Category: zsctykrvq

2016 Snooker British Championships Today’s latest match live video Selby vs Murphy Live

2016 Snooker British Championships Today’s latest match live video Selby vs Murphy Live
In the 2016/2017 season, the Snooker British Championship continued. In the quarter-finals, the world’s first Selby started with a 3-0 lead, and then was overtaken by Higgins in a four-game winning streak and took the lead to get the match point.Selby saved two match points in a row and eventually reversed the lore Higgins 6-5.In another game, the magician Murphy was in a state of bravery, completing one shot and breaking three hundred and 50+, and finally swept the Belgian star Brecher 6-1, and then reached the semi-finals of the British Championship after four years.  The total prize money of the 2016 Snooker Championship is £850,000, and the championship prize is £170,000.Selby (information map) Murphy (information map) 2016 Snooker British Championship semifinals, Selby vs Murphy game time reopened at 21:00 Beijing time antique on December 3rd.Game live video address: click to watch

Li Xunlei: Without short-selling mechanism, the constraints on listed companies are limited

Li Xunlei: Without short-selling mechanism, the constraints on listed companies are limited
On May 24, Sauna Night held a series of salons focusing on capital market reform in the nationwide “Two Sessions Economic Policy”.Li Xunlei, chief economist of Zhongtai Securities, said that the A-share market is not mature enough, and it has only made 30 years of development. It has made great progress, but compared with mature markets, such as the US stock market has more than 200 years of history, A shares still haveMany shortcomings.Li Xunlei is cutting-edge, and needs to be further improved in terms of trading system, market rules, and the richness of products and tools.The registration system loosened the restrictions on the rise and fall, but T + 0 has not been implemented, and there are not enough short selling mechanisms.He said that conventional budget research institutions basically have no short-term research reports, which is still a significant gap from the mature capital markets such as the United States. If they dare not write short-selling reports, the restrictions on listed companies will be limited.In addition, the issue pricing should be market-oriented. The main board has not yet implemented a registration system. Many A-share companies are still issuing on the main board. If the pricing is not market-oriented, investment banks will not be able to fully compete and mature.At present, foreign countries are constantly coming in as they are opening up more.In the past, foreign participation in capital markets, especially overseas investment banks, was relatively small. The standard practices of some foreign investment banks in mature markets have not been fully reflected in A shares.We should also give these institutions room for fair competition, and also promote the capital market and intermediary institutions to develop together and make progress together.Sauna, Ye net Gu Zhijuan editor Chen Li proofreading Xue Jingning

China National Travel Service (601888): Strong tax-free growth policy to help expand

北京桑拿洗浴保健 China National Travel Service (601888): Strong tax-free growth policy to help expand

Event: China National Travel Service released its 2019 Interim Report, and the company achieved revenue of 243 in 19H1.

44 billion / + 15.

46%, net profit attributable to mother 32.

7.9 billion / +70.

87%, deducting non-net profit 25.

00 billion / + 30.

86% (non-recurring gains and losses are mainly from the investment income confirmed by the alternative China Travel Service); Q2 achieved revenue of 106 in a single quarter.

53 billion / -12.

94% (effect of divestiture of China National Tourism Administration), net profit attributable to mother 9.
.

7.3 billion / + 28.

21%, deducting non-net profit 9.

10 billion / + 20.

85%.

Opinion: The growth of the main business of tax exemption is strong.

Revenue: 19H1 company revenue 243.

44 billion / + 15.

46%, of which tax-free / taxable / tourism services respectively achieved revenue of 229.

0.8 billion / 6.

19 billion / 5.

9.9 billion, an increase of 53.

26% / 21.

14% /-88.

98% (China National Tourism Administration has ceased to consolidate since February).

Sanya Haitang Bay achieved revenue 53.

29 ppm / + 28.

72%, of which 51 is tax-free income.

81 ppm / +28.

50%; Shanghai Airport (Pudong + Hongqiao) contributed 73.

