On the 26th, the company announced a plan for the actual controller Chen Xiaxin to acquire the company's shares. The actual controller, Chen Xiaxin, increased his holdings of the company's shares by 3.66 million shares through the secondary market, accounting for 0.97% of the company's shares. Subsequently, Chen Xiaxin could increase his holdings of the company by no more than 1.03% within 12 months. The actual controller's direct increase in the company's shares shows confidence. The direct acquisition of the company's shares by the actual controller following the release of the equity acquisition report by the actual controller this time is another move on the equity of the listed company following the 0.02% increase in shares of the listed company through Xizi International in July. We believe that on the one hand, this equity acquisition enhances the ability of the actual controller to control the company, and on the other hand, it also shows the confidence of the actual controller in the future development of the company, which has a significant effect on boosting the company's stock price. The company's current stock price has a high margin of safety. The company's current stock price has a high margin of safety. First, the company's main business operates steadily, and the performance of department stores, hotels and property leasing is stable, contributing about 150 million yuan in net profit and providing stable cash flow. Second, all of the company's main physical properties are owned by the company, and are located in the central area of Hangzhou. The revaluation value of the property is high. The company currently has equity properties totaling about 280,000 square meters. We conservatively estimate that the revaluation value of the company's equity property is 8.94 billion yuan, and the company's reasonable liquidation value is 9.94 billion yuan. The current total market value is only 6.8 billion yuan, and the stock price has a very high margin of safety. The company's transformation to medical service treatment service strategy is clear, resources are scarce, and prospects are broad. The company obtained a tertiary hospital license in April of this year. It is the only private for-profit tertiary hospital in Zhejiang Province, and it is a pilot unit for medical reform in Zhejiang Province. License resources are very scarce. The company cooperates with Zhejiang Cancer Hospital to build a world-class platform for precise cancer treatment. Furthermore, the company will carry out a series of expansions in the industrial chain around precision treatment and oncology treatment platforms. The company's subsequent expansion includes two aspects. The first is that after the cancer hospital pilot is built, it will continue to establish cancer hospitals through acquisitions or new construction; on the other hand, the company will continue to expand in the cancer hospital industry chain. Maintain profit forecasts and maintain “buy” ratings. We maintain the company's profit forecast for 2015-2017, and expect to achieve net profit of 157 million yuan, 87 million yuan, and 80 million yuan respectively in 2015-2017. In the medium to long term, the company's cancer hospital has 800 beds. We calculate that each bed has an operating income of 2 million yuan a year and a net profit of 25%. It is estimated that in 2019, the company's cancer hospital can achieve a net profit of about 400 million yuan per year, giving the medical service business 40 times PE, and retail business 20 times PE. The company's reasonable market value is 19 billion yuan. Maintain a “buy” rating.