FIFA announced that the Chinese team ranked 96th in the world rankings in April and fell out of the top 10 in Asia

FIFA announced that the Chinese team ranked 96th in the world rankings in April and fell out of the top 10 in Asia
Minnan.com April 11th Yesterday, the official website of the FIFA announced the latest national team rankings. The national football team has risen two places from the previous world rankings and came to the 96th place, but the Asian ranking has dropped by one place and fell out of Asia.The top 10 ranks 11th.  Although the ranking has risen by two places, it is still the second-worst ranking in the national football team in the past six months.In the last period, the national football team was replaced from 88th to 98th, creating the worst ranking in six months.In the Asian region, Qatar, which has risen 6 places in this issue, squeezed out the national football and became the 10th in Asia.Iran still ranks first in Asia and 37th in the world, followed by Japan and Uzbekistan, South Korea and Australia.6?The nine places are Jordan, UAE, Saudi Arabia and Oman.In addition to Saudi Arabia and Uzbekistan, North Korea will rank 137th in the Asian Cup and National Football Team next year, and Asia will rank 20th.

Beijing Mobile announced that it will establish 25 laboratories to explore 5G innovative applications

Beijing Mobile announced that it will establish 25 laboratories to explore 5G innovative applications
5月17日“世界电信日”晚间,中国移动北京公司在线上举办了“共赢5G+,‘3+1’行动计划”发布会,宣布将开展5G应用创新大赛,并携手业内合作伙伴,在The Internet of Things, big data, cloud and 5G applications have carried out strategic cooperation with 20 partners, established 25 innovation laboratories, and jointly explored new spaces for 5G development to create a more prosperous ecosystem.This is the main measure of the “Prosperity Ecology” plan in the three major action plans launched by Beijing Mobile: “Better Life, Efficient Empowerment, and Prosperity Ecology”.In the “Better Life” plan, Beijing Mobile launched a rights-sharing platform, a home replacement product that focuses on personal information consumption and home intelligence; in the “Efficient Empowerment Plan” section, Beijing Mobile launched “Mobile Cloud Zhizhi””Full-stack cloud service plan”, cloud network Yilian products, Jingcai energy platform and 5G slices and other products provide more support for various enterprises in cloud network integration and digital transformation.Xia Bing, general manager of Beijing Mobile, pointed out in his speech that Beijing Mobile will use its own 5G, big data, cloud computing, ICT and other technologies to help the convenience of the capital by developing new products such as smart community platforms, 5G + X applications, and 5G slicing private networks.People’s livelihood services, speed up the resumption of production and optimize social governance.In addition, Beijing Mobile will play a role in network operation, customer scale, front-end marketing and service delivery capabilities, and work with partners to build 5G ToB and ToC industry application benchmarks to accumulate foundation for empowering thousands of industries.The “1” in “3 + 1” is the “Action Plan to Boost Beijing’s 5G Innovation Capital”.Li Changkong, deputy general manager of Beijing Mobile, announced that Beijing Mobile has achieved a new breakthrough in the single-user downlink rate of commercial terminals through the “single line 160M / dual transmission 200M” aggregation technology in 5G boutique demonstration areas such as CBD and Chang’an Street, respectively, reaching 2 respectively.3Gbps and 3.1Gbps will provide strong network support for the development needs of 5G large-bandwidth services such as 4K / 8K ultra-high-definition video, AR / VR, cloud gaming, and naked-eye 3D.At the press conference, Beijing Mobile and Huawei also jointly announced that “Beijing Mobile 5G + Kunpeng MEC” officially entered the Beijing Kunpeng Joint Innovation Center. Both parties signed a 5G to B strategic cooperation agreement online, and will work together with partners to carry out 5G ToB application innovation.Sauna, Yewang promised editor Wang Jinyu to proofread Li Ming

