State-owned pharmaceutical companies based in the field of general medicine are pharmaceutical companies that are actually controlled by the Tianjin Municipal State-owned Assets Administration Commission and are based in the field of generic drug formulations. The company's main business is the production and sale of chemical pharmaceutical preparations, mainly cardiovascular and antihypertensive drugs. The company also owns part of the real estate business, but this is not the company's future development direction. The company plans to abandon the real estate development business after the development of the real estate project is completed. Indapamide, which has certain advantages in the field of antihypertensive drugs and may benefit from medical reform, is a diuretic antihypertensive drug. It is the first generic drug approved in 1988. It is the first generic drug approved in 1988. Although the variety is older, it is relatively high-quality and inexpensive. Its market price is lower than that of mainstream drugs for hypertension, and is suitable for pharmaceutical consumption by low-income people. It is expected that with the advancement of medical reform, “Subisan” brand indapamide still has some market space in rural areas, and may benefit from this part of the market growth. The fund-raising project broadens future development space to raise capital for COVID-19 APIs and formulation projects, and acquires 48% of the shares in biochemical pharmaceuticals. We believe that in the current situation where leading products are relatively aging, fund-raising projects will help improve the product structure and cultivate new profit growth points. This is the focus of the company's future development. The reasonable price range on the first day of listing is 45.0 yuan to 50.0 yuan, corresponding to 45-50 times PE in 2010. The company's 2010-2012 EPS is expected to be 1.00, 1.20 yuan, and 1.42 yuan, and reasonable prices on the first day of listing are 45.0 yuan and 50.0 yuan. Risk suggests that market competition in the field of antihypertensive drugs is fierce, and the company's rural market development may not meet expectations; fund-raising projects cannot successfully reach production and develop markets, affecting the company's long-term profitability.