Hengrui Medical declares bribery case: it is the employee’s personal behavior of the subsidiary has resigned

Hengrui Medical declares “bribery case”: it is the employee’s personal behavior of the subsidiary has resigned
On the evening of May 12, Jiangsu Hengrui Medicine Co., Ltd. issued an announcement regarding the recent media report on the verdict of bribery in a hospital in Zhejiang.Relevant personnel paid bribes and questioned the rationality of the company’s sales expenses and other cash expenses in 2019, and responded.The company has verified the content of the report, and now the main situation is explained as follows: Some witnesses in the bribery case of a doctor in a hospital in Zhejiang are employees of our company’s subsidiaries.After verification, the incident was a personal behavior of the employees of the subsidiary, which seriously violated the company’s management system, but it also reflected a loophole in company management.At present, the relevant personnel have resigned, and the responsible leaders of the subsidiaries have been transferred from their posts.The company and its directors, supervisors, and executives have no violations of laws and regulations, and there is currently no relevant lawsuit.In the future, the company will learn lessons and strengthen compliance management of its subsidiaries to prevent such incidents from happening.In 2019, the company’s sales expense ratio was 36.61%.According to the data of Flush Flush, the company’s sales expense ratio ranks 85th among the 230 consecutive companies (including API companies) in the pharmaceutical manufacturing industry of Shanghai and Shenzhen stock markets, which is at the industry’s middle level.The sales expenses disclosed by the company’s 2019 annual report mainly include the market promotion of the company’s products, the construction of innovative drug professional platforms, travel expenses, and distribution incentive fees.Editor Chen Li

[Efficacy of Honey Cucumber Juice]_Action_Benefits

[Efficacy of Honey Cucumber Juice]_Action_Benefits

Honey cucumber juice is made by many families. This kind of drink is very simple to make and the ingredients required are not complicated. Just squeeze the cucumber and add an appropriate amount of honey to season it.

Honey cucumber juice is a drink for all ages, and it can also regulate the stomach.

In addition, honey cucumber juice has many other benefits.

So, what are the effects of honey cucumber juice?

First, the effect of honey cucumber juice take an appropriate amount of cucumber, squeeze the juice after washing, add a small spoon of honey to a glass of cucumber juice and mix thoroughly.

Take 2 daily?
3 times, can intestinal laxative, kidney and diuretic.

Older long-term clothing can prevent hair loss and hyperthyroidism.

Second, the health effect of honey with vegetable juice 1, honey carrot juice 40 grams of honey, 250 grams of carrots.

Squeeze carrot juice, mix with honey and stir well.

Take it with warm water 2 times in the morning and evening on an empty stomach.

This juice is effective for various vitamin deficiencies.

2. 45 grams of honey with onion juice and 150 grams of onion.

Squeeze onion juice and mix with honey.

Sooner or later, take 2 servings with warm water on an empty stomach.

Anti-cold, diuretic, increase appetite and energy.

3, honey potato juice, take an appropriate amount of potatoes, wash the juice, add a tablespoon of honey to a glass of juice and mix thoroughly.

2 every day?
3 times, participate on an empty stomach at night.

It is very helpful for maintaining normal human metabolism and normal heart function.

At the same time, it has a more obvious inhibitory effect on the symptoms of hyperacidity and the pain, flatulence and nausea caused by gastric and duodenal ulcers.

4, honey pumpkin juice amount of fresh pumpkin, wash and squeeze.

Add 1 tablespoon of honey to a cup of pumpkin juice and mix thoroughly.

Drink 2 daily?
3 times, adjuvant treatment for cardiovascular disease, obesity, liver and kidney disease, and various edema.

At the same time have both diuretic and sedative effects, or adjuvant treatment of prostate cancer.

5, the right amount of honey tomato juice, wash the juice, add a tablespoon of honey to a glass of tomato juice and mix thoroughly, drink 2 daily?
3 times, it can increase appetite, accelerate digestion, prevent atherosclerosis, enhance hematopoiesis, and completely maintain the acid-base balance in the human body.

6, honey celery juice, fresh celery in the right amount, wash and squeeze the juice, add the right amount of honey, drink 2 servings a day?
3 tablespoons each time, taken before meals, have good adjuvant treatment for urethral stones, prostatitis, dermatitis, etc.

