Liquor online gambling soars, offline channel recovery still to be tested
Sauna Night News (training reporter Xue Chen) Even in the first quarter of 2020, the overall performance of the major companies in the liquor sector was not satisfactory, but through the recovery of consumption, the market remains positive and optimistic about the continued development of liquor companies.On May 8, liquor stocks also continued the performance of physics continued to rise for several rounds, has been collectively pulled up.It is pointed out that during the May 1st period, the consumer market released positive signals, which to some extent boosted the growth of liquor stocks.Online market pick-up ended at the close of May 8th, 15 of the 19 major listed liquor companies expanded their growth, and the highest growth rate has increased by 4.52%, Guizhou Moutai, Wuliangye and other well-known liquor companies also received 0.2%, 0.7% incremental increase.Other regional liquor stocks also performed well.Preliminary sources pointed out that the major listed liquor companies disclosed the 2019 annual report and the first quarter report of 2020 in succession at the end of April, which is different from the overall first quarter data due to the impact of the new coronary pneumonia epidemic.The situation of steady growth, so through the new coronary pneumonia epidemic situation is gradually controlled, the liquor market will usher in a new round of recovery growth.In fact, the performance of the liquor market on the May 1st holiday has already given a dose of “heart-lifting” to the consumption of liquor for several months.Sauna, Yewang learned from the relevant person in charge of Tmall that in Tmall’s May 5 antique promotion, a total of 210 alcohol brands have grown more than 10 times and 346 brands have grown more than 5 times.Well-known brands have achieved higher growth under the premise of having a higher market share.From the data provided by the person in charge, the reporter saw that Maotai grew by more than 6 times, Fenjiu grew by more than 5 times, and Xijiu grew by as much as 10 times.Another major e-commerce platform,’s alcohol consumption also ushered in a small upsurge during the May Day period.From the data provided by the relevant person in charge of, it can be seen that during the May 1st, all categories of wine and beverages on the platform of have surged.Moutai, Wuliangye, Xijiu, Red Star and other brands belonging to the liquor sector have achieved a two-fold increase over the same period, while Xifeng liquor has grown to 2 at the same time.Doubled, Fenjiu’s growth reached 2 over the same period.5 times.The offline market is still under pressure. There is a point of view that during the May Day period, the consumption of alcohol on the e-commerce platform experienced a high growth. A certain scale is related to the small-scale private activities and the gradual recovery of gatherings such as wedding banquets.However, it should be noted that the e-commerce platform during May 1st has promoted the promotion of antique consumption, especially the high discounts offered by the Tmall 55 promotion, and at the same time must attract consumers to consume alcohol in advance, soHelps to improve data.However, it should be noted that whether the consumption growth brought by e-commerce promotion activities during the May Day period will overdraft the consumption power during the following Dragon Boat Festival and even the Mid-Autumn Festival.The reason why the industry is cautious about the warming of the May 1st online market to promote the recovery of the liquor market is related to the current channel structure of the liquor market.Initial sources pointed out that the current offline channel is still the mainstream of liquor sales, the rapid growth of online channels, but not enough to stimulate the recovery of the entire liquor market.And during the New Coronary Pneumonia epidemic, a large number of merchants increased the layout of the online platform to mitigate the impact of the epidemic, which does not mean that this will become the normal layout mode of wine distributors.Directly facing consumers and building an offline sales model for alcohol consumption scenarios has remained the mainstream of the alcohol market for quite a long time.Therefore, from the current situation, offline consumption scenarios such as business banquets are still to be restored, and the pressure of offline alcohol sales is still not to be underestimated.Sauna Night Net Trainee reporter Xue Chen edited Xu Jingjing proofreading Li Shihui

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Ou Feiguang (002456) 2019 Interim Report Review: Adversity Pan Ni is about to dawn

Event: On July 30, the company released a semi-annual report, and achieved operating income of 235 in the first half of 2019.

88 ppm, an increase of 29 in ten years.

21%, achieving net profit attributable to mother 0.

21 ppm, a ten-year average of 97.

18%, net profit of 62 non-returned mothers.

900,000 yuan, 99 years accumulated.


Key points of investment: Revenue has grown steadily, and adversity has shown its true character.

In the first half of this year, the global smartphone boom declined, and the company itself was in a turmoil brought about by financial pressure. With internal and external concerns, the company achieved 29.

It is not easy for 21% of revenue to exceed the growth rate, especially in the second quarter. In the context of Sino-US trade friction accelerating the breakdown of smartphones, the company was able to stop the trend in a timely manner, turning a profit into a single quarter, showing thatStrong ability to grow against the trend, this ability is the company’s most important reliance on the current breakthrough.

In terms of business, it has benefited from multiple innovative functions such as multi-camera, 3D camera, periscope camera and under-screen fingerprint recognition. The introduction of smart phones, the company’s optical products (camera module + lens) and biometric products have increased in volume at the same timeThe value of single products has also increased, and the revenue contributed by the scale business 2019H1 has increased by 41 each time.

66% and 99.


However, the company ‘s traditional main business, touch display, is affected by the penetration of incell / oncell and other panel factory-initiated solutions, which has intensified competition in the industry. Although the company strives to consolidate its industry integration through the advantages of the vertical industry chain platform, this business segment is still becoming the company“Bag”, the operating income of touch products in H1 2019 will be extended by 14 per year.


