Net profit for the first three quarters of 2009 increased by 37.6% year on year. From January to September 2009, the company achieved operating income of 800 million yuan, an increase of 22.3% over the previous year; operating profit of 242 million yuan, an increase of 43.4% over the previous year; net profit attributable to the parent company of 183 million yuan, an increase of 37.6% over the previous year; and realized earnings per share of 0.236 yuan. Company fundamentals brief: The company completed major asset restructuring at the end of 2008, issued 474.57 million shares to Huibang Investment and Zhongrun Group, and purchased 100% of its shares of Shengji Investment, 100% of Shandong Zhongrun's shares, and 12% of Zibo Zhongrun's shares. After the restructuring was completed, the controlling shareholder of the company was Zhongrun Group, and the actual controller was Mr. Zheng Fengwen. The company is mainly engaged in real estate development. The projects are distributed in core cities in Shandong Province such as Jinan, Zibo, Weihai, and Qingdao. Three subsidiaries are mainly responsible for operating these projects: Shandong Zhongrun (Jinan's top ten real estate market), Shengji Investment (Weihai), and Zibo Zhongrun. Company performance analysis: The company's net profit for the first three quarters increased by 37.6% year on year, mainly due to an increase in operating income (an increase of 22.3%), an increase in gross margin (2.1 percentage points), and a decrease in the cost ratio (2.2 percentage points). The company's operating income in the first three quarters increased by 37.6% year-on-year, mainly due to the sharp increase in real estate project sales during the reporting period, the company's large settlement resources, and timely project completion and delivery. The company's gross margin for the first three quarters was 42.7%, an increase of 2.1 percentage points over the previous year. The main reason is that the gross margin level of real estate projects settled by the company during the reporting period was high. The company's expenses rate for the first three quarters was 3.4%, down 2.2 percentage points from the previous year, mainly due to the economies of scale brought about by proper cost control and sharp revenue growth during the period. The company plans to privately raise additional capital in 2009: The company issued a plan on July 23, 2009, to privately issue no more than 130 million shares at a price of no less than 7.47 yuan/share to raise capital for the development of three projects: Jinan Century City Phase III, Zibo OCT Phase 5, and Weihai Korea Window Phase III. At the time of restructuring, there were performance promises: the restructuring party promised that the company's 2009-2010 EPS would not be less than 0.30 yuan and 0.35 yuan. Based on this calculation, the company's 2009 PE and 2010 PE were 28 times and 24 times, respectively.