Yuanzu Shares (603886) 2019 Interim Report: Results Meet Expectations Steady Expansion of Stores

Yuanzu Shares (603886) 2019 Interim Report: Results Meet Expectations Steady Expansion of Stores

Performance was in line with expectations, and price increases drove gross profit margins for 2019H1 revenue8.

3.3 billion (+15.

24%), net profit attributable to mother 0.

36 billion (+36.

13%), of which 19Q2 revenue was 4.

92 billion (+10.

03%), net profit attributable to mother 0.

4.2 billion (-20.

96%), performance growth fluctuates, and performance is in line with expectations.

19H1 gross profit margin 64.

28% (+2.

78pcts), with a gross profit margin of 63 in 19Q2.

59% (+1.

49pcts), mainly due to the company’s April price increase for cakes and fruit gift boxes.

19H1 net profit 4.

40% (+0.

82pcts), of which 19Q2 net interest rate is 8.

61% (-2.

85 pcts), mainly due to the increase in gross profit margin and the decrease in management expense ratio1.

07pct, taxes and surcharges dropped by 0.

33pcts, the sales expense ratio rose by 0.

55pcs and so on.

2019H1 operating cash flow 0.

7.9 billion (-39.

78 %%), which was mainly due to the increase in material payment and labor cost paid during the Mid-Autumn Festival.

2019H1 advance payment 0.

4.2 billion, an increase of 19.

92%, mainly due to the increase in advance payment of materials for the Mid-Autumn Festival.

2019H1 inventory 0.

5.5 billion, an increase of 46.
.

38%, mainly due to the increase in stocking of materials for Mid-Autumn Festival.

The proportion of direct sales is stable, and the stores are steadily expanding. From the product point of view, the company’s main business is outstanding, and the cake’s 2019H1 revenue is 2.

8.3 billion (+8.

48%), the growth rate due to price increases in the second quarter has improved, and normal growth is expected to resume in the fourth quarter; Chinese and Western-style confectionery revenue in 2019H14.

6.5 billion (+14.

06%), fruit 2019H1 revenue is 0.

3.7 billion (+14.
98%), both maintained steady growth.
From the perspective of channels, the company’s direct sales accounted for more than 88%, and its 2019 H1 revenue was 7.

2.0 billion (+11.

58%).

From a regional perspective, the company’s revenue is basically from mainland China, and its 2019H1 revenue is 7.

9.3 billion (+11.

77%).

In terms of stores, the company’s stores increased from 631 in 2018 to 642 in 2019H1, a net increase of 11 stores.

We expect the company’s stores to exceed 650 in 2019.

Increasing performance such as price increases, both 都市夜网 online and offline into the second half of the year, we believe the company will continue to benefit from: 1) price increases for cakes and fruit gift boxes; 2) carry-over income from sleep cards; 3) peak season for moon cake sales (generally single three) Quarterly revenue accounts for about 40% and profits account for about 90%).

The company’s performance in the second half of the year is generally better than that in the first half. The company has adjusted product structure and strategic layout to reduce changes in earnings performance.

Offline channels, opening up channel networks in first- and second-tier cities, steadily and meticulously operating; online channels, using self-built official websites, micro malls, various e-commerce platforms to conduct customer drainage, online transactions, strengthen effective management 杭州夜网论坛 of stores, and achieve onlineUp and down integration.

The investment proposal maintains EPS 1 for 2019-2021.

21/1.

43/1.

67 yuan, corresponding to PE18 / 15/13, maintain “Buy” rating.

Risk warnings on food safety issues; growth of raw materials; lower-than-expected price increases for core products;

Luoyang Molybdenum Industry Co., Ltd. (603993) Dynamic Comment: Price Increase Drives Performance, Global Expansion Orderly Advances

Luoyang Molybdenum Industry Co., Ltd. (603993) Dynamic Comment: Price Increase Drives Performance, Global Expansion Orderly Advances

The core point of view benefited from the increase in the price of main products. The company’s performance maintained growth: The company recently released its 2018 annual report: Due to the increase in main product prices, the company achieved operating income of 259.

63 ppm, a ten-year increase of 7.

52%; net profit attributable to mother 46.

3.6 billion, an increase of 69 in ten years.

94%; net profit after deduction is 45.

6 ppm, a 45-year increase of 45.

91%; corresponding to EPS 0.

215 yuan / share.

Due to the completion of the capital increase, the company’s annual financial expenses decreased by 7.

