Is the script a coincidence?S9 theme song successfully predicted the final four

Isthescriptacoincidence?S9themesongsuccessfullypredictedthefinalfour
ThelistofthetopfourplayersintheLeagueofLegendsS9GlobalFinalswasreleased,namelytwoChineseteamsiG,FPX,SouthKoreanteamSKTandEuropeanteamG2.Intheglobalfinals,thetopfourteamsalladvanced3-1.TheofficialglobalfinalsthemesongMVispresentedintheformofanimation,andthisyear’sthemesongMVisthefirsttimetoinviterealpeopletoparticipateintheshooting.Coincidentally,thisshootinginvitediGteammid-listSongYijin(ID:Rookie),SKTteammid-listLiXianghe(ID:Faker),andG2teammid-listLasmusWinter(ID:Caps),andAllthreeteamssuccessfullyadvancedtothesemifinalsoftheS9WorldFinals.SongYijinofiGteamappearedintheMV.VideoscreenshotInaddition,thethemesongofthisyear’sGlobalFinalsiscalledNirvana,andtheEnglishnameisphoenix,whichhappenstobethemeaningofPhoenixNirvana,andtheonlyteamFPXlogothatdoesnotappearintheMVisthePhoenixofNirvanaRebirth.Accordingtotheusualpractice,thethemesongoftheGlobalFinalswillbereleasedbeforeOctober1st,butthisyearitwaslaunchedafterthefinalsoftheS9WorldFinalsonOctober9th,anditoncedissatisfiedfans.Thethemesongoftoday’sworldgamehasbecomethe”biggestpredictor”,andthetopfourteamshaveallbeen”spoiled”inadvance.IntheAirForce,severaliconiccharactersalsoappearedintheS8themesong”ClimbingthePeak”:PerkzofG2,JanePrideofRNG(ID:Uzi)andLiXiangheofSKT.ButlastyearthechampionwastakenbyiG,SKTdidnotentertheWorldChampionship,theRNGquarterfinalswereeliminated,andthebest-performingG2alsostoppedinthequarterfinals.EditorZhangYunfengproofreadingHeYan

[Efficacy and role of Poria porridge]_May_Benefits

銆 愯 鲜 鑻 撶 播 镄 姛 姛 叁 Patent patent_ 护 銆 慱 鐩 婂 BOR
鑼嫇绮ョ殑钀ュ吇浠峰€兼槸寰堥珮鐨勶紝鍙f劅涔熺浉褰撶殑涓嶉敊锛岃€屼笖鏈夊姪浜庝績杩涙秷鍖栧拰鍚告I ‘m afraid that I ‘m afraid that the chains will be different, and I ‘m afraid that you ‘ll be afraid of you.㈡灒鏄彲浠ヨˉ鍏呭厓姘旂殑锛屽悓鏃跺張鑳藉鍔犳皵琛€锛屽鏋滆寰楀懗閬撲笉鏄偅涔堝ソ鍠濈殑璇濓紝鍙互鍦ㄩ噷闈㈠姞涓€浜涚孩绯栵紝鍥犱负绾㈢硸鑳藉鍔犵儹閲忥紝鍚屾椂鏇村彲浠ユ粙琛ユ皵琛€銆傝彍鍝佺壒鑹蹭笁鑻忛暱瀵跨鏂?”Gong  嫇 琪?姝よ嵂绮ユ槸瀹嬩唬鏂囧瀹惰嫃杞肩殑寮熷紵鑻忚緳鍙戠幇鐨勩€傝嫃杈欏皯鏃跺鐥咃紝澶忓垯鑴句笉鑳滈锛岀鍒欒偤涓嶈儨瀵掞紝涔呮湇鑽笉鎰堛€備竴娆★紝浠栧湪鍜屾湅鍙嬩氦璋堜腑寰楃煡锛岀粌姘斿姛銆侀鑼嫇鍙不姝ょ梾銆備簬鏄粬鎸夌収鏈嬪弸鎵€璇寸殑鍋氫簡涓€骞达紝鏋滅劧鐥婃剤浜嗐€傛鍚庯紝浠栬鐪熺爺绌躲€婄鍐滄湰鑽夌粡銆嬬瓑鍖诲钁椾綔锛屽苟鍒朵綔浜?Gong  嫇 琪?銆傚悗鎶婃鏂瑰憡璇夊叾鐖惰嫃娲点€佸叾鍏勮嫃杞硷紝鍏ㄥ鏈嶇敤銆傜畝浠嬨€愭潵婧愩€戞皯闂存柟銆愬埗浣溿€戝厛灏嗙孩鏋f俯鐏叜鐑傦紝杩炴堡鏀惧叆绮崇背绮ュ唴锛屽姞鑼嫇绮夐€傜敤浜庢參鎬ц倽鐐庛€佽劸鑳冭櫄寮便€佽吂娉汇€佺儲韬佸け鐪犵瓑鐥囥€愮敤娉曘€戞瘡鏃ユ湇2娆★紝鍙厡鍔犵孩绯栥€傚仛娉曞彇鑼嫇15鍏嬶紝鍚岀渤绫?0鍏嬬叜绮ワ紝姣忓ぉ1鍓傦紝娓呮櫒绌鸿吂鏈嶃€傝惀鍏讳环鍊艰尟鑻撴€х敇銆佹贰銆佸钩锛屽綊蹇冦€佽劸銆佽偩缁忥紝鍙埄姘存笚婀匡紝鍋ヨ劸瀹夌锛屽叿鏈夎緝寮虹殑鍒╁翱浣滅敤锛岃兘澧炲姞灏夸腑鐨勯捑銆侀挔銆佹隘绛夌數瑙h川鐨勬帓鍑恒€傛澶栵紝杩樻湁闀囬潤鍜岄檷浣庤绯栫殑浣滅敤銆傚彲浠ョ紦瑙e洜鑲ヨ儢銆佸钩鏃ラギ椋熶笉鑺傚鑷寸殑鐥涢锛屾垨鑰呭眬閮ㄨ倢鑲夈€佸叧鑺傝交寰殑鐤肩棝銆傚彟澶栬繕鍏兼湁缇庡浣滅敤銆傛槸涓棦绠€鍗曞張鏈夎嵂鐢ㄤ环鍊肩殑鑶抽銆傞鐗╃浉鍏嬬渤绫?Bing Sufeng Fengxuan?”绮崇背涓嶅彲鍚岄┈鑲夐锛屽彂鐦ょ柧銆備笉鍙拰鑻嶈€抽锛屼护浜哄崚蹇冪棝銆?娓吢风帇鐩傝嫳:”鐐掔背铏介锛屾€х嚗鍔╃伀锛岄潪涓瘨渚挎郴鑰呭繉涔嬨€傝尟鑻?鑼嫇鎭剁櫧鏁涳紝鐣忕墶钂欍€侀泟榛勩€佸湴姒嗐€佺Е鑹姐€侀緹鐢诧紝蹇岀背閱嬨€?

