And besides,And people from the Explosive Mercenary Group joined in。The members of this mercenary group are basically crazy!Play blasting like a drug,Like to create large-scale bombings!”

Speaking of the blasting mercenary group,Tokugawa’s mouth twitches,Because what everyone doesn’t know is,There was actually a blast near a small villa of the Tokugawa family.,His mistress and an illegitimate child died in the bombing。Just as the head of the Tokugawa family,He used his own strength to suppress this matter,So even the people present,Maybe it’s not clear that the Explosive Mercenary Group has done such a thing。
“Ok,Our official patrol has already sent additional manpower to catch people from this mercenary organization。only,They seem to be taking drugs。Many of our patrols died。”
Say here,Kurosawa Jiro couldn’t help shaking his head,The situation in the island country has been a bit tense recently。There are even some citizens who can’t stand the official inaction,So they all stood up and demonstrated。
The only thing the government can do now is to appease the citizens,At the same time, finish the prime minister election as soon as possible。Only then can everything be calmed down。
This is the reason why everyone came to the meeting this time。
“All right,Closer to home。This time I’m looking for three families,That’s because you all have the right to vote。This is the rules and tacit understanding formed over the decades。So this time I hope you all put out the candidates quickly。Then the canvassing time is shortened,Quell this unrest as soon as possible。”
Finished,Kurosawa Jiro looked at everyone present。
Of course he knows,These people at the scene are the real power figures in the family,He also did a data survey。Therefore,So it’s impossible for the real powerists to stand up as candidates。And my proposal one
When coming out,Just waiting for the two big families to call,Let them bring the candidates。
“Minister,It means we are going to bring the candidates over now。After confirming,Just push up,Then we started canvassing for votes, right??”
Because this is the rule,Hasn’t changed in years,So Oda Muzuo asked seriously,It’s a final confirmation。
“Yes,That’s what I mean,After the candidate comes out,Hand in information,Then after shooting a simple promotional video, throw it online to let the public know。So as to stabilize the situation and people,Stop making trouble,do you know?Otherwise, the island council will be messy。This is not good for everyone here!”
(End of this chapter)

Currently,It is one of the few small fresh meats with the highest commercial value,Random endorsement of a product,Just a few million、Tens of millions of income。

have to say,This kind of fresh meat is quite popular,Especially for girls,There is no resistance,Like Fang Rudu,Not to mention other people。
Fang Ru was pulled,Only then came back,Smile at Populus euphratica。
Hu Yang doesn’t think there is anything offending him,Smiled:“Go see if you want!It’s ok!”
Fang Ru saw that Brother Hu was really not angry,Thought for a while,Talk to Brother Hu:“I’ll take a picture,Then come back。”
Talking,Just go inside,Not afraid of those people。There seemed to be screams from the crowd,I can see Lin Shaofen is squeezing sweat for her girlfriend。
at this time,I have to show that the star effect is really strong。
unconsciously,A large number of viewers flooded in the live broadcast room,Encouraging Populus to watch the fun。
Populus just ignored,Tell everyone:“Want to see that star,You can go to Fang Ru’s live room。”
Don’t tell me,Many people actually switch to Fang Ru’s live studio。Watch star,Is the mindset of many people,this is nothing。Especially this kind of small fresh meat that suddenly went on fire,Is very attractive to female audiences。
See a small stall next to Hu Yang,The stall owner also goes inside,Helpless。
These customers,Pity,Are not here for shopping。If you buy something,Then they set up a stall here,How can you make a fortune??
Worthy of being a flea market,Even put out the dolls。
Lin Shaofen picked one up casually,Retro,Looks good workmanship。but,She didn’t like it very much,There are children at home,But if you want to give it to children,Buy new ones too,Who would sell a second-hand rag doll as a gift?Isn’t this Geying??
Just when she was about to let go,Hu Yang suddenly said:“This puppet is good。”
As soon as this word comes out,Not only did Lin Shaofen’s hands tighten,Zhang Qingliang and Hua Zai also looked over。
Brother Hu said good,That’s not perfunctory,Represents valuable!
Lin Shaofen is not stupid,Start asking the stall owner:“boss,How to sell?”
The stall owner is also smart,Haha smile,Extend two fingers。


