Master Bao in 2 cottages in Beijing was investigated again

“Master Bao” in 2 cottages in Beijing was investigated again
Sauna, Yewang was informed today that the Beijing Dongcheng District Market Supervision Administration accepted the report of the “Bao Shifu” trademark holder Beijing Baocaisheng Food & Beverage Management Co., Ltd., and recently confronted a number of cottage “Bao Shifu” pastries on Gulou and Gui StreetThe shop was investigated.Law enforcement officials found that the reported multiple stores evenly used the words “Master Bao” on the door, and the words “Master Pastry Bao” and “Master Bao” were also used on the price tags and cake paper cups.After investigation, some of the above stores did not obtain the authorization of the “Bao Shifu” trademark owner, and in March 2018, they used the “Bao Shifu” to engage in business activities. The original Dongcheng Industry and Commerce Branch ordered it to stop in June 2018.Ownership behavior, and confiscation of related commodities, the nominal value of 2 trillion US dollars in the name of the administration, but after the two stores are selected, they still continue to use “Master Bao” to engage in business activities.According to the relevant provisions of the “Trademark Law of the People’s Republic of China”, the Dongcheng District Market Supervision Bureau has ordered it to stop conducting investigations into corrective actions, and then will correct this particular emphasis.It is understood that Beijing Baocaisheng Food & Beverage Management Co., Ltd. obtained the trademark ownership of “Bao Shifu” in 2017, and its approved category is Class 30. The scope of trademark use covers pastries, cakes, bread, filled cakes (snacks), etc.The company has only opened more than a dozen stores in Beijing, and the cottage shop was once more than 300 years.Sauna, Ye Wang Guo Tie Picture Weibo screenshot editor Zhu Fenglan proofreading Li Xiangling

Wuliangye (000858): the pace of reform is expected to change to the qualitative change to maintain buying

Wuliangye (000858): the pace of reform is expected to change to the qualitative change to maintain buying

Event: The company participated in the 2018 shareholders ‘meeting, and the shareholders’ meeting passed the company’s positive changes and continuous development trends.

Investment rating and estimation: Maintain profit forecast, forecast EPS for 2019-2021.

28 yuan, 5.

24 yuan, 6.

17 yuan, an annual increase of 24%, 22%, 18%, currently expected to correspond to PE in 2019-2021 are 23x, 19x, 16x, maintain BUY rating.

We believe that the company has entered a process of quantitative change to qualitative change in 2019, and all departments of the company are undergoing positive changes. The core work of this year is the launch of the eighth generation of Puwu, and at the same time promote channel reform, introduce the control disk distribution model, and digitize.The marketing system, through combing to create a matrix of high-end products to increase the price, and solve the core problem of channel profitability.

At present, a series of actions of the company have been gradually implemented, the cash can be improved step by step, and the new journey of entrepreneurship has continued.

The implementation of reform has entered a critical period of implementation.

We believe that the company’s inherent positive changes have gradually expanded since the chairman Li Shuguang took office in 2017, including personnel adjustments at the production and sales sides, the implementation of the “ten million” plan, the optimization of organizational structure and assessment, and the informatization projects.Advancement, etc., is equivalent to making gradual preparations. The performance beyond the expected performance around the Spring Festival this year to the present, there are external factors of the industry, and it is also a reflection of the process from quantitative change to qualitative change after the measurement of previous measures.

Brand and product revolution.

First and foremost is to reshape and enhance the brand power of Wuliangye. The company has now clarified the product strategy of Wuliangye “1 + 3” and a series of wines “4 + 4”.

The Wuliangye series highlights the core value and value of the top five single products at 52 degrees. The medium and long-term strategic thinking is three dimensions of high-end, fashion, and internationalization. In the short term: 1. To enhance the high-end positioning of Puwu, the company has launched a super high-end image.Product 501 Wuliangye, the 40th anniversary of the reform and opening up and a new era of National Yunchang commemorative wine; 2. Reduce the overdraft of the series of products to the main brand. At the end of last year, the contract with development brands such as PTVIP has been stopped. This product will be compulsorily removed from the market. In the future, brands and bar codes will continue to expand. It is expected that the number of brands of Wuliang will be consolidated to about 45, and the number of bar codes will be replaced to about 350. 3. The market price and inventory level are conducive to the eighth generation.The launch of Pu Wu, the most important job in 2019 is the listing of the eighth Pu Wu. At present, preparations are going smoothly. The off-season approval price has risen to 880-900 yuan, channel inventory is not high, and dealer confidence has increased; 4, Wuliangye series brandsEach has a clear positioning. 1618 is a strategic product that supports Puwu. Low-alcohol wine is the dominant product of Wuliangye. At the end of last year, contract spending on 35 degrees was stopped. This year’s focusAt 39 degrees and 42 degrees, it has become the largest strategic support after 52 degrees and the fifth five. The size standard is already sorting out the price system. It is expected that the size will be gradually reduced in the future.After the eighth generation is launched and the price place is clear, the layout will be repositioned.

