The company disclosed the interim report today that it achieved operating income of 14.42 million yuan in the first half of 2010, a year-on-year decrease of 14.4%; realized operating profit of 5.59 million yuan, a year-on-year decrease of 93.8%; and realized net profit attributable to shareholders of the parent company of 6.28 million yuan, a year-on-year decrease of 92.3%. Basic earnings per share were 0.01 yuan, down 93.3% year on year. The main reason for the sharp year-on-year decline in operating income was that no projects were carried over in the first half of the year. Operating income mainly comes from sales revenue of houses and parking spaces in Gubei Garden and construction decoration. The company currently has two properties for sale: the Suzhou Taishang Lake project and the Shanghai Huijingtiandi project, respectively. Among them, the single-family villa portion of the Suzhou Taishang Lake project phase I is expected to be carry-over within 10 years, while the remaining portion of the first phase, the second phase of the townhouse, and the Shanghai Huijingtiandi project will be carried over starting in 11. According to the majority shareholders' promises at the time of asset restructuring in 2008, the company's 10-year EPS will reach 0.96 yuan. If the actual profit realized is lower than the promised amount, Nanjiang Group will supplement the listed company in cash. Due to limited resources for projects that can be settled within 10 years, it is expected that the profit promises made by the majority shareholders during asset restructuring in 2008 will be realized through other means such as the sale of company assets and related transactions. The company's project is positioned as a high-end luxury property. Affected by macro-control, sales of single-family villas in the first phase of the Suzhou Taishang Lake project have slowed, but the second-phase townhouse portion is about to be launched, so careful pricing combined with reasonable total price is very attractive in the Suzhou market. The Shanghai Huijingtiandi Project adopted a low price market entry strategy. The transaction volume performance was uniform and stable, and the price showed a slight upward trend. The company is currently facing significant financial pressure. The company's balance ratio at the end of the reporting period was 63.4%, up 2.8 percentage points from the beginning of the year, monetary capital of 503 million yuan, and advance accounts receivable of 184 million yuan. Currently, the company's Fuxing Tiandi still has 350 million yuan in unpaid purchase price. In addition to the 500 million yuan required to acquire Huijingtiandi, the total purchase price is about 850 million yuan. In addition to the development capital requirements for the three projects, it is estimated that the capital requirements for the full year of '10 will be about 2 billion yuan. Excluding monetary capital and advance accounts at the end of the first half of the year, the funding gap is still close to 1.3 billion yuan. Currently, the company's capital sources mainly come from equity pledge loans from major shareholders, with a pledged share ratio of 37%. Furthermore, the company's refinancing plan is still pending and is not expected to be approved this year. Based on the performance commitments of the majority shareholders at the time of asset restructuring, we maintain the company's profit forecast. EPS for 10-11 is 0.96 yuan and 1.28 yuan, respectively, and the corresponding dynamic PE is 11.5X and 8.6X. At the end of '09, NAV was 12.08 yuan/share, P/NAV was 0.91, and NAV was 8% off.