Kangmei crisis: huge debt, budget and sequelae of fraud

Kangmei crisis: huge debt, budget and sequelae of fraud
After more than a year, the administrative intervention and market ban of Kangmei Pharmaceutical (ST Kangmei) finally settled.On the evening of May 14, Kangmei Pharmaceutical announced that the company received the decision of the CSRC’s administrative judgment and the market ban, and the company was deviated from by the CSRC.At the end of April 2019, Kangmei Pharmaceutical made corrections to the 2017 annual report data when it released its 2018 annual report. Nearly 30 billion currencies and currencies mysteriously disappeared, eventually implicating the company’s successive years of financial fraud.In August 2019, Kangmei Pharmaceutical received the CSRC’s notice of administrative intervention and market ban.This once-famous white horse stock has now been changed by the SFC.For Kangmei Pharmaceutical, there will still be huge debts and a delisting crisis.The responsible person of Kangmei Pharmaceutical for years of financial fraud has been transferred to the lawyer of the judiciary: the shareholder litigation court can file a case “Kangmei Pharmaceutical has premeditated, organized, long-term, systematic financial fraud, trampling on the rule of law, and has no awe of the market and investorsThe “heart of fear” seriously damages the healthy ecology of the capital market.”This is a strict criticism of Kangmei Pharmaceutical Co., Ltd. in the violation and ban decision issued by the SFC on the official website on May 14.”The China Securities Regulatory Commission said that between 2016 and 2018, Kangmei Pharmaceutical’s falsely increased huge operating income, falsely increased monetary funds through counterfeiting and alteration of large fixed-term deposit certificates, etc. will not meet the accounting confirmation and measurement conditions.Increase fixed assets, etc.At the same time, Kangmei Pharmaceutical has non-operating funds occupied by the controlling shareholder and its related parties.The above-mentioned behavior caused false records and major omissions in the relevant annual report disclosed by Kangmei Pharmaceutical.According to the notice issued by Kangmei Pharmaceutical predicted by the China Securities Regulatory Commission, Kangmei Pharmaceutical had false records in the 2016 to 2018 annual report and the semi-annual report in 2018, which increased the operating income, revenue and operating profit.Among them, the “2016 Annual Report” falsely increased operating income89.9.9 billion yuan, “2017 Annual Report” falsely increased operating income by 100.3.2 billion, in the “Semi-Annual Report 2018”, the operating income increased by 84.8.4 billion yuan, “2018 Annual Report” falsely increased operating income16.1.3 billion yuan.According to preliminary calculations, Kangmei Pharmaceutical’s falsely increased operating income in the financial statements has exceeded 29 billion yuan in 3 years.Obviously, Kangmei Pharmaceutical’s semi-annual report in 2018, 2018 report, and 2017 report adopted financial non-accounting, false accounting, forgery, and alteration of large fixed-term deposit receipts or bank statements to match business income fraud.Falsified sales and sales rebates, etc., falsely increased monetary funds.Among them, Kangmei Pharmaceutical’s “2016 Annual Report” falsely increased monetary funds of 22.5 billion yuan, the 2017 Annual Report “falsely increased monetary funds of 29.9 billion yuan, and” 2018 Semi-annual Report “virtually increased monetary funds of 36.1 billion yuan.According to preliminary calculations, during the above reporting period, Kangmei Pharmaceutical Co., Ltd.’s falsely increased monetary funds totaled more than 88.5 billion.In addition, Kangmei Pharmaceutical also has false statements in the “2018 Annual Report”, false increase of fixed assets, construction in progress, investment real estate; “2016 Annual Report” “2017 Annual Report” and “2018 Annual Report”There are two other omissions of major omissions and failure to disclose the related party transactions of non-operating occupation of funds by shareholders and their related parties as required.In response to Kangmei Pharmaceutical’s financial fraud, the SFC finally made a stunning statement.The Securities Regulatory Commission said on May 14 that it has made administrative interventions and market ban decisions on Kangmei Pharmaceutical ‘s violations of laws and regulations, decided to correct Kangmei Pharmaceutical ‘s liability order, issued a warning, and imposed a 6 billion yuan fine on 21 people.Responsible personnel shall be fined from RMB 900,000 to RMB 100,000, and the six principal persons shall be banned from entering the securities market for 10 years to life.Relevant intermediaries are suspected of violations of laws and regulations are in the process of administrative investigation and review.At the same time, the SFC has transferred Kangmei Pharmaceutical and related personnel to the judicial organ for suspected criminal behavior.Lawyers from Zhejiang Yufeng Law Firm said to Sauna, Yewang that, according to certain circumstances, the person in charge directly responsible for Kangmei Pharmaceutical and other directly responsible persons were suspected of violating disclosure and not disclosing important information.In the end, the ruling of the judiciary shall prevail.”” After the filing of the Securities Regulatory Commission at the end of 2018, we pre-registered the investor’s budget. There were dozens of investors calling, and consulting and consulting fees, with personal expenses ranging from