According to the company's public information, the original value of the company's land was over 100 million yuan, of which 57% was distributed in mainland Hainan and 43% outside Hainan. Of the province's land, Haikou accounts for 36%, while other regions in Hainan account for 21%. According to this static estimate, the company's land value-added income is close to 50 million yuan, but we think this method of estimation is optimistic from the perspective of securities investment. Since land prices in Hainan, and Haikou in particular, rose sharply after the approval of the international tourism islands, and the increase was as high as 100% in the short term. Therefore, we have reason to believe that the company's land reserves are facing an opportunity to add value, and the company's stock price will also receive transactional opportunities as a result. Continuing to be optimistic about health alcohol and tapioca ethanol opportunities suggests the systemic risk of land speculation in the Hainan sector. Objectively, we believe that Hainan Coconut Island is in fact not rich in land reserves. The land value added brought by the international tourist island is a trading opportunity. Recently, stock prices have followed Lawton's development, Luo Niu Mountain, etc., and sustainability is yet to be seen. Relatively speaking, we are more optimistic about the company's health alcohol and tapioca ethanol growth space, so we maintain the company's buying rating.