1. Summary of the company's 2013 performance: The company recorded operating income of 1,385 billion yuan in 2013, up 4.0% year on year; gross margin was 66.9%, down 1.2 percentage points year on year; net profit attributable to shareholders was 671,000 yuan, down 99.4% year on year; earnings per share were 0.07 points. Affected by the macroeconomic downturn and the three public consumption policies, the company closed a high number of stores in 2013, which directly led to a sharp reduction in net interest rates, and performance fell far short of market expectations. 2. “Xiaonanguo” brand: The company's main brand “Xiaonanguo” is positioned in high-end restaurants and is greatly affected by policies. The Chinese government's reduction in luxury consumption last year had a major impact on the company's operations. Same-store sales fell 10%, and operating profit declined significantly. The company reformed the “Little South” brand in 2013. In addition to closing some loss-making stores, the company expanded the positioning of the “Little South” brand to household consumption and business banquets, which led to an increase in passenger traffic. We believe that under the current situation, the strategy for broadening the positioning of the “Xiaonanguo” brand is correct. Closing loss-making stores is conducive to raising the company's overall store profit level in the future, and the transformation of the “Xiaonanguo” brand is worth looking forward to. 3. “Nan Xiao Guan” brand: The company accelerated the pace of opening stores in South Xiaoguan in 2013. By the end of 2013, the company had operated a total of 7 South Xiaoguan stores, including 3 in Hong Kong and 2 each in Shanghai and Shenzhen. “Nan Xiao Guan” grew at a rapid pace in 2013, and the same store grew at a high rate, which is one of the highlights of the company's brands. The company plans to open 8-10 new South Pavilion in 2014, which is expected to become a new driving force for growth to make up for the impact of the decline in the “Little South” brand. 4. The company's multi-brand strategy: Brand differentiation is mainly reflected in whether the company uses a single brand or multiple brands. It will be relatively easy and more successful to develop from high-end to low-end in a multi-brand manner. The company's multi-brand strategy is based on the “Little South” high-end brand to develop the casual dining brand “South Gate”, which is in line with the multi-brand development and business model. Currently, the company's multi-brand strategy is quite successful. The “Little South” brand has been launched in Shanghai this year, and the multi-brand strategy is ongoing. 5. Business conditions in 2014: Affected by the Spring Festival situation in January of this year, the same stores grew relatively well, and in February, the same stores fell by 9-10% due to the off-season. Overall, the same stores are expected to drop by about 4% in the first quarter of 2013, and the situation is improving. The company expects this year's opinion situation to remain around 10 stores. We believe that the company's 2013 performance fell short of expectations, the same store growth was negative, and the number of store closures was high. Currently, the company attaches great importance to the “South Pavilion” brand, and plans to open about 10 stores this year. In the future, the company will continue to adhere to the multi-brand strategy and accelerate the transformation of the “Little South” brand positioning to business banquets and household consumption. The company will continue to make adjustments this year.