Overview of results for the first three quarters of 2009. From January to September 2009, the company achieved operating income of 283 million yuan, a year-on-year decrease of 3.41%; operating profit of 105 million yuan, a slight increase of 0.17%; net profit attributable to the parent company was 86.54 million yuan, a year-on-year decrease of 12.41%; and achieved earnings per share of 0.14 yuan. Company fundamentals overview: The company is the only real estate A-share listed company in Chongqing. It mainly deals in real estate grade 1 and 2 development, housing sales and leasing, site leasing, tunnel management, etc. By the end of the reporting period, the company's advance sales receipts for real estate projects were 101 million yuan, a sharp increase of 2.19 times over the beginning of the year (probably due to sales of the QiNian Yuecheng project developed by the company's holding subsidiary Qinian Company). The company has four main projects under construction: the Kempinski Hotel in Chongqing, the Zhuyuan Community, the property project on the track, and the Happy New Year project. The estimated completion time is between 2009 and 2012. Analysis of the company's three-quarter report: The company's net profit for the first three quarters fell 12.41% year on year, mainly due to a decrease in operating income and an increase in the expense ratio during the period. The company's revenue for the first three quarters fell 3.41% year on year, mainly because the company's real estate business had few projects for sale, mostly in Olive County. At the same time, no new projects entered the settlement period during the period, and there were few real estate projects under construction, and growth was insufficient. Other toll businesses, including the operating income of the Shihuang Tunnel and the operating income of the Convention and Exhibition Center, can provide relatively stable cash flow, but growth is insufficient. This is also one of the reasons why the company's revenue growth is slow. Furthermore, the company's bank loans have increased this year, which has led to an increase in financial expenses compared to last year. In the future, the main business will be carried out by shareholders. The majority shareholder of Chongqing Development is Chongqing Urban Construction Investment Group, which is one of the two major groups assigned land reserve functions by the Chongqing Municipal Government, so Chongqing Development has a unique advantage in obtaining land resources. The specific method of obtaining a project is through participation in first-level development of shareholders' reserve projects or direct transfer of shareholders' assets. The regional market capacity is large. All of the company's projects are located in Chongqing. Chongqing has ranked among the highest in the country in terms of residential sales over the years. In 2008, the sales area surpassed Shanghai, making it the largest sales city in the country. The large market capacity is due, on the one hand, to the large population base of Chongqing, which had already surpassed 15 million at the end of 2007; on the other hand, it is due to its low urbanization rate, but the process is accelerating. Risk warning. Based on the 2009 EPS of 0.20 yuan, the company's corresponding price-earnings ratio has reached 73 times, and the valuation level is very high. Since Chongqing City Investment Group, the majority shareholder of the company, already controls 81.82% of Chongqing Development's shares, there is little room for capital operations such as asset injections in the future, and investors are reminded to pay attention to investment risks.