In 2012, the company achieved operating income of 3,213 billion yuan, a year-on-year decrease of 1.25%; operating profit of 429 million yuan, a year-on-year decrease of 5.49%; net profit attributable to owners of the parent company of 260 million yuan, a year-on-year decrease of 2.86%; and basic earnings per share of 0.2,400 yuan. The company plans to distribute 0.75 yuan in cash (tax included) for every 10 shares. Fundamental description: A leading real estate enterprise in Tianjin. The company is a company based in Tianjin with real estate development and sales as its main business. The products developed include commercial housing, limited-price commercial housing, and affordable housing. The rapid economic development of the Tianjin region and the city's continued increase in investment in guaranteed housing will provide some support for the company's continued development. In 2012, the company completed an annual sales area of 153,200 square meters and an annual sales contract amount of 1,4575 billion yuan; the company's business plan for 2013 is: the annual construction area is 2,6594 million square meters, and the main business revenue is 1,611 billion yuan. The consolidated gross margin declined. During the reporting period, the company's consolidated gross margin was 28.29%, down 1.91 percentage points from the previous year, mainly due to a slight decrease in the gross margin of commercial housing in the company's operating income during the period compared to the same period last year, resulting in a slight decline in commercial housing gross margin. Affected by real estate regulation policies, the company's sales revenue declined. The central bank cut interest rates twice in June and July last year had a positive effect on the enthusiasm of needy buyers to enter the market. To a certain extent, the activity in the real estate market increased in the second half of the year. In the reporting period, the company's affordable housing for the current period and the same period last year was mainly affordable housing in Huaming New Home. After the project was approved by relevant departments in Tianjin, sales prices were raised, so the profit margin for affordable housing increased significantly compared to the same period last year. In addition, the company's other operating income also includes construction materials, housing rental, property management, and three other items, accounting for less than 10% of the company's total operating income or total operating profit. The ability to control costs declined during the period. The company's fee rate for the period was 8.5%, an increase of 0.23 percentage points over the previous year. Among them, the sales expense ratio was 2.94%, down 0.29 percentage points from the previous year; the management expense ratio was 4.64%, up 0.37 percentage points from the previous year; and the financial expenses ratio was 0.91%, up 0.15 percentage points from the previous year. Long-term financial pressure has increased, and short-term financial pressure has decreased. The balance ratio at the end of the period was 59.1%. Excluding advance accounts, the real balance ratio was 36.61%, up 9.97 percentage points from the previous year, and the long-term financial pressure increased; the monetary capital at the end of the period was 1,296 billion yuan, up 1% year on year. “monetary capital/ (short-term borrowings+non-current liabilities due within one year)” was 1.44 times, up 1.03 year on year, and short-term financial pressure declined. We previously estimated that the company's earnings per share for 2013-2014 were 0.27 yuan and 0.30 yuan respectively. Based on the closing price of 3.19 yuan on May 2, 2013, the corresponding dynamic price-earnings ratio was 12 times and 11 times, respectively, maintaining an investment rating of “increased holdings”. Risk warning: The industry faces risks such as interest rate hikes, single regional development risks, and policy regulation