Zoomlion (000157): Three quarterly results increase by 167% in line with expectations

Zoomlion (000157): Three quarterly results increase by 167% in line with expectations

Brief evaluation of performance The company released three quarterly reports. In the first three quarters, it achieved operating income of 31.8 billion 厦门夜网 yuan, a year-on-year increase of 51%, and net profit attributable to mothers.

800 million US dollars, an annual growth of 167%, deducting non-net profit of 2.8 billion, an increase of 189%; of which in the third quarter, single-quarter income of 9.5 billion US dollars, an increase of 50%, net profit attributable to the mother was 9 billion, an increase of more than 106%, deductionNon-net profit 6.

500 million, an increase of 111% in ten years.

The operating analysis was profitable, the operating conditions accelerated, and the company’s cash in hand began to release rapidly in 2019.

The post-cycle market of construction machinery continued to boom, and historical issues such as the growth of industry sales and second-hand equipment were cleared. The company’s gross profit margin rose to 30% in the first three quarters of 杭州夜网 2019, an increase of only 3.

5pct, net interest rate 11%, long-term substantial increase of 3.

8 points.

Single third quarter gross margin of 29.

4%, net interest rate 9.

4% ring than epoxy.

The expense ratio during the first three quarters was 17.

5%, decrease by 2 every year.

8pct. In the third quarter, the company continued to strictly control costs. After the increase in sales scale, the expense ratio is expected to decrease further during the period.

The receivables turnover rate and inventory turnover rate were maximized, and the net operating cash flow in the first three quarters of 2019 was 49.

600 million, a year-on-year growth of 62%, continued to hit a record high in the same period.

Abundant cash in hand: The company’s monetary funds and trading financial assets totaled 252 trillion in the first three quarters of 2019.

Driven by multiple plates, product competitiveness is strong, the market share continues to increase cranes, and the high prosperity of the concrete plate continues. In 2020, sales of truck cranes and pump trucks will continue to remain high, and the company is likely to achieve faster growth than the industry.

The company’s R & D is close to the market, new products are competitive, and engineering machinery4.

0 and other products are widely praised.

Driven by the prefabricated building factors, the tower crane continues to expand its development space; the company’s medium and large tower cranes have obvious competitive advantages, and the current market share exceeds 40%.

At present, the company’s world’s largest tower crane intelligent factory has been put into production, and the tower crane revenue has reached 10 billion.

In addition, the company began to increase efforts to cultivate high-altitude operation platforms and excavator products, transforming the company’s continuous improvement of products, which will lay a good foundation for the company to go further.

Profit forecast and investment recommendations The company’s net profit attributable to its parent in 2019-2021 is respectively 43/54/61 million, an increase of 115% / 25% / 12% and a compound growth rate of 44%.

EPS is 0.

55/0.

69/0.

78 yuan; PE is 10.

7/8.

5/7.

6 times, PB will be 1 in 2020.

1. Both have high safety margins.

Given an 11x PE estimate in 2020, the target price for June-December is 7.

5 yuan.

Maintain “Buy” rating.

Risk warnings: Infrastructure real estate investment is less than expected; sales risk of some product industries; exchange rate risk.

Guanglianda (002410): Cloud transformation continues to accelerate cloud business to achieve high growth

Guanglianda (002410): Cloud transformation continues to accelerate cloud business to achieve high growth

The company released its semi-annual report on August 21, 2019, and achieved total operating revenue of 13 in the first half of 2019.

470,000 yuan, an increase of 27 in ten years.

76%, achieving net profit attributable to listed shareholders of 0.

900,000 yuan, at least -39.

13%.

In the first half of the year, the company’s cost business and construction business made joint efforts. The revenue end grew faster than expected. The effect of the cloud transformation has begun to transform quarter by quarter. The construction business also officially ushered in an upward turning point this year after the 四川耍耍网 organization structure was finally adjusted.

At the same time, the decrease in the company’s net profit in the first half of the year was mainly due to the change in the business model from product sales to subscription services. The method of revenue recognition changed from one-time confirmation to instalment by service period, but the related expenses were still one-time expenditure. At the same time, digital construction during the reporting periodAnd digital cost of e-government business revenue increased, the corresponding hardware procurement costs increased.

In the first half of the year, cloud advance receipts achieved high growth, and the progress of cloudification transformation continued to accelerate.

In the first half of the year, the company’s cost business SaaS conversion entered the deep water area, the conversion area increased from 11 to 21, the comprehensive conversion rate of pricing and calculation product users exceeded 72%, and the current renewal rate reached 80%; the progress of the new transformation market reached expectations, and the pricing productsThe comprehensive conversion rate of users reaches 31%, and the comprehensive conversion rate of calculated product users reaches 45%.

In the first half of the year, the company’s cost business realized operating income.

68 ppm, an increase of 28 in ten years.

31%, of which cloud revenue is 3.

USD 7.1 billion, a year-on-year increase of 197%, and the number of new cloud contracts signed in the first half of the year was 6.

29 trillion, an increase of 151% in ten years.

At the end of the first half of the year, the company’s cloud advance income was 6.

7.2 billion, an increase of 62% over the beginning of the period.

Revenue and profit 合肥夜网 after considering advance funds related to cloud transformation: The company’s apparent gross operating income + cloud advance receipts at the end of the period-cloud advance receipts at the beginning of the period are approximately 16.

3.8 billion, a 36-year increase in the same caliber.

70%, the net profit attributable to shareholders of the listed company after the reduction is about 3.

2.2 billion, an increase of 23 years in the same caliber.

46%.

Profit forecast and investment advice: It is expected that the company’s revenue from 2019 to 2021 will be 33.

7, 40.

1, 48.

10,000 yuan, 16%, 19%, 20% a year, EPS for 2019-2021 are 0.

43, 0.

51, 0.

63 yuan / share.

Maintain the “Highly Recommended” rating.

Risk warning: breakdown of real estate investment growth rate; new business is not performing as expected.

