Let them start to change their mentality,Running is the most gentle and suitable way。

Seeing Xin Zhao so ridiculous,It’s impossible for them to say they don’t envy。Especially the rose as an example,His genes have been developed the longest,As a result, even Xin Zhao, who has been developing for a few days, is not big,Why is she so embarrassing?。
When these people ran a kilometer,Xin Zhao has completed his mission。
“Big sister head,I finished,Can you rest?”For Xin Zhao,It’s okay to run like this,But the energy consumed is too much。
“Keep running,starting today,Your meals have been changed to special beef,Guarantee your nutrition!”Lena looked at the person who was running slowly in front of her,I feel like I can’t bear face。
“Xin Zhao,You hold the stick,Who is the last,And knocked him with a stick~share,male or female,Unlimited power,As long as you can’t kill,Just fight to death!”
The voice fell off,The three women started running desperately。
They are girls after all,You have to save face,Being beaten by a man with a stick by Xin Zhao~share,It feels really shameful。
And after Xin Zhao listened,Ran to one side of the tree,Broke a branch,Chased up。
Now the last one is Liu Chuang,See him,Xin Zhao hit it with a stick without hesitation。
have to say,The power of the stick is really okay,So exciting,Liu Chuang rushed directly,The speed feels like it is in second gear。
The rest is Ge Xiaolun,Xin Zhao certainly won’t show mercy。

The latter couldn’t help but speak,“I say Qin Feng,Your authority is a bit big, right?Directly hit the fifty and sixty people?The official almost broke the system!How does this work?”

“I can’t help it,If these people don’t get rid of it, they are all pests。You see this,Obviously you even Jiang Tao was transferred to the Garden Bureau。But you see,The main class is gone,The deputy still has to do something to me。And then united with other departments。This is not the official guardian?”
“okay,I have asked Fang Kai’s angel investment company to be directly sealed,Assets also confiscated。What do you want?”Jiang Chao was a little bit dumbfounded。Because he felt that the three fires of Qin Feng, the new official, had burned a bit too much。
Keep going,AThe city is not functioning properly。
So as a last resort,He can only close the source angel investment company。Otherwise, if this goes on, don’t talk about the construction of Tamron troops,AThe city officials are afraid that everyone is worried!
Qin Feng put down the tea cup in his hand,Shook his head helplessly,“I said Director Jiang Chao,I am doing this to help you。Do you think this angel investment company is simple??I suspect,He is actually a member of the spider。otherwise,How did his funds come from more than ten years ago?”
Qin Feng actually wants to say that Fang Kai is actually from Skynet。But because Jiang Chao said before that we must deal with spiders first,So Qin Feng can only say that Fang Kai is a spider man。
Of course this didn’t wrong him!
Before Qin Feng asked Muzi to investigate the Qin family’s case, it was not nothing。At least so many days have come to a clue,The matchmaker was Long Qianyuan,There is no doubt about this。Besides,The person in charge of fund operation is Fang Kai’s angel investment company。
of course,No more clues。
Qin Fengzhi said that he was not in a hurry to deal with Long Qianyuan because he wanted to put a long line to catch a big fish。At least Muzi has sent someone to follow Long Qianyuan,See who else he is in contact with。
I heard Qin Feng’s words,Jiang Chao was a little stunned。
“This.Are you sure it’s not public revenge?There really is such a thing?”
“I will send you the information later!”Qin Feng just finished,Message from his cell phone,“Oh,No need to wait,Show you now!”
Qin Feng threw the phone to the other party。Of course there are some investigation clues from Muzi。

Beijing women’s volleyball team urgently needs to improve the strength of the second set, based on training reserve forces

Beijing women’s volleyball team urgently needs to improve the strength of the second set, based on training reserve forces
Although the Beijing Women’s Volleyball Team, where seven national-name players sat in last year, won the league title for the first time, this season has been a difficult year for the Xinke champion Beijing Women’s Volleyball Team.Zhang Jianzhang believes that the Beijing Women’s Volleyball Team has difficulties in the second set.At the start of the league, the second set Sun Wenjing suddenly announced his retirement, and the Beijing Women’s Volleyball Team closed the embarrassing situation where no second set was available.It is reported that the Beijing Women’s Volleyball Team and the Liaoning Team have expressed their intention to introduce Ding Xia again, but the Liaoning Women’s Volleyball Team, as a team that competes for the championship, obviously does not want to let go of the team’s core.As a result, Cai Yaqian, the main setter of the Shandong Women’s Volleyball Team, joined the Beijing Women’s Volleyball Team.”Cai Yaqian is a very promising athlete who once represented the national youth team in the World Youth League to win the world championship. She is also the main force of the Shandong youth team and helped the team enter the top six.She is very practical in training and has a more flexible mind. I believe that she will be good for her overall promotion and development after participating in our high-level team.Zhang Jianzhang commented.According to Zhang Jianzhang, the Beijing Women’s Volleyball Team is indeed more difficult in the second set.At present, only Cai Yaqian has one main setter, and the other backup setter is only 19 years old. He still lacks in experience and basic skills.This season, the Beijing Women’s Volleyball Team invited the excellent second set coach of the Liaoning Women’s Volleyball Team Zheng Zongyuan to strive to improve the team’s second set strength.In this regard, Zhang Jianzhang said: “Guidance Zheng is a very good coach. He has trained a series of excellent setters such as Ding Xia, and he has his unique alternation in training setters.In recent years, the Beijing team has been relatively lacking in this position. Zheng also came over to cultivate the strength of the second set. Now every day training is four sets, but the age is relatively small, most of them are after 〇.According to Zhang Jianzhang, the Beijing Women ‘s Volleyball Team will be based on two goals this season. The first is to get the best results; the other is to train the local players of the Beijing team and exercise their reserve forces.Sauna, night net editor Deng Hanyu Zhang Yunfeng proofreading Li Xiangling

