The main investment points are the acquisition of Hongxiang Technology and Zhongqiang Technology, and the large participation of the majority shareholders in the subscription shows confidence. The company plans to acquire 100% of the shares of Hongxiang Technology and Zhongqiang Technology at 1.16 billion yuan and 1.05 billion yuan respectively, and plans to raise 1,016.6 billion yuan in supporting capital. The company's former top five shareholders subscribed for a total share of 90% of supporting funds; of these, Zhou Jiancan, the company's controlling shareholder and actual controller, subscribed for 616.6 million yuan, accounting for 60%; fully demonstrating confidence in the company's long-term development. The performance commitment period for Hongxiang Technology and Zhongqiang Technology is 4 years and 5 years respectively, and the value paid in shares accounts for 87% and 76% of consideration, respectively, providing sufficient incentives to the management of Hongxiang Technology and Zhongqiang Technology. Jindun Co., Ltd., Hongxiang Technology, and Zhongqiang Technology have synergistic effects in terms of channels and technology. Jindun Co., Ltd. is one of the three designated ventilation companies of the Navy General Equipment Department. Hongxiang Technology's infrared thermal cameras are used in army equipment, and all of Zhongqiang Technology's camouflage paint and camouflage barrier products have been included in the military procurement list. Hongxiang Technology's infrared detection technology and Zhongqiang Technology's infrared stealth technology are related to each other as “spears” and “shields.” Through mutual exchanges and cooperation, it is conducive to improving technical standards. Profit forecast and investment suggestions: Jindun Co., Ltd. is a leader in the subway ventilation sector in China and will fully benefit from the rapid development of subway construction in China during the “13th Five-Year Plan” period; without considering the impact of this major asset restructuring, we expect the company's revenue from 2016 to 2018 to a compound growth rate of more than 15%, with EPS of 0.30 yuan, 0.42 yuan, and 0.58 yuan respectively. If the impact of this major asset restructuring is considered, the company's net profit for 2016 and 2017 exam preparation is estimated to be 133 million yuan and 212 million yuan respectively. Based on a fixed increase in the diluted share capital of 270 million shares, the EPS preparation is 0.49 yuan and 0.79 yuan respectively. Maintain the “Overweight” rating. Risk warning: subway construction progress is lower than expected; major asset restructuring has failed.