Channel model change.

The company structured its organizational structure, that is, 7 major marketing centers replaced 21 core theaters, and introduced a control panel distribution model and an information system.

The market is very concerned about the operability and effectiveness of the distribution of control disks, but we believe that both informatization and the channel model are just tools, and their purpose is to help the eighth generation of Puwu to be successfully listed, and to achieve the transformation of the medium and long-term channel model.Or to meet the needs of future market demand changes.

First of all, channel transformation requires comprehensive improvement of brand and product power for improvement, and secondly, the demand driving force of high-end wine has been converted to the upgrading of mass consumption, which is different from the government affairs drive of the previous cycle, and the company needs to change its sales thinking through the factory.The model of in-depth cooperation between Canadian businesses realizes comprehensive coverage of terminals, service terminals, and control of terminal conversion.

At present, the company’s thinking about how to adjust various parts of its sales, channels, and terminals has been clearly organized, and then it will be implemented and implemented.

We can see that the leadership of the company is very determined, the execution ability has been significantly improved, and the passive acceptance before the channel is gradually transformed into active cooperation and support.

Progress in production reorganization.

The company owns 20 large-scale power generation advantages. This year, it will continue the construction of the first phase of 30 Taotao Chenjiu brewery and the technical renovation of 3 wine storage.

In 2017, the company improved the quality and efficiency of the production side, the overall overall quality rate, and the quality of the wine have improved, maintaining the supply and quality stability of the eighth-generation Puwu and higher-end products.

Corporate governance optimization.

According to the related party transaction announcement in 2019, the amount of related party transactions in 2019 is expected to be 40.

4.5 billion, an increase of only 1.

4%, accounting for 8 of the revenue target.

1%, down by 1 from the actual level of 18 years.

9pct, from 2017, the company’s connected transactions as a percentage of revenue has continued to decline, from 11 in 17 years.

4% fell to the expected 8 in 19 years.

1%, indicating that the company’s sales and procurement are moving in a more market-oriented direction.

The most expressive catalyst: capital prices continue to rise, marketing improvement accelerates core assumptions risks: economic downturn affects 南京桑拿网 overall demand for high-end liquor

Risk capital in the third quarter of heavy storage 7 blockchain chain concept stocks held stock value exceeding 200 billion yuan