millions to millions.”We told reporters that we are currently reviewing responses in batches and conducting a commissioned litigation phase. The first batch of cases is scheduled to be submitted to the Guangzhou Intermediate People’s Court by the end of this month.”Lawyer Wu Lijun of Zhongwei 515.com, who represented Kangmei Pharmaceutical’s shareholder litigation, told reporters that he is currently representing hundreds of Kangmei Pharmaceutical’s shareholder litigation, and the issuance of the CSRC meeting’s announcement is of great significance to the lawsuit. “Because laws and regulations require that the Securities Regulatory CommissionThe case was only filed by the Administrative Law Enforcement Court, which led to the violation of laws and regulations that Kangmei Pharmaceutical had known for a long time.In 2019, the big change in performance, huge losses, huge losses, 36 billion repeated information violations, 2016 to 2018 after the disclosure of information fraud, Kangmei Pharmaceutical in 2020 5 years, Kangmei Pharmaceutical once again changed its face due to 2019 net profit, information leak violations were attacked.On May 10, Kangmei Pharmaceutical disclosed that due to information disclosure violations, the company and its chairman and general manager Ma Xingtian, chief financial officer Zhuang Yiqing, and board secretary Tang Xu received a letter from the Guangdong Securities Regulatory Bureau.As of January 23, Kangmei Pharmaceutical released the 2019 annual performance pre-loss announcement, disclosing that the company expects the net profit attributable to shareholders of listed companies in 2019 to be approximately 13.500 million to -16.500 million yuan.On April 30, Kangmei Pharmaceutical released its main operating performance report for 2019, disclosing that the reorganized net profit was revised to -36.4.8 billion yuan.The Guangdong Securities Regulatory Bureau stated that the 2019 net profit disclosed by Kangmei Pharmaceutical has changed after the amendment. The information disclosure of the restructuring performance forecast is not accurate.The relevant provisions of Article 2 and Article 25 decided to take administrative measures to issue warning letters to ST Kangmei and Ma Xingtian.Obviously, when ST Kangmei disclosed relevant data on its main operations in 2019, it received a regulatory work letter from the Shanghai Stock Exchange, which was also aimed at ST Kangmei’s performance “big face change”.In addition, although the time point for the listed company to disclose the 2019 annual report has passed, Kangmei Pharmaceutical has not yet re-published the 2019 annual report and audit report due to reasons such as the replacement of the audit institution.The title of Kangmei Pharmaceutical Co., Ltd. is that the newly hired audit agency Lixin has heavy audit tasks and time is tight, and due to the impact of the new coronary pneumonia epidemic, the company ‘s financial statements have been completed as scheduled, the time for auditing on-site duties, and the execution of important audit procedures have been seriously lagging.Before April 30, 2015, the annual report audit and the company’s 2019 annual report disclosure related work could not be completed.Short-term debt becomes long-term borrowing Kangmei still faces the outbreak of US $ 42.8 billion in financial fraud, bringing a series of effects to Kangmei Pharmaceutical, the most direct is the debt crisis.In January of this year, Kangmei Pharmaceutical’s 2.3 billion bond redemption repeated repeated breakthroughs. Kangmei Pharmaceutical also continuously disclosed in the announcement that the company raised funds through asset disposal and other means.According to the report of the first quarter of 2020 disclosed by Kangmei Pharmaceutical, the company had a long-term loan of US $ 12 billion and a short-term loan of 33 at the end of the long-term reporting period.9.8 billion yuan.You know, in early 2020, Kangmei Pharmaceutical’s short-term loan was 127.5.6 billion, with a long-term loan of 21.8.8 billion yuan.Kangmei Pharmaceutical weighed in. The reason for the change in short-term and long-term borrowings was mainly due to the fact that the company and the 13 banks with stock loans in the reporting period had multiple “stock loan syndicated contracts”, which would be converted into stocks for renewal and transferred to long-term loans.Such short-term debt becomes long-term borrowing. Although the short-term debt repayment pressure of Kang Kangmei Pharmaceutical can be reduced, until the end of January 2020, the total compensation of Kangmei Pharmaceutical will remain 428.8.7 billion, with an asset-liability ratio of 66%.In fact, Kangmei Pharmaceutical, known as the leading Chinese medicine concept, has been in existence for more than 20 years and has been on the market for more than 18 years.In the 2013 annual report, it has been described as “the first time to enter the top 500 Chinese companies, and it has been listed in the top 100 Chinese pharmaceutical industries for eight consecutive years.”Next, Kangmei Pharmaceutical will also face the risk of forced delisting.He said to Sauna and Yewang that Kangmei Pharmaceutical has been violated by the China Securities Regulatory Commission. According to the “Implementation Measures for the Major Illegal Delisting of Listed Companies by the Shanghai Stock Exchange”, the Shanghai Stock Exchange will make a decision based on the review opinions of the Listing CommitteeWhether to implement a major illegal violation of the company’s stocks.Sauna, Ye Wang Li Yunqi editor Wang Jinyu proofreading Li Shihui

