Major events The company achieved operating income of 1,228 billion yuan in 2010, an increase of 37.19%; achieved net profit attributable to shareholders of listed companies of 55 million yuan, an increase of 85.91% over the previous year; achieved EPS of 0.06 yuan, an increase of 85.92% over the previous year. The main reason for the increase in net profit of the company is: (1) The volume and price of the water transport business have increased. The company's capacity increased by 16.29% compared to 2009, leading to a 19.7% increase in freight volume. Due to the recovery of the coastal bulk market, the company's 2010 COA transportation contract benchmark freight rate increased by 9.26%. The operating profit of the water transport business increased by 80 million yuan over the same period last year. (2) The expressway business adopted new traffic flow calculation methods and road network effects, and traffic volume increased dramatically by 36%. The highway business lost 60 million yuan compared to 2009 (the loss attributable to the parent company was reduced by about 30 million yuan, affecting EPS by about 0.03 yuan) Future highlights (1) Water transport business: With the gradual deployment of the company's capacity, freight volume will continue to grow steadily; freight rates are greatly affected by the international dry bulk market, and there will be no significant increase in the short term. (2) The eastern section of the Ningbo City-Bypass Expressway is expected to open at the end of 2011, and the company's traffic volume is likely to increase significantly in 2012. The risk indicates the risk of a decline in market share caused by the increase in capacity in the coastal market exceeding the increase in the company's capacity; shippers' self-built fleets have caused changes in the coastal bulk market pattern, and market demand has shrunk.