The first half of the year achieved operating income of 515 million yuan and net profit of 43 million yuan; year-on-year increases of 28% and 76% respectively. Compatible with EPS 0.096 yuan. By business, commodity sales, finance, real estate, and others contributed about 0.02 yuan, 0.049 yuan, 0.003 yuan, and 0.023 yuan to EPS respectively. The increase was mainly due to commodity sales, which increased 26% year over year. The real estate business base was low, growing 197% year over year; pawnbroking interest income fell 4% year over year. The operating income and net profit for the second quarter were 264 million yuan and 27 million yuan respectively, up 5% and 71% from the previous quarter, respectively, and the quarterly EPS was 0.06 yuan. Merchandise sales and pawnbroking interest increased 3% and 47% month-on-month, respectively. Receiving government subsidies during the quarter also contributed to a faster month-on-month increase in net profit. The pawnbroking business remains stable. Pawnbroking loans at the end of the period were 308 million yuan, a decrease of 0.8% from the beginning of the period; current pawnbroking interest income was 27 million yuan, a decrease of 4% from the previous year; and the composite interest rate increased from the previous year. This is also in line with the goal of steady development of the pawnbroking business. From a structural point of view, there has been some optimization. Mainstream property rights pledges have increased 19% from the beginning of the period; real estate mortgages have been further reduced from last year, and have been reduced by 30% compared to the beginning of the period. Entrusted loans are growing rapidly. The loan volume entrusted at the end of the period was 508 million yuan, an increase of 40%, and interest of 33 million yuan was obtained, three times that of the same period last year. According to our statistics, entrusted loans were added 170 million yuan during the period, and interest income from loans was increased by 19 million yuan. Due to the high interest rate on entrustment loans (15% to 18% per year) and the relatively low risk due to cooperation with banks, there is currently a trend of continuing rapid growth in this business. Asset quality has further improved. Overdue loans decreased from $177 million at the beginning of the year to $122 million, of which $150 million overdue for more than one year decreased to $112 million, with decreases of 29% and 26%, respectively. The overdue rate fell from 26% to 15%. Judging from individual cases, the settlement of claims by Nanwang Group and Feiyue Group has basically been completed. However, Warren Group's claims have yet to be disposed of. The 2010-2012 EPS was raised to 0.18 yuan, 0.20 yuan, and 0.24 yuan. Maintain a neutral rating.