Investment highlights: Event: The company announced a fixed increase plan. It is proposed to increase the controlling shareholder Shanghai Zijiang (Group) by 80 million shares (5.6% of the total share capital) at an issue price of 2.70 yuan/share (current price is 2.96 yuan), and the total amount of capital to be raised shall not exceed 216 million yuan to supplement the company's working capital, optimize capital structure, and reduce financing costs. Zijiang Group fully subscribed for all shares of this non-public offering in cash and locked them for 3 years, showing confidence in the company's long-term development. After the completion of this increase in holdings, the Group's holding ratio increased from 22.9% to 27.1%. The competitive pattern of the main beverage packaging business has improved, and an increase in bargaining power can be expected. The company's main revenue sources are PET bottles and bottle preforms. In addition to traditional customers Coca Cola, Pepsi and Unification, the company has also carried out comprehensive supporting cooperation with Evergrande Bingquan to achieve rapid growth with downstream customers. In terms of competition, the company and Zhuhai Zhongfu present a competitive situation of oligopoly in the industry; in the past few years, Zijiang enterprises have significantly superior profitability to each other with their fine management capabilities. As Zhongfu gradually shrinks and withdraws from production capacity, the competitive pattern of the industry has improved, and the profitability of the company's PET bottle and preform business is expected to show a positive trend. Diversified operations generate discounts, and the future is expected to focus on core business development. The company's current business spans the packaging sector (PET bottles and preforms, crown caps and labels, films, real estate, logistics trade, etc.). Among them, the real estate business is located in the Zidu Jingyuan high-end villa in Sheshan, Shanghai, and has been affected by macro-control in recent years, with few sales, which is a drag on performance. The thin film business will develop into the field of functional thin films in the future, and differentiation will increase added value. Among them, the prospects for industrial application of aluminum-plastic films for lithium batteries are improving. The scale of revenue from the logistics trade business has increased rapidly, and the scale effect is gradually being reflected. Due to decentralized operations, many of the company's high-quality assets generate diversified discounts; we believe that a clear main business in the future and focusing on businesses with development prospects is a more practical choice. It is recommended to increase your holdings! In the past, packaging leaders have been dormant for more than four years. Facing urgent transformation needs, many businesses are also expected to be at an upward inflection point. Controlling shareholders' participation at the bottom of the stock price has been fixed and increased, demonstrating confidence in the company's future development. We expect the company's 14-15 EPS to be 0.19 yuan and 0.23 yuan respectively, and the current stock price (2.96 yuan) corresponding to 14-15 PE is 16 times and 13 times, respectively. The company's market capitalization is only 4.2 billion yuan, and PB is 1.1 times. An increase in holdings is recommended!