The return on securities investment was rich, which contributed to the growth of performance, and the net profit of returning home increased by 170.85% compared with the same period last year. On the evening of August 14, the company released its semi-annual report that 15H1 achieved 137 million yuan in revenue, down 25.11% from the same period last year (15Q1 and 15Q2 increased by-27.89% and 19.93% respectively), and homed net profit was 68.1 million yuan, an increase of 170.85% over the same period last year (15Q1 and 15Q2 increased by + 154.62% and 185.04% respectively) The net loss after deducting non-return was 22.46 million yuan, down 190.90% from the same period last year (the growth rates of 15Q1 and 15Q2 were-13.02% and 350.08% respectively), and EPS0.22 yuan. In addition, the company plans to set up Onley International (Hong Kong) Investment Co., Ltd. in Hong Kong with a registered capital of HK $10 million, mainly engaged in investment, consulting and other business.

The health products sector is under pressure, resulting in a 25.11% drop in 15H1 revenue compared with the same period last year. The company's 15H1 achieved revenue of 137 million, down 25.11% from the same period last year, mainly because the health products sector was severely challenged by the policy and market environment. In terms of different industries, 15H1 business achieved revenue of 164 million, down 20.90% from the same period last year; industrial revenue reached 77.4357 million, down 1.35% from the same period last year; real estate achieved revenue of 5.1995 million, up 21.24% from the same period last year; and leasing realized revenue of 1.0127 million, up 0.93% from the same period last year.

Real estate, leasing business led to gross profit upward, during the rate has increased. The gross profit margin of 15H1 was 60.18%, an increase of 2.36% over the same period last year. The increase in gross profit margin was mainly due to the increase in gross profit margin in the real estate and rental industries. Of this total, the industrial gross profit margin was 26.42%, down 6.31% from the same period last year; the commercial gross profit margin was 33.39%, down 1.44% from the same period last year; the gross profit margin of the real estate industry was 62.16%, an increase of 11.24% over the same period last year; and the gross profit margin of the rental industry was 69.70%, an increase of 2.38% over the same period last year. The expense rate over the 15-year period was 88.22%, an increase of 31.33 percentage points over the same period last year. Among them, the sales expense rate was 53.22%, an increase of 14.42% over the same period last year, mainly due to the rigid increase in labor costs and the strengthening of marketing efforts; the management expense rate was 29.00%, an increase of 14.66% over the same period last year, mainly due to the withholding land value-added tax on the sales of real estate in the previous year; the financial expense rate was 6.01%, an increase of 2.25% over the same period last year, mainly due to the increase in short-term borrowing in the current period. Societe Generale Securities and Guotai Junan shares held by the company benefited from excellent performance, with a significant increase in net interest rate, with 15H1 net interest rate of 50.28%, an increase of 31.23% over the same period last year.

The transformation of the company sets sail, and the big health platform is about to emerge. On June 25, the company hired Mr. GE Jianqiu as executive vice president of the company. Mr. GE Jianqiu once served as vice president of Shanghai. he has rich experience and resources in the operation of large health industrial capital, and has contributed to the tripartite merger of Shanghai Pharmaceutical, Shangshi Pharmaceutical, Chinese and Western Medicine. And help Shangyao to achieve H-share listing. Mr. GE Jianqiu joined Jiaotong University this time and is mainly responsible for the future planning and development of the company's big health business. In the future, he may make a breakthrough in product research and development and online platform construction in the field of health products, and supply chain integration in the pharmaceutical field. This time, we have funded the establishment of Anli International, the establishment of an international investment platform, the exploration of high-quality health targets at home and abroad, and the acceleration of the transformation process. In addition, the company is an important health asset integration platform of Jiaotong University. Jiaotong University has 13 hospitals and one affiliated health school in Shanghai. In the process of business transformation, the company may dock with the medical institutions of Jiaotong University. Enhance the depth and breadth of cooperation in the field of large health business.

The reform of schools and enterprises is expected to speed up, and the revaluation of the company is expected to ferment. With the introduction of the top-level plan for the reform of state-owned enterprises approaching, the local authorities actively respond to the call of the central government to speed up the reform process of enterprises with state-owned assets, and a new round of reform of state-owned enterprises is about to set sail. The total assets of Chinese university enterprises reached 450 billion yuan in 2014 and may exceed trillion yuan in the next few years. at present, there are 32 listed school enterprises. as an important branch of state-owned enterprise reform, school enterprise reform lags far behind the relevant layout of state-owned enterprise reform. In the future, with the school-enterprise reform gradually paid attention to by the central government, it is expected to be incorporated into the state-owned assets supervision system as soon as possible, and market-oriented management may be accelerated. As one of the two major listing platforms of Jiaotong University (the other is New Nanyang), there is a value revaluation expectation in the school-enterprise reform.

Coverage for the first time, giving a buy-A rating. We estimate that the company's 15-17 EPS of 0.30,0.33,0.35 yuan, the current share price corresponding to PE is 72 times, 65 times, 61 times, given a "buy-A" rating.

Risk hint: the establishment of Onley International and the progress of the Great Health transition are not as expected.