Investment Highlights: Incident: On October 14, the company announced a joint investment of 10 million yuan (50% each) to establish the Beijing Wanfang Qushan Health Industry Investment Fund Management Center. As the management company that initiated the establishment of a health industry merger and acquisition fund in the future, the overall size of the health industry merger and acquisition fund is expected to be no less than RMB 1 billion. At the same time, the company's performance forecast for the first three quarters was a loss of 75-8.5 million yuan (a loss of 5.5034 million yuan for the same period last year). Comment: 1) Complementary advantages, scientific expertise promotes mergers and acquisitions in the Internet medical field. The partner, Qeshan Capital, is a professional investment management agency focusing on investment in the health sector (it has completed more than a dozen equity investment cases in the health sector, involving billions of dollars). It can complement the company's advantages, enhance the professionalism and scientific nature of the company's future mergers and acquisitions (including mergers and acquisitions targets and merger prospects analysis), and can achieve scientific management of future investment funds and generate escrow income. 2) It is proposed to launch a health industry fund, and the transformation continues to advance further. The company's current real estate business has significant performance bottlenecks (forecast loss of 75-8.5 million in the first three quarters), and is strategically determined to shift from real estate to medicine. In the early stages, the company plans to invest in the licensing network and iHuan network (card pharmaceutical e-commerce platform and online medical treatment with scarce resources) to take the first step in transforming Internet medical care, and then intends to acquire the Group's asset for many years - Harmonious Rehabilitation Hospital (specialized in treating cerebral palsy) to complement the online and offline connectivity of medical resources. In the future, the company will initiate the establishment of a health industry fund, use capital strength to accelerate the layout of the health sector and further promote the transformation of the company's business from the real estate industry to the pharmaceutical industry. Valuation rating: As a model for the transformation from real estate to medicine, the company broke through the limitations of industry development, opened up room for future growth, and enjoyed high premiums. EPS is expected to be 0.01 yuan, 0.02 yuan, and 0.03 yuan respectively in 15-17, maintaining an increase rating. Risk warning: The progress of the big health sector layout is lower than expected.