Category: emhhmjf

Ji Ke Depart focuses on extreme sports, can fine micro-varieties become the trend

“Ji Ke Depart” focuses on extreme sports, can fine micro-varieties become the trend
On November 13th, the extreme sports series “Ji Ke Departure” jointly produced by Toutiao, Watermelon Video and OXSTUDIO Bull Extreme Sports will be launched on Toutiao and Watermelon Video.The first episode of the show was selected at Detian Waterfall on the border between China and Vietnam.Detian Waterfall has a total drop of 70 meters and is divided into three sections. The water volume is extremely error. It is very difficult for kayakers to jump the waterfall. No one in the world has challenged here.As a fine micro-variety show, “Ji Ke Departure” uses film-making Allai camera equipment and customized lenses for BBC records throughout the process. It also invited 6 world champions in kayaking and supers in the kayak world.The stars and the audience feel the shock of extreme sports and natural scenery together.In the show, challenge Detian Waterfall.The picture comes from the original intention of the network to produce vertical micro-variety to meet different user segments. Movies, records and variety shows about extreme sports have appeared one after another, which not only delighted the fans, but also attracted a lot of passers-by audiences.After the video platform has become an important media medium for young consumers in China, it has aesthetic recognition and curiosity. A large number of users who want to understand this era want to see more quality content in the video market.Ma Xin, senior director of commercial content cooperation for Huge Engine, told us how to make Huge Engine already have a large number of users to make different content.In Ma Xin’s view, this time join hands to participate in today’s Toutiao, watermelon video, vibrato short video, volcano small video has been committed to doing vertical fine micro-variety.Different from the previous big variety shows, users’ overall entertainment consumption habits have been moved closer to short videos. “Short video” covers everyone’s main entertainment consumption position, and it also attracts more attention to the emerging micro variety shows.1 in short video development.At stage 0, most of the content can withstand user uploads, and now the huge amount of engines are starting to work on more refined content produced by the platform.Including micro variety shows, micro documentaries, micro scripts, etc., these high-quality short content that meets user habits have also become increasingly important marketing scenarios and carriers for advertisers.At the same time, everyone’s preferences will be more and more subdivided, entertainment consumer demand is becoming more and more vertical, and video platforms must meet the needs of different users through more and more vertical content.This year, today’s Toutiao and Watermelon video launched the first food and cultural cross-border, star personal, extreme and other boutique vertical content with explosive genes.”Ji Ke Departure” is an attempt in the sports category.Extreme sports have caused excitement, thrills and other characteristics, have a strong singularity, more viewing, on the basis of locked circle users, can attract the attention of a wider range of users.At the same time, the extreme athletes’ excitement of the challenge combined with sufficient rational analysis will enrich the pursuit of the ultimate spirit.Extreme sports master in the program.The picture comes from the Internet. This is the first time someone has “jumped a waterfall” in Detian.The picture comes from the broken content of the online content, and the combination of viewing and topic is a new tip. Watching is our natural habit, but in the huge amount of engines, there is another very important thing-“topic”.How to do extended discussion and interaction of topics after watching is as important as watching.”It was we who completed the” I work as a chef in the palace “in cooperation with the Forbidden City Office of the National Palace Museum, which allowed the master chefs and star guests to restore the true royal cuisine in history, and brought some unknown Qing Palace history to the audience.The show also shared Yufan recipes with netizens. At the time, we saw that thousands of users used their own recipes to restore Yufan at home, and even users made more innovative attempts based on their own preferences, triggering interactions and discussions. Many food experts KOLAlso get involved and interact together.The amount of fermentation of these topics is very large, so that the viewing and the topic really become one.”The massive engine has a rich product matrix. Today’s headlines, watermelon videos, vibrato, volcano, etc., the diverse product matrix represents the linkage of different content ecology and creators.Watch the program through the watermelon video and watch the live broadcast. At the same time, you can link the PGC creators in the watermelon video to participate in the video co-creation and initiate the call for contests; through the topic of today ‘s KOL, industry experts, celebrities and other topics for fermentation;, UGC creators engage in social interaction.Cross-border marketing deeply connects brands and users. For the brand side, the content production process is protracted, the business wisdom is difficult to grasp, and the brand tone is difficult to match the program. These are marketing difficulties.How to do cross-border marketing, integrate the brand into the program, let the brand effect overlap, and the huge amount of engines also find their own solutions.Ma Xin explained to reporters: “Normally advertisers value a few points: 1.Whether the content tone is consistent with the product, 2.Content is of no value to users. 3. In addition to the audience of the program, whether the content has derivative value.Take “Ji Ke Departure” as an example. This time our advertiser is Audi Q8. The keyword is “Perfect Extreme Performance”. This is a special match with us.The locations we choose for extreme sports are more niche and more biased. Some Guangxi and Xinjiang also reflect the extreme manipulation performance of advertisers, combining product performance and spiritual pursuit.We have invited top Chinese aerialists, film production-level teams and equipment, and top athletes to achieve a very shocking effect, so that the production, platform influence, and brand side tone.”On another budget, through further resource aggregation, a model of co-creation of content ecology can be achieved, allowing netizens to participate.”Users of different products participate in the creation of topics together to achieve a multi-layered and multi-view creative ecology, and continue to bring strong guarantees for the topic and spread of the program.According to Ma Xin’s introduction, in addition to “Departure from Extreme Moment”, the huge amount of engines are aimed at different groups of people this year, creating “Hot Pot Life”, “Number One Female Player”, and “Dunhuang Prajna Secret Volume” and other fine content.The “2019 China Internet Audiovisual Development Research Report” released at the 7th China Internet Audiovisual Conference shows that the market size of the short video industry in 2018 was 467.100 million yuan, only 55 in 2017.300 million, an increase of 744.7%.In the middle of last year, more than 80% of mobile Internet users have watched short videos.The small size, fine production, and whether the micro-variety that closely follows the attractions can become a strong category in the market, and even break through the audience’s viewing cloud, and change everyone’s viewing habits, requires the joint efforts of the producer and the platform.All the way to your sauna night net: After so many years in the industry, what do you think has not changed in the industry?Ma Xin: Fine content micro-variety must be the trend of content viewing, and also an important marketing scenario and carrier for advertisers. Content value and advertising value are combined into one.The user’s time is becoming more and more fragmented, and the time spent on attention is accelerating. As a result, the content must be changed at any time according to needs, and it tends to be short and refined to meet the user’s mentality of being planted at any time.Sauna Night: What kind of changes will you see in your field in the future?Ma Xin: No matter how the form changes, how the content display method is upgraded, the core point of the content value will not change, it is the content that is truly meaningful and created with heart.So I think the word “ingenuity” can be more generalized.Today, with such a large amount of information, mediocre content will no longer have a market, and deliberately created boutique content will be more and more recognized.Sauna, Ye Wang, Li Yan editor, Tong Na proofreading Zhao Lin