Jinyi Technology (002869) Quick Comment on Major Events: Proposed Capital Increase, Shareholder Payment, Credit Union Payment, Consolidation of Equipment Leader Panel, and Collaborative Layout of ETC Market

Jinyi Technology (002869) Quick Comment on Major Events: Proposed Capital Increase, Shareholder Payment, Credit Union Payment, Consolidation of Equipment Leader Panel, and Collaborative Layout of ETC Market
Event: The company announced on the evening of July 23, 2019 that the company intends to participate in the mixed reform of state-owned enterprises to add value to Shandong Expressway Xinlian Payment Co., Ltd., and the company intends to obtain a letter to Xinlian by participating in the public listing of the Shandong Equity Exchange Center and introducing strategic investors.The paid capital increase right is to subscribe for a supplementary registered capital of RMB 54 million with its own funds not exceeding RMB 80 million. After the capital increase is completed, the company will hold a 9% equity interest in Xinlian Payment.The company will delist separately or form a consortium with other prospective investors.The company has not yet signed related agreements.At the same time, the company intends to use the investment of not more than 13 million yuan to make up for the long-term debt receivables (including interest, late payment, liquidated damages, etc.) of the target company of not more than 13 million yuan, to obtain all the rights and interests of the corresponding claims. Guoxin Computer’s point of view: 1) Xinlian Payment is an ETC card issuer and operating entity of Shandong Expressway. It will switch to the ETC aftermarket in depth and develop ETC + logistics, ETC + fueling, ETC + finance and other ETC after-car service services with ETC as the entry point.The company intends to strengthen the company’s leading position in the ETC equipment market by participating in Xinlian Payment’s capital increase and share expansion projects, and using Xinlian Payment’s advantages in the ETC issuance and third-party payment fields. At the same time, the company will actively promote its cooperation with Xinlian PaymentCollaboration and in-depth cooperation in multiple fields to achieve customer resource and channel sharing, further expand ETC’s application scenarios (after-ETC market) and the company’s business areas, fully grasp the potential of the ETC market brought by the withdrawal of inter-provincial toll stations, and help the company’s sustainable development andIncrease in profitability.2) In the context of the rapid popularization of ETC, the application scenario of ETC payment is extended to car consumption scenarios such as parking lots, on-street parking, gas stations, parking lots, and car beauty.Among them, the parking lot scene is the most deterministic, opening up tens of billions of growth space.The company started to deepen the parking lot scene in 2013, and cooperated with Beijing ETC supplier Sutong Company to complete the project in Bird’s Nest, Water Cube, etc. The company currently has 500+ parking lot application cases.The company provides products and services such as RSU equipment, 杭州桑拿网 secondary sorting platform, installation and integration. In 2018, it has formed large-scale revenue, and its layout and cases are ahead of other associations.3) Benefiting from the policy dividends of the past two years, the boom of the ETC market has rapidly increased, which is expected to bring significant performance increase to the company and bring sufficient capital resources to the company.The recently proposed capital increase or share purchase has opened the prelude to the company’s investment and mergers and acquisitions to enhance ETC’s comprehensive competitiveness. The company is expected to develop endogenously + epitaxially, expand business boundaries and scale, and accelerate the company’s transition from equipment to integration through the acquisition team or the company.Then transition to the management platform solution.Continue to maintain the Air Force’s profit forecast. It is expected that net profit attributable to mothers will be 5-2019.06/3.06/3.7.3 billion, previous growth rate of 2237 / -39 / 22%; diluted EPS = 4.30/2.60/3.17 yuan, currently corresponding to PE = 11/19 / 15x, maintaining the “overweight” level. Comment: Xinlian Payment is an ETC card issuer and operating entity of Shandong Expressway. After the conversion of ETC, the market, Xinlian Payment is an ETC card issuer and operating entity of Shandong Expressway. It is a non-bank financial institution regulated by the People’s Bank of China.Two third-party payment licenses (Internet, prepaid cards) are vice president units of China Petroleum Distribution Association and vice president units of China Logistics Association.The main business includes ETC business, financial business, payment business, refueling business and other businesses.Xinlian Payment is based on the highway ETC, and through continuous integration and innovation, it has completed the transformation from an ETC issuing organization to a data technology company. It has formed a third-party payment sector supported by Internet payments and prepaid cards.The logistics financial sector supported by EasyNet and the three major business sectors supported by non-inductive payment, “high-speed ETC” and “e-high-speed” smart transportation sector. Generally speaking, the provincial highway bureaus set up subsidiaries as provincial ETC operators to manage ETC card issuance and operations.Xinlian Pay is a wholly-owned subsidiary of Shandong Expressway Group.Shandong Expressway Group is a wholly state-owned large enterprise group managed by the Shandong Provincial Party Committee and the State-owned Assets Supervision and Administration Commission of the People’s Republic of China. Its main business covers the transportation infrastructure field and investment, construction, operation, management and transportation infrastructure of smart transportation.Comprehensive development of supporting land; logistics and related supporting services; investment and management of financial assets.截至目前,山东高速集团注册资本233亿,资产规模6,386亿,资产规模居省管企业和全国同行业第一位,经营领域相继涉及全国22个省,海外106个国家和地区,拥有国内 AAA级And international A-grade credit rating, has been selected as “Top 500 Chinese Enterprises” for more than 10 consecutive years.Shandong Expressway Group owns Shandong Expressway (600350.SH), Shandong Road and Bridge (000498.SZ), China Shandong Expressway Financial Group (00412.HK) three listed companies and more than 20 wholly-owned, holding subsidiaries. Benefiting from the cancellation of toll booths at the provincial border, the company’s ETC card issuance business began to usher in high growth in 2019, and realized operating income from January to May 20193.91 trillion, accounting for 54 of 2018 revenue.78%; net profit was 2558.680,000 yuan, basically the same as the 2018 annual performance. It plans to increase capital and shareholding, consolidate the company’s leading position in the ETC equipment market, and collaborate in the development of the ETC market. The company intends to strengthen the company’s advantages in ETC issuance and third-party payment through the participation of Xinlian Payment in value-added capital expansion projects.Leading position in the ETC equipment market. At the same time, the company will actively promote in-depth cooperation with Xinlian Payment in multiple fields to achieve customer resource and channel sharing, further expand ETC’s application scenarios (after-ETC market) and the company’s business areas, and fully grasp the withdrawalThe potential of the ETC market brought by inter-provincial toll stations helps the company’s sustainable development and increase its profitability. (1) The explosive growth of ETC users, the market after ETC deserves attention, and the industry’s prosperity gradually continues. The National Development and Reform Commission said on June 4 that by the end of December 2019, the number of electronic toll express (ETC) users across the country had exceeded1.800 million, full coverage of highway ETC.Based on the above data, the number of new ETC users in 2019 is more than 100 million.In the context of the rapid popularization of ETC, the application scenario of ETC payment is extending to car consumption scenarios such as parking lots, on-street parking, gas stations, parking lots, and car beauty. Until July 2020, OBU will also enter the pre-installation option. Among them, the parking lot scene is the most deterministic, opening up tens of billions of