Key investment points: Maintain an increase in holdings rating, target price of 22 yuan. The company released its semi-annual report, achieving operating income of 410 million yuan, an increase of 16.7%, net profit of 85.62 million yuan, an increase of 43.3%, and deducting non-net profit of 15.35 million yuan (mainly after deducting the investment income portion of the acquisition of exhibition interactive), a year-on-year decrease of 74.4%. Maintain the company's 16/17 EPS at 0.21 yuan/0.28 yuan, respectively, and maintain the target price of 22 yuan. We continue to be optimistic about the company's business layout on the 2B and 2C side in the context of the high-traffic era, and maintain an increase in holdings rating. Enterprise-level services have been developed smoothly and have entered a rapid development path. Revenue growth in the first half of the year was mainly due to the corporate communications business. Among them, the rise of video showed that demand in the live streaming market of enterprises grew rapidly, driving the company's revenue growth rapidly. We believe that, benefiting from the continuous expansion of the overall scale of the industry and the development of user habits, video traffic will penetrate the enterprise service market such as education and training, meetings, and offices in the future. At the same time, due to its B-side attributes, users often have strong payment habits, so their ability to monetize is stronger. The company's enterprise service products have entered a rapid development path. The overseas traffic business is progressing smoothly and is expected to explode in the second half of the year. The company continues to accelerate MVNO construction. It has been built into the mobile devices of many well-known international and domestic terminal brands such as Samsung, Meizu, LeTV, 360, and Coolpad. It will soon enter the harvest period; it will soon enter the harvest period; continuously optimize product services (update the Chinese name and logo: iTalkBB) to open up a new starting point for diversified products and services for overseas Chinese. The company continues to develop IPTV and VOIP operating service users and increase its market share: there is huge room for performance improvement in the overseas Internet field in the future. Catalysts: Rapid development of the live video streaming industry, accelerated implementation of company SaaS service orders Risk warning: Unified Communications promotion falls short of expectations; overseas communications business falls short of expectations