Short-term pressure on profitability.

The downstream industry enters the stage of stock gaming, and changes in technology paths lead to intensified industry competition and other factors, resulting in the company’s overall profitability being suppressed to a certain degree. The overall gross profit margin of the company in 2019H1 is only 10.

08%, a decrease of 5 compared with the same period last year.

18 pct.

Of the company’s three main businesses, only the biometrics business benefited from the increase in displacement of the fingerprint recognition module under the screen, and the gross profit margin increased.

At 45 pct, the profitability of the optical business and the touch module business was additionally divided, of which the touch module business was even more so, and the gross profit margin was almost half of the same period last year.

In the follow-up, the rebound in the downstream industry’s prosperity has driven the company’s product capacity to increase, and the overall gross profit margin has improved.

Dating strategic investors with original backgrounds is an urgent need.

The horizontal expansion of the company’s scale in the past few years has indeed helped to increase the company’s revenue and optimize the overall cost, but it is also buried in the “hidden worries” when many industries are down, such as higher equity pledge ratios and market orders.The pledge crisis brought about by the decline, the weak capital chain, high inventory, etc., are also the root of the company’s turbulence in the first half of this year. In 2018, the inventory impairment was significantly accrued, and the asset impairment in 2019H1 2

700 million.

Shareholders with a fragile funding chain are seeking shareholders to seek appointments with strategic investors with a regular background. Until the end, the company has gradually received Nanchang Industrial Control, Nanchang Municipal Public and Nanchang Industry Alliance Investment totaling 2.5 billion US dollars in advance payment, which can to some extentAlleviate the company’s financial pressure. If the company’s operating activities are not to be interfered with in the future, considering the company’s industry leading position in smartphone cameras and under-screen fingerprint modules and the future of these two fields1?
Two years of positive trends, and years of channel advantages accumulated by downstream companies such as HMOV, the company is still expected to produce a satisfactory answer.

Earnings forecast and investment rating: Covered for the first time, giving overweight rating.

Affected by inventory impairment, the company’s performance in 2018 and 2019H1 significantly exceeded market expectations, but in the current smart phone field, under-screen fingerprint recognition is gradually emerging, and the camera module is in the bonus cycle from single camera to multiple camera.The core beneficiaries are worthy of continuous follow-up. Due to the principle of prudence, we predict that the overall accrual in 20193.

About 500 million, under this assumption, the company’s net profit for 2019-2021 is expected to be 7 respectively.

8.1 billion, 13.

2.6 billion, 17.

8.3 billion, the current sustainable corresponding PE is 29.

49, 17.

37, 12.

92 times, the full accrual of 2018 and 2019H1 is a real accident, and the problem of business structure level is also currently being resolved by the company.

It is expected that the market has undergone major adjustments in the past and development trends in related fields. If the subsequent integration progresses smoothly, the company still has a good investment space, covering it for the first time and giving an overweight rating.
Risk reminders: 1) The penetration of dual-camera 苏州夜网论坛 and multi-camera solutions is less than expected; 2) 3D and screen fingerprint module products have increased prices due to intensified competition; 3) funding, inventory, and the current relief of pledges and other issuesGet properly resolved.

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Yingqu Technology (002925) Third Quarterly Report Review: Revenue Maintains Rapid Growth IQOS Drives Gross Margin Increase
Event: Yingqu Technology released three quarterly reports: The company achieved revenue of 26 in the first three quarters of 2019.20,000 yuan, net profit attributable to mother 6.500 million; in the third quarter, it achieved revenue of 9.7.2 billion, net profit attributable to mother 2.3.2 billion. Key investment points: Revenue continues to grow rapidly, and IQOS global penetration continues to increase: the company’s revenue growth rate in the first three quarters was 29.0%, compared with 24 in the first half.A significant increase of 7%; single-quarter revenue in the third quarter of 9.7.2 billion, an annual increase of 37.0%, the company’s revenue has maintained rapid growth.According to the Philip Morris International Third Quarterly Report, the new tobacco HTU cartridges were extended by 42.5 billion in the first three quarters, an increase of 46%.Among them, the penetration rate of the European market is still in a rapid climbing stage. HTU smoke bombs have increased by 129% / 208% in the EU / Eastern Europe. IQOS global users have increased from 880 at the end of the third quarter of last year to 12.4 million this year.41% annual increase.In addition, IQOS obtained an FDA sales license at the end of April this year, and the huge tobacco market in the United States is expected to become an important sales growth point for IQOS.As an important supplier of IQOS equipment components, Yingqu Technology will continue to benefit. Gross profit margin increased month-on-month, and net profit margin increased and decreased: the company’s single quarter revenue in the third quarter was 9.72 ppm, an increase of 4% from the previous quarter; single quarter gross margin was 39.5%, an increase of 2pct month-on-month, and is expected to be driven by the increase in the proportion of high-margin e-cigarette component business; the net profit in the third quarter was 23.9%, down 4 from the previous month.2pct, the expectation is: 1) the increase in inventory led to an asset impairment loss of 18.55 million yuan in the first three quarters, an increase of 15.61 million yuan from 2.94 million yuan in the first half of the year;In the second quarter, 17.25 million yuan in a single quarter increased by 24.38 million yuan; 3) Changes in the fair value of forward foreign exchange trading contracts that were not delivered at the end of the third quarter reduced the fair value changes in the first three quarters by 14.85 million yuan, compared with a gain of 2.43 million yuan in the first half. New customer development has been fruitful, and overseas production capacity has been accelerated: the company has successfully achieved mass production of new products such as gaming mice, video conference systems, and household food powder dispensers; in addition, the company has passed Bosch supplier assessments and cooperated with HoneyWeir cooperates, and some projects begin preliminary research and development.The implementation of the company’s cooperation with global well-known companies 武汉夜网论坛 will provide a source of power for the company’s continued growth.The company is most affected by Sino-U.S. Trade frictions. The main products are engraving machines and other products. The company is increasing the construction of Malaysia and coal production capacity.The income in half a year has reached 1.6 ppm, capacity is gradually being released, and the impact of tariffs will gradually weaken. Give “Buy” rating.It is estimated that the company’s operating income for 2019-2021 will be 37.300 million, 49.800 million, 64.300 million, net profit attributable to mothers is 9 respectively.8.5 billion, 13.2.2 billion, 17.14 ppm, corresponding to current sustainable, dynamic PE is 19, 14, 11 times.Covered for the first time and given a “Buy” rating. Risk reminder: Tobacco consumer countries are subject to changes in heating 佛山桑拿网 tobacco access policies; exports of household engraving machines and other products to the United States will be affected by Sino-US economic and trade negotiations; sluggish domestic consumption will affect their own brands to expand the domestic market, etc