growth space. According to the National Development and Reform Commission, the Ministry of Transport recently issued the “Implementation Plan for the Rapid Promotion of Electronic Non-stop and Express Toll Application Services on Expressways”. By the end of December 2020, large-scale transportation stations such as airports, train stations, passenger stations, ports and docks will be basically realizedFull parking lot ETC service coverage.Promote the application of ETC in parking lots in residential areas and tourist attractions. The policy of the Ministry of Communications is continuous. Under the clear requirements of the policy documents, transportation stations, residential quarters, and tourism are expected to be promoted quickly. Government-related scenarios such as schools and hospitals are also expected to develop rapidly.At present, the main energy source of the Ministry of Transport is to cancel provincial toll stations, and it is expected that the renovation of parking lots will begin simultaneously in 2020. For the parking lot ETC transformation market, our calculations are as follows: only the government-related transportation stations and residential communities, tourist attractions and future schools and hospitals markets that have experienced rapid growth in the past two years are only measured: ① Airport: data from China Civil Aviation Administration,The number of civil airports nationwide in 2019 is 235. ② Train stations: According to the information of station 12306, there will be 2,853 train stations in the country in 2019, including passenger and non-passenger stations. ③ Bus stations: Assuming that administrative regions above the county level have their own bus stations,Then it corresponds to about 3,000.According to the National Bureau of Statistics, there are a total of administrative divisions at or above the county level: 23 provinces, 5 autonomous regions, 4 municipalities, 2 special administrative regions; 50 regions (states, unions); 661 cities, of which: 4 municipalities;There are 283 prefecture-level cities; 374 county-level cities; 1636 counties (autonomous counties, flags, autonomous flags, special zones, and forest areas); 852 municipal districts. ④Ports and docks: According to the data of the Ministry of Transport, in 2017, the number of China’s 100 million tons big ports reached 34.According to data from the General Administration of Customs, there are 135 water transport ports. ⑤Residential community: According to the 2016 Gaode Community Data Report, the number of residential communities nationwide was 300,000. ⑥ Tourist attractions: According to data from the National Tourism Administration, in 2017, there were 2 types of tourist attractions across the country.There are more than 80,000 and about 9,000 A-level tourist attractions. Schools: The Ministry of Education released the “2017 National Statistical Bulletin on the Development of Education”. In 2017, there were 51 first-class schools nationwide.There are 380,000, of which there are 17 private schools of various types.760,000, deriving about 33 non-private schools.620,000 hospitals: According to data from the National Health Commission, there are about 1 public hospitals nationwide.The cost of 20,000 single-lane ETC reconstruction in 2018 is about 5 million, so the market size of traffic depot reconstruction is about 1.1 billion (since the first transformation is still calculated at 50,000 per lane cost), assuming long-term price stability in the futureAt around 2 million, the size of the residential community and tourist attraction transformation market is 67.The market size of public schools and hospitals is 139 million.2.8 billion.The market size exceeded approximately 21.1 billion. (2) The parking lot company benefited in depth. It is expected that the company’s merger and acquisition conversion solution supplier road has just opened. The company began to deepen the parking lot scene in 2013. It cooperated with Beijing ETC supplier Sutong Company to complete the project in Bird’s Nest, Water Cube and other projects.At present, the company has 500+ parking lot application cases.The company provides products and services such as RSU equipment, secondary sorting platform, installation and integration. In 2018, it has formed large-scale revenue, and its layout and cases are ahead of other associations. Benefiting from the policy dividends of the past two years, the boom of the ETC market has rapidly increased, which is expected to bring significant performance increases to the company and bring a lot of financial resources to the company. The forthcoming proposed capital increase and share purchase may open the prelude to the company’s investment and mergers to enhance ETC’s comprehensive competitiveness. The company is expected to develop endogenously + epitaxially, expand business boundaries and scale, and accelerate the company’s transition from equipment toIntegration and transition to the management platform solution. (3) Other listed company market participants also started to invest in and acquire ETC’s high-quality assets. On May 1, listed company Huaming Smart announced that it plans to acquire one of the three leading suppliers of ETC equipment: Juli Technology; on July 10, thousandsFang Technology announced that it intends to obtain 14% equity of Shandong Expressway Xinlian Payment Co., Ltd. through capital increase.Listed companies and other capitals have begun to intervene in the ETC market, demonstrating the high prosperity and sustainability of the industry. Investment suggestions: 1) Xinlian Pay is an ETC card issuer and operating entity of Shandong Expressway. It will switch to the ETC aftermarket in depth and develop ETC + logistics, ETC + fueling, ETC + finance and other ETC after-car service businesses with ETC as its entry point.The company intends to strengthen the company’s leading position in the ETC equipment market by participating in Xinlian Payment’s capital increase and share expansion projects, and using Xinlian Payment’s advantages in the ETC issuance and third-party payment fields. At the same time, the company will actively promote its cooperation with Xinlian PaymentCollaboration and in-depth cooperation in multiple fields to achieve customer resource and channel sharing, further expand ETC’s application scenarios (ETC aftermarket) and the company’s business areas, fully grasp the ETC market opportunities brought by the withdrawal of inter-provincial toll stations, and help the company’s sustainable development andIncrease in profitability.2) In the context of the rapid expansion of ETC, the application scenario of ETC payment is extended to car consumption scenarios such as parking lots, on-street parking, gas stations, parking lots, and car beauty.Among them, the parking lot scene is the most deterministic, opening up tens of billions of growth space.The company began to deploy parking lot scenarios in 2013, and cooperated with Beijing ETC supplier Sutong Company to complete the project in Bird’s Nest, Water Cube, etc., and the company has 500+ parking lot application cases.The company provides products and services such as RSU equipment, secondary sorting platform, installation and integration. In 2018, it has formed large-scale revenue, and its layout and cases are ahead of other associations.3) Benefiting from the policy dividends of the past two years, the boom of the ETC market has rapidly increased, which is expected to bring significant performance increase to the company and bring sufficient capital resources to the company.The recently proposed capital increase or share purchase has opened the prelude to the company’s investment and mergers and acquisitions to enhance ETC’s comprehensive competitiveness. The company is expected to develop endogenously + epitaxially, expand business boundaries and scale, and accelerate the company’s transition from equipment to integration through the acquisition team or the company.Then transition to the management platform solution.Continue to maintain the Air Force’s profit forecast. It is expected that net profit attributable to mothers will be 5-2019.06/3.06/3.7.3 billion yuan, a year-on-year growth rate of 2237 / -39 / 22%; diluted EPS = 4.30/2.60/3.17 yuan, currently corresponding to PE = 11/19 / 15x, maintaining the “overweight” level. Risk warning: The company has not yet signed relevant agreements, and there is a possibility of unsuccessful transactions; the growth rate of ETC investment is gradually expected; parking fees, and V2X business expansion exceed expectations.

