Category: 夜网

Hear this,The two men who stopped Lu Menglin from going,I was relieved,Unanimously relax the body,But still did not give way。

“Don’t go!Go back to the capital with me, OK??Aren’t we friends?I invite you to be a guest at my house,Is this the head office??”Hu Lin saw that Lu Menglin was leaving,Can’t help but softly ask for the truth。
All four people present were taken aback,They have never seen such a pleading tone in the palm of the Hu family,She Hu Lin is notorious for not giving any face,I’ve never confessed to men,How did it become like this?
Lu Menglin paused,Said without looking back:“I still have things to do!Since it is a friend,Then don’t force it!Have a chance in the future,I will go to the capital to find you。”
Talk about it,Lu Menglin takes a big step,Walk forward。
The two men did not stop,But admired。
The man who dared to reject Miss Hu’s family,This is really the first one,Can’t help but be respectable。
Hu Lin bit her lip,Staring at someone’s back,Without blinking,Full of sorrow in my heart。
But in front of the family,She’s done enough,If the attitude is more humble,,There is no face at all。
and so,Hu Lin had to watch Lu Menglin float away,A look of helplessness,Even reunited with my family,The feeling of being out of danger is not so strong anymore。
“Who is he?”Hu Lin’s mother lifted the mask,Showing a stunning face,Asked with a smile。
Hu Lin shook her head,Tao:“a friend。He saved me in the jungle,And escorted me here。and also,Our branch manager in the border city,Is Tie Qin Guo’s undercover。They almost caught me,He also saved me!”
Hearing these words whispered from Hu Lin’s mouth,The four people present had a tingling scalp。
Just before they came,I have already thought about the situation in the border city more complicated,But still unexpected,It will be so sinister。
I thought Hu Lin was only looking for the Guangxin Bank branch in the border city,Should be safe,I don’t know that the person in charge of the branch is an undercover agent。

What a joke?This is ten thousand dollars!

1978Ten thousand dollars a year is indeed a lot of money,Make an inappropriate metaphor,Incomparable purchasing power2017Year30Million dollars in purchasing power,For an ordinary American,30Ten thousand dollars is a huge sum of money。
Chen Geng said nothing,Turned around and entered his bedroom,Throw a stack of green dollar bills against Bieber:“As long as the company transfer agreement is signed,The money will be given to you immediately。”
Then there is nothing to say,Bieber greedily looked at the pile of green dollars in Chen Geng’s hand,I couldn’t help but swallowed:“Fernandez,give me11000USD,Everything in the company is yours,I only take my car when I go。”
If you can use the desk you originally planned to sell、Sell things like file cabinets1000USD,Seems to be a good business。
But Chen Geng is not stupid,How much are the things that really belong to Bieber in Bieber’s company,He would not know?
This idiot,Intend to discount his second-hand office furniture1000USD sold to?Want to be beautiful!Go to the second-hand market to buy,At most only flowers700USD,If it is sold to collect second-hand furniture,Can sell300Even if the dollar is lucky,。
“most10500USD。”Chen Geng doesn’t give face to his boss at all。
See Biebo still talking,Chen Geng said honestly:“Mr. Bieber,We all know,Even if500You made dollars,except me,No one can drive you500Dollar price。”
I couldn’t get more money from Chen Geng,Bieber sighed,But not disappointed,Better than selling to those second-hand office furniture buyers, right??Nodded:“Deal。”
First4chapter Benefits of home delivery
Joshua looked at Chen Geng in surprise,Then turned to look at Bieber’s Buick that had driven out of the yard,I can’t close my chin:“Shit!The company is really yours?”
A few days ago,Fernandez is still like himself,Is a worker who works for others,Even a worker who is infinitely close to being fired by his boss,But in such a blink of an eye,Became his own boss?
Joshua feels that his outlook on life has been completely subverted。
“Yes,and so……Mr. Joshua,Please remember one thing,from now on,I am your boss,”Old Chen Geng poked Joshua twice in the chest with a smile,Finally got the step I wanted,Chen Geng is in a good mood:“If you don’t want to find a job tomorrow,Just be polite to the boss who pays you。”
Can doubt the IQ of the black buddies,But you must never doubt the talents of black buddies in hip-hop and sports,Joshua laughed and gave Chen Gengjing an American military salute:“sir,As long as you can pay me on time,I guarantee that any of your instructions can be completed 100% without any discount。”
“well,Then you go call the big guy,We have a meeting,Also to you,I have paid the rent,So don’t worry about the landlord sending you out tomorrow。”