[Goat milk powder is on fire or milk powder is on fire]

銆愮緤濂剁矇涓婄伀杩樻槸鐗涘ザ绮変笂鐏€慱韬綋涓婄伀_浼氫笉浼?
Huanyu, Honghong, Father, Father, Insect, Tweezers, Tweezers, Han, Han, Huan, Feng, Xuan, Xuan, Xuan, Xuan, Xuan, Xuan, Xuan, Xuan, Xuan, Xuan, Xuan, Xuan.It ‘s a good idea, but it ‘s a good idea. It ‘s better to tell you how to do it. If you want to know what you ‘re doing, you ‘ll be able to find out what ‘s going on in the world.I’m so happy, I can’t help it, I can’t help it, I can’t do it, I can’t do it, I can’t do it, I can’t do it, I can’t do it, I can’t do itThe awarding of awards for the palm of the world will be replaced with a new one. The following is the best way to get the best results: the size of the river is not too high, and it ‘s not a good idea. What is it? Do you know how to do it?鍦ㄥ浗闄呰惀鍏诲鐣岃绉颁负鈥滃ザ涓箣鐜嬧€濓紝缇婂ザ鐨勮剛鑲绮掍綋绉负鐗涘ザ鐨勪笁鍒嗕箣涓€锛屾洿鍒╀簬浜轰綋鍚告敹锛屽苟涓旈暱鏈熼ギ鐢ㄧ緤濂朵笉浼氬紩璧峰彂鑳栥€傜緤濂朵腑鐨勭淮鐢熺礌鍙婂井閲忓厓绱犳槑鏄鹃珮浜庣墰濂讹紝缇庡浗銆佹娲茬殑閮ㄥ垎鍥藉鍧囨妸缇婂ザ瑙嗕负钀ュ吇浣冲搧锛屾娲查矞缇婂ザ鐨勫敭浠锋槸鐗涘ザ鐨?鍊嶃€備笓瀹跺缓璁偅鏈夎繃鏁忕棁銆佽儍鑲犵柧鐥呫€佹敮姘旂鐐庣棁鎴栬韩浣撹櫄寮辩殑浜虹兢浠ュ強濠村効鏇撮€傚疁楗敤锛屽苟涓斾笉浼氬鑷翠笂鐏€傜緤濂堕櫎浜嗗鏄撹鍚告敹涓嶄笂鐏锛岃€屼笖杩樿惀鍏讳环鍊奸潪甯镐赴瀵岋紝鍏蜂綋琛ㄧ幇涓猴細1.钖 Gang Chiang Chi Hao?雴 傝 偑 鐞 冨 皬 Key 屼 笖 鍧 囧 囧 囧.Lazy just inlaid  悆 搆 Hamura village satin 1–7 Huan back, 昶 у Juan?–5 Huan  back, Jing lao В Jian?椋熷悗鍦ㄨ偁鑳冧腑淇濇寔娑叉€?瀹规槗琚汉浣撴秷鍖栧惛鏀躲€?.铔嬬櫧璐ㄥ惈閲忛珮,钀ュ吇鎴愬垎姣旇緝鍏ㄩ潰锛岃€岃泲鐧借川涓笉鏄撹浜轰綋鍚告敹鐨勯叒铔嬬櫧鍗翠綆浜庣墰濂朵腑鐨勫惈閲忋€?。What is the effect of the chain, the rainbow and the chain, the chain, the chain, the chain, the chain, the chain, and the chain?鍏朵粬鍑犵缁寸敓绱犲惈閲忛珮,涔熸瘮杈冧赴瀵屻€?. The whole world is awesome, and it ‘s very difficult to see how it works. It ‘s a version of a hoop, and it ‘s a lot of things.ザ,缇婂ザ绮夊彲浠ラ伩鍏嶈繃鏁忋€傚枬缇婂ザ纭疄浼氫骇鐢熶笂鐏殑鐜拌薄锛屽師鍥犳湁浠ヤ笅涓や釜锛?It ‘s hard to find a way to go, and it ‘s going to go to the bottom of the chain. It ‘s very effective. It ‘s really hard to tell what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on?鍜屽埄鐢ㄧ緤濂朵腑鐨勮惀鍏绘垚鍒嗭紝灏卞ぇ閲忔秷鑰椾簡浣撳唴鐨勬按鍒嗐€備粠鑰屽鑷村嚭鐜颁綋鍐呮按鍒嗕緵搴斾笉瓒崇殑鎯呭喌锛岄€犳垚灞€閮ㄢ€滆劚姘寸幇璞♀€濄€傚父瑙佺殑鏈夛細鍙e共銆佺溂灞庡銆佸皬渚块粍绛夋儏鍐碉紝灏辨槸浜轰滑甯歌鐨勨€滀笂鐏€濈幇璞°€?銆 乸 锪 濪 濆 雲 啲 Ti 婂 婂 傲 傉 尣 璖 庯 厴 掜 擜 叛 叛 哅 咅 尅 镞 啞 髞 髻 鐞 嗾 图 雗 雗 雾 雗 雗 雾 雗 雗 雗 雗 雗 雗 雾 雗 雾 雗It ‘s getting thinner, and it ‘s not so good. It ‘s so cold, it ‘s so cold, it ‘s so cold, it ‘s so good.镊殑鎯呭喌銆傝繖涓篃鏄汉浠父璇寸殑鈥滀笂鐏€濈幇璞°€傚洜姝わ紝鎴戜滑鍦ㄥ枬浜嗙緤濂朵箣鍚庡簲璇ュ鍠濇按锛岃€屼笖瑕佸強鏃舵竻鐞嗗彛鑵旓紝閬垮厤钀ュ吇鐗╄川缁欑粏鑿岀殑绻佹畺鎻愪緵浜嗏€滄俯搴娾€濄€?