Blu-ray Development (600466): Performance continues to grow at high levels

Blu-ray Development (600466): Performance continues to grow at high levels
Investment Highlights The company has entered a period of accelerated release of performance. The 2019H performance is expected to grow by approximately 101% per year.The company announced that it expects that the company’s net profit attributable to mothers in the first half of 2019 will increase by approximately 62,511 million and approximately 101% over the same period last year.The non-recurring gains and losses attributable to shareholders of the listed company will increase by approximately 59,012 million and approximately 98% from the same period last year.The performance growth in the first half of 2019 is initially translated into high growth in the company’s sales in 17 and 18, and the company’s carry-over scale has increased. The company has entered into a period of performance release. As of Q1 2019, the company’s pre-collection account size was 563.700 million, we believe that the company has abundant settlement resources and the fair incentive performance target will be successfully achieved.  Land acquisition has not decreased, the equity ratio has increased, and the average floor price has increased.In the first half of 2019, the company added 32 new projects, with a much more even land distribution, further expanding the proportion of soil reserves in the new frontline, new second line, and strong third line in East China and South China, and increasing the total land occupation 263.A general-purpose site, with an annual growth rate of 25%, with an added capacity of 506.One GM, with an annual growth rate of 19%, and an added equity building area of 382.5 Ordinary people, the actual increase was 40%, and the equity ratio was 76%, which was 12 exchanges higher than the 64% equity of land acquisition in the same period last year.At the same time, the total land price of the company in the first half of the year was 184.60,000 yuan, a significant increase of 81% previously, the equity land price was 145.100 million US dollars, previously a substantial increase of 104%, with an average floor price of 3647.6 yuan / square meter, an increase of 51 in ten years.7%.  The strategy of “going eastward and going southward” has deepened the nationwide layout. The sales proportion in central and eastern China is expected to increase significantly.  According to data from Kerer, the company’s H1 sales in 2019 reached 48.3 billion U.S. dollars, an increase of 10%, and its sales area reached 5.29 million square meters, an increase of 11%. We expect the company’s size to be between 100-120 billion.According to the data disclosed by the company’s first quarterly report, the Q1 company’s sales share in 北京spa会所 Chengdu area significantly decreased in 2019, while the sales share in Central China and East China increased from 18% and 20% in 2018 to 24% and 29%, respectively.In the first quarter of 2019, the company’s sales share in Chengdu and East China reached the same level, and the nationwide equilibrium layout of going eastward and southward can be broken.According to the start-up data disclosed in the first quarter report of 2019, the start-up area in the Chengdu region accounted for 38% of the total area in 2018, and fell to 10% in 2019.  The newly started areas in Central China, Yunnan and Chongqing, and Beijing increased from 25%, 10%, and 6% in 2018 to 30%, 17%, and 31% in the first quarter of 2019, respectively.  Earnings forecasts and investment advice.The EPS for 2019-2021 is expected to be 1.16 yuan, 1.80 yuan, 2.31 深圳桑拿按摩 yuan.Considering the company as the target of high growth and high quality, the company is given a 7x valuation in 2019, corresponding to a target price of 8.14 yuan, maintain “Buy” rating.  Risk warning: Property sales recovery is less than expected, regional division policies are continuously upgraded, and financing is continuously tightened.

GEM (002340) and South Korea’s ECOPRO BM extend NCM8 series, 9 series high nickel precursor suppliers forecast: improve NCM high nickel ternary precursor layout and actively explore high-quality customers

GEM (002340) and South Korea’s ECOPRO BM extend NCM8 series, 9 series high nickel precursor suppliers forecast: improve NCM high nickel ternary precursor layout and actively explore high-quality customers

Event: NCO 8 series and South Korea ECOPRO BM blended into NCM8 series, 9 series high nickel precursor material supply announcement February 2, 2020, company announcement and South Korea’s ECOPRO subsidiary ECOPRO BM on January 31, 2020 on the use of new energy power batteriesNCM8 series, 9 series of high nickel precursor materials procurement and cooperation signed a memorandum, the core content is: 1, 2020-2026, ECOPRO BM purchased from the company high-nickel NCM8 series with a subdivision of no less than 10 mm, 9 series precursorSystem, specific to the annual purchase contract.

2. The pricing method is based on LME and MB prices. The pricing model for the next half year is determined in June and December each year, subject to the final contract.

3. The company is responsible for the investment and construction of high nickel NCM8 series and 9 series precursor products under this guideline.

