In the first three quarters of 2009, the company achieved operating income of 64.0819 million yuan, a year-on-year decrease of 52.79%; operating profit of 453.397 million yuan (-26.1417 million yuan in the same period last year); net profit attributable to owners of the parent company - 45.08 million yuan (-22.5642 million yuan in the same period last year); and realized basic earnings per share - 0.3,416 yuan. Among them, basic earnings per share were -0.1202 yuan in the third quarter. Profitability has declined sharply. Due to the continuing impact of the economic crisis, market demand for the company's main products has shrunk, orders have declined, and production and sales volume have declined markedly, resulting in a marked decline in sales revenue. There were slight signs of market recovery in the second half of the year, but since sales prices rose after the company's product prices rose, the increase in sales prices was less than the increase in costs, so profit margins were compressed. The production cycle of the new process routes for some products is longer than expected, products cannot be sold in a timely manner, and it is still difficult to see economic benefits in the short term. There has been no significant improvement in the company's main business. The company's consolidated gross margin fell sharply by 10.40 percentage points over the same period last year. Among them, the third quarter achieved revenue of 309.677 million yuan in a single quarter, a year-on-year decrease of 19.24%, an increase of 59.62% over the previous year; a loss of 158.624 million yuan (-75194 million yuan in the same period last year), and the loss level continued to expand. There was a significant increase in expenses during the period. The company's fee rates for all three categories have increased, with a sharp increase of 36.91 percentage points over the same period last year. Among them, the sharp increase of 31.88 percentage points in management expenses for various new construction projects was due to a year-on-year increase in capitalization interest and a decrease in loan interest rates. The reason for the decrease in sales expenses compared to the same period of the previous year is the reduction in marketing expenses in the current period compared to the same period of the previous year. Product technical barriers are high. The company's main products are customized chemicals and high-grade fine chemicals produced according to customer order requirements, and technical barriers are high. The “02A” technical improvement and production expansion project with an annual output of 100 tons of anti-AIDS drug intermediates and a series of anti-cardiovascular drug intermediates with an annual output of 100 tons will be future profit growth points. Profit forecasts and ratings. The company's earnings per share for 2009-2011 are expected to be -0.50 yuan, 0.01 yuan, and 0.03 yuan respectively. The company's performance is difficult to improve in a short period of time, due to loss or slight profit, maintaining a “neutral” investment rating.