In 2009, the company achieved operating income of 4.387 billion yuan and net profit attributable to shareholders of listed companies of 437 million yuan, up 29.25% and 18.63% respectively over the previous year. The company's earnings per share in 2009 were 0.50 yuan, higher than our previous forecast. The main reason is that the company's full-year carry-over revenue exceeded expectations. Projects such as No. 9 Changjiang Road in Nanjing, Tiandu City in Hangzhou, and Jiangnan Bauhinia Garden in Dongyang are the main sources of the company's carry-over revenue. Furthermore, the company obtained investment income of 225 million yuan from the transfer of shares in Jinxin Trust Co., Ltd. and Tonghe Investment Holdings Co., Ltd. The company benefited from the market recovery in 2009, and both development investment and sales increased. The company invested 2,598 billion yuan in real estate project development throughout the year, contract sales amount was 3.02 billion yuan, and the company's book advance payment at the end of the year still reached 2.42 billion yuan, which guarantees 10-year performance. The recovery in sales also had a positive impact on the company's capital. The annual return of capital was 2,876 billion yuan, and the net cash flow from operating activities reached 644 million yuan. The company's ability to repay its debt has greatly increased, the balance ratio has dropped to 77.25%, the liquidity ratio has increased, and the net debt ratio has also fallen below 100% for the first time, to 70.9%. There has also been a breakthrough in the company's efforts to improve the project structure recently. Guangsha and Chongqing Real Estate have been in a state of loss for a long time. The company transferred 99.06% of its shares in January at a transfer price of 182 million yuan. This move will help the company go into battle lightly and focus on core development projects. As the company's cash flow situation improves, we expect that the company's financial costs will be reduced, and the transfer of the Chongqing project will also help increase the company's overall carry-over margin. We expect the company's earnings per share for the year 10 and 11 to be 0.60 and 0.72 yuan respectively. Currently, the valuation is low, maintaining the target price of 12 yuan, and maintaining the “buy” rating.