On the evening of March 27, Huading Nylon released its 2012 report. The company's annual revenue was 1.77 billion yuan, up 1.7% year on year; operating profit was 67.44 million yuan, and net profit attributable to shareholders of the parent company was 76.14 million yuan, a year-on-year decrease of 44.4%, achieving 0.12 yuan per share. Brief review of the continuous decline in nylon prices throughout the year dragged down the company's overall performance. Among the company's three filament varieties, DTY's profit bucked the trend. Among the company's three filament varieties, HOY wire revenue was 315 million yuan, down 20.5%, and profit fell 56%; FDY wire revenue was 492 million yuan, down 2.27%, and profit fell 41.56%; DTY wire revenue was 943 million yuan, up 14%, and profit increased 1.68%. At the beginning of the year in April, the company's 40,000 ton filament fund-raising project was fully completed. The small decline in FDY revenue and the slight increase in DTY wire revenue should mainly be due to an increase in product sales. The revenue and profit share of the three major products changed slightly in 2011. The main thing is that DTY's profitability remained good, and FDY and POY profits declined significantly. Affected by insufficient demand at home and abroad, the overall textile industry situation was poor in 2012. Prices of most types of chemical fiber fell from their high point at the beginning of the year. The price of nylon civilian yarn also showed a downward trend in prices throughout the year. The trend in the nylon industry declined sharply, and the increase in the company's product sales could hardly bear the decline in product prices, and the performance was greatly affected. Among the company's products, HOY wire and FDY wire are mostly conventional varieties, which are greatly affected by the industry sentiment, so gross margin has declined significantly in line with industry trends. DTY products include more high-end products, and the market demand is good, and they have maintained a good gross margin level. Starting in the second half of '11, the DTY gross margin level bucked the trend and reached around 15% in the second half of '12. The second and third quarter was a full-year low. The fourth quarter results began to pick up. Net profit for the third quarter was only 2%, reaching the lowest point in recent years. The textile industry recovered slightly after the fourth quarter, and the company's nylon profitability began to rebound. The comprehensive gross margin reached 18% and the net profit margin reached 9%, indicating that the profitability of the three major products recovered, and the company's single-quarter results reached 0.046 yuan/share after deducting non-operating income. Domestic and foreign macroeconomics gradually recovered in '13, and the textile industry began to improve steadily. The sharp increase in textile exports in the first quarter drove downstream weaving companies to actively prepare goods. The chemical fiber industry experienced a round of boom rebound. Currently, there is a slight correction. We expect the textile industry chain to continue to improve steadily after the second quarter, and the company's performance will maintain a steady recovery trend.