Don’t say thirty million,Is ten million,They feel like they wake up。But here is Brother Hu,Just a few days,No wonder someone would say,People are better than people,Than the dead!This is the case。

“Almost a day away today,Also very tired,That’s it for the live broadcast!Everybody,good night!”It’s time to say goodbye again,Populus is still an old character,Seconds offline,Many people are still immersed in the shock of those 30 million。
I am afraid,Many people have insomnia tonight,Think about your own life,What created。
Next day,It’s the ground snake from Wumachuan,Plan to take Brother Hu and the others,I’m leaving after all。
At this moment,A familiar figure came out,Flattery:“brother,Ghost stuff,do you want?”
Comer,It is Feng Li,He is stalking Wumachuan,Find Populus。That evening,He didn’t break the appointment,I really went to the hospital and beat Lao Huang again,Lao Huang is a bit difficult now,Both front teeth are missing。
After being beaten,Lao Huang went directly to the hospital for treatment,Just out of the hospital,Was caught by this guy again。
Lao Huang thought,The other party is here to apologize,So I didn’t hide。
totally unexpected,Actually fight,He can’t remember,What kind of hatred do I have with this guy?。
then,He just came out of the hospital,And went in lame,Speaks completely uncomfortable。It can be said,Feng Li completely offended him,Pig friends and dog friends won’t have to do it。
The audience in the live broadcast room broke down。
“Yo!The gift boy is here again,Are you ok?”
“If you know,His two or three treasures are worth 20-30 million,Will the mental hospital add an extra bed??”
“so,Sometimes I don’t know if it’s good,Some things know,Just add to yourself,Not happy,after,It’s better for us to be confused。”
“Haha!Never sober。”
“But you are not happy,right?”
“Hard to dismantle!Everyone knows,Why speak up?”

“Humph,Just a few years older than me,How to talk so old-fashioned,Like my grandpa!Since you have forgotten me,Do you have to punish you for giving me a gift?”

Jiang Yu looks angry,In fact, the focus is on the second half sentence。
Smile helplessly,Qin Feng admits defeat:“What gift do you want?”
“Let me think about it。”
The Jiang Yu with his head tilted is very strange,Then said:“My best friend asked me to go to the bar tonight,I’ve never been there yet I want to go once,But my parents won’t let me。”
“Row,I promised it,And all night expenses are covered by me!”
So little request,Qin Feng will not be embarrassed,Very refreshingly。
Jiang Yu happily agreed,But I didn’t take it seriously,After all, her best friends and friends are rich,Why wouldn’t Qin Feng pay any money?。
When Qin Feng was about to call to help Jiang Yu,Phone ringing,The person who called him was from the Huang Family Mansion,It turned out that Anhui took people into the Yellow Crane Tower Hotel and was entangled,In trouble。
Qin Feng arranges Jiang Yu first,Rush to the hotel。
Here,An Hui slapped the hotel manager。
Unexpected,at this moment,An arm that’s not too thick stretched out,Firmly pinch the right hand of the hotel manager in your hand。
“Are you going to mess with me?”
This sentence is an understatement,No sense。
“Nima’s little bunny let me go!”The hotel manager flushed,A hot pain came from my wrist。
A palm magnified in the eyes of the hotel manager。

Boss Yao thought for a while,Nodded and laughed:“OK!Internet cafe is good!New things!”

