She Letian first said something that gave everyone hope,The next sentence made Hu Mazi and Guo Baojun despair:“But it’s enough to kill you at a half-innate level!”

“Half-step innate state!”
Hu Mazi and Guo Baojun trembled in their hearts,Congenital realm and acquired cultivation are completely different,A difference。
The acquired cultivation base is only to refine the blood qi in the body into true qi;And Xiantian is the night sky that absorbs the spiritual energy from the heavens and the earth into the body,Refining aura for your own use。
There is an invisible between heaven and earth、Intangible energy——Reiki。
This is also the foundation of the cultivator,Like the air of ordinary people、water、Food is as important! The reason why the earth tens of thousands of years ago appeared in the end of cultivation,It’s because the aura on the earth is exhausted,Those who are no longer fit to survive。
Therefore, the master with the highest cultivation level on the earth is only the master of the first-class peak.,There will be no masters above the Innate Realm,Because there is no aura。
At that time, the power on the earth found a new home in the vast universe——Primordial Continent,It also opened up immigration between the two planets。
She Letian is only a half-step innate state,Not yet?Is a complete innate body,But the existence of aura that can already be felt,Can use part of the aura as his offensive method,It’s no longer the match of acquired cultivators。
Hu Mazi and Guo Junbao looked at each other,in unison:“withdraw!”
The two are Qi Qizong jumping,Facing a half-step master of innate realm,It’s not ashamed to run away。
“Stay for me!”
“Ghost Claw!”
She Letian arms out,A transformed big claw is in the airiappear,It covered Hu Mazi’s heads。

Qu Anlie originally wanted to go out,But after calming down,I feel where I heard this voice!

“broken,It’s that kid!”
Qu Anlie’s eyes widened,I remembered that Lingxi was in the room at this time,Must have heard!
“Fucking,Is this guy crazy,I’m not afraid of Elder Qu coming out and killing him!”
“This guy is absolutely crazy!”
Everyone looked at Fuming’s eyes as if they looked at a fool。
Lingxi heard a voice in the room,A look of surprise appeared in his eyes,Just open the door and run outside。
Qu Anlie is late,I only saw a red shadow ran out,The kind that can’t be stopped!
“This is something bad!”
Qu Anlie’s face is full of helplessness,Can only catch up。
Everyone outside felt an incredibly hot breath approaching,You can guess it must be Lingxi。
“Out,Out,This kid is done!Hahaha”
“It’s so exciting!”
Lingxi ran to the door,Saw Fuming,Rushed straight,Fuming smiled and opened his arms。
Everyone is looking forward to being hammered out by Ling Xi,But they are destined to be disappointed!
Lingxi saved his life,Tears in the eyes,I see pity。
“OK OK,I’m back,do not Cry”
Fuming stretched out his hand to wipe away the tears from Ling Xi’s eyes,Comforted softly。

Chen Xiu saw the two people quarrel,A headache,Li Lili is on the verge of breaking out,I’m really afraid of the two of them fighting,Hurry up:“Stop arguing,I teach both!”

644 Wei Kai disappeared
Chen Xiu originally thought that Wei Kai was seriously injured and it would be easier to find him,Just over a week in a hurry,Neither the police nor Osheng has any news about him,Wei Kai suddenly seemed to have evaporated!
“He has lost too much blood and died?”
If ordinary people get three shots, they are probably immortal and have lost their combat effectiveness.,Wei Kai’s body is abnormal,I don’t know if I will kill Chuzhi and the others,Hung up myself。
“should not。”
Osheng analyzed that:“The Jiulong Ice Room is not close to the beach,Even if Wei Kai is dead,The body will not be found。”
Chen Xiu spared his head,In addition to teaching Li Lili Tai Chi every day this week,He only has to wait,
645 Airport attack
this day,Chen Xiu came down to the courtyard of the villa and waited,After smoking two cigarettes,I haven’t seen Li Lili come down yet,At this time, she should have been impatient to come down to practice。
And the strange thing is that Osheng did not come down either,She should come down and quarrel with Li Lili at this time.!
There was a sound of high heels stepping on the floor from the corridor of the villa,Also accompanied by a burst of cheers from Ou Sheng and Li Lili,The two came down from above like good girlfriends for decades。
Chen Xiu looked at the sunrise sun,He is sure that there is nothing wrong with the east。
He is a little confused,I have auditory hallucinations、Vision?
Still didn’t wake up?
These two
646 Fierce battle
With a gunman getting a headshot,The other two dared not stand arrogantly and shoot,Are all getting down in the carriage。

