The domestic property management industry continues to develop, and the industry itself has the characteristics of strong cash flow, making property management stocks highly sought after. Aoyuan Health (3662) was spun off from China Aoyuan (3883) and has long-term stable business cooperation with the parent company. The Group is actively extending property management services to commercial operations and major health areas. Last month, the group purchased a plot of land in Fengxian District of Shanghai for 82 million yuan (RMB, same below) to develop into a health and beauty industry complex. The total area of the site is about 30,369.2 square meters, the ground floor area ratio is 2.5, and the ground floor area is about 75,923 square meters. Earlier, Jiyuan agreed on a cooperation framework with Shanghai Aoyuan Real Estate, a subsidiary company indirectly wholly owned by the parent company, to jointly develop development projects in Fengxian District. China Olympic Park will provide full assistance, including responsibility for housing construction costs, equipment installation costs, and subsequent cost investment for this project. After the completion of the local land development project, the group will provide light asset services such as property management, investment promotion, and big health industry operation services in the project, and collect operating expenses such as management and brand exports at reasonable prices. Also, at the end of June 2019, the group involved 75 fictitious properties with a total construction area of about 12 million square meters, covering 12 provinces, municipalities under direct control and 29 cities in the autonomous region; of these, 11.05 million square meters came from the parent company group and its affiliates, while 92.2% of the property management service revenue during the period came from the parent company group and its affiliates. As a result, as the parent company's dark affairs have continued to grow in recent years, property prices managed by the group have increased. In the first half of 2019, the group's revenue was 392 million yuan, an increase of 46.7% year-on-year, and net profit increased 151.8% to 89.94 million yuan. Overall gross margin increased 3.4 percentage points to 39.6%. The cash flow in the property management industry was stable. At the end of June 2019, the group's bank balance and cash balance of $997 million, and bank loans of about $1.78 million had not yet been returned; the liquidity ratio increased to 1.26 at the end of December 2018 to a new listing high of $6.58 (HKD, same below) on November 14, but was blocked later and fell to 100 days of support. The STC%K line continued to rise above the %D line, and MACD turned bullish gap, and short-term trend was improved, and 5.75 yuan could be absorbed, rebound resistance 6.5 yuan, no fall below 5.45 It is held by Yuanchun.