The performance review company achieved operating income of 10,326 million yuan in 2011, an increase of 6.96% over the previous year (but below the business target of 11 billion yuan set in 10 years), which is about 12% higher than our estimated value; net profit attributable to shareholders of the parent company was 39 million yuan, a decrease of 40.11% over the previous year, and EPS of 0.243 yuan, lower than our expectations of 0.29 yuan. In 2011, the company plans to transfer 5 shares for every 10 shares to increase the share capital from the Capital Provident Fund. The business analysis order situation is relatively good: the company achieved orders of 14.431 billion yuan (tax included) for the full year of '11, an increase of about 10% over the previous year. Among them, new products such as Datang's 75-cubic large excavators, 750t and 1,200t full-surface cranes, and 3.6MW wind power accelerators achieved their first order; complete projects achieved orders of 3.2 billion yuan; export orders reached a record high of 1.81 billion yuan; export orders reached a record high of 1.81 billion yuan. Products such as excavators, coke ovens, and foundry cranes also achieved new breakthroughs in overseas exports. Product prices have declined, and revenue growth has slowed: the company's annual revenue growth rate was 6.96%, a decrease of 13 percentage points from 10 years; however, revenue for the fourth quarter was 3835 million yuan, up 57% year on year. This may be related to the company's accelerated delivery in order to achieve its annual goals, because year-end accounts receivable increased by about 1319 million yuan compared to the end of the third quarter. The sharp decline in revenue growth is mainly related to the decline in the price of the company's metallurgical products. In 2011, the company's rolling and forging equipment achieved revenue of 1,756 million yuan, a year-on-year decrease of 19.07%. The gross margin declined significantly in the fourth quarter: affected by factors such as falling product prices and rising raw material prices, the company's main business gross margin declined. It was 13.33% for the whole year, down 2.1 percentage points from 10 years. In particular, the company's gross margin for the fourth quarter was only 8.29%, far lower than 16.31% in the previous three quarters, leading to a decline in gross margin throughout the year. The main reason for the decline in gross margin is that product prices have fallen due to increased competition in the market, and at the same time, costs have increased due to a certain increase in raw material prices. The cost rate has increased: in '11, the company's three expenses reached 880 million yuan, and the fee rate was 8.52%, an increase of 1.6 percentage points over 10 years. Among them, due to the increase in transportation costs, transportation expenses increased by 212 million yuan, a year-on-year increase of 40.72%, and the sales expense ratio reached 3.25%, an increase of 0.78 percentage points over 10 years; at the same time, long-term loans and short-term loans increased by 620 yuan and 281 million yuan respectively, which also led to an increase in interest expenses, and financial expenses increased 32.97% year on year to 108 million yuan.