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Yili shares (600887) company dynamic comment: repurchase highlights the development confidence Yili continues to improve

Event: Yili shares issued an announcement, intending to use its own funds within 12 months from the establishment of the board of directors to adopt the repurchase program to repurchase the company’s A shares at a price not exceeding RMB 35 per share, and the number of repurchases is not low151,953,191 shares (accounting for 2 of the company’s total share capital.

5%) and not more than 303,906,380 shares (accounting for 5% of the company’s total share capital).

This share repurchase is used to implement equity incentives.

Equity incentives improve team cohesion, and repurchase methods demonstrate development confidence.

In 2016, the company carried out equity incentives, and issued shares of A shares to option employees by way of targeted A shares of common stock.

Democracy and fair encouragement unlocking conditions are based on a 15-year net profit, and the net profit in 17 and 18 will gradually be no less than 30% and 45%, respectively.

At least in 2016, the company first used its own funds to buy back shares as a source of stock for subsequent equity incentives, reflecting the company’s confidence in its long-term development.

In addition, fair incentives for teams can improve team enthusiasm and stability, and help stabilize the company’s operating environment.

Market share continued to increase, and industry competition returned to normal.

According to grassroots research, the company’s products sold well in the first quarter and its market share continued to increase. It is expected that revenue growth in 1Q19 will be about 10-15%; product 重庆耍耍网 sales efforts will contract slightly, and net profit growth in 1Q17 is expected to be about 5-10%.

Looking forward to 19 years, the price of raw milk tends to rise under the weak balance of raw milk supply and demand. Yili can alleviate some cost pressures through product structure upgrades and stable upstream resources; and increase Mengniu without increasing costs, industry competition returns to normal, costsThe rate is roughly flat.

The company’s performance targets for 19 years may still be exceeded.

Following the example of Danone and Nestlé, the construction of a healthy food platform is advancing steadily.

The company follows the international food group Nestlé and Danone’s development path to promote diversification and transformation strategies: (1) Diversification: Yili started with dairy products, and has gradually tested other businesses in recent years, such 杭州桑拿网 as the launch of plant protein beverage plant selection, and energy drinks rejuvenate., Cheese, moisture, recently launched milk ore light drink Yiran, long-term new business may become a new growth point.

(2): Iraqi Yili launches ice cream products in the Southeast Asian market and explores the Southeast Asian market; acquires Thai ice cream company Chomthana, and acquires New Zealand’s old-time enterprise Westland. The targets selected are local influential companies that have been deployed in many places around the world.Conducive to the company’s global business.

Profit forecast and investment advice: EPS are expected to be 1 in 19-21.


30, 1.

46 yuan, a year increase of 7%, 14%, 13%, the latest closing price corresponding to PE is 25, 22, 20 times.

We maintain a gradual and stable judgment of industry competition, Yili’s integrated brand and channel advantages, continuously increase the domestic liquid milk market share, and gradually consolidate the leading position; gradually seek expansion opportunities in new businesses and new markets, and strive to achieve sustainable futuredevelopment of.

The short-term profit margin improvement curve may be further flattened; in the long run, given Yili’s diversified layout to become a big platform for healthy food, we still give a “recommended” rating.

Risk warning: food safety incidents, risk of fluctuations in raw material prices.