7.7 billion / + 92.

41% (consolidated from March 18); Capital Airport (T2 + T3) contributed revenue 43.

6.5 billion / + 25.

54%; Hong Kong Airport realized tax-free income12.

9.6 billion / + 36.

13%; Guangzhou Airport realized tax-free income8.

44 ppm / + 193.

06%.

Profit side: 19H1 company realized net profit attributable to mother 32.
7.9 billion / +70.
87%, of which Sanya Store / Shanghai Shanghai / Sunrise China contributed 8 respectively.

3.3 billion / 3.

2.1 billion / 95.17 million, respectively increased by 5.

63% / 49.

44% / 71.

02%.

Profitability: The company’s comprehensive gross profit margin was 51 in 19H1.

05% / + 9.

83pct, mainly due to the increase in the proportion of goods sold by the China National Tourism Administration and the higher gross profit margin (from 18H1 to 73).

99% increased to 97 in 19H1.

52%).

The gross profit margin of the 19H1 commodity sales business was 51.

76% /-0.

09pct (tax-free 52.

29% /-0.

20 pct, with tax 32.

10% / + 4.

48pct), mainly for cost savings brought about by scale effects.

19H1 company net profit margin 13.

47% / + 4.

37 pct; from a breakdown perspective, the net profit margins of Sanya Haitang Bay / Sunrise China / Sunrise Shanghai are 15 respectively.

62% / 4.

95% / 8.

13% each year -3.

42pct / -2.

60 pct / + 1.

68 pct.

Expense rate: The period expense rate is 32.

66% / + 6.

96pct with a sales expense ratio of 30.

29% / + 7.

24pct (Shanghai and Shanghai consolidated tax & airport duty-free lease expenses and expenses increase), management expense ratio 2.

32% /-0.

39 pct, financial expense ratio 0.

05% / + 0.

11pct (increased financial handling fees due to tax-exempt business growth).

Favorable policies & economies of scale, the growth of tax-free leaders is expected.

Outlying islands tax-free benefited from the policy of increasing quotas and expanding categories. In the future, Haitian Free-Injection and Haikou Duty-Free City will bring new attractions.

Airport tax-free preferential traffic advantage, the company operates a number of important airport duty-free shops (Capital Airport / Shanghai Airport / Hong Kong Airport / Baiyun Airport / Beijing Daxing Airport, etc.), the scale effect helps to improve gross profit margin.
Duty-free Beijing / Dalian / Qingdao / Xiamen 杭州夜生活网/ Shanghai stores have been opened in the city. Among them, Shanghai stores can provide duty-free booking services for people who are about to leave China.
In 2018, China Immunity ranked among the top four global travel retailers, and its international influence has further increased. New leadership has been injected into the senior management, and the company’s future development is expected.

Investment suggestion: The company’s operating income is expected to be 440 in 2019-2021.

57 billion / 510.

27 billion / 597.

9.8 billion, net profit attributable to mother is 45.

6.9 billion / 48.

5.3 billion / 57.

2.7 billion, an increase of 48% / 6% / 18%; corresponding P / E is 41 times / 38 times / 33 times, maintaining the “Buy” rating.

Risk reminders: tax exemption policy risk, exchange rate fluctuation risk.

Rainbow Group (002419): Same store performance is better than new store contribution performance increase

Rainbow Group (002419): Same store performance is better than new store contribution performance increase

Event description The company disclosed its annual report: the company achieved operating income of 191 in 2018.

380,000 yuan, an annual increase of 3.

25%; Attributable net profit 9.

40,000 yuan, an increase of 25 in ten years.

92%; realized non-net profit 7

92 ppm, an increase of 24 in ten years.

76%; achieve EPS of 0.
合肥夜网

7535 yuan / share.

At the same time, a cash dividend of 4 yuan (including tax) will be distributed to all shareholders for every 10 shares, no bonus shares will be given, and the capital reserve will not be converted into capital.