74 trillion, down 54 each year.

62%, forming a certain support for performance.

However, when copper was converted in the second half of the year, cobalt prices continued to weaken, and the company’s fourth quarter revenue was 58.

79 ppm, a ten-year average of 8.

72%; net profit attributable to mother, 5 trillion, divided by 55.

12%.

The first overseas acquisition of 24% equity in TFM continued to expand: the company acquired 100% equity in IXM at the end of 2018 to improve the 深圳桑拿网 global business service system from procurement, export to trade; in January 2019, it increased to 11.

Acquired BHR DRC for US $ 3.6 billion and obtained 24% equity in TFM, thus achieving 80% indirect control of TFM.

Through the continuous expansion of overseas territory, the company’s international mining industry has further increased and consolidated, and the combination of resource advantages has promoted a steady rise in performance.

Diversified resources guarantee profit and are optimistic about the future of copper, and molybdenum demand rebounds: the average LME copper nanometer price rose by 5 in 2018.

42%; metallic cobalt rose 35.

55%; molybdenum concentrate rose 41.

80%; the company’s copper metal output is 20.

02 nominal, accounting for 0 worldwide.

8%; Cobalt metal production 1.

87 announced, accounting for 14 worldwide.

26%; Molybdenum production1.

54 announcements, accounting for 16 of the Chinese market.

59%, the company’s diversified resource endowment guarantees profitable growth.

The easing of Sino-US trade recovery and preliminary repair of macro sentiment in mid-2019, a new round of infrastructure investment is expected to drive copper, and demand for molybdenum is steadily picking up; while a small excess supply of cobalt will remain, prices driven by power batteries may stabilize.

With the recovery of downstream demand effectively boosting metal prices, the company’s profit elasticity is expected to usher in release.

Investment suggestion: We expect the company’s EPS for 2019-2021 to be 0.

16 yuan / 0.

18 yuan / 0.

22 yuan, the corresponding PE is 31.

04/27.

12/22.

92 times, maintaining the “recommended” level.

Risk Warning: Copper, Cobalt, Molybdenum, and Other Metal Prices Drop Sharply

Maintain a good optimal posture to protect the spine

Maintain a good optimal posture to protect the spine

Obvious posture will cause uneven force on the intervertebral disc. Once the position is found to be bad, it should be corrected in time. Good positioning can prevent the tapered nucleus from protruding again to a certain extent.

  Obviously poor posture, especially spinal irregularity, will cause uneven disc force, which is the hidden source of disc herniation.

The correct correct posture should be two eyes looking up, the lower jaw slightly retracted, the chest straight, the waist straight, the lower legs slightly retracted, the two legs upright, the distance between the two feet is about the same as the pelvic width, so that the entire pelvis will lean forward, soThe whole body’s gravity passes from the spine and pelvis to the lower limbs, and then from the lower limbs to the feet, to become a real “down to earth”.

At this time, the human body’s gravity line passes through the lumbar vertebral body or the back of the intervertebral disc, which can effectively prevent the nucleus pulposus from protruding again.

  Appropriate postures that should be taken during labor are: slight flexion of the knee joint, slight contraction of the gluteus maximus, and natural contraction of the abdominal muscles. This can transform the pelvis slightly backward, slightly straighten the lumbar spine, reduce the angle of the lumbosacral angle, and increase spinal supportForce to eliminate the burden on the disc.

  Longer posture correction is not possible, you can replace the “resting” posture, that is, twist your feet half a step forward, let the weight rest on the replacement lower limb, and let the other lower limb rest slightly, alternating on both sides.

The distal fracture is too long, and proper in-situ activities, especially lower back activities, should be performed to relieve lower back muscle fatigue.

Once the adverse consequences are found, the posture should be corrected in time, and a good complementary posture can prevent the nucleus pulposus from protruding again to a certain extent.

8 tips for dealing with oily acne skin

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8 tips for dealing with oily acne skin

1.

Be patient: the conditioning of oily acne skin is a long-term process, please do not interrupt and give up easily.

  2.

Good Habits: Develop good living habits and a regular schedule.

  3.

Sleeping foot: People have the time to recover during their lifetime. They sleep alternately and simply rest. It is not a waste of time. It is just the march of human health.

Adequate sleep will not only make you healthy and full of energy, but also one of the secrets of skin fitness.

  4.

