18Q1-3 revenue increased 37.2% year over year, and net profit to mother increased 158.9% year over year. On October 22, the company released its 2018 three-quarter report; net profit for the first three quarters of 2018 was 2.76 billion yuan, up 37.2% year on year (18Q1, 18Q2, and 18Q3 were 29.03%, 38.29%, and 41.05%, respectively); net profit to mother was 130 million yuan, up 158.9% year on year (18Q1, 18Q2, and 18Q3 year-on-year growth rates were 1629.72%, 139.04%, 123.3%), after deducting net profit of 127 million yuan, up 202.18% year on year. EPS is 0.33 yuan. The increase in revenue was mainly due to the merger of the Mars Era in August 2017; as of September 30, Baiyang's advance accounts were 130 million yuan, mainly due to the increase in advance payments received from customers as Mars and Kai Mo Vision's business scale expanded. The gross profit margin was 24.34%, up 9.4 percentage points year over year. 18Q1-3's comprehensive gross profit margin was 24.34%, up 9.4 percentage points year on year; the cost ratio during the reporting period was 13.96%, up 2.21 percentage points year on year, of which the sales expense ratio was 7.19%, up 3.04 percentage points year on year; management expense ratio was 6.51%, up 0.46 percentage points year on year. Mainly due to the smooth consolidation of the Martian era and the company's increased investment in R&D; the financial expense ratio was 0.26%, a decrease of 1.29 percentage points over the previous year, mainly due to the increase in exchange earnings brought about by the appreciation of the US dollar during the reporting period. The net profit margin for the reporting period was 6.33%, up 2.99 percentage points year over year. Kaima Vision was acquired, and a digital art college was established to steadily transform the education industry and improve the upstream and downstream layout. In June '18, the company acquired 80% of Kaimo Vision's shares for 341 million yuan. Kaimo Vision's 18-20 year performance was no less than 36 million/48.6 million/65.61 million yuan, respectively. Kaimo is committed to the integration of technology and art, and is an emerging film and television special effects creative and production company integrating early creation, on-site guidance, and post-stage special effects production and technical research and development. First, the acquisition integrates high-quality resources to give full play to the synergy; second, to jointly build a training base for high-end talents; and third, to bring long-term stable and sustainable financial benefits to the company. In October '18, the company teamed up with Guangxi College of Information Technology (planned) to set up a digital art college (three-year college) to jointly train digital art design talents. After graduation, students will receive academic certificates issued by the state. On the one hand, it enriches subject content and guides market-based professional construction through school-enterprise cooperation; on the other hand, it uses industrial capital to enhance financial strength and enhance the teaching software and hardware environment. Maintain profit forecasts and give buying ratings. The company's original main business was aquatic science and technology research and development, aquaculture, aquatic technology services, aquatic feed, aquatic food. After the acquisition of the Mars Era, it entered the field of digital art education, laying a good foundation for building an educational and cultural platform. Mars' net profit in 17 years was 87.03 million yuan, an increase of 43% over the previous year. Currently, 15 offline teaching centers have been set up in 13 cities including Guangzhou, Shenzhen and Hangzhou in the north. The company will further lay out along the education and culture industry chain, cultivate new profit growth points, and achieve industrial upgrading and sustainable development. We expect the company's EPS in 18-19 to be 0.46 yuan and 0.60 yuan respectively, and the corresponding PE will be 17x and 13x respectively. Risk warning: The enrollment situation in the Martian era fell short of expectations, the development progress of new courses was lower than expected, and the pace of building a digital art college was lower than expected