Risk capital in the third quarter of heavy storage 7 blockchain chain concept stocks held stock value exceeding 200 billion yuan
In the third quarter, the risk capital has already stored 7 blockchain concept stocks. At the end of the third quarter, the stock market value exceeded 200 billion US dollars. Source: Securities Daily reporter Su Xiangyi and Zhou Shangyi. On October 28, the bulk of blockchain concept stocks swelled and became the biggest focus of the market.More than 70 stocks including Zheda Wangxin, Xinhu Zhongbao and other stocks have reached daily limit.It is noteworthy that among the blockchain concept stocks that have been disclosed in the third quarter report, there are seven capital stocks in the list of the top ten outstanding shareholders of tradable shares. At the end of the third quarter, the total value of the insurance stocks reached 202.4 billion.  According to Oriental Fortune Choice data, there are more than 170 A-shares involving the concept of blockchain.Among them, the blockchain concept stocks with risky capital holdings in the third quarterly report are Ping An Bank, Chuanhua Zhilian, Zhuoyi Technology, Aoma Electric, Huayu Software, BGI, and Industrial and Commercial Bank of China.  According to the “Securities Daily” reporter, in addition to the layout of the secondary market, insurance companies have also strengthened the application of blockchain.For example, Li Xuefeng, CTO of ZhongAn Technology, told a reporter of Securities Daily, “In the future, the focus of Zhongan Blockchain will focus more on the exploration of insurance.Blockchain, smart contracts will have a major impact on insurance sooner or later, we have begun to penetrate from simple, marginal business, from early health insurance policy deposits, to smart contract claims efficiency, to policy tokens, hopeMaster technological innovation, release manpower, improve efficiency, reduce friction and loss of transactions between collaborations, and create a truly new insurance.”At the end of the second quarter of the second quarter, the insurance capital held 20 blockchain concept stocks. The current quarterly report of the related stocks of the blockchain concept stocks resumed and replaced, but from the perspective of the blockchain concept stocks that have re-disclosed the third quarterly report, there are 7Individual stocks appeared in insurance companies.It is worth noting that Huayu Software and Industrial and Commercial Bank of China, the two blockchain concept stocks, were newly held by two insurance companies in the third quarter of this year.  Specifically, among the two new blockchain concept stocks newly added in the third quarter of this year, “Taikang Life Insurance Co., Ltd.-Investment Link-Industry Configuration” newly entered 杭州桑拿洗浴会所 Huayu Software 983.830,000 shares, accounting for 1 of the company’s outstanding shares.38%; “Taiping Life Insurance Co., Ltd.-Traditional-General Insurance Products” Xinjin Holdings Industrial and Commercial Bank of China 2.3.7 billion shares, accounting for 0 of the company’s outstanding shares.09%.  In addition to the new holdings, in the third quarter of this year, Ping An Bank and ICBC increased their holdings of two blockchain concept stocks.Among them, the largest increase in the number of shares held by insurance capital was Ping An Bank.  In fact, at the end of the second quarter of this year, the number of individual stocks in the blockchain concept chain held by insurance capital was divided. In addition to the above 7 stocks, there were 13 capital stocks among the top ten shareholders of tradable shares, including East China.Asahi Blue Sky, Agricultural Products, Jinglan Technology, * ST Gao Sheng (right protection), Chuanhua Zhilian, Monternet Group, Ai Shide, Jihong Shares, Wanda Information, New Cape, Handing Yuyou, Haoyun Technology, Nanwei Software.Among these 20 stocks, insurance capital reduced its holdings of 6 stocks at the end of the second quarter, added 4 new stocks, and increased its holdings by 1 stock.  Judging from the enthusiasm of the insurance capital for the layout of the blockchain, some members of the investment department of medium-sized insurance companies told the reporter of the Securities Daily that insurance funds are long-term funds, and they will not short-fry the concept of the blockchain.Value and growth potential.  Guotai Junan believes that the market has rebounded under the driving force of technology stocks, and the trading volume has been significantly enlarged. It is a short-term concern whether the popularity of blockchain concept stocks can be maintained.The continuous listing of most block-chain listed companies in the next two days will determine the continuity of this round of market.Therefore, for investors who have already boarded the car, they can embrace the rebound and hold their shares to rise, while for off-market investors, it is recommended to be cautious to chase high, and blockchain concept stocks will differentiate.  China Everbright Securities analyst Zhao Xianghuai believes that “blockchain technology has received more attention and non-bank financials have directly benefited.The core potential of the blockchain lies in the improvement of the characteristics of the distributed database and the improvement of security and efficiency. The financial industry will first benefit from the development of blockchain technology.一方面区块链技术提高信息透明度,解决当前‘信息孤岛’问题,解决单靠某一个征信机构的数据无法将某一个客户的征信完全展现出来的问题,降低片面决策产生的风险,提高The operation efficiency of transaction-based non-bank institutions reduces potential risk losses and truly enables transactions; blockchain technology improves the speed of completing transactions, clearing and settlement, and reduces labor costs; regaining the air of blockchain technology is also a new financial development processThe inevitable result of the continuous development and improvement of fintech in China is required.Financial institutions need to use new technologies to improve service efficiency, improve risk control systems, integrate data from multiple parties, and finally complete digital transformation and upgrading. Blockchain can help financial institutions improve efficiency in many ways.Traditional financial institutions are eager for technological empowerment. At present, many cases of cooperation between large financial institutions and fintech companies have emerged in China.It is recommended to pay attention to the non-bank institutions actively deploying fintech.”Listed insurance companies have an overweight layout of blockchain applications. What attracts people’s attention is that insurance companies hold the blockchain chain stocks in the secondary market, and at the same time apply vertical strengthening of the layout of the blockchain.  Among them, Zhongan Insurance’s related blockchain applications landed earlier.Li Xuefeng said that Zhongan Insurance has established a blockchain team since 2015 to reserve core technologies, explore the deep integration of blockchain technology and industrial innovation, and is currently submitting 129 blockchain-related patents.As of now, ZhongAn Insurance has a master’s degree of more than 50%, and engineers and technicians account for 54.5% professional team of blockchain.  Li Xuefeng said that in response to the widespread problems of electronic policy storage efficiency and claims privacy protection of user privacy in the insurance industry, Zhongan Technology launched a titanium distributed storage product of titanium empty cabin and titanium certificate.Titanium empty warehouse is a distributed encrypted storage product that guarantees data security; and Titanium deposit certificate uses Zhongan Chain smart contract, distributed storage, cryptography and other technologies developed by Zhongan Technology to securely store and store the document.  ”In the future, Zhongan Technology will continue to break through blockchain technology, including contract engines, contract languages, consensus algorithms, ledger structures, ownership agreements, computing models, etc., to solve blockchain scalability, security, and centralization issues; meanwhile,Strengthen the combination of blockchain and cloud computing, and expand the in-depth exploration of blockchain SaaS in vertical domains. The chain includes automated deployment, routines, management, dynamic queue addition, chain monitoring, operation and maintenance, etc .; traditional cloud computing in the form of middleware.The microservice architecture is supplemented by its uncorrectable modifications, polycentricity, self-certification innocence, and its own auditing features.Li Xuefeng said.  In addition to Zhongan Insurance, Ping An of China also has an early layout in the blockchain field.In the field of supply chain finance, Ping An Finance OneAccount launched the “Fukin ALL-Link System”.In the field of investment, Ping An Finance also released the ALFA Smart ABS Platform and the ALFA Smart Contract Cloud Platform.In the field of cross-border transactions, the Tianjin Port Blockchain Verification Pilot Project established by Ping An Finance One Account Connect has realized the verification and application of blockchain technology in cross-border trade, cracked the fragmentation of cross-border trade data, and is difficult to verify.Industry pain points.  Ye Wangchun, chairman and CEO of Financial OneAccount, said that blockchain technology is considered to be the most disruptive core technology injected after steam engines, electricity, and the Internet.Due to the characteristics of uncorrectable correction and traceability, the blockchain can realize the transfer of trust mechanism in the order of ensuring the authenticity of the data and the security of the data.Trust in automated technology.In 2018, the scale of Ping An Blockchain’s first-level transactions exceeded 20 trillion yuan.  In addition, as early as last August, CPIC and JD Group officially launched the nation’s first electronic project for replacing special bills using blockchain technology, and it was applied in China Pacific’s “Internet Procurement (e-Cai) Platform” pilot application.

