Investment points: Core point of view: Lang] Ma's information has continued to expand across borders from the traditional “phone-to-one” business to fields such as mobile Internet SNS (phone+), Internet interactive entertainment platforms, and offline entertainment and television (Langvision), and has initially achieved a multi-platform integrated development strategy layout. The cross-border layout will truly realize the development of the O2O model and help to build competitive barriers. The target price was raised to 102.04 yuan to maintain the increase in holdings rating. Recommended logic: 1) The cross-platform layout is perfect, and the O2O effect is evident. The company has completed the layout of mobile Internet platforms, Internet entertainment consumption, and offline entertainment and television. In the future, online and offline resources can be effectively integrated, user stickiness enhanced, and the company's ability to monetize its business. 2) Cross-platform layout to build competitive barriers. The mobile Internet industry is fiercely competitive and is controlled by giants in all sub-directions, making it difficult for a single type of business to develop and expand. The company has both online and offline platforms, and its competitiveness is more integrated. 3) Future business expansion is convenient and has a leveraging effect. The O2O platform has better inclusiveness, and in the future, whether it is a mobile Internet business or traditional media business, it can extend its penetration to other parties. 4) It is expected that with the launch of new online entertainment products and the formal establishment of LangTV TV, cross-platform business dividends will continue to be realized. Profit forecast: We expect the company's traditional phone-to-one business to gradually enter a stage of steady development. Without considering the company's new products and the future profit of Langvision (mainly the phone-to-one business only), the company's 2013-2014 EPS is expected to be 0.71 (-0.39) and 0.85 (-0.54) yuan, respectively. The company's future performance potential mainly lies in the development of new products/businesses. Stock price catalysts: the launch of new products, the listing of LanTV TV, and the expansion of other mobile Internet businesses in the future. Risk factors: Telephone calls are at risk of business downturn, and the effectiveness of developing new business is lower than expected.