The increase in the company's main business revenue and main business profit is in line with expectations, but net profit is slightly lower than our expectations. The main business showed a steady growth trend. Although the main business revenue from January to September was basically the same as the same period last year, this was mainly due to the shift of some businesses to a material processing model, and the company's actual business volume continued to grow steadily at a double-digit rate. Revenue from the main business increased significantly in the third quarter, mainly due to the growth in the bottled water proxy processing business. Gross margin has risen sharply. The company's gross profit margin for the first three quarters was 24.08%, up 3.87 percentage points from the same period last year. The increase in gross margin indicates that the company's business continues to improve. Management expenses and minority shareholders' equity undercut performance. The company's management expenses increased sharply by 33% in the first three quarters. Mainly, management expenses for the third quarter increased by 15 million yuan compared to the second quarter, resulting in an increase of only 12.5% in operating profit and an 18% increase in total profit in the first three quarters. Income tax increased by 6.39 million yuan and minority shareholders' equity increased by 12.55 million yuan, further reducing the increase in net profit. Recently, international oil prices have fallen by more than 20% from a high level. The company's main raw material, PET chips, is a petroleum derivative, which accounts for more than 70% of production costs. The drop in oil prices will help the company accelerate the recovery of its future performance. We lowered the 2006 EPS to 0.17 yuan, and the 2007 EPS to 0.25 yuan at the same time. The company's operating conditions have improved markedly. We maintain a “Highly Recommended” investment rating.