Ten thousand yuan, a year-on-year decrease of 11.20%, achieved net profit attributable to the owners of the parent company of 100 million yuan, an increase of 13.09% over the previous year, and an EPS of 0.45 yuan, which is basically in line with our previous estimates. The company disclosed its 2011 profit distribution plan, and distributed a cash dividend of RMB 3 (tax included) for every 10 shares, while sending 5 shares for every 10 shares of undistributed profit to all shareholders. The pressure on the company's operations in 2011 was mainly reflected in the decline in gross margin. The comprehensive gross margin during the reporting period fell 2.07% from the previous year. Among them, the traditional dominant business, the gross profit margin of the glass tempering equipment business was 29.46%, down 3.95% from the previous year, close to the lowest value in 2008 history. Sluggish industry demand and limited increases in equipment unit prices. Labor costs rose 28.29% year on year, and steel costs rose 17.03%, which is the main reason for the decline in the gross margin of this business. The subsidiary Beijing Beibo Safety Glass Co., Ltd. stopped large-scale production in the first three quarters of 2011, and made every effort to develop high-end deep-processed glass products and test customized equipment for orders from Apple in the US, causing the gross margin of the company's deep processing glass business to drop 2.03% year on year. Although the gross margin of the low-radiation coated glass equipment business rose 5.30% year over year, it was only an increase in the price of a single unit of equipment, not accompanied by an increase in sales volume. The company's two deep-processing glass equipment businesses were affected by the tightening of real estate policies and the decline in the prosperity of the glass industry. The sales volume was slightly lower than our previous expectations of 2010. We estimate that the company's sales volume of tempered equipment in 2011 was about 336 units, a year-on-year decrease of 3%, and that the confirmed revenue of low-radiation coated glass equipment in 2011 was about 2.6 units, which is lower than our previous expectation that revenue can be confirmed for 3 units, resulting in a 13.09% year-on-year decline in the company's revenue for low radiation coated glass equipment. We believe that at present, the glass industry is at the bottom of prosperity, and that it will slowly recover in the future, and that the recovery of the glass deep processing equipment industry lags even further, or will begin in 2013. We slightly lowered our profit forecast. We cautiously anticipated that the company's 2012-2013 EPS would be 0.49 or 0.63 yuan, and the corresponding PE would be 22.7 and 17.8 times. Considering the possibility that the company's orders for deep-processed glass products will increase significantly in 2012-2013, we maintain an “increase in holdings” rating.