Affected by macroeconomics, the growth rate of main revenue declined. Since the second half of 2011, the revenue growth rate has declined. In the first half of 2012, the company achieved operating revenue of 3.846 billion yuan, a year-on-year growth rate of 7.76%. The main reason is that demand for coal involved in the company's main business has declined due to macroeconomic influence, and the company's business expansion is difficult in a sluggish economic environment. The coal trade execution business is currently the company's main source of profit. The company's main business is divided into three major structures: trade execution services, integrated logistics services, and logistics park management. Among them, trade execution services are also mainly in the energy resources industry. In the first half of the year, the energy resources industry accounted for 92% of trade execution service revenue, 75% of gross profit, and business revenue increased 8.52% year on year. The company focuses on the coal supply chain business and gradually enters the non-ferrous metals category. Supply chain services in the energy resources industry are the company's future business direction. Currently, in addition to the coal supply chain business, the company began getting involved in the non-ferrous metals (electrolytic copper) supply chain business in November 2011. Currently, the volume is still small. The company said it will gradually intervene in the supply chain services for the non-ferrous metals category. Self-operated fleets will increase the guarantee factor later. The company's coal distribution is mainly road transportation. Last year, the fund-raising project was changed to 169 million yuan for the construction and operation of the coal supply chain logistics network in the northwest region. The company set up its own fleet of vehicles at its subsidiary in Inner Mongolia and purchased nearly 100 coal transport vehicles. Transport fleets have changed from an entirely outsourced form to a combination of self-operated and outsourced. Currently, the self-operated vehicle fleet is in the licensing stage, and it is expected to be put into use in the second half of the year. Self-operated fleets can increase the guarantee factor of transportation services and are more likely to reduce the operating costs of coal transportation. Profit forecasting and investment advice. EPS is estimated to be 0.26 yuan, 0.37 yuan, and 0.44 yuan respectively in 2012-2014, and the corresponding PE is 18.5 times, 13 times, and 10.93 times, respectively. The valuation level is low, but considering that the current macroeconomic environment is still sluggish, the growth rate of the company's main business is greatly affected by the macroeconomy and there is a risk of exchange losses in derivative financial transactions, so it maintains a “prudently recommended” investment rating.