The company was founded in 2003 and listed on the Shenzhen Stock Exchange VEM in 2010. At the beginning of its listing, it was the largest offline marketing service provider in China. Since 2015, the company has continued to carry out epitaxial mergers and acquisitions around the “new media, content, and big data” strategy - acquired Haoye Shanghai, laid out digital marketing, and used its advantages to carry out big data marketing; in early 2016, it established Shanghai Entertainment with Yongle Ticketing, and developed strategic cooperation with Korea's SIGNLA Entertainment to lay out content marketing; in May 2016, it plans to acquire 69.76% of YOKA's shares to lay out new media. We are optimistic about the company's ability to build integrated marketing throughout the entire industry chain around “media, content, and data.” The target price for the first rating purchase is 11.70 yuan. Key points supporting ratings Big data strategy: Big data marketing with Haoye Shanghai as the core. Based on its strengths in marketing big data applications, Haoye Shanghai is involved in digital marketing business related to big data applications, including: precision marketing, performance marketing, and programmatic purchasing services. Big content strategy: 1) Establish a joint venture with Yongle Ticketing to create a top entertainment marketing platform in China; 2) Develop strategic cooperation with Korean entertainment company Signal to obtain first-tier star resources and high-quality content production resources such as Song Seung-heon, Lee Mi-yeon, Kim Hyun-joo, and Kong Hyung-hyung. New media strategy: It is planned to acquire 69.76% of YOKA's shares, expand new media channels, and form collaboration with the company in terms of “strategy, business, and customers.” The four core strengths build the company's global marketing ecosystem. 1) Offline marketing foundation; 2) domestic first-class marketing strategy and excellent innovation ability; 3) rich market resources, stable and excellent customer structure; 4) equity incentives to maintain the core competitiveness of talents. The main risks faced by ratings: the acquired company's performance falls short of expectations; systemic risk in the marketing industry. The valuation predicts that the company's net profit for 2016-2018 exam preparation will be 201 million yuan, 240 million yuan and 286 million yuan respectively, with a target price of 11.70 yuan, and the initial rating purchase.