The performance of the annual report is basically in line with expectations. In 2009, the company's operating income was 2.78 billion yuan, down 8.96% from the same period last year, and the net profit (belonging to shareholders of listed companies) was 115 million yuan, up 147.39% from the same period last year.

The income per share is 0.17 yuan, which is basically in line with our expectations (0.16 yuan). The cash flow generated by operating activities per share was 0.97 yuan, down 20.81% from the same period last year. The distribution plan is 0.8 yuan (including tax) for every 10 shares.

The product volume increases and the price decreases, the income declines; the raw material drops significantly, the gross profit margin increases. Sales of the company's main products, beverage packaging products (93% of revenue and profit contribution), increased with market demand, but prices fell, resulting in a decline in overall revenue. The decrease in the unit cost of raw materials was even more significant, raising the gross profit margin in 2009 to 26.6% (22.1% in 2008).

The decline in the rate of three expenses further increases profits. The company's sales expense rate and management expense rate in 2009 were roughly the same as those in 2008, while the financial expense rate decreased significantly (6.33% in 2008 VS 4.91% in 2009), which was due to the strengthening of liquidity management and the reduction of average loan balances. The increase in gross profit margin in 2009 and the decline in three expense rates led to a significant increase in profitability: the operating profit margin was 10% (4% in 2008) and the net profit margin was 4.12% (1.52% in 2008).

Revenue and profit decreased significantly in the fourth quarter compared with the previous quarter. Affected by the traditional off-season factors of the industry in the fourth quarter, revenue decreased significantly from the previous quarter (operating income of 531 million yuan, down 39% from the previous quarter). The loss of management expenses and asset impairment (bad debts, falling inventory prices, long-term equity investment), coupled with 2900 million non-operating expenses in the fourth quarter of 2009 (mainly due to losses on the disposal of fixed assets), dragged down the net profit of the same quarter by 39 million, down 160% from the previous quarter.