Xiao Xiao didn’t like Abao at first,I don’t want to say anything directly,Feel boring。

“Are you starting to say bluntly?It seems that we won’t let you earn this benefit。”Chen Wenjin thinks Abao will destroy the impression by himself。
“I’m sorry,I’m afraid you guys think I mentioned this for profit,Actually I think this is really good,The benefits are secondary。”Abao quickly explained。
“Since this is good,You are embarrassed to take advantage of it quietly,It’s not embarrassing to take it honestly?Which one should I be embarrassed about??I really think your idea is very different!”Wang Shuai really wants Abao to disappear from sight,I feel that Leopard is totally affecting the atmosphere。
“Good good,It’s my fault,I’ll take advantage of it in the future,Alright?”Abao finds it too difficult,It is the unspoken rule of tacit understanding that this kind of thing is not said,Just trouble Wang Shuai,Look at Xiao Xiao and understand,Didn’t say anything at all。As for why Chen Wenjin said that,Of course Abao thinks:That is reminding him,I want to explain to this Wang Shuai。
and so,Of course Abao thinks,Wang Shuai is the one who is in trouble。
Finished lunch,Back to the Securities Department,Butterfly changed another CD and continued to watch Ami。
The taste is much heavier this time,Because there is no sound,May also be able to watch with confidence,Just Xiao Xiao……What you see when you move your eyes is unsightly content,She can’t stand it anymore,Just say:“Chen Wenjin,I have something to leave this afternoon,I will send you the account password in a short message,Can you help me buy?”
“no problem。”Chen Wenjin knows that Xiao Xiao can’t stand the movie the butterfly let off,Something else,She should have said in the morning,Not so sudden。
“I’ll go now。”Xiao Xiao greeted everyone in a circle,Withdrawn。
Butterfly and May said goodbye,Keep watching the movie。
Chapter One Hundred and Forty too difficult……
Not yet closed,When Butterfly and May went to the bathroom together,Abao said something:“The butterfly did it on purpose?”
“It’s rare that I and you have the same idea!”Wang Shuai took this sentence。
“……Deliberately not scary,I’m afraid the butterfly didn’t mean it。”Chen Wenjin can’t laugh or cry,He can’t be so sure,because……The butterfly nicknames the color butterfly!
“I think your girlfriend is not easy,Still didn’t expect it……but,You like this type?”Wang Shuai feels surprised,I don’t feel that Chen Wenjin’s attention is always on women,I didn’t hear him talk about it,Why do you like such a bold type??
“Gold likes special,My girlfriends are more special。”Abao thinks this is the truth。
“This sounds interesting。”Wang Shuai thinks this is more convincing,Then said again:“So you can be so calm。”

“law,Legal advisor!”Su Yunlei replied in shock。

Suddenly,Su Yunlei suddenly stood upright,Because she felt a terrible aura,Burst out in front of me。
This huge and terrifying will,So she can’t even breathe,Stiff,As if falling into the ice prison。
“What is his name?”Lu Menglin realized that he shouldn’t explode just now,Shake your shoulder,Suddenly disappeared,The atmosphere in the house also returned to normal。
“His name is Zhang Bo。”Su Yunlei’s blank expression,Machine says。
She finally understood,Why did the old lady tell herself,Lu Menglin is very human,Don’t provoke him,Irritate him!
Simultaneously,Things beyond normal,You can also ask him for help。
“You tell me what happened to Zhang Bo!”Lu Menglin’s face sinks like water,Said。
Su Yunlei dare not defy,Hurriedly told about Zhang Bo。
Zhang Bo’s severed palm was sent to Su’s house,Fortunately, Su Yunlei is responsible,Save the broken palm immediately,Sent someone to the hospital where Zhang Bo was。
Zhang Bo lay in the intensive care unit for three days and three nights,Zhang family originally planned to ask the best surgeon to treat him,I don’t know that every doctor I ask is warned,Not allowed to see this patient。
Ming family power,Jinling City,No surgeon dared to take this business,Without any choice,The Zhang family had to temporarily hire a general doctor who knew nothing about the situation to perform operations on Zhang Bo。
Su Yunlei is also in this process,Just came into contact with Zhang Bo。
Zhang Bo’s operation was unsuccessful,After breaking the palm,Poor recovery,Modern medicine has already sentenced him,He is already a waste。
Su Yunlei sympathizes with Zhang Bo,I even have a feeling of sympathy,Because she also works and lives in the shadow of death every day,I don’t know when it will be like Zhang Bo,Was killed by the opponent shamelessly。
and so,Basically as long as there is available,Su Yunlei will go to the hospital to accompany Zhang Bo,She really hopes Zhang Bo can cheer up,Because in a sense,Seeing Zhang Bo is equivalent to seeing yourself。
Also because of this,After I heard that Lu Menglin had returned to Hong Kong Island,Su Yunlei rushed over immediately,I just hope to find Lu Menglin for information,See if there is a way to cure Zhang Bo,To cheer him up again。
Chapter Seven Hundred and Forty Two Trust me

