Traditional business remains stable. Judging from the company's revenue and profit situation in the first three quarters, it achieved main business revenue of 260 million yuan in the first three quarters, an increase of 6.8% over the previous year. From the perspective of gross margin, the consolidated gross margin for the first three quarters was 46.8%, a slight increase from 45.1% in the same period last year. Today, when the power equipment industry is fiercely competitive, this is not easy. However, we also noticed that sales expenses accounted for 13.6%, an increase of 3.4% over the same period last year, while management expenses fell 1.3%. Overall, the company's traditional business remained stable. Polyimide fibers are still affected by the cycle, and sales have not broken through much. A breakthrough has been achieved in the production of the company's polyimide fiber production line, but as we have previously judged, the company's heat-resistant fiber is mainly used in thermal power, cement and other industries. These industries are all cyclical industries. Affected by macroeconomics, the company's polyimide fiber sales volume has not broken through much. For this reason, we have drastically lowered the company's polyimide fiber sales data for the next two years. Polyimide diaphragms strive to improve yield in order to meet the standards of industrialization. The company's polyimide diaphragms have always been tested as next-generation lithium-ion battery separators. The batteries in trial production have all performed well, but the current yield of batteries produced using diaphragms is still insufficient, so we are striving to improve the yield to meet the standards of industrialization. For this reason, we have also lowered the sales data for this product. Performance forecasts and investment advice. The slow performance of the company's new materials business is also a result of multiple factors. We have lowered the revenue and profit brought by the company's new materials business. It is estimated that the company's EPS in 2012-2014 will be 0.12, 0.13, and 0.17 yuan/share, and the corresponding PE will be 68X, 60X, and 48X, respectively. We are still looking forward to a breakthrough in the new materials business, which is temporarily affected by valuations and given a rating of increase in holdings.