杭州桑拿网 Continuously improve the layout of high-nickel ternary precursors and explore high-quality customers. Following the signing of the NCA high-nickel precursor agreement announced by South Korea’s ECOPRO in December 2018, the next 5 years, the ECOPRO BM and the company merged the NCM8 series and 9 series precursorsThe supply agreement will further expand the company’s global core structure of ternary precursor materials and increase the company’s global market share in high-nickel ternary materials.

Since the product is exclusively for dedicated lines, please calculate based on the allocation of 1 ton of production capacity of about 3 megabytes. The company will initially build a new production capacity of about 600 million.

The long-term order is guaranteed, and the “strongly recommended” rating is maintained from 2016 to 2018. The volume of the company’s ternary precursors is expected to be 1/2/4, and the replacement amount of GEM in 2019 is about 7.

According to the company’s 2019 semi-annual report, the company has signed a 30-second ternary precursor long order in the next three years.

The memorandum of cooperation signed with ECOPRO BM for more than 5 years and 10 days strengthens the company’s future performance growth certainty.

We estimate that the company’s net profit attributable to its parent for 2019-2021 will be 8.

64/10.

75/13.

42 trillion, corresponding to 0 EPS.

21/0.

26/0.

32 yuan, maintain “highly recommended” level.

Risk warning: the company’s capacity release exceeds expectations

Cosmeceutical medicine or makeup-literacy knowledge

_1

Is cosmeceutical or makeup?

Cosmetology Knowledge Literacy

The term “medicine makeup” is appearing more and more in life, but few really understand what “medicine makeup” is.

The following editors will introduce to you what is cosmeceutical.

  Cosmeceuticals have been favored by consumers since they entered the Chinese market, but as a foreign product, MMs will inevitably have many questions when buying cosmeceuticals: What is cosmeceutical and cosmeceutical is medicine?, How is it different from medicine and cosmetics, how to choose cosmeceuticals . don’t worry, put away your little question mark, follow Xiaobian, and come to cosmeceutical knowledge “big literacy”!

  Cosmeceutical literacy The first question: What is cosmeceutical?

  Cosmeceuticals refer to cosmetics sold only in pharmacies. The Chinese cosmeceutical market began in 1998. L’Oreal Cosmetics began to position its brand Vizi as a “sale only in pharmacies”. In fact, before that, pharmacies already hadSales of products with makeup brand names, such as skin mite spirit cream, are single varieties, which are both promoted by the concept of “cosmetic makeup”; the same is only used in pharmacies.The acne product “AcneNet” opened the market of cosmeceuticals, and subsequently launched sensitive skin series and whitening products.

  Cosmeceutical literacy Second question: Is cosmeceutical or cosmeceutical?

  中国目前并无‘药妆’的批准文号,即使在国外,也没有药妆的专门批准文号,只是分管的部门有所区别;国产品牌是“卫妆准”字,如果是国外品牌则The “Wei Zhuang Jin” brand name is needed; now that it belongs to the “Makeup” brand name, of course, it is makeup without medicine!

  Cosmeceutical literacy The third question: What is the difference between cosmeceuticals and cosmetics?

  Cosmetics are classified according to their uses: make-up cosmetics, cosmetic products, and functional cosmetics. They are classified by sales channels: professional line cosmetics, daily cosmetic products, and drug line (medicine) cosmetics. The main difference between medicated makeup and ordinary cosmetics is sales.In terms of different channels, cosmeceuticals are functional cosmetics in terms of use; cosmeceuticals are a category of cosmetics whether they can be ground from the use or the market.

  Drug makeup literacyFourth question: What is the difference between drug makeup and medicine?

  Drugs: the highest concentration of active ingredients; suitable for patients with severe skin; for the purpose of treatment, it will directly change the skin state of the patient, such as: oily muscles to neutral muscles, the effect is rapid and obvious, but sometimes there are complications; usually prescribed by a doctorAfter prescription, go to the hospital or pharmacy to buy.

  Cosmeceuticals: The active ingredients are inferior to the medicines: sensitive, damaged, mild dermatitis, can be used by the general public; between the two, it has the effect of repairing and assisting medicine; if the medicine is irritating, it will slightly change the skin surface condition, butStill mild; sold in hospitals, pharmacies, drug stores, professional doctors, pharmacists are on hand to guide the use.

  Drug makeup literacy Fifth question: What are the characteristics of drug makeup?

  1 The formula must be completely public, all active ingredients and safety must be proven in medical literature and clinical tests in dermatology, and recognized allergens are excluded.

  2 Streamlined formula without pigments, fragrances, preservatives and surfactants.

  3 The content of active ingredients is relatively high, with strong pertinence, which is more effective than ordinary skin care products.

  Cosmeceutical Literacy Q6: What are the functions of cosmeceuticals?

  1Functional activation: Contains high concentrations of vitamin C, fruit acid, antioxidants, bactericidal and anti-inflammatory ingredients.

  2Auxiliary medicine: it can resist sebum, inhibit ulcer, sterilization, anti-bacteria, etc.

  3 Repair and maintenance: mild repair and maintenance products suitable for patients with poorly tolerated skin or skin problems.

  4 initial care: microdermabrasion, repair after laser surgery or skin peeling, sunscreen, whitening or concealer care products.

  Cosmeceutical literacyQ.7: Does cosmeceutical make skin resistant?

  According to beauty expert Nick, cosmeceuticals are not exactly medicines, so there is no resistance.

Cosmeceutical ingredients have a higher professional ratio than ordinary counter products. There are too many latest high-tech ingredients that have been clinically proven to be effective. Therefore, some cosmeceuticals are recommended to be used under guidance, and depending on the specific product, the dosage and usemethod.

In fact, in addition to the necessary normal ingredients, cosmetics are usually added with various medicines, such as vitamins, amino acids, antihistamines, ultraviolet absorbers, astringents, antiperspirants, stimulants, etc., according to special uses and purposes.

This has both the role of cosmetics and some preventive and therapeutic effects.

However, dermatological skin care products are not medicines. Their main purpose is to moisturize the skin and protect the skin. It can also lead to some adjuvant treatments for certain skin diseases.