The effect of the event review reform continued to expand with the same store performance, and the new business of community shopping centers gradually contributed to the increase.

The company achieved operating income of 191 in 2018.

380,000 yuan, an annual increase of 3.

25%, comparable store revenue increased by ten in ten years.

58%, comparable gross margin increased by ten in ten years.

31%, maximizing comparable profits grows 17 per year.

07%, of which the comparable store operating income increased 5.
.

55%, maximizing comparable profits grows by 64 per year.

41%.

The company’s operating income in 2018Q4 decreased by 5 year-on-year.

25%, mainly due to the higher actual revenue recognition base in the same period of 2017 and the closure of the Shenzhen Junshang Center Store by the company in October 2018 due to the expiration of the contract for the business premises. Excluding the impact of the real estate business, the company’s operating income in 2018 increased by 4%.

45%, profits increase by 30 per year.

58% in the fourth quarter of 2018, operating income fell 0 year-on-year.

64%, profit growth for the whole year increased 24%, plus the same-store gross profit of the company in the fourth quarter of 2018 is estimated to increase by 4.

21%, performance peers.

According to further calculations, the company’s same-store gross margins increased by 55.15 million yuan and 44.67 million yuan in 2018Q3 and Q4, respectively. After excluding real estate impact, the incremental gross profit contribution of the new business was 76.51 million yuan and 42 million yuan (including gross margin due to store closure(Decrease), it can be seen that the incremental contribution of the company’s new business gross profit has continued to exceed the incremental contribution of the same store gross profit for two quarters, gradually transforming new and old growth momentum.

On the basis of the company’s continuous growth period, the company will push for new business layouts to build a long-term sustainable growth base.

The company’s department store stores implemented block adjustments to achieve obvious results, promote thematic display and thematic editorial marketing, and increase the sales contribution of related brands.

8%.

At the same time, we are accelerating the development of stores. We focus on four shopping mall stores. We have set up four new direct-managed stores, one management outlet, one franchised store, and 13 shopping mall stores. At the same time, the company’s newly developed reserve stores include: 17 shopping malls andDepartment store projects and 13 independent supermarket projects provide a good foundation for the company’s continued growth.

Investment suggestion: The company promotes the reform of the department store’s main business, continues to travel with the same store, and accelerates the new business layout of the community shopping center. We expect the company’s EPS in 2019-2021 to be 0.

89/1.

07/1.

31 yuan / share, corresponding to PE, 14 times, 12 times and 10 times. 厦门夜网At the same time, the company launched the second phase of employee equity purchase plan, optimized management mechanism, and maintained a “buy” rating.

Risk Warning: 1.

The pressure on the consumer side under the background of derailing, and the effect of the company’s main department store reform;

The development of community shopping malls has been burdened by local policies.

Quanzhu Shares (603030) Annual Report Comments: Performance Growth Meets Expected Operating Cash Flow Improvement

Quanzhu Shares (603030) Annual Report Comments: Performance Growth Meets Expected Operating Cash Flow Improvement

The performance growth was in line with expectations, and the company’s profitability increased to achieve operating income for 65 years.

20,000 yuan, an increase of 41 in ten years.

0%, to achieve net profit attributable to mother 2.

60,000 yuan, an increase of 58 in ten years.

1%.

By quarter, the company’s Q1-Q4 achieved revenue of 10 respectively.

3/16.

5/18.

5/19.

USD 800 million, with annual growth of 123% / 32% / 44% / 22% respectively; Q1-Q4 achieved net profit attributable to mothers respectively 0.

38/0.

34/0.

54/1.

34 ppm, a year-on-year increase of 119% / 305% / 138% / 15%, Q4 performance growth rankings are mainly affected by high base factors in the same period of 17 years.

The company’s 18-year gross margin / net margin were 14 respectively.

5% / 4.

4%, an increase of 1.
.

0/0.