During the epidemic, consumption is sluggish, can it be compensated by increasing investment in new infrastructure?

During the epidemic, consumption is sluggish, can it be compensated by increasing investment in new infrastructure?
As one of the “troikas” driving the growth of the national economy, consumption has been the main “booster” for economic growth for six consecutive years.However, due to the impact of the New Coronary Pneumonia epidemic, consumption was hindered.Data released recently by the National Bureau of Statistics show that in the first two months of this year, the total retail sales of social consumer goods (hereinafter referred to as social zero overall) declined by 20 each year.5%.  Will poor consumer performance put pressure on the overall domestic economic development?Can you increase the investment in new infrastructure?Sauna, Yewang interviewed Fu Yifu, a senior expert from Suning Financial Research Institute, and Zhang Wei, chief macro paper of Kunlun Health Asset Management.  Sauna Nightnet: Will poor consumer performance put pressure on the overall internal economic development?Can you increase the investment in new infrastructure?  Fu Yifu: The new infrastructure is different from the traditional “Tie Gongji”. The new infrastructure has more digital attributes, including 5G infrastructure, big data centers, artificial intelligence and industrial Internet. In the final analysis, it is to lay the foundation for the digital transformation of the entire national economy.  Today’s investment can be transformed into future demand. Through the comprehensive advancement and maturity of the new infrastructure, in the future, the corresponding fields will generate many new consumer demands.Taking 5G as an example, its advantages include high speed, low latency, and massive connections. This technology can not only meet the traditional needs of users to watch ultra-clear videos, but also match more scenarios, such as intelligent manufacturing, medical devices, andDriving, etc.  However, the new infrastructure will still cost from investment to landing, so it may not be able to quickly make up for the downturn in consumption during the epidemic, but in the future will lead to more new consumer demand and promote the continued development of the entire economy.  Zhang Wei: Affected by the epidemic’s work stoppage and production stoppage, the GDP gap in the first quarter of this year is expected. From the perspective of the “troika” that drives the economy, consumption and foreign trade will definitely be affected.Is investment.  The consumption pattern during the epidemic showed an obvious “offline to online”. This does not mean that the entire consumption data was shifted. The panic about the epidemic increased the residents’ intention to “hoard goods” for daily necessities.So we see that food and Chinese and Western medicine showed good growth momentum from January to February.Relatively low ranking cars, furniture and other projects are expected to have a latecomer advantage under policy encouragement.At present, the National Development and Reform Commission has actively promoted the consumption of passenger cars, and I believe that it will increase in the middle of the year.Furniture, architectural decoration, etc., are also expected to rebound, driven by the purchase of new houses.  Sauna, Ye Wang, Pan Yichun, editor Wang Yu, Sun Yong proofreading Chen Diyan

Rongbai Technology (688005): A leading domestic supplier of lithium battery initial materials

Rongbai Technology (688005): A leading domestic supplier of lithium battery initial materials

Main business.

The company is a multinational group company specializing in the research, development and operation of military lithium battery primary materials.

The company achieves profit mainly through research and development, manufacturing and sales of ternary transition materials and their precursors.

The company’s main products include NCM523, NCM622, NCM811, NCA and other series of ternary subdivided materials and their precursors. Product categories These customer-leading high-energy density batteries are mainly used in new energy vehicles, energy storage equipment, and electronic products.Downstream areas.

The company’s ternary alkaline material production capacity is in the first echelon in China. Its main customers include Ningde Times, BYD, LG Chemical, Tianjin Lishen, Funeng Technology, BAK Power and other well-known large-scale lithium battery manufacturers at home and abroad.

The company has internationally leading core technologies, and is one of the earliest single crystal NCM523, single crystal NCM622 material manufacturers, and the first high-nickel NCM811 mass-production enterprise.

