Recently, the company released an interim report. In the first half of 2017, the company achieved operating income of 1,603.21 million yuan, an increase of 20.20% over the previous year, and realized net profit attributable to the owners of the parent company of 73.11 million yuan, a year-on-year decrease of 9.46%, and earnings per share of 0.08, a year-on-year decrease of 11%. Review technological innovation and expand overseas markets to help the textile business increase revenue. In the first half of 2017, the company produced 24,293 tons of various types of yarn, an increase of 1.22% over the previous year, including 17,504 tons of worsted yarn, 6,789 tons of semi-worsted yarn, and 3.11 million meters of fabric. During the reporting period, the textile sector achieved sales revenue of 1416.3635 million yuan, an increase of 25.96% over the same period last year. It mainly benefits from the company's innovation in product technology and increased market development. In terms of technological innovation, on the basis of developing new knitted fabrics, the company continues to develop various types of woolen fabrics, which have unique softness, good breathability, and good portability, and broad development prospects. In terms of market development, the company strives to maintain existing customers while actively developing new high-end customers, strengthen the market promotion of newly developed products, actively participate in various trade fairs (such as exhibitions in Italy, France, etc.), and further expand the sales market. Focus on quality movies and TV dramas, and actively expand the film distribution business. In terms of film and television business, in the first half of 2017, a number of high-quality movies and TV dramas were produced and distributed, and the film distribution business was actively expanded. The TV drama “Dragon Ball Legends” was broadcast on Beijing TV and Anhui TV, and has received good ratings. So far, it has received over 6.5 billion hits on the entire network. At the same time, Tianyi Film and Television generated expected revenue from television and terrestrial distribution of movies and TV dramas such as “Flowers Blossom Like a Dream” and “Predator.” After being screened domestically in early 2017, the film “Extreme Agent: The Final Return”, which participated in global segmentation, finally received 1,128 billion dollars at the box office, bringing a certain amount of revenue to the company. In the second half of the year, the company stepped up the filming and distribution of the TV dramas “Let You Live Like a Dream,” “Tang Minghuang,” and “The Cost of Divorce,” and at the same time hastily implemented the distribution schedule for the second half of the year for the films “Pursuit” and “The Big Bomb,” laying the foundation for the completion of profits throughout the year. Seize the opportunities for new media for web dramas to flourish, and speed up the development and production of web dramas. The company has taken Internet film and television as a key development strategy for the future, and has invested no more than 700 million yuan in non-public offerings to raise capital for the development and production of Internet movies and TV drama projects, and the acquisition of new media copyright and other projects. During the reporting period, the company successfully completed the filming and post-production of the web drama “The Mexican Tour”. Currently, it has reached procurement intentions with relevant video websites, and is expected to sell it in the second half of the year. Currently, every effort is being made to develop and produce web dramas such as “Touch the Gold”, “Wulin Street”, and “Headline News”, etc., in an effort to become a benchmark work in the industry and obtain corresponding benefits. In the future, the company will also launch Internet film and television projects faster and better, which is expected to become a new growth point for the company's profits. The investment suggests that the company's main business is textiles, film and television. Driven by the company's technological innovation and active expansion of overseas markets, the textile business has maintained steady revenue growth. In terms of film and television business, the company is deploying premium movies and TV dramas and expanding film distribution while speeding up the development of web dramas, which is expected to become a new profit growth point for the company. We expect the company's operating income in 2017, 2018, and 2019 to be 4.32 billion, 5.03 billion, and 5.73 billion respectively. Net profit attributable to the parent company is 235 million, 360 million, and 445 million yuan, respectively, and earnings per share are 0.26 yuan, 0.40 yuan, and 0.50 yuan, corresponding PE is 23.08x, 15.05 x, and 12.16x respectively. Risks indicate increased competition in the textile industry and the risk of exchange rate changes. The web drama market fell short of expectations.