Incident: The company and North China United Radio and Television Network Company signed a strategic agreement. The two sides plan to cooperate to promote the cooperative operation of the “DVB+OTT” business in Liaoning Province, and cooperate on the rehabilitation projects of the two branches in Chaoyang and Fuxin. This cooperation agreement clarifies the marketing model and marketing model of the two sides. The two sides cooperate to launch OTT package packages with different rates (such as 600 yuan/2 years). Tongzhou Electronics is responsible for the introduction of “DVB+OTT” terminal set-top boxes, EOC investment, and OTT content, and has agreed on a revenue sharing ratio (for example, 7:3 or 5:5 for different packages). The project cooperation period is 8 years, and the starting time of the cooperation is calculated starting when the number of users who have launched the OTT business reaches 100,000. Comparative trend between stock prices and the general market within one year: The first substantial implementation of the television and Internet strategy promotion has progressed slightly beyond expectations. In our previous report, we pointed out that the most important aspect of the company's TV Internet strategy is to solve the three issues of “product, capital flow, and profit sharing.” Among them, the profit sharing model with operators is a top priority. The company signed strategic cooperation agreements with radio and television operators in 10 provinces during the comprehensive transformation of the TV Internet strategy in late September, but this is the first agreement with clear implementation rules such as profit sharing, which marks the substantial implementation of the company's strategy. Our original forecast was for operational cooperation agreements to be signed with the two pilot regions by the end of January 2014, and this agreement slightly exceeded expectations in terms of promotion progress. The share ratio exceeded expectations, indicating that radio and television operators support the company's TV Internet model in the face of IPTV and OTT competition. This cooperation agreement stipulates that under packages with different conditions, the same continent can receive 40% to 70% of OTT package fees, 60% of OTT video on-demand revenue, and 50% of OTT advertising revenue, and can also receive a subsidy of 8.2 yuan/month from the Northern Alliance for 36 consecutive months. The sharing model exceeds our earlier expectations, and it is expected that its ARPU will be higher than the original hardware sales model. The Northern Alliance covers a total of about 6 million cable subscribers, but it has given the company a generous profit share, which fully demonstrates that radio and television operators support the “DVB+OTT” model in the face of external competition such as IPTV. It also means that the operator support received in the same continent during the transformation to a virtual operator may have exceeded expectations. Maintain the “Overweight” rating. For the time being, we maintain the assumption of 3.05 million users in 14/15. We expect the company's EPS for 13-15 to be 0.12/0.20/0.44 yuan. We are optimistic about the entry value of televisions and maintain the “increase in holdings” rating.