The company’s high nickel products took the lead to pass the certification process of mainstream lithium battery manufacturers at home and abroad, forming a clear first-mover advantage and a good market reputation in the industry.


The company’s revenue for 2016-2018 was 8.

8.5 billion, 18.

7.9 billion, 30.

4.1 billion, net profit was 0.

0.7 billion, 0.

3.1 billion, 2.

13 ppm, the compound length of main business income and net profit in the three years is 85.

4% and 456.

4%, the company’s gross profit margin in 2018 was 16.

62%, net profit increased by 6.


Industry scope and competitive advantage.

The company is a domestic leader in high nickel ternary alkaline materials. It is mainly engaged in the research, development, production and sales of lithium battery polar materials and precursors. It is a leading domestic supplier of lithium battery micro materials.

The company is one of the earliest single crystal MCM523, single crystal NCM622 ternary conversion material manufacturers, and the first high-nickel NCM811 large-scale production company.

With the technical advantages in the field of single crystal and high nickel ternary transition materials, the world’s first echelon of ternary transition materials has been decomposed.

Among them, the company’s NCM811 products take the lead in reducing new energy vehicles in the world. NCM811’s product technology and production scale are in the global leader. In terms of customer service, the company focuses on establishing long-term services and supporting development cooperation with mainstream lithium battery manufacturers at home and abroad.At present, the main customers include Ningde Times, BYD, LG Chem, Tianjin Lishen, Fu Neng Technology, BAK Power and other well-known large-scale lithium battery manufacturers at home and abroad. The products are in the front-end high-energy density batteries of such customers.

Overall evaluation and evaluation recommendations.

According to high-tech lithium battery calculations, China’s lithium battery initial material market size in 2018 was 53.5 billion US dollars, an annual increase of about 28%.

Among them, NCM’s ternary primary material market size is 23 billion yuan, accounting for about 43%.

In the ternary system, due to the pursuit of higher energy density, high nickelization is the general trend. From the perspective of the technical path planning of various countries, the energy density will generally reach 300wh / kg in 2020.The most feasible solution.

Compared with NCM 523, the energy density of NCM 811 can be increased by 25%, and the performance of subsequent high nickel oriented products can be improved by more than 30%.

The company is a domestic leader in high-nickel ternary alkaline materials, and is at the forefront of the industry in the field of high-nickel.

Has a high competitive advantage in the market.

The average price-earnings ratio of Shenwan’s other chemical products 杭州夜网 industries in the past 5 years (historical TTM, arithmetic average method, excluding negative values) is 107.

91 times, maybe 35.

63 times.

Based on the comprehensive budget, it is estimated that the company’s estimated range is 38 yuan to 53 yuan.

Peng Huagang, Secretary-General of the SASAC: The fourth batch of mixed state-owned enterprises is about to be announced

Peng Huagang, Secretary-General of the SASAC: The fourth batch of mixed state-owned enterprises is about to be announced

Peng Huagang: The list of more than 100 state-owned enterprises in the fourth batch of mixed reforms is about to be launched. The number of central and local SOEs has reached 2880. 21st Century Business Herald 21 Financial App Xia Xutian.To be announced, there are more than a hundred years.

Last year, we went down step by step. How many of our central and local conventional enterprises pushed forward mixed ownership reform?

2880 households.

At the “2019 (Second) China State-owned Enterprise Reform and Development Forum” on May 11th, a reporter from the 21st Century Business Herald learned from Peng Huagang, Secretary-General of the SASAC, that the State Council’s State-owned Enterprise Reform Leading Group has just studied the fourth batch.Mixed reform, the new colonial mixed reform list contains more than 100 state-owned enterprises, which may be announced soon.

  He introduced that at present, the mixed reform of central enterprises accounts for about 70%. “Last year, the number of households per household fell, and the number of enterprises in the mixed ownership reform of central enterprises and local state-owned enterprises reached 2,880.

Peng Huagang introduced that a major difficulty in mixed reform is that conventional enterprises are worried about the loss of conventional assets, and other ownership economies are also worried that their ownership may not be properly protected. In the future, “protecting ownership, maintaining contracts, unifying markets, and equal exchanges,”Fair competition, effective supervision” is the basic guidance to effectively protect the ownership of various types of investors in mixed-ownership enterprises, and at the same time protect the ownership of “various types of investors.

  The proportion of mixed reforms of central SOEs has reached 70%. The “2019 (Second) China State-owned Enterprise Reform and Development Forum” was elected in Beijing and was organized by the Renmin University of China Business School and the Renmin University of China State-owned Enterprise Reform and Development Research Center.Session) Forum on Reform and Development of China’s State-owned Enterprises “In Beijing Antiques on May 11, Peng Huagang, Secretary General of the SASAC, introduced the latest progress and results of mixed reforms.

  Judging from the number of enterprises with mixed ownership, the proportion of mixed reforms by central enterprises has reached 70%.

Among them, the business category accounted for 73.

6%, central enterprises to tier-4 and below enterprises accounted for more than 90%, most of them have carried out mixed ownership reform.

  ”We continue to promote mixed ownership reform in key areas. We have launched three batches of about 50 companies each year. Recently, the State Council’s State-owned Enterprise Reform Leading Group has just studied the fourth batch and may soon announce it. There are more than a hundred.

“Peng Huagang pointed out,” Last year we counted down step by step. How many of our central and local state-owned enterprises pushed forward mixed ownership reform?