[Does Bean Dumpling Beans Use Blanching Water]_How to Blanch Water_How to Blanch Water

鍦ㄦ垜鍥藉悆楗哄瓙杩欑浜嬫儏宸茬粡鏈夊嚑鍗冨勾鐨勫巻鍙蹭簡锛岃€屽埌浜嗙幇浠g敓娲讳汉浠埗浣滈ズ瀛愮殑鏂瑰紡涔熷彉寰楄秺鏉ヨ秺澶氾紝涓嶇鏄摢绉嶉鏉愬埗浣滃嚭鏉ョ殑楗哄瓙鎬讳細鍙楀埌寰堝浜虹殑鍠滅埍锛岃€岃眴瑙掗鐨勯ズ瀛愬氨鏄叾涓殑涓€绉嶏紝鑰屽湪杩欎釜楗哄瓙鍒朵綔鐨勮繃绋嬪綋涓槸闇€瑕佸緢澶氱殑娉ㄦ剰浜嬮」鐨勩€傞偅涔堬紝璞嗚楗哄瓙璞嗚鐢ㄧ劘姘村悧?Quilting: Do you want to click on the button?闈㈢矇鍔犲叆閫傞噺鍑夋按銆佸皯璁哥洂鍜屾垚杞潰鍥€傜僵涓婁繚椴滆啘鏉惧紱30鍒嗛挓澶囩敤銆備簲鑺辫倝鍘荤毊鍓佹垚纰庤倝鏈€傝倝鏈腑鍔犲叆鐢熸娊2鍕恒€佽殱娌?鍕恒€侀娌?/3鍕恒€佺洂灏戣锛屾媽鍖€銆傝懕濮滅敤姒ㄦ眮鏈烘墦鎴愯懕濮滄按锛屽垎娆″姞鍏ヨ倝棣呬腑锛屽悓涓€鏂瑰悜鎼呮媽涓婂姴銆傝眴瑙掓礂鍑€锛屽叆娌告按閿呬腑鐒嚦鍙樿壊锛岀害7鎴愮啛;鎹炲嚭绔嬪嵆杩囧喎姘Cui Jiao sui yu sui ⅶ 缏 繆 縭 玸 乺 ⅶ 漏 According to the world and the 劝 圝 圝 圏 厏 序 序 庰 喢 喏 像 像 僤 尤 姤 姤 姤 姤 姤 姤 姽 姤 姽 姤悈镓撹呖鑲夐涓婂姴銆傛妸鏉惧紱濂界殑闈㈠洟鍐嶆弶鍑犱笅锛屽垏鎴愬墏瀛愩€傛搥鎴愰ズ瀛愮毊鍖呭叆棣呮枡锛屾墦瑜舵垚鏈堢墮楗虹敓鍧€傝捣閿呭姞娓呮按鐑у紑锛屼笅鍏ラズ瀛愮敓鍧叜鐔熸崬鍑哄嵆鍙€傜浜岋紝闈㈢矇鍔犵儹姘达紝鐢ㄧ瀛愭悈鎷屾垚椤荤姸銆€銆€鍔犺姳鐢熸补鎻夋垚闈㈠洟锛岄ェ鍗婁釜灏忔椂瓒侀ェ闈㈡椂灏嗚眴瑙掓礂鍑€锛岀敤寮€姘寸劘涓€涓嬪垏纰庝竵鐚倝娲楀噣鍓佹The chain is the same as the one on the top of the list: The peaks of the peaks and the peaks of the peaks and the peaks of the peaks and the peaks of the peaks and peaks are fixed by the chains.ㄨ€虫礂鍑€鍒囩鏈€€銆€璺熻皟濂界殑鑲夐銆佽眴瑙掍竵鍔犺姳鐢熸补銆侀浮绮俱€佺洂銆佺敓鎶芥媽鍖€銆€銆€鍒嗗嚑娆″姞姘达紝鎸夊悓涓€涓柟鍚戞悈鎷屽皢楗уソ鐨勯潰鍐嶆鎻夊寑锛屾悡鎴愰暱鏉°€€銆€鍒囨垚鍓傚瓙鍚庢搥鐨紝鍐嶅寘鍏ラ€傞噺鐨勯鏂欏寘濂芥垚鍨嬶紝绗煎竷娴告箍鏀惧叆钂稿眽銆€銆€灏嗚捀楗哄澂涓婂眽锛岃捀鍗婂皬鏃跺乏鍙冲嵆鍙€傝眴瑙掗ズ瀛愯眴瑙掔敤鐒按鍚?灏嗚眹璞嗚娲楀噣銆佹憳闄よ眴绛嬨€?2.閿呭唴鍔犳按锛屼互鑳藉娌¤繃璞囪眴瑙掔殑閲忎负瀹滐紝鏀惧叆灏戣鐩愩€侀娌癸紝鐓哺(鍔犲叆寮€姘存垨鑰呯儹姘存洿濂斤紝鑳藉鑺傜害鏃堕棿)銆?3.灏嗘憳濂界殑璞嗚鏀惧叆閿呭唴锛屾按闇€瑕佹病杩囪眹璞嗭紝淇濇寔澶т紮锛岀叜娌?闒 嗛 挓 宸 ﹀ 彸 銆?4.鍑嗗涓€灏忕泦鍑夋按锛屽皢鐒ソ鐨勮眹璞嗚鎹炲嚭锛岃繀閫熸斁鍏ュ噳姘翠腑锛岃繖鏍烽鑹叉墠浼氱繝缁垮ソ鐪嬨€?5,鍑犲垎閽熷悗锛屾崬鍑鸿繃浜嗗噳姘寸殑璞囪眴瑙掞紝娌ユ按锛屽嵆鍙€?

