Tencent (700) and Alibaba will cooperate with game developers to enter the game business platform. The share ratio of game developers is as high as 70%, which is actually beneficial to game developers. Liberal Arts Interactive (434)'s revenue rose 31.6% year on year to 680 million yuan (RMB, lower) last year, while net profit fell 5.1% year on year to 140 million yuan. However, if non-operating items and one-time items, including share-based remuneration expenses, changes in the fair value of the liabilities portion of series A preferred stock, and listing fees, the performance was in line with expectations, and net profit increased by 36.9% year-on-year to 220 million yuan. Gross margin increased by 0.5 percentage points year-on-year to 61.6%. The group is a developer and operator of online chess and card games. Online games and mobile games respectively accounted for about 60% and 40% of total revenue. The former's revenue during the period fell 5.6% year-on-year to 4.1 billion yuan, while the latter surged 2.1 times to 280 million yuan. The group currently offers a total of 18 online games. Among them, the expression “Texas Hold'em” continues to be strong. Its revenue increased by 25.7% year-on-year to 590 million yuan, and its revenue share fell from 91.3% to 87.2%, gradually reducing its dependence on a single game. As smart phones became more and more popular, the group moved its strategic focus from online games to mobile games. Last year, it launched the mobile board games “Shanghai Mahjong,” “Boya Duo Mahjong,” and “Crazy Cowboy,” and also made them available in different languages. Last year, the number of monthly active users was 23.32 million, an increase of 13.7% year-on-year, of which mobile game users increased by 53.8% to 15.3 million. The average monthly revenue (ARPPU) for mobile games per paying player (ARPPU) is 12.5 yuan, which is far lower than the ARPPU of online games of 92.5 yuan due to the limited number of mobile game payment platforms. Moreover, in the future, the Group plans to strengthen cooperative relationships with major wireless telecom operators in the Mainland, which will help drive future revenue growth. On the uptrend, on February 17, the “candle of the sun” rose, and on February 27 it rose to 15.16 yuan (Hong Kong dollar, same below), which was blocked and fell back. Yesterday, it returned to 20 days. However, STC and RSI on the 14th showed no clear rebound information. It is possible to consider absorption below 12 yuan, with an increase of 15 yuan, and can be held continuously without falling below 11 yuan.