On January 8, 2013, the company signed a strategic cooperation agreement with Langyuan Co., Ltd. to cooperate in five areas, including connecting upstream and downstream industrial chains, nuts, dried fruits, and finished snacks, resource sharing, investment cooperation intentions, and establishing a regular communication mechanism. Review the strategic cooperation agreement will not have an impact on the company's performance in the short term. Based on upstream and downstream collaboration, joint development, complementary advantages, and innovative models, the company and Langyuan Co., Ltd. aim to strengthen the agricultural products industry chain, expand the market network, expand the fields of cooperation, and enhance brand influence, and enhance brand influence by building a brand, on a large scale, equality, mutual benefit, and win-win cooperation. The business scope of Langyuan Co., Ltd. includes the cultivation, storage, processing and sale of fruits, vegetables, raisins, nuts, and nuts. The company's implementation of this strategic cooperation agreement is a useful exploration for the company to strengthen cooperation with upstream enterprises. The two sides have jointly invested in the development of fruit juices and beverages, integrated the company's economic resources, enriched the company's production, and will not have a significant impact on the company's business performance in the short term. However, it will be a useful exploration for the company's long-term development. Furthermore, this strategic cooperation agreement is only a framework, and we will continue to monitor future progress. Profit forecasting and ratings: We believe the company has strong market pricing and cost control capabilities. The company is in the process of development and transformation. Assuming that the company's targeted additional distribution is completed in the first half of 2013, we maintain our previous profit forecast and believe that the company's net profit in 2012 reached about 140 million yuan, corresponding to earnings per share in the range of 0.35 yuan in 2012. The company's current stock price is 10.20 yuan, and the corresponding PE is 29. If the additional distribution is completed in 2013 and the company's transformation is successful after mergers and acquisitions, it is assumed that future revenue will maintain a 40% increase. Due to share capital expansion, the 2013 EPS is 0.37 yuan, and the 2014 EPS is 0.51 yuan. The valuation of the corresponding stock price of 8.63 yuan is 20 and 15 times. The introduction of the company's strategic investors in December 2012 changed the company's capital structure, improved the company's debt costs, and was beneficial to the company's long-term development. We believe that the company's development has reached a new level. Strategic investors are also optimistic about the company's long-term investment value. We gave the company a “buy” rating on December 14, 2012. At that time, the stock price was around 8.63 yuan, an increase of 18%. The company's current stock price is basically reasonable, and the company is rated as “increased holdings.” Risk factors: Management integration risk of entering new markets, slower than anticipated mergers and acquisitions, food safety risks, and other uncertain risks.