2880 households.
From the perspective of central enterprises, by the end of last year, the scale of assets of central enterprises was 58.

2 trillion, the owner’s equity is 19.

9 trillion, the owner’s equity in the owner’s equity attributable to the parent company is 12.

7 trillion, there are 7 in it.

2 trillion is the minority shareholders ‘equity. Most of the minority shareholders’ equity is the equity of social investors in the mixed ownership reform and dating category, accounting for 36%.

  According to Peng Huagang, from 2013 to 2018, central enterprises attracted more than 260 billion in social capital through the property rights market and over 1 trillion in capital through the securities market.

  Peng Huagang expert, from the perspective of the realization of mixed ownership, listed companies are an important platform.

In promoting mixed ownership reforms in Shanghai and Zhejiang, they proposed that listed companies should be promoted as 北京spa会所 important platforms, and 65% of the existing assets of central enterprises, 61% of operating income, and 88% of profits come from Shanghai.

  Focus map of the next mixed reform work: Peng Huagang delivered a keynote speech on the next steps of the mixed ownership reform. Peng Huagang introduced that the first is to actively and steadily classify and promote mixed reform.Speed up the reform of mixed ownership.

Ten companies have now been selected; we are still promoting the “Double Hundred Actions”. For the “Double Hundred Enterprises”, we also require the conditions to actively promote mixed reform.

“The second is to further expand the pilot reform of key areas. I just told you that the first three batches are 50 households, and the fourth batch will now be announced, with more than 100 households.

  The third is to promote 苏州桑拿网 the rapid transformation of the operating mechanism of enterprises with mixed ownership. Mixed reform is not “one mixed two systems”. After “mixed”, the focus is on “change.”

The reform of mixed-ownership enterprises should further establish a scientific governance structure and an efficient and flexible market-oriented operating mechanism, including measures such as merging the powers of the board of directors, contracting the tenure of managers, and the professional manager system.

  Fourth, we need to improve the relevant supporting system for the reform of mixed ownership, focusing on “what problems are encountered during the reform process, what problems are studied, and what problems are solved.

Fifth, we must further summarize the promotion experience and strengthen the evaluation and effectiveness.

  The Four Basic Principles of Mixed Ownership Reform When blending the basic principles of ownership reform, Peng Huagang summarized them into four.

  The first is government guidance and market operation.

The reform of mixed ownership is by no means a “rarang match” operated by the government. It must be promoted in accordance with the laws of the market economy and the laws of enterprise development.

  ”We have a lot of reforms. Some say that we reform the joint-stock company system. We have completed the reform of the company system with an order. Although we are facing many problems and many obstacles, we have solved these obstacles with policies.

But you ca n’t make a push for mixed change. Sometimes I joked and said that there is a big girl in the family who ca n’t marry. The family is in a hurry and limits her to be married tomorrow. But she has no object and how to get married, so be sure to cooperate.Advancing with the laws of the market economy.

“The second is to improve the system and protect ownership.

“Now we say that there are many difficulties in the reform. The difficulty lies in that conventional enterprises are worried about the loss of conventional assets, and other ownership economies are also worried that their ownership is not properly protected. Therefore, this is very important,” Peng Huagang said.”Basic contract, unified market, equal exchange, fair competition, and effective supervision” are the basic guidelines to effectively protect the ownership rights and interests of various types of investors in mixed-ownership enterprises.

“Everyone pays attention to the ownership rights and interests of various types of investors.

“The third is to rigorous procedures and standardize operations.

He proposed to adhere to laws and regulations, further improve internal asset trading rules, scientifically evaluate the value of existing assets, improve market pricing mechanisms, and make the rules public, the process public, and the results public.  The fourth is that reform should be followed by reform and proceed steadily.

“The central government has repeatedly repeated the reform of mixed ownership in order to implement policies based on enterprises. Different industries and different enterprises are not the same. They should be independent and controllable, and controllable and controllable.No timetable, one strategy for one enterprise, mature one to promote one. ”

Peng Huagang said.

Guangxun Technology (002281): Third-quarter deduction of non-performance is in line with expected revenue growth

Guangxun Technology (002281): Third-quarter deduction of non-performance is in line with expected revenue growth

Event: The company released the third quarter report of 2019 and achieved revenue of 14 in the third quarter.

1.7 billion, an increase of 15 in ten years.

74%, net profit attributable to mothers1.

2.2 billion, down by 1 every year.

98%, a decrease of 4.


The first three quarters achieved revenue of 38.

9.6 billion, a six-year growth of 6.

46%, net profit attributable to mothers2.

6.6 billion, an annual increase of 0.

87%, an increase of 16.

19%, mainly due to government subsidies in the same period last year, the results after deductions are in line with our expectations.

Accounts received in advance increased in real terms, and performance was better than the previous quarter.

The company’s performance this year has shown a positive quarter-to-quarter trend. Q2 and Q3 revenues have increased by 3 sequentially.

4%, 12.

5%, net profit attributable to mothers increased by 25.

0%, 52.

5%, due to the gradual increase in demand for optical devices based on 5G, and continued cost reduction and efficiency improvements in the company’s management, the Q2Q3 cost rate (excluding research and development costs) decreased by 1.

7pct, 1.

9 points.

In the third quarter, the company’s accounts received in advance increased by 730 over the beginning of the year.