  Cosmeceutical Literacy Q8: How to choose cosmeceuticals?

  At present, there is no clear definition of cosmeceutical products in the world, so many consumers’ concepts of cosmeceutical products are obtained through media advertisements.

Cosmeceuticals are generally considered to be medicated cosmetics. In the United States, cosmetics that are considered by the FDA to be considered medicinal ingredients rather than cosmetic ingredients are considered cosmeceuticals.

Cosmeceutical products face many objects, such as whitening, acne, anti-aging, poor skin tolerance are just one of them. Its advantage is that there is a professional medical research laboratory behind it, not a simple cosmetic research experiment.room.

  When buying cosmeceuticals, you must first understand that the brand is best at better problems. At the same time, it depends on whether it is likely to cause induction and do induction testing. You also need to listen to word of mouth from all walks of life, and then according to your ownChoose the actual situation.

Don’t look for me if you get married

Don’t look for me if you get married

Gender: MaleAge: 30 years old Occupation: Teachers do n’t know how much love and love are relative, anyway, she has gone so far in my heart that I ca n’t make a girlfriend again.

But when she found me again after marriage, although she accepted her happily, afterwards, she still felt that she had helped her to betray her husband. For the man, I was still a bit unbearable.

  When we first met, we stuck to knowing her. I was 29 years old and taught Chinese at a middle school in Wuchang.

I have been single and I have been high and low, my girlfriend changed and I changed, and my parents were anxious for my marriage.

I know my parents have good intentions.

My two younger sisters are married and married, and it’s ridiculous that one of my bosses stays at home.

  She met at the arrangement of my parents. The first time she met was in a cafe next to Linjiang Avenue in Wuchang.

I sat at the scheduled place and waited for her half an hour in advance.

She was late for an hour, I drank three cups of coffee and ran the toilet twice before she started calling out.

It was nice to see her at first sight.

When she sat down and looked at it carefully, she felt more and more that she raised her hand to cast her feet, and that temperament was really good.

She introduces herself as 25 years old, a sales lady, and enjoys reading novels and sports.

Then I kept asking about my work status, monthly salary, current deposit, and whether I would buy a house if I got married.

Her question made me embarrassed and disappointed. I felt she was peeling off my clothes one by one, but I still patiently answered her. I knew I was deeply attracted to her.

We talked from 8:30 to 10, and I didn’t know what to say later.

When we came out of the cafe, we went to a bar again. The lively atmosphere was something I had rarely experienced before. We drank a lot of wine, and she drunk more than I expected.

It was a little early in the morning when I was out of the bar and I was walking on a deserted street. I was going to take her home by car, but she refused to say her home location.

I had to take her to the cabin I rented, and we had a relationship in the cabin.

  She didn’t contact her when she met on a few boats. I have been busy preparing the course awards and did not call her.

One day after a month, she suddenly called and asked me what I was busy with and why I never kept the phone.

I was pleasantly surprised to receive her call, and I reported to her recently all sorts of things.

Before I finished speaking, she went straight to the subject: it is not convenient to go to you.

I froze at that time, then smiled indiscriminately: Of course it is convenient.

That night she went to me to spend the night again and woke up the next morning. She told me that her parents had introduced her to a doctor and met next Friday.

After listening for a long time, she said to herself, that the doctor is said to be ready to buy a house in Hankou, and he is an expert in a hospital department.

I lighted a cigarette and remained silent.

When she got up and dressed, I suddenly reminded her not to be late when going.

I didn’t know what I was thinking at the time. I thought I liked her, but I was a little angry. What did she tell me about this?

What is our relationship?

  Later, for about half a year, she often came to the house I rented, and occasionally bought some household kitchen and bathroom supplies to help me dress up the cottage.

I also often buy seasonal fruits and vegetables to make me a delicious meal.

Her culinary skills are impeccable, which allows me who often send instant noodles to enjoy a meal that I can enjoy without going back to my parents’ home.

So when I walked into the alleyway home, I had an inexplicable excitement, hoping to see the window of the cabin open from below the street, so that I knew she was waiting for me in the room.

Those days must have been wonderful. Although I often heard her say that she was busy meeting with whom, and with whom, I knew the wind, and I always felt that such things were far away from me and almost nothing to do with me.

I greedily enjoyed every meal she cooked and every time I sang on the bed, I didn’t want to be in the future, just in front of my eyes.

  She finally married a rich man and finally on the day I celebrated my thirtieth birthday, she solemnly told me that she was going to get married.

I just swallowed the red crispy chicken steak that she made, and I didn’t respond for a long time with my throat in my throat.

She went on to herself, as if saying something had nothing to do with herself.This object met only three months ago. All generations are lawyers. Just 30 years old. Because he had only one son in the family and forced him to get married soon, he asked her to marry him yesterday.

She said that she agreed, because his parents gave him a small foreign house in the Donghu Development Zone, and they could live in as soon as they got married, and they were planning to buy a car the next year.

I finally swallowed the chicken chop, tried to squeeze a smile, and aimed to buy wine, toast to her old girl!

She was crying at the time. I felt very depressed, but still smiled slightly, and said that there was something to cry, there was a house and a car, and a good life was waiting in the future.

That day was the only time she came but it was not complete. Almost before the meal was finished, she took the bag and left, and the door was smashed into the mountains. I continued to sit and eat, and I didn’t even think of getting up and chasing.

Later, she invited me to a wedding. I went there and prepared a thousand yuan gift generously. I glanced at the bride and groom. The groom didn’t look good, but the bride was a beautiful thing!

After her marriage, my parents began to rush to help me find someone.

  After marriage, she took the initiative to find me six months after her marriage. We didn’t contact again. Although I tried to call a few times, I couldn’t help it.

Later, I simply changed my mobile phone, changed my place to live, and started to make friends again, but I still couldn’t grow up every time.

She later contacted me, and when I answered the phone, I thought I heard it wrong.

She asked me calmly why I didn’t tell her when I changed places, and even changed the phone.

I joked that you are married and I don’t want to disturb you.

She didn’t speak for a long time, and then asked me how I was doing, whether she still ate instant noodles.

