The company is a specialized industrial real estate operator. The company's main business is industrial real estate. It drives industrial real estate and industrial investment through specialized incubation services, and has formed an industrial real estate operation model with unique advantages - the Haitai model. The company has built the largest incubator group in the country. The company's competitive advantage lies in a specialized industrial real estate development model based on incubation services. In the future, brands, services and models will be exported across regions and industries, making this business model have greater potential for survival and development. The company has experience in the development of Dapan Industrial Park and is a leader in industrial real estate in the Bohai Rim region. Through the successful development of Dapan Industrial Science and Technology Park - Haitai Green Industrial Base, the company has established a leading position in the industrial real estate market in the Bohai Rim region and has become a leading specialized industrial real estate enterprise in the region. The company will be the biggest beneficiary of the development of the Binhai High-tech Zone. As the only “National High-tech Zone” in the country and the “pilot zone” of the Binhai New Area, the Binhai High-tech Zone has now entered the planning stage. Haitai Holdings, the majority shareholder, will lead the development and construction of the Binhai High-tech Zone, and stated that it will make full use of the company's financing platform and large-scale industrial real estate development experience to undertake future development and construction of the Binhai High-tech Zone. The company's “Haitai Industrial Real Estate Development Model” will likely be copied and upgraded by the majority shareholders to the future development and construction of the Binhai High-tech Zone, and it is not ruled out that the majority shareholders will inject the land assets of the Binhai High-tech Zone into listed companies. This will make the company face important development opportunities and become the biggest beneficiary of the development of the Binhai High-tech Zone. Additional distribution projects will drive rapid growth in the company's future performance. The additional capital raised by the company will be invested in the third phase of the Haitai Green Industrial Base project and the Haitai High-Level Project in a high-end residential area in Lingshi County. It is expected that the additional project will be settled in 07-09. After the addition, the company's future saleable properties will increase by 290,000 square meters, and the two projects will bring the company a net profit of about 190 million yuan in the future. The company's reasonable stock price range is 8.5-11 yuan. We expect the company's EPS for 2006, 2007, and 2008 to be 0.20 yuan/share, 0.34 yuan/share, and 0.65 yuan/share, respectively, and net profit increased 5%, 73%, and 89% year-on-year. The company is currently undervalued among development park real estate companies. We believe that the company's reasonable stock price range is 8.5-11 yuan, and the target price for the next 12 months is 9.75 yuan, giving it a “recommended” investment rating.