From January to June 2009, the company achieved operating income of 169 million yuan, a year-on-year decrease of 8.20%; realized net profit attributable to the parent company of 121 million yuan, an increase of 452.1% over the previous year; and diluted earnings per share of 0.3321 yuan. The reason for the sharp year-on-year increase in the company's net profit was that the debt settlement reached with Jinxin Trust reduced the company's estimated impairment losses by 108 million yuan in non-operating expenses. The decline in demand affects the main business. In the first half of the year, the company's electricity business declined to a certain extent due to the financial crisis affecting demand. The company completed a total power generation capacity of 209.81 million kilowatt-hours, a year-on-year decrease of 18.05%; power supply of 445.74 million kilowatt-hours, a year-on-year decrease of 12.62%; completed sales volume of 391.31 million kilowatt-hours, a year-on-year decrease of 12.70%; and operating profit of 17.03 million yuan, a decrease of 36% year-on-year. Settlement of the secured debt is nearing completion. In June and July 2009, the company reached a total debt settlement of 400 million yuan with Jinxin Trust and Taiji Group, respectively, and the company's external guarantee balance fell to 112 million yuan. The company's debt relief work has reached the final stage. The debt settlement with Taiji Group will further reduce the company's non-operating expenses by 83 million yuan this year, while the rest of the guaranteed debt is also expected to be settled within this year. The guaranteed debt problem is the biggest problem facing the company's development in recent years. A reasonable solution to this problem freed the company from the bottleneck in development, able to seize the country's opportunity to vigorously promote clean energy construction, and develop the hydroelectric resources of Liangshan Prefecture using its geographical advantages. Sichuan Electric Power obtained a controlling interest to enhance the company's development space. On March 17, 2009, the Sichuan Electric Power Company transferred 1.8 million shares of Xichang Electric Power Circulation Shares held by the Xichang State-owned Assets Management Company. Since then, it has held a total of 55.27 million shares, or 15.16%, of the company's shares, making it the largest shareholder and actual controller of the company. The change in the majority shareholders of the company changed the company's development platform from Liangshan Prefecture to Sichuan Province, which in particular gave the company the expectation that electricity would enter the provincial network and be distributed. Projects under construction are about to enter the harvest phase. The company is currently constructing the 240,000-kilowatt Shawan Power Station, and the 40,000-kilowatt Yongning River Level 4 Power Station will soon be put into operation. Compared with the company's current 120,000 kilowatts of installed capacity, the company's scale growth is very obvious. The company also has the right to develop Yongning and watersheds. The company's power supply construction is expected to accelerate in the context of the two favorable circumstances of cancellation of guaranteed debt and entry into Sichuan Electric Power. Maintain a “neutral” rating. The company's earnings per share for 2009 and 2010 are estimated to be 0.75 yuan and 0.25 yuan respectively. Based on the closing price of 9.83 yuan on August 3, the corresponding dynamic price-earnings ratios are 13 times and 39 times, respectively, maintaining a “neutral” rating. It is recommended to focus on the transactional investment opportunities that debt settlement brings to the company.