Icardi wears a hat and assists, 19 games and 17 goals are amazing

Icardi wears a hat and assists, 19 games and 17 goals are amazing
Parisians will celebrate the goal.Figure / Osports French League Cup quarter-finals continue this morning, Paris Saint-Germain took home 6-1 victory over Saint-Etienne.For the start of the campaign, Paris played the main force, Neymar, Mbappe led, Icardi, Di Maria played.The full main axis allows Paris to achieve a dream start in just 2 minutes.Icardi smashed the door and Paris was the first to win.Then Saint Etienne centre-back Fofana was sent off, Neymar single-pointed a goal, Di Maria caused the goalkeeper Oolong, Paris lead 3-0 in the first half.In the second half, Icardi took Mbappe with two consecutive assists to complete the hat-trick, and then peached Lee to assist Mbappe to complete the goal.In the end, Paris won 6 to 1.Icardi, who completed the hat trick in this campaign, once again showed outstanding efficiency. A total of 4 shots in the game, 3 shots are being converted into 3 goals, and there are 1 assists.This was also his first hat-trick since Inter Milan against Sampdoria in March 2018, when Icardi was a big fourth.”This game is perfect for me and the team and I am very happy to be able to perform a hat trick.I have a good relationship with other forwards. Everyone can change the game and make an effort, but we are a team, not an individual.”Icardi said after the game.Regarding his future, Icardi expressed his willingness to stay in Paris.”I am very happy in Paris and I am willing to stay with the team to continue playing.But I will decide the future after the season.”After this campaign, Icardi has already scored 17 goals in 19 games this season, and there are 3 assists. The efficiency is quite amazing.After the game, Paris coach Tuchel also noticed the cooperation of the four on the court.”They are not selfish. They reset the ball and pass it to the better player.I believe this is the team’s hard work to make the striker stand out.”Tuchel said,” We are a very dangerous team, whether in the offense or defense, we are a real team.”

Qiaqia Food (002557) Quarterly Report Comment: Misalignment of Spring Festival Causes Revenue Breakdown and Price Increase to Benefit Net Profit Level

Qiaqia Food (002557) Quarterly Report Comment: Misalignment of Spring Festival Causes Revenue Breakdown and Price Increase to Benefit Net Profit Level

Event: Qiaqia Foods released the first quarter report of 2019: The company achieved revenue 10 in the first quarter.

400 million, +1 a year.

26%; realized net profit attributable to mother 1.

1.4 billion, 35 per year.

75%; budget benefit 0.

22 yuan, +48 a year.


Key points of investment: The misalignment of the Spring Festival affects 杭州桑拿网 Q1 income, and the star single products remain heavy.

The company’s first-quarter revenue was mainly due to the consolidation. The Spring Festival in 19 was off-peak, and the distributors’ stocks were carried out in December.

2.7 billion, +9 per year.

76%; the reorganization of the company reduced Jiangsu Qiakang business and Huakui trading business in 18 years, and the revenue impact was about 40 million.

Star products blue bags and daily nuts still maintained high growth, achieving an average income of 1.

About 800 million, the growth rate is about 25% and 30%.

The traditional red bag benefited from the price increase effect last year, achieving a growth of about 5%.

The increase in prices drove up the net net interest rate.

The company’s gross profit margin for the first quarter was 30.

28%, ten years +1.

45%, mainly because of the price increase effect last year and the rapid volume increase of blue bags and yellow bags with higher gross profit.

In terms of expenses, the expense ratio for the period was the same as last year, of which sales expenses were 13.

82% (+0.

21%), mainly because the promotion of new products has increased the placement of advertising costs; the management expense ratio (including research and development) is 5.

25% (+0.

58%), financial expense ratio -0.

6% (-0.


With the increase in gross profit margin in a single quarter, the net profit margin increased from 18 in Q1 to 8.

