Operating income increased by 24.4%, and attributable net profit increased by 55%. The company achieved revenue of 69,1953,400 yuan in 2016 H1, an increase of 24.43% over the previous year. Net profit attributable to shareholders of listed companies was RMB 38.4847 million, up 55.08% year on year. At the same time, during the reporting period, the company's overall gross profit margin was 21.25%, up 0.78% year on year, net profit margin 5.56%, up 1.16% year on year. The main reasons for the continuous increase in performance were: 1) By acquiring upstream and downstream companies and integrating resources to achieve collaborative growth in various industries, sales and management expenses fell 4.18 pp to 16% year on year. 2) The devaluation of the RMB favors the development of the company's export business, exports have improved, exchange losses have been reduced, and financial expenses have been reduced by 3757.08% over the same period last year. Revenue from the navigation advertising business also increased by 167%, and the traditional main business achieved steady growth. 1) In 2015, the company acquired Lingyun Media, and 2016 H1 achieved a 167% year-on-year increase in navigation advertising revenue, contributing 34% of revenue. As the navigation industry became more transparent and industry competition intensified, the company gradually transitioned from a pure agency model to a diversified revenue model, and the mobile advertising business grew rapidly during the reporting period. 2) H1's share of domestic revenue increased by 2pp to 54%. By participating in export fairs, digging deeper into customers, innovating products, and vigorously developing e-commerce business, the company ensured the continued stability of orders. The traditional business fell by only 9% year-on-year. Deepen transformation and insist on building an Internet-based cross-border service business chain. In the first half of the year, the company adjusted Huiyuantong's acquisition plan, shifting from buying additional shares to buying 26% of Huiyuantong's shares with 58 million US dollars (557 million yuan) in cash, gradually deepening cooperation. As a technical intermediary for cross-border payments, its cross-border transaction compliance, stability, and security are at the forefront of the industry. The future growth of the company's business will mainly depend on the progress of expanding new customers. The company's EPS for 16-18 is expected to be 0.32 yuan, 0.43 yuan, and 0.54 yuan respectively. Considering Lingyun Media's good profitability and the scarcity of Huiyuantong, the “buy” rating will be maintained. Risk warning. Risk of loss of downstream Huiyuantong customers, exchange rate risk.