[How is the fried pork head meat delicious?】 _Family Practice_Production Method

銆 愮 尓 澶 Looking for a pickaxe 咝 箞 铣 掠 擆 杆  纻 銆 慱 瀺 淺 forging 氭 硶 Father’s pot 氭 硶 _ 鍒 多 綔 珂 Regulatory
You are the only one who has a lot of troubles. You have a good time, but you have a lot of troubles. It ‘s a good idea to talk about it. It ‘s a new idea. It ‘s a good idea.惀鍏讳环鍊奸潪甯搁珮锛屾瘮濡傚瘜鍚紭璐ㄨ泲鐧斤紝鍙﹀杩樻湁鑶抽绾ょ淮銆佽儭钀濆崪绱犮€佺淮鐢熺礌c銆佹牳榛勭礌绛夌瓑锛岃繖浜涜惀鍏诲浜轰綋鍋ュ悍閮介潪甯稿ソ锛屽コ鎬у悆鐚ご鑲夊彲浠ユ粙闃存鼎Do you want to get married? Ti 庡  marriage marriage : 姼 笅 闱  粙 The rugged 琰  ご inlaid out 揑 揂 珂珂 珆?Quitting, arranging, arranging, arguing, litigating, arguing, litigating, arranging, arranging, arranging, 300, arranging, arranging, arranging, arranging, arranging, arranging, arranging, arranging, arranging, arranging便€佸懗绮俱€佺硸銆侀叡娌广€佽荆妞掓补鍚勯€傞噺鍋氭硶1銆佸皢鐔熺尓澶磋倝鍒囨垚鐗囷紝钂滃垏鐗囷紝What’s the matter?銆侀攨鍐呮敞娌圭儳鐑紝鍔犺挏鐗囥€佽荆閰辩垎棣欙紝鏀惧叆鐚ご鑲夈€佺瑡鐗囥€侀潚绾㈡鐓哥倰锛屽姞璋冩枡锛屾穻绾㈡补鍗冲彲銆?Quit, do you know how to learn, learn, learn, learn, learn, learn, learn, learn, learn, learn, learn, learn, learn, learn, and learn.0 鬏 呬 瑡 鐗?0 鍏 嫔 ぇ 钂?How do you make up 30 children?Identify and supplement 1 pets, pets, and screens, 1 pets, 1 pets, 1 pets, and 1 petite book.5 炏 儓 pet pot pots 1.鐔熺尓澶磋倝鍒囩墖锛涜挏娲楀噣鍒囩墖锛涜荆妞掓礂鍑€鍘荤苯鍒囧潡锛涢儷鍘胯眴鐡e墎缁嗭紱2.閿呭唴鏀炬补锛岀儳鐑紝鍔犺挏鐗囥€侀儷鍘胯眴鐡g垎棣欙紝鏀惧叆鐚ご鑲夈€佺瑡鐗囥€佽荆妞掋€侀潚璞嗐€侀叡娌圭吀鐐掞紝鍔犵硸銆佸懗绮惧悗娣嬩笂绾㈡补鍗冲彲銆?Quilting, arranging, studying, and learning. How about cross-children?璴 璴 钂 滆 南 咃 Jing Niu 掞 璴 璁 璯 璯 璁 璯 璴 1 鍕 Hong 眴 鐡 i Rui 圽 嚑 婑 床 尌 尌 尛 尉 娉 嗉 嗉 尉 嗉 嗉 嗉 剛?