【正文】 Q4 2009Q1 2010Q2 2010 Analysis of the operation abilityFigure 14: Receivable growth of furniture industry on yearonyear basis In the second quarter, the growth rate of the receivables and inventory was % and %, while the revenue growth rate was % at the same period, indicating that the receivables and inventory has been effectively controlled with the increase of production. The growth rate of receivables and inventory of wooden furniture was less than the industry average, while the metal furniture industry is even higher than the revenue growth rate. Analysis of the development abilityFigure 15: Revenue growth of furniture industry on yearonyear basisFigure 16: Profit growth of furniture industry on yearonyear basis The total business tax and extra charges of the Chinese furniture industry from January to May in 2010 increased % pared to the same time last year, but it decreased points pared to the last quarter. The sales revenue and total profits of the industry were billion RMB and billion RMB, with the yearonyear growth rate of % and % respectively, which was and points higher than the first two months of 2010. Especially, in the second quarter, the growth rate of the revenue and profit of wooden furniture industry were % and %, which were much higher than the whole furniture industry average, while that of the metal industry were slightly inferior to the industry average.4. Analysis of listed panies of the furniture industry The overall analysis of listed panies The indicators of listed panies of furniture industryTable 4: The indicators of listed panies of furniture industry in Q1 2010　Indicators　Yihua TimberThe United States gramsS * ST GuangmingThe whole industryMarketsCirculation stock（10 thousand）Total stock（10 thousand）Circulation market value（100 million）Total market value（100 million）P/EP/BFinanceEarnings per shareNet assets per sharereturn on equity (ROE)Revenue（100 million）Net profits（100 million）Liquidity ratioquick ratioAt present, there are three furniture listing panies, they are Guangdong Yihua Timber, the United States grams and the S * ST Guangming Group. As the biggest firm of the furniture industry, Guangdong Yihua Timber account for about half of the market value of the furniture plate. Besides, its financial indicators such as earnings per share, return on equity, liquidity ratio and quick ratio are better than the other two panies, indicating its good operation ability and profitability. The stock price in the second quarter Figure 17: The stock price of furniture industry in Q2 2007The Shanghai posite index was all the way down since April. By July 16, the Shanghai index has fallen by %. Presenting a sharp contrast with its good real economy, the three listed panies’ share price has underperformed the Shanghai posite index. The S * ST Guangming was in the proceedings of bankruptcy, while the share price of the other two had a decline of over 30%. Guangdong Yihua Timber Yihua Timber are building experience museum, to seek a domestic expansion Guangdong Yihua Timber, One of the leading manufacturers of wood products in China, specializes in solid wood flooring, parquet flooring and wood furniture. Currently，99 % of its products are exported, among that, 70% for the market and it is the largest furniture exporter in Guangdong province. By the end of 2009, as the new projects put into production, the problem of capacity shortages has been solved.The rapid expansion of production capacity made Yihua Timber have to seek a broader market. The export growth rate of Chinese furniture industry has been slowed down in 2009, while the market of domestic has emerged a dramatic growth attributed to the urbanization process. The United States grams, another famous pany of Chinese furniture industry, the gross margin of its furniture retailers was % in 2009, while the gross margin of the furniture export was just %. Yihua Timber, on June 19, 2010, announced the adjustment of its nonpublic offering plan, in which not more than 17,500 shares would be issued and less than 850 million RMB would be raised. They are mainly used for the construction of 16 “experience museum” in Guangzhou, Beijing, Shanghai and other major cities, aiming to increase the pany39。s overall profitability. Yihua Timber has been assessed as hightech enterprise, which would contribute to its profitabilityOn March 12, 2010, Yihua Timber made an announcement that the pany has been assessed as the second batch of hightech enterprises of Guangdong Province in 2009 and the validity period was three years, which made the pany have the privilege of enjoying preferential policies for three consecutive years from 2009 to 2011. It can be taxed at a lower ine tax rate of 15% and this will be beneficial to the profitability in the next two years, resolving part of the export risks. The United States grams The leading pany of furniture chainThe United States grams is not only one of the largest furniture exporter, but also Asia39。s largest exporter of pine furniture. Starting from 2003, cooperated with the largest . furniture retailer Ethan Allen, the United States grams broke into the domestic market by the way of chain + brand. At present, the Markor brand aimed at the high end, has been famous at home and abroad. Currently, the United States grams already has 34 stores in 25 cities, besides, it also launched a new brand Markorhome in 7 cities including 11 domestic stores. The pany expects to achieve sales of billion RMB in 2010. The expansion of national chainIn February 2010, an additional orientation program has been approved by shareholders’ meeting, which intended to raise billion RMB and of which 500 million RMB will be used for