From January to September 2009, the company achieved operating income of 548 million yuan, down 16.63% from the same period last year, and operating profit of 51.27 million yuan, down 17.25% from the same period last year. The net profit attributed to the parent company was 45.37 million yuan, an increase of 10.59% over the same period last year, and earnings per share was 0.13 yuan.

Among them, the operating income in the third quarter was 157 million yuan, down 6.89% from the same period last year, and the net profit attributed to the parent company was 19.56 million yuan, an increase of 62.50% over the same period last year.

The change of main business leads to the decrease of operating income. During the reporting period, the company's main business revenue decreased by 16.63% compared with the same period last year, and the gross profit margin increased by 4.71%. In the third quarter, the company's main business revenue decreased by 99.74% compared with the same period last year, and the gross profit margin increased by 41.17%.

The reason for the significant change in the company's main business income and gross profit margin is that, during the reporting period, due to the judicial auction of the company's equity in Guangxia (Yinchuan) Helanshan Wine Brewery Co., Ltd. (the winemaking company and its subsidiary Night Wine Company are no longer included in the consolidated statements of the Company since January 2009), the company has no production and operating assets, the main business is only wine sales business.

The increase in net profit comes from income from debt restructuring. During the reporting period, the company's net profit increased significantly, realizing 0.34 yuan per share. The company's profit came from the income from debt restructuring, that is, the company included the difference between a large number of book liabilities and the fair value of the stock into non-operating income. In 2008, according to the debt restructuring agreement signed with creditors, the company determined the amount of debt burden and replaced the guaranteed debt originally reflected in the contingent liabilities to the estimated liabilities, resulting in an increase in the company's estimated liabilities and non-operating expenses.

Wait for the reorganization. During the reporting period, in order to improve the company's sustainability, the company planned to purchase the equity of Guangxi Xiangzhou Xinxing Mining Co., Ltd. and the mining assets of Shuijing Township and Luzhai Daojiang Township, Xiangzhou County, Guangxi by way of directional additional shares. as the mineral resources reserves involved in the major asset reorganization cannot be verified within the specified time, and the estimated value is difficult to be determined, the company has suspended planning for this matter. It is expected that the company will continue to look for high-quality assets to effectively improve the company's sustainable operating capacity.

Earnings forecasts and ratings. We expect that there is great uncertainty in the company's production and operation, so we do not give profit forecasts for the time being and maintain the company's "neutral" investment rating.

Risk hint.

(1) systemic risk of the market

(2) Food safety risk

(3) the uncertainty of reorganization.