In 2013, the company achieved operating income of 1.24 billion yuan, an increase of 0.95%; operating profit of 98.81 million yuan, an increase of 56.54% over the previous year; net profit attributable to owners of the parent company of 67.73 million yuan, an increase of 49.80%; and diluted earnings per share of 0.20 yuan. Distribution plan: 0.62 yuan (tax included) for every 10 shares. The company is mainly engaged in the three major businesses of film, television, tourism, and advertising. The actual controller is CCTV, so it has a unique market position and has the most influential television media resources in the country - CCTV channel resources. During the reporting period, the company achieved revenue from advertising business of 527 million yuan, an increase of 10.83% over the previous year. At the same time, the gross margin of this business also increased by 8.03 percentage points year-on-year, which is the main reason why the company achieved a large increase in net profit despite a slight increase in revenue. Mainly because the CCTV science and education channel's advertising resource model was changed from a contract system to an agency system, the profit of the advertising business for Taiwan increased significantly over the same period last year. At the same time, the company's new agency for the advertising business of the Xinjiang Corps TV channel has not only effectively compensated for the loss of traditional advertising resources, but also brought good operating income. In terms of film and television business, during the reporting period, many movies and TV dramas such as “The Case of the Orphans of Zhao”, “Rag Girl Has Spring”, and “Infiltration”, etc., all achieved good ratings and sales results during the reporting period. We believe that the company's current film and television drama business is on a positive development path. Although revenue from this business fell by 8.16% during the reporting period due to industry prosperity and the impact of production and broadcasting cycles, in the long run, the film and television business is still expected to become the company's main focus in the next stage. The company tried to strengthen its strength in TV drama production through the acquisition of Kim Young-ma Film and Television, but in the end, the acquisition was terminated due to various factors, but in the future, it is not ruled out that the company will have other acquisitions in the field of film and television production. In terms of tourism business, the company owns tourism revenue from two film and television bases in Wuxi and the South China Sea, and the number of visitors to the film and television center increased relatively steadily. During the reporting period, this business increased 5.96% year on year. Maintaining steady growth in the future is a probable event. Profit forecast: We expect the company's earnings per share for 2014-2016 to be 0.24 yuan, 0.26 yuan, and 0.28 yuan respectively. According to the stock price on April 18, the corresponding dynamic price-earnings ratios are 69 times, 65 times, and 60 times, respectively. Maintain a neutral rating for the company. Risk warning: Various related transaction fees paid to CCTV have risen sharply; earnings from film and television productions have fallen short of expectations.