On the incident, Beijing Media issued an announcement that the company plans to renew the advertising media business cooperation agreement. Since the cooperation agreements signed by the company in 2010 with Hainan Baima Media Advertising Co., Ltd., Columbia Outdoor Media Advertising (Beijing) Co., Ltd. and Beijing Qicai Tongda Advertising Media Co., Ltd. will expire at the end of 2016, the company plans to continue cooperating with these business partners to extend the advertising media cooperation period until December 31, 2017. At the same time, the company plans to introduce Shanghai Zhima Media Group Co., Ltd. as a new business partner to cooperate in the advertising media business of rapid transit (BRT) routes. Commentary continues cooperation to maintain the steady development of advertising and media business. Since 2010, the company has cooperated with Hakuba, CBS, and Qicai. Various partners have entered the marketing center under the Beiba Media Advertising Branch by means of labor input to be responsible for bus body media sales and related work. Since the termination of the cooperation agreement and the expiration of the 10-year car body advertising rights obtained by the company from the Beijing Public Transport Group, the company renewed the contract for 1 year according to the original terms to ensure the steady development of the advertising media business until the company signed a new car body advertising rights contract. Introduce Zhima Media to explore new marketing models. This time, the company also introduced Zhima Media as an additional partner to cooperate in the advertising media business of the Beijing Express Bus (BRT) route in 2017, including car body advertisements, waiting hall light boxes, and stop sign advertisements. Zhima Media has developed outdoor advertising business in first-tier cities since 2011 and has mature marketing experience. The company introduced Zhima Media before signing a new car body usage rights contract, reflecting the company's determination to actively seek advertising business model innovation; the diversification of partners also helps the company prepare for possible future advertising business tenders. At the same time, the BRT line will also provide a certain increase in sector revenue next year. The NEV charging business has broad room for growth. The public transport group will begin large-scale operation of electric buses next year, and the charging business will begin to expand in 2017 and accelerate growth in 2018. By 2020, the company will build more than 2,000 new charging stations to serve the public transport group's approximately 12,000 electric buses. We expect the charging business to grow at a compound rate of 74% over the next four years, and its net profit share will reach 34% by 2020, becoming the company's core profit source in the future. We maintain the 2016/17/18 earnings forecast of 0.24/0.40/0.51 yuan unchanged, and maintain the “recommended” rating and target price of 15.85 yuan, corresponding to 40x P/E in 2017. New contracts for risky advertising media have led to a sharp drop in gross margin; promotion of electric buses has slowed; and the number of driving school students continues to decline.