1. Leveraging the advantages of the platform, Beijing Eddy International School is a “high-end” brand for domestic and international education. It offers kindergartens, elementary schools, middle schools, high schools, and international university preparatory courses and English training courses. There are about 2,600 students enrolled in the school. The company used its platform advantages to seize the resources of superior targets. After investing in British education, the company went one step further in the field of international schools. 2. Complete the K12+ international education ecosystem layout and be optimistic about future industry integration capabilities. After completing the acquisition of Longwen Education, the education layout is rapid: 1) invests in British education and is involved in international education; 2) plans to acquire Little Red Riding Hood to lay out preschool education; 3) plans to acquire Eddie Education, and international education goes one city again. At this point, the company has completed the ecological layout of K12+ international schools. We believe that the company has strong execution, firm determination to transform, and has a strong first-mover advantage. The future is optimistic about the company's ability to further develop online and offline education and integrate the education industry chain. 3. Investment advice: Considering Little Red Hat and British Education, regardless of this acquisition, the company's 2016-2018 exam preparation net profit was 229/2.77/334 million yuan, respectively, and the corresponding EPS was 0.15/0.18/0.22 yuan, respectively. The company's suspension price is 9.41 yuan, and the corresponding PE is 63/52/43 times. I am optimistic about the company's ability to integrate the education industry chain in the future, and I recommend it. With performance betting: 1) Long Wen Education promises that the total net profit for 2015-2018 will not be less than 563.8 million yuan; 2) British Education promises that the 2016-2019 net profit after tax will not be less than 1,000/1,300/1690/21.97 million yuan, respectively; 3) Little Red Hat promises that the net profit in 2016 will not be less than 50 million yuan, and the compound annual growth rate of net profit in 2017-2019 will not be less than 15%. 4. Risk warning: Education acquisition falls short of expectations, integration risk