Key Investment Companies published semi-annual reports. During the reporting period, the company achieved revenue of 581 million yuan, a year-on-year decrease of 19.88%; realized net profit attributable to shareholders of listed companies of 31,5718 million yuan, a year-on-year decrease of 45.83%; net profit of listed companies of 113 million yuan; and achieved basic earnings per share of 0.03 yuan. The sharp changes in the company's revenue and net profit in the current period were mainly affected by the policy. The Internet lottery business for people in Australia has not yet resumed, and there is no revenue in the current period; in this period, due to the sale of some shares in Microscreen Software, control over the company was lost, and revenue declined due to a decrease in the scope of the merger. However, this cost is due to (1) the expansion of the rental area in the office area, and rent has increased significantly; (2) due to the policy, the Internet lottery business for people and Australian customers has been suspended, and there is no revenue in the current period, but other operations, maintenance, development and other businesses are still operating normally, and the cost reduction is not obvious; (3) the high-margin atomic company's microscreen software is no longer included in the combined impact. By business, the company's lottery business has no revenue, but it continues to actively respond to changes in Internet lottery policies, innovate and expand business, cultivate user usage habits, maintain user stickiness and activity, and seize industry development opportunities; the advertising and promotion business is affected by increased competition in the Internet advertising market, leading to a clear decline in revenue; in the field of mobile value-added business, people's video performance is relatively good, but overall revenue has declined markedly due to the impact of selling shares in microscreen software; and the information service business has basically remained at a stable level. As a national media platform, People's Online continues to receive continuous attention due to its very authority and core influence. In the current context of the company's main advertising, mobile value-added, and information services, etc., the lottery is undoubtedly the core highlight of new business development. As the industry gradually becomes clear, and in particular, recently People's Online has won the bid for the Fortune Center marketing promotion project, it is also improving the company's performance in the short term while increasing expectations for future Internet lotteries. As the most competitive target for state-owned enterprise reform and the Central Enterprise Media Group, People's Online also benefits from future expectations after the liberalization of Internet lotteries. We expect the company's 2016-2018 EPS to be 0.07, 0.11, and 0.14 yuan respectively, giving it an “increase in holdings” rating.