Zhejiang Huatong Pharmaceutical Co., Ltd. (formerly Shaoxing Huatong Pharmaceutical Co., Ltd.) was established in August 1999 and is mainly engaged in pharmaceutical wholesale, retail chains, pharmaceutical production and pharmaceutical exhibitions, and third-party pharmaceutical logistics. The company has a registered capital of 42 million yuan. It is one of the top 100 pharmaceutical commercial enterprises in China, the top ten pharmaceutical commercial enterprises in Zhejiang Province, and a key service enterprise in Shaoxing. Pharmaceutical wholesale is the company's largest business. Its revenue scale in 2014 was 955 million yuan, with a revenue contribution ratio of about 84%, and a gross profit contribution ratio of about 51%. The company's pharmaceutical wholesale was mainly pure sales (over 90%), concentrated in the Shaoxing region of Zhejiang. The sales terminals were mainly hospitals above the county level in cities (42%) and primary medical institutions/pharmacies in rural areas (52%), and it is expected to continue to grow steadily in the future. Currently, the pharmaceutical wholesale business covers the Shaoxing region, covering the whole province; the retail chain has 84 direct-run stores, including 4 direct-run stores in Hangzhou; Huayao Pharmaceutical is a pilot pharmaceutical third-party logistics unit in Zhejiang Province, with a first-phase pharmaceutical logistics storage area of more than 30,000 square meters; Jingyuetang Pharmaceutical specializes in the production of topical pharmaceutical preparations such as phenolol, wind pain relievers, bone tonic liniments, etc., as well as various kinds of refined tablets. Pharmaceutical retail is the company's second-largest business. Its revenue scale in 2014 was 148 million, with a revenue contribution ratio of 14% and a gross profit contribution ratio of about 37%. With the completion of the clean-up of franchise stores and the expansion of the company's new pharmacies in the future, it is expected to regain the past 15% growth. Wholly-owned subsidiaries: Zhejiang Huatong Pharmaceutical Chain Co., Ltd., Zhejiang Jingyuetang Pharmaceutical Co., Ltd., Zhejiang Huayao Logistics Co., Ltd., Shaoxing Huatong Exhibition Co., Ltd. Rooted in Zhejiang, a major pharmaceutical market. The company is rooted in Zhejiang, a large pharmaceutical market, and has a strong foundation in primary medical institutions: Zhejiang's pharmaceutical market is nearly 1,000 in size, ranking fifth in the country. In this large pharmaceutical market, the company has a broad and early layout for primary medical institutions: currently, the proportion of the company's wholesale business for primary medical institutions is over 50% of pharmacies, and 58 of the company's 86 direct-run pharmacies are located at the primary level. This allowed the company to fully develop in this market at the grassroots level while avoiding head-on conflicts with strong commercial enterprises. We expect the company's EPS to be 0.95, 1.08, and 1.24 yuan after dilution in 15-17 years. The company's pharmaceutical wholesale business covers the Shaoxing region, covers the whole province, and is rooted in the big pharmaceutical market in Zhejiang, and the prospects are promising. Combining considerations of the winning rate, individual stock fundamentals, valuations, and current market sentiment, we have given that the pricing range for this IPO on the first day of listing is 22.08-26.0 yuan. Investors who have won the bid are advised to continue holding.