Key investment events: The company released its 2016 quarterly report. Comment: Business transformation drives profit growth. 1) The company's revenue in 2015 was 398 million yuan, a year-on-year decrease of 12.62%; net profit to mother was 12.32 million yuan, an increase of 7.33% over the previous year. 2) The company has always been working as an advertising media agency on the traditional TV side. Since last year, it has actively transformed into content marketing and variety show production. The music mystery program “Seeing Your Voice”, which the company invested in at the end of March, received good reviews after it aired on Jiangsu TV. Although the company's revenue declined slightly under the transformation strategy, profit growth was good, net interest rates were raised, and the transformation was beginning to see the light of day. The “one, two wings” strategy is progressing steadily. 1) One of the “two wings” is content marketing. Since last year, the company has successively participated in Huachuan Culture, which focuses on commercial operation of TV programs, Xingchi Media, which is committed to post-processing, and Shanghai Wowfun, an online student program production company, and is actively involved in the field of variety show production. 2) The second “two wings” is digital marketing. The company adheres to the strategy of developing content marketing and is continuously increasing investment in digital marketing business and team building. Profit forecasting and ratings. We expect the company's net profit for 2016/17/18 to be 6466/8928/11.6.3 million yuan, the corresponding EPS for exam preparation is 0.48/0.67/0.87 yuan, and the corresponding PE is 93/68/52 times the current stock price. We believe that the “two wings in one” strategic plan and related outreach development are expected to open up new horizons for the company's growth and maintain the “gain” rating. Risk warning: The acquisition fell short of expectations, and the ratings for variety shows fell short of expectations.