Report Summary: Annual Report Summary: The company achieved operating income of 1,888 billion yuan in 2015, an increase of 30.43% over the previous year; realized net profit attributable to owners of the parent company was 27.1503 million yuan, a decrease of 45.94% year on year. The basic earnings per share are 0.23 yuan, and the company will transfer 10 shares for every 10 shares to all shareholders. Annual Report Review: Increased media agency costs have led to a decline in profits. The company's revenue growth has accelerated, but profits have declined, mainly due to increased market competition and the concentration of media investment in strong media. At the same time, in order to meet industry trends, the company actively deployed and invested more resources in the field of content marketing, increasing the company's operating costs and further leading to a decline in profits. Follow the trend and actively expand content marketing. Since its listing, the company has actively deployed content marketing. In 2015, the company acquired 51% of Huachuan Culture's shares, focused on variety show operations, acquired 20% of Starbucks Media's shares, focused on post-production of variety shows, acquired 15% of Whaku Culture's shares, and focused on netizen content marketing; in the works, the company participated in investing in Beijing TV's “All Yours”, Jiangxi TV's “Super Song List”, and Jiangsu TV's “Zhuang Zhi Ling Yun”. Through capital operations, the company has improved the layout of the content marketing industry chain, and through variety shows, the company has accumulated industry experience in TV program investment. At the critical stage of business upgrading, the prospects for volume growth can be expected. After integrating resources and accumulating experience in 2015, the company will officially launch content marketing for variety shows in 2016. “Seeing Your Voice”, the main investment of the company, has already appeared on Jiangsu TV, and the first installment has performed well; starting in the second quarter, the company will launch 7-8 variety shows one after another, which can be described as having many highlights. In 2016, the company will continue to lay out the industrial chain around content marketing, and the company is expected to increase digital marketing from mobile devices. We believe that the company is of excellent quality, consider the company's growth and explosive power, and maintain the “gain” rating. Risk warning: policy risk, market competition risk.