Grandma is already in a coma,The uncle’s family standing beside her。

When I saw my sister,,Brother-in-law,Immediately it felt like a backbone,Step forward quickly,I told the whole story。
original,The doctor in town just said,The equipment in the town hospital is too backward,Can only stabilize the condition temporarily,It is recommended to transfer grandma to the hospital in the provincial capital for treatment。
And the doctor also said that family members should be mentally prepared,This disease is difficult to treat,It is estimated that the cost is relatively large,Plus the elderly are getting older,In short, everything sounds like a disadvantage。
Lu Menglin across the glass window,Looking at the unconscious grandma,That old but kind face,Makes him heartache。
The tree wants to be quiet but the wind keeps on,The son wants to support but the relative is away。This is one of the greatest sorrows in the world。
Lu Menglin in his previous life has already experienced the pain of losing a loved one,This time,As a rebirth,Never let this tragedy and pain happen again。
text Chapter One Hundred and Forty Million dollars
? Facing the embarrassment of uncle,Lu Youshan showed the courage of the head of the family without hesitation。
“Save lives,Don’t worry about money or money!I borrowed a car,You clean up,Let’s take mom to the provincial hospital now。”Lu Youshan has a voice。
Mother Lu always listens to her husband,Mother’s life is hanging by a thread now,Of course it is sent to the provincial hospital for treatment。
Several adults together,Contact the provincial hospital immediately,Then I rented an ambulance from the town hospital,I was sent to the provincial hospital that night。
Wee hours,Grandma was placed in the inpatient department of the provincial hospital,Expert consultation on the second day。

How great is the energy contained in the secret medicine,Chew and swallow like Chekhov,The chance of death from a body explosion is too high,Even the Secret Medicine Venerable would not dare to go crazy like this!

Chekhov’s crazy move,It also stunned everyone in the Iron Lion Legion 800 meters away.,I thought that the box was not a secret medicine at all,But cough syrup!
“wrong!The commando is in place immediately,Sniper ready to attack!”Zhang Qingtan has a vague sense of crisis,Order in the communicator。
now,Lu Menglin、Gong Hu and Zhu Jian have held their breath,Quietly touched outside the factory wall,There is only one wall from the people inside。
Instant time,Chekhov raised his neck fiercely,I poured half a bottle of vodka mixed with ten secret medicines into my mouth.。
This medicinal wine enters the throat,Instantly turned into a stream of extremely hot heat,Burning Chekhov to a loud cry。
The strong medicinal power penetrated the whole body of the Russian in an instant。
Chekhov’s skin began to crack,From those terrible cracks faintly glow,His body is like hiding a volcano about to erupt,Magma is his blood。
And his eyes,Also in this heart-piercing howl,First from bright red to cyan,Turn from blue to purple,At the end it showed a strange purple gold。
Gold in the noble purple,Let Chekhov’s eyes turn from violent to a touch of divinity,And his horrible howl gradually subsided。
Liu Niu’er saw this scene,Suddenly shocked,Because this is clearly beyond his cognitive scope。
Swallow ten secret medicines in one breath,Not only did he die without exploding,Can actually control the violent emotions?When did the power of the secret medicine become so controllable?
“call!That person didn’t lie to me!Really succeeded!”Chekhov seemed to be caught in a mumbling。
“Liu Niuer,Even if the Lord is here now,I’m not afraid!I already have the power of the nobleman。Just stay here as a guest!I need more secret medicine,Before I hollow you out,Don’t want to go back。”Chekhov’s eyes flashed with purple and gold,Smiled scornfully。
In an instant,Two large-caliber sniper shells broke through the air,Accurately hit Chekhov’s cheek and chest,Beat his tall and strong body back and forth,Fall to the ground。
boom!boom!Wait until Chekhov fell to the ground,Everyone heard the gunfire,Suddenly like waking up from a dream,Scattered for cover。
Liu Niu’er was shocked,Still not awake from the shock,Suddenly I heard a loud noise from the wall behind me。

