In the first half of 2011, the company achieved operating income of 1,248 million yuan, an increase of 21.69% over the previous year; realized operating profit of 158.46 million yuan, an increase of 70.07% over the previous year; and net profit attributable to shareholders of listed companies was 13.195 million yuan, an increase of 60.90% over the previous year. Earnings of 0.26 yuan per share were achieved, in line with our expectations. The reasons for the increase in the company's operating income and net profit are: (1) the scale of the company's business expanded after listing, and the sales volume of products in overseas markets increased significantly; (2) sales increased and profits increased accordingly. At the same time, current exchange earnings increased, and financial expenses fell sharply. In the first half of the year, demand in the European photovoltaic market slowed, and the price of photovoltaic modules showed a sharp decline. The company's gross margin fell 4.96% compared to the same period last year. However, in the face of the complex and changing market environment, the company's operating conditions were still in good condition, operating income grew steadily, and net profit also increased significantly. Demand in the European photovoltaic market will increase significantly in the second half of the year, and demand in emerging markets such as the US, Japan, and China will soon begin on a large scale. We expect the company's product sales volume to increase significantly in the second half of the year. The company is actively moving towards vertical integration in the photovoltaic industry chain. From polysilicon, silicon wafers, batteries, and modules to power plants, the company has a layout in every link of the industrial chain. In the future, the comprehensive gross margin will increase steadily, and the level of profit and resilience to risks will be strengthened. Currently, the fund-raising project “200MW Annual Solar Cell Production Line Capital Increase Project Phase II (Annual Production of 100MW Solar Cells and Modules)” has entered the trial production stage in May of this year, and the current situation is relatively good. The overfunded project “8-inch polycrystalline solar wafer production project with an annual output of 160 million sheets” is expected to be put into trial production in October this year. The company's earnings per share are expected to be 0.75, 0.94, and 1.22 yuan in 2011, 2012 and 2013, respectively. Maintain a rating that the company carefully recommends. Risk: Demand in the European PV market falls short of expectations in the second half of the year.