The alcohol business is the main source of profit at this stage. The liquor business includes health drinks such as Deer Turtle Liquor and Haikou Dagu, which are the company's main sources of profit. The gross margin is as high as 59%, and the overall sales volume is estimated to be around 30,000 tons. Looking at the different varieties, deer turtle wine is growing steadily, while Haiwang wine is growing rapidly. The sales momentum of Coconut Island Haiwang Liquor, which was launched by the company in 01, was good, with an average annual increase of about 50%. The health wine industry is expected to grow by about 20% every year. Existing competitors Jinjiu and Wuliangye Golden Liquor will put some pressure on the company's operations. In addition, alternatives such as wine also have an impact on the company. It is likely that the company's health alcohol business will show steady growth in the future. The completion of the new plant will expand production capacity. The company currently has an old factory with a maximum production capacity of about 30,000 tons, and the new plant has invested about 150 to 200 million yuan to build a total production capacity of 60,000 tons. The tapioca ethanol business was approved, and there is uncertainty. The company plans to cooperate with Sinopec to invest in a tapioca ethanol project. The company's equity ratio exceeds 50%. Future sales of ethanol will mainly go through Sinopec. At present, the environmental impact assessment report of the project has been approved by the Ministry of Environmental Protection, and the project has entered the approval process by the National Development and Reform Commission. Compared with raw materials such as corn, tapioca ethanol is more profitable. State subsidies for fuel ethanol projects are mainly based on the principle of minimal profit (capital protection). If tapioca ethanol can achieve profit, it is less likely to receive financial subsidies from the state. Therefore, the future profitability of the cassava business depends mainly on the price of oil and the purchase price of cassava, especially the cost of growing cassava in Laos. Profit forecasts and investment ratings predict that the liquor business will contribute 0.29, 0.40, and 0.46 yuan of EPS to the company in 09-11. The company holds 6.6 million shares of San'an Optoelectronics, corresponding to a market value of 200 million yuan. The tapioca ethanol and real estate business provides room for imagination for the company's future development, but there is still great uncertainty about whether the tapioca ethanol project will be approved, so we give the company a “hold” investment rating. The catalyst for stock price performance, the level of investment in sales expenses in the liquor business began to decline, and Haiwang Liquor achieved profit. The tapioca ethanol project was approved. Risks indicate the existence of a large number of loss-making businesses such as trade, tapioca starch, oil, etc., making it difficult to grasp the actual profitability of the company.