[Can pregnant women eat chicken]_eat chicken_pregnancy_can eat

[Can pregnant women eat chicken]_eat chicken_pregnancy_can eat

After pregnancy, the body of a pregnant woman needs nutrition and nourishment, so at this time everyone naturally needs to eat more foods that can have a conditioning effect on the body.

Generally, pregnant women can drink more chicken soup, which can supplement calcium and nourish the body, and the hormone content in chicken will not be too high, which is also good for the body.

Pregnant women can eat chicken.

Chicken is flat, warm, sweet, enters the spleen, stomach meridian; can benefit qi, nourish the essence, add pith; it is used for depletion, weak, moderate deficiency, diarrhea, palpitations, irregular menstruation, less postpartum milk,Thirst, edema, frequent urination, nocturnal emission, deafness and tinnitus.

Chicken also has good therapeutic effects on malnutrition, chills and cold, fatigue and fatigue, irregular menstruation, anemia, and weakness.

Traditional Chinese medicine believes that chicken has the effects of warming and invigorating qi, nourishing and filling essence, strengthening the spleen and stomach, activating blood circulation, and strengthening bones and bones.

The rich protein and amino acids are good for pregnant women and the common.

However, pregnant women with colds should not eat it, so as not to increase the burden on the stomach and affect the disease.

Chicken is the most common type of poultry. It is tender and delicious, so it can be used in a variety of dishes.

Chicken has a lot of protein content. Among the meat ingredients, it can be said that it is one of the highest protein meats, and it is a food with high protein and low feces.

The content of potassium sulphate amino is also very rich, so it can be excessive for cattle and pork.

Chinese medicine believes that the whole body of chicken can be used as medicine.

Chicken is beneficial to the five internal organs, tonicates deficiency, strengthens the spleen and stomach, strengthens bones and bones, promotes blood circulation, regulates menstruation and leucorrhea.

But it does not mean that this food is safe for everyone, such as colds, fever, internal fires, people with heavy phlegm, obesity, people with bloated fever, high blood pressure, high blood lipidsNot suitable for consumption.

Therefore, pregnant women should understand their physical condition before eating.

Pregnant mothers with the following symptoms should pay attention to eating less or not eating chicken.

Feile Audio was put on file-huge loss of 3.3 billion net assets was negative, just warned last month

