Key investment points: The economy is expanding slightly, and newspaper advertising stabilizes and favors industry leaders. The economy stabilized in the second half of 2013, and the overall advertising market achieved a growth rate of 5%-6%. As the “Guangzhou Daily”, which has ranked among the top domestic print media for 19 consecutive years, its circulation is the highest among newspapers in the country. Therefore, advertising and marketing capabilities and media pricing capabilities have a large margin of premium. The company's advertising revenue is expected to rise steadily in 2013. Advertising revenue in 2014 came from two major profit points: (1) “Community Daily” has opened 12 companies, and regional advertising revenue channels are growing rapidly; (2) “The Elderly” stepped up the pace of expansion outside the province. With the advent of the aging trend, advertising growth in this market segment continued to rise. The acquisition of Champs Elysées began a new journey of integrating LED advertising. The company acquired the Shanghai Champs Elysées in October and officially entered the LED outdoor advertising market. Currently, the concentration of the LED advertising market is not high, and investment factors and brand resources can be developed and shared in multiple ways, with economies of scale, and the trend of integration is very strong. Currently, the Champs Elysées has a market share of about 15%, and the network is widely distributed. With its position as an early pioneer, it has the ability to integrate the market. According to the gambling agreement at the time of the merger and acquisition, the Champs Elysées profit for the next three years will not be less than 56.83 million yuan, 68.7 million yuan, and 81.56 million yuan, with an average growth rate of 20%. Considering the integration of the resources of the two companies and the incentive mechanism for execution after the merger and acquisition, we believe that it is more likely that the results will be completed. Lay out big data, when e-commerce project incubation is underway. The company started with paper media, and the strategic development of diversified development and transformation has already been determined. We are optimistic about the development of e-commerce channels centered around big data: Relying on “Soccer News”, Yuncai Lottery has a lot of space. The company's “Soccer Newspaper” has a weekly circulation of 5.4 million copies, making it the most widely distributed and most authoritative sports newspaper in China; among them, the soccer lottery special “Soccer Winner” has a circulation of more than 1 million copies each, making it the most widely distributed soccer magazine in China. Using the existing paper media platform, the company launched Yuncai Lottery in October 2013 has a huge audience base. Currently, the market share of Internet lottery sales is only 9%. It is expected to rise to 30% in 2023, to about 20 billion yuan. “Home delivery” has a market space of over 10 billion yuan to open up online and offline platforms, using the Guangzhou Daily distribution site to achieve efficient last-kilometer delivery services. Currently, the mall mainly provides department stores and household products, with the intention of building the “Guangzhou First Manager” brand. Compared with popular e-commerce businesses in the market, the company's “Home Office” has room to grow in its market segments: (1) The target audience of the mall is the elderly and housewives, etc., who are both the main subscribers of Guangzhou Daily and the main buyers of household products, so they can clearly identify; (2) This target group is not very fond of online shopping, but they have a habit of reading newspapers, providing demand for newspaper orders or telephone orders; (3) Daily necessities or household goods are generally relatively heavy, making it very difficult for the elderly or housewives to make on-site purchases. “Home stool” Last mile delivery is easy to achieve peer-to-peer Delivery to solve customer problems. We believe that the local market segment “Home Delivery” has strong competitive advantages and huge potential customers, and has great potential for development. Risk warning: The performance of the merger and acquisition targets fell short of expectations, and subsequent integration efforts were poor.