7pct, the company’s profitability has increased, or it can benefit from the increase in the proportion of 杭州夜生活网 custom hardcover business (custom hardcover business eventually faces individual small owners, so the business’s capital flow and profit margin are better than the full decoration business), and it is expected to continue to improve in the future.

Operating cash flow improved, debt ratio increased The company’s net operating cash flow for 18 years was 1.

9 trillion, an increase of 3 over the same period last year.

700 million, the company’s previous period of 5 consecutive years of net cash for operating cash.

Because the company’s downstream customers are mostly large real estate developers such as Evergrande, the company’s bargaining power is poor, and the pressure to withdraw funds is under pressure.

The company has achieved positive operating cash flow for 18 years while maintaining orders and continuous 杭州桑拿网 growth in revenue, demonstrating the company’s ability to control and repay.

As of the end of 2018, the company’s assets and liabilities decreased by 76.
.

1%, an increase of 8.
.

3 points.

New single items have maintained a high growth rate. As a leader in full renovation, the company is expected to benefit from the policy to promote the company to be a leader in the field of residential full renovation, and continue to promote the strategy of major customers. Recently, new single items have maintained rapid growth.

According to the company’s operating data announcement, the company’s new extension order 107 for 18 years.

80,000 yuan, an increase of 39% in ten years.

According to statistics from the China Building Decoration Association, the average percentage of fully renovated houses previously was around 10%, and that of new houses in first-tier cities was 50%. However, the percentage of fully renovated houses that are 80% away from Europe, America, and Japan is different.A lot of upside.

The construction industry ‘s “Thirteenth Five-Year Plan” clearly stated that “the area of newly completed fully-renovated residential buildings will start to reach 30% in 2020.” The final deadline is gradually approaching, and the proportion of fully-renovated buildings will increase significantly. The company ‘s future orders will promote rapid growth.And the company’s current order revenue ratio is about 1.

7 times, also ensure the steady growth of future income and performance.

Profit forecasting and investment rating company is a leader in the field of complete renovation of the house, and continues to promote the strategy of major customers, deeply binding real estate leaders.

In addition, the company actively expanded its custom hardcover business, with a single-year growth of 39% in the new year 2018, supporting the company’s future revenue and performance to grow steadily.
It is expected that the company will realize net profit attributable to mothers in 19-21.

39/4.

26/5.
3.3 billion.

The company’s current PE (TTM) is 17 times, and the average PE (TTM) of other decoration companies in A shares is about 25 times. The company’s expected earnings are estimated to be deposited in the repair space.

We predict that the company’s EPS in 19 will be 0.

63 yuan / share, forecasting a compound annual growth rate of 27% in the period of 19-21, giving the company a 16-year PE estimate for 19 years, corresponding to 0 for PEG.

59. Reasonable value is about 10 yuan / share. Maintain “Buy” rating.

Risk reminder: The company’s pressure for repayment increases; the downside risks of real estate plus the prosperity of the substantial decoration industry drift; the company’s new breakthrough single growth rate replacement.

Great Wall Motors (601633): Clear tail at the tail, waiting for the new platform to start the product cycle