39% rose to 11 in 19Q1.


The volume of sales brought about by the subsequent contraction of scale effects is expected to continue to improve.

Profit forecast and investment advice.

While adhering to the dual main business of “melon seeds + nuts”, the company is reforming and raising prices for old products, and looks forward to the intensive cultivation of channels and continuous improvement of products. We expect the company’s revenue growth rate to be 17 in 2019-2021.

19% / 15.

53% / 15.

28%; net profit growth rate is 20.

43% / 21.

04% / 18.

98%; EPS is 1.

47 yuan, the corresponding PE is 22X / 18X / 15X.

Maintain recommended level.

risk warning.

Food safety issues, new product launches were less than expected.

Tongkun Co. (601233) 2019 Interim Report Comments: Performance Meets Expectations New Projects Steady Progress

Tongkun Co. (601233) 2019 Interim Report Comments: Performance Meets Expectations New Projects Steady Progress

Matters: The company released its 2019 Interim Report, with 246 operating income in 2019H1.

33 ppm, an increase of 31 in ten years.

9%; net profit attributable to mother 13.

90 ppm, a 10-year increase2.

16%; gross sales margin 11.

47%, net sales margin 5.


Single-quarter operating income in the second quarter was 129.

5杭州桑拿网 5 ppm, an increase of 19 in ten years.

48%; net profit attributable to mother 8.

69 ppm, an increase of ten years.

06%; gross profit margin of sales 13.

78%, net sales margin 6.


Comment: The performance is in line with expectations, and the profit of filament has narrowed.

In the first half of the year, the demand for grey fabrics downstream of the polyester industry chain and the terminal textile and apparel industry improved, and the profit margin of polyester filaments shrank.

In the first half of the year, the price difference of conventional POY varieties was 1161 yuan / ton (excluding tax, the same below), each time -244 yuan / ton; in the second quarter, the POY price difference was 1,292 yuan / ton, and in the past -249 yuan / ton, +293 yuan / ton.

The company’s POY sales volume in the second quarter was 98.

46 inches, +16 per year.

59%; average price 7362.

08 yuan / ton, ten years -10.

11%; FDY sales 29.

90 initially, at least +57.

29%; average price 7809.

57 yuan / ton, -9 years.

97%; DTY sales 19.

38 Initially, at least +13.

73%; average price 8930.

15 yuan / ton, ten years -8.


In the first half of the year, especially in the second quarter, PTA’s profitability improved significantly. In the first half of the year, the average PTA-PX spread of the industry was 967.

5 yuan / ton, +243 yuan / ton per year; PTA-PX spread in the second quarter of 1207 yuan / ton, +557 yuan / ton per year, +505 yuan / ton per month.

In the first half of the year, Jiaxing Petrochemical’s net profit was 8.

500,000 yuan, compared with 3 in the same period in 2018.

3.7 billion.

Filament production and sales are gradually repaired, and PTA’s profit potential continues.

The initial output of polyester in the first half of the year was 2414, an increase of 8 per year.

4%; polyester output growth is expected to be about 7% in the second half of the year, and output growth is expected to be around 8%.At present, the price of filament is at a low level in the past two years. At the same time, the stock of downstream grey fabrics is high. However, the production and sales of woven filament ends are gradually repaired, and the demand side margin has improved.

The new Fengming 220 is expected to start production in the third quarter, but it will take a certain amount of time to ramp up production capacity after production, and the output growth is limited; the current short-term PX profit is lower than the cost line, and the cost side has limited downward space; PTA-PX spread is 1000RMB / ton, the profit level of PTA will increase and maintain in the second half of the year.

New projects are steadily advancing, and industry leaders are consolidated and consolidated.

The company’s current polyester filament production capacity is 570, with domestic cities accounting for more than 16%, and global share of nearly 11%.

The company’s new projects are advancing steadily. Hengyou has an annual output of 30 plans for the POY project, and 30 years of annual production for the POY technical transformation project has completed the installation of some spinning equipment. The polyester unit is about to be put into production.Hengteng’s fourth-phase spinning equipment is being installed.

The company’s new projects are mainly based on differentiated fibers and are expected to expand to 660 tons by the end of 2019.

The production capacity of PTA is about 400 tons, and currently it is basically self-sufficient. In the future, the company plans to build an annual output of 2 * 250 tons of PTA to match the expansion of polyester filaments to ensure the stability of raw material supply.

In addition, the steady progress of Zhejiang Petrochemical Project will help the company to realize the integrated layout of the industrial chain and ensure the long-term development in the future.

The company holds 20% equity of Zhejiang Petrochemical. After the project is put into production, it will become an important performance increase in the future.

Earnings forecasts, estimates and investment ratings.

We maintain our original profit forecast and estimate net profit for the years 19-21 to be 25.



80,000 yuan, corresponding to EPS 1.



