Performance continues to grow rapidly. In 2015, the company achieved revenue of 676 million yuan, a year-on-year increase of 109.72%, and strong performance growth. Among them, application distribution revenue increased 121.98%, merchant cloud search revenue increased 105.92%, and realized net profit attributable to the parent company was 316 million yuan, an increase of 91.06%. Contact OS occupies the traffic portal, and its market share is constantly increasing. In 2015, Contact OS added 140 million active users, an increase of 68.67%. By the end of 2015, the cumulative number of users of the company's products had reached 659 million. Stable sales channels and a stable market foundation have been established in both domestic and foreign markets, and market share has increased dramatically. Funding for the 4.8 billion fixed increase project has been completed, and smart hardware will develop rapidly this year. The investment of 4.8 billion dollars in smart hardware has been completed, greatly enhancing capital strength. Relying on connecting with a huge and highly sticky OS user group, providing a channel for importing customer resources for the implementation of smart hardware projects, gradually expanding the product line from mobile phones to other intelligent hardware, realizing the interconnection of users, devices, content and platforms, improving the user experience, and building the popularity of the “Connect” brand. Platform+user traffic+intelligent hardware+content+VR to create a self-owned and cooperative ecosystem. The company participated in AveGant Grop, a world-renowned VR manufacturer, and jointly released Glyph, the world's first virtual reality retina glasses. A strategic investment of $75 million in Razer, the world's top gaming peripherals brand. Its wide range of channels, fans, and brand influence will open up the “blue ocean” of VR and smart hardware profit forecasts and valuations: we expect the 2015-2017 EPS to be 0.63, 1.03, and 1.59 yuan respectively, and the corresponding PE is 73, 45, and 29 times respectively. The company has a huge and highly sticky user base, which occupies a huge and highly sticky user base, occupies a user traffic portal, content side, overseas channel, and hardware side, and continues to participate in well-known VR manufacturers. We are optimistic about the company's future development and give it a “recommended” rating. Risk warning: technology risk, market competition risk, risk of new business development falling short of expectations.