Core view: 2013: revenue of 370 million yuan (-26%), net profit - 680 million yuan. In 2013, the company achieved operating income of 370 million yuan, a year-on-year decrease of 26%, and a loss of 680 million yuan. The decline in performance was mainly due to a sharp decline in asset margins and investment returns in the PV business. Looking at the business structure, the software, network services, and solar cell business all experienced a significant decline, while the chip design and application business achieved a good growth of 42%, achieving revenue of 160 million yuan. 2014: The acquisition of Pocket Flix is a substantial first step in transforming the mobile Internet. The company announced in January 2014 that it intends to acquire Pocket Finex. Pocket Flying News achieved revenue of 130 million yuan and net profit of 444.497 million yuan in 2013. It is one of the earliest domestic enterprises to enter the mobile online game development field, and has accumulated rich experience in the development and operation of mobile games and PC online games. At present, the company has developed more than 100 mobile games and successfully released and operated more than 6 series of mobile online games. Among them, the “Pearl” series products have gone overseas, and “Dragon Fighter”'s monthly revenue exceeded 10 million in March of last year. Entering the lottery industry, taking the second step in the transformation of mobile internet. In addition to engaging in game development and platform operation, the company also began to get involved in the Internet lottery business, acquiring companies such as Shanghai Liangcai and Beijing Wonderland in February and March 2014, respectively. According to the 2012 lottery sales data, the country sold a total of 261,524 billion yuan of lottery tickets. Between 2006 and 2012, the compound annual growth rate of lottery ticket sales reached 21.35%. Traditional lottery tickets are mainly sold in physical stores. Although they have advantages such as cash transactions and easy prize redemption, they still limit lottery players' purchases in terms of time and place. With the rapid development of the Internet and mobile internet, paperless lotteries have gradually become popular. The expected 14-16 results are 0.26 yuan/share, 0.43 yuan/share, and 0.53 yuan/share, respectively. The company's EPS for 14-16 is 0.26 yuan, 0.43 yuan, and 0.53 yuan, respectively, corresponding to 38 times, 23 times, and 19 times PE in 14-16, respectively. Risk warning: Market promotion in the mobile Internet sector fell short of expectations; related policies fell short of expectations.