1. The company's cooperation with Zero Intelligent Control and Tencent is worth looking forward to. The company and Zero Intelligent Control set up a joint venture to jointly develop consumer-grade drones. Zero Intelligent Control has no less innovative technology than DJI, which provides a strong guarantee for the development of subsequent products. The consumer-grade drone developed in collaboration with Tencent this time will be more portable, and can be easily operated through a mobile app, lowering the threshold. In the future, it is possible to achieve massive sales through Tencent's promotion channels. The company's cooperation with Tencent goes beyond hardware sales. The two sides will jointly build a drone community, depict the drone ecosystem, and may explore more monetization models in the future. 2. The robot business is progressing steadily, which is also the company's highlight. The company began production line automation upgrades in 2008 and established a robot division in 2002. The company uses its own production line transformation and upgrading experience to provide system solutions for system integration and intelligent manufacturing for enterprises in the 3C industry. The company's robotics business already has orders. At the same time, the company is actively expanding new users, and we expect more orders in the future. 3. Gaming peripherals for Internet cafes are expected to be expanded this year and become a cash flow business. The company made adjustments to the product positioning of traditional peripherals this year, targeting sales in the Internet cafe market. Benefiting from the popularity of e-sports, the company's peripheral products may be booming this year, and are expected to become a cash flow business, and can be a good complement to the drone and robotics business. 4. Investment advice: The company lost 424 million dollars in performance last year, with a large amount of the loss burden being thrown over to 2015. However, as the volume and transformation of the Internet cafe game peripherals business accelerates, we expect the company to achieve net profit of 150 million (excluding profit from non-operating income) and 200 million in 16 and 17, corresponding to PE 57 times and 43 times, and give careful recommendations. 5. Risk warning: The gaming peripherals business falls short of expectations, and the robot and drone market expansion falls short of expectations.