Contents  page
Summary and investment case 3
Industry analysis 8
Industry risks 22
Valuation and comparables 24
Company pages 33
—  Shandong Dong-E E-Jiao.....................................................................................34
—  Investment case.............................................................................................35
—  Company risks ...............................................................................................42
—  Financials .......................................................................................................43
—  Price target derivation ....................................................................................47
—  Company background....................................................................................48
—  Guangzhou Pharmaceutical .................................................................................51
—  Investment case.............................................................................................52
—  Company risks ...............................................................................................59
—  Financials .......................................................................................................60
—  Price target derivation ....................................................................................65
—  Company background....................................................................................66
—  Guangzhou Pharmaceutical - A ...........................................................................69
—  Investment case.............................................................................................70
—  Company risks ...............................................................................................77
—  Financials .......................................................................................................78
—  Price target derivation ....................................................................................83
—  Company background....................................................................................84
—  Tianjin Tasly Pharmaceuticals (G) .......................................................................87
—  Beijing Tongrentang (G) .......................................................................................94
—  Tong Ren Tang Technologies ............................................................................100
—  Yunnan Baiyao Group (G) ..................................................................................106

请问是什么时候的？出处？