Great Wall Motors (601633): Clear tail at the tail, waiting for the new platform to start the product cycle
The company’s recent situation Great Wall Motor released the October production and sales report, with monthly sales of 115,015 units, which was +4 in the past.5%, +15.At 0%, the Haval brand sold 86,433 units, +1 a year.7%, +14.9%. Cumulative sales from January to October were 839,128 units, +6 per year.7%. Comments F7 remained strong, M6, pickup on the pickup.In October, the wholesale sales of passenger cars continued to decline, and the company’s sales continued to outperform the industry, and its market share increased.In terms of breakdown, the F series continued to contribute pure increase, with F7 sales reaching 15,017 units; M6 sales reaching 15,211 units, and +23.9%, continued to increase after the switch of National VI; passenger pickup new tool gun sales reached 5,020 in the first month of the market, full orders, pickup truck sales totaled 16,000, +22 each time.5%.H6 has sold more than 40,000 units, which has declined slightly every year.Among other models, H9 and VV6 have achieved positive growth every year.From January to October, the sales volume of the F series accounted for 23% of the Haval brand. As the starting point of Haval’s global models, the F7’s performance in Russia is also very eye-catching.The F series has fully differentiated from the H series, successfully widening new market segments, and realizing price range upwards.The company expects that the F series will continue to introduce modified models in the next three years, with a target sales volume of 40% of the Haval brand. In the fourth quarter, costs and expenses may increase month-on-month, and we are optimistic about the sustainability of the improvement in gross profit margin and bicycle profit.Taking into account the impact of the adjustment of freight accounting policies in the second quarter, the gross profit margin in the first three quarters continued to increase sequentially, mainly benefiting from the reduction in manufacturing purchases, cost reductions, product structure improvements and sales volume growth. Looking ahead, there is still room for cost reductions.Sales volume and structure continue to improve, so we think the improvement in profitability is sustainable.The fourth quarter ushered in the peak sales season before the Spring Festival. Sales growth is positive for bicycle profits. However, considering that a new wave of national five clearing houses may drive price reductions at the end of the year, the company’s dealership rebates and year-end awards will be accrued in the fourth quarter. We expect 4The quarterly bike profit may decline from the previous month. The tail companies gradually cleared and formed favorable results, and the new platform put into operation brought new growth momentum.Looking forward, we expect industry sales to turn positive in December and gradually improve next year.For future development, sustainable 佛山桑拿网 product power and comprehensive strength, we expect the company to benefit from the clearing of the tail brand, the sales volume will continue to outperform the industry, and the market share will increase.In the longer term, we expect that the launch of new platform products at the end of next year will start a new round of product cycles. Estimates suggest that we raise the operating cost and sales management expense ratio for the fourth quarter, and lower the net profit in 2019 by 15% to US $ 4.4 billion, and maintain the net profit in 2020 unchanged.The current price of Great Wall A / H corresponds to December 2020.0 times / 7.6 times P / E.Maintain Great Wall A / H outperform industry rating and maintain target price of 11.0 yuan / 7.0 Hong Kong dollars (14 times / 8 times P / E in 2020), the earlier price has 18% and 6% room. Risks The sales of new models are lower than expected; the industry’s clearance rate is faster than expected.

China Unicom (600050): 5G co-construction and sharing solution landing company relatively benefited

China Unicom (600050): 5G co-construction and sharing solution landing company relatively benefited

On the evening of September 9th, the company announced that the company and China Telecom will jointly build a shared signature agreement on 5G, and will jointly build a 5G access network nationwide.

The two sides will demarcate the area and construct it by district, and each will be responsible for building a 5G access network within the demarcated area. Who will construct, invest, maintain, and bear the network operating costs.

Brief comment 1. The pace of landing on 5G co-construction and sharing has exceeded expectations.

In August 2019, the company explicitly cited the 5G co-construction and sharing scheme at its interim results conference.

However, there are opinions 杭州桑拿网 in the market that the co-construction and sharing scheme involves a wide range and it is expected that implementation will still be difficult.

In our opinion, the plan itself is similar to the presentation of the performance conference, so the content is generally in line with expectations, but the pace of landing is accelerating and exceeds market expectations.

2. The joint construction and sharing scheme is relatively more favorable to China Unicom.

According to the “5G Network Co-construction and Sharing Framework Cooperation Agreement” signed by the company and China Telecom, the company will cooperate with China Telecom to build a 5G access network nationwide, with the core network being constructed separately.

The construction method of 5G access network is divided into zones: among them, 5G networks 淡水桑拿网 will be constructed in 15 cities (Beijing, Tianjin, Zhengzhou, Qingdao, Shijiazhuang, 5 cities in the north). The construction area ratio between Unicom operation company and China Telecom is 6:4; Shanghai, Chongqing, Guangzhou, Shenzhen, Hangzhou, Nanjing, Suzhou, Changsha, Wuhan, and southern Chengdu 10 cities. The ratio of China Unicom’s operating company to China Telecom’s construction area is 4: 6).