In fact, Yao Bald had never considered Internet cafe business at all,Now Deep Blue games are all arcade-based game cities,And the real big money inside is the gaming machine。
He has long been distressed by the shares that he had allocated to Lu Menglin.,That’s all white money!But now everyone is working together in the honeymoon period,Win-win,He Yao Baotou admits he is not a little chicken,Of course there will be no other thoughts。
but,Game City does come quickly!By contrast,A player sits in an Internet cafe for a few hours,Slow internet,Turnover rate is low,He really doesn’t appreciate the current profit model of Internet cafes。
Lu Menglin smiled,Tao:“I’m pretty optimistic about the Internet cafe business。This is my uncle Li Chuntang,Otherwise, please take care of Yao boss,The capital comes from my dividend,Help him open an internet cafe in Beijing?”
Yao bald head,So what Lu Menglin meant,Pat the chest immediately,Big bag:“OK!I happen to have a nice place in my hand,Play Game City is not big enough,Open an internet cafe is perfect。Uncle is going to do this,Just trivial
A pile,I will handle it。”
When Xiaopang Wang listened to this,,Said quickly:“Menglin brother,Count me!I will run all the official relations,rest assured!I can do it。”
“OK!Then bother you two more。”Lu Menglin said with a smile。
My uncle was still a little confused when listening,He has no idea how much it costs to open an Internet cafe in the capital,I just want to open a shop at the feet of the emperor,The rent is never too low,And there are many relationships to manage,It’s not easy。
But he finally knew,You must give your nephew face in front of outsiders,So I tried to keep silent。
After talking with Yao Baldou,Lu Menglin asked her uncle and Yao Baldou to exchange contact information,Only then was Yao Baldou and Wang Xiaopang all the way to the station。
The three of them didn’t mention the crash of the car that day,Maybe for them,That’s just a trivial matter。
Before getting on the train,Lu Menglin said to his little uncle:“I’ll leave the Internet cafe to you!Remember to let Wang Xiaopang do more business and taxation,Try to get the license down,If there is no license,Also get a formal business license,Write clearly the scope of business,This is a long-term business in the future,Have to work hard。”
Uncle Li Chuntang nodded,Carrying luggage,Personally sent Lu Menglin onto the train。
Li Chuntang didn’t expect it at this time,The internet cafe that boss Yao found for him,The area is actually that big!
What he thought his nephew wanted him to do,It’s a similar business to the black internet cafe in Hutongkou,I don’t know that the next one is a small half-story building on a busy street。
How much does it cost to open such a big internet cafe,Li Chuntang can’t think of it,Of course these things don’t need him to worry about,He just needs to do his job well,Just treat this new internet cafe as your own business。

Seeing this move by Gao Xiaofang,Qin Feng didn’t know what to say,Gao Xiaofang did this by himself?

But there are some things that can’t be said,Qin Feng didn’t think so much,He looked at Gao Xiaofang and said:“This time I have a big thing to discuss with you。”
“Oh,What kind of thing?”Gao Xiaofang looked at Qin Feng with some doubts and asked,“You don’t need to tell you,You changed,You need to let Jiang Yan be the principal?”
That’s what Gao Xiaofang cares about,As for other things,He really doesn’t want to bother。
“This is not。”Qin Feng couldn’t help but laugh,Gao Xiaofang really cares about this。
But he can understand,This treatment,Is that the pinnacle of life??
In this situation,If I have done so many things,The peaches were picked,Do you say i’m happy?The most important thing is that this school does not belong to me,So I can’t decide what。
Gao Xiaofang also understands,He sighed and said:“Turned out to be like this,Just are you sure you can achieve what you promised before?”
I heard today that you do things everywhere,I’m afraid this fund will not be raised for a while?
“Ha ha。”Qin Feng said confidently:“If you talk about other things,I dare not say,But the funds from the school,I can still。”
I will build another building,Directly build six floors,Everything is built according to a first-class school。
Qin Feng’s heart is very big,He knows that education is already an industry,He knows that this place will have a lot of popularity,So here to take advantage of this shareholder’s wind will
Get things done,That is also necessary。
“what?”Not only Gao Xiaofang was shocked,Even Jiang Yan looked at Qin Feng with surprise,Qin Feng hadn’t said this before。

Model 3 Two models join the ranks of domestic production, the lowest reduction is obvious