First1119chapter Unintentional
When Chen Geng’s plane landed at Tu’e Capital International Airport,Wang Dazhi is already waiting at the airport,I saw Chen Geng walking down the gangway that came with the plane,Wang Dazhi walked up quickly:“Chairman,You are coming。”
“Ok,”Looking at Wang Dazhi with unconcealed fatigue on his face,Chen Geng knew that during his absence,Pharaoh’s life may be more difficult。Pat Wang Dazhi on the shoulder,Chen Geng didn’t say much,Just way:“Worked hard,Pharaoh。”
Wang Dazhi’s face is excited,Shook his head:“Not hard,Chairman,I don’t think it is hard at all。”
Chen Geng glanced at Wang Dazhi,Did not speak,Somewhat curious。
“Chairman,This is a foreign arms sale,”Wang Dazhi’s excited way:“This is to make our country famous,This means too much for our company,Don’t say it’s just a matter of strength,No matter how hard and tired,I think it’s worth it,Comrades,Am I right?”
Comrades from COMAC and Hongdu Factory who came to the airport to pick up Chen Geng with Wang Dazhi,Immediately all responded loudly,One by one is very refreshing。
Chen Geng was a little surprised,But more happy:“what?Everyone’s spirits are very high……Ok,How is the situation now?Introduce me。”
Got in the car with Chen Geng,Wang Dazhi gives Chen Genghui report:“According to your instructions,After you left, we figured out a way to move around,Finally got results two days ago,We conducted a simulation training with a unit of the Turkish Air Force through friendly exchanges。”
“what’s the result?”
“very good,”Speaking of this,Wang Dazhi is full of light:“The simulation training with us is from TuyeF-16,That plane is indeed very powerful,As for our plane,It’s the foundation of the trainer after all,Still a bit short,But we are not ashamed,Achieved in simulation training2:1War damage ratio。”

Although he was wearing a dirty gown,,But it is completely different from the glowing priests in the Guangming Dragon Temple,It’s like clothes stolen from the garbage。

Who told him to always hook up with that wanderer called Huazi,The two are the closest?It’s not dirty or smelly!
Lu Menglin glanced at this Mr. Brada with interest,Then smiled at Huang Shaotian:“You are all priests,Come and help。”
Huang Shaotian was taken aback,Step forward timidly,Shook his head and smiled:“This Mr. Bo must have been a very powerful priest before,I can’t compare to him。I have seen it just now,He has performed three kinds of magic,I can’t use each of them now。”
I heard the voice of a girl like a oriole,The priest Brada was taken aback first,The expression on his face is a bit unnatural,Then I heard that the other party did not show hostility,Then became a little confused。
“You are also a priest?Don’t you be afraid to contact me?I’m a sin priest expelled from the temple!”Priest Brada speaks,A bitter smile appeared on one side。
Huang Shaotian shook his head,With a mischievous smile:“I’m only a trainee priest,I just went to the Dragon Temple and heard a few lessons。Since you can perform magic,Explain that your faith is still pious,You are a respectable senior!”
I heard the girl talk to herself in such a polite and friendly tone,Priest Brada’s face eased a lot。
He shook his head,Wryly smiled:“That’s because you haven’t learned about the sin priest,Wait for you to learn later,You will fear me like a snake!”
Huang Shaotian shook his head again,Reach out for Big Brother Wuhao,Said with a smile:“Will not!As long as you are also a follower of Master Wuhao,I won’t hate you。Don’t you know?He is the favor of the Dragon God!”
This remark,The eyes of Lord Brada suddenly sparkled with a fiery light,Under the glance of his magical vision,Sure enough, I saw the faint flow of magic in Master Wuhao。
He really is a genuine Dragon God’s favor!Priest Brada gets excited,On one knee,Offer the highest courtesy to Master Wuhao。
That is besides facing the bright dragon god,The priests are the most pious,The most formal etiquette!
“Get up first!I have a simple idea。Master Yan,If I join your defense system,Coupled with the blessing of the priest of Brada,Will it be very challenging?”Lu Menglin doesn’t mean much to talk,But go straight to the topic,Made his own opinion。

