The wine business grew steadily, becoming the main source of revenue growth. The company's revenue increased by 38 million yuan over the same period in 10 years. The increase mainly came from the wine business, which achieved revenue of 233 million yuan, an increase of 36 million yuan over the previous year. The gross margin was 60.9%, a slight decrease of 0.6 percentage points from the previous year. Against the backdrop of increased labor and other costs, it is no longer easy for gross margin to remain stable, and gross margin will rise steadily in the future as the product structure is upgraded. The initial completion of the sales network structure will gradually show that in 2010, the company's sales expenses rate reached 22.41%, an increase of 4 percentage points over the previous year; in 10 years, the company has initially built a marketing network covering the whole country, adding 6 sales branches including Longdong, continuing to enhance brand image through advertising, etc., boosting market investment and sales, and at the same time speeding up the construction of a backup sales team. In the context of continuing to promote the construction of marketing network projects in '11, the scale effect of the company's wine sales will gradually become apparent. Revenue from the barley malt business is growing slowly, and the gross margin has clearly increased. The company's barley malt business has been affected by changes in production and consumption trends in the domestic beer industry. Revenue has declined sharply in the past two years. The company's malt revenue has risen steadily and slightly in 2010, and gross margin has risen 2.5 percentage points to 12.95%. In 2011, as the price of imported barley increased, the company's revenue and gross margin improved markedly from month to month, taking advantage of the advantages of raw materials. Maintaining the “recommended” rating, the company's 11-13 EPS is expected to be 0.22 yuan, 0.35 yuan, and 0.47 yuan, respectively, corresponding to the current PE price of 56.3 times, 35.9 times, and 26.7 times, respectively. Considering that the company's wine business is currently in the take-off stage, future growth is worth looking forward to, and maintaining the “recommended” rating.