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Sunshine Lighting (600261): Significant improvement in performance and increased proportion of brand business
Core point of view: The performance of the first half of 2019 is expected to increase, and the company’s performance will increase significantly every year. It is expected that net profit attributable to mothers will be achieved in the first half of 20193.36?3.86 ‰, 105% increase in ten years?135%; net profit after deducting non-attribution is 2.17?2.550,000 yuan, a ten-year increase of 70% to 100%.Non-recurring gains and losses are mainly due to the increase in gains from changes in the fair value of Great Wall Securities stocks held, which are expected to affect the net profit attributable to the parent by approximately 0.9.8 billion yuan.The company’s performance has improved significantly. Exchange rate + material price decline + increase in the proportion of independent brands and continuous improvement in performance) It is higher in the same period of 2018, and the direct exchange gains have also contributed to the gross profit margin. Second, the prices of major raw materials (such as aluminum and packaging materials) in 2019H1 are also falling. Finally, the company’s private-label business proportion has also increased 深圳spa会所 at the same time.In the process, the gross profit margin is higher, and the profitability is also improved. Profit forecast and gradeIn the case of fair value changes in 2019, the company is expected to 19?The 21-year EPS is 0.40/0.37/0.43 yuan / share.Without considering the gains from changes in fair value, 19?The 21-year net profit growth rate is expected to be 31% / 7% / 16%, respectively.Among companies in the same industry, the corresponding brand of Op Lighting corresponds to 19?The 20-year PE is 22 respectively.2X / 18.6X, and Debon Lighting, which is mainly foundry, corresponds to 19?The 20-year PE is 15 respectively.4X / 13.3 times.Considering that the net profit of Sunshine Lighting is disturbed by changes in fair value in 2019, referring to the PE expected by companies in the same industry in 2020, we believe that 淡水桑拿网 the PE of Sunlight Lighting in 2020 should be between Op Lighting and Debang Lighting, the latter two being approximately 16 times.We give the company a PE estimate of 16 times in 2020, corresponding to a reasonable value of 5.92 yuan / share, give the company a “buy” rating. Risks indicate the risk of falling product prices; the risk of rising raw material prices; the risk of failure to transform.

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Zhaoyan New Medicine (603127): 19H1 Exceeds Expectation, Excavation of Moat in Two Directions

Event: The company released its 2019 interim report. In 19H1, it realized revenue of 200 million yuan, net profit attributable to mothers of 40.14 million yuan, and net profit attributable to non-mothers of 28.63 million yuan, up 49%, 79%, and 87% 深圳桑拿网 respectively; EPS 0 was achieved.

25 yuan, the performance exceeded market expectations.

Opinion: The main business of 19Q2 accelerated significantly, exceeding market expectations.

The company’s single-quarter revenue in 19Q1 and 19Q2 increased by 44% and 51%, respectively. Net profit after deducting non-return to motherhood increased by -18% and 147%, respectively.Factors such as commissioning, smooth management costs, etc.

In 19H1, safety assessment business revenue accounted for about 70%, and it is said that safety assessment’s main business achieved a steady and high growth of more than 40%.

The company’s newly signed contracts in 19H1 increased by 21% annually. For 19 consecutive years, the company’s orders on hand reached 1 billion, an increase of more than 18%.

Suzhou 1.

The new animal house of 10,000 square meters has started trial operation in May 19th.

Our growth, coupled with new production capacity, breakthroughs will support the company’s rapid growth in the next three years, and the revenue volume is expected to reach 800 million to 1 billion.

Wide coverage of incentive plans and rapid growth in escort performance.

The company announced the implementation of stock investment and supplementary stock incentive plans on July 29. It has a well-known number of employees of 817 at the end of the year. The incentive plan covers nearly 30% of the company’s employees and has a wide coverage.

This plan will fully constrain the company’s core employees, increase the stability of the company’s personnel, and enhance the company’s competitiveness against the background of high mobility in the CRO industry.

The performance appraisal for 2019-2021 requires an average annual income growth of more than 30%, fully demonstrating development confidence.

Extend in both directions, and dig deep into the moat.

As a domestic leader in safety evaluation, while fully benefiting from the domestic wave of research and development of innovative drugs, the company is actively conducting a vertical and horizontal layout to consolidate the layout of the leader.

The company is in the upstream and downstream extension of the industrial chain. The company’s Wuzhou Monkey House project, clinical, and pharmacovigilance business are advancing steadily. In addition, the company intends to acquire Biomere in the United States is the top three preclinical CRO companies in the New England region of the United States.

Zhao Yan’s 18-year domestic pharmaceutical companies accounted for 97% of the revenue. Through this acquisition, Zhao Yan will strengthen its ability to meet the global pharmaceutical companies’ application requirements for clinical trials at the FDA and open the company’s growth ceiling.

Earnings forecast and investment 北京桑拿洗浴保健 grade: The company has too many orders in hand, and after the new capacity is put into production, its performance will continue to grow rapidly.

We maintain our EPS forecast for 19-21 to 0.



61 yuan, a year-on-year increase of 38% / 34% / 30%, corresponding to 59/44/34 times of PE in 19-21, maintain “Buy” rating.

Risk Warning: The new production capacity is less than expected; the acquisition and integration is worse than expected; competition is intensifying.