[Can you eat Baccarat if you have high blood sugar]_Bala_High blood sugar_Can you eat

銆愯绯栭珮鑳藉悆鑺箰鍚椼€慱 鑺箰_楂樿绯朹鑳戒笉鑳藉悆
You can’t do it, you can do it, you can do it, you can’t do it, you can’t do it, you can’t do it, you can’t do it.櫧璐ㄣ€佹皑鍩洪吀銆佺⒊姘村寲鍚堢墿銆佺淮鐢熺礌銆佺熆鐗╄川鍏冪礌绛夌瓑锛岄偅涔堣绯栭珮鑳藉悆鑺箰鍚楋紵 鎹彶涔﹁杞藉凡鏈?00 菽 朤 尽 洜 隶 暭 隶 氟 氧 琥 呬 Han Han 叴 唴 閮 鹮 湁 鏡 叢 樉 镄 尭 尭 尭 尭 参 幉 纫 凉 燉 燉 灣 偹 灣 灣 灣 灅 灣 灣 灣 灅 灣 恣 灣 恉 灣 恣 灣 遣 恣 遣 遣 搣 搣 灣 鐤 鐤 鐮 鐮 鐤 鐮 鐮 鐮 鐮 鐮 鐮 鐮 鐮 鐮 鐮 鐳 鐮 鐤 Do you have a good time?朵腑鍚湁涓板瘜鐨勫井閲忓厓绱犫€滄湁鏈洪摤鈥濓紝閾槸浜轰綋蹇呴渶鐨勫井閲忓厓绱狅紝鍦ㄦ甯哥殑绯栦唬璋㈠拰鑴傝偑浠h阿涓叿鏈夐噸瑕佺殑浣滅敤銆?椋熺敤鐣煶姒村彾鐨勫ソ澶勶細1銆佸叿鏈夐檷琛€绯栦綔鐢紝瀵圭硸灏跨梾鎮h€呮湁鐙壒鐨勬敾鏁堛€?Do you know how to get rid of the egg crepe? How about the egg crepe? How about the egg crepe? How about the confession?3 銆 东 瘜 钖 炤 Huai 鐢 示 礌 C: The fan fan: the fan 7 绛 熆 鐗 ╄ Sichuan 〃 剏 剏 鍏 钏 鍏 雏 槸 泸 渧 渧 渧 渧 渧 氧閲忚€呭叿鏈夎В閰掑姛鑳姐€?銆佹湁鏀舵暃姝㈡郴锛屾琛€锛屾鐥掍箣鏁堢敤锛屼富娌绘硠娉伙紝涔呯棦锛屾箍鐤癸紝鍒涗激鍑鸿绛夌棁銆?銆佸叿鏈夐槻鑰佸寲鍙婃姉姘у寲鍔熸晥锛岃兘缇庣櫧鑲岃偆锛岄槻姝㈤粦鏂戝強闆€鏂戝舰鎴愶紝澧炲姞鐨偆瀵圭传澶栫嚎鐨勬姷鎶楀姏锛屾槸濂冲+浠繚鎸佺編鐧借倢鑲ょ殑鏈€浣抽€夋嫨銆傜暘鐭虫Υ鏄彲浠ラ檷浣庤绯栵紝鏄硸灏跨梾浜烘渶浣崇悊鎯抽鐗╀箣涓€銆備絾鏄紝鐣煶姒村悆澶氬彲鑳戒細瀵艰嚧涓婄伀锛屼篃鍙互璇曡瘯鐣煶姒磋尪锛岀暘鐭虫Υ鑼跺悓鏍蜂篃鍏锋湁寰堥珮鐨勮惀鍏讳环鍊笺€傚彟澶栵紝閫氳繃鐣煶姒寸殑椋熺敤铏界劧鍙互鏈夐檷琛€绯栫殑浣滅敤锛屼笉鑳藉仠鎺夊師鏉ョ殑娌荤枟鏂规硶銆傝€屽崟涓€椋熺敤鐣煶姒翠綔涓虹殑娌荤枟鏂规硶锛岃繖鏍锋槸涓嶅彲鍙栫殑銆傞檷琛€绯栭噸瑕佺殑杩樻槸閫氳繃楗鎺у埗銆佽繍鍔ㄩ敾鐐煎強鑽墿鎺у埗鏉ユ不鐤楃?