Model 3 Two models join the ranks of domestic production, the lowest reduction is obvious
On April 10, Tesla China officially released the long-life rear-wheel-drive version of the Chinese-made Model 3, which will be replaced by 33 after supplementation.RMB 9.05 million, with a cruising range (GB standard working condition method) of 668 kilometers, is expected to be delivered in 6 months.To be precise, the advanced all-wheel-drive version of the Model 3 has also been added to the localization, replaced by 41 before supplementation.980,000 yuan, far lower than the imported version of 50.990,000 yuan, but delivery will have to wait until the first quarter of next year.It is worth mentioning that the 668-kilometer battery life of the Model 3 long-wheel-drive rear-wheel-drive version is currently Tesla’s highest battery life among the vehicles sold.The model 3 long-endurance rear-wheel-drive version has been exposed in the Ministry of Industry and Information Technology’s new energy vehicle promotion application recommended model catalog and tax-free purchase of new energy vehicle model catalog.The product declaration information shows that the model is equipped with a 202kW permanent magnet synchronous motor, the power battery is a ternary lithium ion battery, and the maximum speed can reach 225km / h.Tesla has also launched a limited-time financial plan. Users can upgrade the standard 3 standard battery life (made in China) before April 30 and at the same time as another personalized configuration of the heart instrument, you can enjoy 2 years of interest-free, 3-Five-year ultra-low interest loan and other preferential loan schemes, the monthly monthly supply can be as low as 0 yuan; if consumers purchase a fully automatic driving capability configuration (FSD) when buying a car, they can further enjoy more discounted discount schemes on this basis.At present, the Tesla China official website has added a model 3 long battery life version (made in China). The original imported version option is no longer displayed, and the replacement (after supplement) of the model 3 standard battery life upgrade version is still 29.90 thousand yuan.The Air Force Tesla sells China-made Model 3 with only the standard battery life upgrade version, while the dual-motor all-wheel drive long-life version and dual-motor all-wheel drive performance high-performance version need to be imported from the United States, at least 43.99 thousand yuan and 50.990,000 yuan, the cruising range is 590 kilometers and 595 kilometers respectively.Type, the long-life rear-wheel-drive version of Model 3 was announced in July last year, and only the standard extended-life version was retained. The long-life all-wheel-drive version and the high-efficiency version were then reduced to 42 at the time.10,000 yuan, now the purity has decreased significantly after localization.When the Shanghai Super Factory broke ground early last year, Tesla founder Elon?Musk has said that the factory only produces model 3 standard endurance version, the remaining versions will still be produced in the US factory.However, it is obvious that after the Shanghai plant’s production capacity has finished climbing, Tesla needs to launch more Model 3 models in China to counter the new forces of car manufacturing.Sauna, Night Net Editor Lu Caifu Yue Caizhou proofread Wang Xin

