The performance increased sharply by 106.78% year over year, which was better than expected. From January to June 2010, the company achieved total operating income of 484 million yuan (+43.99%); achieved operating profit of 208 million yuan (+103.32%), net profit of 208 million yuan (+101.46%), and net profit attributable to shareholders of listed companies of 154 million yuan (+106.78%), equivalent to earnings of 0.10 yuan per share, which was better than expected. Benefiting from the increase in port throughput, the handling business grew significantly. The company is mainly engaged in the handling of goods such as coal, oil products and containers, of which the throughput of coal and oil products accounts for about 55% of the total volume. In the first half of the year, Jinzhou Port achieved a cargo throughput of 29 million tons, an increase of 24.23% over the previous year, of which 10 million tons of coal were shipped, an increase of 20.78% over the previous year. From January to May this year, China's crude oil imports amounted to 96 million tons, an increase of 29.0% over the previous year. Benefiting from the increase in port cargo throughput, the company's revenue from handling operations in the first half of the year was 418 million yuan, an increase of 48.0% over the previous year. A breakthrough was made in the coal terminal project, laying the foundation for a large port of 100 million tons. The first phase of the specialized coal terminal project in cooperation between the company and a subsidiary of Zhongqu Electric Power has been approved by the Development and Reform Commission. As the most important port for coal transportation in eastern Inner Mongolia in the future, the completion of the terminal project will fully benefit the 100 million tons of coal throughput brought about by the completion of the Jinchi Railway. It is initially anticipated that the company's coal handling business will achieve a major breakthrough in 2012. Expectations for steady growth in the oil business are clear. The company's crude oil handling business mainly comes from Jinzhou Petrochemical and Jinxi Refining & Chemical, two major petroleum and petrochemical companies in western Liaoning. The total refining capacity of the two companies reached 11 million tons. In the future, with the commissioning of CNPC's original commercial reserve base in Jinzhou and the completion of the company's new crude oil berth, the company's oil handling volume will continue to grow steadily. Risk factors: The port freight boom has declined; the progress of coal terminal projects has fallen short of expectations, etc. Stock price catalysts: Further integration of the Dalian Port Group; progress of the coal terminal project exceeded expectations, etc. Profit forecast, valuation and investment rating: We predict that the company's EPS for 10/11/12 will be $0.17/0.21/0.26, respectively, and will still maintain a “hold” rating.