Born for lore!Rose 17 points in the finals help the Pistons beat the Pelicans

Born for lore!Rose 17 points in the finals help the Pistons beat the Pelicans
Rose was 0 in the end.Hit the lore ball in 3 seconds.Figure / Vision China has entered the Knicks, Cavaliers, Timberwolves and Pistons in the last 4 seasons. Wandering seems to have become one of Rose’s career keywords.But every time he arrives at a new team, he can always see the shadow of the regular season MVP.Today, the rose is blooming again.The Pistons challenged the Pelicans away, and the two sides played a difficult game.Pelican star Ingram performed well on offense, but Griffin, Drummond and the two Pistons stars felt flat.Instead, Ross stood out from the bench and contributed the team’s highest 21 points, including 7 points in the final 8 points and scored 17 points and 0 in the end.Hit the lore ball in 3 seconds to help the Pistons laugh 105 to 103 to the end.In an interview after the game, Rose said excitedly: “Please forgive my wording, but I was born to do this.”I said very seriously that this is my job and one of the reasons why the team signed me.”This summer, Rose left the Timberwolves for more than a year and joined the Pistons with a two-year $ 15 million middle-class contract.Although he has reached 31 years of age and his injuries continue, Ross has always helped the team in his own way.As Pistons coach Casey said: “Ross is our engine, his energy, and the way he attacks the penalty area are helping us.I am very happy that he is in our team, his fighting spirit is great, and can infect his teammates.”Average contribution of 16.1 point, 2.1 rebound, 5.Eight assists, ranking in the first 10 seasons of his career, such data is not good.But considering Rose’s age, injuries and position on the team, he only started once in 19 games and averaged only 23 games per game.In 7 minutes, Rose’s performance has been very efficient.

Woods led the United States team Jedi to overtake, proud to win eight consecutive championship cup

Woods led the United States team Jedi to overtake, proud to win eight consecutive championship cup
Woods became the player with the most wins in the history of the President’s Cup.Photo / Sports The 13th Golf President ‘s Cup ended today at the Royal Melbourne Stadium in Australia.The United States team, which has been lagging behind in the first three rounds, staged a counterattack on the last day of the individual game. It won 6 games, 4 draws and 2 losses in 12 games, and finally won the Presidents Cup 16-14.This is the 11th time in the history of the 13th President’s Cup, the US team won the championship for the 11th time. The US team also achieved eight consecutive championships in Royal Melbourne. It has been a long time since golf fans have seen such a scene at the President ‘s Cup.There are 3 holes left and the last player left on the field. The ownership of the President’s Cup is still suspenseful.Until the penultimate group set off, Kuchar trailed all the way and pushed a 5-foot birdie push on the 17th hole.He ensures that he can win at least 0.5 points, also announced the victory of the US team’s overtaking. “We won together, my teammates and the boys played well.”For the first time, Captain America, including Tiger Woods, one of which was awarded by Captain Wildcard, said,” Everyone believes in each other, and we all depend on each other. This is a collective victory. Woods had three wins on Wednesday, with a total of 27 wins, surpassing Mickelson and becoming the player with the most wins in the history of the Presidents Cup. Although the international team regretted the defeat, the captain Ernie Els still paid tribute to each player.”I want to salute everyone in our team, there are a lot of young players, there are a lot of players in the world who have not heard the name, you will see them often in the future.Said Ernie Els. The international team has 7 new players this week, more than half of the total team, including Chinese player Li Haotong.”I actually feel pretty good today, especially in the back holes.Li Haotong concluded, “It’s just that I made a lot of mistakes in the front and made a few bogeys.”But match play is like this. If the putter is not good, it will be difficult to win the game.”Johnson finally defeated Li Haotong. Li Haotong is also the first Chinese player to participate in the President’s Cup in history.At the age of 24, although he lost two battles, he was still full of confidence in his future in the President’s Cup.”It was a good experience and it felt great.I look forward to the next presidential cup.He said, “I am very young now and have a long time. I don’t know how many presidential cups will be played in the future.”This is just the beginning.”

New crown pneumonia has begun to spread in Japan

New crown pneumonia has begun to spread in Japan

According to the Japanese TV station on the 15th, the Japanese Minister of Health, Labour and Welfare Kato said that the situation has changed, and in fact, new crown pneumonia has begun to spread in Japan.

  According to the report, Katsuo Kashin said at a press conference that at present, more than 5 places in Japan have confirmed cases with no direct relationship with China and no known route of infection.

    Further investigation is needed in the future, and the situation has now changed.

Katsuo Kato also said that he will participate in an expert meeting on the 16th to discuss the current epidemic stage of new crown pneumonia in Japan.

