In 2010, the company achieved operating income of 94.9244 million yuan, a year-on-year increase of 549.12%; operating profit of 62.366 million yuan, a year-on-year increase of 276.12%; realized net profit attributable to shareholders of listed companies of 350,005 million yuan, a year-on-year increase of 135.85%; basic earnings per share of 0.12 yuan; in 2010, the company does not plan to distribute profits or transfer capital from capital reserves to increase share capital. Overview of company fundamentals. The company's main business is primary land development and modern urban services. Since 2005, Chengdu Tianfu New Town Investment Co., Ltd., a wholly-owned subsidiary of the company, has been developing first-level land development projects in Chengdu. At the same time, the company is actively developing real estate development projects, and is concentrating on promoting cooperation with the second-largest fast food brand “Burger King” in the US and establishing a new trendy fast food brand “Sevenana.” Settlement of land-level development projects has contributed to a significant increase in performance. In terms of first-level land development, Chengdu Tianfu Xincheng Investment Co., Ltd., a wholly-owned subsidiary, is carrying out first-level land development projects in Baohe Township, Chengdu. During the reporting period, Tianfu Xincheng Company completed settlement of the 28.3,511 acres of land developed and listed on December 17, 2009, and carried forward profit in 2010, achieving operating income of 79.03 million yuan, profit of 63.53 million yuan, and gross margin of up to 80.38%. At the same time, the company is actively expanding into real estate development. Through cooperative investment and equity acquisition, the company holds 100% of the shares of Chengdu Milestone Real Estate Development Co., Ltd. and is developing and constructing a total of 93.03 acres of land in Xipu Town, Pixian County. The net land area for the planned construction of this plot is 62,000 square meters. By the end of the reporting period, preliminary design and other work on the project had been fully carried out. The food service business is being carried out in an orderly manner. The company completed cooperation with Burger King and established two companies in Beijing and Shenzhen, and opened 7 stores and 3 stores respectively in the two regions during the reporting period. At the same time, the company and the controlling shareholder Beijing Zhongbei Energy Company jointly set up a new fashion fast food brand “Sevenana.” The annual catering service achieved revenue of 15.28 million yuan, with a gross profit margin of 48%. Profit forecasts and ratings. In the case of the settlement of the 83-acre plot in 2011, we predicted that the company's EPS for 2011 and 2012 would be 0.22 yuan and 0.18 yuan respectively. Based on the closing price of 9.69 yuan on March 25, the 2011 and 2012 dynamic PE was 44 times and 54 times, respectively. The company's first-level development business is greatly affected by policies and lacks continuity. Real estate development has just begun, fast food chain projects are still in their infancy, and future growth remains to be seen. Therefore, we maintain the company's “neutral” investment rating.