Beauties tired,Sit on the bench next to the stadium to rest。

I sit next to her,Sniffing the fragrance from her,Feel particularly comfortable。
“Did i know you before?”
I looked at her curiously,She looks at me,Stars in the eyes。
“I do not know you。”
The beauty shook her head gently,Suddenly added another sentence。
“Even if you know,Must have happened in the previous life。”
I sighed,Lying on her lap。
I thought she would resist,Or give me a big mouth。
But she didn’t do it,But gently touch my face with my hand。
“You look very like my boyfriend,Unfortunately he is dead。”
There is sadness and nostalgia in the beautiful voice,The look in my eyes is very hot。
“Then you can treat me as your boyfriend,Shall we go there to talk about love?”
I took her into the deep forest next to me,Lifted her skirt。
She resisted,Then quiet down……

Flat-headed brother flatly pushed the AG super game, completely messing up the Western Division

“Flat-headed brother” flatly pushed the AG super game, completely messing up the Western Division
YTG ranks more than Chongqing QGhappy.Network screenshot Yesterday, the King of Glory Professional League regular season, the penultimate YTG in the west swept the first AG super game in the west with a 3-1, the Western Division advanced to the steep and suspenseful.The YTG team’s air force has lost five straight games, and almost every game has been completely exploded by opponents. The ranking has been at the bottom of the list.The AG Super Play Club did not top the Western Conference with 10 wins, and it has been a winning streak recently.Before the start of the game, everyone speculated that YTG would be swept by AG Super Play, but the results were shocking.Known as the “flat-headed brother”, YTG relied on his fiercely playing Falic opponents, just like the team said before the game, “I want to be a fader fine, push away the crystal on the opposite side and also flatten their hair.”In this game, the problems of the AG Super Club will be exposed.The first game was originally a superior game, but YTG seized the opportunity to reverse the wind.Even when YTG won two games, the AG Super Play did not allow Xu Bicheng (ID: Yinuo) to return to the shooter position.Xu Bicheng has lived in the jungle position since he came to the AG Super Game, and he rarely takes out shooters. Even Xu Bicheng’s shooter is the top league shooter recognized.After the game ended, the owner of the AG Super Game Club, Feifei, said, “Go back and make a good review, summarize the problems and mistakes, and constantly improve yourself to prepare for the next game.”The YTG victory completely messed up the Western Division.In the winner group, the AG Super Play will have the same points as DYG, with a net difference of only 1 point. In the next two games, both teams will go all out to compete for the first in the West.Who can pull away the opponent, who has the possibility to avoid the big devil LGD goose in the playoffs this season.In the loser group, YTG squeezed Chongqing QGhappy into a favorable position to advance to the playoffs.At present, GK, TYG and Chongqing QGhappy are all 6 points, and there are still two games.The five-point RW Man ranked eighth, but they still have three games.The four teams will compete for the final two playoff seats.Sauna, Night Net Editor Liu Shujun Han Shuangming Proofreading Lu Qian

Wuliangye (000858) Annual Report 2018 Review: Marketing Reform Accelerates Landing, Actively Seeks Change, Stimulates Vigor

Wuliangye (000858杭州桑拿) Annual Report 2018 Review: Marketing Reform Accelerates Landing, Actively Seeks Change, Stimulates Vigor

Event: The company released its 2018 annual report. In 2018, the company achieved an operating income of 400.

30,000 yuan, an increase of 32.

6%, net profit attributable to mother 133.

800 million, an increase of 38.

4%, the performance is in line with the pre-announcement.

4Q18 achieved 107 operating income.

80,000 yuan, an increase of 31.

3%, net profit attributable to mother 38.

9 trillion, the same increase of 43.


Net cash flow from initial operations increased by 26.

1%, performing well.

It is planned to pay a cash dividend of 17 yuan for every 10 shares with a dividend rate of 49.


The 18-year performance ended smoothly, and the 19-year goal was aggressive.

The company’s ten-year operating income reached 40 billion yuan, an increase of over 30%, exceeding the initial guidance target.

In terms of business, alcohol revenue was 377.

500 million, an increase of 34.

4%, including high-priced wine income 301.

900 million, an increase of 41.