Not only Halfway Island, 15 films to see the end of the Pacific War

Not only “Halfway Island”, 15 films to see the end of the Pacific War
The Pacific War was a war between the evil axis country headed by the Japanese Empire and the Allied Powers headed by the United Kingdom and the United Kingdom in the Second World War. It was triggered by the Japanese attack on Pearl Harbor on December 7, 1941, until August 1945.The surrender of Japan ended on the 15th, which lasted three and a half months, and casualties and losses were difficult to count.Among them, the sneak attack on Pearl Harbor, the Battle of Midway Island, the Battle of Iwo Jima, and the Battle of Okinawa have all been brought to the big screen by the United States and Japan many times.We used 15 films to connect the Pacific War. When the film “The Midway Island” was released, we used historical materials and film stills to outline the war for the audience.Schematic diagrams of several major battles in the “Pacific War.”1. Japanese attack on Pearl Harbor Time: December 7, 1941 History lesson: The Japanese Navy attacked the Pearl Harbor of the US Pacific Naval Fleet base and the U.S. Army and Navy airports on Oahu, becoming the fuse for the outbreak of the Pacific War,Eventually involved the United States in the Second World War.Battle situation in the United States: was sunk and injured more than 40 ships of various types, including 4 battleships, 2 heavy cruisers, 2 light cruisers, and 2 destroyers.265 aircraft were destroyed.A total of 2,403 people were killed and 1,778 were injured.Japan: 29 aircraft were destroyed, 70 were injured, 55 pilots were killed, 5 pocket submarines were destroyed, and 1 pocket submarine was captured.Sneak attack on the historical photos of Pearl Harbor.● Related videos: “Tiger!tiger!tiger!1970 (US-Japan co-production) presented the incident from the perspective of both the US and Japan.Stills of “Pearl Harbor”.”Pearl Harbor” 2001 (U.S.) The 40-minute sneak attack explosion was shocking.The opening battle of Midway Island in 2019 (US) is relatively brutal and realistic.2. Coral Sea Battle Time: May 4th to May 8th, 1942 History Class: This is the world’s first duel between aircraft carriers. “It is the first sea battle in which surface ships have not fired each other.”In this campaign, the Japanese won the battle tactically, but the US military prevented the Japanese invincible strategic attack that prevented the Japanese army from driving straight in.The loss of two other injured Japanese aircraft carriers and pilots had an impact on the Battle of Midway.Battle situation in the United States: The aircraft carrier “Lexington” sank, a destroyer and an oil tanker were sunk, 66 aircraft were destroyed, and 543 people were injured.Japan: The light aircraft carrier “Fengxiang” sank, 1 destroyer and 3 landing ships were sunk, 77 aircraft were destroyed, and 1047 people were injured.Historical photos of the Battle of the Coral Sea.● Related film: “Coral Sea Fighting” poster.”Coral Sea Destruction” In 1959 (USA), the escape process of a US submarine crew was mainly discovered, and a short “Coral Sea” naval battle scene appeared at the end of the film.3. Time of Battle of Midway Island: June 3rd to June 6th, 1942 History Lesson: Midway Island is 2800 nautical miles away from San Francisco, USA and Yokohama, Japan. It is halfway on the Pacific route between Asia and North America.Is a strategic location.This was an important battle on the Pacific battlefield during World War II. From then on, the US military switched from strategic defense to offensive, and the Japanese joint fleet was no longer in sight.Battle situation in the United States: Loss of 1 aircraft carrier (York City), 1 destroyer and 147 aircraft, 307 people were killed.Japan: Lost 4 aircraft carriers (Akagi, Kaga, Canglong, Flying Dragon), 1 heavy cruiser, 52 aircraft were shot down, more than 280 aircraft sank to the bottom of the ship, 3507 people were killed, including hundreds of trainedNavy pilot.Historical photos of the Battle of Midway.● Related film: The Pacific Ocean 1960 (Japan) The whole film from the perspective of the aircraft carrier “Flying Dragon” is aimed at the journey from the Japanese attack on Pearl Harbor to the fiasco of Midway, beautifying Japanese militarism.”The Battle of Midway” in 1976 (U.S.) has a high degree of historical restoration from “Tiger!tiger!tiger!”” Appropriate “a lot of lenses.Poster of “Middleway Island”.The “Decisive Battle Midway Island” 2019 (U.S.) film will sneak into Pearl Harbor, the Battle of the Coral Sea and the Battle of Midway Island on the screen without any details.4. Battle time of Saipan: History class from June 15, 1944 to July 9, 1944: American forces captured Saipan, creating conditions for the capture of other islands in the Mariana IslandsThe B-29 long-range strategic bomber provided a base for bombing Japan.The situation in the United States: more than 3,400 people were killed and 1 injured.310,000 people.Japan: Land and Navy casualties 4.More than 10,000 people were arrested and nearly 2,000 people were killed. Two-thirds of the island’s residents were killed here.US military captures historical photos of Saipan.● Related film: “Jade Broken Saipan” The description of war scenes in the 1960 (U.S.) film is not the focus. The protagonist was adopted by families of both American and Japanese origins. In the battle of Saipan, in order to avoid moreBlood, he went to the Japanese army to persuade the surrender, so that the Japanese army on the island laid down their weapons and accepted peace.Still from “The Miracle of the Pacific”.”A Miracle in the Pacific” In 2011 (Sunday), a Japanese officer led a 46-year-old man in Saipan with the actual events of 16 months of working with the US army as a model for the story.5. Battle of Iwo Jima: History lesson from February 19 to March 26, 1945: After the US military seized Iwo Jima, the combat barrier of the fighter plane covered the mainland of Japan, which can effectively cover the strategic bombing of the bomber against the Japanese mainlandThe Japanese bombing has become more intense and intense, and the effect of alternating bombing has more than doubled, greatly speeding up the collapse of Japan.Battle situation in the United States: 6821 people were killed and an escort carrier was sunk in Japan: 22703 people were killed in historical photos of the Battle of Iwo Jima.● Related film: “The Battle of Iwo Jima” Some of the shocking war scenes in the 1949 (U.S.) film came from a record film taken by the US Army ‘s Third Command team.Stills of “Flags of Fathers”.”Flags of Fathers” and “Letter from Iwo Jima” The 2006 (U.S.) film used six soldiers to rush to the heights of Iwo Jima to insert the national flag and the Japanese Lieutenant General Li Linzhong to restore this brutal war.6. Okinawa Battle Time: April 1st to July 2nd, 1945 History Lesson: This is the last battle for islands between Japan and the United States on the Pacific battlefield. It is also the bloodiest and most tragic battle. Churchill called it “”One of the most fierce and famous battles in the history of war.” After the US military won Okinawa, a strategic place, it was only 610 kilometers from Kyushu, Japan.The situation in the United States: casualties 7.50,000 people, 763 aircraft lost, 36 ships sunk, 368 ships including 8 aircraft carriers, and 372 tanks destroyed.Japan: 110,000 casualties, 9,000 captured, and 7,830 aircraft lost, including 16 surface warships and 8 submarines inside the battleship Yamato were sunk.In addition, more than 100,000 civilians died on the island.Historical photos of the Battle of Okinawa.● Related movie: “Blood War Okinawa” 1971 (Japan) exaggerates the firmness and bravery of the Japanese army from a one-sided perspective.Stills of “Blood Warsaw Ridge”.”Blood Warsaw Ridge” 2016 (U.S.) is based on the real experience of Desmond Daws, a top military doctor in World War II, telling the story of his refusal to carry weapons on the battlefield in the battle of Okinawa Hacksaw Ridge.story.7. Japanese surrender time: August 15, 1945 History lesson: The United States dropped atomic bombs on Hiroshima and Nagasaki, Japan on August 6 and August 9, Japan declared an unconditional surrender, and the Pacific War ended.The overall situation of the Pacific War America: about 120,000 killed in Japan: about 1.55 million Japanese surrendered historical photos.● Related film: “The Longest Day in Japan” 2015 version stills.”The Longest Day in Japan” In 1967, 2015 (Sun) expanded to more than two hours before and after Japan surrendered to the Allied forces on August 15, 1945, but the so-called war reflection attitude is very vague.Sauna, Ye Wang Teng Chao editor Huang Jialing school drafted by Fan Jinchun Xu Xiao Ni Ping

