Incident: On September 21, Jishi Media issued an announcement stating that the company and Heilongjiang Radio and Television, Liaoning Radio and Television, and Inner Mongolia Radio and Television have jointly signed the “Four-Party Radio and Television Data Business Interconnection Cooperation Agreement”. The four parties have formed a long-term and comprehensive strategic partnership based on the principles of equality and mutual benefit, win-win cooperation, shared resources, and common development. On the basis of the Internet, live television, interactive television, industry applications, information services, etc., the four parties are actively developing new areas of cooperation, making full use of their respective tangible and intangible resources, and carrying out in-depth, all-round cooperation to jointly create a radio and television network operation platform in the four northern provinces and create a new model for radio and television network business development. Comment: All-round cooperation strengthens overall competitiveness and welcomes the integration of the three networks. We believe that the signing of this comprehensive cooperation agreement will effectively enhance the competitiveness of the company under the three-network integration policy. Specifically, this agreement focuses on high-definition interactive services and broadband Internet services, and the master plan for gradually expanding the scope of value-added business is extremely targeted to expand the company's development space for video value-added business. The gradual establishment of radio and television network operation platforms in the four provinces will physically achieve true fiber channel interconnection. All parties will share various service content and service resources for mirroring, Internet caches, public information, and high-definition video in all aspects. On the one hand, it has greatly improved the user experience of the company's value-added business, and enhanced the market competitiveness of the company's value-added business; on the other hand, it has greatly improved the company's value-added business user experience and enhanced the market competitiveness of the company's value-added business; on the other hand, It will effectively reduce the company's public network export bandwidth resources and business costs related to Internet resources. Furthermore, the establishment of a cooperative platform will gradually highlight the company's technical strength in the field of hardware research and development, and the company's Jishihuitong “Integrated Set-top Box for Fiber-optic Home” project will be given more room for expansion. The overall improvement of the quality of content services and the quality of network operations will effectively enhance the company's internal competitiveness in the wave of integration of the three networks, and the construction of radio and television operation platforms in the four provinces will also lay a solid foundation for the company's further nationwide expansion in the future. Competitive advantages continue to show. We are optimistic about the company's development over the long term. We believe that the signing of the “Quadripartite Radio and Television Cooperation Agreement” will effectively enhance the company's competitiveness within the radio and television industry, and gradually establish a competitive advantage with the telecommunications industry through cooperation and optimization of content and operations. We continue to be optimistic about the company's long-term development strategy, keep the company's profit forecast unchanged for the time being, and give it an investment rating of “increased holdings.”