What happened: we recently visited Nanning Department Store and communicated with Mr. Zhou Ningxing, the secretary of the company, about the current situation of the industry and the company and the management, and gained a deeper understanding of the fundamentals and investment value of the company. In the retail golden decade from 2002 to 2011, the company's revenue and profit growth CAGR were 12.50% and 11.09% respectively, which is much lower than the industry average growth rate of more than 30%. It is preliminarily judged that the company has some problems in seizing opportunities and management, the investment value is weak, and the future investment opportunity still lies in the capital operation of shareholders. However, in view of the company's success in issuing 656.5 million additional capital in 2011 (the first successful refinancing in 15 years since the company went public), and the company's management's "368" plan in 2010 to achieve 8 billion of sales over the next six years based on three main businesses: department stores, e-commerce and commercial properties (from the final sales data in 2011 to the end of 2015, the company must maintain a compound annual growth rate of 36.56%. According to a series of expansion plans, the company may face an inflection point in its performance in the past three years, but it is too uncertain to be rated.