Feile Audio was filed: huge loss of 3.3 billion net assets was negative, just warned last month
Original title: May plummet!”China’s First Share” was filed for investigation: a huge loss of 3.3 billion in net assets was negative. It was just warned last month Source: China Fund reported that it never expected that one of the eight old shares known as “China’s First Share” was “Xiaofei””Le” is now facing a number of crises.  On the evening of July 3, Feilo Audio (right protection) issued an announcement saying that it had received a letter of investigation from the Securities and Futures Commission of the People’s Republic of China. Because the company was suspected of information disclosure violations, the Securities and Futures Commission decided to file an investigation into the company.  Prior to these investigations, Feile Audio was disrupted due to inflated revenues and profits, and large performances.The hidden dangers of goodwill impairment due to mergers and acquisitions in the past have also caused the company’s fundamentals to continue to deteriorate.  What is even more worrying is that Feilo Audio, which has a bleak performance, may face the risk of delisting in the future, which also hurts institutions and investors who were once bullish.  The market opened on July 4th, Feile Audio’s stock plunged 8.8%, sustainable minimum hit 3.4 yuan.At noon, Feilo Audio was included as 3.50 yuan, down 6.67%.  Feilo Acoustics has received a warning letter from the Securities Regulatory Bureau when it was filed for investigation, which has impacted the hearts of countless old shareholders.  Feile Audio (commonly known as “Xiao Feile”), which appears to be the “China’s First Share,” disclosed a notice on the evening of July 3 stating that it had received a “Notice of Investigation” from the China Securities Regulatory Commission because the company was suspected of information disclosureIn violation of laws and regulations, according to the relevant provisions of the Securities Law, the CSRC decided to file an investigation into Feile Audio.  From the above announcement, the reasons for the suspected violations in this investigation are not clear.However, in the case of Air Force Feile Audio, it may still be related to the company’s inflated performance in the past financial reports and a financial bath.  On June 11, Shanghai Securities Regulatory Bureau issued a ticket to Feilo Audio.The above-mentioned ticket pointed out that the company had a false increase in operating income and net profit in the recognition of some construction project revenues in 2017, which led to a change in the semi-annual and third-quarter results of the year.Due to inaccurate disclosure of performance information and false statements of financial information in violation of relevant regulations, the Shanghai Securities Regulatory Bureau decided to issue an administrative supervision measure to Feile Audio.  Judging from the above-mentioned suspected content, Feile Audio made great efforts to modify the project income and inflated profits. At the same time, it also fanned the semi-annual performance in 2017, and then readjusted it in the 2018 annual report season.Major issues in its information disclosure.  According to reports, on July 13, 2017, Feile Audio announced the 2017 semi-annual results pre-announcement announcement, which is expected to increase the net profit attributable to shareholders of listed companies by about 400% in the first six months of 2017; October 2017On the 11th, the company issued a January-September 2017 performance pre-announcement announcement, stating that from January to September 2017, it is expected that the net profit attributable to shareholders of listed companies will increase by about 360%.  On April 28, 2018, Feile Audio issued an announcement on the correction of accounting errors in the previous period, and adjusted for one of the accounting errors in the 2017 semi-annual report and the third quarterly report, which gradually reduced its operating income from January to June 2017.5.1 billion yuan, net profit attributable to shareholders of listed companies.8 billion yuan, after the reduction in 2017 semi-annual results increased 104% over the same period last year; continued to reduce operating income from January to September 201717.$ 4.2 billion, net profit attributable to shareholders of listed companies.5.2 billion yuan. After the reduction, the January-September 2017 performance increased by 54% compared with the same period last year.  After such a series of performance adjustments, revenue disappeared out of thin air17.42 ppm, net profit growth has also been reduced several times, the performance difference is very obvious.  The glory of “China’s First Share” is no longer the plunge caused by huge losses. Many old shareholders still have many deep memories. As the “China’s First Share”, Feile Audio was once the capitalPopular companies have also overlapped in important parts of China’s securities market history.  Data show that, before the Shanghai Stock Exchange was opened in the 1980s, Feile Audio’s stock had already been issued nationwide.On September 26, 1986, as the nation’s first joint-stock pilot company that issued shares to the public, Feilo Audio’s stock was listed and traded on the Industrial and Commercial Bank of China Shanghai Jing’an Trust Business Department.  In November 1986, Feile Audio’s stock was presented as a gift to foreign guests as a national leader, becoming the first new Chinese stock owned by a foreigner.On December 19, 1990, Feile Audio’s stock was transferred to the Shanghai Stock Exchange and became a popular stock sought by tens of thousands of people. At that time, it 杭州夜网论坛 had reached a maximum of 600 US stocks.4 yuan.  