Matters: Phoenix Co., Ltd. announced: In order to steadily advance the development strategy of the pension industry, major shareholders, a listed company, Jiangsu People's Hospital and Jiangsu Renyi Hospital Investment Management Co., Ltd. recently signed a strategic cooperation agreement to jointly develop the health and pension industry. The two sides will closely cooperate in various forms around the health and pension industry. Comment: Overview of Jiangsu Provincial People's Hospital (Source: official website, compiled by Guoxin Securities Economic Research Institute) Jiangsu Provincial People's Hospital, the First Affiliated Hospital of Nanjing Medical University, Jiangsu Clinical Medical Research Institute, and the Jiangsu Red Cross Hospital. Its predecessor was the clinic attached to the Jiangsu Provincial University of Medicine and Administration established in 1936, and it has a history of more than 70 years. The hospital is currently the largest grade 3 A general hospital in Jiangsu Province, and is responsible for the three central tasks of medical treatment, teaching, and scientific research throughout the province. The hospital covers an area of 300 acres, with a current construction area of 0.27 million square meters; total fixed assets of 2 billion yuan; currently, it actually has 3,000 open beds and more than 4,000 employees. The hospital's current administrative affiliation is directly managed by the Jiangsu Provincial Department of Health, and the party affairs affiliation is under the direct jurisdiction of the Party Committee of Nanjing Medical University. The hospital has complete clinical medical technology departments, and key departments have remarkable technical characteristics. It has 1 academician of the Chinese Academy of Engineering, Professor Wang Xuehao of the Liver Transplantation Center; 1 national key discipline, the Department of Cardiovascular Medicine; 12 national key clinical specialty construction units, namely cardiovascular medicine, hematology, endocrinology, gastroenterology, laboratory medicine, gynecology and reproductive medicine, clinical nursing, occupational diseases, general surgery, urology, respiratory medicine, and liver transplantation laboratories; 1 key laboratory of the Ministry of Health, which is a key laboratory for live liver transplantation; 4 provincial key disciplines; the provincial “Science and Education Xingwei” Clinical Medical Engineering Center 2, provincial “science, education and health” engineering medicine There are 16 key disciplines (laboratories), 5 provincial medical diagnosis and treatment centers; 23 provincial clinical key specialists. Hospitals are first-level clinical medicine doctorate sites, clinical medicine postdoctoral research stations, and clinical medical doctorate and master's degree awarding sites. The First Clinical Medical School of Nanjing Medical University is located in the hospital. There are 5 departments, 45 departments, and more than 200 teachers work in clinical medicine and teaching at the hospital. Overview of Jiangsu Renyi Hospital Investment Management Co., Ltd. (Source: Baidu, compiled by Guoxin Securities Economic Research Institute) Jiangsu Renyi Hospital Investment Management Co., Ltd. is a private enterprise specializing in hospital investment and management. The aim is to provide professional and comprehensive hospital investment management and consulting services in the medical and health care field, to provide solutions for hospital design and implementation of international professional hospital service management, so as to guide Chinese medical and health institutions to rapidly adapt to the growing health needs of Chinese citizens, integrate with the international hospital management model as soon as possible, enhance the core competitiveness of hospitals in serving the public, and improve the quality of hospital services. Jiangsu Renyi Hospital Investment Management Co., Ltd. is supported by high-quality factors such as talent, capital, and experience, and has built a professional team composed of hospital professional managers and a hospital investment management team. The company's senior management all have rich experience in hospital management consulting and actual operation experience in hospital acquisitions and mergers. Through the company's team of Chinese and foreign experts, we assist hospitals to complete high-quality hospital management strategies, hospital process reengineering, hospital marketing planning, hospital financial management, training and exchange of hospital professionals, etc., bringing a new business model, advanced management philosophy, and the world's cutting-edge medical science and technology to the Chinese medical industry. Jiangsu Renyi Hospital Investment Management Co., Ltd. also provides a full range of services to medical institutions in need, such as medical project development and cooperation, medical equipment technology development and leasing, hospital hosting, and hospital investment. I am optimistic about the future of the big health and pension industry. The pace of company transformation is steady and strong. I published the company research report “Cultural Real Estate Pioneer, Emerging Pension Industry” on January 14. I am optimistic about the transformation of the company's main business in the direction that conforms to the trend of the times, and believe that the company is an up-and-coming pension industry. On February 18, a series of in-depth research reports on the pension industry (1) — “Dependable in old age, who can be relied upon”, was published. It is believed that China's “institutional pension industry” has broad scope for development in the future. Furthermore, the participation of social capital in public hospital reform is an important part of medical reform. “Encourage social capital to practice medicine” is the most frequent word in medical reform policies in the past year. The reform of public hospitals should be the general trend. Jiangsu Renyi Hospital Investment Management Co., Ltd. is an enterprise that can provide hospital investment consulting services and solutions. The signing of this tripartite cooperation agreement is bound to bring A-share investors the fantasy of “once the Provincial People's Hospital is restructured, Phoenix is expected to invest”. And medical resources, as an indispensable support for the pension industry, will lay a solid foundation for the rapid development of the company's pension industry in the future. Without considering the impact of the pension industry on the company's performance, the company's 2013-14 EPS is expected to be 0.30/0.60 yuan respectively, maintaining the “recommended” rating.