The performance is steady, the user coverage is high, and the value-added business has grown significantly. In 2015, the company achieved business revenue of 2.175 billion yuan, an increase of 6.15% over the same period last year; realized net profit attributable to shareholders of listed companies of 411 million yuan, an increase of 0.38% over the previous year. In terms of the number of subscribers, the company's entire cable television network covered 7.065 million households, with a coverage rate of 77.8%. In 2015, the company actively developed digital television value-added business. The overall level of ARPU value of value-added business users increased from 199 yuan at the beginning of the year to 215 yuan, and the revenue growth rate was remarkable. The digital business is developing steadily, and related products are continuously optimized. In 2015, the company continued to optimize and promote digital products. Its applications such as cloud gaming, JisTV, screen access, and police access were continuously upgraded and optimized, and user stickiness was high. Among them: the number of users of “Cloud Gaming” is close to 140,000, and the number of game updates has exceeded 170; the number of programs injected into “Jishi Reading” has reached 77,000 episodes (parts), and the number of mobile app bindings for set-top boxes has reached 480,000; the total number of views on the “Police Connect” application platform has reached 1.83 million, the number of TV users has reached 1963 million, and the number of mobile users has reached 103,300. The company's digital business has been developing steadily, user stickiness has increased, and usage habits have been gradually developed. New products and new businesses promote the company's Internet transformation. Facing the challenges of the Internet and mobile Internet media, the company actively embraced new media and launched new businesses on the basis of the steady development of the original cable television business. In June 2015, the company successively introduced and implemented “TV Taobao” and “Alipay” businesses to increase the company's revenue. The “TV Taobao” business creates a “living room culture” as a background through collaboration and integration with the company's “screen to screen” and other business products, leading users from shopping terminals to cable television, creating a green, healthy, and comfortable smart home shopping environment. In terms of online payments, the company has fully opened up payment channels for business products through the “Alipay” business. It also leverages its features of supporting cross-banks, regions, and no handling fees throughout the process to comprehensively enhance the payment experience of company users and enhance the stickiness of company users to business products. By the end of the reporting period, the company's users had accessed “TV Taobao” through TV set-top boxes totaled 338,500 units, with a cumulative total of 3.74 million page views and 49,800 purchases, and a cumulative transaction volume of over 1.5 million yuan. Combining multiple industries, the three major sectors have begun to shine prominently. In addition to being mainly engaged in cable television services, the company is also actively developing other businesses, improving the industrial chain, and expanding its business map. Through development in recent years, the company has formed three major sectors: “main business innovation,” “financial investment,” and “cultural tourism.” Among them, the “content innovation” section uses its subsidiary Jishi Media and Culture Industry Investment Company to lay out the source content side, improve the industrial chain, and achieve collaborative development between content products and the business platforms of listed companies. Investment in the “financial investment sector” involves and covers many financial investment fields such as commercial banks, private equity investment funds, internet finance, supply chain finance, venture capital, and asset management. The cultural tourism sector, on the other hand, develops tourism resources through its subsidiaries. Now, the company's three major sectors have begun to shine, and I believe the relevant layout will be gradually upgraded in the future. Profit forecast. In 2016, the company will still adhere to the development direction of “outstanding main business, multiple industries combined”. Main business side: Vigorously develop value-added services with high-definition interactive services as the core, make every effort to consolidate the steady development of basic users without loss, and comprehensively increase the market share and penetration rate of value-added services. In addition to this, the company will also actively deploy new media and new businesses such as smart home shopping, and continue to lay out the three major sectors of “main business innovation,” “financial investment,” and “cultural tourism.” We expect the company's EPS for 2016-2018 to be 0.14 yuan, 0.15 yuan, and 0.16 yuan, respectively. Also, in the same industry, the 2016 PE expectations of Radio and Television Network, CITIC Guoan, and Huashu Media were 35.24, 42.19, and 41.96 times, respectively. We gave the company a valuation of 37 times in 2016, corresponding to the target price of 5.18 yuan. Give an increase in holdings rating. Risk warning. General market systemic risk; risk of corporate transformation falling short of expectations.