In 2009, the company achieved operating income of 2.84 billion yuan, operating profit of 333 million yuan, a year-on-year increase of 635%, net profit attributable to the parent company of 220 million yuan, a year-on-year increase of 335%, basic earnings per share of 0.13 yuan, and a cash dividend of 0.5 yuan (tax included) for every 10 shares benefited from the sale of shares in Jiangsu Shuanggou Liquor. The company's profit increased significantly: the company sold 40.6% of Jiangsu Shuanggou Liquor's shares in September 2009 to achieve investment income of about 330 million yuan, up 744% year on year. Furthermore, with the acquisition of shares in two subsidiaries, the sales expense ratio rose sharply. The development of the soy milk powder and dairy industry is slow, and market development is the key: due to increased competition in the market, the revenue of the soy milk powder and dairy industries both fell year on year; the decline in raw material prices increased the gross profit margin, and the soy milk powder and dairy industries are still the biggest source of revenue and profit; the current production capacity design can meet the needs of 2-3 years, and the focus of the company's work in the future is to develop the market. The liquor business will become a new profit growth point: in 2009, the liquor industry's share of revenue increased (2% to 16%), and the profitability of the liquor business was strong, with a gross margin of 45%, far higher than the company's average gross margin level. The subsidiary's consolidated net profit is expected to be 70-10 million yuan in 2010. There are certain risks in experimenting with the energy sector: the profitability of the coal mining and smelting business is stronger than the company's current business, and the net profit margin is as high as 31%, but the profit margin is unstable. In 2009, objective natural conditions such as empty layers were encountered during the mining process, which hindered mining progress. Revenue fell 41% year on year, affecting net profit of 19.14 million yuan. The company's earnings per share in 2010 and 2011 are estimated to be 0.15 yuan and 0.2 yuan respectively. The current stock price corresponds to the 2010 price-earnings ratio 50 times, which is higher than the average valuation of the industry, giving it a “neutral” rating.