After more than 30 years of development, Feile Audio’s main business has also changed from audio business to lighting business.Now the company has become a diversified industrial company integrating green lighting industry, IC card industry, electronic component industry, computer system integration and software development.However, in the past two years, Feile Audio’s performance has not been satisfactory.  According to the 2018 annual report, the revenue of Feile Audio in 2018 was 33.02 billion, down 39 every year.35%.Among them, the revenue from the production and sales of light source appliances and lamps was 29.9.4 billion yuan, accounting for 90% of total revenue.76%.Lighting equipment installation project revenue was 2.2.1 billion yuan, accounting for 6.69%.Revenue from 北京夜网 sales of audio products and engineering services was zero.400 million, revenue accounted for 1.2%.  From the perspective of the company’s profitability, the performance of Feile Audio in 2018 has seen huge losses.Data show that the company’s net profit attributable to its parent in 2018 was -32.9.5 billion, down 6064 a year.90%.  The huge loss in performance also triggered an expected plunge.In 2018 alone, Feile Audio’s advancement was from 9 at the beginning of the year.1 yuan all the way down to 3 at the end of the year.3 yuan, which may fall as much as 63%, and the market value has evaporated more than 5.8 billion yuan.  Two mergers and acquisitions have hidden hidden dangers of 1.5 billion huge goodwill. The contraction in 2017 was 1.7 billion US dollars, and the performance in 2018 was a huge loss of 3.3 billion US dollars.M & A related.  In order to develop the industrial chain and upgrade its main business, in December 2014, Feilo Acoustics acquired Beijing Shen’an Group 72, jointly held by Shen’an, by issuing shares.25% of the shares, the Beijing Shen’an Group of Shen’an joint holders was acquired in cash12.75% equity and 15% equity of Beijing Shenan Group held by Zhuang Shenan.According to the information disclosed at the time, a total of 10 mergers and acquisitions occurred.4.4 billion goodwill.  Three years after the merger, Shen’an Group’s coefficient has fulfilled its performance commitments, and the 2017 commitment period has just passed, and Shen’an’s performance has seen a significant decline.In 2017, the net profit of Shen’an Group was only 1473.280,000 yuan, a decrease of 94 per year.07%.In 2018, Feilo Audio made a full impairment of the goodwill of Shen’an Group.  At the time, Feile Audio called, “Beijing Shenan was tightened by the PPP policy, and some projects with previously recognized revenue had no timely bidding procedures in the current period, and some projects had deviations from completion estimates and receivables.The provision for impairment provision and inventory depreciation provision increased significantly compared with the previous year, which resulted in a significant decrease in sales revenue and net profit. “  From the above-mentioned claim that it was not seriously out of the business, the advance of the project’s recognized revenue led to a false increase in performance, coupled with the possible false accounting problems in this project, leading to major violations of listed companies.  In May 2018, the Shanghai Stock Exchange’s inquiry to Feile Audio also pointed out the problem of the confirmed income deviation of the above items.The inquiry letter disclosed that the Beijing Shenan Group’s 2017 construction project had been confirmed after the existence of revenue was cancelled. The revenue was confirmed without timely summary of the bidding process in the current period, and the degree of deviation in the completion progress estimates.The Shanghai Stock Exchange requires the company to provide details.  Different, in December 2015, Feile Audio started with 1.At a price of 38.4 billion euros, 80% of the equity of the main body of the Xiwannian Group was acquired.However, after the acquisition, Xiwannian Group did not meet expectations.In 2016 and 2017, Xiwannian Group realized operating income of 3 respectively. 6.2 billion and 3.2.6 billion euros, net profit from continuing operations was 12.32 million euros, 2.78 million euros, and profitability continued to decline.  Regarding the reasons for the decrease in the operating income of the Xiwannian Group, Feilo Audio said that it is the first traditional lighting industry in the market with fierce competition and shrinking scale, which is affected by the industry’s prosperity.The goodwill formed by Feile Audio’s merger with Xiwannian Group in 20184.800 million is expected to accrue in full.  The risk of a negative delisting of net assets is imminent. Investors are hurting more. The poor performance of Feilo Audio may eventually lead to the risk of delisting.  In addition to the huge burden of goodwill, Feile Audio’s asset performance is even more shocking.According to the data for the first quarter of 2019, Feile Audio’s net assets are only -0.8.3 billion yuan.According to the announcement on April 5, Feile Audio’s cumulative amount involved was RMB 3.800 million, the company as a defendant in 32 cases.  For the holders of Feile Audio, the company’s heavy crisis will even allow it to continue to experience pressure on its transitional performance, and its follow-up may also face the situation of continued expansion.According to the latest list of the top ten shareholders of tradable shares, Central Huijin, Zhengjin Company, and trust funds all hold Feilo Audio’s stock.  In order to solve the breakthrough of Feile Audio, the major shareholder Yidian Group has also transfused blood to listed companies for financial assistance.According to incomplete statistics, from November last year to April this year, major shareholders have provided 8 financial aids for Feile Audio, totaling 25.500 million US dollars, the purpose of borrowing is mainly used to supplement the liquidity of listed companies.  However, in the face of financial downturns, huge amounts of goodwill, and regulatory crises, it is not known whether Feile Audio still has a vitality, but it is certain that investors will continue to faceRound torment.