銆佽挏钖硅鍏ュ懗浜嗘墠濂藉悆锛岄€氬父鎴戜細杩欐牱鏂滃垏锛堟垨鎷嶄竴涓嬪垏锛夛紝鐚ご鑲夋垜鍠滄涔拌劯棰婇偅鍧楋紝鑲夌粏浜涳紝鍒囨垚钖勭墖銆?銆佽捣閿呯儳鐑紝鍏ュ喎娌癸紝8鎴愮儹鏃跺叆涓€鍕鸿眴鐡i叡銆佽タ绾㈡熆銆佽荆妞掍竵锛岀暐鍋氱吀鐐掑悗鍏ュ垏濂界殑钂滆柟銆佸皯璋冨嚑婊撮叡娌癸紝澶х伀鎶婅挏钖圭倰閫忓悗鍏ュ垏濂界殑鐚ご鑲夌炕鐐掞紝杩欒彍钂滆柟鐐掕繃涓€鐐瑰ソ鍚冦€傜鍥涖€佺櫧鐚ご鑲?Dirty painter: 氱 尓 氶?000 嬏 嬴 喴 呮 摡 採 氶 煭 裡?0 嬏 嬴 麴 呭 摐 摐 50 鍏 嬶 庴 璋 婩 条 氱 洂 50 鍏 嬶 溮 溮?0 鍏 嬴 甏 捏 界 揊 擏 擏 50 鍏 嬶 嗴 卥 唥 唻 100 鍏 嬶 咣 欐 謐 謉 尉?.鎶婄敓鐚ご鐨勬瘺鐢ㄦ澗棣欐嫈鍑€锛屾斁鍦ㄥ喎姘撮噷锛岀敤绮楃爞鐭虫悡娲楀嚑閬嶏紝鍐嶇敤鐏孩鐨勭儥閾侊紝鐑帀鍚勫缁嗘瘺锛?.鐢 ㄦ 逾 焛 焪 粠 粠 鐠  ご 镄 兑 閑 閮 ㄤ 紴 鹴 鹴 荏 庴 鍴 鍴 鍓 圓 雓 牓 尽 屾 閒 囎 雎 畎 雎 璄 閎 導 璄 雎 鰅 璤What’s wrong with you? ╋。The version of this article is as follows: the following is the best way to do it. According to the rules and regulations, it is necessary to change the sentence. For the fan, forge the fan. Add 2 to the list? Chong Chong Chong Chong Chong Chong Chong Chong Chong Chong Chong Chong.Please fill in the following questions: I am afraid that you will be able to reach the point where you are afraid, and you will be able to click on the button and repeat it. You will repeat this question and answer.缂.Preserved all the time ★ 綴 鎴 撮 槠 鑹 Insert 厴 鎴 绂 5.灏嗗共鍑€婀垮竷閾哄湪妗堟澘涓婏紝鍙栦竴鍧楃尓澶磋倝锛岀敤鍜屽皻甯藉垁锛堥奔鑲氬垁锛夌墖鎴愬寘瑁呯焊閭f牱钖勭殑浜戝僵鐗囷紝鐗囪秺澶с€佽秺钖勮秺濂斤紱6.灏嗛粍鐡滄礂鍑€锛屽垏鐗囷紱7.Widely ? 镍 駞 陣 尣 尣 咽 璉 緂 緂 8.You can see the key words, the key word, the key word, the key word, the key word, the key word, the key word, the key word, the key word, the key word, and the key word “9”.灏嗙墖濂界殑鐧界尓澶存斁鍏ュ皬鐩嗕腑锛屾斁閫傞噺绮剧洂銆侀粍鐡滅墖銆侀煭鑿滄銆佸钂溿€侀娌规悈鎷屽潎鍖€锛岀洓鍏ョ洏鍐呭嵆鎴愩€?