18 yuan, corresponding to PE is 9/7/6 times.

Taking into account changes in market assessment levels, adjust the target price to 16.

0 yuan.

The polyester industry continues to focus on leading 四川耍耍网companies. The company has obvious advantages in scale and has initially integrated and improved the industrial chain layout. The current vertical level is relatively low, and the industry’s margins have improved. Maintain a “strong push” rating.

Risk warning: Crude oil prices fluctuate sharply, demand is less than expected, and project construction is less than expected.

UFIDA (600588): Cloud business growth remains strong, domestic substitution expected

UFIDA (600588): Cloud business growth remains strong, domestic substitution expected

Investment Overview UFIDA is a leading enterprise service provider in China, providing cloud services, software, and financial services.

The Group’s first quarter performance was satisfactory, with revenue increasing by 16.

6%, cost control has also improved.

In addition, the growth of cloud services has remained strong with an annual growth rate of 95%, and it is estimated that corporate customers are also growing 46.


We give a target price of 29.

58 improved, 6 higher than the earlier target price.

4%, downgraded to “overweight” level, with a potential increase of 10.


(Current price as of July 18) Results Update The Group announced the first quarter of 2019 results.

First class, income 1.

25 billion yuan, up 16 each year.

6%; operating 北京夜网 profit 1.

5.5 billion yuan, an increase of about 40 million yuan over the previous year.

In addition, gross profit margin decreased by 1.

6% to 62.

5%, but the group’s cost control has improved, and sales and management expenses as a percentage of revenue decreased by 3 respectively.

5% and above 4.


Net profit is 1.

02 billion yuan, a turnaround from last year, mainly due to the group’s sale of some shares in Sui Rui Technology this year.

After excluding non-recurring gains and losses, the shareholders’ equity of the company was RMB 54.77 million, a decrease of 51 per year.


Cloud service revenue 1.

2.5 billion yuan, an increase of 95% in ten years.

At present, there are about 4.77 million enterprise users of cloud services, and about 380,000 enterprise customers, an increase of 46 per 四川耍耍网 year.


For other businesses, software business income 8.

46 billion yuan, an increase of 20 in ten years.

6%; payment service income is 0.

74 billion yuan, an increase of 230 over the same period.

1%; revenue from the sole Internet investment and financing information service business dropped 29 year-on-year.

7% to 1.

RMB 9.7 billion.

Strengthening and launching cloud products, creating a cloud ecosystem The Group launched NC Cloud 1903, which uses the latest hybrid cloud technology architecture to provide hybrid cloud solutions for large enterprises. It is believed that the new products will help the group to enter the cloud market for large enterprises.

In addition, the Group has also strengthened the marketing of NC Cloud, which is expected to scale up NC Cloud sales.

For U8 Cloud for medium-sized enterprises, the Group will accelerate research and development and strengthen its promotion in the industry.

The Group continued to build a cloud ecosystem and launched 52 models in the cloud market, including cloud-connected products, business travel services, and cloud customer service small business versions.The total number of cloud market ecological partners settled exceeded 3,500, and the total number of products and services exceeded 5,500.

We expect that the Group will increase R & D in its cloud business, which may reduce its net profit margin in the short term, but it is expected to create a long-term competitive advantage.

There are media reports of Huawei visits, domestic substitution or acceleration. The Huawei ERP team visited UFIDA Beijing Industrial Park. Therefore, there are speculations that Huawei may abandon the current SAP and use domestic ones. We think it is quite high.

Under the Sino-U.S. Trade war, Huawei became one of the United States’ targets and barred U.S. companies from providing any services to Huawei.

In order to reduce the dependence on foreign software, we believe that Huawei has sufficient incentives to convert the current foreign ERP system to domestic.

Although there is consensus on the whole, this visit also reflects Huawei’s intentions.

It is estimated that based on the net profit attributable to the parent company in 2020, we give a target price of 29.

58 yuan, an increase of 6 earlier target price.

4%, corresponding to a 75-fold decrease in market surplus, mainly reflecting the rapid development of the Group’s cloud industry services.

As the Group’s cloud business will expand R & D, its net profit margin may be reduced in the short term, but it is expected to create long-term competitive advantages.

Expecting the severity of sustainable development in the near future, we downgrade to “overweight” rating with a potential increase of 10.


Risk Warning 1.

Cloud development is worse than expected 2.

China’s economy is worsening 3.

