From January to September 2011, the company achieved operating income of 606 million yuan, a year-on-year increase of 4.98%; operating profit of 345 million yuan, an increase of 52.98%; net profit attributable to parent company owners of 286 million yuan, a year-on-year increase of 57.05%; and basic earnings per share of 1.57 yuan/share. Takeda's earnings boosted profits significantly. The company sold 25% of the shares of Tianjin Takeda Pharmaceutical Co., Ltd. at a transfer price of 120 million yuan, generating investment income of 98.48 million yuan, or approximately 0.46 yuan/share. The company's main pharmaceutical business maintained steady growth. The real estate business has achieved rapid growth. After deducting non-recurring profit and loss, in January-September, the company actually realized net profit attributable to the parent company of about 215 million yuan, an increase of 17.91% over the previous year. Decreased cost ratios offset lower gross margin. Due to increased costs and an increase in the share of the real estate business with lower gross margins, the company's consolidated gross margin was 60.34%, down 2.16 percentage points from the previous year. The company's fee rate for the period decreased by 3.55 percentage points year over year. Due to the sale of shares in Tianjin Takeda, interest on the company's cash-sufficient time deposit increased, and financial expenses were negative. The impact of the decline in gross margin was offset, so that after investment income was excluded, the profit growth rate was still faster than the revenue growth rate. It is expected that the volume of Mt. Subisan will continue. The company's core product, Subisan (indapamide tablets), has entered the essential drug catalogue and is mainly used for patients with mild to moderate hypertension. It has mild hypotension, accurate curative effects, and few adverse effects, making it an ideal long-term antihypertensive drug. At the same time, its price is low, and its competitive advantage in township and community hospitals is obvious. As our society ages, coverage of urban and rural health insurance is further expanded, and community chronic disease management is implemented, indapamide tablets are expected to be further expanded. New production bases are being built in an orderly manner. The fund-raising project of COVID-19 Pharmaceuticals for the industrialization of chemical raw materials and formulations is expected to be completed by the end of 2012. After the completion of the project, production capacity for chemical APIs will be increased: 550 tons of lamivudine per year; 50 tons of emtricitabine; 300 tons of nevirapine; and 2,000 tons of triclofenol glyceride. Production capacity for solid preparations was increased, with an annual production of 3 billion tablets; 400 million capsules; 600 tons of granules (export), 50 million bags (domestic sales). In addition, the company also used overraised capital to invest in biochemical pharmaceuticals's 23-valent pneumococcal vaccine project and production expansion and relocation project. Multiple projects will support the company's future development, profit forecasts and ratings. The company's 2011-2013 EPS is expected to be 1.88 yuan, 1.59 yuan, and 1.94 yuan respectively. According to the latest closing price calculation, the corresponding dynamic price-earnings ratios are 20 times, 24 times, and 20 times, respectively. Currently, the valuation is quite reasonable, and the company's investment rating is maintained as “neutral” for the time being.