[How to make canned yellow peach]_How to_What method

銆愰吀濂堕粍妗冪綈澶存€庝箞鍋氥€慱鎬庝箞鍋歘浠€涔堟柟娉?
閰稿ザ榛勬缃愬ご鍙互鍦ㄤ竴璧峰埗浣滐纴鍙父劅闱炲寰宇ソ镄勪绩ソ镄勪浣灭敤锛屽仛娉曚篃姣旇緝绠€鍗曪紝鍙璐拱榛勬缃愬ご锛岃喘涔伴吀濂跺氨鑳藉埗浣滀簡銆傚湪棰勯槻渚跨鏂归潰鐨勬晥鏋滄槸涓嶉敊鐨勶紝褰撶劧鍒朵綔鐨勬椂鍊欎竴瀹氳鏀惧埌鍐扮閲岄潰鍐疯棌涓€娈垫椂闂达紝杩欐牱鍙f劅浼氭洿濂斤纴褰This is a draft of the paper, and it ‘s very difficult to find out what ‘s going on in the world. It ‘s very difficult to find out what ‘s going on, how to do it, how to do it, how to do it, and how to do it.鍓傘€傞粍妗冪綈澶撮吀濂跺仛娉曚富鏂欓粍妗冪綈澶?Sorrowful?00ml鏂规硶1銆佷粠鍐扮鍙栧嚭閰稿ザ锛岀劧鍚庡€掑叆绾?00ml鍦ㄧ幓鐠冪涓緟鐢紱鏁欎綘鍋氬嚭涓€浠藉ソ鍚冪殑榛勬缃愬ご閰稿ザ2銆佸紑鍚竴缃愰粍妗冪綈澶Da yu zhi suo sui sui yu sui yu sui village village 庰 庯 溴 涶 咬 鍙  镙 教 揙 叁 封  Han 雽 滃 醤 醤 醤 駤 駤 駤 駤鐨勶紝鎵€浠ユ堡椴滄.浼氬垏鐨勭浉瀵瑰皬涓€浜涖€?銆佹妸鍒囧ソ鐨勯粍妗冪綈澶村€掑叆鍏堝墠鍑嗗濂介吀濂朵腑锛岀◢寰悈鎷岋紝鐒跺悗鏀惧叆鍐扮鍐疯棌瀹ゃ€?銆佸喎钘忕害20鍒嗛挓宸﹀彸锛屽嵆鍙鍑洪鐢ㄣ€備篃鍙互鏍规嵁涓汉鍠滃ソ锛岄€傚綋澧炲姞鍐疯棌It ‘s a matter of fact that it ‘s a good idea to return to the real estate, and it ‘s easy to find out 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, what ‘s going on, what ‘s going on?竴娆℃€т笉瑕佹澶銆傚鏋滄槸缁欏閲岀殑鑰佷汉鎴栬€呭皬瀛╁瓙鍚冿紝寤鸿涓嶈鍐疯棌澶箙Choice to borrow 1.楗敤閰稿ザ鍙厠鏈嶄钩绯栦笉閫傚簲鐥囨湁涓€閮ㄥ垎浜哄椴滃ザ涓钩绯栨湁杩囨晱鐥囷紝杩涢椴滃ザ鍚庡彂鐢熻吂娉汇€佽吂楦c€佹秷鍖栦笉鑹棁銆傛柊椴滅殑閰稿ザ涓瓨鍦ㄤ钩绯栭叾娲绘€э紝淇冭繘涔崇硸鐨勫垎瑙o紝闃叉涔崇硸涓嶈€愮棁銆傚洜姝や钩绯栭叾涓嶅厖瓒崇殑浜猴紝鍙互瀹夊績椋熺敤銆?.The manuscript is written and read each other back and forth. 3-3 twips?3鐢插熀鎴婁簩閰稿拰涔抽吀銆傚父楗吀濂跺彲鏄庢樉闄嶄綆鑳嗗浐閱囷紝浠庤€屽彲棰勯槻鑰佸勾浜哄績琛€绠$柧鐥呫€?.閰稿ザ瀵逛究绉樺拰缁嗚弻鎬ц吂娣€鏈夐闃蹭綔鐢ㄩ吀濂朵腑浜х敓鐨勬湁鏈洪吀鍙鍔犺偁锠曞姩锛屽埡婵€鑳冩恫鍒嗘硨锛屽苟鎶戝埗鐧岀粏鑳炲娈栦綔鐢紝瀵规不鐧屾湁涓€瀹氱殑鏁堟灉銆?.閰稿ザ鍏锋湁缇庡浣滅敤甯搁ギ閰稿ザ鑳藉娑﹁偆銆佹槑鐩€佸浐榻裤€佸仴鍙戙€傚叾鍘熷洜鏄吀濂朵腑鍚湁涓板瘜鐨勯挋鏇存槗浜庢秷鍖栧惛鏀讹紝鍒╃敤鐜囬珮锛屾湁鐩婁簬鐗欓娇锛岄楠?The draft is very rugged, and the chain is very rugged. It’s awkward. It’s A. It’s A. It’s B. B2. It’s a lot of time.It’s not easy to tell you that you have heard about it in Louqiu Village; it’s a bit of a joke, and you’re used to it, it’s hard to get around, and it’s a little bit different.Sorry, it ‘s elementary, strong, and powerful, and it ‘s in the middle of it. It ‘s insulting. It ‘s so hard. It ‘s so hard. It ‘s so good. It ‘s so good.鐨偆鐧芥櫚鑰屽仴缇庛€?

[Can I drink rib soup with diarrhea]_ Diarrhea_ Can I eat it?

[Can I drink rib soup with diarrhea]_ Diarrhea_ Can I eat it?

Pork rib soup is a delicious dish for all ages. It has delicious taste, delicate taste and rich nutrition. Therefore, a large amount of protein and calcium can provide a large amount of calcium for children, and promote children’s bone development.Children can eat more ribs soup to ensure their development.

Most people can drink pork rib soup. So, can diarrhea people drink pork rib soup?

During diarrhea, the digestive function of the gastrointestinal tract declines. It is not recommended to eat bones and drink bone soup to contain protein and trace metabolism, which is not conducive to digestion.

When diarrhea occurs, adults with mild diarrhea can control their diet, fasting milk, fatty or slag foods, and giving light, digestible semi-liquid foods.

And children with mild diarrhea can continue to take breast milk.

If it is not breastfeeding, if the age is less than 6 months, use the same amount of rice soup water to replace milk or other milk substitutes for 2 days, and then resume normal diet.

If the child is over 6 months old, give him the usual diet that he is used to, instead of porridge, noodles or rotten rice, and add some vegetables, fish or minced meat.