[Efficacy and role of durian seeds]_Efficacy_Efficacy

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Sofia (002572): Q2 performance improved month-on-month, focus on channel and category expansion

Sofia (002572): Q2 performance improved month-on-month, focus on channel and category expansion
Event: Sofia 201 achieved revenue 31 in the first half of 2009.400 million, a five-year growth of 5.2%; net profit attributable to mother 3.9 ‰, an increase of 6 in ten years.0%, the net profit after non-deduction increased by 0 in ten years.4%.Among them, 19Q1 / 19Q2 revenue was -4 twice.7% / + 12.2%; net profit attributable to mother is twice +3.7% / + 6.8%, the company’s performance is in line with market expectations.  The growth rate of new varieties is dazzling, and the bulk business maintains rapid growth: ① Furniture and furniture, wooden doors have maintained a high growth rate, and wardrobe growth has improved.Wardrobe 北京桑拿 and accessories revenue 25.5 ppm, a ten-year increase of 2.5%, cabinet and accessories revenue 3.10,000 yuan, an increase of 12 in ten years.4%, furniture and furniture revenue 1.800 million, an annual increase of 21.2%, wooden door business revenue is 0.80,000 yuan, an increase of 34 in ten years.2%.② The overall gross profit margin decreased slightly, and the expense ratio was stable during the period.The gross profit margin has decreased year by year.02pct to 36.7%, mainly due to the decline in the gross profit margin of the wardrobe.Affected by the reported large-scale promotional activities, the expense ratio increased by 0 during the period.3pct to 22.4%, of which the sales expense ratio rose by 0.8 points to 11.0%, the management expense ratio (including research and development expenses) decreased by 0.7pct to 11.0%.③ The bulk business was launched, and the receivable income increased significantly.Accounts receivable consists of 4.1 ppm rose to 5.2 ‰, an increase of 28 per year.9% of bills receivable are from 0.1 ppm rose to 3.0 ‰, an increase of 2506 per year.2%, the annual increase in receivables was mainly due to the increase in receipts from major businesses.  Investment suggestion: We are optimistic about the broad market space brought by Sofia’s promotion of the large home strategy. The omni-channel multi-format development model promotes the rise in performance. It is expected that the company’s performance will continue to improve.Refer to comparable companies for an average of 17 in 2020.7 times PE, we give the company an 18 times PE estimate, corresponding to a target price of 23.2 yuan, the first coverage given a “buy” rating.  Risk reminder: tightening real estate policies and intensifying market competition

Cree Technology (002957) Company In-depth Research Report: Binding the Top Customer in Emerging Fields, Apple New Year Welcomes Flexibility

