Profit increased 75% year over year in 2012: during the period, the company achieved revenue of HK$4.889 billion, up 11% year on year; gross profit of HK$1.1 billion, up 22% year on year, and gross profit margin of 22.5%, up 2.5 percentage points year on year; profit during the year was HK$734 million, of which company owners accounted for HK$366 million in group profit, a significant increase of 75% year over year. As of December 31, 2012, the company's total assets were HK$9.188 billion, up 29% year on year; cash on hand was HK$2.4 billion, up 19% year on year; diluted earnings per share were HK7.34 cents, with dividends of HK0.65 cents. The sharp increase in the company's profit mainly benefited from the increase in gas sales business and investment income. The company's profit growth exceeded our expectations. Excluding other earnings of HK$54.67 million, profit increased by about 50% year over year, in line with our expectations. The company's other income during the period was mainly generated by some of the stock assets held by the company before sale under improved market conditions and fair value accounts. In the future, the company's stock investment will decrease. Cash management mainly uses stable products such as investment grade bonds and certificates of deposit. It is expected that this portion of earnings may stabilize in the future. The core gas sales business increased by 21% in 2012: in the company's revenue structure in 2012, core natural gas sales revenue was HK$4,310 million, up 21% year on year, accounting for 88% of total revenue; gas pipeline construction and connection revenue was HK$496 million, up 26% year on year, accounting for 10% of total revenue; the rest was LPG business, which decreased revenue from HK$450 million last year to HK$84 million. The increase in the company's overall gross margin was mainly due to changes in revenue structure, high-margin gas sales revenue, and increase in connection fees. The company's total annual sales volume of gas was 3.761 billion cubic meters, of which gas sales increased 22% to 1,930 billion cubic meters; gas transmission volume was 1,731 billion cubic meters, an increase of 41% over last year, and logistics transportation volume of 100 million cubic meters, an increase of 9% over the previous year. Pipeline transportation and gas sales business growth remained strong in 2013: in 2012, the company's Zouping natural gas utilization project, Gaoqing-Binzhou high-tech pipeline project, Xining Huancheng Pipeline, Ganhe River Branch Pipeline, Xinyi High Pressure Pipeline, and Pingdong Economic Zone high-pressure pipeline, all six branch lines were built one after another. A total of 251 kilometers of high-pressure pipelines were added, with a total design capacity of 11.7 billion cubic meters. In 2013, the company's new pipeline was expanded and extended on the basis of the existing pipeline layout, and new regional pipelines were actively developed. The length of the branch pipeline planned by the company is about 200 kilometers. We expect that the branch line put into production in 2012 plus the original branch line will add 800 to 1 billion cubic meters of gas supply. In addition to gas sales volume, total gas sales volume is expected to increase by at least 30% in 2013. Raise the target price to HK$1.96, rating buy: We update the company's profit forecast based on the growth of the pipeline distribution and gas sales business. Based on the valuation level of the industry, we gave the company a PE standard of 20 times in 2013 and updated the target price to HK$1.96. The target price was 33% higher than the current price, and the rating was purchased.