From January to September 2009, the company achieved operating income of 2.1 billion yuan, a year-on-year decrease of 3.99%; net profit attributable to owners of the parent company was 11.34 million yuan, a year-on-year decrease of 48.14%. The third quarter achieved revenue of 800 million yuan, a year-on-year decrease of 1.32%, and net profit attributable to owners of parent companies was 2.71 million yuan, a year-on-year decrease of 54.14%. Earnings per share for January-September were 0.026 yuan. There has been an increase in overall gross margin. The consolidated gross margin for January-September was 12.90%, up 1.46 percentage points year on year; the third quarter's consolidated gross margin was 12.08%, up 1.46 percentage points year on year, down 0.11 percentage points from the second quarter. We believe that this was mainly due to the holding subsidiary Ningbo Mingxin Microelectronics Co., Ltd. (holding 73%) and the holding subsidiary, Beijing Zhongke Dayang Technology Development Co., Ltd. (holding 56.48% of shares), which caused losses in the first half of 2009. The business trend in the second half of the year was improving, and the subsidiary's revenue and margin increased at the same time. The period fee rate is higher than the same period last year. The management expense ratio for January-September was 5.75%, up 1.49 percentage points from the previous year, mainly due to the company's continued increase in R&D investment in the third quarter; the sales expense ratio was 5.60%, up 0.76 percentage points from the previous year; and the financial expenses ratio was 1.07%, up 0.04 percentage points from the previous year. The company's various businesses are improving across the board, and investment opportunities are showing. In August 2009, the subsidiary Zhongke Taiyang won the bid for the 10-million-level order - Sichuan Kangba Channel translation and distribution network project. Currently, more than half progress has been made. This part of the revenue will be confirmed after 2010. Export orders in the electronic components industry, where the subsidiary Ningbo Mingxin Microelectronics Co., Ltd. is located, fell by more than 40% in the first quarter. Export orders in June 2009 have returned to the same period last year, and the annual revenue is expected to be higher than in 2008. The market of the subsidiary China Daheng (Group) Co., Ltd. is mainly domestic and is less affected by the financial crisis. The turnover from January to June 2009 was the same as the same period in 2008, while net profit increased from 8.06 million yuan in the same period in 2008 to 16.9 million yuan in 2009, an increase of 110% over the previous year. Sales of products such as “machine vision inspection systems” and “high-resolution industrial cameras” that the company has cultivated for many years have increased by more than 50% compared to the same period in 2008, and profits have increased by more than 160%. Considering the increase in the market value of transactional financial assets and the increase in dividends distributed by Nuoan Fund, we expect the company's 2009-2010 EPS to be 0.09 yuan and 0.22 yuan respectively. Based on the calculation of the closing price of 5.88 yuan on October 27, the corresponding dynamic price-earnings ratio is 62 times and 27 times, respectively. The current valuation is still high, giving the company a “neutral” investment rating.