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The company purchased and built networks, with current length of 12,000 km, a 50% increase yoy. For 1H2008, access network and IDC achieved revenue of Rmb491mn; we forecast its real yoy increase be 64%, less than the disclosed figure, 388%, mainly because we included telecom revenue of May and June 07 in estimation. The company reported revenue of Rmb110mn from security & protection business, mostly from the Safe Beijing Project, we forecast scale will be further enlarged with confirmed revenue in the second half-year, and security & protection income is expected to reach Rmb400mn. Besides, media business needs to be carried out. We forecast net profit CAGR of 2008-2010E be 42%, and EPS of Rmn0.52, Rmb0.64 and Rmb0.76 respectively, with PE 2008 18x. Considering its estimation, we remain “Overweight” rating unchanged.