Po Laiya (603605) 19 Interim Review: Deduct non-net profit for ten years + 39% of e-commerce and major brands perform well

Po Laiya (603605) 19 武汉夜生活网 Interim Review: Deduct non-net profit for ten years + 39% of e-commerce and major brands perform well

A Brief Comment on Performance 1H 2019 The company achieved revenue 13.

28 ppm, +27 a year.

48%; net profit attributable to mother 1.

73 trillion, ten years +34.

49%; deduct non-attributed net profit1.

710,000 yuan, +39 for ten years.


Among them, Q2 single-quarter company achieved revenue 6.

860,000 yuan, +27 a year.

39%, the growth rate is -0.

20pct; Q2 achieved net profit attributable to mother 0.

820,000 yuan, +39 for ten years.

39%; net profit after deduction is 0.

80 trillion, +44 for ten years.

31%, a growth rate of +8 from Q1.

93 points.

Operational analysis The performance of e-commerce channels was strong, and offline channels grew steadily: 1H19 company’s e-commerce channel revenue6.

1.1 billion, accounting for 46.

01% for one year +48.

08%, of which e-commerce direct sales accounted for 47%.

30%, e-commerce distribution accounted for 52.

70%; CS channel revenue 5.

2.5 billion, accounting for 39.

57%, ten years +11.

70%; Supermarket revenue is 0.

9.5 billion, accounting for 7.

17%, +13 for ten years.

10%; single brand store revenue is 0.

7.4 billion, accounting for 5.

59%, ten years +10.


; Other channel revenue is 0.

2.2 billion, accounting for 1.


Brand upgrades and new product launches, rapid growth of main brands: 1H19 main brand Polaia revenue 11.

7.4 billion, accounting for 88.

50%, +26 per year.

28%.In the first half of 2019, based on the DNA of the brand “Ocean”, four new product series were launched: the essence family, including nicotinamide whitening essence and collagen line carving essence; deep-sea moisturizing yeast solution; polarized special repairing mask; printed color barHa insbaha makeup foundation and eyeshadow palette.

Youzilai achieved zero revenue.

5.3 billion, accounting for 3.

99%, ten years +10.


The revenue of other brands was 1 trillion, accounting for 7.

51%, +53 per year.


Skincare has a solid foundation, and new makeup categories have grown rapidly: 1H19 skincare revenue 12.

50,000 yuan, accounting for 90.

83%, ten years +27.

81%; Beauty (makeup) revenue was 0.

3.9 billion yuan, accounting for 2.

94%, +209 per year.

78%; cleansing revenue is 0.

8.3 billion, accounting for 6.

23% per year -2.


1H19 combined short-term gross profit margin +3.

6pct, the sales expense rate is +1 for half a year.

77pct, net interest rate +0 per second.

68 points: 1H19 gross margin was 65.

78%, the initial increase in gross profit margin is the increase in the proportion of e-commerce channels, and the proportion of direct e-commerce in e-commerce channels has increased; the proportion of high-margin products such as lotions and essences has increased.

