Zhuye Group announced a loss of 0.17 yuan per share for the first quarter of 2011, mainly due to a year-on-year sharp increase in asset impairment losses of 60.77 million yuan and a decrease in fair value earnings of 27.48 million yuan. If these two factors are excluded, the company's profit and loss for the first quarter were mostly balanced, which is basically in line with our expectations. Furthermore, the gross profit of the main business in the first quarter decreased by 19.42 million yuan compared to the previous year. This is mainly because the price difference between zinc ingots and zinc ore decreased compared to the same period last year, while the prices of coal coke, electricity, etc. rose at the same time. We believe that the company's future profits will mainly come from high-profit by-products such as indium. Currently, the prosperity of the downstream indium industry (LCD and LED in particular) is still on the rise, and the price of indium has soared 40% since the beginning of the year. Under the expectation that the Chinese government may tighten the supply of strategic rare metals such as indium through consolidation or storage, there is still plenty of room for indium prices, which are still at a historically low level, to rise in the future. We believe the company is also optimistic about the price of indium. If indium is sold at a higher price, the company's performance this year is still worth looking forward to. Based on this, we maintain our profit forecast and target price for the company, and reconfirm the company's buying rating.