Key investment points: Steady progress in the first quarter of 2011, the company achieved operating income of 308 million yuan, up 8.75% year on year; operating profit of 286.657 million yuan, up 12.78% year on year; net profit attributable to owners of the parent company was 2.003 million yuan, an increase of 8.10% year on year. Cost pressure was weakened, and profitability did not decrease. Prices of major upstream chemical raw materials began to rise again after experiencing a brief decline in the late second quarter. Facing the rise in raw material prices, the profitability of the industry declined sharply, and the gross margin of BOPP film and CPP film declined. However, with the increase in demand for BOPET films at home and abroad and the expansion of application fields for BOPET films themselves, BOPET films are still in short supply, and the gross margin of the company's BOPET film has risen to more than 30%; in addition, the profitability of the company's mass-produced capacitor films has increased, and the gross margin has reached more than 27%. The increase in the profitability of these two businesses has made up for the shortcomings of other projects, and the company's overall profitability has not decreased. Driven by domestic demand, exports and new uses, the domestic BOPET industry is expected to maintain its boom. BOPET has broad prospects as a new type of industrial material with high strength, high barrier properties, and high temperature resistance. In terms of demand, in traditional fields, in the packaging industry with a steady growth rate, BOPET continues to expand its share of plastic films due to its high performance. In new fields, such as heat-shrinkable films, optical films, and solar films, etc., give the BOPET industry more room for development. Furthermore, the BOPET industry is facing an accelerated shift in global production capacity to China. To raise capital to enter the field of new energy films, the company announced on January 31, 2011, that it plans to raise funds for an ultra-thin capacitive film project with an annual output of 8,000 tons, a lithium battery separator project with an annual output of 60 million square meters, and a solar cell packaging material project with an annual output of 120 million square meters. We are optimistic about this project.