I looked at a new noodle 120 that I bought at home and lied to her that she didn’t have it, and now I cook all by myself.

She asked me again if I found the subject.

I said, where does anyone see it.

She smiled and said nothing, then hung up.

  It never occurred to her that she came to my apartment that night and said it was to visit my new home. Although she had been mentally prepared, the mess in my house surprised her.

At that time she pulled me to the street and said that I could n’t do it. I had to buy something. We went back to Carrefour again. I bought a big car with a mop, tablecloths, napkins, clothes rack, etc. When I checked out, I said that I did n’t have enough money. SheHelp me add it, meanwhile pointing at my nose and ask me to pay back!

In the evening, she helped me clean up the house, cleaned the room, and was busy till twelve in the evening.

In the meantime, she answered a phone call from her husband and asked her where she was. She said that she was watching TV at home.

It turned out that her husband went to Beijing for a business trip, so she had time to come out and look for me.

That night she was sleeping with me on the pillow as before, as if nothing had happened.

  She came to me every three forks, but often hurried home because of her husband’s questioning.

Later, I met a new girlfriend, and I advised her not to come again. She became furious when she knew that she had no conscience and was ungrateful, and then fell away.

After a month or two, she came to me again as usual, and I told her that my girlfriend and I were planning to get married, and she had a quarrel with me again. I was very sad when I saw her hoarse and exhausted.I want to ask her to divorce, I would marry her!

But then I swallowed it again. What should I marry her? I don’t even have my own house!

She never came back after that trouble, and my girlfriend and I soon broke up again. I do n’t know why. I do n’t think I can always stare at her. I can hardly make a girlfriend, becauseI always became a new girlfriend and contrasted with her, and then I did n’t even have any interest in continuing to communicate.

  At the beginning of this year, I was transferred to another middle school, so I changed my apartment and phone number.

I hope she won’t come to me anymore so that I can completely forget her and start her life again.

Why can acupuncture relieve pain?

Why can acupuncture relieve pain?

Acupuncture can alleviate pain and relieve certain hobbies.

Harvard scientists found the secret.

  The team used MRI to monitor 20 healthy subjects during and after acupuncture.

  Researchers first pierced the needles at the sites of traditional Chinese medicine to reduce pain.

  Within seconds, the researchers found that the subject’s blood flow gradually decreased in certain areas of the brain. At this time, the subjects said that they tried to seem to have a heavy object, and this feeling of heavy object was indicating that acupuncture was normal.
If some subjects report feeling pain (perhaps related to incorrect acupuncture), then their MRI scans will show increased blood flow in specific areas of the brain.

  Researchers say that when blood is reduced, the brain does not “work hard” and acupuncture can calm down specific areas of the brain.

Does incorrect sleeping posture cause infertility?

Does incorrect sleeping posture cause infertility?

Many people know that incorrect sitting posture can cause diseases such as cervical spondylosis and lumbar muscle strain, but do you know that incorrect posture can easily lead to disease.

  For the human body, adequate sleep and good sleep quality are one of the necessary conditions for longevity.

Usually, sleep usually has 3 postures, supine, lateral and prone.

For women, the best sleeping position is lying to the right.

  At present, there are not many women sleeping prone because this posture easily puts pressure on the chest and affects breathing.

For developing adolescent women, this position will affect breast contour and breast development, so try to avoid it.

  Sleeping on the back does not seem to affect all organs of the body. In fact, in the normal anatomy of the female reproductive system, the position of the uterus should be forward and forward flexion, but studies have found that most of the posterior uterus is related to the sleeping position in the supine position.

  The uterus can be located in the forward and forward flexion position, which depends on the ligaments of the uterus, and the posterior uterus is inverted toward the sacral cavity, especially the posteriorly flexed uterus, so that the entire uterine body lies in the sacral cavity, and the sacral cavity is blocked tightly,Compression of the anterior phrenic nerve tissue is prone to discomfort such as backache and lower abdomen.

Before menstruation, the soft tissues of the uterus and sacrum are congested and edema, which is more likely to increase the compression of the nervous tissue by the posterior uterus and aggravate the symptoms.

  In addition, the posterior uterus has the following potential problems:-Menstruation, the uterus tilting backwards, can often cause the ovarian fallopian tube to sag backwards and downwards, change the position of the ovarian fallopian tube, cause distortion of the pelvic vein, poor blood flow, and pelvic cavityVenous congestion, leading to excessive menstruation.

It also easily leads to sexual intercourse pain, which makes women full of fear of sexual life.

  -Dysmenorrhea, the posterior uterus is like a teapot, the cervical canal is like a teapot mouth, and the uterine body is like a teapot body.

The cervix, which is a spout, is located higher than the uterine cavity of the pot, and menstrual blood is difficult to drain from the “bottom”.

  -Infertility, the posterior uterus can pull the cervix upward and point to the anterior wall of the vagina, so that the outer mouth of the cervix is significantly higher than the semen pool, like a cliff on the river, so the sperm cannot enter the cervical canal smoothly, and of course it is difficult to achieve pregnancy.

  The supine and prone positions are excluded, leaving the sleeping position on the side.

Among them, lying on the top is not ideal because it can compress the heart and cause discomfort.

The right side is not the problem caused by the sleeping position mentioned above, which naturally becomes the most recommended sleeping position for women.

Marriage polishing woman tenderness and self

Marriage polishing woman tenderness and self

Mr. Nao Yueyue, 32 years old, engineer, a woman sleeping in marriage, wake up and enter marriage may be the biggest dream in life for many women. Once you enter the castle of marriage, because dreams come true, it changesBurnout, because of fear of dreams will be shattered, will become suffering.

Therefore, many married women mostly use their husbands, children, and home as their center of life, but they have no one.

  Maybe before marriage, she can dress herself up with a good mood every day.

But after marriage, because of family chores, she lost her state of mind. Although she was not unkempt, she also had a little bit of shame and became a yellow-faced woman in her husband’s eyes.

I was busy at work every day. After work, I hurried home to cook, do laundry, mop the floor, and I lost the elegance and leisure of the past.

