The decline in performance stemmed from the contraction of the crude oil business in 2006. The company achieved main business revenue of 162.37 million yuan, a year-on-year decrease of 20.94%, and realized profit after tax of 31.06 million yuan, a year-on-year decrease of 48.45%, and achieved earnings per share of 0.126 yuan. The decline in the company's performance was mainly affected by the completion of the Yizheng Changling crude oil pipeline. In 2006, the company's crude oil handling volume was 10.94 million tons, a decrease of 49.65%. In 2007, as the impact spread to the whole year, transportation volume is expected to continue to drop by 5 million tons. The refined oil products and liquid chemical business is developing rapidly. Although the market competition is fierce, the refined oil products and liquid chemical business is developing rapidly due to growing market demand. In 2006, the company completed the handling of 1.99 million tons of liquid chemicals, a year-on-year increase of 21%, and completed the handling of 1.04 million tons of refined oil products, a year-on-year increase of 51%. Most of the company's controlling shareholding companies are not yet in operation, so it is difficult to make a significant contribution to performance in the short term. Longtan Phase I's performance contribution is limited. The Longtan container business is the company's future development focus. We are optimistic about the container business, but believe that Longtan Phase I's performance contribution is limited. The first phase of Longtan has a design throughput capacity of 520,000 TEU. Assuming full saturation reaches 1 million TEU, Longtan can achieve a net profit of about 120 million, and Nanjing Port can enjoy only 30 million, which is not enough to make up for the loss of profits caused by shrinking pipeline crude oil. We believe that in the long run, only by increasing Longtan's shares can the company's development be more guaranteed. The rating is based on the company's profit of 0.154 yuan per share in 2008. The dynamic price-earnings ratio of the current stock price reached 47 times, which has exceeded a reasonable valuation level. We gave it a “holding” rating.