The 2009 three-quarter report shows that in January-September, it achieved operating income of 746 million yuan, an increase of 6.02% over the previous year; operating profit of 101 million yuan, an increase of 31.72% over the previous year; net profit attributable to owners of the parent company of 68.88 million yuan, an increase of 30.31% over the previous year; and basic earnings per share of 0.37 yuan. Operating income grew steadily, and gross margin increased markedly. Despite the macroeconomic downturn, the company still achieved a 6.02% year-on-year increase in operating income. Since the fuel tax reform plan abolished passenger transport surcharges, road maintenance fees, and transportation management fees, road passenger transportation costs have declined markedly, and the gross margin level has been significantly raised. The company's gross margin for January-September was 31.36%, up 4.1% year on year. Benefiting from the steady recovery of the domestic economy, operating income is expected to maintain a steady growth trend. There was a slight increase in management costs and a significant decrease in financial costs. The management fee rate for January-September was 11.47%, an increase of 2.44 percentage points over the previous year. The financial expenses rate changed from 3.07% in the same period last year to 0.78%, a decrease of 2.29 percentage points, down 35% from the same period last year. The fee rate for the period was 13.73%, an increase of 1.25 percentage points from 12.48% in the same period last year. Profitability fluctuates as oil prices change. In the first quarter of 2009, oil prices were operating at a low level, and the company's gross margin was 32.72%. With the sharp recovery in oil prices in the second quarter, the gross margin fell to 29.08%. The increase in gross margin in the third quarter mainly benefited from subsequent additional tax reforms. Mergers and acquisitions achieve extended development. The company is a key highway passenger transport enterprise in Jiangxi Province. In order to expand the company's scale more rapidly, a number of state-owned enterprises such as Jiangxi Changyun Jingdezhen Long-distance Co., Ltd. and Jiangxi Ji'an Changyun Co., Ltd. were formed in recent years through mergers and acquisitions. On this side, passenger terminals and operating routes for the Jiangxi Changyun have been increased, and control over the provincial market has been strengthened. We expect the company's EPS for 2009 and 2010 to be 0.49 yuan and 0.56 yuan respectively. Based on the closing price of 10.16 yuan on October 26, the corresponding dynamic price-earnings ratio is 21 times and 18 times, respectively, maintaining the company's “increased holdings” investment rating. Risk warning: The risk of rising oil prices.