In the first three quarters of 2009, the company achieved operating income of 1,025 million yuan, a year-on-year decrease of 34.56%; operating profit - 69.64 million yuan, compared with 6.7 million yuan in the same period last year; net profit attributable to the parent company - 69.12 million yuan, compared to 6.78 million yuan in the same period last year; and realized basic earnings per share of -0.22. In July-September 2009, the company achieved operating income of 385 million yuan, a year-on-year decrease of 31%, realized operating profit of 20.56 million yuan, an increase in losses of 17.17 million yuan over the same period last year, net profit attributable to the parent company - 2004 million yuan, and a loss of 16.62 million yuan over the same period last year. Demand in the international market has shrunk, and there has been a large loss of profit. In the first three quarters, the company's operating income fell sharply year on year, and there was a large loss in operating profit and net profit. The main reason was that due to the impact of the international financial crisis, international demand shrank, purchasing power declined, and industry competition intensified, which led to a decrease in company orders and order acceptance prices. However, at the same time, price factors such as raw materials, energy, and labor costs did not decline simultaneously, making the revenue decline greater than the reduction in costs and expenses, seriously reducing the company's profit margin, causing the company to experience large losses. There was no improvement in operations in the third quarter. Judging from the situation in the third quarter, operating income continued to decline sharply year on year, and operating profit and net profit continued to experience large losses. This is clearly different from the fact that other companies in the industry showed some signs of recovery in the third degree. To a certain extent, it shows that the company's product competitiveness is weak, and it is facing an even more difficult situation in an unfavorable business environment. There has been an increase in the fee rate. In the first three quarters, the company's management expenses increased by 2.65% year on year, and the period expense ratio increased by 1.5 percentage points year on year, indicating that the company still needs to strengthen its cost control. In 2010, there was still a lot of pressure on operations. The impact of the international financial crisis continues, but judging from the current international market situation, this impact is gradually weakening. It is expected that the international economy will gradually break out of the shadow of the financial crisis in 2010, and there will be a real recovery, but the competitiveness of the company's main business is weak, and it is expected that it will still face great operating pressure in 2010. Profit forecast and rating: The company's EPS for 2009 and 2010 is expected to be -0.31 yuan and -0.12 yuan respectively. Future operations face great uncertainty, maintaining the company's “neutral” investment rating. Risk warning: The risk that the international economic environment will deteriorate again.