Key investment events: The company issued an interim report and achieved revenue of 413 million yuan during the reporting period, an increase of 16.74% over the previous year; net profit attributable to shareholders of listed companies was 85.6 million, an increase of 43.33% over the previous year. Meanwhile, the net profit range for the first three quarters is forecast to vary between 96 million and 112 million, an increase of 15% to 35% over the previous year. The performance is in line with expectations, and investment in new businesses continues to increase, which is expected to accelerate into the harvest period. Key Opinions: 1) During the reporting period, revenue increased 16.74% year on year, mainly due to the rapid growth of webcasting and corporate conference services in the enterprise communications business. Net profit increased by 43.33% year-on-year, mainly due to revenue growth while gross margin remained stable, and investment income of 63.55 million yuan brought about by interactive valuation adjustments. At the same time, the three-quarter report forecast deducts the impact of investment income. Net profit is expected to drop by 41-61% year on year due to continued investment in new businesses. We believe that the accelerated layout of the new business is expected to enter a harvest period by the end of the year, and that the company's performance growth in 2016 can be expected. 2) First, the 263 cloud communication platform connects SaaS platforms or application providers such as WeChat enterprise accounts, work circles, user guides, and Zhiyuan Software to build a cloud communication+SaaS enterprise Internet ecosystem; secondly, the VOIP and IPTV business is expected to usher in a double increase in the number of users plus ARPU value, driving rapid growth in overseas business; finally, the company cooperates with many channels to accelerate MVNO and has billions of market space. 3) Profit forecast and valuation: Net profit for 16-18 is expected to be 167 million, 202 million, and 294 million yuan, and EPS of 0.21 yuan, 0.25 yuan and 0.37 yuan respectively, reaffirming the “increase in holdings” rating. Risk warning: Overseas business development falls short of expectations, and the promotion of new business is blocked