Key investment points: Revenue growth has slowed, and gross margin has increased markedly: the company released its 2014 third quarter report, achieving operating income of 4.606 billion yuan, an increase of 13.82% year on year. The growth rate was reduced by about 28 percentage points compared to the same period last year; net profit attributable to shareholders of listed companies was 155 million yuan, up 4.72% year on year; basic earnings per share were 0.20 yuan. The company's gross sales margin was 28.54%, an increase of about 7 percentage points over the same period last year. The company's revenue growth has slowed, and gross margin has increased markedly. The MPR Experience Hall has basically been built, and digital publishing has received attention: the company actively promotes MPR (multimedia printed books). The overall construction of the MPR Experience Hall with a total area of more than 400 square meters has basically been completed. As of the semi-annual report, each publishing unit submitted a total of 151 selected MPR topics, including 65 books in the series. Through expert review, 19 annual subsidy projects were determined; in addition, the company also signed an MPR reading pen distribution agreement with Haiyan Press to explore the MPR sales business model on a pilot basis. A series of actions reflect the importance the company attaches to digital publishing, and may also indicate that MPR will be an important growth sector for the company in the future. The publishing media had a small market capitalization target, and reforms spurred a rise in stock prices: in the past year, the company's stock rose by 31.65%, which is much higher than the 11.17% increase in the publishing industry. The company is a state-owned enterprise reform stock. It is a stock with a small market capitalization in the publishing and media sector. Since August of this year, the stock price has increased dramatically along with the industry. The company's performance is showing a steady growth trend, with emphasis on new business development. The gross margin has increased significantly, and the future trend is promising. First coverage, no ratings yet. Risk warning: risk of insufficient talent for media transformation; risk of managing diversified businesses; risk of declining publication performance.