Wangfujing (600859) Annual Report Commentary: Multi-format Synergy Effect Appears to Increase Consumption Under Pressure

Wangfujing (600859) Annual Report Commentary: Multi-format Synergy Effect Appears to Increase Consumption Under Pressure

In the second half of 2018, the industry’s pressure-bearing company’s revenue was lower than expected, and Ole contributed revenue growth. On March 23, 2019, the company released its 2018 annual report: a total of 267 internal revenue.

1.1 billion (+2.

38%); net profit attributable to mothers12.

1.0 billion (+66.

95%), equivalent to an EPS of 1.

55 yuan / share.

Among them, the company achieved a total of 75 operating income in the fourth quarter.

1.3 billion; net profit attributable to mother 2.

1.3 billion yuan.

Emerging department store / shopping mall revenue rose -0.

09%, gross profit margin increased by 0.

01%, Ole revenue increased by 8.

52%, gross margin increased by 0.


  The gross profit margin increased, and the expense ratio decreased during the period. The company’s gross profit margin was 21 in 2018.

18% (+0.

46pct), net interest rate 4.

59% (+1.

02pct), excluding the impact of quarterly revenue in the first quarter, net margin increased (+0.


The total of the three fees dropped to 14.

08% (-0.

49 points).

Among them, the sales expense ratio dropped to 10.

85% (-0.

11pct); the overhead rate increased to 3.

68% (+0.

01pct); financial expense ratio decreased by -0.

45% (-0.


  Changchun Ole opened at the end of the year. The number of new stores in 2019 is expected to significantly increase the company’s 苏州夜网论坛 compliance with the macroeconomic structure, deepen the integration and development of the format, and enhance the format advantage.

The department store format further extended the scope of business, increased the function of shopping centers, introduced Olle elements, and adjusted the business model.

It also accelerated the development of the capital operation mode of the supermarket, and established a joint venture with Shouhang. The first Wangfujing Shouhang supermarket opened during the year, which has increased the richness of the business format and promoted the future chain development of supermarkets.

Four department stores (Beijing Daxing Store, Chongqing Jiefangbei Store, Guizhou Guochen Store, and Xiamen Jiahe Store) were closed in the south. On December 30, 2018, a new Changchun Ole family was opened.

On March 22, the company intends to

900 million cash to 深圳桑拿网 buy Ordos City 6.

20,000 square meters of leased properties, the number of new stores is expected to increase significantly in 2019.
  Multi-formats help increase revenue, solidify Wangfujing brand influence, maintain “strongly recommended” rating company has formed a comprehensive department store, shopping mall, outlet, supermarket multi-format collaborative development, Wangfujing brand has received national influence and surpassed the brandThe influence continues to expand shopping malls and outlets, boosting revenue growth.
The company’s controlling shareholder, Wangfujing Dong’an, and BTG Group implemented a strategic reorganization, which effectively integrated corporate culture and system construction. It accelerated the marketization process in terms of systems, mechanisms, and expenditures; changed the resources advantage of BTG Group and actively created lifestyle servicesThe new positioning of the industry industry group strengthens the business interaction of various formats, improves the efficiency of resource allocation, forms a strong development synergy, effectively enhances Wangfujing’s comprehensive competitiveness, and the company’s profitability continues to improve. We increase the company’s EPS for 2019/2020/2021To 1.