What to eat can relieve the diarrhea and belly of rice, peas, and beans: 200 grams of rice, 100 grams of fresh peas, 15 ml of sesame oil, and water.

Practice: 1.

Wash the coarse rice and soak it in warm water for 2 hours; wash the peas for later use.

Crude meters, 2.

Add the right amount of peas and 15 ml of sesame oil into the steamer together.

3.

Steam for 30 minutes until the peas are cooked.

Fragrant cauliflower purslane soup material: 10 grams of Atractylodes, 8 grams each of Cork and Coptis, 50 grams each of Huanghua and Purslane.

Practice: 1.

Wash day lily and purslane and set aside.

Wash Atractylodes, Cork, Coptis, and reserve.

③ Put all the ingredients in it and cook with water.

Kelp ginger soup ingredients: 1 kelp (dry), 5 slices of ginger, salt.

Method: Soak kelp hair, cut into sections after washing, slice ginger.

Add 2000 ml of water in 2 pots, set on fire, boil for another 60 minutes on low heat, filter residue.

Valin Steel (000932): Production and Sales Profits Hit a New High

Valin Steel (000932): Production and Sales Profits Hit a New High

Investment Highlights: Event: The company released its 2018 results announcement, reporting that the two companies achieved operating income of 911.

79 ppm, an increase of 19 years.

09%; realized net profit attributable to shareholders of listed companies 67.

80 ppm, a 64-year increase of 64.

53%; basic EPS is 2.

25 yuan, an annual increase of 64.

23%, corresponding to four quarters EPS is 0.

51 yuan, 0.

63 yuan, 0南京夜网论坛.

67 yuan and 0.

44 yuan.

In addition, the company intends to take 30.

Based on 1.6 billion shares, capitalization of capital reserves will be used to increase the share capital, and all shareholders will be increased by 4 shares for every 10 shares.

The rise in production and sales drove the company’s ten-year performance to the best in history.

According to the report’s baseline, the company produced 1631 iron, 1972 length of steel, and 1836 length of steel, increasing by 10%, 14%, and 10% respectively, setting a new annual output record.

Initial sales of steel 1849 initially increased by 12% per year, and the increase in sales prices was higher than the industry average3.

8 units.

In terms of specific varieties, the gross margins of the main long products, plates and steel pipes reached 18 respectively.

无锡桑拿网
58%, 18.

70%, 16.

61%, of which sheet revenue accounted for more than 52%, is an important driving force for the company’s performance.

Operating income and net profit attributable to mothers have maintained rapid growth for three consecutive years, setting a new historical high for the second consecutive year.

Affected by the substantial impact of steel prices in the fourth quarter, the fourth quarter earnings decreased month-on-month.

Due to the expected fall in production during the heating season, steel production remains high, and the prices of rebar and hot rolled steel from October to November also fell.

The company’s gross profit per ton of steel in 2018Q1-Q4 was 760 yuan / ton, 881 yuan / ton, 1003 yuan / ton, and 734 yuan / ton.

The work of reducing leverage has been progressing steadily, and the structure of assets and liabilities has been significantly optimized.

In the total reported, the company’s asset credit ratio dropped to 65.

12%, a decrease of 15.

42 single, anti-risk capabilities have been significantly improved. By the end of the year, the company ‘s short-term debt reduction has decreased by 47%, and the long-term and short-term debt ratio has been optimized to 38%: 62%.The company increased its capital by 32.

There is no debt of 800 million US dollars, resulting in an average asset-liability ratio of the three subsidiaries of more than 5%, while reducing financial costs each year.

6.4 billion.

Overall, although the company’s asset structure has been significantly optimized, it is still higher than the SW steel industry over the same period53.

The average level of 18 is expected to continue to increase through the company’s future earnings, and the debt ratio still has room to fall.

Iron and steel assets will be listed on the whole, which is expected to significantly increase the net profit attributable to mothers in 19 years and solve related-party transactions.

On December 8, the company issued an announcement, intending to start with 6.

At a price of 41 yuan / share, a total of about 13 shares were issued to Hualing Group, Liangang Group, Henggang Group and six investors.

6.2 billion shares at a consideration of 87.

2.8 billion shares to acquire all the shares of “Sangang” (Hualing Xianggang 13).68%, Valin Liangang 44.

17%, Valin Steel Pipe 43.

42%).

In addition, the company intends to use cash considerations17.

74 billion acquisition of 100% equity interest in Hualing Energy from its Liangang Group.

Through this acquisition, “Sangang” will become a wholly-owned subsidiary of the company, Yangchun New Steel will also become a holding subsidiary, and Valin Steel will achieve the overall listing of steel assets.

Based on the financial caliber of 2017, if the reorganization is carried out in 19 years and the reorganization is approved, it will increase the company’s net profit attributable to the parent by more than 20% (reduced “Sangang” minority shareholders’ profit and loss 11).

0.2 million yuan + Hualing energy saving net profit 1.

31 ppm + Yangchun New Steel’s 51% net profit6.

$ 0.5 billion + reduced financial costs1.

6.4 billion).

In essence, the company and the group have always had a large number of connected transactions in the purchase of raw materials and steel sales. In 2018, the amount of connected transactions accounted for 22% of operating income.

