Key investment points The real estate business is “small but beautiful”, positioning the middle and high-end, and focusing on green technology. The company has been listed behind the scenes for 12 years. The real estate business is “small but beautiful”, focusing on green technology real estate. The real estate business is mainly concentrated in the Yangtze River Delta, Pearl River Delta and Beijing-Tianjin-Hebei regions. However, the company insists on cultivating the “green technology real estate” market segment and has leading technical strength in construction energy efficiency, environmental protection, smog control, smart homes, etc.; the large fluctuations in the company's performance over the past few years have mainly been affected by real estate settlement. Currently, all saleable and unsettled areas are located in Shanghai, Yandong, Hebei, China. Suburbs and Hangzhou, high-quality real estate reserve projects secure the future Contributing steadily to performance, the company's real estate business performance is expected to explode in 2019. The impression is that they hold the core IP and join forces to accelerate the layout of the cultural industry. Guan Impression is the founder of live performances and scene experience dramas in China. The main revenue comes from performance project creation and maintenance revenue, performance ticket revenue share, shareholder equity dividends, etc., and has successfully created the four major high-end cultural tourism and performing arts brands of “Most Memories,” “Impressions,” “See You Again,” and “Return”. Currently, there are 9 performance projects. Within half a year of buying Guan Impression, the company has achieved 2 performances. 3 projects are expected to be signed in 17/18. The pace of new project expansion has accelerated markedly. At the same time, with high-quality creativity and a team of top directors, the company has created a leading domestic reality performing arts team, and in line with the current trend of the stronger the tourist performing arts market, there is huge room for future expansion. Furthermore, the company has carried out in-depth equity and industry cooperation with Chinese Culture, IDG, and Yunfeng Fund to connect with high-quality resource platforms, accelerate mutual communication and integration, and take advantage of capital and talent advantages, and the company is expected to achieve a broader layout in the field of culture. Combining weight and importance, the path of transformation is worth looking forward to. Looking at the current business model, the company is only responsible for the creative part, does not participate in investment, holds only part of the shares in each project, and has no dominance in project operation; the company has clearly proposed that it will increase its share of equity in the future, and high-quality projects will not rule out the possibility of holding its own management. If the company can fully participate in the operation of the entire tourism and entertainment industry chain, on the one hand, enhance the sustainable profitability of high-quality projects, and on the other hand, get rid of the strong dependency on the director team under the current asset-light model to internalize the company's ability to operate in the field of culture and performing arts; at the same time, the integration of “culture+real estate” is expected to be integrated into the field of culture and performance. Breakthroughs have been made in two areas: 1) cultural projects in tourist destinations drive real estate land acquisition; 2) development of cultural and commercial complexes in core cities.