In 2009, the company achieved operating income of 424 million yuan, a year-on-year decrease of 31.42%; operating profit of 22.67 million yuan, a year-on-year decrease of 7.64%; net profit attributable to owners of the parent company of 30.6 million yuan, an increase of 31.29%; and earnings per share of 0.10 yuan. Among them, the fourth quarter achieved operating income of 113 million yuan, a year-on-year decrease of 10.87%. Net profit attributable to the parent company was 14.17 million yuan, an increase of 14.27 million yuan over a loss of 100,000 yuan in the same period in 2008, and achieved earnings of 0.05 yuan per share. The company's revenue mainly comes from the three major business categories of tungsten and molybdenum products, high and low voltage electrical appliances, sightseeing elevators and ancillary products. In 2009, they accounted for 36.91%, 48.66% and 13.65% of revenue, respectively, and 11.15%, 75.09% and 11.88% of gross profit, respectively. The sharp increase in the company's net profit stemmed from an increase in non-recurring income and a reduction in tax rates. The company achieved operating income of 424 million yuan in 2009, a year-on-year decrease of 31.42%, and achieved net profit attributable to the owners of the parent company of 31.29%. The main reasons were: (1) In 2009, the company received 15.35 million yuan in non-operating income, an increase of 7.22 million yuan over 8.13 million yuan in the same period in 2008. The sharp increase in non-operating income was due to the company's disposal of the company's Dabizhuang real estate and Nanniwan Road real estate and government subsidies; (2) In 2009, the company received investment income of 20.98 million yuan compared to the same period in 2008 18.19 million yuan increased by 2.79 million yuan, and the increase in investment income was due to improved profits of the company's participating subsidiaries; (3) The company's actual income tax rate in 2009 was 15.96%, a decrease of 3.14 percentage points from 19.10% in the same period in 2008, mainly because the company's subsidiaries Bailey Electric Co., Ltd. and Bailey Newtech Electric are high-tech enterprises and implemented a 15% income tax rate. In 2009, the two subsidiaries achieved net profit of 17.2 million yuan and 1.47 million yuan respectively, accounting for nearly 60% of net profit. This has led to a reduction in corporate income tax rates. The pace of asset acquisition consolidation is accelerating, and the company's profit is expected to improve. The company's asset acquisition efforts increased in 2009. In October, it acquired the remaining shares of the subsidiary Ganzhou Special Precision Tungsten & Molybdenum Industry Co., Ltd., and announced at the end of December that it would acquire the company's majority shareholder, Tianjin Pump Machinery Group Co., Ltd., and also increase the capital of Tianjin Baili Switch Equipment Co., Ltd. to meet the company's needs for 126KV GIS scale production of newly developed products. Asset acquisition and integration efforts have gradually increased, showing the company's strong will to “grow bigger and stronger”. By acquiring high-quality assets and shifting products to high added value, it is expected to improve the situation where the profitability of the company's products is not strong, and the company's profitability is expected to increase. Profit forecasting and investment ratings. We expect earnings per share from 2010 to 2011 to be 0.15 yuan and 0.21 yuan, respectively. The corresponding dynamic price-earnings ratio is high, and there is no reference value. We are temporarily giving the company a “neutral” rating; however, we are optimistic about the company's asset integration prospects, and we will adjust the company's profit forecast and investment rating accordingly based on the company's asset integration process and results. Risk factors: 1) the risk of uncertainty in the company's asset integration; 2) the risk of industry competition in shifting the company's product structure to the transmission and distribution industry.