  Japan ‘s Kyodo News reported that three new cases of neonatal pneumonia in Wakayama Prefecture on the 15th were male doctors in the same surgery, wives of doctors, and a male patient in his 60s.
  According to the Japan Broadcasting Association (NHK), 7 of the 8 newly diagnosed patients in Tokyo on the 15th attended the same annual meeting with the taxi driver diagnosed on the 13th, and the remaining 1 took the Shinkansen toBusiness trip in Aichi.

  The newly diagnosed woman in her 60s who was diagnosed in Nagoya City on 北京桑拿洗浴保健 the 15th is the wife of an elderly man who returned from Hawaii to the city on the 14th.

    Distribution of confirmed cases published on the Sankei Shimbun website in Japan.

According to the latest news, the number of confirmed patients in Wakayama Prefecture has increased to three.

  In Okinawa, a taxi driver developed symptoms such as cough on February 5 and sought medical treatment on February 12 and was confirmed on February 13.

It has been ascertained that the Diamond Princess passenger had landed in Okinawa for sightseeing in early February, and 4 of them had carried the driver’s vehicle.

About 2,000 people on the Diamond Princess had disembarked from Okinawa.

    On February 6, in Yokohama, Japan, the Diamond Princess cruised to the shore to receive supplies.

Xinhua News Agency reported that as of February 15th, the number of confirmed diagnoses in Japan has reached 260, of which 218 have been diagnosed by the Diamond Princess cruise ship, 13 have been diagnosed from Chinese evacuees, and the remaining confirmed cases are distributed in 47 metropolises across the country.The number of confirmed cases in 11 prefectures and counties in the capital Tokyo has reached 7, including 15 in the metropolitan area around Tokyo (excluding the Diamond Princess ship).

  Beijing Daily (ID: Beijing_Daily) Comprehensive Global Network (Reporter: Cui Shufei), Reference Editor: Ling Qinli

Oupai Home (603833) 2019 Interim Report Review: Steady Growth in the First Half of the Year Successfully Issued Convertible Bonds to Boost Capacity Expansion

Oupai Home (603833) 2019 Interim Report Review: Steady Growth in the First Half of the Year Successfully Issued Convertible Bonds to Boost Capacity Expansion

I. Overview of the event On August 14, the company released a quick report on its semi-annual report for 2019.

At the core of the report, the company achieved operating income of 55.

10 ppm, an increase of 13 in ten years.

72%; net profit attributable to mother 6.

33 ppm, an increase of 15 in ten years.


  Second, the analysis and judgment of the first half of the performance maintained steady growth in the first half of the company’s revenue, attributed to the mother’s net profit growth rate of 13 respectively.

7%, 15.

0%, performance maintained steady growth; quarterly, Q1 single-quarter revenue, net profit attributable to mothers increased respectively.

6%, 25.

1%, single quarter revenue in the second quarter, net profit attributable to mothers increased by 12 respectively.

5%, 13.

5%, the growth rate of profit-side growth may be related to the increase in terminal promotion efforts.

It is expected that the residential completion data will be restored in the second half of the year, and the growth in revenue and profit will accelerate.

  A large percentage of the controlling shareholders’ subscription for convertible bonds shows confidence in corporate development. The company raised funds for the convertible bonds to raise the RMB exchange rate.

9.5 billion with a term of six years and an initial conversion price of 101.

46 yuan / share.

The company’s controlling shareholder, Chairman Yao Liangsong, promised to place 800 million yuan (78% of its priority placement quota).

1% of the public convertible debt this time, 53.

5%), a large proportion of the controlling shareholder’s subscription of the company’s convertible bonds shows confidence in the development of the company.

  The funds raised from the convertible bonds are mainly used to expand production capacity and further improve the nationwide productivity distribution company. The raised funds will be used for the second phase construction project (cabinet) of the Qingyuan production base after supplementing the issuance expenses.

80,000 sets, 600,000 wardrobes, and an estimated income of 22.

4.9 billion, profit 3.

USD 2.6 billion, the second phase construction project of Wuxi production base (580,000 sets of wardrobes, 550,000 wooden doors, estimated income 23).

170,000 yuan, profit 2.

1.8 billion), Chengdu Oupai smart home construction project (200,000 sets of cabinets, 800,000 sets of wardrobes, 400,000 wooden doors, estimated income 46.