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* ST Kunji in the storm of delisting: experiencing multiple difficulties such as financial fraud
[Depth]During the delisting storm, * ST Kunji has experienced multiple contradictions such as restructuring failure, financial fraud, and poor management. * ST Kunji has gradually stepped into the abyss of delisting.  Zhang Yiyu * ST Kunji (600806.SH, 00300.(HK) may not expect that 2018 will be the end of its 24-year A-share journey.  Since May 30, * ST Kunji’s A-share career began to count down.After the delisting period of the last 30 trading days, this company, which was listed in 1994, is also the only company in Yunnan Province that is listed on both A and H shares and will bid farewell to A shares.  After multiple restructuring failures, financial fraud, poor management, and other shortcomings, * ST Kunji went step by step to the abyss.  * ST Kunji, which is short of money, may be 10 am on May 28th. This should be a busy time. In the ST headquarters of Kunming, located in Ciba Road, there are some workers hanging around the factory.At 10 am on May 28, the sound of production and processing machine tools may be heard between the ST factory area and the factory area.The interface journalist looked down from the location behind the * ST Kunji Mountain and found that the sound of its production and processing was always obscured by the engine roar from the Kunming Automobile Quality Inspection Office next to it.  Then the reporter entered * ST Kunji Factory, and saw that there were too many semi-finished machine tools in his production workshop.Perhaps because of the inheritance of meals, there are too many workers in the workshop. Only a few workers are processing the machine tools, and many desertions have occurred.* ST Kunji’s workshop “the plant’s efficiency is no longer good.”Ming Li, an employee working at * ST Kunji, bluntly said,” Production is now in a state where there is an order but it cannot be done.Because many parts of the production machine tools are purchased from the outside, but there is no money in the factory and the goods cannot be purchased, many orders cannot be made.”The poor production efficiency has even affected the payment of * ST Kunji employees.”Procrastination is a frequent occurrence.”Li Ming told reporters,” According to the time schedule in the factory, the salary was originally paid on the 15th of each month, but now it is basically issued at the end of the month, and sometimes it is only the beginning of the second month.* ST Kunji’s delisting has also become a negotiation between its employees after dinner.Wang Li is a front-line machine tool manufacturing employee who has worked in * ST Kunji for many years. He has his own opinions on the delisting of Kunji.”In the past two years, I felt that the leaders’ minds were not in production.”The production in the factory was only slightly normal until the second half of last year.”With the release of the 2017 ST Kuniki Annual Report, it has been delisted due to repeated four consecutive years.On April 28, * ST Kunji disclosed its 2017 annual report.The annual report shows that the reported net profit is -3.500 million yuan.In the Air Force’s 2014-2016, the additional amounts reached -2.04 billion, -3.2.8 billion and -2.9.7 billion yuan.  It is obvious that * ST Kunji’s annual report shows that the planned new plant in the Yanglin base, due to insufficient funds, has caused the company to fail to complete the relocation of the entire plant on schedule.  Due to the municipal planning of Kunming, the ST plant in Kunming will be levied by the Panlong District Government of Kunming City within the transit area of Kunming Metro Line 8.On November 18, 2016, * ST Kunji and the Agreement of Land Acquisition and Storage Compensation and House Acquisition Compensation Agreement of Panba District Ciba Subdistrict Office.  The above agreement clearly stipulates that from the effective date of the agreement to November 30, 2018, * ST Kunji’s existing plant area will use the requisitioned houses by paying house rent to Kunming Rail Transit Group Co., Ltd.The lease term can be extended up to December 31, 2018.If the Panlong District Government does not agree to the extension, * ST Kunji must be relocated before November 30 to make room.  Today, there are 北京夜网 only 6 months left until * ST’s overall relocation date.An interface journalist visited his factory in Yanglin Industrial Park and found that the construction of his Yanglin base was far from being able to be relocated as a whole.  * ST Kunji requisitioned 669 acres of land for the construction of a new plant in Yanglin Industrial Park.* ST Kunji announced in August 2016 that its first-stage heavy assembly plant has been completed, and construction of a casting base will begin in 2016.* ST Kunji Yanglin Base and in Yanglin Industrial Park, the noisy construction site was shrouded in silence.Overgrown weeds lay outside the completed assembly plant, and the windows were covered with dust. One of the windows was knocked out of a hole.Looking in from the outside window, I saw that the interior of the plant was full of machine tools.The printed words on the outer packaging of the machine tool can be discerned faintly. The products stacked in it are mainly planer horizontal milling and boring machines and CNC tooling.The weeds outside the assembly plant are half a person tall.Machine tools stacked in the assembly workshop. Planer horizontal milling and boring machine stacked in the assembly workshop. CNC tooling stacked in the assembly workshop is a large area of wasteland that has not yet been built.On the construction site next to it, which looks like a power distribution facility, only one crane is parked.The wasteland after assembling the factory was completely positively answered when the interface journalist asked his security personnel if anyone was working there.Another staff member pointed in one direction and said, “Someone is working over there.”The reporter looked in the direction he was pointing at, and saw only one building that had not yet been completed.  Towards delisting In fact, * ST Kunji also had a glorious past.  Public information shows that * ST Kunji was formerly known as Central Machinery Plant, and was renamed * ST Kunji Plant in 1953.From 1954 to 1985, * ST Kunji Factory manufactured China’s first coordinate boring machine and the first precision machining center.Its T68 horizontal milling and boring machine once represented China at the 1954 Leipzig International Fair; the T42100 coordinate boring machine won the 1980 National Quality Gold Award.  * ST Kunji, which went public in 1994, has changed hands twice.In 2000, ST Kunji and Xi’an Jiaotong University Industry (Group) Corporation (hereinafter referred to as Xi’an Jiaotong University Group) implemented a strategic asset reorganization.However, Xi’an Jiaotong University Group’s ownership lasted only 5 years.In September 2005, Shenyang Machine Tool Group Co., Ltd. (hereinafter referred to as Shenji Group) took over the controlling interest from Xi’an Jiaotong University Group and became the major shareholder of * ST Kunji.  After the Shenji Group took over, * ST Kunji’s performance doubled in 2006 and 2007.But now when I look back, I know that this is the final glory of * ST Kunji’s performance.  After 2008, * ST Kunji’s net profit growth began to gradually increase, even negative growth.Since 2011, the machine tool industry has entered an inflection point of industrial substitution.The shrinking and overcapacity of the low-end market has to oversupply the ordinary machine tools produced by ST Kunji; at the same time, its high-end machine tools will open the export market.Although the net profit in 2013 was positive, its net profit after deduction was still a substitute.  In 2015, ST Kunji plans to date Ziguang Zhuoyuan Equity Investment Co., Ltd., which belongs to Ziguang Department (hereinafter referred to as Ziguang Zhuoyuan).However, the reorganization ended with the Securities Regulatory Commission filing an investigation due to violations of the letter, and ST executives and intermediary agencies suffered damage.Subsequently, in October 2016, in order to protect the shell, * ST Kunji extended its listing and sold three subsidiary core assets.However, this plan was opposed and abstained by three board members. Eventually, its plan to sell assets to protect the shell was successful.  Net profit has been lost for four consecutive years since 2014, and ST Kunji faces the risk of suspension of listing.As the outside world discussed how ST Kunming would protect its shell, it detonated the last mine.  On March 21, 2017, * ST Kunji issued an announcement saying that its past financial statements included financial fraud such as inaccurate inventory, violation of sales revenue recognition, underestimation of expenses, and “multi-set of account” altered bills by subsidiaries.The CSRC then launched an investigation.  It took 8 months for the CSRC to release its findings.On November 16, 2017, * ST Kunji’s fraudulent facts were determined, and the supervisory authorities made a decision to change the original and current directors, supervisors or senior executives of * ST Kunji.The investigation of the Securities and Futures Commission revealed that * ST Kunji has three suspected illegal facts, 2013?In 2015, * ST Kunji made a false increase in revenue by approximately 3 in three ways: interim recognition of revenue, false calculation of revenue, and false increase in contract price.800 million yuan; inflated profits 2.28ppm; 2.Falsely increased profits by reducing accrual benefits and executive compensation by approximately 2961 million; at the same time, the inventory data found in * ST Kunji’s annual report also contained false records.  On May 15th, * ST Kunji disclosed the operating information and the conditions for the resumption of trading of H shares in the first four months of this year.Unaudited data shows that in 2018?In April, the company achieved revenue 1.At $ 3.4 billion, bank deposits at the end of April were about zero.US $ 4.6 billion, total budget receivables2.8.3 billion yuan and bank loans2.4.5 billion.  In the answer to a reporter ‘s question on May 22, the Shanghai Stock Exchange stated that, as far as * ST Kunji is concerned, it has touched continuous net profit and net assets instead of delisting indicators.The company’s 2014, 2015 and 2016 net profit reset negative values.According to the company’s audited 2017 annual report, the company realized a net profit attributable to shareholders of the listed company of -3.5 billion yuan, net assets at the end of 2017 was -3822.100,000 yuan.After three consecutive years of company expectations, two indicators in the fourth fiscal year touched the criteria for termination of listing.After the company is delisted, its shares are properly transferred to the national SME share transfer system (hereinafter referred to as the stock transfer system), and shareholders can transfer shares in the stock transfer system.  On May 30th, after the delisting of Kunji opened, there was no suspense limit, and it ended at 10:30, and its limit limit board order exceeded 680,000 hands.* ST Kunji ushered in the last 30 trading days, will soon exit the stage of the A-share market, leaving a place for feathers.  (At the request of the interviewer, characters appear in place of pseudonyms.)

