1. Complete another important link in the “technology+service” industry chain layout. The company announced that it plans to obtain at least 30% of the shares of Life Origin through acquisitions and capital increases. The initial valuation of the underlying assets is about 300 million yuan. Its main business is the development and application of technologies such as cord blood stem cell storage, cell therapy, and genetic testing. This is an important layout of the company in the field of advanced treatment technology represented by cell storage and treatment. The company has previously completed investments in Schiehen Hospital, as well as Rhine Hospital and Swiss Hospital, and is also pioneering new ground in the field of advanced diagnosis and treatment technology. We are optimistic about the “technology+service” model of the entire industry chain layout. 2. Invest in the origin of life and gain a fulcrum in the field of cell research. According to the company's announcement, Life Origin was established in 2013, and received approval from the Hebei Provincial Health Planning Commission in March 2014, agreeing to build a stem cell bank in Hebei Province and carry out placental collection work. On February 11, 2015, after being tested by the Hebei Institute of Drug Control, the Life Origin Stem Cell Bank began operation. Currently, the storage capacity of stem cells is 100,000 copies. Origin of Life is not only the only institution with stem cell storage qualifications in Hebei Province, but also one of the few domestic companies with provincial stem cell bank qualifications. According to the company's announcement, the asset evaluation of Origin of Life will be carried out later. Although we currently do not know the asset status of Origin of Life or the future profit situation, obtaining such a business and technology platform with stem cell storage qualifications is even more important, so we are not only optimistic about the future performance contribution that the target asset will bring to the listed company, but also value the synergy between the company and other business segments within the company. 3. The layout of medical services is constantly being improved. Schiehen Hospital, in which the company is a shareholder, is actively promoting rehabilitation medical services in China, and listed companies have invested in German Rhine Hospital and Swiss Hospital. Switzerland and Germany are the two most developed countries in the field of rehabilitation medicine in the world. The company's continuously improving medical service business platform will become an important export and channel for clinical application of new medical technology, while also providing high-value-added medical service projects for the medical service business, so we are optimistic about the company's layout in the service and technology fields. 4. Profit forecasts and investment ratings. We expect the company's 2015-2017 EPS to be 0.40, 0.51, and 0.62 yuan, respectively, corresponding to the current stock price valuations of 36 times, 28 times, and 23 times. Maintain the company's “Highly Recommended” rating and determine that the target price for 2016 is 24-26 yuan. 5. Risk warning: Risk of asset consolidation after mergers and acquisitions.