3.8 billion yuan, profit 5.

8 billion).

After the completion of the three major bases, the national production capacity layout will be further improved to improve delivery efficiency.

  Third, investment proposals are expected to achieve basic profitability in 2019-2021.

47 yuan, 5.

28 yuan, 6.

15 yuan, corresponding PE is 23X, 20X, 17X, currently estimated to be lower than the historical center level.

We are optimistic about Dajia’s integration of the entire category. The continuous improvement of information construction will also improve the company’s operating efficiency and maintain the company’s “recommended” rating.

  Fourth, risks suggest that the prices of raw materials will rise, 北京夜生活网 the growth rate of real estate sales will decline, and the assembly business will advance less than expected.

Hengyi Petrochemical (000703): Performance growth meets expectations Brunei project steadily advances

Hengyi Petrochemical (000703): Performance growth meets expectations Brunei project steadily advances

The company’s attributable net profit in 2018 increased by 16 per year.

47%, in line with our expectations.

In 2018, the company achieved total operating income of 849.

48 ppm, an increase of 28 over the same period last year.

79%, net profit attributable to mother 19.

62 ppm, an increase of 16 in ten years.


The increase in performance was mainly due to the continued business cycle of the company in the areas of fine pair substitution (PTA), polyester fiber, and caprolactam (CPL) and the continuous improvement of the company’s competitiveness.

In the fourth quarter of 2018, due to the decline in oil prices, the increase in industrial chain profits, narrowing and inventory losses, and other factors, caused a single quarter loss2.

4.3 billion.

Corporate expenses increased significantly in 2018, of which financial expenses7.

4.6 billion, an annual increase of 4.

5.3 billion, mainly due to interest rate expenses and exchange losses.

In terms of areas: 2018 PTA business gross profit margin increased1.

56 averages reached 6.


Holding company Zhejiang Yisheng Net profit 6.

4.9 billion (the same period last year 3.

4.3 billion), associate Hainan Yisheng achieved net profit4.

5.7 billion (0 for the same period last year.

5.3 billion), Dalian Yisheng invested a net profit of 100 million.

0.8 billion (1 year ago).

6.2 billion), the PTA supply and demand pattern is improving in 2019, and the company is expected to continue to maintain high profitability in the PTA field.

In addition, the company has a shareholding company, Zheshang Bank (the company’s shareholding ratio is 4).

00%) Net profit attributable to parent company in 2018 was 114.

9 ‰, an increase of 4 in ten years.


Horizontal mergers and acquisitions expansion, consolidating the leading level of polyester industry.

In 2018, the company’s polyester business gross margin slightly shot to 1 repeat to 9.

11%, the company practiced the “capital + mergers and acquisitions + integration” industrial development model. In 2018, the shareholder Hengyi Group was injected into the polyester polyester company and Shuangtu New Materials, increasing the polyester production capacity by 144.

5 Initially, the total net profit of Jiaxing Yipeng and Taicang Yifeng for deducting non-returning mothers in 2018 was 22,946.

130,000 yuan, performance promised to complete the budget 100.

64%; Shuangtuo New Material’s net profit attributable to mothers after replacing non-recurring gains and losses in 2018 was 22,311.

50,000 yuan, performance promised to complete the budget 103.


By the end of 18, the company’s polyester production capacity reached 630 tons, and the company also raised 29.

500 million US dollars of supporting funds for the new 75-inch polyester upgrade project, to further enrich the polyester product structure and enhance the advantages of the development of the industrial chain.

The Brunei project is advancing steadily, opening up the polyester industry chain.The construction of the Brunei Refining and Chemical Project has entered the final stage, in which the units have successively completed the CCCC.

By the end of 2018, Brunei’s overall construction investment30.

1 billion US dollars, progress is gradually completed 92.

78%, the project is advancing steadily as planned, the process pipeline installation 成都桑拿网 is nearing completion, all units have been delivered as planned, and some public projects have begun operation.

It is expected that the test run in the second quarter of 2019 will fully open the petrochemical-chemical fiber industry chain.

Investment suggestion: Considering the company’s Brunei project production progress, adjust the company in 2019?
The EPS forecast for 2020 is zero.

98 yuan and 1.

70 yuan (1 before adjustment.

94 yuan, 2.

