Matters: Huabang Life Health Co., Ltd. announced that the company has signed a “Cooperation Agreement” with Stron and Life Origin. The company plans to obtain at least 30% of Life Origin's shares through acquisitions and capital increases. The initial valuation of the origin of life is 300 million yuan. Guoxin's view: The company's acquisition and capital increase of some of Life Origin's shares is another key layout for the company to implement the “Greater Huabang Medical Alliance” strategy. The company will actively use Life Origin's advantages in the fields of stem cell preparation and storage, anti-tumor immune cell preparation, and cell quality control and testing to improve the company's “big health” industry chain and fill the gap in the domestic biomedical field. Stem cell storage and treatment will also form a strategic synergy with the company's strategy to promote middle and high-end medical services. The company actively promotes the big health strategy. This year, the company has continuously acquired Swiss-Belle and obtained a controlling interest in SwissBio. Swiss Biotech's hospitals cover the fields of cancer treatment, anti-aging, treatment and rehabilitation of various chronic diseases, biodentistry, and comprehensive physical examination and diagnosis, and the company has accelerated its expansion into the middle and high-end medical markets. Prior to that, the Kuanren Rehabilitation Hospital established by the company in cooperation with the Second Affiliated Hospital of Chongqing Medical University commenced operation. The main departments included orthopedics, internal medicine, sports injuries, cardiovascular and cerebrovascular diseases, and venous diseases. The number of beds reached 330, and the utilization rate of beds was over half. At the same time, the company has a presence in various medical service fields such as plastic surgery, digital dentistry, and optometry centers, etc., and is preparing a comprehensive medical center. The company excels in drug use for skin diseases and has accumulated a large number of dermatology medical resources and patient groups. On this basis, the company will arrange nationwide medical services through cooperation with large dermatology hospitals and equity cooperation. At the same time as the physical medical service layout, the company will also build an Internet medical platform for skin diseases, connect doctors and patients for health consultation, online diagnosis and treatment, and chronic disease management, and establish a nationwide skin disease diagnosis and treatment network starting online and offline. Medical services will open up space for the company's long-term development. Net profit for 15-17 is expected to be 755 million/884 million/1,065 million yuan, EPS 0.40/0.47/0.57 yuan, corresponding to PE36X/30X/25X. The company's main pharmaceutical business is growing rapidly, and the agrochemical business is on the third board. The decline in shareholding ratio is a trend, while medical services open up long-term space and maintain a “buy” rating.