In the first half of the year, the company achieved operating income of 2,437.65 million yuan, a year-on-year increase of 23.46%; operating profit of 718.01 million yuan, an increase of 33.82%; and net profit of 353.07 million yuan, an increase of 59.80% year-on-year. Earnings per share were $0.85, slightly lower than expected. In the first half of the year, the company's zinc ingot revenue reached 1,754 billion yuan, up 24.98% year on year; gross profit margin was 45.85%, up 2.97 percentage points year on year. Judging from the LME zinc price trend, the average price for the first half of this year is more than 30% higher than the same period last year. This means that the company's zinc sales in the first half of the year basically did not change much. Judging from the inventory details, the amount of finished products increased by 165.5% year on year, and it is estimated that more than 20,000 tons of zinc ingots are in stock. It shows that the increase in the production volume of the company's Jinding Zinc Industry and headquarters this year was not fully reflected in operating income. This is also the reason why the performance fell short of expectations. Revenue from zinc oxide ore in the first half of the year reached 82.857 million yuan, a year-on-year decrease of 16.27%, and a gross profit margin of 91.79%, an increase of 3.6 percentage points over the previous year. Lead-zinc concentrate revenue was 43.4299 million yuan, up 5.13% year on year, and gross profit margin was 55.88%, up 5.38 percentage points year on year. Compared with previous years, the sales scale of mineral products continues to decline, indicating that the company is beginning to gradually reduce sales of mineral products when zinc products can gradually support business revenue growth. This practice is worthy of our recognition. The revenue of ammonium phosphate products in the first half of the year was 355 million yuan, up 31.32% year on year, and gross profit margin was 21.43%, up 11.88 percentage points year on year. The increase in gross margin is mainly due to the increase in the price of ammonium phosphate products. The company has always sought to acquire phosphate resources. If the acquisition is completed, it will be more conducive to improving the fertilizer product industry chain and increasing profitability. The company's non-public offering of no more than 100 million shares to major shareholders has already been approved by the Securities Regulatory Commission. The increase in shareholders' equity will make the company more motivated to make the company bigger and stronger, while adding value to their own interests, and at the same time bring an increase in investment income to other shareholders. Due to the company's large inventory of zinc ingots in the first half of the year and the imminent completion of additional issuance by major shareholders, we have reason to believe that the company is motivated to release performance. For the time being, we will keep the company's earnings of $2.11 and $2.30 per share unchanged in 2007 and 2008. As a resource-based company, we continue to be optimistic about the company's future development and keep our holdings growth rating unchanged.