China Vision Jinqiao (623) is one of the mainland private media advertising operators. Over the past few years, it has obtained exclusive CCTV advertising agency rights. As of the end of December last year, the group had 50 CCTV columns, with a total of about 40,000 minutes of advertising time resources. At CCTV's 2013 gold resources advertisement bidding conference last year, the group successfully competed for a tender price of 1.81 billion yuan (RMB, same below), an increase of 28% year-on-year, and its market share increased to 11.4% from 9.8% last year. Since CCTV has a large audience, the group has higher bargaining power than other advertising agencies, which can contribute to stable revenue for the group. The macro-economy was poor last year, and companies cut advertising expenses. The operating income of media resources, which accounted for the largest share of the group's revenue, fell 1% year on year to 1.59 billion yuan, dragging down the annual revenue growth of only 2%. Moreover, through improved sales strategies and rich product associations, etc., net profit increased 27% during the period to 303 million yuan; gross margin increased 3.8 percentage points to 34.8%. The Group has actively invested in new media platforms in recent years. Currently, its business has been extended to the Internet and mobile phone mobile video platforms. In December last year, Hangzhou Sanji Media, which acquired the operating video network operator Hangzhou Sanji Media for nearly 50 million yuan, reached 75.3% of its shares after the transaction was completed. Together with the self-built “Wugu Network”, the digital pay-TV channel “Global Wonder”, and the mobile TV platform 100TV, to achieve the development of “three screens” (television, Internet, and mobile phones), the profit contribution of related businesses has yet to be realized. The group had plenty of cash, with cash on hand at $1.44 billion. Net operating cash inflows increased 127% to $1.2 billion; accounts receivable increased 15.6% to $86.45 million, accounting for 5.3% of revenue. The group is relatively attractive in terms of dividends. The final dividend and special dividend increased 27% year over year to 13.5 cents (HK$, same below), for a total of 27 cents. They are defensive, and the current interest rate is 5.9%. In terms of trend, the stock price continued to break through upward for many days after the results were announced. The STC%K line was higher than the %D line, and the MACD bullish gap continued to widen. It is possible to consider absorption at the level of 4.35 yuan, which is expected to rise to 4.8 yuan, and can be held sustainably without falling below 4.2 yuan.