Leading product revenue growth was slow and gross margin dropped slightly. The company is a leading enterprise in China's bit industry. Its main products are oil drilling bits, petroleum machinery parts and CNG natural gas. In 2008, the revenue of bit products accounted for 68% of the company's operating revenue increased by only 5% year-on-year, far lower than the growth rate of 73% of petroleum machinery parts with a revenue of 10% and 91% of CNG natural gas with a revenue of 9%. The drill bit is the company's main export product. Due to the international economic downturn, the oil price has fallen sharply, the oil exploitation has declined, and the company's demand for drill products has decreased. In 2008, the international sales revenue of the company's operating income of 21% decreased by 6%. The increase in demand for bit products depends on the recovery of the downstream oil industry. We expect the company's sales of bit products in 2009 to maintain a low growth rate of 5%-10%. Affected by factors such as rising raw material prices and rising labor costs, the company's comprehensive gross profit margin was 32.81%, down 0.24 percentage points year-on-year.
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