Operations progressed steadily, and value-added business and capital operations became highlights. The company released its 2015 semi-annual report on August 31. Among them, the company achieved a total revenue of 1.04 billion yuan, an increase of 2% over the previous year; net profit attributable to shareholders of listed companies was 204 million yuan, a year-on-year decrease of 24.34%. Overall, the company's overall business situation progressed steadily in the first half of the year. The number of cable TV coverage users and the number of online users all maintained steady growth, enabling the company's basic ratings business revenue to continue to maintain a stable trend. In the field of value-added business and private network business, the company's highlight is that the number of two-way network business users increased by more than 70% within half a year. In addition, it has already connected more than 300 group customers in the province to the private network business. We believe that the company's 94.5% digital advantage is extremely prominent in the domestic industry. Furthermore, as the company gradually promotes innovative value-added services such as “JiTV Reading” and “TV Taobao,” its user stickiness is expected to continue to increase. The potential for value-added and private network business development will continue to be unleashed in the medium to long term. Second, the company has many highlights in the field of epitaxial capital operations. First, the company's participation in 4 agricultural and commercial banks with 775 million yuan will provide strong performance support for the company; in addition, the company will further expand the industrial value chain and increase its performance by investing in industrial mergers and acquisitions funds. Second, the company is active frequently in the tourism and cultural real estate sector. It has now obtained two high-quality plots in Sanya and Changbaishan, and has cooperated with world-renowned design teams and hotel management and operation groups, which can greatly enhance the company's influence on domestic cultural brands. Finally, the company's “10 gigabit network receiver chip” project has independent research and core intellectual property rights, and has been mass-produced. The product supports advanced technologies such as 10G live broadcast broadband and two-way PON access, which can further tap users' value-added business consumption potential. It is currently being evaluated by national standards, and is expected to enter procurement projects of radio and television companies in other provinces and cities, further consolidating the company's technical advantage barriers. Investment suggestions and profit forecasts We believe that the company, as a traditional local cable leader, continues to explore the deep consumption potential of users in the province through business innovation while the basic ratings business is growing steadily. Furthermore, the company has many highlights of its epitaxial capital operations, which is expected to have a significant impact on the company's performance. We have long been optimistic about the technological and business innovations and reforms carried out by the company as a traditional state-owned enterprise in the cultural media category, and hope to use the company's user base and brand advantages to gain new room for growth. We expect the company's 2015-2017 EPS to be 0.32, 0.47 and 0.64 yuan/share, respectively, covering the company for the first time and giving it an investment rating of “increase in holdings”.