Key investment events: The company announced the signing of the “China E-sports Carnival Cooperation Letter of Intent” with the Sports Information Center of the State Administration of Sports and Shanghai Xiaonong Culture. The three parties jointly signed an e-sports carnival cooperation agreement on a voluntary and exclusive basis, and the General Administration of Sports owns brands for e-sports carnivals and related events. Other spin-off activity brands, the General Administration of Sports, account for 50%; the rest is shared by China Travel Union and Xiaonong Culture. The eSports market is about to explode. E-sports is an inevitable product of the development of the video game industry to a certain stage, and it has begun to take shape in the context of the rapid development of China's online game market. Compared with the growth rate of 7%-8% in the global game market, China's online game market is still in a period of rapid growth, and the e-sports industry will experience explosive growth. Strong alliances can be expected for future development. As the competent department for e-sports in China, the Sports Information Center of the State Administration of Sports has always spared no effort in supporting e-sports. This cooperation between the company and e-sports authorities and e-sports professional operation teams will help lay a solid foundation for the company to enter the e-sports field. Profit forecasting and investment advice: Benefiting from the strong execution of the new management team, the company's transformation is progressing smoothly. Through merger and acquisition funds and various types of equity cooperation, the company actively lays out the field of outdoor culture, sports and entertainment. On the one hand, it is conducive to improving the company's capital utilization efficiency and capital return level, and completing the industry card layout at minimal cost. With the gradual improvement of the layout of the outdoor sports and entertainment industry, culture and sports have become a new twin engine for the company's development, and future market space is worth looking forward to. Risk warning: Project progress falls short of expectations