1. Telecom Group's high-quality assets are injected, and new business mergers enhance IP monetization capabilities. The company acquired Tianyi Video, Colorful Interactive, Tianyi Reading, and Love Animation, integrating Telecom's Internet entertainment content. Among them, Tianyi Video has benefited from the rapid development of the online video industry. Currently, it has more than 400 million registered users. Colorful Interactive has created the largest third-party platform in China for smart video games. The development and merger of new businesses will help Hao100 Holdings break down cross-platform application barriers between video, games, reading, and animation in the future, and monetize IP value. 2. Relying on China Telecom's customer resources, the traditional business “has a mixed reputation”, Hao100 Holdings's traditional main business includes: business travel booking business. The online travel industry has limited space, and traffic dividends are gradually declining. The offline market pattern is uncertain, and Hao100 Business Travel is expected to develop; in the face of fierce competition, price increases and rising costs, the company is committed to expanding a new business model; the credit operation business has maintained rapid revenue growth over the years, accounting for 1/3 of the company's total revenue. 3. The integration of old and new businesses has brought synergy, and Hao100 Holdings has built a pan-entertainment ecosystem. After the company acquired Telecom's Internet entertainment business, it made full use of the natural synergy and high degree of resource complementarity between the company's traditional points operation business and the new Internet entertainment business, and effectively integrated the old and new business. Relying on the strong user base of telecommunications, through the diversion of new business Internet platforms, on the one hand, it promotes the monetization capacity of traditional businesses, and on the other hand, builds a new type of business ecosystem centered around the concept of entertainment. 4. Strategic cooperation has been implemented, and cross-border cooperation among telecom operators has brought new expectations. Hao100 Holdings has now signed relevant strategic cooperation agreements with Ali and Oriental Pearl. Alibaba Sports relies on the Alibaba ecosystem and has the advantage of a big data platform. The scope of cooperation between the company and Ali Sports includes video, games, reading, events, big data, etc. Oriental Pearl has unique and rich IP resources and unique content. The cooperation with Oriental Pearl will focus on video business, game business, home service business, and advertising business. Investment logic: When new businesses are merged, the company opens up cross-platform cooperation between IP and video, games, reading, and animation, enhancing the multiple monetization capabilities of IP in the pan-cultural and leisure ecosystem. The inherent user base and advantages of the Internet will promote the monetization capacity of traditional businesses and help companies build a new ecosystem of Internet entertainment. Risk warning: the risk of intense market competition; new business development falls short of expectations; restructuring results fall short of expectations.