Selling charges are priced at 39.

40%, the reason for the increase is to cooperate with the promotion of new products and the creation of explosives, and expand advertising.

The management expense 厦门夜网 ratio (including R & D expenses) is 8.

90%, ten years +0.

At 92pct, the company’s gross profit margin increased by more than the expense rate end, and the net profit attributable to the parent decreased by +0.

68pct to 13.


Investment recommendations Looking forward to 2019, the company’s multi-brand + multi-category + multi-channel matrix layout is worth looking forward to.

2019-2021 predicts that the company’s EPS will be 1.

92, 2.

41, 2.

85 yuan, +34 for ten years.

81%, +25.

29%, 18.

25%, PE corresponding to the current market value is 40, 32, 27 times, maintaining the buying level.

Risks suggest that new brand or category development is less than expected, market competition is intensifying, consumption growth is gradually increasing, and channel structure is changing

Shandong Medicine Glass (600529): Continue to grow steadily on a high base and start to expand production capacity of a class of molded bottles

Shandong Medicine Glass (600529): Continue to grow steadily on a high base and start to expand production capacity of a class of molded bottles

Core point of view: In the first three quarters, operating income increased by 12 per year.

29%, attributable net profit increases by 30 per year.

01%, after deducting non-attributable net profit increases by 27.

82%; in the third and third quarters, operating income increased by 16 each year.

27%, the attributable net profit increases by 29 per year.


95%; continued to achieve rapid growth under the high base of attributable net profit in the second half of last year.

Under the trade friction, the main business still maintained a steady growth, and the trading business brought disturbance.

The company’s third-quarter operating income has grown by 16 per year.

27%, significantly higher than the first and second quarter (10 respectively.

37%, 10.

42%); but gross margin was 36.

07%, down 1 from the previous month.

65pct, down by 1 every year.

27pct; we think it is mainly due to the rapid growth of the trading business. The company’s trading business grew 21% in the first half of the year, accounting for 12% of its revenue, while the gross profit margin was only 4.


Excluding the impact of the trading business, we believe the company’s main business has maintained steady growth.

The volume of first-class molded bottles continued to increase, and the company accelerated the expansion of the capacity of first-class molded bottles.

The sales of first-class molded bottles have accelerated this year. Recently, the CFDA has publicly solicited the “Technical Requirements for Consistency Evaluation of Quality and Benefits of Chemical Injectable Generic Drugs (Consultation Draft)” and “Quality and Efficacy of Listed Chemical Injectable Generic ProductsConsistency Evaluation Statement Data Requirements (Consultation Draft) “comments, the consistency evaluation policy for injections will be accelerated, which will be conducive to the volume sales of first-class bottles in the future; against this background, the company will expedite the expansion of the production capacity of first-class molded bottles in a timely manner.The $ 1 trillion mold bottle workshop is ready for future demand.

R & D expenses increased, financial expenses increased negatively, and capital expenditures expanded.

In the first three quarters, research and development expenses increased by 81% each year (in the third and third quarters alone, annual growth was 114%), accounting for 4% of revenue.

88%, we judge the company’s R & D expenses / income has reached a higher range.

The financial expenses 重庆耍耍网 in the first three quarters were 16.9 million yuan, of which the financial expenses in the third quarter were 12.42 million yuan. The company’s short-term borrowings and long-term debt were replaced by zero, and the monetary funds and transactional financial assets were about 1.5 billion US dollars.

Capital expenditures (cash paid for the purchase and construction of fixed assets) continued to expand. Capital expenditures increased by 146% in the first three quarters, and capital expenditures / depreciation reached 4 times in the first half of the year (only 1 in 2012-2017.

2 times). Due to the stability of the downstream industry and the company’s stable business style, the company’s long-term lack of capital expenditure has led to the slow growth of revenue in the past. The acceleration of capital expenditure is a leading signal for revenue growth.

Investment suggestion: Maintain “Buy” rating.

On the whole, the downstream demand for glass medicine packaging materials is stable, and it is not affected by the macroeconomic cycle. However, the high level of molded bottles entering the door has a stable supply layout (Shandong Pharmaceutical Glass is the only company with a wide moat). The company’s consolidated pricing capacity, 2017 Finally, a structural price increase began, and financial data showed significant results.

At present, there are still a large number of varieties in the company’s molded bottle products, and the average price tends to increase in the medium term. The upgrading of industry demand and the promotion of injection consistency evaluation policies will lead to an increase in the penetration rate of first-class bottles and barriers to the production of first-class bottlesHigh, the company will fully benefit and become the company’s medium-term growth point; in addition, brown bottles, butyl rubber stoppers and other products still have coordinated development, expansion and promotion will bring continuous growth expectations.

