Net profit for the first three quarters of 10 years increased 4.63% year on year, falling short of market expectations. Zhongqingbao's revenue for the first three quarters was 52 million yuan, down -2.06% year on year, net profit was 29 million yuan, up 4.63% year on year, and basic earnings per share were 0.23 yuan. Among them, revenue and net profit for the third quarter fell -7.96% and -17.89% respectively, falling short of market expectations. In the fourth quarter, the company's various products ended the testing period and entered the harvest stage. Annual revenue is expected to reach 87 million yuan. The slowdown in revenue growth is due to the game development cycle and the slump in the number of new game users. In 10 years, China Qingbao has successively launched strategies such as “Recruiting Gaobao” and expanding marketing channels, and launched a variety of games, “Bright Sword” in March, “Dream Back to Mountains and Seas” in July, and “Tianzhao” in September. “Bright Sword” is the same red online game as the company's original product, and some of its original customers were diverted after launch. The number of closed beta users of “Dream Back to the Mountains and Seas” was only 10,000. By October, it entered the operation period, and revenue contribution was limited. The overall market reaction for newly launched games in the first three quarters fell short of market expectations, causing the company's performance to be sluggish. There is still room for growth in 2011 performance, and subsequent new products are the driving force. As of the end of September, Zhongqingbao only operated 4 games, and will launch 6 games from the second half of '10 to '11. The “Recruiting and Entering Bao” program that China Qingbao began in April is recruiting partners to develop games, which is conducive to using external forces to bridge the gap between online game manufacturers in the same tier of game quality. In order to strengthen online games, China Qingbao launched the “Fun Network” web game platform. The rapid pace of launch of web games has led to a rapid increase in this segment of revenue. A “neutral” rating was given for the first time. Revenue is expected to increase by 10.8%, 34.0%, and 30.2% from 2010 to 2012; EPS is 0.36 yuan, 0.49 yuan, and 0.62 yuan respectively; corresponding to the current PE stock price of PE is 60 times, 44 times, and 35 times, respectively. Considering that the company is in the second tier of domestic online game manufacturers, there is still a big gap between its strength and first-tier manufacturers, giving it a “neutral” rating for the first time.