Investment highlights: Event: Yadong Xingchen Investment and Development Co., Ltd. used 30 million yuan to increase capital and expand shares of Fee-Based Information Technology Co., Ltd., a holding subsidiary of the company. After completion, Yadong Investment held 12% of the shares, and 51% of the company's shareholding ratio fell to 45%. Through the introduction of investment in Yadong, the development of paid networks is promoted by taking advantage of its Internet operations and Internet finance advantages. Yadong Investment engages in “four technology” services for investment management, biological product technology, and consulting services for business investment and related businesses. The actual controller is Guo Guangchang of Fuxing International Co., Ltd. (who is also the actual controller of the Shanghai Steel Union), which has outstanding advantages in Internet operations and Internet finance. Through investment cooperation with Yadong, the company can better combine the existing e-commerce platforms and experience of paid technology with its capital and resources, integrate the company's products and services, and promote the company's new business development and competitiveness improvement with a networked e-commerce platform for chemical raw materials. The rapid development of e-commerce platforms supports the long-term development of the company. The company's “pay network” was launched in September 2015 to launch online trading of chemical raw materials, making full use of the company's existing offline chemical raw material channels and customer resource value, and striving to build a leading B2B e-commerce platform for chemical raw materials in China. The pay network will focus on advantageous categories, obtain rapid online transaction flow with a low price and high quality strategy, and increase customer stickiness through promotional activities such as occasional price cuts and purchases (in the future, it will make full use of the Internet operation advantages of Yadong Investment). It is estimated that it will achieve a flow of 2 billion yuan in 2016. In the long run, after the range is rich and the flow is mature and stable, businesses such as supply chain finance will be launched (also taking advantage of the advantages of investment in Asia East) to create new profit growth points for the company. Valuation rating: The company is a leading domestic chemical formulation enterprise. It has expanded into the blue ocean of in vitro diagnostics industry in an epitrological manner, continuously optimizing product structure, and continuously improving profitability. At the same time, medical devices and medical services are being deployed, and there are expectations of extension. The company's development of e-commerce platforms and the introduction of Yadong Investment has opened up room for imagination. It is estimated that EPS will be 0.49, 0.69, and 0.90 yuan in 15-17, and PE will be 58, 41, and 32 times, maintaining the buying rating. Risk warning: The expansion of epitaxial expansion falls short of expectations, and the development of e-commerce platforms falls short of expectations.