48 yuan), plus EPS forecast 2 in 2021.

RMB 27, taking into account the growth brought by the company’s subsequent projects, the corresponding PE is 17 times, 10 times and 7 times, respectively, and maintain the “overweight” rating.

Risk warning: The price of oil has fallen sharply, the spread of the polyester industry chain has narrowed severely, and the progress of Brunei’s refining and chemical project has fallen 南宁桑拿 behind expectations.

Oupai Home (603833) company comment: omni-channel operation performance forecast meets expectations

Oupai Home (603833) company comment: omni-channel operation performance forecast meets expectations

Event: Oupai Household announced the announcement of 2019 pre-increasing results: the company expects to achieve sales income of 126 in 2019.


10,000 yuan, an increase of 10-20% in ten years; net profit attributable to mothers18.


6 ‰, an increase of 15% -25% in ten years; net profit after deduction is expected to reach 16.

50,000-180,000 yuan, an increase of 10% -20% in ten years.

Expected government subsidies in non-recurring gains and losses2.

110,000 yuan, about 1 government subsidy related to income.

2.8 billion.

Among them, 19Q4 single quarter is expected to achieve sales revenue of 31.


80,000 yuan, a 10-year increase of 6% -29%; net profit attributable to mother 4.


9 ‰, an increase of 15% -58% in ten years; net profit after deduction 3


10,000 yuan, an increase of 1% -43% in ten years.

The overall performance was in line with expectations.

Key categories and brand strategies were effectively implemented, and omni-channel operations accelerated.

1) Benefits of the package business are released, and the retail channel achieved revenue 78 in the first three quarters.

5 billion (+12.

02%), of which the dealer channel 74.

2.4 billion (+12.

94%); direct sales channels 2.

08 thousand yuan (+10.


2) The contribution of major channels is outstanding, and the revenue of major channels in the first three quarters was 15%.

4.6 billion (+50.


In the third and third quarters, the retail channel realized revenue of 33.

6.4 billion (+17.

55%), bulk channels 6.

1.7 billion (+46.


3) In terms of categories, the performance of expanded categories is obvious.

Cabinet revenue in the first three quarters was 44.

9.6 billion (+6.

19%); wardrobe income of 35.

5.0 billion (+21.27%), bathroom 4.

400 million (+43.

30%), wooden door 4.

1.3 billion (+37.


Informatization and lean production continued to advance, and profitability remained stable.

The company’s gross profit margin for the first three quarters of 2019 was 37 due to the sinking of market development channels.

64%, a decrease of 0 per year.

24 units.

The net profit for the first three quarters of 2019 was 14.

45%, reduced by 0 every year.

19 averages, which remained stable overall.

In terms of expense ratio, the company’s sales expense ratio for the first three quarters of 2019 is 9.

70%, a decline of 0 every year.

48pct; management expenses (including R & D expenses) increased by 11.

32%, 0 per year.

72 per share; financial expenses increased slightly by 0 compared to last year.

1.9 billion.

Leading enterprise with diversified channel layout, product power, channel power and brand power.

The company is currently advancing its “omni-channel marketing” strategy with multi-channel efforts.

1) Distributor channels: Promote the reform of the distributor model, pilot the distributor system, and further sink sales channels.

2) Hardcover channel: in-depth channel front-end, in-depth promotion of hardcover room baggage plans; 3) Assembly channel: European-style large-scale homes include European-style large-scale homes, European-style large homes and large customersBig 北京桑拿洗浴保健 business module, there are currently 251 large home furnishing stores.

In the medium and long term, Oupai Home is a leading custom home leader with outstanding products, channels and brand power, and is committed to stand out from the competition in the industry.

Investment advice: We predict that the company will achieve operating income of 134 in 2019-2021.

8 billion / 160.

300 million / 186.

3 percent, an increase of 17.

12% / 18.

95% / 16.

18%, achieving net profit attributable to the parent company 18.

900 million / 22.

900 million / 26.

9 trillion, an increase of 20 in ten years.

2% / 20.

9% / 17.

7%, corresponding to an EPS of 4.

5, 5.


4 yuan.

Maintain “Buy” rating. Risk reminder: The risk of real estate business is reduced, the risk of rising raw material prices, and the intensified competition in the industry, leading to the profit risk caused by the decline in the industry’s average profit rate.