6%, the highest level in the same period, verified the boom in downstream demand.

The demand for optical modules and optical devices brought by the large-scale construction of 5G is optimistic about 2020 performance.

In terms of 5G fronthaul optical modules, the mobile Open-WDM solution uses 12 or 24 waves. The single station requirement for newly-built 4G / 5G common-mode base stations is 12 or 24. Telecom and China Unicom jointly build and share the base station with a bandwidth of 200MHz.The probability is 12 or 24.

In addition, the sinking of WDM is accompanied by an increase in demand for passive optical devices.

The company maintains the leading position of domestic optical devices and telecommunications optical modules, especially in the higher transmission network optical modules above the door, the domestic scale is maximized and it is expected to fully benefit from the growth of 5G investment.

Continue to focus on optical chip research and development, and the long-term value gradually emerges.

The company will occupy limited core research and development resources, first break through low-end chips, and then gradually accumulate to reach the international advanced level.

In terms of 5G optical modules, the company’s current mature solution is to overclock with 10G chips, and 25G chips will gradually gain share after maturity. In terms of digital communications and coherent optical modules, the company is developing 100G silicon optical chips.

In the first three 南宁桑拿 quarters, the company’s R & D promotion accounted for 7 of its revenue.

9%, a year to raise 0.

2pct, keep the highest high continuously.

Investment Advice.

We maintain our previous profit forecast for the company, and expect the net profit attributable to the parent to be 4, respectively in 19, 20 and 21.

0, 5.

9 trillion, corresponding to the current price-earnings ratio of 44.

7, 32.
7, 26.

Considering that the 5G scale construction in 2020 will drive demand for optical modules and components, the company will be given a reasonable estimate of 40-42 times in 2020, corresponding to a target price of 32.


4 yuan to maintain the “overweight” level.

risk warning.

Operators’ capital expenditures are less than expected, competition in optical modules deteriorates, and Sino-US trade frictions escalate

Hasson Shares (603958) 2019 Interim Report Review: Channel Adjustments Continue Performance Pressure

Hasson Shares (603958) 2019 Interim Report Review: Channel Adjustments Continue Performance Pressure

In 19H1, revenue decreased by 13%, and net profit also decreased by 77%. The gap in performance pressure in the first half of 2019 achieved the company’s revenue6.

3.4 billion, down 12.

50%, deducting non-net profit of 163.

320,000 yuan, down 71.

98%, net profit attributable to mother 882.

850,000 yuan, down 76.

77%, EPS is 0.

04 yuan.

The decrease in net profit over revenue was mainly due to lower gross profit margin and higher sales expense ratio.

In terms of quarters, 18Q1-19Q2 company revenue 苏州夜网论坛 increased by -3.

80%, -9.

53%, -12.

52%, -14.

55%, -11.

88%, -13.

26%, net profit attributable to mother increased by -4.

40%, -69.

43%, expansion, expansion, expansion, -44.

63%, from profit to loss.

In 2019H1, there were 56 net closed stores, and at the end of the period, there were 1,532 stores, and the channel extension decreased by 5.

95%, 2019Q1-Q2 revenue continued to decline; 19Q1 profit margin fell significantly, mainly due to the decline in gross profit margin, sales expense ratio increased, other income decreased, 19Q2 asset impairment losses increased.

The gross profit margin decreased due to the decline in the proportion of direct sales revenue, and the expense ratio was basically stable.

78PCT to 52.

63%, mainly due to the contraction of high gross profit margin direct sales channels, direct sales revenue decreased by 17%.

The gross profit margin of distribution channels increased by 64%.

90PCT, revenue share increased.

The company’s gross profit margins were 54.

93% (+2.

39PCT), 53.

79% (+0.

38PCT), 49.

54% (-0.

46PCT), 49.

84% (-1.

57PCT), 52.

92% (-2.

01PCT), 52.

27% (-1.52PCT).

During the 2019H1 period, the expense ratio (considering research and development expenses) will also decrease by 0.

16PCT to 47.

88%, of which the sales expense ratio increased by 1.

56PCT to 42.

46%, mainly due to the substantial increase in expenses such as the budget of the sales staff; the overhead rate (considering R & D expenses) also decreased by 1.

61CT to 5.

54%, mainly due to large dismissal benefits during the same period last year, a large cost base, and reduced R & D personnel expenses; the financial expense ratio fell slightly to 0.

09PCT to -0.


The competition in the women’s shoes industry is fierce, and the channels continue to adjust. The IPO restricted shares are listed and circulated. We judge: 1) The demand for women’s shoes industry is still weak and the competition is fierce. The company’s continued decline in offline stores has dragged down revenue.

At present, the company continues to optimize its brand image, marketing network, R & D design and other aspects. It is expected that the decline in revenue in the future is expected to narrow.

2) The proportion of direct sales channels of H1 companies in 2019 was 82.

54%, 87 compared to the same period of 18 years.

70% decline, leading to a decline in gross profit margin.

In the future, the company will continue to optimize the structure and management of direct sales channels, actively deploy channels such as online and shopping malls, strengthen channel cost control, and improve profitability.

3) Announcement on the listing and circulation of IPO restricted shares issued on June 25, 2019.

5.1 billion shares, with a circulation date of July 1, 2019.

As the company’s net profit fell more than the expected maximum level, we lowered the EPS for 2019-20 to 0.