Cree Technology (002957) Company In-depth Research Report: Binding the Top Customer in Emerging Fields, Apple “New Year” Welcomes Flexibility
Hold fast to the emerging field of automation equipment suppliers. The company has been working in the field of automation for many years. It has deeply tied top customers in emerging areas such as mobile terminals, electronic cigarettes, and new energy. We believe that the company’s competitive advantage is significant.Driven by the wave of 5G replacements, the performance elasticity is outstanding. Deepen the field of automation, and grasp the emerging fields to bind top customers in depth. The company is deeply involved in the field of automation. Its products include automated testing equipment and automated assembly equipment. In emerging areas such as mobile terminals, e-cigarettes, new energy, etc., it is deeply tied to top customers, such as Apple, Google, Juul Labs, Ningde Times, etc., and has been recognized by the market. Apple is expected to usher in the wave of “new years” with additional 深圳桑拿网 5G replacements, and 3C companies will benefit significantly.1) We judge that there will be changes in Apple’s new machine in 2020. It is a “big year”, “one generation of products and one generation of equipment”. The value of new automation equipment and restructuring equipment is very different. The resulting changes require a lot of new equipment.-Changes in revenue from Apple in 2018 (6 respectively.1, 10.8, 5.3%) can also change the toughness.We expect that the purchase time of Apple ‘s new equipment for September 2020 will start from the first quarter of 2020. The overlapping 5G replacement wave is coming, and the 3C equipment industry chain companies will significantly improve.2) About 145 affiliates of global e-cigarettes in 2018.2 billion US dollars, a ten-year growth of 27% to continue to maintain high growth, the domestic e-cigarette market has just started, and the future prospects are promising.3) The effective capacity of lithium batteries is insufficient, and the expansion of domestic and foreign production is expected to be maintained in the next 2-3 years. Investment suggestion: It is estimated that the company’s net profit attributable to the parent in 2019-2021 will be 2.77, 3.37, 3.65 ppm, increasing by -6 each year.53%, 21.59%, 8.5%, EPS is 0.68, 0.82, 0.89 yuan.The company’s focus on 3C, e-cigarettes, new energy and other emerging fields has good prospects, and its comprehensive competitive advantage is significant. Customers replace top quality companies. It is optimistic that the company will continue to grow downstream and expand market share with the downstream, giving the company 45 times PE in 2020. Target price36.9 yuan, the first coverage given “overweight” rating. Risk warning: Apple’s new machine is less than expected; orders from major customers are less than expected; uncertainty about e-cigarette policies.

Liuyao shares (603368): Distribution and retail double-force performance again exceeded expectations

Liuyao shares (603368): Distribution and retail double-force performance again exceeded expectations

The 1H19 performance exceeded expectations again on August 12, the company released its 2019 Interim Report and achieved 71 revenue.

9.7 billion (+30.

47%), achieving net profit attributable to mothers3.

5.6 billion (+39.

35%), net of non-attributed net profit3.

5 billion (+37.

twenty two%).

If the impact of the replacement of Metrohm Pharmaceuticals is consolidated, we estimate that the company’s endogenous vertical growth rate of net profit attributable to its mother in 1H19 is about 32%.

The company achieved revenue of 38 in 2Q19.

100,000 yuan (+35.

86%), deducting non-attributed net profit1.

9.5 billion (+37.

74%), the growth rate increased by 10 in the early 1Q19.

97 points and 1.

18pct, following 1Q19 results continued to exceed expectations.

We raise our profit forecast and expect the company’s EPS for 2019-2021 to be 2.

73/3.

42/4.

19 yuan, adjust the target price to 40.

99-46.

46 yuan, maintain “Buy” rating.

Distribution: The strength is still strong. The high-growth company’s 1H19 distribution business revenue is about US $ 6.1 billion, an annual growth rate of 25%. Beyond expectations, the Guangxi distribution leader has gradually increased and stabilized.

Subversion transfer and grassroots business impact, the company’s 1H19 hospital pure sales business income53.

820,000 yuan, an annual increase of 28%.

The company has expanded supply chain extension service projects with 68 medical institutions in the region, improved professional service capabilities and expanded leading advantages.

We expect the company’s preliminary distribution business revenue growth rate to remain at 25% in 2019.

Retail: The advantages of wholesale and retail integration are significant. The sales volume of the company ‘s wholly-owned subsidiary Guizhong University Pharmacy at the end of the 1H19 period reached 547 (including 341 medical insurance stores and 82 DTP pharmacies), an increase of 104 from the end of 2018, and revenue8.

68 ppm, a previous increase of 53%, also exceeded market expectations.

Inferring the impact of the consolidation, we estimate that the company’s retail business revenue growth rate in 1H19 was about 38%.

We believe that this is because the company’s mature hospital channel relationship promotes the integrated development of wholesale and retail, which is a distinct advantage of the company from ordinary social pharmacies.

We expect the company’s retail business revenue to grow 45-50% in early 2019.

