In 2009, the company achieved operating income of 285 million yuan, an increase of 180.1% over the previous year; net profit attributable to shareholders of the parent company was 79.47 million yuan, compared to a loss of 76.6 million yuan last year. Basic earnings per share were $0.19. The sharp increase in operating income was mainly due to a 672% year-on-year increase in real estate revenue. The main settlement project in the reporting period was Merrill Lynch Qingcheng Phase II (Wutong Road). In 2009, 454 housing units were sold, with a sales area of 45,800 square meters, sales volume of 320 million yuan, and an average sales price of about 7,000 yuan/square meter. Currently, there are 190 residential units remaining, with an area of about 27,000 square meters (including shops and villas), and it is estimated that it will still be possible to settle 190 million yuan. Days Inn Sanya Wanjia Resort achieved revenue of more than 27 million yuan, an increase of 1.82 million yuan over 2008, and an increase of 1.53 million yuan in gross operating income compared to 2008. Achieved a net profit of 1.06 million yuan from the remaining land. The investment income from the auction of 20 million shares of Southwest Securities during the reporting period was about 131 million yuan, which was an important reason for reversing the loss in 2009. At the end of the period, the company still held 33.25 million shares of Southwest Securities shares, with a fair value of 531 million yuan at the current price of 15.98 yuan/share, and is expected to be sold one after another in the next few years. The financial situation has completely improved. The balance ratio at the end of the period was 67.26%. The balance ratio and moving ratio after excluding advance payments were 52.17% and 0.65 times, respectively. Compared with the actual balance ratio of 72% and the acceleration ratio in 2008, the company's financial situation was completely improved. Mainly due to the successful backdoor listing of Southwest Securities, which holds 35.25 million shares, in February 2009, the company's net assets at the end of the first quarter of 2009 soared from 119 million yuan at the beginning of the year to 827 million yuan. At the same time, the smooth sales of Merrill Lynch and Qingcheng Phase II made the company's net asset value and cash flow the highest in ten years since the restructuring, ending two consecutive years of losses, and the company's shares will also apply for withdrawal of the delisting risk warning. The advance payment at the end of the period was 307 million yuan, an increase of 114.7% over the previous year. It was mainly housing sales proceeds from the subsidiary Hubei Pearl River Real Estate Development Co., Ltd. “Merrill Lynch Qingcheng Phase II”, which was the main source of the company's performance in 2010. In terms of project reserves, the company's saleable projects are still insufficient. Currently, development of Merrill Lynch Qingcheng (Wutong Road) Phase III and Sanya Wanjia Days Resort Phase II is being stepped up, and leasing and cooperation matters for the Nantian golf project are also being stepped up. Southwest Securities's 33.25 million shares are also an important source of performance for the company in the next few years. We predict that the company's earnings per share from 2010 to 2012 will be 0.22 yuan, 0.35 yuan, and 0.42 yuan, respectively. According to the company's recent closing price of 6.61 yuan, the corresponding dynamic price-earnings ratios are 30 times, 19 times, and 16 times, respectively. In view of substantial improvements in the company's fundamentals, performance for the next two years is also relatively guaranteed, and the investment rating was raised to “increase holdings.” You can pay attention to the investment opportunities brought about by the company's withdrawal of the delisting risk warning.