The emergence of cloud ERP has hit traditional ERP software to some extent, especially for SME customers

Yifeng Pharmacy (603939): Performance maintained a fast growth and steady growth in the growth of old stores

Yifeng Pharmacy (603939): Performance maintained a fast growth and steady growth in the growth of old stores
Event: On August 20, the company released its semi-annual report for 2019: the company achieved revenue of 50 in the first half of the year.4.8 billion, an increase of 68 in ten years.65%; net profit attributable to mother 3.08 billion, an increase of 36 in ten years.78%; deduct non-net profit 3.3.0 billion, an increase of 46 in ten years.69%; net operating cash flow 4.3.3 billion, an increase of 146 in ten years.09%.EPS0.82 yuan / share.The company’s overall performance growth in the first half of the year is in line with our previous expectations. At the same time, the company issued a public plan for the issuance of convertible bonds with a planned issue size of no more than 15.81 megabytes, with a term of six years from the date of issue. Comments: 1.The performance maintained a rapid growth, and the internal growth rate of the old store increased steadily. Looking at the first half of the quarter, the company’s revenue maintained rapid growth, and Q1 and Q2 achieved revenue 24 respectively.6.9 billion (+66.67%), 25.7.9 billion (+70.59%); net profit attributable to mother 1.4.7 billion (+45.77%), 1.6.1 billion (+29.47%); deduct non-net profit1.4.2 billion (+47.98%), 1.6.1 billion (+45.57%).In the first half of the year, the revenue growth rate was as high as 69%, and operating cash flow continued to increase, mainly due to the promotion of endogenous + consolidation. Although the company acquired 204 stores in the first half of the year, mainly in Changsha, Shanghai, Jiangsu and other advantageous areas, plus emergingThe consolidation only took place in September, and the extension contributed a lot to the performance, but the company’s old store endogenous growth rate is not inferior. It is estimated that the old store’s endogenous growth during the same period is about 8% for 18 years, 19Q1 is about 9%, and 19H1 is expected to be about 10%. The company’s major provincial subsidiaries have all achieved profitability. The net profit in the first half of the year was for Xinxing Pharmacy, Jiangsu Yifeng, Shanghai Yifeng, Jiangxi Yifeng, and Jingzhou Guangshengtang.1%, 6.97%, 6.89%, 7.50%, 5.96%.In the first half of the year, the company achieved a gross profit margin of 39.09%, net interest rate 6.76%. A sophisticated standardized operating system is the basic guarantee for the company to successfully achieve inter-provincial operations and rapid and efficient replication. 2.New opening + mergers and acquisitions, operating efficiency continued to improve to the first half, the total number of Yifeng pharmacy stores reached 4,127 (including 256 franchise stores), a net increase of 516 stores in the first half, including 3南京夜网68 new stores (including new franchise stores87), acquired 204 stores and closed 56, covering Hunan, Hubei, Shanghai, Jiangsu, Jiangxi, Zhejiang, Guangdong, Hebei, and nine provinces and municipalities in Beijing. All major provincial subsidiaries achieved profit. In terms of different regions, Central and South China increased by 214, closed 34, and 1,813 at the end of the reporting period; East China added 332, closed 22, and 1,792 at the end of the reporting period; in North China, 26 new, 522 at the end of the reporting period, and new storesMainly located in Central South and East China.The “regional focus” strategy enables the company to quickly occupy the regional market, obtain an average profit level above the industry, and increase sales and profit. With the company’s regional market share and bargaining power increasing, operating efficiency has also steadily improved.From the perspective of the average daily average Ping effect of different direct-operated store types (yuan / square meter, tax included), the flagship store increased from 115 yuan in the initial period to 137 yuan in the first half, and the regional center store increased from 62.13 yuan to 62.95 yuan from 56 for medium-sized community stores.11 yuan to 61.74 yuan for community stores from 58.02 yuan increased to 58.71 yuan, total from 61.05 yuan to 62.39 yuan, the closing rate remained at about 1%. 3.Multi-level acceptance of prescription outflows, the proportion of medical insurance in East China gradually increased, and the company’s model of prescription outflows continued to advance: 1) Continue to strengthen the location layout of hospital-side stores from multiple aspects such as location selection strategies and assessment mechanisms, and strive to achieve more than Grade AFull coverage of the hospital; 2) Professional management of chronic diseases and prescription drugs, analysis and research of chronic disease and prescription drug customers through membership system and customer service research, development of chronic disease counters, special zones, special stores, equipped with professional staff,Patients provide professional goal management, medication guidance and medication reminders to improve the compliance of members and customers; 3) Vigorously promote strategic cooperation with prescription drug manufacturers to build DTP professional pharmacies.By the end of 18, the company had established more than 20 DTP professional pharmacies, operating 42 negotiated reimbursed medical insurance reimbursement products and nearly 200 hospital prescription products, and established DTP / DTC strategic partnerships with nearly 80 suppliers. From the perspective of medical insurance stores, as of 19H1, the company has 2,923 medical insurance stores, accounting for 75 of the total number of stores.51% (initial 74.96%), of which the number of medical insurance stores in Central South, East China, and North China accounted for 84.73%, 64.37%, 78.54%, East China is the region with the most stringent medical insurance qualification approval, earlier (61.32%) the largest increase.The company’s relatively low proportion of medical insurance designated drug stores in East China has gradually improved. The increase in the number of medical insurance stores has become a new growth point for the company in the future. 4.Refined management output and integration capabilities will greatly improve the profitability of mergers and acquisitions. Since the company went public in February 2015, it has successfully completed more than 50 mergers and acquisitions, involving nearly 2,000 stores, and most of the projects have achieved performance expectations.In November 2018, the company completed the largest M & A project delivery since its establishment-Hebei Xinxing Pharmacy Project.As a result, the company has comprehensively and deeply integrated from important aspects such as culture, commodities, operations, manpower and finance. At present, the gross profit level and profitability of emerging pharmacies have been significantly improved, which has accumulated valuable assets for the company to integrate major M & A projectsexperience.Excellent industry mergers and acquisitions integration capabilities help the company to expand rapidly. 5. It is planned to issue convertible bonds to comprehensively enhance the company’s competitiveness. The company’s convertible bond plan does not exceed 15 in scale.810,000 yuan, mainly used in Jiangsu Yifeng product sorting and processing project (1.600 million), Shanghai Yifeng Product Intelligent Sorting Center Project (1.3 billion), the first phase of Jiangxi Yifeng Pharmaceutical Industrial Park (0.800 million), new chain drug stores (12.5.9 billion), old store upgrades (1 billion), digital intelligent management platform construction (0.4 billion), recharge (3.900 million). The construction of Jiangsu, Shanghai, and Jiangxi logistics centers is required by the “regional focus strategy”, which can reduce the drug distribution costs within the company system, improve the effectiveness of regional subsidiaries, enhance the company’s market competitiveness in East China, and provide a future for the company.Opening new stores and providing good distribution support to sinking blank markets. Newly-established chain pharmacies, mainly in Hunan, Shanghai, Jiangsu, Jiangxi, Hubei, Guangdong, and Hebei provinces and cities, totaled 1,500 new chain stores. This is to continue to consolidate and develop the company’s existing competitive advantage in Hunan Province.The inevitable move of market share in other provinces will help the company to obtain scarce and valuable store resources. The old store upgrade project is mainly to upgrade and transform Hubei, Jiangsu, Jiangxi, Shanghai, Guangdong, and Hunan provinces and cities to a total of 538 directly-operated chain stores.The software and hardware systems of some old stores have been upgraded to share the advantages of Yifeng Pharmacy in procurement, operation, logistics, and services, while improving the recognition and influence of the Yifeng brand. Profit forecast: Quantifiable assessment indicators and incentive mechanisms strengthen the company’s refined management capabilities. The acquisition of high-quality regional leaders will bring about an increase in income and profits. It is estimated that the net profit for 2019-2021 will be 5 respectively.81, 7.78, 10.4.7 billion, corresponding to PE is 48, 36, 27 times.The company focuses on regional strategy, refined management and increased regional concentration have led to stable growth in performance and maintained a “Buy” rating. Risk warning: Store performance after mergers and acquisitions is less than expected.