China Unicom’s operating company will independently build 9 cities in Guangdong Province, 5 cities in Zhejiang Province, and 8 provinces in the north (Hebei, Henan, Heilongjiang, Jilin, Liaoning, Inner Mongolia, Shandong, Shanxi); China TelecomIt will independently build 10 prefectures and cities in Guangdong Province, 5 prefectures and cities in Zhejiang Province, and 17 southern provinces outside the succession area.

We believe that 5G co-construction and sharing will reduce the size of both parties’ capital expenditures. However, since co-construction and sharing can bring about construction speedup, it is expected that the respective capital expenditures of the two sides will need to increase from 2019 to 2021, but it may decline rapidly in the future.

Overall, China Unicom is more favorable.

First, from the perspective of the region, the company’s construction area is relatively small, so the overall control of the future capital scale will help improve the company’s cash flow and reduce future depreciation.

Second, the two parties made it clear that they do not use settlement as a means of profit, so although the company’s network construction area is relatively small, there should not be too much pressure on settlement.

3. Co-construction and sharing can accelerate the pace of 5G network construction and is expected to inject new development momentum.

5G has the characteristics of “high speed, high reliability, large connection, and low latency”, which is expected to empower the industry and bring prosperity to the industrial Internet.

The company and China Telecom jointly build and share 5G. The two parties can leverage each other to complete the 5G network construction as soon as possible, which will help the company not be at least disadvantaged in the 5G competition.

Then merged the company to change and date many heavy strategic investors to accelerate the landing of 5G networks and application scenarios. The company is conducive to the development of the industrial Internet and the development of B-side business has become a new driving force for the company’s performance growth.

4. The effect of the company’s mixed reforms appeared, and its performance stabilized and rebounded.

As a pioneer in the reform of state-owned enterprises, since 2017, strategic investors such as Tencent, Baidu, JD.com, and Alibaba have cooperated intensively to actively promote the innovative operation of the telecommunications business, improve the corporate governance structure, and promote the establishment of a model of mixed reform of central enterprises.
At present, the effect of the company’s mixed reform has begun to appear. From 2018 to 2019, H1’s innovative business performed strongly, reducing costs and increasing efficiency, and leading the industry in profit growth.

During the mixed reform process, the company launched a period of equity incentives, clarified performance commitments, and provided a margin of safety.

5. The company is expected to benefit from the four major industry trends, and the performance has been upwardly flexible.

First, the mixed reform has been pushed forward in depth. Yunnan Unicom has achieved significant benefits in the mixed reform. The revenue increase in 2018 increased by 17%.

7%, profit reduced by 2.

500 million US dollars, “Yunnan model” is expected to promote replication in other provincial subsidiaries, and further release the mixed reform bonus.

Second, the company and China Telecom have reached a consensus on 5G co-construction and sharing. It has entered the substantive operation stage and is expected to reduce the company’s future capital expenditures and depreciation amortization. At the same time, it will accelerate the construction and application of 5G networks and promote cost reduction and efficiency.

Third, the company expects to build 410,000 new 4G base stations in 2019, more than 40,000 5G base stations, 4G capacity expansion and 5G commercial use, which is expected to drive the company’s B-side business to accelerate the development and the company is conducive to the development of industrial Internet.

Fourth, the unlimited package (up to speed limit) will be gradually phased out. It is expected that the company’s tariff reduction will be generally controllable in the future, and the company’s performance is expected to usher in improvement.

6. Profit forecast and grade: We estimate that the company’s net profit attributable to the parent from 2019 to 2020 will be 61 trillion, 85 trillion, and EPS will be 0 respectively.

20 yuan, 0.

27 yuan, corresponding PE is 32X, 23X, PB is 1.

32, 1.

