Overview of results for the first three quarters of 2009. From January to September 2009, the company achieved operating income of 636 million yuan, a year-on-year decrease of 27.16%; operating profit of 38.08 million yuan, a year-on-year decrease of 37.50%; net profit attributable to the parent company of 34.5 million yuan, a year-on-year decrease of 17.29%; and realized earnings of 0.08 yuan per share. Overview of the company's fundamentals: The company is transforming into the first listed financial company around the development strategy of “class finance as the lead, trade and real estate as the two wings”; its main subsidiaries include Xiangyi Financial Union, which holds 70% of the shares, Xiangyi Guarantee, 90% of the shares, Xiangyi Leasing, which holds 90% of the shares, and Yuantai Pawn, which holds 82% of the shares; in 2008, companies affected by the economic downturn revealed a lot of problematic loans. Currently, the company's private offering raised 615 million yuan for leasing and leasing and guarantee business. Analysis of the company's three-quarter report: The company's operating income for the first three quarters fell 27.16% year on year, mainly due to the decline in commercial business revenue and the contraction in the scale of pawnbroking business. Affected by the economic downturn at home and abroad caused by the international financial crisis, most of the company's businesses experienced a decline of varying degrees. Operating income fell 27.16% year on year, mainly due to a decline in the scale of domestic trade, which accounted for more than 80% of revenue. Affected by the slow recovery of Zhejiang's export-oriented economy, the company's product sales revenue continued to show a downward trend, but the decline narrowed somewhat. In the same period, the company strengthened the operation and management of the trade business, which led to a slight recovery in the gross margin of the commercial business compared to last year. With the gradual recovery of domestic and foreign economies, the company's trade business will gradually break out of a slump. The pawnbroking business that the company is focusing on was affected by the sharp increase in bad debts and lawsuits last year, and took the initiative to strategically shrink this year. Interest income from pawnbroking fees continued to decline from a 30.02% decline last year, but the decline narrowed somewhat, but the pawnbroking risk control measures taken resolutely by the company have made preparations for new suspicious and loss-type loan losses have basically stopped. Asset impairment losses in the first three quarters were 13.57 million yuan, down 53.12% from the same period last year. However, in 2009, the company's pawnbroking margin remained at a high level of 84.00%, which reflects the high-risk and high-profit characteristics of the company's business. As the company continues to improve its pawnbroking risk control system, the gradual recovery of the future economy and the gradual improvement of the conditions of loan companies, the pawnbroking business is expected to re-enter the path of rapid growth after experiencing this sharp decline. The company's leasing business revenue and other business revenue, which account for a very small share, grew rapidly. Among them, other business revenue was mainly due to the rapid growth in consulting business and terminal service revenue in the current period. To a certain extent, this reflects that the company has good growth potential in cross-business. Risk warning: Based on the company's 2009 EPS of 0.12 yuan, the company's corresponding price-earnings ratio has reached 69 times, and the valuation is already too high. Investors are invited to pay attention to investment risks.