Japanese government supports Tokyo Olympics Organizing Committee: Olympics will be antique as scheduled

Japanese government supports Tokyo Olympics Organizing Committee: Olympics will be antique as scheduled
Original title: The Japanese government supports the Tokyo Olympics Organizing Committee: The 北京spa会所 Olympics will be antique as scheduled Xinhua News Agency, Tokyo, February 21st (Reporter Wang Zijiang) Japanese government official and Chief Cabinet Secretary Takayoshi Wei said on the 21st that the Tokyo Olympic and Paralympic GamesAntiques as planned.  Yiwei made the above statement at the press conference on the day. He said: “We will work closely with the International Olympic Committee, the Tokyo Olympic Committee and the Tokyo Municipal Government to continue preparations to ensure that athletes and spectatorsFeeling safe during the contest.”The recent outbreak of new coronavirus pneumonia has added some difficulties to Tokyo’s preparations for the Olympic and Paralympic Games, but Japan has insisted that there will be no alternatives to the Olympics.  After the Japanese Ministry of Health, Labour and Welfare asked organizers of large-scale events earlier this week to reconsider the need for these events, the Tokyo Marathon, which is one of the six major marathons in the world, canceled the popular event, and the Nagoya Women’s Marathon also didSame decision.On the 20th, the Tokyo Paralympic Hardball Test, originally scheduled to begin on the 南京夜网论坛 28th, announced the earliest antiques.  Beginning in March, there will be 18 more Olympic and Paralympic test games to be held in Tokyo. The representative of the Tokyo Olympic Organizing Committee, Masaru Takaya, said the day before that these games “absolutely” will not be changed or cancelled.  The major test that the Tokyo Olympics Organizing Committee will face next is the torch relay, which will begin on March 26, and the torch will be passed throughout Japan.Olympic Minister Seiko Hashimoto suggested after the cabinet meeting that day that if he feels that he is not in good health, it is best not to watch the torch relay.