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I do n’t understand young

[Letter from a blogger]My boyfriend and I were classmates from high school. At that time, he liked me.

For three years in high school, I have been secretly fond of the boy in the back seat, but it is another feeling to him!

After graduation, he was admitted to a military academy in Xi’an.

But I stayed in college in my hometown.

During my freshman’s first winter vacation, I became his formal girlfriend.

Although I knew that this feeling might not be considered love, I knew that I couldn’t live without him.

On the first date, he kept holding my hand and asked how I felt?

I said lightly: nothing.

But I never thought about it, but he cared!

He cares so much, but he doesn’t say anything.

  When he broke up with me for the first time, he felt that my teeth were uneven and he asked me to have my teeth fixed.

I can’t accept it, because I think love has nothing to do with looks!

But he said he would take me to see his parents and family, hoping that I would have a better image!

I still couldn’t accept it, so we broke up.

Although we still keep in touch, I feel uncomfortable when I think that he is no longer my own.

Five years of this year I have my teeth set.

On the phone, he kept saying love me!

I forgot everything, and at that moment I found that I fell in love with him!

  Maybe the first time is just the beginning, after that I have been making mistakes.

First, I took his father’s QQ number and chatted with his father.

Actually, I just want to know if his father is some kind of person!

I lied to his father that he didn’t know his son, it was just an alumni who accidentally searched his QQ number.

It turned out to be out of control!

His father is so enthusiastic, he wants to invite me to dinner, and also my mobile phone number!

I gave him the phone and I couldn’t refuse the enthusiasm.

But the end result was that when all three of us were present, we helped out!

