In 2010, the company achieved operating income of 2,599 billion yuan, a year-on-year increase of 11.57%; operating profit of 22.57 million yuan, a year-on-year decrease of 57.80%; net profit attributable to shareholders of listed companies of 10.46 million yuan, a year-on-year decrease of 79.8%; basic earnings per share of 0.02 yuan; the company did not distribute profits or use the Provident Fund to increase share capital in 2010. Overview of company fundamentals. The company's business includes real estate development and construction, biomedicine, property management, etc. Among them, real estate development, construction, and biomedicine are the company's main sources of revenue and profit. Real estate development, construction, and biomedical revenue during the reporting period accounted for 84% and 14%, with no significant change from the previous year. The real estate pharmaceutical business, which is under policy pressure, has dragged down the company's performance. The real estate development business was affected by national real estate regulations, and achieved operating income of 2.106 billion yuan during the reporting period, an increase of 17% over the previous year; the gross profit margin was 7.79%, a decrease of 2.11 percentage points over the previous year. Mainly because the real estate project developed by the company Sun Company Harbin Zhongguancun Development and Construction Co., Ltd. (84.6% shareholding ratio) was delayed due to the government's guiding adjustments to planning and product design, the project failed to complete the handover procedure in the current phase, and was unable to confirm the operating income from the pre-sale price in this period. Furthermore, where income from debt restructuring is not included in taxable income according to national tax standards, the net profit for the current period declined sharply compared to the same period last year due to reasons such as the one-time calculation of taxable income for the current year and the resolution of historical tax issues by the Zhongguancun Construction Company. Advance accounts collected at the end of the period were 460 million yuan, an increase of 136.4% over the previous year. The biomedical business has been affected by the impact of the country's “new medical reform” policy and increased competition in the industry. The gross margin of Huasu Pharmaceutical's existing products is gradually being reduced, facing double pressure on revenue and profit. The reporting period achieved operating income of 350 million yuan, a year-on-year increase of 11.32%, and a gross profit margin of 83.05%, a slight increase of 0.25 percentage points over the previous year. Revenue is expected to reach 370 million yuan in 2011. Earnings forecasts and investment ratings. We forecast that the company's earnings per share for 2011 and 2012 will be 0.03 yuan and 0.04 yuan respectively. According to the company's recent closing price of 8.17 yuan, the corresponding dynamic price-earnings ratio is high, maintaining a “neutral” investment rating. Risk warning. In 2011, the real estate policy continued to be under pressure, and development progress in the real estate business was not going well; due to restrictions on the life cycle of pharmaceuticals and the national health reform policy, sales in the pharmaceutical business may fall short of expectations.