The company's main business revenue in 2005 was 5508.38 million yuan, down 0.52% year on year, and net profit was 29.5028 million yuan, down 40.00% year on year. In line with our expectations, EPS was 0.16 yuan, lower than our forecast of 0.18 yuan. The decline in gross margin of the main business and the decline in subsidy income are the main reasons for the sharp decline in net profit. The company's operating profit margin continues to decline. The main reason is that management expenses continue to rise. The company explains that this is due to increased investment in R&D, but we have also noticed that in recent years, when the main business income has not changed much, operating expenses have also increased dramatically, indicating that there are still some problems with the company's management. In recent years, the company's accounts receivable turnover ratio and inventory turnover ratio have declined rapidly, and operating efficiency has declined markedly. As a result, the operating cash flow per share has declined year by year. In 2005, the above indicators still showed a continuing downward trend. If this trend does not change soon, there is a possibility that cash flow will deteriorate. The company's current position is too high, but considering the valuation expectations of the stock reform, it continues to give holding ratings.