Matters: Haiwang Biotech Announcement: Based on the company's existing R&D division, the company invested in the establishment of Haiwang Pharmaceutical Technology Research Institute Co., Ltd. and the Haiwang Pharmaceutical Consistency Evaluation Research Center. Among them, Haiwang Pharmaceutical Research Institute reserves no more than 20% of shares to implement equity incentives for core management personnel and R&D teams. At the same time, the company invested in Provision Healthcare through the establishment of a new company called Sun Hairong International, and established a joint venture to obtain exclusive management rights for the provision group's proton therapy system in China. Guoxin's view: The establishment of a research institute company and a consistency evaluation research center will expand the company's value chain to the clinical research and development stage and enter the CRO field. The research center established by Haiwang Biotech this time mainly hopes to improve the equity incentive mechanism. 20% of the shares of the newly established research institute will be used to incentivize the original R&D managers, as well as to motivate the imported core R&D team, rationalize the incentive mechanism of the R&D department, and enhance the company's R&D strength. Meanwhile, the establishment of the Drug Consistency Evaluation Research Center is in line with the country's generic drug consistency evaluation requirements. On the one hand, it serves internal generic drug type consistency evaluation projects, and on the other hand, it also serves external (expected to be mainly suppliers of the Group's full drug network) to promote the improvement of drug quality from cooperative suppliers, guarantee the efficacy of GPO procurement for drugs from all drug networks, and truly reduce unreasonable drug prices for medical insurance and consumers on the basis of guaranteed efficacy. We believe that this incident will raise the market's expectations for the company's extension to introduce a core R&D team, and provide a long-term guarantee for the optimization of the subsequent company's profit structure and the sustainability of the Group's full-drug network procurement. Furthermore, the company took a stake in the tumor proton therapy company Provision and set up a joint venture to obtain exclusive management rights in China, expanding into the field of tumor proton therapy. Neptune will profit from both the launch of proton therapy equipment and the distribution of medicines to partner hospitals, expanding new profit boundaries, but the profit prospects in terms of operation are still yet to be seen, and the expansion of the distribution business is quite accurate. We are optimistic about the company's layout in the CRO consistency evaluation field and the long-term synergies it brings to GPO procurement for the entire drug network. We will not adjust the short-term profit forecast for the time being. We expect EPS in 16-18 to be 0.53/0.88/0.98 yuan, corresponding to PE37x/22x/20x, maintaining the buying rating. Risks: The introduction of the generic drug consistency evaluation R&D team did not meet expectations, there was a risk that the clinical trial base resources were insufficient, the FDA registration of the Provision proton therapy device failed, and the profitability of the provision proton therapy device launch fell short of expectations.