91%, and after the reorganization is completed, the company will maintain its business independence, which can more effectively resolve the competition with the Hualing Group and potential risks of connected transactions, which is beneficial to the protection of shareholders’ rights and interests.

Cash flow increased significantly.

The company’s net cash flow from operating activities increased by 228 each year.

58%, mainly due to rising steel prices and increased sales, the increase in cash inflows from operating activities was greater than the increase in cash from operating activities.

The future outlook opens the stage of cash dividend return to investors.

In 2018, because the company’s undistributed profits were significantly negative and affected by falling leverage and environmental protection capital expenditures, the company implemented the existing distribution, but planned to transfer 4 shares to every 10 shares for all shareholders.

However, the company plans to gradually distribute cash in principle in 2019-2021 in excess of 30% of the annual distribution profits realized in the last three years; the cash dividend consolidation does not exceed the company’s net profit attributable to shareholders of the parent company in that year20%.

As the overall profit center of the steel industry will move upwards in 2019, the increase in profits will promote the company’s probability of undistributed profits to be positive, and future cash dividends can be expected.

Profit forecast and investment rating: The company is expected to achieve operating income of 880 from 2019 to 2021.

37, 860.

61 and 875.

8 billion; net profit attributable to mothers is 53.

89, 55.

34 and 57.

110,000 yuan, EPS is 1.

79, 1.

84 and 1.

89 yuan, corresponding to PE respectively 4.

6X, 4.

5X and 4.

3 times, maintaining “strongly recommended” level.

Risk reminders: 1. Environmental protection and limited production are less than expected; 2. Downstream demand is less than expected.

Anjing Food (603345): The performance is much higher than expected.

Anjing Food (603345): The performance is much higher than expected.

Event: The company announced the 2019 performance report, realizing revenue, net profit attributable to mothers, and net profit attributable to non-mothers 52.

67, 3.

73, 3.

3.5 billion, an increase of 23 each year.

66%, 38.

14%, 38.

10% in the fourth quarter alone, the net profit attributable to mothers, net profit attributable to non-mothers17.

74, 1.

35, 1.

2.2 billion yuan, an increase of 34.

5%, 82.

9%, 79.

06%.

In the fourth quarter alone, revenue and profit were much higher than expected.

Large single products continued to be rapidly increased in volume, and the overall effect of price increases was prominent. New products such as fresh locks were explosive: we estimate that the company’s 19-year volume increase contributed 15% +, and the ton price increase contributed single digits.

The single-quarter and fourth-quarter revenues in 1919 were significantly higher than expected, related to several factors.

First, Xiaomi Dumpling, Egg Dumpling and other large single products continued to rapidly increase volume. Second, in response to cost increases, the company has raised prices many times since September 18, respectively in late September and mid-December 18 (the effect is basically the same).(Reflected in 19 years), at the end of August, mid-September, end of October, and mid-November, the price was raised directly or indirectly six times. In the fourth quarter of 19, the comprehensive effect of previous price increases was fully enjoyed, and the price contribution was higher thanThe first level; the third is the January 25, 2020 Spring Festival, 11 days in advance, a small part of the sales reflected in December; the fourth is the omni-channel market launch in October, positioning the mid-end innovative new product-240g vacuum lock fresh packaging,Once listed, it is ready for candidates to seek.

It is expected that the gross profit margin will increase in the fourth quarter, and the profit elasticity brought by the decline in the expense ratio: the profit growth in the fourth quarter of 19 alone will increase, and the net interest rate will increase by 2 to 7.

6%, the company launched a stock incentive plan, amortization of 0 in 19 years.

1.6 billion, it is estimated to confirm that in the fourth quarter, if additional expenses are restored, the net profit margin in the fourth quarter alone will be as high as 8.

33%, an increase of 2.

72 points.

One is the increase in prices and the increase in the proportion of high-margin products. Each year, the company’s chicken meat prices are stocked at a periodical low point in the last 7 months, and some of the chicken meat costs in the fourth quarter are relatively large.Interest rates have improved, the budget tax ratio has fallen, and the scale 合肥夜网 effect has driven down the expense ratio during the period, which has led to a significant increase in net increments.

The epidemic situation only affects in the short term and does not change the company’s long-term development path: the company’s channel structure accounts for 85% + of dealers, the e-commerce accounted for 12%, and the direct supply of food and beverages is 2%.Of the commercial supermarket, the overall company C-end accounted for 30% +.

We expect that the stock market sales during the peak season before the Spring Festival this year will continue in the last four quarters. After the epidemic prevention and control, C-end sales will benefit, and some products will be out of stock.

The B-end is affected by the catering channels, and the company is also actively deploying between different channels.

In mid-February, the company’s factories resumed production.

In the early stage of the review 19, the company responded to the African swine fever incident and resolutely adopted all imported pork + optimized formula to control risks in a short period of time.

The company suffered sales in January of 19, and gradually recovered in February. Sales in March had high retaliatory growth.

We believe that the company has a rapid and efficient market response capability and internal control management capability in the face of major external emergencies.

The company is good at the land sales model, which can achieve better economic efficiency while nationalizing the production capacity.

The company’s deep cultivation in quality, channels, accumulation of R & D capabilities based on local consumption characteristics, and gradually leading scale advantages allow the company to maintain a faster development momentum than the industry.