27. Maintain the “overweight” rating.

Risk warning: increased competition, accelerated customer churn; speeding up and reducing fees, leading to a rapid decline in ARPU for users; 5G co-construction and sharing solutions fell short of expectations.

Guizhou Moutai (600519) 2019 Interim Report Review: Dilute Volatility, Steady and Far

Guizhou Moutai (600519) 2019 Interim Report Review: Dilute Volatility, Steady and Far
Highlights of the report Event description Guizhou Moutai disclosed the 2019 semi-annual report: 19H1 realized total operating income of 411.73 ppm, an increase of 16 in ten years.80%, net profit attributable to mother is 199.51 ppm, an increase of 26 in ten years.56%; 19Q2 achieved a total operating income of 186.92 ppm, an increase of 10 in ten years.89%, net profit attributable to mother 87.30 ppm, an increase of 20 in ten years.29%.Considering advance receipts (after tax), 19H1 income + △ advance receipt 400.55 ppm, an increase of 27 in ten years.64%, of which 19Q2 income + △ advance receipt 194.64 ppm, an increase of 38 in ten years.34%. Incidents commented that the growth rate of revenue in the first half of the year exceeded expectations, and the initial growth rate in the second and third quarters was mainly due to smooth advances in the quarter.Total operating income for the first half of 2019 was approximately 411.73 ppm, an increase of 16 in ten years.80%, higher than the expected revenue index of about 14%, of which the total operating income in the second quarter alone was 186.9.2 billion, an increase of 10 in ten years.89%, the growth rate in the first quarter (22.(21%) decreased. The release of a large number of advance receipt transactions in the main category in the last two quarters resulted in a higher revenue base in the second quarter of last year. Based on the advance receipt indicators, 19Q2 revenue + △ advance receipts exceeded the growth rate of 38.34%. From a product and channel perspective, high-end wine and wholesale channels remain the company’s main source of income.In terms of products, Moutai’s revenue in the first half of 2019 was about 347.950,000 yuan, an increase of 18 in ten years.42%, the expected contribution to the income is greater than the price factor; series wine income 46.55 ppm, an increase of 16 in ten years.57%, due to the adjustment of the series of liquor dealers (494 dealers were eliminated in the first half of the year, 21 dealers were added), the sales progress was slightly lower than planned.By channel, direct sales revenue in the first half of 201916.02 billion, down 37 every year.85%, the proportion of alcoholic beverage income replaced 4.06%; wholesale income 378.48 ppm, an increase of 22 in ten years.89%, accounting for about 95% of alcohol revenue.94%, direct marketing channel reform is one of the important reasons affecting the elasticity of revenue growth in the first half of the year. Benefiting from structural upgrades and lower fees, profitability improved significantly in the first half.In the first half of 2019, the company’s gross profit margin was 92.20%, a year to raise 0.78pct, mainly benefiting from the structural upgrading effect brought by the heavy volume of non-standard 武汉夜生活网 wine.Taxes and surcharges fell (about -1.65pct), during which the rate of expense fell (about -1.66pct), the net profit attributable to mothers increased by 26 each year in the first half of the year.56%, significantly faster than the growth rate of income, and the net profit attributable to mothers was extended and increased by 3.74pct reached 48.46%. Dilute quarterly fluctuations and continue the long-term stable growth trend.It is recommended to dilute the quarterly fluctuations caused by non-demand attenuation. It is expected that the company’s growth and growth will remain relatively large and stable, driven by the three factors of “structural upgrade + channel adjustment + advance receipt reservoir”.We expect EPS to be 34 in 2019/2020.41/41.15 yuan, corresponding to the current expected PE of 28 times / 23 times, 杭州桑拿网 maintain “Buy” rating. Risk Warning: 1. High-end demand did not meet expectations, and channel adjustments did not meet expectations; 2. Liquor consumption tax adjustment and other policy risks.

