According to the 2009 annual report, the company achieved operating income of 765 million yuan, a year-on-year decrease of 20.3%; operating profit of 13.79 million yuan, an increase of 3.9%; net profit attributable to owners of the parent company of 9.65 million yuan, a year-on-year decrease of 12.04%; and fully diluted earnings of 0.04 yuan per share. Among them, revenue for the fourth quarter was 260 million yuan, up 18.7% year on year; operating profit was 4.63 million yuan, down 30.1% year on year; net profit attributable to owners of the parent company was 4.14 million yuan, up 26% year on year, achieving earnings of 0.02 yuan per share. The profit distribution plan is: cash of 0.2 yuan for every 10 shares. Revenue declined throughout the year, but improved in the fourth quarter. The company's main business is commercial retail (accounting for about 87% of total revenue) and IT business (accounting for about 9% of total revenue). The sharp decline in operating income was mainly due to the withdrawal of many operating brands of the company's wholesale branch and the drastic reduction in business volume, which caused revenue to drop by about 18% year on year. Furthermore, due to the financial crisis, IT business revenue declined significantly, falling about 41% year on year. However, the reason for the increase in revenue in the fourth quarter was that the base affected by the financial crisis was low in 2008, and revenue increased in 2009 as the commercial retail industry and IT industry recovered. The gross margin declined, and the expense ratio increased during the period. Gross margin increased by about 4 percentage points to 18.2% year over year. Mainly because IT business gross margin increased significantly, up about 9 percentage points year on year, while commercial gross margin also increased by about 3 percentage points year on year. The 3 percent year-on-year increase in the expense ratio during the period was mainly due to the year-on-year increase in management expenses. Although sales expenses declined, the magnitude was less than the decline in revenue. Net profit declined as a result of losses in newly established companies. The parent company's profit for the current period increased sharply due to dividends and equity sales from Harbin Institute of Technology Software Engineering Co., Ltd., but after the consolidated statement, the company's net profit for the year declined year-on-year due to losses from the two newly established companies, Harbin Badai Real Estate Co., Ltd. and Ningbo University of Technology Pioneer Logistics Co., Ltd. Short-term performance growth is weak, and long-term focus is on the company's external expansion. The company's wholesale business contracted sharply, the IT business declined rapidly due to the economic crisis, and the company's short-term performance had no bright spots. Judging from the company's development strategy, we can focus on the company's external expansion in the long term. The company's development strategy in 2010 is: on the one hand, it is committed to increasing the market share of the business and maintaining the growth of its main business, and on the other hand, actively creating conditions for restructuring and studying the viability and operability of the company's expansion with the support of shareholders. Profit forecast: Earnings per share are expected to be 0.06 yuan and 0.07 yuan in 2010-2011. Based on the closing price of 9.73 yuan on March 23, the corresponding dynamic price-earnings ratios are 170 times and 147 times, maintaining a neutral rating. Risk warning: The company's business shrinks further, macroeconomic fluctuations.