Anner (002875) 2018 Annual Report Review: Steady Growth in Performance and Continuous Optimization of Children’s Wear Leads

Anner (002875) 2018 Annual Report Review: Steady Growth in Performance and Continuous Optimization of Children’s Wear Leads

The 18-year revenue increased by 18%, and the net profit also increased by 21%. The growth rate of 18Q4 results has improved. In 2018, the company achieved operating income of 12.

1.3 billion, an increase of 17.

56%, slightly lower than long-term expectations, mainly due to the income growth rate of 18Q4, attributed to net profit of 8,338.

670,000 yuan, an increase of 21.

08%, deducting non-net profit 6919.

610,000 yuan, an increase of 27.

87%, basically in line with expectations, with EPS of 0.

63 yuan, a pair of dividends 1.

60 yuan (including tax).

The growth rate of deducted non-profit is higher than the income mainly due to the decrease in the financial expense ratio and the growth rate is reduced. The growth rate higher than the net profit is mainly reduced by the government subsidies included in the current profit and loss.

In terms of quarters, 17Q3-18Q4 company revenues increased by 2 at the same time.

03%, 18.

62%, 21.

72%, 12.

96%, 22.

66%, 15.

06%, net profit attributable to mother increased by -60.

25%, -35.

30%, 6.

31%, 83.

83%, 62.

88%, 12.


In 18Q3, affected by the number of bases, the growth rate of revenue increased, and the sales expense ratio fell by 3.

50PCT, financial cost rate decreased by 1.

35PCT drove a substantial increase in net profit; 18Q4 was affected by weak consumption in the apparel industry and the gradual expected growth rate during the Double Eleventh period. Revenue growth improved and the sales expense ratio increased by 0.

85PCT, the increase in asset impairment losses has led to a relative growth in net profit.

The growth rate of online direct sales is relatively high, and offline same-store contributions contributed to the growth. In the second half of 18, the net store opening channel was restored. In 2018, the company’s offline and online channels respectively achieved revenue7.

9.2 billion, 4.

1.7 billion yuan, an increase of 9.

21%, 37.


Among them, offline direct sales achieved revenue6.

3.5 billion, an increase of 10.

28%, mainly due to the company’s optimization of the channel structure, the development of shopping mall stores led to increased store efficiency, the number of stores increased slightly; offline franchise achieved revenue1.

5.7 billion, an increase of 5.

11%, after the optimization of franchising channels, the store efficiency increased and the number of channels improved; online direct sales achieved revenue3.

5.8 billion, an increase of 43.An increase of 78% promoted the rapid growth of online revenue, with online franchise revenue of 5,846.

950,000 yuan, an increase of 10.


As of the end of 2018, the company had a total of 1,433 stores, down by 0.

14%, the store area is 8.

590,000 square meters, an increase of 8.

32%. Net openings will resume in the second half of 2018, with 46 net openings.

At the end of 2018, the company directly operated 990 stores, with an increase of 1.

64%, 443 franchise stores, the extension dropped by 3.


The company’s store efficiency has continued to increase, and the direct-operated store increased by 8 in 2018.

50% to 64.

170,000 yuan, mainly due to the closure of inefficient stores, the proportion of shopping malls and the increase in store area, as of the end of 2018 has 264 directly operated shopping mall stores, accounting for 26 directly operated stores.

67%; revenue from franchised stores in 2018 was 35.

450,000 yuan, an increase of 9.

38%, mainly due to the company cleaning up inefficient stores and improving the quality of franchisees.

In terms of products, in 2018 the company’s children’s clothing, children’s clothing, and other business income were 9 respectively.

9 billion, 2.

190,000 yuan, 335.

440,000 yuan, up by 11.

83%, 53.

78%, -4.


The company expanded product research and development, expanded the category of children’s clothing, and drove rapid revenue growth in this category.

The gross profit margin of the main business increased, the expense ratio decreased, and the inventory pressure increased. The gross profit margin of the company decreased by 0 in 2018.

21PCT to 55.

25%, mainly due to the penetration of other businesses (sales of containers to franchisees, etc.), the increase in cost, the gross profit margin of the children’s clothing industry also increased by 0.

84PCT to 57.

37%, mainly due to the company’s strengthening of offline retail terminal discount control and strengthened cost control efforts.

18-year-old children’s clothing, children’s clothing gross margin was 56.

28% (+0.

09PCT), 62.

33% (+3.


17Q3-18Q4 gross profit margins were 59.

63% (+2.

39PCT), 49.

15% (-8.

63PCT), 58.

98% (-1.12PCT), 55.

13% (-1.

83PCT), 56.

34% (-3.

29PCT), 52.

02% (+2.

87PCT), 18Q3 online promotion activities led to a slight increase in the decline in gross profit margin, and 18Q4 companies strengthened cost control to drive a rise in gross profit margin.

