According to the 2009 three-quarter report, the company achieved operating income of 6.308 billion yuan, an increase of 31.59% over the previous year; realized operating profit of 85.81 million yuan, an increase of 51.53% over the previous year; realized net profit attributable to shareholders of listed companies of 33.98 million yuan, an increase of 8.67% over the previous year; and earnings per share of 0.14 yuan. Among them, in the third quarter, the company achieved operating income of 2.163 billion yuan, an increase of 2.97% over the previous year; realized operating profit of 15.74 million yuan, an increase of 94.80% over the previous year; and realized net profit attributable to shareholders of listed companies of 5.35 million yuan, a decrease of 34.44% over the previous year. The trading business has led to a significant increase in revenue. The company's industry is involved in various fields such as commercial trade, real estate, information industry, and warehousing. In the first three quarters of 2009, the company achieved explosive revenue growth under the two-way drive of trade and real estate business: 1) The commercial business accounted for 94% of the company's total revenue, and the revenue growth rate of the commercial business reached 56.07% from January to June, which was the main driving force for the company's business growth. In the commercial trade business, the company's automobile sales business achieved revenue of 3.838 billion yuan in the first half of the year, and the revenue growth rate was close to 57%. We believe that in the context of the economic downturn in the first half of the year, the government's proposal for “cars to the countryside” to expand domestic demand was the main reason driving the sharp increase in the company's automobile trade business; 2) the real estate business accounted for about 5% of the company's total business, but since the company's real estate projects in Zhangzhou, Huainan, Hengyang and other places all achieved good sales rates in the first half of the year, the real estate business revenue also increased 36% year over year, while the share of gross profit rose from 32% at the end of 2008 to 45% in mid-2009. The cost ratio for the period declined, and the return on investment was drastically reduced. Due to a sharp increase in the size of revenue, the company's expense ratio also declined markedly during the period. The period fee rate fell to 2.24% from 3.91% in the same period last year, a decrease of 1.67 percentage points. However, the company's investment income declined sharply, by 124%, mainly in investment income obtained during the period of holding marketable financial assets. Risk warning: Investors should pay attention to the risk of macroeconomic fluctuations and market risks associated with the stock exchange market. Profit forecast and investment rating: We expect the company's 2009-2010 EPS to be 0.19 yuan and 0.20 yuan respectively. Based on the closing price of 10.65 yuan on October 23, the corresponding dynamic PE is 56 times and 53 times, respectively, giving a “neutral” rating for the first time.