1. Event Overview E-Soul Online's main game “Dream Three Kingdoms Online” will celebrate its 10th anniversary on 9.26. The launch of the major campaign is expected to stimulate revenue growth. The key two-dimensional mobile game “Demon Slayer: X2” has been basically revised and is scheduled to be launched on October 22. 2. Analysis and judgment of the veteran game business remains stable. The annual festival catalyzes performance performance. The 10th anniversary celebration of “Dream Three Kingdoms Online” will officially open on September 26. A customized 10th anniversary short film will be officially launched and a large number of offline meetings will be launched to give back to players. At that time, a large number of gift packages will also be launched to stimulate sales. Currently, the official website's event participation points have reached 9.9 million +. Activity points mainly come from player sign-ups and old user recalls. The government used the 10th anniversary celebration to attract players back and prolong the life of the game. “Dream Three Kingdoms” also announced the relaunch of the anniversary event at the same time, with both ends working at the same time. I am optimistic that “Dream Three Kingdoms Online” will continue to stabilize the company's basic market. The launch of a new mobile game is imminent. The company's category is expected to break through the two-dimensional game “Demon Slayer: X2” and the basic revisions have been completed. Major revisions have been made to the characters that were disputed earlier, and the main related stories were transferred to other highly rated characters. The plot structure has been reorganized, the copywriting has been optimized, and the players' sense of participation has been enhanced. Currently, TAPTAP has 750,000+ reservations, and Station B game center reservations are around 850,000. A new Vanguard of Players test has now started, and is expected to go live on all platforms on October 22. The retro martial arts mobile game “My Knight” is expected to be released in Q4. Currently, there are 400,000+ reservations on TAPTAP, with a rating of 8.6; the number of reservations on the official website exceeds 1 million+. The game has received free character licenses from similar game producers, such as Hanjia Squirrel and Half a Bottle of Fairy Vinegar, etc., and they are optimistic that the retro martial arts user base will expand after the game goes live. Roguelike's game “Meta Energy Is Out of Control” has received a mobile game version. The current TAPTAP rating is 9.0, and the number of pre-orders is 120,000+. It is expected that it will be released on the PS4 platform in the future, and it is expected to be launched next spring. The DC-authorized MOBA game “Pinnacle Battlefield” has received a domestic version. It has been tested before, and is expected to go live next year. I am optimistic that the E-Soul online mobile game business will gradually break through and inject new growth momentum. 3. Investment recommendations We expect the company to achieve earnings of 1.77, 2.87, and 3.73 yuan per share in 2020-2022. The corresponding PE is 23X, 14X, and 11X, respectively. We are optimistic that the company's current mobile game flow continuity combined with the launch of the new game will increase the company's performance and maintain the “recommended” rating. 4. Risk warning: New games are not launched as scheduled, game flow falls short of expectations, and the risk of game policy regulation at home and abroad.