When the two of us stood together, as fathers, we were polished!

I don’t know what happened between their father and son later, and he didn’t tell me anything.

  Since then, his dad has put me on the blacklist.

The second thing was, that summer, when he returned, I promised to pick him up at the train station.

As a result, for various reasons, I did not go there!

Maybe that was his great hope, but I let him down, and then we became very cold.

During a quarrel, because I couldn’t stand his attitude, asked him to give me a promise!

But he proposed to break up, saying that it was not because he no longer loves me, but because of his father.

  Between love and filial piety, he chose filial piety . this semester, he will never see me again, nor will he call me, only allow me to have something to chat with him QQ

I asked him, is it still possible for us?

His answer was still so determined!

impossible!Don’t meet me anymore!

We are a senior this year and will graduate next semester.

I still can’t let him go!

What should I do?

  [Young people don’t understand]It is a mess, so that young people make mistakes, but when they make mistakes, God may not give you the opportunity to correct them because of your youth.

If you haven’t become a QQ close friend of your boyfriend’s father, you haven’t exchanged your mobile phone number, you haven’t come out to meet . maybe everything has a chance, but now that things have reached this stage, it is really difficult to turn things around.

  From the beginning, you did n’t cherish him. You thought he was yours, but you were n’t hiss. You regarded him as your courtier and your love for him as a reward. Year after year, you are high above you.The gesture gradually wears away the flame of his love.

Who do you blame?

Of course I blame you!

He may love you wholeheartedly, but you like him half-heartedly.

Love needs to be encouraged. A fist hits the spring, and the spring will bounce back immediately, and the fist will re-combat. If anyone hits the cotton with one punch, there will be no response at all. Once or twice . there is always a fist.When you lose interest!

Girls fall in love when they fall in love. They think they have to be princesses. They can hurt themselves spontaneously without any dissatisfaction. How can there be such a thing in the world!

  You said that you did n’t feel much about him. It may be true at the time, but some of the truth ca n’t be told. Especially for him in love, it ‘s like a head of ice water. Think about it, your beloved girlfriend is right.I don’t feel anything, this man has failed for many years!

Nothing hurts his self-esteem any more!

In addition, you have had a period of “QQ love” with his father. Although it is in a virtual world, you can also let their family have a stigma for you, saying that his father would not accept you, otherwiseHow to get along in the future?

In this case, it ‘s really your fault and you have a limit to play. At the same time, you ca n’t resist his father ‘s enthusiasm, it ‘s better to say that your heart is too unstable, and even continue to reconcile and develop with your boyfriend.The same will cause other troubles in the future.

It ‘s not because you ca n’t resist the temptation, or you are more young, you still crave for temptation, and even if he gives you a promise, it wo n’t really make you happy, because your heart is still restless, and you want his love., But not just longing for his love.

You need a lot of people’s love, just hope this includes his share!

  Don’t spend your days in sorrow anymore, being young doesn’t mean you can’t take responsibility for your fault.

Since he said so firmly that he broke up, I’m afraid it hurts you.

Do n’t hurt him again, reorganize and wait for your next time, the first love itself will not be complete, not the problem here is where the problem is, why bother to be persistent, the younger one does not understand!

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Personality Taboos in Dating

Taboo one: What you want to find is the dumpster’s stupid performance: You do n’t even know the other person ‘s name, you constantly spit at the other person. How did A dump you and what did you do then?Heartbroken; B is how to empathize with you and make you feel uncomfortable; after encountering C, you find that C’s clean habit is unbearable . Beauty complaint: there must be something wrong with this person, or whyEveryone left him?

  Treasury: Although frankness is good morality, it is necessary to pay attention to the time, sometimes at the most suitable time, and to find the most appropriate way.

  The result of your “confession” will only lead to the first time you meet, not because you can’t bear it when you talk to the trash can, you will be frightened by your “legendary” experience, so the past emotional experience should not be selected in the appropriateIn her time, she replaced it with the lightest tone: You have successfully walked out of that emotional shadow, and now what you cherish most is the beauty in front of you.

  Taboo 2: Empathy, but do n’t be sexually stupid. Performance: Before you talk a few words, you look at her up and down, praising her today ‘s black underpants are very sexy, you said that you also wear a pair of underpants of the same color today.
You keep throwing erotic jokes, you proudly think that you are humorous and funny, in fact . beautiful complaint: Didn’t he find out that the earrings I wear today are beautiful, how can I study what underwear is worn and lookHis mind is full of “sex”. It’s terrible. Can it be a pornographic man, let’s just run away!

  Treasury: Humorous and funny men are popular, so many men also intentionally or unintentionally label themselves with humor, but humor must be proportionate, especially not to make pornographic jokes into a kind of humor, because pornographic jokes often happen to surprise each otherEven if you are a gentleman, you have already been labeled as a pornographic fan!

  Taboo 3: Do n’t attack others ‘shortcomings Silly performance: Or you ‘re doing well on a date, and make the other person very satisfied, but when you eat, you help her to order food, and you have the reason to miss you: You think sheIt’s time to lose weight . beautiful complaint: I’m fat, you can stop looking for me, I haven’t abandoned your “partial support for the central government”, I hate people saying that I’m fat, so don’t show up in front of me!

