Core Viewpoint - The company, as a leading content producer, is expected to benefit from new broadcasting policies, leading to sustained improvements in both quantity and quality of production, with a significant reserve of series and films providing performance elasticity [1] Investment Highlights - New measures to enhance the supply of quality broadcasting content are favorable, with expectations for increased production capacity of series. The State Administration of Radio and Television issued a document on August 18, 2025, aimed at strengthening content development, which is anticipated to facilitate the release of production capacity for leading content producers, potentially increasing series prices. Consequently, the EPS forecasts for 2026 and 2027 have been raised to 0.29 and 0.34 yuan respectively (previously 0.26 and 0.29 yuan), while the 2025 EPS forecast remains unchanged. The target price has been increased to 12.75 yuan, maintaining a "buy" rating [2] Performance and Content Reserve - The company's performance met expectations, with a robust reserve of series and films. In the first half of 2025, the company initiated production on six long series, completed five, and has plans for several more in the second half of the year, including major projects like "The Zizhi Tongjian" and "War and Man." The company also has a strong lineup of films scheduled for release, including "Assassination Novelist 2" for the National Day holiday in 2025. Additionally, the monthly production capacity for short series has increased to 20, with several successful titles achieving over 200 million views. The diverse content reserve enhances the company's performance elasticity [3] Technological Empowerment and International Expansion - The company is leveraging technology in content production, utilizing AI in planning and production processes, and developing features such as AI multilingual translation and AI editing. There is a strong focus on international business, with overseas revenue reaching 88.12 million yuan in the first half of 2025, a 28% increase year-on-year, and several series achieving high viewership globally [4]