Summary of results for the first quarter of 2011: operating income of 267 million yuan, up 1843% year on year; operating profit of 69.48 million yuan, up 2946% year on year; net profit attributable to parent company: 52.89 million yuan, up 3712% year on year; earnings per share: 0.05 yuan. The sharp increase in housing deliveries contributed to a sharp rise in performance. The company completed restructuring in May 2009 and was transformed into a comprehensive developer located in the Yangtze River Delta region such as Ningbo, Hangzhou, and Changshu. The development products are mainly residential and office buildings. The reason for the sharp increase in the company's performance in the first quarter of 2011 was that there were few carry-over resources in the same period last year, and the large increase in housing delivery volume in the current period (mainly at the end of Rong'an Qinwan and Rong'an Garden). Sales have declined. The company's current sales projects are mainly the Rong'an Shanghu Central Garden Phase 1 and 2 project. The cash obtained from sales of products and labor services in the first quarter was 375 million yuan, 15% compared with the same period last year. Sales have declined compared to the same period last year. The amount received in advance at the end of the first quarter was 1,052 million yuan, an increase of 106 million yuan over the beginning of the year, accounting for about 60% of our estimated operating income for 2011. The performance guarantee is not high. No land was acquired in the first quarter. The company did not add new projects in the first quarter. Currently, the proposed projects under construction have a reserve construction area of about 1.3 million square meters, of which the proportion is 57% in Ningbo, 25% in Changshu, 11% in Taizhou, and 7% in Hangzhou. The company's strategy is to continue developing markets in eastern coastal regions such as Shanghai, Nanjing, Fuzhou, and Qingdao on the basis of current projects, and finally achieve a national layout. Furthermore, the company also has plans to develop commercial properties, using dilution policies to control the risks of a simple residential development model. The operating cash flow gap widened. As of the end of 2010, the company's cash and cash equivalent balance was 159 million yuan, which was only 28% of short-term loans and non-current liabilities maturing within one year. Net operating cash flow was -586 million yuan. The gap was 142.62% larger than the same period last year, and the company's short-term payment pressure was high. The real balance ratio is 62%, and the long-term financial structure is at a reasonable level. Profit forecasts and investment ratings. The company did not have many settlement projects in 2011, mainly the Rong'an Shanghu Central Garden Phase II project and the rest of Rong'an Qin Bay. The rest of the projects under construction, such as Rong'an Mansion and Rong'an Home, are expected to be carried over in 2012. We expect the company's 2011-2012 EPS to be 0.33 yuan and 0.79 yuan. Based on yesterday's closing price of 8.80 yuan, the dynamic price-earnings ratio is 27 times and 11 times. Although we are optimistic about the company's long-term growth, it is expected that its performance in the short term will remain average.