Investment highlights: The spring of the mobile internet industry. With the rapid spread of smartphones, mobile Internet access and mobile payments become more convenient, there will be more and more room for the development of mobile applications. As long as the mobile Internet product developed by Langma Information finds user needs, there is a high probability that the product will succeed. The strategic positioning of the company's products: Phone+ is the company's basic strategic platform business, and is a cash flow product; video shows and mobile games are products that strengthen the company's profitability, provide content, etc.; Lanvision Media is a cross-media, cross-platform experiment, a powerful tool for differentiation with peers. Report summary: Face-to-face business: The growth rate will slow down compared to previous years. Positioned as a cash flow product, it is difficult to maintain historical rapid growth, and cost investment pressure is high. We forecast a full-year revenue growth rate of around 20%. Phone+: Quality is still improving, and is still the focus of Langma's future. Product maturity and stability need to be further improved. Due to the promotion of the Phone+ brand, some building advertisements have been placed, but there is no expectation that the number of users will increase significantly. Video show (Langma.com): The profit contribution is worth looking forward to. Langma was the first to do UC. It is a success story and has accumulated rich experience. We believe that the profit of Langma's video show will be worth looking forward to, and it can differentiate itself from its peers. Judging from the current state of the video show industry, high profits are the norm. Interacting with Lanvision Media can be a difference. Mobile games: useful to try. (1) Strong profit; (2) The future is beneficial to Phone+ products. If you want to increase the social attributes of Phone+, you can develop some social games; (3) a good relationship with operators is conducive to mobile game channel promotion and marketing. Lanshi Media: Channel resources are unique. Management is being openly recruited, and the specific operating model is still being explored. It is a medium to long-term project. The scope of business includes program production, and the general direction is audio and video sharing. If you want to make a cross-border and cross-media product, you can enhance competitiveness. This model of cooperation is difficult for others to imitate.