Net profit for the first three quarters of 2009 fell sharply by 98.1% year on year. From January to September 2009, the company achieved operating income of 57.55 million yuan, a year-on-year decrease of 66.7%; operating profit of 540,000 yuan, a year-on-year decrease of 98.9%; net profit attributable to the parent company of 980,000 yuan, a year-on-year decrease of 98.1%; and achieved earnings of 0.003 yuan per share. The company is a local real estate company in Nanchang. It was one of the top ten real estate companies in Nanchang in 2008. The project under construction is the Zijincheng project (this is the only one). It is located in Nanchang, Jiangxi, and there are still a small amount of saleable resources among the completed projects. The company also has small land reserves (only a very small plot of land), and its ability to be sustainable has yet to be tested. Since the company has few project resources and the real estate development project has a long cycle, the company's performance fluctuates greatly in the short term. The company's net profit fell sharply by 98.1% year on year in the first three quarters. There are two main reasons: 1), a sharp drop of 66.7% in operating income; 2), and a sharp decline of 18.3 percentage points in comprehensive gross margin. The main reason for the year-on-year decline in revenue was 66.7%. The main reason was that the company had a single development project, few settlement resources, and contract revenue did not meet the accounting requirements for revenue settlement. The overall gross margin was 43.6%, down 18.3 percentage points from the previous year. The main reason was that the company implemented a capital protection promotion marketing strategy during the reporting period, and some sales prices fell a lot at the end of the market. 2010 results are guaranteed. As of September 30, 2009, the company's advance payments were 517 million yuan, an increase of 274.6% over the beginning of the year; the cash inflow received from real estate sales during the reporting period was 444 million yuan, an increase of 181.0% over the previous year. Mainly due to the recovery in the real estate market, the pre-sale repayment for the company's Zijincheng project grew rapidly. The company has abundant settlement resources, and the 2010 performance is guaranteed. Net profit fell by more than 50% in 2009. In its three-quarter report, the company predicts that net profit in 2009 will drop by more than 50% year on year. There are two main reasons: 1), capital protection promotion for return of funds at the end of the session; 2). Although the company has abundant settlement resources, it has not yet met the settlement conditions. The company's advantages: The project is in Nanchang. As the political, economic, and cultural center of Jiangxi, the real estate industry in Nanchang faces broad development prospects amid the rise of the regional economy and the process of urbanization. The company's shortcomings: 1). Land reserves are small. Currently, the company has only one project (Zijincheng project), and the sustainability of development and stability of performance need to be improved. 2). The scale is too small, and the market is too concentrated.