Description of the incident: On December 8, the company announced that it intends to publicly issue corporate bonds not exceeding RMB 300 million (including 300 million yuan) for a period of not more than 5 years (including 5 years) to repay the company's debts, supplement working capital, and other purposes permitted by applicable laws and regulations. Our comments on this are as follows: 300 million bond financing reduces capital costs and helps companies break through informatization and invest in R&D. The company issued 300 million yuan of bonds this time. It has now been approved by all supervisors at the 27th meeting of the 3rd board of supervisors. The company's balance ratio has been optimized to between 34.71%-45.96%, reducing capital costs and opening new financing channels, injecting new impetus into the company's breakthroughs in medical informatization and continuous research and development of new products: On the one hand, the company is a leading enterprise in the domestic vacuum blood collection system industry, which has led to a decline in performance due to the macroeconomic environment, medical and health system reform, export reduction, and development of new products such as IVD The company is currently actively expanding mobile medical informatization platforms and hospital PPP construction. The industry standards are comparable to Wanda Information and Weining Health. This financing will provide strong support for the company's transformation into a new medical information field. On the other hand, competition in the medical products industry at the industry level is driven by new equipment research and development. The company management closely follows the company's strategic positioning and goals and continuously increases R&D investment and development of new products to enhance the core competitiveness of its medical products. The latest announcement for the third quarter of 2016 was an investment of 287.16 million yuan in R&D, accounting for 8.08% of total revenue. The year-on-year increase was 10.68%, and new financing funds helped continue to invest in R&D. Relying on experts and overseas resources, we spearhead M&A demand opportunities. 2016 to 2018 has been identified as an important period for the company's reform. The company focuses on actively carrying out epitaxial mergers and acquisitions at home and abroad around five major business platforms, such as big diagnosis, big health care, and big health. According to relevant announcements, the company has already set up a 600 million yuan merger and acquisition fund with a total scale of 600 million yuan as early as 15 years to prepare for epitaxial mergers and acquisitions at any time. Currently, the 2016 semi-annual report announced that the company has established a professional merger and acquisition expert group and overseas teams, and related mergers and acquisitions projects are being negotiated. Taken together, the company's current 300 million yuan financing satisfies the company's strategic needs for the promotion of medical informatization and high investment in product research and development. At the same time, based on the company's rich experience and advantages and the company's continuous development of endogenous and epitaxial actions in the next three revolutionary years, we predict that the next three years of 16/17/18 revenue will be 5.29, 6.12, and 697 million, respectively, with year-on-year increases of -2.90%, 15.60%, and 13.89%, respectively. 76.46 million, up 13.90%, 33.94%, and 25.81% year-on-year respectively. EPS was 0.15, 0.20, and 0.25, respectively, giving the company 100 times PE in 17 years, corresponding to a target price of 19.68 yuan, maintaining a “buy” rating. Risk warning: health service sector expansion risk; epitaxial merger and acquisition risk; overseas market sales and exchange rate risk