Net profit increased 26.4 times in 2009, in line with market expectations. The company released its 2009 report today: operating income of 1.99 billion yuan, a year-on-year increase of 7.1 times; operating profit of 1.07 billion yuan, a year-on-year increase of 21.7 times; net profit attributable to the parent company of 810 million yuan, an increase of 26.4 times over the previous year; and earnings per share of 0.76 yuan, in line with market expectations. The company did not distribute profits in 2009. A comprehensive developer based in Ningbo with locations in Changshu and Hangzhou. The company completed asset restructuring in 2009/05 and is about to change its name to “Rongan Real Estate”. It is a comprehensive developer based in Ningbo with a layout in the Yangtze River Delta. The types of properties developed mainly include residential and office buildings. By the end of 2009, the company had a planned construction area of about 1.2 million square meters for the projects under construction and proposed, mainly distributed in Ningbo, Changshu and Hangzhou. Sales are in good condition. The company's sales projects in 2009 are Rong'an Heyuan, Rong'an Qin Bay, Rong'an Garden, Central Garden, and part of the end of the market. It achieved a new construction area of 291,000 square meters, a completed area of 331,000 square meters, and a sales area of 228,000 square meters. The good sales situation led to a significant increase in performance in 2009. As of the end of 2009, the company's pre-payment balance was 860 million yuan, of which Rongan Qin Bay, Rongan Garden, and Central Garden Phase II were 3.6, 3.4, and 150 million yuan respectively, with pre-sale rates of 39.3%, 80.2%, and 46.3% respectively. Settlement revenue has increased significantly. The company participated in settlement in 2009 mainly from Rong'an Heyuan, Changshu Central Garden, and Shuishang Lanshan Residential Area. Settlement revenue was 13.6, 4.2, and 110 million yuan respectively, totaling 1.89 billion yuan, a sharp increase of 6.9 times over the previous year, mainly due to market prosperity and the company's abundant marketable resources. The gross settlement margin has increased dramatically. The company's gross settlement margin for 2009 was 61.3%, a sharp increase of 23.2 percentage points over the previous year. There are two main reasons: 1), the Rong'an Garden Project (which is also the main settlement project), which entered the settlement cycle in 2009, had a higher gross margin margin, reaching 55.4%; 2), Changshu Central Garden and Shuishang Lanshan Residential Area increased average sales prices at the end of the year. The gross margins of the above two projects were 75.6% and 82.6%, respectively. The financial situation is relatively healthy. As of the end of 2009, the company's balance ratio was 69.9%, and the real balance ratio after excluding advance payments was 49.7%. It is at a moderate level in the industry, and the long-term financial structure is relatively healthy; the real liquidity ratio is 1.9 million yuan, the book cash is 170 million yuan, and the short-term debt repayment pressure is low. Major shareholders provide financial support. Rongan Group, the majority shareholder, will grant the company a short-term loan amount of 3 billion yuan over the next year.