The company's consolidated statement for 2009 showed that it achieved operating income of 203 million yuan, an increase of 70.37% over the previous year; net profit attributable to shareholders of the parent company was 5.01 million yuan, a sharp drop of 94.47% from the previous year. Basic earnings per share were $0.03.

Operating profit mainly comes from the Anshan project in Liaoning. In 2009, in the face of a gradual recovery in the macroeconomic economy, the Anshan Company adopted adjustments to the loan structure in the first half of the year, reduced costs and expenses, and promptly liquidated inventory, achieving operating income of 5.5985 million yuan and operating profit of 246.023 million yuan, accounting for 197.23% of the operating profit in the company's consolidated statement.

Although the company's performance was predicted to drop sharply, it still fell short of expectations. There was no increase in revenue and profit during the reporting period. The sharp decline in profit was mainly due to the following three reasons: first, gross margin fell by 20.89 percentage points, mainly due to the lower settlement gross profit of the Anshan project, which was 25.33%; second, investment income fell by 99.5%, mainly due to the disposal of shares in a subsidiary company in 2008; third, there was a sharp decline in non-operating income, mainly due to non-operating income of 61.8 million yuan in 2008, due to the company's payables to Guanshengyuan. However, in 2009, the company had no such revenue.

Project reserves are relatively limited. After the company's plan to issue shares to specific targets and inject it into real estate was terminated in 2008, the scale of its main business was not further expanded. Currently, the company has three main project reserves: Anshan Project, Dujiangyan, and Beijing Tongzhou Business Park. The Anshan project is progressing normally; construction of the Lishui Impression Commercial Housing Project in Dujiangyan, Sichuan has begun, and the total investment is expected to be about 250 million yuan. It is currently progressing well and is expected to be the main source of revenue growth for the company in 2010. The Beijing Tongzhou Business Park is still in the planning stage, making it difficult to contribute to performance in the short term. Furthermore, the company's investment real estate property, No. 2981 Dongfang Road, Shanghai, has a housing construction area of 1,1950 square meters. The plot and the remaining houses on the plot and the corresponding land use rights are all handed over to the Sanlin World Expo Functional Regional Management Committee for storage and compensation. The total compensation amount is 135 million yuan, which will be included in the capital reserve; the company will strengthen the integration of real estate resources in accordance with the actual situation so that the main business can be sustainable.

The financial risk is not significant. At the end of the period, the company's book capital was 112 million yuan, an increase of 58.5% over the previous year, mainly sales repayment; the company had no short-term loans or non-current liabilities due within one year. The quick change ratio reached 1.46 times. The capital was relatively sufficient, and the short-term financial risk was not significant. The balance ratio is 50.18%, and long-term financial risk is not significant.

Maintain a “neutral” investment rating. We forecast the company's earnings per share for 2009 and 2010 to be 0.09 yuan and 0.11 yuan respectively. According to the company's recent closing price of 9.90 yuan, the corresponding dynamic price-earnings ratios are 132 times and 105 times, respectively. Maintain a “neutral” investment rating.