The investment suggests that the company comprehensively transform the mobile Internet to form a diversified media platform including a mobile Internet platform, content operation ecosystem, and home interactive entertainment ecosystem. We are optimistic about the rapid growth of the company's various businesses, from traditional cable networks and advertising agencies to the mobile Internet sector. The company's EPS in 2015 is expected to be 0.42 yuan, 0.70 yuan, and 0.85 yuan respectively. The current stock price corresponds to 83X, 50X, and 41X PE. The company is the preferred target for the integrated development of traditional media and new media. Key investment points: Since 2014, the company has implemented Internet transformation, comprehensively promoted the integrated development of traditional media business and new media business, and the business sector has gradually been fully upgraded: in August of last year, the company acquired Yifeng Technology and Jiangsu Wutai. In the first half of this year, the company acquired four companies, including iCoschi, Jiujianxia, Jiuyou Network, and Jinjidian. The business covers mobile advertising platforms, mobile new media, games, mobile music, etc. At the same time, it signed a strategic cooperation framework agreement with Alibaba to implement the “Internet +” layout of the cable network. In October, it was announced that it would acquire mobile app marketing platforms Anwo Media and Reading Network. The company has formed diversified media platforms such as mobile internet platforms, content operation ecosystems, and home interactive entertainment ecosystems, and various sectors and businesses have previously been able to support each other, forming a closed loop. In the future, the new media layout will continue to gain strength. Acquired Anwo Media to create a closed loop mobile Internet ecosystem: The company has built a mobile Internet platform with a mobile Internet traffic portal, a mobile Internet traffic management platform and a commercial monetization channel: Jiuji World, Indexing Media provides the company with a mobile traffic portal with its mobile distribution, app stores, and mobile media platforms. With their leading position and technical support in the mobile Internet field, Anwar Media and Ecoski have become traffic operation platforms in the company's mobile platform. Coupled with the company's own extensive accumulation of advertisers and users over the years in the advertising industry and the strong monetization capabilities of companies such as Anwo, it has formed a closed mobile internet ecosystem in the mobile internet era. Multiple layouts enhance the company's full content pattern: Starting from film and television production and distribution, the company has successively established joint ventures with Lionsgate Pictures in the United States, and has formed a collaborative operation effect covering IP operations, film and television production and distribution, digital reading, mobile audio, game production and distribution, etc., and each section has previously formed a collaborative operation effect of IP conversion and intermodal transportation. Join hands with Ali to create a multi-screen interactive ecosystem for home entertainment: On the home entertainment side, the company relies on its 6 million cable network users to cooperate comprehensively with Alibaba to share Alibaba's huge content ecosystem of “film and television+e-commerce +music+game+education” to comprehensively enhance the user experience of Hunan Cable. Through the upgrading of terminal gateways, households will realize multi-screen interactive entertainment centers, including mobile terminals, and use “big data analysis+high-frequency operation rhythm+accurate content push” to effectively increase users' ARPU values. Risk warning: epitaxial expansion fell short of expectations, and progress in various new businesses fell short of expectations.