We expect the EPS for 2019-2021 to be 0.



23 yuan, with reference to the estimates of comparable companies, considering the company’s medium-term growth space growth and the company’s performance growth rate in the next two years, giving the company a 30 times 2020 price-earnings ratio, a reasonable value of 29.

70 yuan / share, maintain “Buy” rating.

Risk reminder: the profit of the squeezed packaging material purchase with volume purchase, the progress of the injection consistency evaluation is expected gradually.

Great Wall Motor (601633): 1Q19 sales increase against the trend, gross profit margin increased month-on-month

Great Wall Motor (601633): 1Q19 sales increase against the trend, gross profit margin increased month-on-month
Event: The company released the first quarter report of 2019, and the company achieved revenue of 226 in 1Q19.300 million (-14.9%), net profit attributable to mother 7.700 million (-62.8%), net of non-attributed net profit 6.400 million (-69.7%). Comments: 1. Sales volume increased against the trend and new products contributed a significant increase. In 1Q19, the company sold 28 vehicles.40,000 units (+10.6%), Haval brand 20.60,000 vehicles (+14.1%), of which H6 + M6 sold a total of 12.90,000 units (-6.6%), the new models F5 and F7 are sold 1 respectively.10,000 and 40,000 units, WEY brand sales 2.70,000 units (-38%), pickup 3.60,000 units (+ 15%), Euler brand 1.40,000 new energy vehicles, a total of 23 SUVs.30,000 units (+4.1%).The sales volume of the automobile industry in the first quarter of 19 declined by 11.3%, SUV lubricant 14.2%, the company’s turnover has grown against the trend, of which new products have contributed significantly to the company’s turnover growth, and its city share in the SUV field has 北京桑拿洗浴保健 increased by 1.8 digits reach 10.2%, reflecting the company’s strong product power. 2. Pickup trucks and new products will jointly increase the company’s gross profit margin, and the follow-up company will benefit from the substitution to reduce the company’s gross profit margin to 15 in 1Q19.8%, a month-on-month increase of 1.4 percentage points. We believe that the reason for the increase in gross profit margin is the high gross profit margin of new products such as the F series. The new product has led to an increase in the overall gross profit margin. The increase in pickup truck sales due to the increased gross profit margin has also driven the increase in gross profit margin.Subsequent launch of new products and an increase in the proportion of pickup trucks, the company’s gross profit margin is expected to continue to improve.The company’s selling expenses were 1 billion yuan (10.8%), management expenses and R & D expenses were 400 million yuan (+24.7%) and 4.300 million (+41.5%), the increase in employee wages is part of the reason for the increase in management costs.Since April 1st, the expansion has been reduced from 16% to 13%. The company’s products are relatively stable, and the company will benefit from the reduction in replacement. 3. The rapid development of new energy products. The overseas market is steadily advancing. In March, the sales volume of Euler products has exceeded 7,000. The company’s new energy products have developed rapidly. The subsequent transfer of R2 will add momentum to the company’s new energy vehicle growth.After the supplementary decline, the company will strive to achieve a balance between profitability and sales through price adjustments. It is expected that the company’s new energy points in 2019 are expected to be positive points.1Q19 company exports vehicle 1.30,000 units (+ 20%). The market in South Africa, Russia, the south, and Central Europe has grown. The Russian factory has gradually developed and started production in May and June. By then, it will further promote the company’s overseas sales. 4. Profit forecast and investment advice The company readjusted its product structure, making the product layout more clear, and the gross profit margin of new F-series products will be higher, which will jointly promote the company’s gross profit margin with pickup trucks.At present, the company’s new energy vehicles are developing rapidly. It is expected that the company’s new energy points will be positive in 2019. The steady development of overseas markets will open up more room for growth for the company.Expected 19 years?21-year net profit was 46.1 billion, 505 billion, 53.200 million, maintaining “Prudential Recommendation-A” rating 5, risk warning: the company intensifies its promotion efforts; new car sales fall short of expectations

Watch out for 12 lifestyle items that are more dangerous than lead


Watch out for 12 lifestyle items that are more dangerous than lead

As long as they are parents who take care of their children’s health, I am afraid that they will avoid three points of lead poisoning.

However, according to US media reports, in fact, there are many daily necessities in life, which are more dangerous than lead paint.


Amalgam fillings Do not use amalgam fillings (also known as mercury fillings) to fill your child’s teeth, otherwise once the baby replenishes the mercury vapor or even swallows it, it may cause mercury poisoning.


Why are antibacterial soaps antibacterial?

Because it contains a small amount of toxic substances.

It is also harmful to the human body, especially for children whose nervous system is developing.

