From January to June 2010, the company achieved operating income of 580 million yuan, a year-on-year decrease of 5.8%, operating profit of 78.61 million yuan, a year-on-year decrease of 36.4%, and net profit attributable to shareholders of listed companies of 69.23 million yuan, a year-on-year decrease of 33.2%. Achieved earnings of 0.077 yuan per share. In the first half of the year, urea sales revenue was 540 million yuan, down 8.31% year on year, gross margin decreased by 6.64%, and gross profit decreased by 41 million yuan year on year. We think the main reason is that natural disasters in the first half of the year affected demand for agricultural fertilizer, causing urea prices in the first half of the year to reach a low point after a brief rise, and the decline in prices caused the gross profit of urea to decline. Under the premise that the company's Tianfu coal chemical project was successfully put into operation in the second half of this year, we expect the company's EPS for 2010 and 2011 to be 0.19 yuan and 0.34 yuan respectively, and the corresponding PE is 33.7 and 18.8, maintaining the company's “increased holdings” rating.