55 (+0.

19) / 1.

71 (+0.

25) / 1.

84 yuan to maintain the company’s “strongly recommended” rating.

  Risk Warning: Macroeconomic Risks; Downside Consumption Risk; The Company’s New Store Opening Is Less Than Expected

Wandong Medical (600055): New products continue to be introduced. Product structure is upgraded to high-end. Revenue will accelerate in 2019.

Wandong Medical (600055): New products continue to be introduced. Product structure is upgraded to high-end. Revenue will accelerate in 2019.

The company released its annual report and first quarterly report. In 2018, the company achieved operating income, net profit attributable to mothers, and net profit attributable to non-mothers was 9, respectively.

55 billion, 1.

5.3 billion and 1.

3.7 billion, an increase of 7 each year.

98%, 40.

52%, 59.

56%, a cash dividend of 1 for every 10 shares.

00 yuan (including tax).

The first quarter realized operating income, net profit attributable to mothers, net profit attributable to non-mothers was 1, respectively.

6.2 billion, 0.

5.7 billion and 0.

1.8 billion, an increase of 20 each year.

36%, 59.

80%, -1.

twenty one%.

The annual performance maintained high growth, in line with our expectations of the company’s operating income in 2018, net profit attributable to mothers and net profit after deducting non-attributions to mothers respectively.

98%, 40.

52%, 59.

56%, about 8 in 2017.

67%, 52.

52% and 41.

53%, the company’s revenue maintained steady growth, and the profit side maintained rapid growth.

In 2018, the company strengthened the sales of 四川耍耍网 second-tier and higher-level medical institutions. Through the refinement of mission goals, strict sales assessment, and multi-regional promotion, the sales of second-tier and higher-level medical institutions gradually reached 30%.
Looking at the fourth quarter alone, it increased by -3 per year.

88%, 41.

20 and 148.


The company’s profit growth rate is higher than the income growth rate mainly due to the effect of controlling costs and increasing efficiency.

In the first quarter of 2019, operating income, net profit attributable to mothers, and net profit after non-attribution to mothers increased by 20, respectively.

36%, 59.

80%, -1.

twenty one%.

The revenue rose month-on-month. As the sales expenses increased by about 25%, it had some impact on the profit side.

The company’s previous performance quarter was obvious. The net growth rate of non-attributed net profit in Q1-4 of 2018 was 325.

73%, 11.

43%, 35.

59% and 148.

62%, of which Q1 is a high base. In terms of products, the sales volume of DR increased, and the revenue of nuclear magnetic resonance increased rapidly. In terms of sales volume, DR products were basically the same as last year, and superconducting 1.

5T formaldehyde, flat DSA, 16-slice CT, and molybdenum targets have all grown rapidly.

DR product line: In 2018, the company’s overall sales of DR products were 1,772 units, which was basically the same as the 2017 division.

Initially, the situation is that the government’s centralized procurement projects in primary hospitals in various provinces in 2018.The company achieved rapid growth in sales of DR products at the retail end by adjusting market strategies and marketing plans. As a result, overall revenue increased, and sales of secondary and higher medical structuresThe ratio has increased significantly, and the number of DR product sales has gradually ranked first in the domestic market.

In 2018, the company launched a 40kW high-power mobile DR product, and all 14 high-end DR models of flat DR were selected into the domestic excellent equipment list, becoming the manufacturer with the largest number of DR products.

In the future, the company will be committed to improving its policy advantages, increasing the sales ratio of tertiary hospitals, and consolidating the number one position in the domestic industry.

Magnetic resonance product line: In 2018, the company sold a total of 108 magnetic resonance products, an increase of 31 each year.

71%, 1.

Sales of 5T superconducting MRI products have nearly doubled.

The company’s nuclear magnetic sales volume ranks second in the domestic market and is a product line with accelerated growth in the imaging product line.

New high-end superconducting magnetic resonance imaging system i_Space 1.