After the epidemic situation has subsided, the company adheres to the medium and long-term strategy of catering efforts and will continue to capture the growing demand of the catering industry for prominent dishes.

Earnings forecast and rating: Facing the increase in costs in 2019, the company responded by repeatedly raising prices slightly and choosing appropriate reserves of raw materials in advance to respond to price increases while achieving steady volume increases.

We have judged that the most difficult year for the company’s costs has passed.

Survival caused by surimi’s company’s procurement volume and procurement costs are stable; pork’s share of raw materials is reduced in complexity; meanwhile, imported meat is imported this year, and the average price fluctuates during the same period;The downward trend adopts a flexible procurement model compared with last year to enjoy the relief of cost pressure brought by the downward phase.

The company implemented a fair incentive plan at the end of last year. After the completion of this, all executives held shares of each other, and also tied middle managers and business backbones, which was more conducive to motivating the team.

The first evaluation goals for the 2019 incentives were also successfully achieved. We expect to pass the Henan factory (mainly hot pot materials) twice this year and next year, the production capacity of Wuxi noodles will be put into operation, the capacity of the Sichuan factory will continue to be released, and the production capacity of the Hubei factory will be doubled.number.
Excluding equity incentive amortization, profit growth will be faster than revenue growth.

Considering incentive amortization (19?
2021 is 0 before tax.

16.1.

12, 0.

43 ppm) and additional issuance, expected to be 19 years?
The EPS in 2021 is 1.

58,1.

72, 2.

47 yuan / share, taking into account amortization before tax in 20201.

1.2 billion, influence, give a buy rating of 30 times 2021, with a target price of 74.

11 yuan.

Risks suggest that the impact of the epidemic has expanded, sales have fallen short of expectations, and chicken meat cost growth has exceeded expectations

China Resources Sanjiu (000999): Domestic OTC Leader’s Performance Stable Growth

China Resources Sanjiu (000999): Domestic OTC Leader’s Performance Stable Growth

Introduction to this report: Performance is in line with expectations.

In the reporting year, the company’s business recorded a steady growth based on a high base in the same period last year.

We expect annual results to remain stable and steady.

Investment Highlights: Maintain “Overweight” rating.

The company achieved operating income 武汉夜生活网 of 34 in the first quarter of 2019.

8.2 billion, net profit attributable to mother 11.

6.7 billion, net of non-attributed net profit4.

3.5 billion, an increase of 3 each year.

02%, 175.

91% and 11.

At the same time, the company predicts that net profit attributable to mothers will increase by 83 per year in the first half of 2019.

91% -102.

06%, performance is in line with expectations.

Due to the disposal of Sanjiu Hospital, a subsidiary, the investment income contributed 7.

6.2 billion, leading to a higher growth rate of net profit for the current period.

We maintain our forecast for EPS2 for 2019-2021.

33/1.

84/2.

07 yuan, maintaining a target price of 34.

25 yuan, corresponding to 15X in 2019, maintaining the “overweight” level.

The overall performance of the report remained stable.

Due to the influence of the flu factor, the performance base for the same period last year was relatively high.

Reported performance The overall performance of the company is stable.

We expect the number of self-diagnosis segments to grow.

The prescription drug sector has a slight gradient, and the prosperity of the formula granule industry is still high, and it is expected to maintain a growth rate of more than 20%.

We are optimistic that domestic OTC leading companies will continue to grow steadily.

The company merged to continuously supplement antibiotics and cardio-cerebral-vascular oral preparations through continuous outreach mergers and acquisitions.

At the same time, as a leading OTC company, the company seized the potential of consumer upgrades and chronic disease management, and while continuously consolidating the influence of the 999 brand market, it continued to optimize its rich product structure and quickly enter the big health industry.

Relying 重庆耍耍网 on the advantages of brand products and the channel advantages of distributors and chain terminals, the company’s future steady growth can be expected.

catalyst.

Refined management cost control is expected to improve, and outbound mergers and acquisitions continue to advance.

risk warning.

The market for formula granules is exacerbated by competition, and cost control is less than expected.

China Life (601628) Interim Review: Significant Improvement in Investment and Business

China Life (601628) Interim Review: Significant Improvement in Investment and Business

Investment and business improvement, negative budget cuts, and maximum net profit increased in the first half of 2019. The company achieved net profit attributable to shareholders of the parent company of 375.

99 ppm, an increase of 128 in ten years.

9%; mainly due to the significant improvement in investment, savings, reductions, surrenders and reduced claims.

The size of the agent team increased rapidly, and the new order business steadily increased in the first half of 2019. The company achieved 157 agents in the medium term.

30,000 people, an increase of 9 over the end of 2018.

31%.

Achieved new policy premiums of 1,278.

45 ppm, an increase of 2 per year.

01%.

The proportion of equity asset allocation increased, and the return on investment significantly improved the company’s annualized total return on investment5.

77%, increase by 1 every year.

99 units with a comprehensive investment return of 8.

24%, a previous increase of 463 basis points, and net investment income increased by 4.

66%, flat for one year.

The investment proposal closed on August 22, and the company’s Hong Kong shares benefited 18.

14 Hong Kong dollars at the current exchange rate of 0.

90 calculation, equivalent to about 16 yuan.

33 yuan, about 56% of the closing price of A shares on August 22.

