The expansion of content areas and rising media prices have led to a decline in net profit. The 2015 report shows that the company achieved revenue of 1,588 billion yuan, an increase of 30.43% over the previous year. The net profit attributable to the parent company achieved during the reporting period was 27.15 million yuan, a decrease of 45.94% over the previous year, based on the further slowdown in the domestic GDP growth rate, weak growth in the advertising and media industry, and the increase in industry competition and media prices in 2015, and the company invested a lot of resources in the extended layout of the content field. Focus on “two wings in one”, expand and strengthen traditional media agency business, prioritize the development of the content industry, and strategically develop the digital entertainment industry. Focusing on the brand building and communication needs of advertisers, the company makes full use of the advantages it has accumulated. In the context of an era where the country is speeding up the development of the cultural industry, the company is expanding and strengthening traditional media agency business, giving priority to developing the content industry, and strategically developing the digital industry. Consolidate traditional media agency business and strive to achieve multiple flourishing in content marketing, content production and investment, and digital marketing. Focus on advertising and marketing, and transform into the field of variety show production and content marketing on the basis of traditional TV advertising business. Currently, the advertising market is continuously being transformed into advertising content. All advertisements need to be combined with content in order to be better marketed. Traditional hard advertising is gradually being eliminated by advertisers, and marketing rooted in content will have more room for development in the future. The company's core business is divided into three parts, such as traditional TV commercials, variety show production and marketing, and special marketing services. It is estimated that the company's traditional TV advertising revenue will be the same as that of variety shows in 2016, and revenue will reach about 2 to 2.5 billion dollars. Promoting content production for variety shows, the company expects to produce 8 to 10 variety shows this year (including programs for netizens). “I See Your Voice” broadcast on Sunday on March 27 on Jiangsu TV was the company's core product for the first quarter. The first installment had an audience rating of 0.98, ranking 8th in the country. The company participated in the program, accounting for 60% of the investment of 54 million yuan. The program's copyright was purchased from the Korean program “iCanseeYourVoice,” a new concept music mystery program launched by the Korean CJ Group. The ratings in Korea remain high. It has now produced a second season, ranking first in ratings during the same period. Profit forecast: We expect the company's EPS from 2016 to 2018 to be 0.48 yuan, 0.76 yuan, and 1.13 yuan, respectively. The company's closing price on April 7 was 48.67 yuan, and the PE corresponding to 2016 to 2018 was 101 times, 64 times, and 43 times. Since the company is in the business transformation stage and the layout effects in the fields of variety show production and content marketing still need to be observed, there are still many uncertainties, so the company will not be rated yet. Risk warning: The advertising business falls short of expectations, policy risks, intense market competition, and systemic risks.