Industry: Expansion of Xianzhu Traditional Chinese Medicine’s capacity, Wantong Pharmaceutical’s well-operated company’s industrial business develops steadily: 1) 1H19 Xianzhu Traditional Chinese Medicine achieved a net profit of 10.89 million yuan, an increase of 42%, and its capacity has continued to expand.It is expected that Xianzhu Traditional Chinese Medicine’s preliminary expected revenue in 2019 will exceed 200 million; 2) Vantone Pharmaceuticals has a stable operation and a profit of 33.45 million yuan in 1H19. New production lines may be completed during the year. We expect Vantone Pharmaceuticals to increase its revenue by approximately 20% in 2019;Medical University Xiansheng has passed GMP certification and put into production.

The 天津夜网 distribution and retail business both exceeded expectations. Maintaining a “buy” rating. The company ‘s 1H19 distribution and retail business both exceeded expectations. Therefore, we raised the company ‘s distribution and retail revenue growth expectations and raised its profit forecast. It is expected that the company will return to its parent net in 2019-2021.The profit is 7.

08/8.

87/10.

8.6 billion (value before 2019-2021 is 6).

87/8.

54/10.450,000 yuan), an increase of 34% / 25% / 22% in the past, the current expected corresponding PE for 2019-2021 is estimated to be 12x / 10x / 8x respectively.

Considering that the company’s performance growth far exceeds most comparable companies, we give the company a PE estimate of 15x-17x in 2019 (the similar PE company’s 2019 PE estimate is 11x) and adjust the target 重庆耍耍网 price to 40.

99-46.

46 yuan, maintain “Buy” rating.

Risk reminder: The drug collection promotion is beyond expectations; the growth of M & A targets is lower than expected.

The best four times with a face cream 96% of people don’t know _1

The best four times with a cream 96% of people don’t know

Cream is an irreplaceable basic skin care product for many people.

However, many people don’t use the cream very accurately, which also makes them disappointed that the cream they bought is not easy to use.

In fact, this situation may not be that the cream is not easy to use at all, or you are not sure of the correct point in time to use the cream. Let ‘s take a look at the four times when the cream works best.

  When is the best cream to use in the last step of skin care? We use the cream, it is best to put the cream in the last step of basic care, that is: cleansing the face-toner / toner-facial hydration-toner / softToner—Use a cream.

If the time is urgent, it is also possible to omit the step of making the mask, after all, the skin does not need to make the mask hydration every day.

  The cream is best to be applied in the afternoon. If a day cream is used, in the afternoon, we will find that the skin tone becomes dull. This is because the oxidation of lipids and external dust have attached to the surface and are seriously jealous.

At this time, you need to spray the face with a spray, and then gently dry the spray with a cotton pad. If you feel that it is dry after drying, bring the cream to the top and apply the following.

  It is best to use a moisturizing cream in autumn and winter. The dry climate in autumn and winter deteriorates the skin’s rapid loss of moisture, and it is dry and neutral in autumn and winter.

Creamy skin is better for oily skin.

It is obvious that the cream products of the same brand will be divided into moisturizing and refreshing types.

  The moisture content of the moisturizing cream. This cream has a thick thickness and is suitable for dry skin in autumn and winter.

For oily skin, you can use a refreshing moisturizing cream.

  Daytime creams are best used during the daytime.

Just apply day cream after cleansing your face every morning.

The general day cream has a certain effect on protecting the skin. Although the protective ability is not as good as a special sunscreen product, it can still isolate some harmful substances in haze weather.

Therefore, a day cream is best for daytime.

  The best ingredients for using night cream at night are mostly high fat content, which is a skin care product with high nutritional value.

Compared to day cream, although there is no special ability to protect against pollution, it can supplement protein and nutrition for the skin.

And because we rest at night is the best time for the skin to absorb, using night cream at night can adjust the repair effect to a certain extent, so night cream is best at night.

  Use the cream step 1.

Apply appropriate amount of day cream or night cream to the forehead, cheeks, nose tip, and chin at five o’clock. Generally, the amount of soy bean-sized cream is enough; 2.

Push from the area of the forehead from the middle to both sides, and use circular massage techniques to properly insert the movement to promote absorption. If the T zone of the mixed skin or oily skin is oily, you can use less on the forehead.

  3.

After absorbing the cream on the forehead, move your hand to the chin, slowly draw a circle to push and lift evenly to both sides, pay attention to gently shave the contour of the face, it has the effect of thinning the face.

  4.

When the cream on the cheeks is absorbed into the ears, it can be moved under the ears and then slowly slide towards the collarbone, causing detoxification.