Guizhou Moutai (600519) quick review of major events: preliminary test results fluctuate steadily and confidence remains unchanged

Guizhou Moutai (600519) quick review of major events: preliminary test results fluctuate steadily and confidence remains unchanged
Matters: The company announced the preliminary accounting of production and operation on the morning of the 2nd: the production of Moutai base wine in 2019 will be about 4.99 constant, about 2 series of wine-based wine.51 budget; total operating income of about 88.5 billion in 2019, an increase of about 15% per year; net profit attributable to mothers is about 40.5 billion, an increase of about 15%.The company’s planned annual operating income for 2020 will increase by 10%.The opinions are as follows: Guoxin’s point of view: We believe that the company continues to consolidate the foundation of the market and channels. The business goals and planned volume both show confidence in stable growth. In a benign development track that places more emphasis on quality, there is no need to waste excessive short-term performance.The brand value continued to increase, and the EPS for 2019-2021 was slightly reduced according to the operating announcement to 32.82/38.70/44.76 yuan, corresponding to 34/29/25 times PE, one-year target assessment of 1314-1396 yuan, maintain “Buy” rating.  Opinion: The preliminary test results of Q4 exceeded expectations, and the group’s goal was successfully completed. From the announcement, the 19Q4 revenue was estimated to increase by 25 billion yuan.5%, the fourth quarter returns to the parent profit of 100.500 million with a decrease of 4.1%, lower than market expectations.Preliminary accounting data Audit by a statutory accounting firm, there is uncertainty. Refer to the preliminary accounting data announced on the same day last year (income increased by about 23%, profit increased by about 25%) and the disclosure of the final annual report (income increased by 26%, profit equal(30% increase).The Moutai Work Conference was announced yesterday. The Moutai Group’s operating income in 2019 will be 100.3 billion U.S. dollars, a year-on-year increase of 17%. Net profit will be 46 billion U.S. dollars, a year-on-year increase of 16%. A budget of 416 will be achieved, an increase of more than 8%. The annual target plan will be fully completed.The “13th Five-Year Plan” was completed by the year.  The reasons for the expected decline in performance due to the high base and confirmation rhythm are expected to include the following reasons: 1. 18Q4 intensified the launch of non-standard wine, and the shipment volume increased significantly. At the same time, some expenses rushed back at the end of the year, resulting in a single quarter sales expense ratio of only -1.23%, two factors caused Q4 revenue to increase by 34%, profit increased by 48%, 19Q4 performance under a high base; The Spring Festival was earlier this year. Before the implementation of 1-2 months in advance in December 19, the progress of payment and delivery was advanced, but it is not expected to be recognized as revenue. The advance receipt of the company’s statement in 18Q4 increased by 2.4 billion yuan.Recent findings show that the 2020Q1 plan has been implemented in December, and the channels have gradually arrived. The approval price is between 2450-2500. The overall stability has increased slightly with the arrival of the peak season, and the market demand is strong. Expect performance in the peak season.  Stable and stable growth, optimistic about medium and long-term dividends. The 佛山桑拿网 company’s planned revenue will increase by 10%, which is in line with the previous target of stable growth in 2020. The volume of Moutai in 2020 is planned3.45 was initially calculated, compared to the same period last year.1 a plan to improve 11.3%, the volume exceeded market expectations.Yesterday ‘s meeting revealed that the company ‘s expected goal is to complete 110 billion operating income in 2020, an increase of 10%, and a net profit of 50.5 billion, an increase of 10%. We believe that the company continues to strengthen the market and channel foundation, and the reform of the marketing system is expected to stimulate growth vitality.Long-term high-end liquor consumption dividends continue, optimistic about the steady development of the leader and the continuous improvement of brand value.  Earnings forecast rating We believe that the company continues to consolidate the market and channel foundation. The business goals and planned volume both show confidence in stable growth and are in a benign development track of greater quality. It is not necessary to excessively extend short-term performance changes. We are optimistic about the company’s leading mid-to-long-term stable development and brand valueContinue to improve, according to the operating announcement, slightly lower the EPS for 2019-2021 to 32.82/38.70/44.76 yuan, corresponding to 34/29/25 times PE, one-year target assessment of 1314-1396 yuan, maintain “Buy” rating.  Risks suggest that the industry’s business climate is changing; the channel expansion is slow; capacity building is not up to expectations;

Top Group (601689) 2019 Third Quarterly Report Comments: 3Q19 revenue and net profit declines narrowed, profit margin improved month-on-month

Top Group (601689) 2019 Third Quarterly Report Comments: 3Q19 revenue and net profit declines narrowed, profit margin improved month-on-month

Matters: The company released three quarterly reports, and the revenue in the first three quarters of 2019 increased by 38 trillion, each time -15.

