Operating income fell 5.22%, and net profit attributable to shareholders of listed companies fell 70.25%. The company's operating income in 2011 was 16.217 billion yuan, down 5.22% from the previous year, and achieved net profit attributable to shareholders of listed companies of 249.728 million yuan, a year-on-year decrease of 70.25%, and net profit after deduction of -112 million yuan. The corresponding EPS is 0.0207 yuan. Main operating income revenue declined overall. Color TV revenue was 12.714 billion yuan, a decrease of 4.33%, mobile phone revenue was 1,271 billion yuan, a decrease of 32.81%, and Baidian revenue was 1,292 billion yuan, an increase of 8.95%. Domestic sales and export revenues declined by 4.52% and 7.58%, respectively. Mainly due to the company's inadequate response to the sharp contraction of the CRT TV market, smartphone competitiveness is weak, and the export environment deteriorates. Core business profitability is weak. The company's operating profit was -225 million yuan, an increase of about 200 million yuan in losses over 2010. Net profit attributable to shareholders of listed companies after non-deductions was -112 million yuan, and in 2010 it was about 32.88 million yuan. Among them, the gross profit margin was 16.43%, up from 15.60% in 2010, but the period expense ratio was 17.03%, significantly higher than the 14.72% in 2010. All three rates increased, and the net sales interest rate was only 0.15%. The results of the 2012 quarterly report were corrected. Revenue for the first quarter was 3.476 billion yuan, up 4.07% year on year, and net profit attributable to listed companies was 10.37 million yuan, up 113.22% year on year, continuing the positive year-on-year growth situation since the second half of 2011. However, net profit after deduction is still negative. Give a “wait-and-see” investment rating. As a color TV giant, while the company is seeking leapfrog development of emerging businesses and substantial layout breakthroughs in industrial investment, strengthening the sustainable profitability of its main business is still the key. The 2012-2014 EPS is estimated to be 0.04, 0.07, and 0.10 yuan, respectively, and the corresponding PE is 95.90, 51.57, and 34.56, giving a “wait-and-see” investment rating. Risk warning: The color TV market is fiercely competitive, and the company's product restructuring fell short of expectations.