In the first half of 2012, the company achieved operating income of 8.382 billion yuan, a year-on-year increase of 27.76%; operating profit of 103 million yuan, an increase of 30.49%; net profit attributable to the parent company of 508.11,500 yuan, an increase of 7.63%; and basic earnings per share of 0.2115 yuan. The increase in operating income was slightly lower than the increase in operating profit. During the reporting period, the company's operating income was 8.382 billion yuan, an increase of 1,821 billion yuan over the same period last year, mainly due to growth in trade, real estate, and electronic information business volume. Among them, the trade business achieved revenue of 8.014 billion yuan, an increase of 25.44% over the previous year; the real estate business achieved revenue of 147 million yuan, an increase of 213.64% over the previous year; and the information products business achieved revenue of 199 million yuan, an increase of 84.25% over the previous year. The overall gross margin increased, and the cost ratio increased slightly during the period. In the first half of 2012, the company achieved a comprehensive gross profit margin of 4.13%, an increase of 0.11% over the previous year. Sales expenses were 77.5051 million yuan, up 41.01% year on year; management expenses were 82,822,800 yuan, up 22.83% year on year; and financial expenses were 91.1703 million yuan, up 99.94% year on year. The overall fee rate for the period increased by 0.44 percentage points. The company seizes the country's historic opportunity to develop strategic emerging industries, expand and strengthen “one” — the main electronic information industry; adapt to the general economic trends at home and abroad, promote the steady transformation of the bulk trade and real estate industry, and consolidate the “two wings” of excellence. In 2012, the company plans to put the packaging production line expansion project into operation in the optoelectronics business, reduce costs, improve market competitiveness, and form a situation where application products and packaging products develop together; continue to increase capital investment in the electronic label business to accelerate the pace of large-scale development of Cinda IoT; focus on cultivating business models centered on cathode copper, ferrous metals (iron ore, steel), energy and petrochemicals, and accelerate the integration of upstream and downstream industrial chains, while increasing investment in duty-free shopping malls. The company's real estate business development projects are all located in third-tier cities and are less affected by policy regulation. The company will do a good job in the final sales of the Huainan, Zhangzhou and Hengyang projects, manage the Danyang project development process, and ensure the stable development of the company's real estate business. Profit Forecast and Risk Warning: The company's earnings per share are expected to be $0.32 and $0.49 from 2012 to 2013. Based on the closing price of 8.48 yuan on August 16, 2012, the corresponding dynamic price-earnings ratio was 27 and 17 times, giving it a “neutral” investment rating. Risk warning: The risk of declining international demand and the risk that future real estate sales in third-tier cities may also be affected by the general environment of the industry.