The performance was slightly lower than expected. Yiyang ICT released its 2016 semi-annual report, with revenue of 626 million yuan, up 4.70% year on year; net profit to mother was 18.21 million yuan, up 37.43% year on year, 10.7% lower than CICC's forecast. Among them, Communications Operation and Maintenance Management and NetYou Intelligent Platform business revenue were 342 million yuan and 36.581 million yuan respectively, up 16.52% and 341.58% year on year, and industry big data business revenue was 27.218 million yuan, up 200% year on year; showing that the company is growing well in the field of NetCloud and Big Data. The revenue of the traditional intelligent transportation business was 175 million yuan, a year-on-year decline of 16.03%. The development trend is benefiting from operators' mobile network construction, and the network optimization business is expected to continue to improve. In the first half of the year, the company won bids for network optimization projects in Zhejiang Mobile, China Mobile Design Institute, Shaanxi Mobile, Jilin Mobile, etc., and the development momentum is good. The NetYou business is one of the company's driving forces this year. The company is actively developing the NetYou platform based on big data. It is expected to benefit from operators' investment in NetPlus in the later stages of 4G construction, and is expected to maintain good growth. Amend the Articles of Association to increase the scope of experience. The company revised the “Articles of Association” in the first half of the year, adding business scope such as medical treatment, biotechnology, and health consulting. It is expected that in the future, the company will expand revenue sources and enhance the company's performance. Strengthen investment in the field of big data and information security. In the first half of the year, the company continued to expand its big data business in the telecom industry and constructed projects such as China Telecom's mobile internet sensing. At the same time, the company is increasing investment in big data security and other fields. It is expected to continue to benefit from operators' investment in big data and information security. The profit forecast was slightly lowered to the 2016/2017 revenue forecast of 5.4/6.0% to $1,43/1.75 billion, and the 2016/2017 net profit to mother was lowered by 9.0/ 7.3% to $146/184 million. The valuation and recommendations took into account the decline in market risk appetite, and the target price was slightly lowered by 9.0% to 16.77 yuan, corresponding to 65 times P/E in 2016, maintaining the “recommended” rating. Venture operators' investment in NetCloud has declined; big data and information security operations have fallen short of expectations.