Therefore, to avoid all suspected “antibacterial” products, it is best to use natural soaps to allow your child’s immune system to function and kill general bacteria.


Sports drinks Just because of the word “sports”, some parents think that the drink is healthy, and they think it can help potassium supplementation.

In fact, the chemical sweeteners contained therein are harmful.

Drinking water is the smarter way.


Almost all over-the-counter medicines have some toxicity.

Many children’s medicines are more toxic than adult medicines because they increase the content of chemical sweeteners and artificial colors.


Sunscreens in suntan lotions Sunscreens in many suntan lotions can cause skin cancer because they contain many toxic substances.

What’s more serious is that the sunscreen blocks ultraviolet rays and prevents the skin from making vitamin D normally, which affects bone growth.


Children with processed milk under 10 years of age develop heart disease, in part because of the processed milk they drink.

Because some of these processed milks contain pesticides and other chemicals.


Pure snacks are extremely unhealthy, not only because these foods are often fried, but also because they contain additives, monosodium glutamate, and pigments.

Strangely, many parents reward their children for good performance by buying unhealthy fast food for them.


Laundry detergents There are many toxic substances in laundry detergents, and the fragrances are carcinogens.

It is also harmful to the environment, as well as to children’s health.


Flame retardants On new children’s mattresses, flame retardants are often sprayed. They can be easily absorbed by children’s skin and damage their immune and nervous systems.

In addition, many garments, carpets, and blankets now also contain flame retardants.


Carbonated drinks, which can cause diabetes and obesity, also contain phosphoric acid, which can damage teeth and cause osteoporosis.

In addition, children who drink carbonated drinks often are more dangerous, because they contain chemical sweeteners that are linked to poor learning ability and neurological disorders.


Air fresheners Air fresheners contain carcinogens that can cause high blood pressure and other respiratory diseases.

If you know your child’s health, use orange peel instead.

12 Synthetic Vitamins Some children’s special vitamins are artificially synthesized, and some artificial colors and chemical sweeteners are often added.

Therefore, avoid buying cheap synthetic vitamins for children, and choose products with guaranteed quality.
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Popular psychological decompression

Popular psychological decompression

France-sports outgassing.

  An emerging industry has emerged in France: the Sports Ventilation Centre.

Experts from the center instructed how to yell, twist towels, hit pillows, slap sofas, etc., to do a lot of exercise “decompression degassing exercises.”

In these sports centers, sponges are covered up, down, left, and right.

  UK-Watch horror movies.

  Experts in the UK have suggested that people feel pressured at work because of their sense of responsibility for the work.

What they need at this moment is encouragement and uplifting.

So with relaxation techniques to overcome stress, it is better to motivate yourself to face stressful situations, such as watching a horror movie.

  Europe and Japan-sniffing sesame oil.

  In Europe and Japan, an aromatherapy is popular.

In particular, some girls are drunk with these sesame oils extracted from fragrant grass or other plants.

It turns out that sesame oil can stimulate or calm nerve cells in the limbic system of the human brain through the olfactory nerve, which is very effective in relieving nervous tension and relieving psychological stress.


  When food comes in contact with the skin of the mouth, it can send sensory information to the brain’s center through the skin nerves, so as to produce a kind of consolation, which allows people to eliminate internal stress through contact with objects in the body; instead, when the mouth contacts food and chewsWhen swallowing and swallowing, you can divert people’s attention to tension and worry, and create another excitement zone in the brain feeding center, so that the tension and excitement zone is suppressed, and finally the mind and body are relaxed.

What to eat for breakfast, healthy weight loss, 10 kinds of breakfast, easy to gain weight

What to eat for breakfast, healthy weight loss, 10 kinds of breakfast, easy to gain weight

What to eat for healthy weight loss?

Many people feel that they don’t eat much fat. The first thing may be because they have eaten too much high-conversion food for breakfast.

The following 10 types of breakfast are extremely unhealthy and will make you fat, and eat it carefully.

  What to eat for healthy weight loss?
It’s getting fatter and it’s all about breakfast!

Really did not scare you, do not believe you see: 1.

Oatmeal doesn’t know if there are too many movies in Europe and America. Many people think that the milk-flavored cereal is very healthy, and it can also ingest a sufficient amount of various elements.

However, if you choose a fruity or “sweet” cereal with too much sugar, then you are not fat, who is fat?


Yogurt yogurt is a must-have item for many people, but some people love the “low-fat” or “sugar-free” yogurt for weight loss, but it is really dangerous!

If your breakfast is just a yogurt, then such a “healthy” yogurt can’t really bring you enough nutrients and energy, and faint on the subway!


Bread If your bread is not a toast or a baguette that is “extremely simple”, then be careful!

