Revenue rose sharply by 73.57% in the first quarter. With the initial completion of the company's market layout, investment promotion work is progressing in an orderly manner, and wine sales are being promoted nationwide. Sales revenue in the first quarter increased by 73.57% year-on-year, which is a reflection of this sales progress. Of course, the sharp increase in revenue in the first quarter also includes factors with a low base, so whether the high revenue growth can continue will be the key. We have enough confidence in this. Quality is one of the main factors in the continued high growth of the company's wines. Our previous reports have introduced the quality of the company in terms of winemaking and winemaking, and our market research on the company's products has shown that the company's products are superior to first-tier brand wines. Here, to take just one example, some dealers of first-tier brands such as Changyu, Great Wall, and Dynasty will buy wines from Chinese and Portuguese distributors such as Niya and Westland to drink (this is the best persuasion). We believe that the company's current sales growth rate is related to the promotion strategy it uses. This kind of promotion strategy is based on its own actual needs, and it is also more long-term, and the results will slowly become apparent. The fee structure has been greatly optimized. Sales expenses in the first quarter increased sharply by 42.9% year on year. There were certainly factors such as inflation, etc., but the most important thing was that the company increased its investment in marketing expenses, and we confirmed this information at the dealer level; in the same period, the company's financial expenses were drastically reduced by 49% year over year. This was mainly because the company had previously repaid some loans and interest, and at the same time, improved asset quality and interest payments were guaranteed, leading to a corresponding reduction in penalty interest and a decline in the average interest rate. Efforts are still needed to balance profit and loss in the main business. At the same time, we have noticed that the reason why the company achieved break-even in the first quarter was a very important point in non-operating income of about 37 million, such as interest relief and consumption tax rebates. This also shows that the company is still facing greater pressure from losses to rebound, but we believe that with the gradual development of the market, the continued increase in the company's revenue will increase the possibility that the company will reverse losses in its main business in 11 years. Investment risks cannot be ignored. In 2010, the company confirmed a sum of 100 million yuan of non-operating income by selling production equipment and then using operating leasing and leasing back, which guaranteed the company's profit for 10 years. Therefore, the uncertainty in the approval process lies in the revenue recognition issue of the operating leasing method. We believe that it is more likely that the competent authorities will approve the award of the star (but we still suggest investors should not ignore this risk). Given the existence of related risks, we recommend that conservative investors wait until the company is approved for the star award before intervening. Profit forecasts and valuations are based on the emergence of inflection points in the company's performance and the further highlighting of subsequent resource advantages. We expect the company's EPS for 2011-2013 to be 0.11 yuan, 0.22 yuan, and 0.53 yuan. Based on a price-earnings ratio of 80-100 times in 2012, the target price range for 18 months was about 17.6-22 yuan, maintaining the “buy” rating.