04 yuan (the original value is 0.


05 yuan), EPS is predicted to be 0 in 2020.

05 yuan, currently expected to correspond to 191 times PE in 2018, maintaining a “neutral” rating.

Risk warning: weak consumption, substantial increase in asset impairment, and increased competition in the industry.

Emeishan A (000888): Reform of fee control continued to make breakthroughs in extension

Emeishan A (000888): Reform of fee control continued to make breakthroughs in extension

I. Overview of the event The company released its semi-annual report for 2019: Realizing revenue5.

3 trillion, an increase of 0 in ten years.

8%; net profit attributable to mother is 0.

800 million, an increase of 10 in ten years.

1%; net profit after deduction is 0.

7 trillion, an increase of 5 in ten years.


Second, analyze and judge that the passenger flow is stable, and the ticket revenue is least affected by the policy. The cableway welcomes the increase of 160 people in the company’s scenic spots in the first half of the year, which increases slightly by 0 each time.

1%, but ticket income is affected by price reductions, achieving income 2.

2 ‰ /-7%, the per capita budget is downgraded by 7% quarterly, resulting in a 6% decrease in gross profit margin of the ticket business.


The ropeway business was affected by the suspension and upgrading of the 10,000-year-old ropeway in the first quarter of last year. This year has ushered in a low-base recovery. The whole mountain ropeway transformed and transported 323 tourists.

70,000 person-times, realizing income from ropeway1.

800 million / + 22.

6%, gross margin is affected by increasing depreciation, alternating 3.

7pct; Hotel and other business income decreased by 6.

2%, the gross margin decreases by a constant of 5.

9 points.

Internal reforms have continued to advance, and costs have been improved to a minimum. Since Chairman Wang Dong took office in April 2017, the company has continuously improved its governance and organizational structure to streamline and strengthen cost control. In the past two years, sales and management costs have been continuously optimized.

In the first half of the year, the company’s sales expenses decreased by at least 22% to 5.41 million yuan, of which advertising costs, leasing, and other expenses were greatly reduced, which led to a decrease in sales expense ratio of 0.

5 points; every 6 points in management expenses.

From 7% to 36.84 million yuan, the management expense ratio also decreased by 2.

7pct, the continuous effect of the reform is significant.

The proposed increase in capital “Only Mount Emei” officially cuts into the tourism performing arts company. Although the company has a famous mountain resource, it avoids environmental protection pressure on the mountain, has limited space for operation, has a single income structure, and the ticket + cableway income accounts for over 70%.

In addition, the progress of the tourism 杭州桑拿网 performing arts projects scheduled to increase investment in 2013 is also lower than expected, with operational changes and relatively insufficient space.

  IPO announcement, it is planned to use the fixed increase project in 2013 to invest in the construction of the Emeishan Tourism and Cultural Center project1.

2.1 billion funds were changed to increase the capital and share of Emeishan Yunshang Tourism Investment Company.

After the capital increase and share expansion, the company will hold 40% of the equity of Yunshang Tourism. The tourism investment airlines controlled by Sichuan Tourism Investment Group and the company’s associated legal entity E Tourism Investment Group will hold 34% and 26% of the shares respectively.

In terms of governance structure, the company’s discourse weight on cloud tourism.

Among them, the board of directors consists of 6 members, of which 3 were appointed by the company, 2 were nominated by Lutou Aviation, the chairman was appointed by the company, and the board was elected.

  Emeishan Yunshang Tourism Investment Company is the main body of the pre-construction construction and operation of the “Only Emeishan” cultural performing arts project. This project was created by the famous director Wang Chaoge and the project covers an area of about 7.

80,000 square meters, the indoor theater has 6 viewing spaces, the real scene village theater completely retains 26 courtyards, the entire project daily maximum amount of visitors can reach.

50,000 people, the first performance is expected in September this year.

According to company estimates, the annual average operating income of the project after its maturity period is expected to be nearly 200 million yuan, with an average annual net profit of 49.68 million yuan and a net profit margin of approximately 24.

9%, according to the company’s 40% shareholding ratio, it is estimated that the average annual contribution to the mother’s net profit will be nearly 20 million yuan, which is equivalent to thickening the mother’s net profit to 10% in 2018.

  Third, investment proposals are affected by the price reduction of tickets and the relatively single business structure. The company’s revenue and profit growth have been significantly significant in the past two years.

This increase in capital and share expansion into the tourism performing arts market will become the overall driving force for the company ‘s traditional prospects, thicken the company ‘s performance, and the transformation also shows its determination to forge ahead. It can still be expected to integrate regional tourism resources in the future.

It is expected that the company’s EPS for 2019-2021 will be 0.46, 0.

50, 0.

55, corresponding PE is 13X, 11X, 11X, maintaining the “recommended” level.

  Fourth, risk reminder: the performance of the performing arts project is less than expected; the risk of price reductions for tickets and ropeway tickets; force majeure such as natural disasters.

Hengbang shares (002237) major event comments: major shareholders plan to subscribe for non-public offering debt structure to improve performance release

Hengbang shares (002237) major event comments: major shareholders plan to subscribe for non-public offering debt structure to improve performance release

The company intends to raise no more than 31 funds through non-public offering.

700 million will effectively reduce the company’s asset debt ratio and financial costs.

Among them, the controlling shareholder plans to subscribe for 10.

