareholders' loan support, which supports long-term business confidence. The current employee shareholding plan is no more than 75 million yuan. The funding sources are divided into two parts. One part is self-funded by the company's employees, not more than 15 million yuan; the other part comes from loans from actual controller Tian Jiayu (to be self-funded or equity pledge financing), which is no more than 65 million yuan. The loan interest rate is 8% per year, and the term of existence is 36 months. At the same time, Tian Jiayu promised: A: if the overall yield of the employee stock ownership plan at the end of the term is less than 0, the holder will only bear part of the loss from self-financing funds, and the borrower will bear part of the loss and interest; B: if the overall yield of the employee stock ownership plan at the end of the term is greater than 0, the portion of the holder's income greater than the interest on the loan will be enjoyed by the holder, and the borrower will bear the shortfall. We believe that the majority shareholders are willing to cover the interests of employees, which also reflects their full confidence in the long-term operation of the company. Executives are all involved to establish a mid-term safety margin. 1. The current employee stock ownership plan is mainly aimed at the company's management, including 15 directors and supervisors (all executives) and 12 middle management personnel, accounting for more than 70% of the company's total middle management; 2. The number of shares subscribed to by the employee stock ownership plan is about 4.49 million shares, accounting for about 1.38% of the company's total current share capital, and the lockdown period is 1 year. We believe that this plan will to some extent establish a margin of safety for the company's medium-term stock price. Fourteen years of refinancing and refinancing laid the foundation for the future. At the end of 2014, the company decided to increase its working capital by 860 million yuan, fully supplementing its working capital. We expect that with sufficient capital support, the company's nationwide production capacity expansion plan is expected to be realized at an accelerated pace, and the leading scale advantage is expected to be further reflected. Break into the retail business, the next main battleground. 1. Currently, the company's products are mainly used in the field of public decoration, and are supplied in cooperation with major real estate customers, so downstream demand is relatively stable, and repayments are relatively good; 2. In the future, the company will gradually enter the retail market: the retail market has huge space and higher profitability, but the competitive pattern is very scattered and regional, so we speculate that mergers and acquisitions may be a quick path; at the same time, the company's doors and windows are high-end, and the layout of the retail business is actually more advantageous. High growth can be expected, and highly recommended. We expect the company's 15-16 EPS to be 0.23 yuan or 0.34 yuan, corresponding to PE 74 times and 49 times, and recommended.