Overview of results for the first three quarters of 2009. From January to September 2009, the company achieved operating income of 142 million yuan, an increase of 111.38% over the previous year; operating profit of 66 yuan, net profit attributable to the parent company - 3.6 million yuan, achieving earnings per share of -0.02 yuan. Company fundamentals overview: The company's main business is real estate development, property rental, culture and entertainment, digital television networks, trade and logistics. Currently, the main source of the company's operating income is the real estate business of the holding subsidiary Chongqing Haohua Real Estate Co., Ltd., and other subsidiaries controlled by the company, including Beijing Capital Frontier Information Technology Co., Ltd., Beijing Chuangfeng Jin'an Information Technology Co., Ltd., and Sichuan Capital Transportation Technology Co., Ltd. have been losing money for many years due to changes in the market environment. Currently, it is insolvent and is in a state of closure; Qianfeng (Hong Kong) Commerce The company has never carried out business activities; since September 2008, Beijing Standard Qianfeng Trading Co., Ltd. and Beijing Xianda Qianfeng Consulting Co., Ltd. have not carried out business activities due to the reason that the company no longer leases Beijing Dazhongsi Home Furnishing Plaza. The company announced in January 2007 that it plans to absorb and merge Pioneer Securities, but since the equity distribution reform has not yet been completed, it is still uncertain when the plan will be implemented. Analysis of the company's three-quarter report: The company's losses in the first three quarters were mainly due to preparation for bad debts. The sales revenue of the subsidiary Chongqing Haohua Real Estate Co., Ltd. grew rapidly in the first three quarters. In addition to the sharp increase in revenue of 111.38% year on year, advance accounts received at the end of the third quarter increased by 92.30% compared to the beginning of the year, reaching 242 million yuan. Despite this, due to the company's accrued asset impairment losses of 15.76 million yuan in the first three quarters, an increase of 272.38% over the previous year, the company lost money. Stock reform and restructuring are imminent: Stock reform and restructuring consist of four parts: asset replacement, absorption and merger of additional shares, reduction of shares in non-tradable shares, and capital capital transfer from the Capital Provident Fund. In terms of asset restructuring, the company and Capital Group signed the “Asset Replacement Agreement” and the “Additional Share Absorption and Merger Agreement” on January 23, 2007. The company will replace assets with all assets and liabilities and 11.6337% of the shares and cash held by Capital Group and 61.1779 million yuan in cash. After the asset replacement is completed, the company will hold 11.6337% of the equity interest in Pioneer Securities. Afterwards, the company replaced 88.3663% of its shares in Pioneer Securities with shareholders of Pioneer Securities by adding additional shares, and further absorbed and merged with Pioneer Securities. In terms of stock reform, the company's non-tradable shareholders reduced their shares at a ratio of 1:0.6, and the company used the Provident Fund to transfer 6.8 shares to all shareholders 10 after the merger and share reduction. If stock reform and restructuring are completed, Capital Securities will be listed behind the scenes, and the company's performance is expected to rise sharply at that time. Currently, the plan still needs approval from the Securities Regulatory Commission. Risk warning. It is expected that the company may lose money in 2009, and the implementation time of the company's stock reform and restructuring plan is still unpredictable. Investors are requested to pay attention to investment risks.