1. The Rose Square project will be settled in the second half of the year. The company's Rose Square project has been transferred in its entirety. Since no settlement has been made during the reporting period, the performance has been bleak. Due to the overall transfer of the project, some of the funds have already been received, and it is expected that they will be settled separately in October and 11; 2. The advance payment is 693 million yuan. The semi-annual report shows that the company received 693 million yuan in advance accounts for the first half of the year, mainly pre-sale funds from Rose Square. The company's share capital was close to 352 million yuan. The availability of pre-sale funds quickly improved the capital situation; 3. The company's investment value was evident. The company's land is located near Yindu Road in Minhang District, Shanghai, totaling 400 acres. The first phase of the company is currently in the project preparation stage, and construction is expected to begin in the first quarter of '11. The main projects in the early stages are mainly commercial; 4. The valuations are reasonable. Let's assume that the Rose Square project will be settled in 10 and 11, respectively, with 50% settlement for each of the two years. The 10/11/12 EPS is expected to be 0.57/0.57/0.43 and PE 14/14/18 times, respectively, which is at a reasonable level. 5. Maintain a highly recommended investment rating. We revalued its main assets and found that the company's revalued net assets per share were 16.63 yuan/share, with a closing price of 7.97 yuan on August 25, which is only equivalent to 47.9% of the revalued net assets. The company has the characteristics of small share capital and high discounts.