Incident: The company achieved operating income of 1,103 billion yuan in 2015, a year-on-year increase of 4.85%; achieved net profit of 141 million yuan, a year-on-year decrease of 9.62%; realized net profit of 90.89 million yuan after deduction, an increase of 51.05% over the previous year. The main retail business operated steadily, and revenue slightly exceeded expectations. 1) Hangzhou Department Store achieved operating income of 1,029 million yuan, accounting for 93% of total revenue; realized profit of 124 million yuan, accounting for 68% of total profit; 2) Hangzhou Grand Hotel and Hangzhou Collectibles Market had total revenue of 69.78 million yuan, accounting for 6% of total revenue; realized profit of 17.33 million yuan, accounting for 10% of total profit; 3) The company's sales expenses increased 13% year over year, due to the increase in monthly cost sharing over the previous year after the overall renovation of the Hangzhou Department Store shopping mall was completed and carried over. Management expenses increased 6% year-on-year, which is an increase in contract management fees for the current period compared to the previous year; 4) Non-recurring profit and loss in 2015 was 49.74 million yuan, compared with 95.42 million yuan last year, and net profit after deduction increased rapidly. The big health transformation strategy is clear, and the construction of cancer hospitals is progressing steadily. 1) The company's current business is concentrated in the traditional commercial and trade service industry, with stable cash flow; 2) While developing traditional commerce and trade, it actively explores new medical and health service industries, invests in the establishment of Zhejiang Baida Medical Industry Investment Co., Ltd. and aims to build a hospital group integrating hospitals and clinics; 3) In September 2015, it signed a “Cooperation Agreement” with Zhejiang Cancer Hospital to jointly build, manage and operate the “Zhejiang Xizi International Medical Center”; 4) The Xizi International Medical Center project invests 1.5 billion yuan and plans to build 800 beds Zhang, the construction level is a level-III general hospital; 5) The first phase of 300 beds is expected to be put into use in early 2017. The estimated annual income of a single bed is 50-1,000,000 yuan, and the net interest rate is about 10-20%. Lay out the C-side to extend the healthcare industry chain. 1) The company invested 12 million yuan to invest 20% of the shares with Dian Diagnosis and Hangzhou Jiebai to establish “Hangzhou Full Process International Health Care Management Center Co., Ltd.” to jointly build a high-end, specialized and personalized one-stop health management service platform; 2) The health management center provides full-process health management and medical services covering the entire life cycle to high-net-worth customer groups, and establishes a “D2B2C” private family health management service platform to provide family doctor-style health management services and full medical follow-up services for members (i.e. C-side); for doctors and resident specialized health service agencies (i.e. D) End) Provide high-quality customer groups and supporting services for public diagnosis and treatment. Valuation and Ratings: We expect the company's EPS to be 0.39 yuan, 0.42 yuan, and 0.49 yuan respectively in 2016-2018, and the corresponding PE will be 33 times, 31 times, and 26 times, respectively. We believe that the company's main business is steady. As a scarce target for oncology hospitals, the big health strategy is progressing steadily, and maintaining the “increase” rating. Risk warning: Project construction progress or failure to meet expectations; main business may decline due to economic conditions.