The performance was slightly below our expectations: the first three quarters achieved operating income of 810 million yuan, up 0.7% year on year; realized operating profit of 52 million yuan, up 24.5% year on year; realized total profit of 54 million yuan, up 19.7% year on year; net profit was 42 million yuan, up 15.0% year on year; corresponding EPS was 0.13 yuan/share, slightly lower than the 0.15 yuan/share forecast in our three-quarter report preview. Risk factors: The expansion of the film and television business falls short of expectations; the macroeconomy affects advertising and tourism revenue; the company has normal related transactions, which have a certain impact on revenue and cost recognition. Profit forecast, valuation and investment rating: Maintain the company's profit forecast for 2011/2012/2013 with an EPS of 0.31/0.4/0.49 yuan (corresponding to 0.24 yuan in 2010), 53/41/34 times PE corresponding to 2011/2012/2013, and the current price of 16.57 yuan, maintaining the “increase in holdings” rating. Based on recognition of the company's “market-oriented and backed by CCTV,” investors are reminded to continue to pay attention to changes in the company's fundamentals in view of the flexibility of its film and television business.