In 2013, the company achieved operating income of 2,885 billion yuan, an increase of 27.02%; operating profit of 247 million yuan, an increase of 58.38%; net profit attributable to owners of the parent company of 285 million yuan, an increase of 44.74% year on year; and diluted earnings per share of 0.65 yuan. Distribution plan: 1.5 yuan (tax included) for every 10 shares. The company is a leader in the publishing industry in Henan Province. It has the exclusive right to manage textbooks used in compulsory education for primary and secondary schools in Henan Province, and is mainly responsible for the agency publishing, printing and distribution of textbooks for elementary schools, middle schools, and high schools in Henan Province. The market share of teaching aids has increased. During the reporting period, benefiting from the teaching aids market share increased, and the company's textbook teaching aid business revenue increased 35.17% year on year. The company originally had a 50% share of the teaching aids market in the province, but it has now risen to 60%, an increase of 10 percentage points. It is expected that the company's share of the teaching aids market will increase further in the future. At the same time, the company also reached a rental or agency agreement with the Human Education Association for the Renjiao Edition Student Dictionary and the Human Education Edition “Simultaneous Analysis” series of teaching aids. Since the company itself does not have original textbooks, the textbook publishing business is mainly based on the rental agent model, so the signing of this agreement is very beneficial for the company to expand the teaching aid market. At the same time, the company has completed the development and production of four sets of marketing teaching aids, including “New Curriculum,” “Elephant Test King,” “Elephant Comprehensive Evaluation Test Paper,” and “Final Volume of the Secondary School Entrance Examination Sprint,” which have been gradually put into market sales, and the market response has been quite good. Assets issued by major shareholders will be injected. The company announced on November 7, 2013, that it intends to purchase the operating assets of the book distribution business of the majority shareholder Zhongyuan Publishing Media Group and its subsidiaries by purchasing assets in cash and issuing shares, and raise supporting capital. The total price of the assets to be acquired is 2,958 billion yuan, of which 15% will be paid by Dadi Media in cash, the payment amount is 444 million yuan, and the remaining 85% will be paid by issuing 269 million shares at a price of 9.33 yuan/share to Zhongyuan Publishing and Media Group, the majority shareholder. We believe that the total revenue of the target company for this transaction in 2012 exceeded 50% of the company's 2012 revenue, and after injection, it will greatly increase the company's asset size and profit scale. According to the 2012 consolidated statement data provided by the company, revenue in 2012 was 5.357 billion yuan and net profit of 434 million yuan, up 136% and 130% respectively from before the consolidated statement. At the same time, this asset injection will improve the company's industrial chain, resolve current related transactions and interindustry competition issues, and build a flagship listed company in the cultural industry integrating “publishing, printing, distribution, and material supply”, and lay a good foundation for the company's further development in the future. Profit forecast: Without considering and reporting, we expect the company's earnings per share for 2014-2016 to be 0.80 yuan, 0.98 yuan, and 1.17 yuan, respectively. Based on April 15 stock prices, the corresponding dynamic price-earnings ratios are 16 times, 13 times, and 11 times, respectively, maintaining the company's “increase in holdings” rating. Risk warning: The number of students has declined, and the progress of asset restructuring has fallen short of expectations.