Because those delicious sweet breads that turn over the light, although your saliva will break, too much sugar will make your weight rise and rise.


Many people in energy bars can only squeeze the breakfast time in order to sleep late, so the “new star in the breakfast world” – the energy bar becomes the life-saving straw of these “sleeping stars”.

However, however, but. since it is an energy bar, then the sugar, calorie, ah, speed change is definitely indispensable, so why give up the delicious steamed buns, choose such a “non-fuel-efficient lamp”!


Fruit juice is full of vitamins, feels a cup of belly, good skin, good resistance, everything is fine!

However, are you drinking a bottle of juice that has a shelf life of several months?

If so, please relax the sale of preservatives and really no nutritious “100% juice”!

Dear, still eat a fresh fruit or use their own fresh squeeze!


The hardships of the leftovers packed are the traditional virtues of the Chinese nation, but the choice of the leftovers that were mixed with friends yesterday may not be a sign of cherishing life.

After a night, those delicious leftovers have already exceeded the nitrite limit, so it is not necessary to explain too much!

Moreover, is it too arrogant to eat boiled fish or spicy pot in the morning?


Immediately whether it is M or “opening vegetables”, now the main is a healthy breakfast.

Looking at the actor who didn’t wake up in the advertisement, after eating it, “the chicken blood is on the upper body”, you are not also hypnotized, want to hurry up to a beggar?

Please do not!

If you put the crispy potato cake on a napkin and look at the oil-soaked paper, you know why the editor would have a disgusted face.


Coffee looks at the long queues in the mornings of various coffee shops, and knows how much the “fairy fairy” of coffee is caught.

Refreshing can also lose weight, feeling that this is simply the most amazing food in the world.

Although many people even stunned a cup of black coffee on the commuter bus, they plucked up 2 or 3 milk boxes and thought they would be better.

However, I hope that your body can absorb the chemicals in these fat partners.

The food on the side of the roadside pavilion is delicious, but have you considered the waste oil?
Take a look at the “Yangshengtang” or the online exposure video, see if you dare to take the “rope” adventure.

It is strongly recommended that you go to a convenience store or a large chain restaurant for breakfast. If you don’t have one, you can also learn to make your own breakfast at home!


Mother’s breakfast, you might say: How good is my mother’s breakfast!

The kitchen cooking system is very healthy, and you can have a hot breakfast. It’s just in paradise!

However, mothers generally let you “eat more!”

Eat more!
“And then as a dutiful son, you will obey, then you will eat more, and then you will be fat!”


Harm of online job search

Harm of online job search

Race against the clock like a test through a number of companies to apply for the job to professional recruitment sites, candidates must first enter their own education, internship, reward and other information in the standardized system of these sites, only through the “online screening”To receive an invitation for a written test or interview.

  However, in order to ensure the security of information, many “web application” pages have a time limit, and some stay on a page for more than 15 minutes will be automatically “kicked out” by the system.

Xiao Wang from the Shanghai Jiaotong University Telecommunications College told reporters that he felt that “Internet application” is like a tense examination. Some companies even need detailed personal information. There are also many open-ended questions that need to be filled out in a few minutes.It’s really not easy.

However, there are also brains, because the answers to the open questions set by various companies can be applied to each other. Experienced students will write the answers in the document in advance, as long as they are copied.

  Somehow kicked out, but many graduates have expressed doubts about the fairness of the “Internet application” screening process.

“My classmate’s experience is almost the same. Why can he enter the written test and my name is unknown?

“I heard that if you haven’t won a scholarship, as long as you fill in that column with ‘no scholarship’, you will be searched by keywords and you will pass the level smoothly.

“” It is OK to write ‘pass’ in the sixth grade of English. If you write ‘high grade’, it may be screened out.

It is reported that, in contrast to the keyword screening of “I don’t recognize people,” there are also company resume screenings based on this rating.

For example, more than two months of internship experience can get 2 points, and the longer the point value is.

What is even more strange is that the experience of student cadres is also converted into scores according to grades.

There is also a certificate in English, and 4 points after passing Level 6, and only 2 points for Level 4.

The academic performance ranking also needs to count points. Those in the top 10% can get 8 points, and those in the top 10% to 20% can get 4 points, which will gradually decrease in the future.

  Suffering from “refreshing obsessive-compulsive disorder” I’ve been ‘refreshing obsessive-compulsive disorder’ these days. I refresh my e-mail every five minutes, for fear of missing important notices.

“A fresh graduate complained.

Written examination notices for online job applications are often delivered via email, but the sending time and receiving time are affected by various systems or mailboxes and cannot be synchronized. This has caused many worried job-seeking students to “bring up” the habit of checking their mailboxes frequently.Get the long-awaited “pass”.