5T has cooperated with three domestic super-large hospitals to conduct clinical trials and cooperate in research and development to achieve gradual optimization from core components to image quality.It has been approved in February 2019 and is expected to be available in the second quarter of 2019.Guide 1.

5T products will provide support for the company’s large-scale imaging equipment to enter hospitals above the second level.

The company’s superconducting 3.

The development of 0T products is in progress, and registration is expected to start in 2019.

In the future, transformation 1.

Continuous volume of 5T superconducting MRI products, and new product i_Space 1.

With the listing of 5T, the company’s magnetic resonance products will gradually narrow the gap with international brands, gradually increase market share, and achieve rapid revenue growth.

Other product lines: DSA angiography system products have achieved low-dose imaging technology breakthroughs, benefiting from the National Health and Family Planning Commission’s policy of canceling the management of vascular interventional therapy products (DSA) configuration certificates.Become the preferred product of county hospitals.

The flat-panel digital turbine can achieve the advantages of far higher integration than other domestic brands, ranking the industry leader. In 2018, the sales volume ranked first among domestic brands, and most of the users were public hospitals above the second level. In 2018, the company launched two newThis dynamic flat rehabilitation product can meet the needs of various types of medical institutions. It is expected that the implementation of the company’s marketing team to expand the promotion efforts and the implementation of graded diagnosis and treatment policies will achieve rapid growth.

Wanliyun’s business layout is AI medical, and Wanliyun, a holding subsidiary of the online and offline collaborative development company, focuses on the three major segments of remote imaging diagnostic services, third-party imaging center business and imaging cloud SaaS services.

The initial online reading volume has gradually exceeded 10 million; in terms of AI image diagnosis technology, the development and testing of AI imaging diagnostic software for lung CT, osteoarthritis, and healthy lungs have been completed; and 15 third-party imaging centers have been completed.

At present, the company’s remote imaging diagnostic service business ranks first in the industry.

In the future, Wanli Cloud will achieve rapid revenue growth, turn losses into profits, and work with offline equipment and services to develop in a coordinated manner to build a smart medical blueprint.

The company has rich reserves of new product research and development. The company expects to launch new products such as the New Oriental 1000F medical X-ray photography system and DRF-5 / 6 medical diagnostic X-ray machine in 2019, which is expected to achieve new growth.

Other than that, the company 3.

0T superconducting magnetic resonance imaging systems, dynamic flat-panel detectors and other products are under study. It is expected that 64-row and 128-row X-CT products will be launched in the future and ultrasound products will be laid out to achieve full coverage of imaging products.

Financial indicators are basically normal. In 2018, sales, management and financial expenses were reduced by 3 respectively.

1%, 6.

27% and 36.


Selling expenses have been reduced, and offline channels have been optimized for reporting, and new media brand promotion has been promoted; R & D expenses are 0.

62 ppm, an increase of 0 per year.

67%, initially to continue to increase research and development investment, increase the salaries of some key backbone research and development personnel, and reach a competitive level of expenditure with the industry.

The overall gross profit margin is 43.

60%, which is equivalent to an increase in 2017. The independent production of FPD (X-ray flat panel detectors) and miniaturized high-voltage generators have significantly increased the average gross profit margin of DR product lines.

The increase in net cash flow from operating activities as compared to the same period last year was mainly due to increased reporting and sales receipts.

Sales, management and financial expenses increased by 24 in the first quarter of 2019.

12%, 5.

93% and -444.49%.

The net cash flow from investing activities decreased compared with the same period of last year, which was mainly due to the report of last year and the payment of investment funds from Shanghai Luzi Enterprise Management Consulting Center (Limited Partnership).

Profit forecast As the company’s higher-end new products continue to be introduced and the company’s sales capabilities increase, the company’s product structure will gradually upgrade to a high-end structure. In 2019, revenue growth and gross profit margin will increase.

In 2019, the company’s budget consolidated operating income was 11% (an increase of 15%), and the budget belonged to the parent company’s net profit of 2% (an increase of 30%).

We expect revenue to increase by 15% annually from 2019-2021.

4%, 15.

4%, 14.

4%, the growth rate of net profit attributable to mothers was 31.

3%, 29.

0%, 28.

0%, corresponding to PE is 34, 26 and 20 times, maintaining the overweight rating.

Risks indicate that the launch of new products is less than expected, and the number of successful bids for centralized procurement is less than expected.