Although this is not a bad thing, women should be dominated by family after marriage.

But in my opinion, a married woman shouldn’t let herself look like a housewife. She shouldn’t just surround herself with pots and pans.

Make beauty, add a beautiful dress for yourself, and then appear in front of her husband with a new look, give him a surprise, let him beating again for the beautiful you, isn’t this life a lot of potential fun?

No man will dislike a beautiful wife.

  After marriage, a woman likes to restrain the men around her. When she feels married, it should be the life of two people, and they must have each other completely.

In fact, each person is an independent individual, he does not belong to anyone, even if they are married, it does not mean that they belong to the other party.

A man likes freedom by nature. After he gets married, he will still go out to eat, drink and play cards with his buddies. This is his life, and he also needs to use this method to relieve work pressure.

When he went out to meet friends, your phone rushed over and over again, and his heart sank again and again.

Give him some space and freedom. He will thank you and think you are a woman who understands him.

Marriage is not all about a woman. How can a woman who has lost her self make a man love?

  Ms. Wang, 36 years old, corporate management marriage is a responsibility and dedication. When you marry a man, you are married to the elegant woman in front of you. I hope she never changes, but women ca n’t stop changing. When a woman is married, she marriesIt is a fantasy white horse prince, hoping that he can change according to his own requirements, but the man will never make any changes for her.

Therefore, it is unrealistic whether a man wants a woman to be gentle and elegant before marriage, or a woman wants a man to be his exemplary model husband. It is unrealistic and he must face his true half.

  What is home? Is n’t it a place to cook for her husband and children in beautiful clothes? The home is a harbour for men, but also a harbour for women. When I return home, I want to please my husband with “pretty”. Is the woman too tired?

If every man is allowed to wear suits and shoes at home, do you ask him?

  If you can’t worry about the chai oil and salt at home, don’t worry about your children and husband, I believe that every woman likes to go shopping in bright clothes, friends, beauty, fitness, life is comfortable and romantic, but this life is too impossible.

Why not choose marriage?

What do you want your child to do?

Responsibility is equal for both husband and wife. Marriage itself is a responsibility, and “love” is only produced in a specific period.

How long can love last?

A lifetime?

I believe that everyone will not have an affirmative answer, then in the marriage life is replaced by family relationships.

In my opinion, affection is more important than love at the crucial moment. The affection between husband and wife is another kind of affection after love. Who can say that it is not good and not strong?

Men ‘s answer to “marriage and wife” is “responsibility”. Have you asked women, after they have a marriage, most women ‘s answers must also be “responsibility”, but women are more implicit and more dedication than men.

  Of course, women can’t let housework and life obliterate their hobbies. They must leave a space of their own. No one can do anything as a reason for invasion.

Only by constantly improving yourself can you maintain femininity and ladylike temperament.

  Expert opinion Intimate lovers do not lose their self-confidence Liu Jun, a famous psychiatrist, said: Marriage is not just for “dressing and eating”, these are just the accompanying products of marriage.

In the marriage life, the proper relationship between real partners is more a constructive and positive dynamic balance relationship between each other’s spiritual “attachment” and individual independence.

Marriage intervention is fundamentally a very intimate relationship between the sexes. The two together contribute to this intimate relationship, and both parties in the robe also gain spiritual and material gains from this relationship.

Our distinguished men and women merge in marriage, but we also distinguish ourselves as independent individuals.

It is generally accepted that the boundaries between each other are not desirable, and the intimacy in marriage cannot lose its own space.

  Topic Story Housework Descriptor: Female, 32 years old I ride my bike to the vegetable market to buy food almost every day after work, go home to cook, and after 20 minutes, my husband comes back. I take off the apron full of soot and washRough hands, serving dishes.

After dinner, I said to my husband, “I’m too tired today. Please help me wash the dishes!

“My husband turned on the TV and said,” Are you tired? “I’m not tired?

Finally got off work and let me do something?

It ‘s enough for your woman to do these housework!

“I get angry whenever I hear this!

I also have a job. For ten years, I rushed back to work in the underground for cooking. Whom am I for?

I can’t get this tone without making a big noise and swearing hard!

Women are not iron men, and these housework are not fun!

Seeing that my hands are rough, don’t I know that I feel bad?

Not for this home yet!

The most annoying thing is that he also thinks that it is natural for me to do housework!

There is no gratitude and understanding, and of course I’m out of balance!

2. Men’s bad hobbies Descriptor: Female, a 37-year-old man, you do n’t want to be fierce with him, you do n’t point at his nose and scold, you do n’t give him something cruel, he just does n’t know to change!

Smoking and drinking are all the same. It doesn’t change. He hurts himself. I recognize it. I persuaded him to love and toss as much as he likes.

But the hobby of gambling money is too harmful to others!

Huaxin, find a lover outside, as long as a woman can’t hold back!

But men are so unconscious.

You talk softly, he thought you didn’t think it was serious.

Have to make you scold!

  At the beginning, I talked to him well, but he just took my word for it and made myself feel depressed when I said it one time at a time, feeling like an old woman teaching her own children.

3. The lack of self-space Description: Female, 30 years old, I got up at home on the weekends and I was busy at home. My husband looked at me coldly and suddenly said: “Look at Mrs. Li, you have to climb mountains and do beauty treatments on weekends.Go to piano class.

How interesting?

Is that just a woman!

Where is it like you, no mood at all, like an aunt!

I said, “Do you think I don’t want to?

I can also go, but Mrs. Li does not have to work all day, her husband is rich, and the house has hired a maid to clean up the housework. Of course, she can go to cultivate every day!

Husband dismissed: “We can’t compare to her, but you were a cultural person before, how can you become less and better than before?

“Yes, I didn’t do that before.
.

I used to like reading, listening to music, drawing, and after marriage, I felt that I did n’t have enough time every day.

I feel like turning around my husband and children every day.

There are endless things to do every day!

After working in the company, busy at home, it’s time to go to bed when you can relax.

Not to mention on the weekends, it may be difficult to go to work, but a lot of things at home are waiting for you to do.

Husband doesn’t help at all, but also talks about the wind, which is too irritating!