Yishou pigeon egg soup

Yishou pigeon egg soup

Osmanthus solar term is also the period with the highest incidence of central cerebrovascular disease and respiratory diseases in one year.

Therefore, patients with hypertension, coronary heart disease, hyperlipidemia, and hypertension should pay attention to keeping warm and preventing cold, rationally adjust their diet, pay attention to early prevention, and establish a scientific health concept and method of health.

The following is recommended for this Xiaohan solar health recipe: Yishou Pigeon Egg Soup: Ingredients: 10 grams each of Chinese wolfberry and Huang Jing, 4 pigeon eggs, and moderate sugar.

  Practice: 1.

Wash and chop the wolfberry and Polygonatum spp. And set aside.

  2.

Fill the pot with an appropriate amount of water, add the above ingredients, and break the pigeon eggs one by one after boiling for about 15 minutes. At the same time, add the rock sugar into the pot and cook until cooked.

  Efficacy: nourishing liver and kidney, nourishing qi and blood, moisturizing and nourishing yin.

Tea and rice: delicious traditional food with long flowing water

Tea and rice: delicious traditional food with long flowing water

Yesterday, there was a tea friend, Mr. Private Message, saying, “What is tea and rice?

What is the role?

“Maybe many tea friends don’t know about tea, but in fact this traditional food has been around for a long time.

However, you have to say that you are famous in the “Dream of Red Mansions”, the bowl that Jia Baoyu ate: “The Dream of Red Mansions” forty-ninth back: “Baoyu can’t wait, just take a cup of rice with tea, and he is busy with pheasants.The throat is gone.

“This time, Mr. will tell you about tea and rice.”

What is tea and rice?

Tea-baked rice is made with tea, but usually with some accessories, such as salt, prunes, seaweed and so on.

When did the tea-baked rice originate?

“Chinese cooking Daquan · Gu Shizhen selected” contains: “Emperor Dong Xiaowan is good at cooking, indifferent, no good for the material of sweet and fat, every time to eat, with a small pot of tea, Wentao rice.

This is the food custom of the ancient Nanjing people, which was already in the Six Dynasties.

“So we can only know that tea has been around for a long time, but you have to say that when you are specific, this gentleman can’t answer you.”

Is tea and rice delicious?

Tea and rice is not good, everyone has a grade, this taste has to try it yourself.

However, the gentleman feels good, and the deliciousness of tea and rice is to add various ingredients.

When I was eating, I added sour and dried mustard and plum dried candied fruit, each with its own flavor, not only the taste of the ingredients but also the fragrance of tea – you can imagine.

In fact, the key to the taste of tea and rice is tea soup.

The tea soup should not be too thick, so it will cover the taste of the rice, and it should not be too light. If it is too light, it will not taste the tea.

And when the tea is used to make rice, it is also stressful. It just doesn’t work, and it doesn’t work long.

Too early taste is not right, too late, this water stain will be too much.

Some people asked, sir, why don’t you say how you did it?

It’s not that Mr. is a private person. It’s a person’s taste. Mr.’s is not necessarily for you.

If you have the heart and want to try this traditional food, you may wish to try it yourself.

?

What is the role of tea and rice?

Simply put, it is a diet, a fresh breath, a greasy, can help digestion.

Then I heard that I can prevent cardiovascular disease and stroke, but I haven’t researched it yet, so I think the tea friends will be a good thing.

Ok, this time, the tea and rice is here.

If you still want to listen to other things related to tea, remember to pay attention and feel that the article is good, you can also like to share it with friends to understand.

[If you are a tea-lover who loves tea, can you pay attention to my public number, and learn more about tea?
All kinds of gifts are not guaranteed!

】Companion with tea every day, I gradually found that I don’t taste tea, I don’t know tea, I don’t know what tea ceremony, I don’t have the experience of learning the wind under the two arms, and I have a bad taste with tea friends. I only know how to burn water.Open, find a tea that you think is okay, so that it tastes good for your own drink.

Drinking tea is actually as simple as that.