The incident describes Yatai Group's announcement on the adjustment of the issuance plan and will resume trading tomorrow: 1. The increase in price was raised 23% to 4.15 yuan (current price 5.14 yuan), the number of shares issued (705 million shares) remained unchanged, and the capital raised increased in the same proportion to nearly 3 billion dollars. Furthermore, the number of shares subscribed by the subscribers and their respective shares and fund-raising projects remained unchanged, and the lockdown period was 3 years; 2. The management subscribed for about 4.1 billion yuan, accounting for 13%, and the shareholding ratio increased to 4.98% after completion. Incident reviews were added, and the reserve price was raised, and participants remained the same, showing their confidence in the company's development. The adjustments to the current distribution plan mainly raised the additional offer price from 3.37 to 4.15 yuan. On the one hand, the increase price of about 1 times PB avoided damage to the interests of the original shareholders. On the other hand, all six participants made adjustments, and all six participants accepted a price increase of about 23%, showing their confidence in the future development of the company. Among them, Jinta Investment, which is owned by management, participated in about 13% of this additional amount. The consistency of interests and the three-year lockdown period have brought a higher margin of safety to the company. Currently, the market value is still underestimated to a certain extent, and the company's margin of safety is high. After the additional issuance was completed, the market value corresponding to the current stock price (5.14 yuan) increased to about 13.4 billion dollars, but it is still significantly underestimated compared to current assets: clinker production capacity is about 20 million tons (6 billion), Northeast Securities shares 30.7% (5.5 billion), Jilin Bank's equity 9.96% (1.5 billion), coal (1.6 billion), real estate (4.5 billion), plus the pharmaceutical business revenue of 1 billion dollars and other assets. We have a rough estimate that the company's market value should be over 20 billion yuan? The business is gradually being transformed to accelerate the development of the pharmaceutical pillar industry. The company currently has a drug research and development center, three manufacturing enterprises, and a pharmaceutical retail chain (assets of 1 billion dollars, annual revenue of about 900 million). It already has a good starting point in the pharmaceutical business, and is expected to expand rapidly through mergers and acquisitions in the future. Based on the judgment of the company's medium- to long-term development and capital requirements, it is not ruled out that the company will gradually withdraw in part or even completely from the building materials and coal sector and allocate the recovered cash flow to the more effective pharmaceutical sector, thus further improving the company's valuation level. Regional revitalization+business transformation, there is a lot of room for valuation repair. Short-term regional revitalization and sports industry themes will continue to ferment. Valuation is expected to continue to rise over the medium to long term as the company's business gradually transforms and the focus of development is skewed. Based on the above, we believe that the company still has a very high margin of safety and flexibility at this point, and suggest resuming trading and continuing to buy. The EPS for 14-16 is expected to be 0.11, 0.17, and 0.32 yuan. Currently, it is estimated that the corresponding PB for 2014 is only slightly more than 1 times, so I continue to recommend it!