Key investment events: A few days ago, we had a conversation with the company director about the company's future strategy and current program. “See Your Voice” was the company's main product for the first half of the year. “See Your Voice” was introduced in Korea. It has been broadcast in Korea for two seasons, and the market feedback has been very positive. “See Your Voice” has invested a total of 90 million yuan. The company's two subsidiaries, Tianjin Jiuhe and Huachuan Culture, each invested 27 million yuan, each accounting for 30%. “I See Your Voice” was screened on Jiangsu TV on the evening of March 27 (Sunday), with an audience rating of 0.979% and a market share of 4.495%. Among Sunday's variety shows, it ranked 8th in terms of ratings and fourth in terms of market share (the reason for the huge difference between ratings and market share is due to the viewing period). Implement content marketing strategies. As a secondary IPO listed last year, Gravity Media's main business is traditional advertising and marketing. However, since last year, the traditional marketing industry has faced tremendous industry pressure (economic downturn, advertisers have reduced advertising budgets; strong channel expenses have risen rapidly), and the company's operations have declined to a certain extent (net profit is expected to fall by 40%-55%). In order to cope with industry adjustments, the company resolutely transformed content marketing to help develop marketing business by entering the content field: it has successively acquired or invested in Huachuan Culture (a content marketing company), Starch Media (a leading post-production variety), and Wofun Culture (an online content marketing company). In the future, on the one hand, the company will create quality content, and on the other hand, rely on its many years of accumulation in the marketing industry to combine marketing and content to promote the company's business transformation. A collection of small yet sophisticated content layouts. In the future, Gravity Media will further strengthen its own content business construction. The company is exploring and expanding its reach in the content field. Whether it is holding, equity participation, or agreement cooperation, the company is trying to open up supply channels in multiple upstream content fields and enrich its content business through a large number of small but sophisticated content production enterprises (small enterprises, studios) to achieve the integration of content and marketing. Valuation and ratings: The company's performance declined markedly in 2015, mainly due to rising channel fees and internal costs associated with going public. The company's performance is expected to improve drastically in 2016. The reasons are: 1. If “I See Your Voice” maintains its current ratings, its profit will exceed the level of last year's full year according to the general variety input and output situation; 2. The company's strategy changed this year, and the marketing business changed from volume to profit in the past. We expect the company's EPS in 2016 to be 0.67 yuan, a significant increase from our previous forecast. The reason is that the company's content business expansion exceeded expectations, corresponding to the current stock price PE of 60 times, which is higher than the average of 35 times in the advertising industry. Considering: 1. The company's future content transformation will continue to advance, which is likely to bring about mergers and acquisitions; 2. The company has already entered the content field, with a certain valuation premium, and maintained the company's “increased holdings” investment rating. Risk warning: Traditional business may accelerate decline, follow-up programs, or fall short of expectations.