Key points of the report describe the events of the report. Zhongyuan Huadian released a performance report. In 2015, it achieved revenue of 271 million yuan, an increase of 20.37% over the previous year, net profit attributable to the parent company of 74,154 million yuan, a year-on-year increase of 48.65% over the previous year, and an EPS of 0.36 yuan. At the same time, the Zhongyuanhui Industrial Investment Company established by the company completed the registration of industrial and commercial changes, with a registered capital of 50 million yuan. Incident review The traditional business is steady, and the medical sector has exploded. As investment in the national distribution network has increased, the company's traditional business has shown relatively rapid growth since the third quarter, achieving a profit of 1992 million in a single quarter in the third quarter. We estimate that the annual profit is around 50 million, maintaining steady growth. In the medical sector, Daqian Bio-diagnostic reagent product line is complete and is still in an explosive period. In 2015H, it has already achieved a profit of 3 million, and we expect it to be around 7 million for the whole year; Exxon Biotech has completed development of independent products and signed an exclusive distribution agreement with Diagnostica STAGO in 13 provinces, and is expected to balance profit and loss in 2016; at the same time, Shixuan Technology continues its high growth trend, and is expected to contribute more than 20 million in the fourth quarter. Overall, the company's medical sector pattern has now taken shape and will become the core driving force for the company's growth in the future. With the dividends of the hierarchical diagnosis and treatment policy, a new model is expected to be implemented. In September 2015, the State Council focused on deploying a plan to build a hierarchical diagnosis and treatment system, and various provinces across the country introduced implementation policies one after another. In 2017, a hierarchical diagnosis and treatment system will be basically completed in each region. We believe that hierarchical diagnosis and treatment will become the next trend in the Internet medical field, and Shixuan is expected to fully benefit from its high-quality health information platform resources and medical informatization capabilities, and is expected to accelerate growth with a new model. Set up an investment company, and the growth trend is clear. The company invested 50 million yuan to establish Zhongyuanhui Industrial Investment Company, which is expected to expand the company's business areas and investment channels through a professional team. The company has made a series of arrangements around the medical industry in recent years, and is progressing smoothly in terms of strategy and implementation. We believe that the company invests in the company's development prospects is worth looking forward to. Aim high and keep “buying.” The company has excellent quality and moderate valuation. Since transforming the medical business, it has grown rapidly and has great potential in the future. The EPS for 2016 and 2017 is expected to be 0.5 or 0.75 yuan, maintaining the “buy” rating. The risk suggests that the expansion of the new model falls short of expectations.