In the first three quarters of 2009, the company achieved operating income of 596 million yuan, a year-on-year decrease of 29.54%; realized net profit attributable to owners of the parent company of 9.1 million yuan, a year-on-year decrease of 90.24%; and earnings per share of 0.02 yuan. Weak demand led to a decrease in operating income. The company mainly produces spandex. Affected by the financial crisis, demand for spandex decreased, and product prices fell year-on-year. The average price of spandex in the first three quarters of this year was 4,065 yuan/ton, down 20.01% year on year. Lower spandex prices reduced the company's revenue by 29.54% year on year. The company's real estate business maintained a high gross profit margin. Looking at the first half of the year, the gross margin of the real estate business reached 33.43%, which is 1.79 percentage points higher than the 31.64% in 2008. Although the company's real estate business revenue is less than that of spandex, its contribution to net profit far exceeds that of spandex. Textile and garment exports improved dramatically in September, and we are looking forward to the export prospects. Looking at downstream spandex textile and garment exports, the export growth rate for the first nine months of this year fell 11.17% year on year. Although the export data for the first nine months of this year was still negative, the export data for September brought some warmth to the coming fall. The export growth rate in September was -6.94%, an increase of 8.64 percentage points over the previous month. We are looking forward to positive monthly growth in the fourth quarter. Looking at domestic demand, there was a gradual improvement in the first eight months. Total textile and garment retail sales increased 16.70% year on year in the first eight months of this year, showing a good performance. Since May, total retail sales of textiles and clothing have maintained a year-on-year growth rate of around 20% in a single month, indicating that domestic demand is strong. The 10,000 ton high-tech functional differentiated spandex project is progressing smoothly. The company's non-public offering fundraising project is currently progressing smoothly at 76%. Currently, the differentiation rate of spandex in China is about 10%, and differentiation is the development trend of the chemical fiber industry. Furthermore, after the company added 10,000 tons/year production capacity, the company's spandex production capacity can reach 35,000 tons, ranking third in the country after Huafeng and Hyosung, and the scale advantage is even more obvious. Risk warning. (1) The price of spandex and its raw materials fluctuates due to demand; (2) there is some uncertainty about the extent of export recovery. Profit forecasts and ratings. We expect the company's earnings per share for 2009-2010 to be 0.08 yuan and 0.19 yuan respectively. Based on the closing price of 8.23 yuan on October 19, the corresponding dynamic price-earnings ratios are 101 times and 42 times, respectively. Considering the company's current high valuation, we will maintain the company's “neutral” investment rating for the time being.