In the first half of the year, the company achieved operating income of 177 million yuan, a year-on-year decrease of 5.84%, operating profit of 18.8 million, a year-on-year decrease of 32.35%, net profit attributable to shareholders of the parent company of 15.68 million, a year-on-year decrease of 36.24%, and earnings per share of 0.07 yuan, lower than expected. The up-and-coming door and window frames have increased dramatically. Because of their relatively low share, they still cannot make up for the impact of the decline in the performance of photovoltaic glass on the company. Currently, the company's three major businesses, security glass, door and window steel frames, and photovoltaic glass, account for 79%, 6%, and 13% of revenue in 2012, and the structure for the first half of this year is 80%, 12%, and 7%. Security glass revenue was 142 million yuan, gross profit margin of 38.15%, revenue and gross profit were basically the same as the same period last year; door and window steel frames were 22.41 million, up 65% year on year, and gross profit margin was 47.89%, which was the company's highest gross margin business; the company's photovoltaic industry was still sluggish in the first half of the year. The company's photovoltaic glass revenue was 12.5627 million, a sharp drop of 61.7% year on year, and gross profit was -10.8%, compared to 37.88% in the same period last year. The company's net profit for the second quarter fell sharply by 50.2% year over year. The company's gross profit margin for the second quarter was 32.3%, down 7 percentage points from the previous month, a sharp drop of 9.4 percentage points from the previous year, and the net profit for the single quarter fell 7% month-on-month and 50.2% year-on-year. The three cost rates have increased, and the company will suspend the photovoltaic production line in the second half of the year to reduce costs and expenses. The company's three-item fee rate for the first half of the year was 23.95%, an increase of nearly 2 percentage points over the same period since 2010. The increase in expenses came from management expenses and financial expenses. Among them, the company issued 226 million bonds in the first half of the year, and the financial expense ratio already accounted for 5.3%, an increase of 1.8 percentage points. In order to reduce costs and administrative expenses, the company suspended production of battery production lines. The slow introduction of fire safety regulations has had a great impact on the widespread promotion of fireproof glass. As a participating editor, the introduction of the “Fire Prevention Code for High-rise Civil Building Design” has been delayed. When it will be introduced is an uncertain event, which has had a great impact on the large-scale promotion of security glass. Profit forecasts and investment advice. The company's security glass orders are relatively stable. The increase in the second half of the year was mainly due to steel frames for doors and windows. The performance for the first half of the year was lower than expected. We lowered our profit forecast. We expected the company's EPS for 2013-2015 to be 0.17\ 0.29\ 0.36 yuan. The performance in the second half of last year was low. The performance growth rate for the second half of this year is expected to be corrected. The performance growth rate for the second half of this year is expected to be corrected, and PE is 33 times higher, maintaining the “increased holding” rating. Risk warning: raw material prices are rising; demand is weak.