Expense ratio: During 2018, the expense ratio decreased by one.

20PCT to 40.

44%, of which the selling expense ratio decreased by 0.

29PCT to 40.

44%, mainly due to the company’s strengthening of advertising and advertising, packaging and transportation expenses management; management expenses rate also decreased by 0.

05PCT to 6.

83%, a small change; the financial expense ratio also fell to 0.

86PCT to -1.

00%, mainly due to the increase in interest income from idle funds.

Other financial indicators: 1) The inventory at the end of 2018 was 4.

28 ppm, an increase of 44 from the beginning of the year.

12%, mainly due to: a) the company’s winter stocks decreased in 2018, but the winter clothing sales fell short of expectations due to the warmer weather; b) some spring and summer goods storage time in advance in 2019; c) the company’s shopping malls and other large stores, Increase stocking.

The inventory income ratio in 2018 was zero.

35%, inventory turnover profit1.

50, increase by 0 respectively.

06PCT, -0.

21, mainly due to the expansion of inventory at the end of the year, the turnover rate has improved.

2) The accounts receivable at the end of 2018 was 6,936.

390,000 yuan, an increase of 3 from the beginning of the year.

82%, mainly due to an increase in distribution revenue; the turnover rate of accounts receivable increased by 0 in 18 years.

52 to 17.

57, the year is basically the same.

3) Asset impairment losses increased by 744 in 2018.

25% to 2013.

480,000 yuan, mainly due to the increase in inventory, the company’s provision for inventory falling prices increased by 776.

78% to 1850.

270,000 yuan.

4) Operating cash flow in 2018 also decreased by 15.

09% to 4460.

800,000 yuan, mainly due to the purchase of goods, receiving cash paid for labor services increased.

The company enhances brand competitiveness, operational capabilities, and promotes sustained growth. The company continues to increase design, marketing, and brand competitiveness.

1) The company continues to develop comfortable, safe, and refined children’s clothing products, and cooperates with the well-known French fashion consulting and design company Beclair to determine seasonal trends, develop “capsule” concept fashion products, and strengthen the mid-to-high-end brand image.

2) The company upgrades offline store decoration, window design, product display, etc. to enhance brand image, establish cooperation with well-known domestic maternal and infant websites to expand the influence of potential target customers, and bring social media platforms such as WeChat, Xiaohongshu, and DouyinYoung consumer groups to expand brand influence. The company optimized its supply chain and commodity management, and enhanced its operational 深圳桑拿网 capabilities.

Strengthen the flexible supply chain management of commodities, and make some of the products with high quality requirements suitable for multi-segment production into star single products, subdivide, batch production and distribution of flexible supply chain management methods to promote single store revenue increase.
In 2018, the company cooperated with Roland Berger to launch a product management system transformation project, conduct product life cycle management, optimize product management models, processes and organizational structures, and improve terminal sales discounts and sales rates.

The competition pattern of the children’s clothing industry is widely dispersed, and there is a lack of national brands in the high-end market.

The company continues to strengthen its brand image, optimize the supply chain and enhance store operation capabilities, increase the number of members and product sales, increase the discount rate of terminal sales, seize market share, and promote continued growth in performance.

The company is expected to re-enter the store opening cycle and maintain rapid growth online. We believe that: 1) In terms of offline, the company’s direct operation resumed in 2018. It is expected that more than 150 directly operated stores will be added in 2019, and the number of franchised stores will remain flat or slightly increase.; The company’s terminal area continued to increase, the proportion of shopping malls increased, the discount rate and sales rate improved after brand influence and merchandise operation capacity improved, and the store efficiency maintained rapid growth.

2) On the online front, the company continued to increase investment to promote Tmall, Vipshop and other channels to maintain revenue growth, and expand e-commerce channels such as JD.com, Gathering, and Inventory to drive overall online revenue to maintain a rapid growth rate.

3) The company has continuously strengthened its terminal discount rate control and cost control capabilities, lowered the proportion of online revenue with low gross profit margin, and improved overall gross profit margin and remained basically the same.

The company re-entered the store opening cycle, channel optimization, store efficiency and store efficiency continued to increase after the proportion of shopping malls and operating capacity increased. Online is still in a rapid growth stage, and the leading mid- to high-end children’s wear will gradually consolidate in the future.

As the company’s revenue growth rate slightly exceeded expectations, we maintain our EPS forecast for 2019 to be zero.

77 yuan, lowered EPS to 0 in 2020.

93 yuan, EPS is predicted to be 1 in 2021.

12 yuan, which currently corresponds to the doubling of PE on 26th, 19th. Under the background of the rapid growth of the overall consumption of clothing, it is optimistic that the children’s clothing industry will continue to grow. The company’s future growth space is contradictory.grade.

Risk warning: upstream raw material prices are rising, industry competition is intensifying, and store openings are not up to expectations.