Performance description The company reported operating income of 1,956 billion yuan for the third quarter of 2015, up 12.44% year on year; net profit attributable to shareholders of listed companies was 404 million yuan, up 67.23% year on year; net cash flow from operating activities was 490 million yuan, down 20.23% year on year. Basic earnings per share are $0.31. Performance reviews continue to develop “new media” and “new networks”, and operating efficiency has improved markedly: the company's net profit for the first three quarters of 2015 increased by 67.23%, continuing the trend of interim report data. The gross sales margin was 45.20%, an increase of about 2.6 percentage points over the same period last year; the net sales margin was 20.56%, an increase of nearly 7 percentage points over the same period last year. The company effectively used its own cable television network and license resources, and achieved integrated development of new and old businesses in terms of “new media” and “new networks”, and was ahead of other operators in the country in terms of multi-network integration. In the field of new media, Huashu provides interactive television content, value-added services and solutions for radio and television networks in more than 20 provinces and 100 cities across the country, covering 90% of the country's radio and television enterprises. The company's Internet TV business has a market share of more than 60% in the country. Furthermore, Huashu has nearly 500,000 broadband network users in the Hangzhou region, and has grown into a leading enterprise in the Hangzhou broadband access market. Technological upgrades consolidate the foundation for development, and big data platforms grasp the direction of development: As a leading traditional radio and television enterprise, the company's advantages in coding quality and live streaming stability have been consolidated and enhanced, which has provided technical support for the development of Internet television. At the same time, the company actively leverages its advantages as a natural source of big data, based on the implementation and construction projects of big data platforms, is based on aggregating structured data and unstructured data from the company's various platforms, relies on standardized data interaction among the company's systems, and uses advanced analysis and mining concepts to apply leading big data software to provide users with more thoughtful personalized services, providing a solid foundation for the company's operations based on data and quantitative assessment, and exporting a new media index based on analysis of the behavior of tens of millions of users. We are optimistic about the deep cultivation of radio and television companies in the field of big data, and believe that the big data platform will become a new bright spot for the company's future revenue growth. A pioneer in the “integration of the three networks” process, the long-term trend is promising: on September 4, 2015, the General Office of the State Council issued the “Promotion Plan for the Integration of the Three Networks”. We believe that the issuance of the “Promotion Plan” this time will mainly benefit leading state-owned enterprises in the cable television sector in the A-share media sector. The stronger the comprehensive strength of an enterprise, the more likely it is to benefit. Because to diversify business and gain market recognition, it is necessary to build on a high-speed, open, and stable network and a large user base. The company is located in East China. The traditional business base is solid, the new business format is gaining momentum, and three-network integrated products such as Internet TV are developing smoothly. It can be described as a leading enterprise in the development of “three networks integration”, and the long-term trend is promising. Risks suggest that progress in multi-network integration is lower than expected; industry-finance collaboration projects are progressing slowly; and major changes in national policies have occurred.