1%. The actual amount of Wuliangye is expected to slightly exceed the plan of 2 with the same increase of about 20%. The increase in ton price is also close to 20%. The rapid increase in ton price is expected to be mainly due to: 1) Puwu 789 yuan, the price increased by 7%; 2) 1618 and low-grade Wuliangye air tickets increased far more than Puwu and some high-priced series of wine structure significantly increased contribution.

Low and middle-priced wine income 75.

600 million, an increase of 12.

9%, the whole series of wine maintained a steady growth, and the ton price increased by 7.


Since the suspension of the stock market in June 18, the company actively straightened out the channel inventory in the second half of the year. The Q4 channel shipment and sales rhythm was better than Q3, and the sales during the Spring Festival accelerated significantly.

In terms of this year’s goals, the Group proposes to complete the 100 billion target ahead of time and strive to promote the second venture. The company’s revenue target is 50 billion, maintaining a growth rate of about 25%, of which Wuliangye Plan2.

The sales volume of 3 speakers increased by about 15%. Among them, according to the feedback from the Spring Candy Club, Pu has gradually returned to 1 in 50 years.

In five months, Laopu ‘s May-May plan to pay is basically completed. Q1 shipments are expected to be close to 8,000 tons. The collector ‘s version of Wuliangye will be raised to 859 yuan. The eight-generation Puwu new product is expected to be invoiced to 879-889 yuan, so the average price of the Pu Wu factory is about 830 yuan, the price increased by 5.

2%, the remaining Wuliangye series is expected to adjust prices simultaneously, the range may be greater than the Puwu.

The company’s 18-year performance has been successfully closed, and its 19-year revenue and investment volume targets have been positive. The company strives to achieve new marketing reforms through product promotion, digital channel management, and control and distribution models.

The advance receipts performed strongly and profitability improved.

The company’s alcoholic gross margin was 77.

59%, an increase of 0.

88pct, of which the gross margin of high-priced wine is 84.

3%, a slight decrease of 0.

86 points, the gross profit margin of low and medium price wine 50.

77%, an increase of 1.07.

In terms of expense ratio, the sales expense ratio is 9.

4%, down by 2.

6pcts; management expense ratio 5.

8%, down by 1.

7 cases. Since 2017, the continuous decline in the expense ratio indicates that the expense management and operating efficiency have been improved; the increase in the consumption tax rate has led to an increase in the business tax rate3.

2pcs to 14.


Company net profit is 35.

1%, an increase of 1.

7pcts, profitability continues to improve.

The company received advance payment 67 at the end of Q4.

10,000 yuan, an increase of 42.

The 7 trillion performance is strong, mainly because after November, dealers have successively made payments to Lao Puwu in 19 years.

Actively seek change, and channel improvement can be expected.

The company’s actions have been reorganized since the beginning of the company. Before the holiday, it benefited from the high price of Maotai and tight sales. It also increased its promotional efforts and exceeded its expected performance.In March, the brand marketing conference launched an upgraded version of Pu Five, which disclosed the details of digital management and control and distribution policy. The listing of ultra-high-end 501 new products continued to increase brand value.

We believe that the improvement of the marketing structure is conducive to improving the ability of intensive cultivation and quick response to the market. The upgraded version of the Fifth Listing will fully adopt the code-scoring system to achieve refinement and digital channel management. The price system will also be determined to improve.To 820-830 yuan.

Regarding the realization path of the company’s expected growth goals, we believe that the current company actively seeks changes. On the basis of improving brand strength, the focus is on breakthroughs in marketing and channel reforms. Through digital management, the supply chain, channels and consumers are realized.Comprehensive preferences and the operation of the control-distribution model are important changes in the company’s channel management. The strategy execution ability is used to actively and actively increase channel profits, and channel margin improvement is expected.

Profit forecast, estimation, and investment grade: The company’s 18-year performance has been successfully closed, and its 19-year goal has been aggressive. The current company’s marketing reforms are full of momentum, and it has a clear and proactive approach to brand, channel and marketing.Active change is expected to bring channel improvement. In the short term, the approval price will gradually rise. In the medium term, channel integration and management will continue to improve.

We predict the company’s EPS for 2019-2021.



82 yuan (the original 2019-20 forecast 4).


80 yuan), the current expected PE is 21/17/15 times, giving 19 times 25 times PE, raising the target price to 105 yuan, the target market value of 400 billion, maintaining “strong push” rating.

Risk reminders: risks of macroeconomic changes; product demand falls short of expectations; channel reforms fail to meet expectations.