Diet with caution: Although there is no clear relationship between food and acne / acne skin, everyone should observe that their skin is sensitive to a certain food and avoid eating it according to their actual situation.

Minimize the use of fried foods and chocolate.

Please pay attention to nutritional balance at regular intervals. Eat more vegetables and fruits.

  5,

Use with caution: certain drugs may cause or exacerbate acne and acne, such as phenobarbital drugs, lithium, hormones, and some vitamins such as D, B12, etc. So you must consult your doctor before taking the drug.

Pregnant women, please consult your doctor to ensure the use of medicines that are absolutely safe for the vagina.

  6.

Avoid the sun: Watch out for the sun, it is a bad friend of acne and acne.

Although you will notice tanned skin, oily skin and acne / acne conditions after sun exposure, the sun will thicken the epidermis and your skin will become more severe with acne and acne.

Therefore, oily acne skin must use high-quality sunscreen products.

  7.

No bangs: Do not leave the front bangs, the friction of hair will aggravate the acne and acne on the forehead.

  8.

Skincare: Choose skincare products that are right for your skin type-acne-free formula.

Avoid excessively irritating cleansing products. Use cotton pads, flannelettes, and sponges for cleaning. Do not squeeze small acne before cleaning your face. This will increase the chance of infection.

Use deep cleansing mask to temporarily relieve oily skin.

Use an exfoliating scrub with caution, as acne skin is more sensitive and using an exfoliating scrub will irritate it.

Whitening Tips-5 Most Effective Homemade Whitening Masks_1

Whitening Tips: 5 Most Effective Homemade Whitening Masks

There are many small secret recipes handed down to the people, and they have many generations of experience.

There are some whitening methods. Today, let’s summarize them together!

  Folk whitening DIY hottest whitening mask 1, milk whitening prepare a small cup of fresh milk, (in the summer, you can also put fresh milk in the refrigerator, put on a cool, more comfortable).

Steam the face with steam, soak the cotton pad with fresh milk, leave it on the ends for about 15 minutes, remove it, and wash the bladder milk with water.

Long-term adherence can make skin tone white and even.

  2. Prepare aloe vera whitening three fingers wide and two fingers long and spotted aloe vera leaves and rinse them, then a piece of cucumber with a length of three centimeters, 1/4 egg white, 2-3 grams of pearl powder, an appropriate amount of flourMake the tone thin).

  Put the aloe vera and cucumber into the juicer and squeeze into a small bowl. Then add egg whites, pearl powder, and a moderate amount of flour to make a paste, which will not flow down.

  Wash your face, apply the adjusted paste on your face, wash it after drying, apply toner, skin care products, 1-2 times a week.

  3, tomato honey whitening This whitening formula can be used for face and hand whitening at the same time.

Especially for acne-prone skin, it can effectively remove oiliness, prevent infection, and make skin fair and delicate.

  Usage: You can mix tomatoes into tomato juice and add an appropriate amount of honey to stir until a paste.

Apply evenly to face or hands and leave to wash for about 15 minutes.

It is recommended to do it 1-2 times a week.

  4, beauty vegetable juice will be green pepper, big cucumber, a quarter bitter gourd, celery, green apple, etc. into a beauty vegetable juice to drink, this vegetable juice has enough vitamin C, very effective for whitening.

  5. Remove the spotted vinegar egg liquid, take one fresh egg, wash it, dry it, add 500 ml of high quality vinegar and soak it for one month.

After the eggshell is dissolved in the vinegar, take a small tablespoon of the solution and mix it with a cup of boiling water. Stir and take one cup a day.

Taking vinegar and egg liquid for a long time can make the skin smooth and delicate and remove all dark spots on the face.

  6.

One fresh egg of honey protein film and one small spoon of honey will become whipped and even. Before going to bed, use a clean soft brush to replace the film on the skin. Massage can be performed during this period to stimulate skin cells and promote blood circulation.

After being turned on and air-dried, wash with water, preferably twice a week.

This mask can also be diluted with water and rubbed hands, which can be used to supplement chapped skin in winter.

Fun skin care fashion Japanese bubble mask

Fun skin care fashion Japanese bubble mask

Recently, there is a new trend on the market, that is, bubble mask!

This is a “fun maintenance style” blowing from Japan. Let’s follow the editor today to see some of the popular one-sided bubble masks!

  Know the knowledge of bubble mask, now the market can produce foam surface products: 1, high-pressure gas cylinder filling, can generate a lot of foam like boys shaving foam, the advantage is that the foam is dense and consumes less, it must be someone who makes the foamIf these skins remain, they may be more irritating.