5%, net profit attributable to mother gradually increased 3.

4 ‰, at least -45%.

Comment: It is estimated that small and medium-sized customers will narrow the decline in revenue in the third quarter.

The company’s 3Q19 single-quarter revenue was 13.

3 ‰, at least -3.

9%, +11.

3%, the previous growth rate of -24% earlier than 2Q19 significantly narrowed.

The company’s major customer Geely sold 280,000 units in June and August, -24% each time, -11% month-on-month, and the number of declines has increased from the previous value of -14%.7%, a year-on-year decrease slightly improved from the previous value of -15%.

It can be judged that the company’s third-quarter revenue may be driven by the second and third-tier customers such as SAIC Autonomous, GAC Autonomous, and SAIC Wuling.

The higher net interest rate is still lower, but it has improved from the previous quarter.

The company’s single-quarter net profit was 1 in 3Q19.

3 ‰, -28% a year, + 34% MoM, the year-on-year growth rate narrowed by -59% earlier than 2Q19.

Net interest rate 9.

9% per year -3.

3PP, +1 MoM.


The increase in net profit margin was mainly due to gross profit margin (26.


5PP, R & D expense ratio (6.

3%) ten years +0.

8PP brings; gross margin increased by 0 from the previous month.

6PP, the expense ratio decreased by 0.

9PP elderly bring improvement.

The company’s 3Q19 fixed asset turnover investment was 0.

38 and 0 of 2Q19.

38 was flat but below 0 in 3Q18.

67, The new production capacity since 4Q18 has brought more depreciation pressure to the company, but the company’s fixed assets at the end of 3Q19 were basically the same as the end of 2Q19, and the pressure no longer increased.

The category expansion and growth path remains unchanged. In 2020, the core focus is on Geely, general sales repair and new orders for chassis products.

The company continues to maintain R & D expenditures that account for more than 5% of revenue. At present, it has become one of the few domestic parts suppliers that can simultaneously develop with international mainstream car companies, and gradually formed three major business lines: 1) Traditional NVH: 2018Revenue of 4.5 billion US dollars (total shock absorption, total interior parts), future growth space comes from internal share increase.

2) Chassis system and lightweight products: 2018 revenue 11.

700 million US dollars, the company has a complete process category, and the product variety is constantly diversified. It is expected to form a stable advantage in large-volume products and customer scale in the future. At the same time, it will further expand to mainstream new energy vehicle companies and expand models.

The company’s mid-term target chassis is 50 ‰ + lightweight 50 ‰ / annual revenue volume, which is about twice the top revenue of 2018.

3) Automotive electronics: 2018 revenue 1.

US $ 300 million, currently mainly for EVP, and smart brakes, smart steering, electronic water pumps and other products under development. It is expected that the value of bicycles in automotive electronics in the future is expected to exceed the current average bicycle 淡水桑拿网 value of NVH, and the profit margin is expected to be higher (higher gross profit margin))).

Investment suggestion: Considering that the production and sales of the automobile industry in 2H19 exceed expectations, we expect the company’s net profit for the period of 19-21 to be 5.

5 billion, 8.
1 billion, 9.
9 trillion down to 4.

8 billion, 6.

700 million, 8.

9 ‰, three years -36%, + 40%, + 32%, corresponding to the current price-earnings ratio of 28 times, 20 times, 15 times.

The company’s PE is estimated to be 30 times the center in the past 4 years and 21 times in the past 2 years. Considering the expected repair of the industry’s sales volume, Tesla’s domesticization progress is faster than expected, giving the company a target PE of 2020, which is 16 times the target price.

0 yuan (11 for the Air Force).

6 yuan), corresponding to 19-21 years PE is 35 times, 25 times, 19 times, maintaining the “recommended” level.

Risk warning: industry sales are lower than expected, new developments exceed expectations, and automotive electronics progress is lower than expected.

Workout Chair Aerobics

Workout Chair Aerobics

If you want to exercise the abdomen, you can sit on the chair, hold the handle of the chair with both hands, try to stretch your feet flat and lift them up. This will exercise your abdominal muscles and thighs, and make your body more perfect.

The abdominal muscles can also be well protected by exercising the abdominal muscles.

