In 2012, the company achieved operating income of 53 million yuan, a year-on-year decrease of 26.19%; operating profit of 6 million yuan, a year-on-year decrease of 150.12%; net profit attributable to owners of the parent company of 13.71 million yuan, a year-on-year decrease of 1.54%; and basic earnings per share of 0.03 yuan. Cash dividend of 0.1 yuan/10 shares (tax included). Poor performance growth: In the past five years, the compound growth rate of the company's operating income was -44.3%, the compound growth rate of operating profit was -46.59%, the compound growth rate of net profit attributable to the parent company was -24.43%, the compound growth rate of net assets was 3.95%, and the compound growth rate of total assets was -6.62%. There has been an increase in overall gross margin. During the reporting period, the company's comprehensive gross margin was 34.76%, up 24.72 percentage points from the previous year. The ability to control costs declined during the period. The company's fee rate for the period was 87.8%, an increase of 8.83 percentage points over the previous year. Among them, the sales expense ratio was 0.01%, an increase of 0.01 percentage points; the management expense ratio was 73.32%, an increase of 5.36 percentage points over the previous year; and the financial expense ratio was 14.47%, an increase of 3.46 percentage points over the previous year. There is little financial pressure. The balance ratio at the end of the period was 29.44%. Excluding advance accounts, the real balance ratio was 28.99%, down 1.56 percentage points from the previous year, and long-term financial pressure decreased; monetary capital at the end of the period was 276 million yuan, down 29.58% year on year; “monetary capital/ (short-term borrowings+non-current liabilities due within one year)” was 1.52 times, down 0.19 year on year, and short-term financial pressure increased. The return of operating cash is poor, and performance locking is weak. The cash inflow received by the company during the period from selling products and providing services was 52 million yuan, a year-on-year decrease of 89.65%. The return of operating cash was poor compared to the same period last year, and the pre-sale of projects was poor. Advance accounts collected at the end of the period were $05 million, up 10.44% from the beginning of the period. Advance accounts were 8.45% of 2012 settlement revenue, and 2013 performance was weak. Sale of financial assets. From February 26, 2013 to March 1, 2013, the company sold a total of 10 million shares of Guanhao Hi-Tech shares and received a total investment income of about 140 million yuan. The company said it will record most of Guanhao Hi-Tech's stock investment income in the 2013 quarterly report. The company's main focus is on the Southern Logistics Park. The company's future focus is mainly on the Southern Logistics Park under construction. Among them, the Park Block A project was registered in April 2010. The total investment of the project is RMB 600 million, the total land area is 57,800 square meters, the total construction area is 143,000 square meters, and the construction type is commercial housing. With the development and construction of this plot, the logistics park project is expected to become a new profit growth point. Currently, the project still needs approval from relevant departments, and the corresponding plot development has not yet started. Ryokuchi plans to go public on a backdoor basis. The company already held 3.75% of Greenland Group's shares in 1998, with an investment cost of 6 million yuan. Subsequently, in 2003 and 2009, the company increased its investment by 2.178 million yuan and 1,311 million yuan respectively, with a total investment of 9.489 million yuan, holding 2.95% of the shares in Greenland Group. We believe that there is a high probability that Dat Xanh will split the hotel business and go public overseas. With the asset securitization of Dat Xanh Group, the company's initial investment costs of less than 10 million yuan are expected to fully benefit. Earnings forecasts and investment ratings. Since the Rose Square office building project has basically achieved sales revenue, and most of the other projects are currently in the early stages of development, the settlement period is uncertain, and there are no profit forecasts or investment ratings yet. Risk warning: Performance sustainability risk, uncertainty in new project development; the company's ability to withstand risks is weak.