Performance review In 10 years, the company achieved operating income of 9,654 million yuan, an increase of 19.64% over the previous year; net profit attributable to shareholders of the parent company was 652 million yuan, an increase of 17.70% over the previous year, and EPS of 0.91 yuan. Among them, revenue for the third quarter was 2442 million yuan, and EPS was 0.17 yuan. The company's performance fell short of expectations, mainly because the profit margin for the fourth quarter was at a low level, and the net profit margin was only 4.99%. The company's distribution plan is to send 4 shares for every 10 shares and transfer 6 shares, and distribute a cash dividend of 0.50 yuan. The company's 11-year business goal is to achieve an operating income of at least 11 billion yuan and strive to achieve a steady increase in profit. Business analysis downstream heating and cooling are different, and the product structure has been adjusted: the company's previous single largest business, lifting equipment, was affected by the slump in metallurgical investment, and experienced negative growth in 10 years; while the downstream demand situation for excavation and coking equipment, rolling and forging equipment, and train axles was relatively good, and the promotion of new products was strong, and their growth momentum was good. New products, complete projects, and export orders have made positive progress: orders for new products such as the company's first 200MN free-forging hydraulic press, 660-ton crawler crane, and 5MW wind power accelerator have been placed; while the complete project has also made breakthrough progress, signing a complete seawater desalination lignite drying project, and three continuous rolling pipe production lines, including Korea's Nissin; export orders reached 1.4 billion yuan throughout the year, a significant increase. The increase in gross margin was mainly contributed by mining equipment: the company's 10-year comprehensive gross margin was 15.40%, 1.3 percentage points higher than in 2009; of these, the gross margin for the fourth quarter was 12.45%, continuing the low profit margin for the fourth quarter over the past few years. In the sub-business, the 10-year gross margin of excavating coking equipment reached 22.63%, an increase of 6.3 percentage points over last year, which is the main basis for the company's profit margin increase. The expense ratio has increased, but the overall level is not high: the company's 10-year sales expense ratio was 2.47%, and the management expense ratio was 3.61%, an increase of 0.4 percentage points and 0.5 percentage points, respectively, over the same period in 2009. Due to the high debt ratio, the company's financial expenses ratio remained around 0.85%. Increase in accounts receivable: Accounts receivable at the end of the decade reached 6099 million yuan, up 570 million yuan and 1740 million yuan respectively from the end of the third quarter and the beginning of the year. Currently, the company's accounts receivable are equivalent to 63% of the cumulative sales revenue of the past 12 months, and this ratio has not yet been reversed. Due to the increase in accounts receivable and the corresponding increase in bad debt preparations, the company's asset impairment losses reached 68 million yuan in 10 years.