2012 Annual Performance Review: Revenue increased 2% year on year, net profit increased 27% year on year: During the period, the company achieved revenue of RMB 1,642 million, up 2% year on year; realized gross profit was about RMB 570 million, up 13.8% year on year, and gross profit margin was 34.7%, up 3.7 percent, mainly due to the Group's termination of some unprofitable column advertising agency agreements with CCTV in 2012, which reduced costs, and outstanding sales performance in other categories, made the total revenue of the advertising agency business stable. By business, advertising agency business revenue was 1,593 billion yuan, down 1% year on year, but excluding the impact of tax policy adjustments, it increased 5% year on year; brand integrated communication business revenue was 39.276 million yuan, up 111% year on year; and creative production business revenue was 35.7.06 million yuan, down 9% year on year. The company achieved net profit of $305 million for the whole year, profit per share of $0.544, and recommended final interest of 13.5 Hong Kong cents and special interest of 13.5 Hong Kong cents for the whole year, with a dividend ratio of 40%. Cash on hand continued to grow: According to the company's 2012 balance sheet, the company held 1.44 billion yuan in cash, up 58% year on year, with cash accounting for 50.8% of total assets. Mainly because management considered that many other companies had purchased wealth management products or stocks in recent years and had caused significant losses, the company adopted a conservative approach, storing most of its cash in banks in the form of deposits. In the future, the company will set aside about 300 million to 400 million dollars as capital to develop main business and participate in mergers and acquisitions. It is expected that it will acquire several projects in 2013; at the same time, it will also set aside some capital as development capital for video-centered new media platforms in upstream media. The company is optimistic about the outlook for 2013 and expects gross margin to be maintained: the company's management is still relatively optimistic about revenue growth in the first half of 2013, and management also revealed that the current planned amount of advertising sales in 2013 has increased by close to double digits year over year. Also, with regard to the company's advertising agency business, the company expects the sales rate of CCTV's core section to remain between 60% and 80% in 2013, while the company's overall advertising sales rate in 2012 was 76%. However, 80% to 90% of advertising agency business revenue comes from core section sales, so the company is confident that the gross margin in 2013 will remain at a stable level. The company's future development is worth paying attention to: According to Bloomberg's comprehensive forecast, the company's profit per share for the 2013 and 2014 fiscal years is 0.557 yuan and 0.627 yuan. We believe that with the successful soft landing of the Chinese economy and the steady recovery of the economy, a large number of companies will use huge sums of money to bid for CCTV's prime time advertising time. In particular, some companies that want to promote internationally will generate a lot of demand for advertising time on CCTV-4, the channel mainly responsible for China Vision Jinqiao. The company's performance will usher in new growth, so it is recommended to pay attention.