From January to December 2010, the company achieved operating income of 909 million yuan, a year-on-year decrease of 17.04%, operating profit of 65.92 million yuan, a year-on-year decrease of 31.44%, net profit attributable to the parent company of 52.89 million yuan, a year-on-year decrease of 31.18%, and earnings per share of 0.21 yuan. The distribution plan for 2010 is: a cash dividend of 0.8 yuan (tax included) for every 10 shares. The decline in beer sales led to a sharp decline in the company's operating income. From January to December 2010, the company sold a total of 403,400 kiloliters of beer, a year-on-year decrease of 24.43%. As a result, the company's revenue fell 17.04% year on year to 909 million yuan. We believe that the decline in the company's beer sales is mainly due to the following three factors: 1) In 2010, the beer industry was affected by low temperatures and severe drunken driving, beer consumption was suppressed, and the overall growth rate of the industry slowed down. The growth rate of beer production in 2010 fell 0.8 percentage points year-on-year; 2) The company carried out marketing reforms in 2010, rebuilt the marketing system, and integrated product lines. However, due to drastic changes in the sales system, there has been some negative impact on the sales of the company's products in the short term; 3) Other manufacturers have stepped up their efforts to promote products, such as carrying out exclusive buyouts and extensive bottle cap promotion activities, etc., which have had an impact on the company's market and affected product sales volume. The increase in the cost rate during the period stemmed from a significant increase in sales staff remuneration. During the reporting period, the company's expenses rate for the period was 15.02%, an increase of 3.29 percentage points over the previous year. Among them, sales expenses increased by 10.67 percentage points over the same period last year. The expansion of the company's sales team led to a sharp increase of 175.17% in employee remuneration over the same period last year, which is the main reason for the rapid increase in sales expenses. Marketing reforms have brought new impetus. The company defined 2010 as the year of marketing reform. It not only sent many senior management to Guangxi Liquan Brewery to learn advanced marketing experience, but also hired a marketing consulting firm in the beer industry to conduct a comprehensive investigation and diagnosis of existing problems. Based on Liquan's advanced direct sales model, the company combined with the characteristics of the local market to create a marketing model with Huiquan characteristics. By implementing a flat marketing network, expanding sales teams, and implementing differentiated sales strategies to increase the coverage and share of regional markets, it is expected to bring steady growth to the company. At the same time, the company will continue to enrich the range of high-end products, and after introducing new products such as “Little Gold Quality” and “Jin Zun,” it will continue to increase the development and sales of high-end products, enhance the company's product structure, and raise the company's profit level. Earnings forecasts and ratings. We expect the company's EPS for 2011-2012 to be 0.24 and 0.3 yuan respectively, the company's closing price yesterday is 12.61 yuan, and the corresponding dynamic PE is 52X and 43X respectively, maintaining the company's “neutral” investment rating.