Investment highlights: Performance exceeds market and our expectations by 21%. In the first quarter of '16, the company achieved operating income of 574 million yuan, a year-on-year increase of 273.1%, operating costs of 475 million yuan, and a year-on-year increase of 263.9%. Net profit attributable to shareholders of listed companies was 58 million yuan, corresponding to a fully diluted EPS of 0.18 yuan, an increase of 1588.2% year on year, exceeding the market and our expectations by 21% (we expect net profit of 0.48 million yuan, up 1300% year on year). At the same time, the company expects net profit of 0.85 to 110 million in the 2016 semi-annual report, an increase of 699.2%-940.4% over the previous year. Gross margin has risen, and net profit has exploded. The gross profit margin for the 1st quarter of '16 was 17.2%, up 2.1% compared to 15.1% in the 1st quarter of '15. The main reasons are: (1) WeeWin Interactive, which added consolidated statements, and the gross margin of Cloud Time and Space was higher than Jinyuan Interactive (2) divested the traditional low gross margin lightning protection device business. Net profit for the first quarter of '16 was $58 million, up 1588.2% year on year. The explosive increase in profit was mainly due to three reasons: (1) Jinyuan Interactive developed rapidly, with a sharp increase in profit in the first quarter; (2) the acquisition of Weiying Interactive and Cloud Spacetime began in January '16 and listed: (3) the loss business of traditional lightning protection devices was divested out of the company in January '16, which also brought in 5 million investment income. The mobile marketing layout is improving by divesting the power surge business. The company has divested the power surge business and completely bid farewell to the original business. The Ming Family Alliance has initially formed a layout for the entire mobile marketing industry chain. The “three controls and multiple participation” strategy optimizes the company's internal resources, and the synergy effect is remarkable. From the perspective of the company's business, Jinyuan Interactive provides mobile internet media advertising and mobile search advertising services. WeChat Interactive, Cloud Time and Space, and Pocket Information are mainly biased towards APP applications, WAP, and mobile game promotion; Xiaozi Technology uses data analysis as its core competitive advantage and continues to advance towards DSP, while Youcai Network focuses on human resources O2O and mobile video advertising markets with a dual line layout. However, it has invested in online and offline SMS marketing services in March of this year, and has accumulated a large amount of data. In the future, it will be combined with Kid Technology, which has big data analysis capabilities, to achieve more accurate marketing services, and the company will basically complete the mobile marketing layout through epitaxial mergers and acquisitions. In addition, Tapjoy, which is funded by the company, has long experience in overseas advertising and is the world's largest mobile advertising platform. The number of registered apps on its advertising platform has exceeded 300,000, and the average number of monthly active users is about 500 million. Joining Tapjoy will facilitate the company to expand overseas business in the future. The company's strategy was further implemented, and the “increase in weight” rating was reaffirmed. At the beginning of the year, the company participated in Shuangxuan, online and offline, and Tapjoy, and continued to advance the strategy of extended mergers and acquisitions. We maintain the company's profit forecast of EPS of 0.70, 0.92 yuan, and 1.21 yuan/share for 2016-18. The current stock price corresponds to the 2016-2018 50/38/29 times PE valuation level, which is basically the same as the current average PE level of 50 times the Internet marketing industry in 2016. If we consider the impact of epitaxial mergers and acquisitions in 2016, there is room for further sharp decline in valuation. Since Mingjia Technology is currently the only genuine target in the A-share market focusing on mobile internet marketing, we are optimistic that the company will maintain an “gain” rating based on the strategic layout of the entire mobile Internet industry chain and the pace of subsequent extended mergers and acquisitions.