Revenue growth accelerated, and net profit continued to decline: the company released its report for the third quarter of 2014 and achieved operating income of 1,157 billion yuan from January to September, an increase of 12.86% over the previous year. The growth rate increased by more than 10 percentage points compared to the same period last year; realized net profit attributable to shareholders of listed companies of 46 million yuan, down 8.59% from the previous year; and basic earnings per share of 0.08 yuan. The company's gross sales margin is 20.59%, which is at a stable level. The company's revenue growth is accelerating, cost control is weak, and net profit continues to decline. Traditional business competition is intense, and new business formats focus on innovation: the company has a certain monopoly on the textbook and teaching aid market in Liaoning Province, but it needs to face fierce competition from publishing institutions in other provinces with strong education. In terms of new business formats, the company is actively promoting the transformation of traditional publishing to diversified digital publishing business formats. Chunfeng's “micro movie digital platform” project has produced 460 micro-movies and is being uploaded to the three major mobile operators and 18 provincial IPTV channels one after another; using the power of paper book brands, Chunfeng Club is actively developing “audio book” projects to increase the revenue capacity of individual products. The “One Cloud, Multiple Screens” digital publishing project of the subsidiary Beipai Company is under construction, and the first batch of hundreds of digital publications has been put into trial operation at the digital reading bases of the three major operators. The electronic agency's mobile animation project has translated and produced more than 200 comics of more than 500 volumes, and has reached cooperation with three major mobile operators. “My Sassy Girlfriend”, which was introduced from Korea, has obtained the first qualification for launch on mobile reading platforms in China. Wanjuan Company's “Chinese Character Calligraphy Teaching (Digital) Promotion Platform” project has completed the preparation of some textbooks and continues to use them in cities such as Fenyang, Shanxi. Stock prices rose sharply in the early stages, and policy support was needed for later growth: in the past year, the company's stock rose by 62.52%, much higher than the 15.87% increase in the publishing industry. The company is a state-owned enterprise reform stock. It is a stock with a smaller market capitalization in the publishing and media sector. The stock price has risen sharply since August this year. The company lacks performance support, does not have enough cash, and it is difficult to make reform actions later. It is mainly expected that the signals of reform will be released and the profit model will be innovated. First coverage, no ratings yet. Risk warning: risk of insufficient talent for media transformation; risk of managing diverse businesses; risk of declining publishing performance.