In the past two years, facing the double-dip downturn of the European and American economies, we, as a foreign trade export enterprise, have been confronted with severe challenges: the risk of declining exports, the risk of RMB appreciation and exchange rate fluctuations, as well as the pressure of rising labor costs, which have continuously narrowed our profit margins. To address these challenges, we have focused our efforts on four aspects.
First, we have emphasized product quality and raised quality awareness among all staff. We implement full-process monitoring from raw material incoming inspection to finished product delivery, with strict quality control at every production stage. As a result, the customer satisfaction rate of our Aiyimengjia brand series has remained above 99.5% in the past two years, and our quality assurance has helped us build a stable customer base.
Second, we have achieved remarkable progress in market expansion. Through the research and development of new products, we have continuously broadened our market coverage and increased the number of foreign countries and regions we export to. Our core products have successively entered the high-end markets in Japan, Europe, the United States, the Middle East and other regions.
Third, we have adopted our own strategies to avoid foreign exchange risks. Faced with USD depreciation, RMB appreciation and rising production costs, we have adopted RMB-based USD pricing in foreign trade, which effectively mitigates risks from exchange rate fluctuations.
Fourth, we have strengthened brand building. The company has been awarded the title of Provincial Leading Enterprise in Agricultural Industrialization for two consecutive sessions, and last year won the title of Provincial Famous Brand Product. Our goal is to strive for the titles of National Well-Known Trademark and National Famous Brand Product within the next three years, laying a solid foundation for the development of the domestic market.
Through a series of measures, despite the pessimistic international economic environment and severe foreign trade export situation since this year, our performance has maintained substantial growth. From January to August, we achieved sales revenue of 60.6 million yuan and tax payment of 3.12 million yuan, representing a year-on-year increase of 52% in sales and 41% in tax. We expect annual sales revenue to exceed 100 million yuan in 2011, with tax revenue reaching 5 million yuan.