Performance summary: In 2015, the company achieved operating income of 1,344 billion yuan, a year-on-year increase of 76.72%; operating profit of 145 million yuan, an increase of 1.89%; and net profit attributable to shareholders of listed companies of 129 million yuan, a year-on-year decrease of 26.51%, and basic earnings per share of 0.12 yuan. The rapid increase in performance is due to the fact that revenue growth in traditional businesses is on the same footing as Jin Rui Xian. Revenue during the reporting period was 1,344 billion yuan, an increase of 76.72% over the previous year, mainly due to the company's software system integration and the addition of television motherboards and set-top box businesses. The OTT industry newly incorporated into the merger contributed significantly to the company's revenue and profit during the reporting period. The company's consolidated gross margin fell 11.83 percentage points year-on-year to 33.48% during the reporting period, mainly because the gross margin of the new TV motherboard and set-top box business was only 13.37%, and the revenue scale accounted for 27% of total revenue. The period fee rate fell 0.95 percentage points year on year, mainly because Jin Ruixian's period fee rate was lower than that of the company. After Jin Ruixian's annual consolidation in 2016, the company's period fee rate is expected to drop further. OTT business has become an important C-side entry point. During the reporting period, the company wholly acquired Jin Ruixian, a leading Internet TV terminal company in China, and successfully entered the OTT field. At the same time, in-depth cooperation was carried out with the two major OTT licensing parties out of the country's seven OTT licenses (Southern New Media and Guangdong), and strategic cooperation agreements were signed with Huawen Media and Upenplus to jointly develop Internet TV users, covering tens of millions of users. The company has initially completed the layout of OTT fields, from hardware manufacturing and software services to content provision. In the future, the company will introduce payment methods to Internet TV, collect license management fees and other page value-added service profits, and at the same time use the synergy of the online on-demand streaming process to complete credit information through big data technology, provide smart home, smart education and other services to individuals and household users, provide smart cities, food traceability and other services to the government, and continuously improve the closed cycle system for the company's smart life. The OTT field will become an important entry point for opening up the C-side. Scenario The financial ecosystem continues to improve. During the reporting period, the company acquired nearly 75% of Cardholder Pay's shares, opening up the core payment link of the smart living ecosystem. Through this, the credit card holder has a scarce national offline payment acceptance license, a third party payment license, and a factoring asset management license. At the same time, the company is also applying for a national multi-field payment license, which has important qualifications to advance the big financial strategy. The company has also begun to expand in the fields of factoring, supply chain finance, financial leasing, and microfinance. Through cooperation with previous downstream users, the company will continue to import users and data information related to the Internet of Things into the company's smart life platform through OTT services, Zhongshan meat and vegetable traceability systems, and smart Zhongshan apps to build payment scenarios. Profit forecast and rating: The company's 2016-2018 EPS is expected to be 0.33 yuan, 0.52 yuan, and 0.68 yuan respectively, corresponding to dynamic PE66, 42, and 32 times, covering the “increase in holdings” rating for the first time. Risk warning: Competition increases risks such as declining gross margin, falling short of expectations in fixed growth, and falling short of expectations in commercial factoring and integrated payment business.