The company's consolidated statements for the first half of 2010 showed that it achieved operating income of 14.42 million yuan, a year-on-year decrease of 74.24%; net profit attributable to shareholders of the parent company was 6.28 million yuan, a year-on-year decrease of 92.3%. Basic earnings per share were $0.01. Performance declined because projects had not yet been delivered. Pre-sale of Suzhou Taishang Lake Phase I low-density residences began in the first half of the year. A total of 31 units were pre-sold, totaling 17,600 square meters. The total contract amount was 323 million yuan, and the average sales price was about 184,000 per square meter. Delivery is expected in the second half of the year. Dongjiang Group, the holding stock, promised that the total net profit attributable to the owners of the parent company achieved by Huali Family in 2009 and 2010 will not be less than 600 million yuan, that is, the net profit of the parent company will reach at least 500 million yuan in 2010. Looking at it now, there is a lot of pressure to fulfill this performance promise. If the actual realized profit is lower than the promised amount, Nanjiang Group will make up for the difference in cash. The company's project reserves are mainly the 43 neighborhood of Xintiandi in Shanghai, Taishang Lake in Suzhou, and Huijing Tiandi, which was acquired in 2010, with a total planned construction area of about 1 million square meters. In 2010, the Huijing Tiandi project was acquired through the acquisition of 51% of Jindie Real Estate's shares. Based on the total construction area of 137,000 square meters, the floor acquisition cost is 7,883 yuan/square meter. Based on a floor area of 77,000 square meters above ground, the average floor cost is 14,000/square meter. The Huijing Tiandi project has already started. It mainly promotes 215-square-meter three-bedroom and 265-square-meter high-rise observation rooms. They are all south-facing apartments, fully decorated, with a standard decoration of about 10,000 yuan/square meter, equipped with floor heating systems and air conditioning systems. The average sales price on the first day was 67,500 yuan/square meter, and the gross margin reached 60%. The Huijing Tiandi project is scheduled to be completed in 2011, which will have a big impact on the company's profit in 2011. The residential portion alone is expected to bring in sales revenue of about 1.5 billion yuan and net profit of about 800 million yuan, which is an explosive growth point for the company's performance in the past two years. The Suzhou Taishang Lake Project is located in Suzhou Taihu National Tourist Resort. It mainly develops boutique residences, with a total construction area of 760,000 square meters; the first phase has a construction area of 75,000 square meters, with an estimated average price of about 18,000 yuan/square meter, with a planned settlement within the year; the second phase covers an area of 181,500 square meters, with a total construction area of 272,200 square meters. Some low-rise residences will meet pre-sale standards by the end of 2010. The Shanghai Xintiandi project is located in Luwan District and is mainly commercial real estate for rent. The project has a total investment of 2.7 billion yuan, a total construction area of 137,400 square meters, and is expected to be completed in 2012. The Shanghai Xintiandi Project is located in the core urban area of Shanghai. It is at the intersection of Metro Line 10 and Line 13, and has great potential for appreciation. Short-term financial pressure increased: the monetary capital at the end of the period was 500 million yuan, down 39% from the beginning of the period, and the quick change ratio increased from 2.3 times at the beginning of the period to 1.65 times, mainly due to poor operating cash inflows. The company plans to raise no more than 1.3 billion yuan in targeted additional capital, of which 800 million yuan will be invested in the second phase of the Suzhou Huali Family Taishang Lake project. Maintain an increase in holdings rating. We expect the company's 2010-2012 EPS to be 0.81 yuan, 1.09 yuan, and 1.84 yuan respectively. According to yesterday's closing price of 11.03 yuan, the corresponding price-earnings ratios are 14 times, 10 times, and 6 times, respectively. The company's valuation advantage is obvious, and it maintains an investment rating of increased holdings.