During the reporting period, the company achieved operating income of 2,076 billion yuan, an increase of 11.97% over the same period of the previous year; operating profit of 658 million yuan, an increase of 80.16% over the same period of the previous year; and realized net profit of 445 million yuan, an increase of 72.41% over the same period last year. Earnings per share were 0.21 yuan, an increase of 72.45% over the same period last year; the weighted average return on net assets was 7.92%, an increase of 3.07 percentage points over the same period last year. Currently, the company owns “three roads and one bridge”. During the reporting period, the Zhengluo Expressway, the Luozhu Expressway, the Zhengyao Expressway, and the Zhengzhou Yellow River Bridge achieved revenue of 1,006 billion yuan, 485 million yuan, 230 million yuan, and 227 million yuan respectively, with year-on-year increases of 7.59%, 9.28%, 39.48%, and 16.35%, respectively. Zheng Yao Expressway, which seriously hampered the company's performance last year, performed well this year. Traffic and toll revenue both increased dramatically, and operating profit margins increased by nearly 29%. This road production is an important tourist and resource route within Henan Province, and it is also an important link in the Henan Expressway Planning Network. As drivers become more familiar with the road production, it is expected that the Zheng Yao Expressway will perform well after the cultivation period. The company is currently in a stage of rapid expansion of the main business and steady development of the auxiliary industry. In the main business, the “4 expansion 8” project on the Zhenluo Expressway on the Henan section of the Beijing-Hong Kong-Macao Expressway is progressing smoothly. Judging from the early research situation, traffic jams on the Zhengluo Expressway often occur at this stage, mainly due to the large number of transit vehicles in Henan Province, and the proportion of large trucks among transit vehicles is as high as 50%. After the expansion is completed, the company will further release traffic on this road. Afterwards, the company will also expand the Luozhu Expressway. At that time, the company's core road production road conditions will be greatly improved. The Zhengxin Yellow River Bridge under construction by the company, as well as the Shangqiu section of the Yongbohuai Expressway and the Zhengzhou-Kaifeng section of the Zhengmin Expressway, which are under construction, will put tremendous financial pressure on the company in the short term, but business expansion will be more conducive to the company's long-term development. The company is also involved in real estate and finance. The participating and controlling Yingdi Real Estate and Express Real Estate Company are currently in the preparation stage, and will definitely help improve the company's performance once the project is completed. During the reporting period, the net profit of Zhongyuan Trust, in which the company participated, was 109 million yuan, and the company received nearly 37 million yuan in investment income, a significant increase over last year. The company is expected to achieve basic earnings per share of 0.26, 0.29, and 0.32 yuan/share in 10, 11, and 12. Based on the closing price of 4.97 yuan on March 29, the current price-earnings ratio of the company's stock price is 19.12X, 17.14X, and 15.53X. We give the company a “neutral” rating.