In the first half of the year, the company achieved operating income of 838 million yuan, a year-on-year decrease of 17.57%, and realized net profit of 17.2267 million yuan, and basic earnings per share of -0.02 yuan. The main reason for the decline in the company's revenue and performance was a decrease in real estate settlement revenue in the first half of the year, which only carried over part of the area of Shui'an Oriental in Xi'an, No. 9 Changjiang Road in Nanjing, and other properties at the end of the day. Furthermore, the company's transfer of shares in Jinxin Trust was not completed in the first half of the year, so there were no preparations to reverse the depreciation of long-term equity investments. As of the end of June, the company still had an advance payment of 3,651 billion yuan, of which a significant portion is expected to be settled within the year, so we are still optimistic about the company's annual results, and there should be no problem achieving earnings per share of 0.4 yuan or more. The second phase of the company's Changjiang Road No. 9 project is about to open. In the current market environment where high-end projects are popular, sales are expected to be quite successful, which will guarantee the company's capital and future performance. We expect the company's earnings per share for 09/11 to be $0.45, 0.60, and 0.72, respectively. Poor performance in the interim report will have a negative effect on the stock price, but with the gradual release of future results, the stock price is expected to show some performance. We maintain our “recommended” rating for the company and maintain a target price of 12 yuan for 6 months.