The company achieved operating income of 295 million yuan, an increase of 56.35% over the previous year, achieved operating profit of 2,519,900 yuan, and net profit attributable to the parent company of 9.488 million yuan, an increase of 12.21% and 1.48%, respectively. The company's basic earnings per share for the first half of the year were 0.0250 yuan, and the basic earnings per share after deducting non-recurring profit and loss was 0.0297 yuan, an increase of 330.43% over the previous year. Comprehensive gross margin declined slightly, and cost control became tighter during the period: the company's consolidated gross margin for the first half of the year was 18.01%, down 1.86 percentage points year on year. By product, high and low voltage appliances achieved operating income of 112 million yuan, a gross profit margin of 32.7%, a decrease of 0.21 percentage points; the operating income of tungsten and molybdenum products increased sharply, but gross margin was only 2.89%, down 0.64 percentage points; operating income of sightseeing elevators and ancillary products increased 6.71 percentage points to 24.56%. Tungsten and molybdenum products and high and low voltage electrical appliances are the main sources of the company's revenue. The decline in gross margin of these two products has led to a decline in overall gross margin. However, the company's expenses were better controlled during the first half of the year. The rate of expenses for the period was 16.25%, down 8.55 percentage points from the previous year. Non-operating income accounts for a high proportion of profit, and profit and loss from changes in fair value had a big impact on profits: the company's operating profit margin was very low. The company's profit was only 0.73% in the same period last year. The company's profit mainly came from non-operating income, that is, fixed asset benefits and government subsidies. Furthermore, the company's performance was greatly affected by transactional financial assets. Investment in transactional financial assets in the first quarter increased the company's profit by about 2.44 million yuan, while the entire first half of the year brought losses of about 9.0417 million yuan, accounting for 97.53% of total profit. The superconducting current limiter is the company's biggest highlight in the future: the company launched a non-public stock offering plan at the end of July this year to raise 1 billion yuan to invest in smart grid-related equipment and rare metal deep processing projects. We believe that the company's biggest focus in the future will be the superconducting current limiter project raised this time. Superconducting current limiters are key devices in smart grids and can improve the transient stability of smart grids. We expect the domestic market space to be 150-230 billion yuan. Due to the high barriers to superconductivity technology, only Beijing Yundian has mastered the relevant technology. In the short term, the market is in a monopoly pattern. The company will enjoy this huge piece of cake exclusively, and there is plenty of room for imagination. GIS, VW60, electronic transformers and deep processing of rare metals promote business upgrading and enhance profitability: The company's electrical equipment business is currently concentrated in the medium and low voltage sector. The product profit margin is low, and the tungsten-molybdenum products business does not increase profit. Smart grid-related equipment projects and rare metal deep processing projects will promote the upgrading of the company's business structure. The market extends from low to high gross profit, fundamentally improving the company's profitability. Without considering additional distribution projects, the 2010-2012 EPS was 0.20 yuan, 0.25 yuan, and 0.27 yuan. Considering the increase in profitability brought about by the additional distribution project, the company was given a “buy” rating.