It is expected that the EPS will be 0 each year from 2019 to 2021.

97, 1.

13, 1.

53 yuan, corresponding to A-share merger PE on August 22 were 29.

9, 25.

7, 19.

0 times, the corresponding P / EV is estimated to be 0.

88, 0.

78, 0.

71 times.

Based on the stability of the company’s business model, it is assumed that the business is growing steadily, and the remaining margin amortization of life insurance contributes to the stable contribution of profits. Using the life insurance valuation method, the reasonable value of the company’s shares is 33.

63 yuan (converted 都市夜网 at the current exchange rate and considering a certain discount, the reasonable value of H shares is 24.

76 HKD is the highest), corresponding to 2019 P / EV of 1.

02 times, maintaining the buying level of A and H shares.

Risks remind the replacement of systemic risks brought about by major changes in the external financial environment, the risk of death difference losses, interest rate risks, catastrophe risks, etc. caused by major changes in the risk rate of the insurance industry, and the impact of fluctuations in capital markets on performance.Certainty.

Chongqing Department Store (600729) 2019 Interim Report Review-Improved MoM, Wait for Deepening Mixed Reform

Chongqing Department Store (600729) 2019 Interim Report Review-Improved MoM, Wait for Deepening Mixed Reform
The controlling shareholder, the trading company group, and the 深圳桑拿网 mixed ownership reform are advancing steadily. Subsequent listed companies may seek to introduce incentive schemes to improve the certainty of the company ‘s performance growth. Immediate consumption will increase the provision of strength and performance changes, but management advantages, risk control advantages, ITThe advantages remain unchanged, and the medium and long-term growth is strong. Performance is in line with expectations.In 2019H1, the company achieved operating income / attributable net profit of 182.0 billion / 6.7 trillion, ten years +0.8% /-3.0%; of which, operating income / attributable net profit for the second quarter of 2019 was 81.8/2.0 ‰, +2 for ten years.3% / + 17.0%.2019H1 company realized net operating cash flow4.2 ‰, at least -20.8%. The main business of 2019Q2, the consumption growth rate improved immediately.Consumption in 2019H1 will achieve net profit3.0ppm, one year -17.7%; contributed investment income of 93.49 million yuan, of which 2019Q2 immediate consumption net profit1.200 million, ten years +6.8%.Excluding the immediate investment contribution and contribution to investment income, the company’s commercial main net profit for H1 20195.8 ‰, at least -0.4% (+19 in the second quarter of 2019.6%); net interest rate 3.2% per year -0.04 points. 2019H1 company accrues asset impairment1.10,000 yuan, after excluding the impact of immediate consumption investment income and asset impairment, the company’s attributable net profit is 6.8 ‰, at least -1.7%; net interest rate 3.7%, -0 per year.09 points. Multi-format synergistic development, revenue of auto trade increased rapidly.In 2019H1, the company opened 5/1/4 new supermarkets / electrical appliances / auto trades, closed 3 supermarkets and 2 electrical appliances.As of the end of 2019H1, the company has a total of 315 stores and 55/179/47/34 department stores / supermarkets / electrical appliances / auto trades.In 2019H1, the department store / supermarket / electrical appliance chain business revenue growth rate was -2.6% / + 0.2% /-11.5%; auto trade previously +17.3%. The decline in the gross profit margin of the automobile trade industry has dragged down the comprehensive gross profit margin for ten years.28 points.2019H1 comprehensive short-term gross profit margin -0.28 points to 18.17%, of which the gross margin of department stores / supermarkets / appliances increased by +0.31 / + 0.95 / + 0.47 points, gross margin of auto trade -2 per ton.25 2019H1, the company’s sales / management / financial expense ratio is half a year +0.14 / -0.15 / -0.02pct to 9.88% / 3.11% / 0.13%. The group’s mixed reforms have been introduced to Wumart, step by step, and the improvement of listed companies’ incentive mechanisms is worth looking forward to.2019/6/26, Chongqing State-owned Assets Supervision and Administration Commission, Shangshe Group and Wumei, BBK signed the “Capital Increase Agreement”, the company will be held by Chongqing State-owned Assets Supervision and Administration Commission / Wumei Group / BBK Group respectively 45% / 45% / 10%, without any shareholders can be aloneRealize actual control over Chongqing trading companies and companies.After the implementation of the mixed reform, listed companies may be expected to introduce leading incentives, employee shareholding and other incentive programs, and improve the company’s profitability (Ewushang A: 3.7% → 6.9%). Risk factors: intensified regional competition, and the cultivation of new business 杭州桑拿 models is not up to expectations. Investment suggestion: Maintain the operating income forecast for 2019-2021 to 349.600 million / 363.300 million / 379.3 ppm; In view of the intensified commercial competition in Chongqing and the upgrading of consumer financial supervision, the improvement of the scale of listed companies’ incentives has yet to be promoted, and the 2019-2020 attributable net profit forecast is reduced to 8.6/10.5/12.900 million (Originally: 10).5 billion / 13.200 million / 16.30 thousand yuan), corresponding to 2019-2021 EPS are 2 respectively.11/2.58/3.18 yuan.Target price of 33.7 yuan, corresponding to 16x PE in 2019, maintain “Buy” rating.