  2. Add foaming ingredients such as carbonic acid to generate bubbles by chemical action. The ingredients are safer earlier, but they are mostly soapy formulas. Even if multiple moisturizing and anti-allergic ingredients are added, the overall degreasing power is still strong.For a while, the skin may feel tight and basically suitable for oily skin.

  So for the above reasons, in fact, you can also understand why the instructions for using this mask product are often recommended to be laid for a short time, such as 3 minutes or even 30 seconds.

  If you want to avoid irritation or dryness, it is recommended not to apply it for more than 5 minutes, and use clean water immediately after application?
If your skin becomes drier after use, reduce the frequency of use or moisturize the skin with the moisturizer.

  Reasons for SHILLS MediSPA mineral bubble mask: transparent gel, kneading with water will produce foam similar to facial cleanser, containing olive leaves to help moisturize, arbutin can brighten white, witch hazel, allantoin and other anti-allergy, it is recommended to applyAfter 5 minutes of washing, the effect is more obvious.

  WHIP PACK Japanese Enzyme Bubble Regenerating Mask (WHIP PACK Bubble Mask) Recommended reason: Apply the gel to the skin, and the enzyme contained in it will create foam after about 1 minute. It also contains Q10, soy extract and other ingredients to help moisturize.Rattan, witch hazel and other circulation-assistant and anti-allergic agents provide a moisturizing and moisturizing effect. The ingredients are safe and can be used for 5?
10 minutes.

  Indie Butterfly EDN Deep Sea Caviar Wake Up Skin Revitalizing MousseRecommended reason: Use a cylinder to make dense foam, add caviar extract to help repair the skin, milk, chamomile, oat, sweet myrrh, etc. absorb moisturizing and anti-allergic agents, nourishing ingredientsRich, can be left for 5 minutes.

Teach you how to prevent fitness misunderstandings

Teach you how to prevent fitness misunderstandings

There are two areas in the gym where “well water does not violate river water”: equipment training and aerobics areas.

“Equipment training is a man’s business, and aerobics is a woman’s business. It’s irrelevant!

“It’s no wonder that bodybuilders are getting deeper and deeper in the misunderstanding.

“This is a situation that is more difficult to mediate at present,” the coach is also facing a difficult face. “In fact, the results of the two forms are basically the same.

The instructor pointed out: Male aerobics can also improve cardiopulmonary function, softness and coordination.

Women can not only train basic qualities such as endurance and speed through equipment training, but also improve their body shape and vitality.

From this point of view, it is a pity to give up whatever kind of sport.

  Woman: Exercise equipment will become thick. Men’s exercise equipment will become chest wide, thick back, and muscular conditions. Women will ask questions. Will women’s exercise equipment also become stout?

In fact, long muscles are not a success overnight. Small weights and multiple training sessions are not only difficult to grow muscles, but also eliminate redundant aunts.

The coach said that the content of male hormones and estrogen secretion in women’s body, so the muscle synthesis ability is quite poor, and reasonable equipment training will only make the body more beautiful in the end.

  Aerobics training, body-building can be body-building Through surveys and interviews, accurate female bodybuilders believe that body-building exercises can be body-building.

However, the results of the training were not satisfactory: the lower limbs became strong and strong, but the key parts such as the shoulders, chests, and backs that reflected the physical beauty were exercised.

The coaches pointed out that the body should use the equipment to make targeted exercises, which can change the relative angle of the bones, such as making the bust larger, smaller, shoulders wider, and hips bent.Significant improvement.

  The idea of reducing wherever you practice is pretty naive and unrealistic.

Coaches tell us with rich practical experience: moderate and reasonable equipment training can effectively perform anaerobic and aerobic metabolism, and achieve weight loss.

“Moderate” means that the exercise completed in each training should not exceed the body load; “reasonable” means using scientific methods to train muscles in all parts of the body, not just to train muscles in a certain part of a person.

  More sweating, more fat loss The misunderstanding of “more sweating and more fat loss” has led many aerobics trainers to willingly “jump” non-stop and enjoy it.

Some coaches also advised against drinking water, and thought it was a little sweaty. Isn’t drinking water for practice?

Studies have shown that a large amount of perspiration without supplemental water can easily lead to collapse.

Sweating alone can’t effectively lose weight, and some equipment training can be added to achieve good results.