330,000 yuan, the employee share plan plans to subscribe for 1.

The US $ 200 million will further strengthen the synergy with shareholders, improve the company’s actual capacity conversion basis, and demonstrate shareholders and shareholders’ confidence in the company.

The company has the industry’s leading gold smelting capacity. It is expected that during the upward price cycle of gold, the profit flexibility will increase year by year, and it maintains a “buy” rating.

   The company intends to raise no more than 31 funds through non-public offering of shares.

700 million.

Announced on February 14, 2020, the company intends to use 11.

The non-public offering of 61 yuan / share does not 武汉夜生活网 exceed 2.

7.3 billion shares, raised less than 31.

700 million.

  The major shareholder Jiangxi Copper plans to subscribe for 10.

US $ 3.3 billion, Hengbang’s employee shareholding plan plans to subscribe1.


  After the completion of the issuance, the company’s controlling shareholder and actual controller remain unchanged.

Of this amount, US $ 2 billion will be used to repay and repay debt, and the rest will be used to replenish working capital.

   After the completion of the issuance, the company’s asset-liability ratio and financial costs were effectively reduced.

The asset-liability ratio of the company in Q3 2019 was 69.

6%, 2019Q1-Q3 company’s financial expenses are 2.

After the completion of the non-public offering of shares and the repayment of 2 billion euros with interest-bearing retirement, according to the company’s 2019Q3 financial 厦门夜网 data, the company’s asset-liability ratio will drop to 52.

31%, annual financial cost can save 1-1.


It is conducive to optimizing the company’s capital structure and enhancing financial stability, and at the same time helps reduce the company’s financial expenses, effectively enhances the company’s profitability, and enhances the issuer’s overall profitability, which is the basis for the company’s continued and stable development in the future.

   Increasing holdings of controlling shareholders will further extend the advantages of the industrial chain, and employees will increase their confidence in the subscription of shareholding plans.

The company’s gold production capacity is 50 tons / year, and the Q1 to Q3 capacity utilization rates in 2018 and 2019 were 75.

87% / 86.

09%, there is a certain surplus in production capacity.

After the completion of this non-public offering, the controlling shareholder Jiangxi Copper will hold 29% of the company’s equity.

99% increased to 30.

59%, further realizing the company’s role as the gold platform of Jiangxi Copper, on the basis of optimizing liquidity and working capital, and using the industrial synergy with major shareholders to further increase the company’s actual output of precious metals.

The company’s employee stock ownership plan is planned to subscribe1.

2 ppm, the average planned subscription amount per employee is as high as 23.

20,000 yuan, the lock-up period of 3 years, further shows the confidence in joining the company’s operation.

   Liquidity continues to be loosely stacked to avoid the support of dangerous emotions, and the price of gold is in an upward cycle.

Affected by the following factors: 1) uncertainties brought to the economy by overseas epidemic risks, 2) weak US economic data and lower U.S. debt yields, 3) domestic liquidity release and replacement, gold prices alternate upward cycles, and it is expected that The average annual price of gold is 1600 USD / GBP.

Companies that are principally engaged in the smelting of precious metals such as gold and silver will continue to benefit from the release of performance from rising gold prices.

   Risk factors: the risk of price fluctuations of major products; the company’s project construction progress is less than expected; the risk of uncertainty in Jiangxi Copper’s ownership and asset injection.   Investment suggestion: As a high-quality target for gold smelting, the company has obvious advantages in technology and scale, and its cost advantage enhances profitability. It is expected that after the completion of the non-public offering, the company’s capital structure and debt structure will be improved, and the company’s core profitability will be enhanced during the upward price cycle of gold.
It is estimated that the net profit attributable to the parent company for 2019-2021 will be 3 respectively.



43 ppm (was 4).



29 ppm, adjusted according to the gold price and mineral gold assumptions), the corresponding EPS forecasts are 0.



82 yuan (not considering non-public offering), maintain “Buy” rating.

Where does the misunderstanding come from

Where does the misunderstanding come from

One of his wife’s questions: Why can’t he see my needs?

  Patricia, a sex expert who co-authored the book “How to Improve the Quality of Marriage,” points out that if a wife tells a female friend that she is having a bad day today, the friend will put down everything at hand to ask the situation, because women will reject the hearing asA signal for help.

But for men, they like to use the protection they can provide to reduce their own value, so they often consider their wife’s deception as an indication that they are not good enough.

  Of course this does not mean that women can never be disappointed with their partners.

They should learn to say, “Can you help me .?

“Or” I want to . “Skip the repetition and directly express your expectations.

  Wife question two: Why can’t he understand me?

  Deborah, a linguistics professor at Georgetown University, author of “Intimate Dialogue between Men and Women”?

Tanner found that men often reset themselves in a small group by speaking, while women use dialogue to deepen each other’s understanding.

This difference can easily lead to misunderstandings.

Taking an apology as an example, the wife always thinks that if the husband admits something wrong, this matter will be ignored. An apology means “I care about this, I care about you.”

But for men, a request for an apology is tantamount to being humiliated in public, so when a woman asks, why do n’t you apologize?

It sounds to men as harsh as “I’ve caught your handle and I’ll embarrass you”.

  Wife question three: Why didn’t he really listen?

  Does he always feel absent when arguing with her husband?

Then you misunderstood him.

