Raw materials, quality, and brand are the company's strengths, but marketing is indeed the bottleneck in the company's development at this stage; the company's key focus is marketing. The company is located in the Hexi Corridor where golden wine is produced, over decades, it has cultivated a very characteristic Pinot Noir series of wines and pure ice wines. The company pioneered the industry's “4S+5P” model, which guarantees the excellent quality of wine. At the same time, the “Mogao” brand enjoys a high reputation among second-tier wines. However, since the company raised funds through additional funding in 2008, the planned marketing network construction progress has been lagging behind. With no worries about production capacity, it is necessary to continue to pay attention to the company's marketing progress. The gross margin of wine has been rising steadily, and it is a strong guarantee that the company will build a medium and high-end wine brand image when the winery is put into production. Mogao Winery, which the company invested 100 million yuan to build, is essentially a wine culture promotion center. Since it was put into operation in mid-2011, its influence has gradually increased. Currently, Mogao Winery has a filling production capacity of 15,000 tons, and the original production capacity is currently 8,000 tons. Once the company's marketing bottlenecks are resolved, it will release more production capacity for the company's wines. The impact of imported alcohol has abated since this year. Coupled with the factors that the company placed 120 million yuan of advertisements on CCTV at the end of 2011 to increase publicity, the company's performance in the first quarter was better than expected. Performance forecast and investment rating: The company's EPS is expected to be 0.20 yuan and 0.28 yuan respectively in 2012 and 2013, respectively. Currently, the corresponding PE prices are 70X and 51X, respectively. The current valuation is too high, giving it a “neutral” rating.