From January to September 2011, the company achieved operating income of 0 yuan (the data for the same period last year is not comparable), operating profit loss of 6.2056 million yuan, a loss reduction of 14.8208 million yuan compared with the same period last year, and a net profit loss of 6.1978 million yuan belonging to the owner of the parent company. compared with the same period last year, the loss decreased by 14.8114 million yuan; basic earnings per share-0.009 yuan.

In the third quarter of 2011, the company realized operating income of 0 yuan, operating profit of-370000 yuan, net profit belonging to the owner of the parent company of-360000 yuan and basic earnings per share of-0.001 yuan.

The company has no production and operation business. The company's main business is the cultivation, processing and sales of wine grapes. As the company's equity in Guangxia Helanshan Grape Wine Co., Ltd. has been judicial auction in early 2009, there are no production and operating assets. In addition, the sales business of Guangxia Helan Mountain, a wine sales company controlled by the company, has also stalled because of the auction of the wine-making company. As the company has no production and operating assets and no main business income, the losses are mainly management expenses, financial expenses and asset impairment losses. As the company entered the restructuring process in September last year, the related expenses were reduced, so its loss decreased compared with the same period last year.

The reorganization plan is rejected by both the investor and the creditor. On September 16, 2010, the Intermediate people's Court of Yinchuan City, Ningxia Hui Autonomous region ruled to accept the creditor's application for restructuring of the company and appointed the company liquidation group as the manager. The company announced the draft restructuring plan in June this year, drawing up Ningxia Ningdong Railway Co., Ltd. and its related parties as the restructuring party. It will inject high-quality assets with net assets of not less than 4 billion yuan into Yinguangxia, and after the completion of major asset restructuring, the total net profit of listed companies for three consecutive fiscal years is not less than 1 billion yuan, so that Yinguangxia can restore its sustainable operating ability and profitability. However, at the two investor meetings held on June 29 and July 20, the investor rights and interests adjustment plan was not approved by a vote. At the creditors' meeting on July 20, the draft restructuring plan was not adopted.

The application for the draft reorganization plan was withdrawn. On August 1 this year, the manager of the company applied to the Yinchuan Intermediate people's Court for approval to implement the draft reorganization Plan. The final decision of the asset reorganization plan and the reorganization party will be reviewed and voted at a general meeting of shareholders after the completion of the reorganization, which will be approved by the China Securities Regulatory Commission. If the court does not approve the draft reorganization plan, Yin Guangxia may be declared bankrupt and liquidated in accordance with Article 88 of the Enterprise bankruptcy Law. However, on 26 August, the administrator applied to the court to withdraw the application for the draft reorganization plan that had been submitted on the grounds of the need to investigate and verify a creditor's rights. On 29 August, the court ruled that the application was allowed to be withdrawn. The suspense of the future restructuring of the company remains to be solved.

Profit forecast and investment rating. The company has no production and operating assets, and the operation of the whole company is at a standstill. Due to the uncertainty of the company's future asset restructuring, we do not give profit forecasts for the time being, and investors can pay attention to trading opportunities.

Risk hint. 1) bankruptcy liquidation of the company. 2) the injection of assets does not meet expectations.