Key investment events: The announcement announced that 1H17 had revenue of 1.7 billion dollars, a year-on-year decline of 8.4%, net profit of 178 million yuan, 2.6% year-on-year, net profit of 165 million, a year-on-year decline of 6.6%, and an EPS of 0.058 million. 1H17's performance was stable, and the real estate business can still be expected to grow throughout the year. As in the same period last year, the company's performance in the first half of the year was stable. However, due to the difference in timing, the company's profit for the whole year was mainly concentrated in the second half of the year. We expect the company's 1H17 net profit to account for about 10-15% of the year. This year's real estate performance mainly reflects the rapid increase in real estate prices in Nanjing in 2016. We still maintain our expectation of a 25% increase in net profit from real estate projects this year. At the end of the reporting period, there were still 2.79 million square meters of land reserves, and about 70% were concentrated in the Nanjing region. Sufficient monetization capacity provided strong support for the company's transformation path. The medical and aesthetic mergers and acquisitions have been steadfastly continued, and detailed services have been shown in the field. We maintained our expectations for the expansion of the company's medical and aesthetic sector, but slightly lowered the company's net profit in 2017 to 1.4 billion dollars. The net profit structure mainly comes from 1. Benefiting from the better sales situation in 2016, the estimated net profit of real estate was 1.33 billion, a growth rate of 25%. 2. Since the medical and aesthetic fund development period is longer than previously anticipated, we have lowered our net profit contribution from 150 million to 70 million yuan. In addition to this, ID Health and the **** team of physicians have begun to introduce their service processes, training, and consultations, and it is expected that the entire hospital will export detailed services in the future. Subsequent attention to synergies has shown results in reducing customer acquisition costs, and is expected to gradually widen the gap with peers. The value is gradually reflected, so it is recommended to pay attention. The compound growth rate is estimated to reach 23.8% in 2017-19. EPS is 0.46/0.56/0.67, and PE is 12.1X/10X/8.3X, respectively. Since this year, stock prices have been backtested due to a weak real estate sector and a long medical and aesthetic cultivation period. Currently, the downgrade risk is low, maintaining the view that the company has the best ability to become an integrator in the medical and aesthetic sector, and maintaining suggestions to increase holdings. Risk warning: The expansion of medical and aesthetic projects is not as good as expected, and the real estate sector has declined sharply