Incident: The company announced revisions to the plan for the non-public offering of shares, making adjustments to the reserve price of issuance and the total amount of capital raised. Adjust the fixed increase plan according to the situation. 1) The pricing reference date was adjusted to the first day of the issuance period; 2) The total amount of capital raised was adjusted from no more than 4.5 billion yuan to no more than 3.5 billion yuan; 3) The subscription ratio of major shareholders increased, with a subscription amount of not less than 1.6 billion yuan, more than 40% of the total number of shares in this non-public offering; 4) The capital raised was mainly invested in telemedicine service platforms, Hainan Haiyao Biomedical Industrial Park projects, etc. The telemedicine market has great potential. 1) According to the BBCResearch survey report, the global telemedicine market reached 27 billion US dollars in 2016. However, in 2012, China's telemedicine market was only 2.16 billion yuan, and the scale of the industry is expected to exceed 12.5 billion yuan in 2017. Telemedicine has broad development space and huge market potential; 2) The company has signed framework agreements with Sino-Japanese Friendship Hospital, Chongqing Yubei District People's Hospital, Chongqing Medical University Affiliated Hospital, etc. to cooperate in telemedicine business. Participating company Jin Shengda has carried out telemedicine related business in Hunan, established telemedicine cooperation with nearly 150 medical institutions, and completed a total of more than 100,000 cases of remote ECG, remote B-ultrasound, and remote DR medical cases. It has accumulated rich industry experience, which can provide technical support for the company's telemedicine platform construction; 3) The total investment in telemedicine projects will exceed 1.7 billion yuan to build remote ECG diagnosis and treatment platforms, remote DR diagnosis and treatment platforms, remote pathology analysis platforms, remote consultation platforms, remote pharmacy service platforms, etc. to provide services to primary medical institutions and promote the decline of provincial medical technology resources; 4) The project will be promoted and implemented in batches in Sichuan, Chongqing, Hunan, Jiangsu, Hubei, Jiangxi, Guangxi, Hainan, Tibet, Yunnan, Henan and Hebei, etc., with a construction period of 36 months. The Biomedical Industrial Park focuses on anti-infection and anti-tumor. 1) The biopharmaceutical market will usher in huge development opportunities when biopharmaceutical patents with sales reach the peak of tens of billions of dollars around 2015; 2) In the past two years, the company has carried out research and development of monoclonal antibodies and other targeted biopharmaceuticals, focusing on product fields with great potential for development such as anti-infection and anti-tumor, leading the humanized and/or chimeric monoclonal antibody drug series products in China. Recombinant human CD22 monoclonal antibody injection has entered phase II clinical phase. 3) Currently, raw materials for products such as injectable cefoxitin sodium, injectable cefazoxime sodium, injectable vitamin C, and injectable meropenem are mainly supplied from the Chongqing base. The commissioning of the project is expected to reduce costs and improve production efficiency. Profit forecasting and investment advice. The company's 2015-2017 EPS is estimated to be 0.46 yuan, 0.61 yuan, and 0.81 yuan respectively, with corresponding price-earnings ratios of 45 times, 34 times, and 26 times. Maintain a “buy” rating. Risk warning. Non-public offering approval or failure; project implementation progress or expectations; performance of mergers and acquisitions achieved or fell short of promises, etc.