In 2009, operating income was 1,466 billion yuan, up 34.55% year on year; operating profit was 103 million yuan, reversal of losses year over year; net profit attributable to shareholders of listed companies was 114 million yuan, reversal of losses year over year; net profit attributable to shareholders of listed companies after deducting non-recurring profits and losses was 3.665 million yuan, reversing losses year on year; and earnings per share of 0.69 yuan. The company does not distribute profits. Large-scale promotions have led to rapid growth in health alcohol. During the reporting period, health alcohol production increased 14.5% year on year, revenue was 545 million yuan, up 12.23% year on year, mainly promotional expenses increased by 46.54 million yuan year on year. Among them, health alcohol revenue fell by 46.07% in the first half of the year due to the financial crisis; in the second half of the year, with economic recovery, there was a rapid growth trend, and health alcohol revenue increased sharply by 78.69% year on year. Hainan became the highlight of health alcohol. In 2009, the company's health alcohol sales in the Hainan market increased 56.38% year on year. However, markets outside of Hainan need to step up marketing efforts to face the fierce competition in the industry. The health alcohol market share is second, and it is expected to share the rapid growth of the industry. China's health alcohol industry is currently developing rapidly with an annual growth rate of 30%, and the market capacity is huge. The company's Coconut Island Deer Turtle Liquor is positioned in the gift market. It is a high-end product, concentrated in East China, and mainly through supermarket channels. Subsequently, the company launched Coconut Island Haiwang Liquor at medium to low prices to seize the catering channel. A few years ago, the development of the company's health alcohol lagged behind the No. 1 strong wine, but as the main business strategy focuses, production capacity bottlenecks open, and marketing ideas improve, the growth rate of health alcohol will further increase. The sale of San'an Optoelectronics yielded investment income of 77.22 million yuan. The company holds 6.693 million shares of San'an Optoelectronics, with 4.6404 million shares already listed and in circulation. The remaining 2 million restricted shares are pledged to Zhongrong International Trust Co., Ltd. During the reporting period, the company sold part of Sanan Optoelectronics shares and obtained investment income of 77.22 million yuan. The remaining equity increased capital reserve by 91.06 million yuan, which will gradually be reflected in the company's performance based on the company's future sales situation. Other business overviews. 1): The fuel ethanol project has yet to be approved. Once approved, it will become the company's profit highlight. In order to guarantee the supply of raw materials for the project, the company has accelerated the pace of construction of a base in Laos. The province has mainly set up demonstration bases to drive farmers' cultivation; 2): the oil and trade business has basically achieved a profit and loss balance (the Jingzhou Grease Project successfully cooperated with central enterprises), which has greatly reduced the burden on the company; 3): The real estate project in the Haikou winery area is under construction, planning and design work, and is expected to commence construction in the first half of 2010, and sales at the end of the year; the Danzhou villa area real estate project has clarified development ideas and entered the stage of substantial development. Earnings forecasts and ratings. We are only considering the alcohol business. We expect earnings per share for 2010 and 2011 to be 0.42 yuan and 0.56 yuan respectively. Based on the latest closing price of 23.26 yuan, the corresponding dynamic PE is 55X and 42X, respectively, maintaining a “neutral” rating. The company's tapioca ethanol project, real estate, and remaining shares in San'an Optoelectronics will gradually contribute to profits. There is plenty of room for imagination, high performance flexibility, and due attention to their trading opportunities.