John the Sexologist, an expert on the famous American Red Book,

Gray said that for women, stress can be counterproductive in the central part of the brain that controls emotions, so these instincts can always think nonstop and make themselves feel better.

  But for men, stress triggers a reaction in the central part of the control in the brain, so when you and them cause a problem, he is too focused on discussing how to solve the problem, so that he can’t hear youView.

  Therefore, the husband needs to learn a little: pay attention to what his wife is saying.

This will make you more relaxed, no longer trying to find a solution, and resonate with your wife.

  Wife question 4: Why can’t he understand what I really want to express?

  I’m afraid you won’t be unfamiliar with the following scenario: My wife went home and refused, “My boss is too scary. Today is really the worst day.

“The subtext is: I just want to be disappointed with this bad day.

However, their partner sounded like this: Tell me what to do with my boss.

  The author of the forthcoming “The Secret of a Woman’s Happy Marriage” and an expert on the famous American sex journal “Red Book” proposed that Dr. Hossman explained that in brain imaging studies, there will be more blood flow for womenThrough the parts of the brain that produce and interpret language.

In men’s brains, however, the relationship between the emotional center and the language center is very limited.

  Therefore, women hope that once she can reveal her emotions, her husband can do the same.

Men do not want to share a certain emotion with their wives or communicate useful information through communication.

Why do you always talk in sleep?

Why do you always talk in sleep?

Many people have the habit of talking about dreams. Is too much sleep talking to be related to weakness or anger?

Is there any way to solve it?

  Patient case: I am 38 years old. I am a technical staff of an IT company. Recently my wife reported that I would always talk in sleep after bed, but I did n’t know it at all.

why is this happening?

Is too much sleep talking to be related to physical weakness or exuberance?

Is there any way to solve it?

  Huang Yingjie, deputy chief physician of Internal Medicine of Guangzhou Traditional Chinese Medicine Hospital: Studies of dreams in modern medicine have confirmed that human dreaming is not unique to some people, but a physiological activity that accompanies everyone’s life. It is the third part of brain activity between sleep and awakeningstatus.

Dreams take up about one-fifth of a person’s sleep time.

Due to different dream causes, dream volumes, and dream situations, the content of dreams varies, which results in physiological and pathological dreams.

  Talking about sleep is talking or making some kind of speech except snoring sounds during sleep, which can’t be recalled after waking up, which is a kind of sleep disorder.

Modern medicine believes that it is related to mental factors, often combined with bad dreams, sleepwalking, etc. Many people occasionally experience dream talk, which need not worry.

However, if the number of dream talks is too long, it will lead to fatigue and distress in the human body during the day, and it may also affect the spouse and children’s sleep. At this time, treatment should be sought.

  Is having evil dreams related to kidney deficiency?

  The cause of nightmares is usually due to yin deficiency and fire, the so-called yin deficiency refers to kidney yin deficiency, and fire wang is heart fire, Chinese medicine believes that insufficient kidney yin will lead to heart fire, and nightmares and insomnia.Pain, dizziness, and some will have backache.

So your evil dreams are mainly related to kidney deficiency.

  Usually pay attention to kidney yin, you can take Qi Ju Di Huang Wan for a long time.

Because of kidney yin deficiency, special attention should be paid to the combination of work and rest, and not to be overly tired.

Eat a light diet, eat less spicy food, eat more lily, lotus seeds and other fire food.

  From the perspective of traditional Chinese medicine, it is generally believed that too much sleep is caused by the vigorous anger of various organs of the body.

The content of dream talk caused by the fire of different organs is also different.

  The content of the dream talk of the lively fire enthusiast is mostly a preliminary request for fairness; the content of the dream talk of the strong fire enthusiast is rich and messy, and sometimes it may suddenly wake up; if the fire is caused by consuming too much angry food, the dream talker will discuss with peopleEating and drinking, or suffocating chest tightness and uncomfortable feelings; and restlessness may also lead to the occurrence of dream words, and the content of dream words is often sorrowful and crying. The process of talking dreams may also be accompanied by nervous and frightening expressions.

  Therefore, it is recommended that you bring your spouse to the hospital to describe the behavior and process of dream talk in detail to the doctor, and cooperate with the examination and treatment.

In addition, people with too many dream talks must learn to relax and adjust their mental stress in daily life, so as to help improve sleep quality and reduce dream talks.

  Daydreaming occurs when people are awake, with psychological activities with fantasy plots, such as interrupting work, fantasizing that they have won a prize, or traveling to a place that they have been yearning for.

A study by Dartmouth College in the United States showed that when subjects studied daydreaming, their brains seemed to be “resting,” but they were actually quite active.

  Tips: Sleeping too long or too short is not good. The latest research by British scientists found that people who sleep too long or too short are not good for their health. The best sleep time should be controlled between 7 and 8 hours a day.

  According to AFP, Jane, an expert at the University of London School of Medicine?

Ferris surveyed 10,308 people between the ages of 35 and 55.

The results showed that for those who used to sleep 7 to 8 times a day, if these sleep times were reduced, their risk of death from cardiovascular disease was likely to increase by 110%; while those who used to sleep for 7 to 8 hours a dayFor individuals, if their sleep time increases, their risk of dying from a non-cardiovascular disease is likely to increase by 110%.

  ”Our findings suggest that continuous sleep for 7 to 8 hours per night is best for your health,” Ferris said. Sleeping more than 8 hours a day increases the risk of death from illness.