“I can’t lift my neck,” “My waist hurts!”

“In the office, such repetitions are often heard.

In fact, the office is also a good place for fitness. Although it has no tennis courts, no running track, and no football goal, it still belongs to a small space of its own.

  If your chair is sturdy, you can grab and hold the back of the chair, keep lifting and lowering your heels. This little exercise will exercise your skeletal muscles and help shape your calves.

  If you want to exercise the abdomen, you can sit on the chair, hold the handle of the chair with both hands, try to stretch your feet flat and lift them up. This will exercise your abdominal muscles and thighs, and make your body more perfect.

The abdominal muscles can also be well protected by exercising the abdominal muscles.
  Lumbar diseases have always invaded office workers. When resting, grab the back of the chair with both hands, kick with one foot, alternate left and right feet, and repeat it several times. It can exercise the waist well and avoid damage to the affected lumbar disease.

  If you want to exercise your bones, stand upright and grab the back of the chair with both hands. Keep your body straight, look up at the ceiling, and keep looking like a moon.

At this time, the body is bent in the reverse direction, which is very good for the spine, and it can also exercise the effect of cervical spine.

Pear cooked food has better moisturizing effect

Pear cooked food has better moisturizing effect

Pears: The moisturizing effect is better after cooking. Pears can moisturize the lungs and relieve cough, but pears are cold. If you eat too many raw pears, you will feel cold, and you can’t eat raw pears when you feel cough caused by cold.

However, if the pears are boiled once, the coldness is removed, the skin of the pears will become slightly bitter, and the effect of drying and moisturizing the lungs is completely released.

The lignin in pear seeds originally belonged to insoluble fiber, but after being heated, it will be dissolved during initialization and can be harmfully injected into the body.

  Recommended-Ingredients for Tremella Pear Sweet Soup: 1 tremella tremella, 1 syrup, 5 grams of wolfberry, moderate sugar.

  Method: Tear the white fungus into small flowers; put the white fungus into the pot and boil it until it is soft and then add rock sugar; cut into pieces of Sydney, wash the wolfberry and continue cooking until the Sydney becomes soft.

Do not use too much wolfberry, otherwise the soup will be slightly sour.

Tremella syrup sweet soup is easy to make. Just take a moment to cook until it is sticky and it will taste delicious.

The characteristics and efficacy of black tea

The characteristics and efficacy of black tea

The dry tea color of the black tea and the brewed tea soup are mainly red, so it is called black tea.

The tea leaves of the tea tree suitable for the production of this product are used as raw materials, and are refined by a typical process such as withering, sputum, fermentation and drying.

  When black tea began to be created, it was called “black tea.”

The black tea undergoes a chemical reaction during the processing, and the chemical composition changes in the fresh leaves are broken. The tea polyphenols are reduced by more than 90%, and the new components of theaflavins and theaflavins are produced.

The aroma substances are increased from more than 50 kinds of fresh leaves to more than 300 kinds, and some caffeine, catechin and theaflavin complexes form a delicious complex, thereby forming black tea, red soup, red leaves and sweet alcohol.Quality characteristics.

  Black tea is divided into small black tea, black tea and red broken tea according to different manufacturing methods.

  The effect of black tea On May 13, 2002, the American Medical Association published a survey of 497 males and 540 females over 10 years. It pointed out that the bones of black tea are strong, and the polyphenols in black tea (also in green tea) inhibit the destruction of bone cells.The vitality of the substance, the amount of polyphenols in various foods is as follows: black tea – 17.

4, green tea – 12.

0, red wine – 9.

6, fresh orange juice – 0.


  In order to prevent osteoporosis in women, it is recommended to take a small cup of black tea every day for a few years.

For example, adding lemon to black tea, strong bones, the effect is stronger, can also add a variety of fruits in black tea, can play a synergistic role.

  The Osaka City University experiment in Japan pointed out that one hour after the incorporation of black tea, the blood flow velocity of the heart was measured to improve, and it was confirmed that black tea had an interventional intervention effect on myocardial infarction.

  American magazines report that black tea has stronger anti-aging effects than garlic head, broccoli and carrots.

  Black tea has some interesting sayings, to provide you with reference: health care: black tea can help digestion, promote near appetite, diuretic, eliminate edema, and strengthen myocardial function.

    Preventing diseases: Black tea has strong antibacterial activity. It can prevent colds caused by viral viruses and prevent tooth and food poisoning, and lower blood sugar levels and high blood pressure.