Guide to this report: The company acquired four new media companies to comprehensively lay out the content and channel side, and the company is expected to quickly achieve a leap into a new type of media group under the Internet + through endogenous and epitaxial methods. The target price was raised to 56.2 yuan to maintain an increase in holdings rating. Key investment points: Investment advice: With its high-quality media and high-quality and rich user base, the company will forge ahead and achieve the transformation of emerging media groups under the Internet + through endogenous and epitaxial methods. The company is expected to clearly benefit from the rapid expansion of content and channels in the context of the integration of online, offline, and new and old media. Since the company's important matters are still ongoing, we maintain the company's 2015-2017 EPS of 0.37/0.51/0.68 yuan, and the target price is 56.2 yuan, maintaining the “increase” rating. It announced the acquisition of four new media companies for 1,336 billion yuan. The company announced that it would pay a total consideration of 1,336 billion yuan by means of equity transfer+capital increase to acquire majority shares in four companies: Yicoski, Jiuzhinxia, Jiuzhirun (Jiuyou Network), and Jinji Diandian. The integration of old and new media is accelerating, and a dual platform for Internet channel content is being formed. While iCosky and Jiuji World focus on mobile Internet distribution and access, Jiuzhirun and Jinjidian focus on developing mobile Internet content—games and audio. On the one hand, the four companies can organically connect and integrate with the company's rich offline media resources, realize the internetization of the company's traditional media resources such as radio, television, film and television, and use Internet thinking to integrate offline resources with online operations; on the other hand, the company's online projects can use the advantages of traditional media resources to accelerate development, achieve online and offline linkage, and achieve integrated development of traditional media and new media. After the completion of this acquisition, the company will form a distribution platform based on Yifeng Technology, iCosky, and Jiuji World as the core content platforms, with Jiangsu Wutai, Jiuyou Network, and Jinji Dian as the core content platforms. The integration of old and new media, the effectiveness of business resource integration under epitaxial development, and the progress of important matters have brought about some uncertainty.