In 2010, the company achieved operating income of 458 million yuan, an increase of 471.2% over the previous year; net profit attributable to the parent company of 519 million yuan, an increase of 447.9% over the previous year; net profit after deducting non-recurring profit and loss of 93.9 million yuan, an increase of 19.23% over the previous year; basic earnings per share was 0.98 yuan, with a discovery deposit of 5 yuan (tax included) for every 10 shares, and a bonus of 3.5 shares. Net profit mainly comes from non-operating income: during the period, the company obtained operating income of 458 million yuan, mainly the Taishang Lake project in Suzhou with a sales area of 21,700 square meters and sales revenue of 405 million yuan; realized non-operating income of 515 million yuan, of which non-current asset disposal profit of 23.65 million yuan, mainly the sale of 85% of Shanghai Ivy League Real Estate Company's equity; it received 1.05 million yuan in support capital subsidized by the Zhangjiang Town Government; and contract acquisition rights from the 48.4761% share of Hongsheng Real Estate received 505 million yuan in revenue and confirmed net profit of 392 million yuan. The performance target for 2011 is 3 billion yuan. Currently, the pre-sale payment is less targeted on performance: the pre-sale area during the period was 246 million square meters, and the pre-sale revenue was 692 million yuan. First, it comes from the pre-sale area of “Huali Family Taishang Lake” in Suzhou, which received pre-sale revenue of 160 million yuan; the “Scenic World” project had a pre-sale area of 105,000 square meters and obtained pre-sale revenue of 533 million yuan. Pre-sale revenue achieved 23% of the performance target. There are few project reserves, but the project profitability is strong: the company currently has three large-scale projects, “Huali Family · Taishang Lake”, “Shanghai Xintiandi 43 Neighborhood”, and “Huijing Tiandi”, with a planned construction area of 1.22 million square meters and an equity construction area of 1.09 million square meters. In addition, the majority shareholders hold 49% of the shares in Jinjie Real Estate (mainly developing Huijingtiandi projects) and promise to transfer part or all of them to listed companies when conditions are ripe. The profitability of these three projects is strong: the “Huijing Tiandi” project has a saleable area of about 109,900 square meters, and is expected to achieve sales revenue of about RMB 4.5 billion after all sales, generating a net profit of about RMB 1 billion; the Taishang Lake project is a townhouse or single-family house, with a gross profit margin of 53% during the reporting period; and the future gross margin of the Xintiandi project will not be less than 50%. The company plans to start construction of 210,000 square meters and complete 296,000 square meters in 2011. Based on an average annual settlement of 200,000 square meters, project reserves can maintain the company's steady development over the past five years. Actively develop the second main business: In order to avoid the risk of fluctuations in the real estate industry, the company uses Shanghai Huali Family Investment Company as a platform to pay close attention to and actively invest in industries such as biomedicine, new energy, energy saving and environmental protection, and finance. It acquired 100% of Guangdong Huafu Investment's shares during the period, with a total purchase price of 555 million yuan; indirect purchases obtained 40% of Huatai Great Wall Futures shares, with an initial investment cost of 240 million yuan, and a profit and loss of 10.71 million yuan during the reporting period. The company plans to achieve an equity investment plan of no more than 2 billion yuan in 2011. Maintain an investment rating of “excess holdings.” We forecast the company's earnings per share for 2011 and 2012 to be 1.22 yuan and 1.69 yuan respectively. According to the company's recent closing price of 16.85 yuan, the corresponding dynamic price-earnings ratio is 14 times and 10 times, respectively. Maintain an investment rating of “excess holdings.”