  Baodian: The most important issue for every girl is weight. If you are fat or thin, you do n’t need to worry about it. You must remember it more than you. Of course, you ca n’t say that the other person is fat, or whether you like the other person, you ca n’t attack the other person ‘s shortcomings.This is the least respect for others.

  Taboo 4: Don’t make her think that a private detective is stupid today: You frequently inquire about each other’s monthly income, savings, education, whether there is a car and house, where parents work, how many brothers and sisters .: OMG, is this person looking for a girlfriend, or is he looking for a house, a car, a deposit?

  Baodian: You may not be deliberate, you may think that you just want to know more about the other party, but you may be too anxious, you will only make the other party think you are deliberate.

In fact, you just need to chat with a little patience. In some ways, you want to have siblings like other children, so that you will not be too lonely in the years of growth. If she has siblings, she will definitely tell youShe doesn’t have such troubles. If she is also an only child, this sentence may also be in her mind. You pointed out that there is another chat topic, so this information will be obtained from the seemingly casual chat. Do n’tGo straight to people’s misunderstanding.

  Taboo five: Do n’t understand, but do n’t pretend to be stupid: do you like Beckham the most?

Me too. What’s the name of the song he sings, I especially like to listen to it, I will order it every time I go to KTV.

  Beauty complained: Did this man come from Mars?

  Book of Treasures: Two people have different cultural backgrounds and hobbies when they first meet. It is inevitable to encounter a blind spot of knowledge. You can frankly say that you do n’t know, or you can avoid the topic above and ask each other what they likeWhat’s the point?

It ‘s so easy to shift the topic, it wo n’t be too consistent, what do you say?

Posted in hrkcfdat

Eye mask efficacy comparison firming and moisturizing who is NO1

Introduction: The use of eye masks to care for the skin on the eyes is really a pleasant thing.

A small piece of eye mask tightly fits on the fragile eye skin, and continuously delivers nutrients to the eye, making the eye skin firm and hydrated, and it can make dark circles and bags under the eyesEntangled.

However, which eye mask is the best choice?

Take a look at the eye mask experience of Daren!

(Note: Experiencer A is oily skin and Experiencer B is dry skin).

hzh {display: none; }  ~H2O+骨胶原紧致眼膜 RMB320 /6片  产品自述:其中的浓缩骨胶原能加强锁水能力,重建肌肤底层的弹性纤维,填补因缺水而出现的干纹、Fine lines improve skin moisture and elasticity.

Arbutin can effectively prevent the formation of melanin and has a strong whitening effect.

  Experiencer: This kind of eye mask is very comfortable to apply and fits very well. The hydration effect is especially obvious, and the eye area becomes moisturized.

  Experiencer B: Small fine lines often appear late at night. After reorganization, I feel pretty good, and I find that the hydration effect is super strong, and the instant moisturizing feeling is good.

However, I feel that the continuous effect is weaker. If I replace it, the skin around the eyes will reappear immediately.

  Comprehensive review: This eye mask is very popular in general.

Has a strong moisturizing effect, but the staying power is slightly weaker, so be sure to add another layer of eye cream after use to lock the moisture deep in the skin.

  Moisturizing degree: ★ ★ ★ ★ Fitting degree: ★ ★ ★ Repairing degree: ★ ★ ★ KOSE Youth Chengyan Essence Eye Mask RMB280 / 4.

2ml × 10 tablets Readme: The astaxanthin ingredient added to the eye mask is more stable with the use of PC emulsification technology, and can be quickly penetrated by the skin around the eyes.

With the addition of collagen, intensive eye care can even repair the fine lines around the eyes, and can create a firm lifting effect.

  Experiencer: The cloth eye mask makes me feel particularly at ease, and it really does, as it is called, it can quickly improve the vitality of the skin.

  Experiencer B: The moisturizing effect is average, but after use, the skin texture is improved, and the skin around the eyes seems to become firmer.

  Comprehensive review: a single eye mask with high cost performance, the beauty ingredients in it can have a good lifting effect on the eye skin, but the cloth material can achieve half of the ability of the beauty ingredients to reach the skin.

  Moisturizing degree: ★ ★ ★ Fitting degree: ★ ★ ★ ☆ Repairing degree: ★ ★ ★ ★ FANCL Firming Repair Eye Mask RMB190 / 2 pieces * 6 packs Product Readme: With AMF ingredients, highly moisturizing effect,It helps to reduce the appearance of fine lines and firm up the eye skin. In addition, the plant SOD component can play an antioxidant role, eliminate free radicals, and restore the eyes.

  Experiencer: It seems that the nutrition is very rich. After applying it, it feels more hydrated. The eye skin is instantly soothed. It is suitable for staying up all night and continuously using the computer or sun. The repair effect is very good.

  Experiencer B: The fit and freshness of this product are good, but the fine lines are not reduced as expected, it is estimated that it is difficult to rub the effect once.

The moisturizing power is good, but I want more moisturizing essence to care for the eye area. The cutting effect that can cover the eye area should be better.

  General comment: Contains the super hot moisturizing ingredient hyaluronic acid, which can quickly bring moisture and rich beauty ingredients into the stratum corneum, which is easily absorbed by the skin, but the cut is a bit more common.

  Beloved Crystal Brightening Biofiber Eye Mask.

hzh {display: none; }  产品自述:由复合微生物菌孕育出来的有机纤维膜不易引起肌肤过敏.
The special ingredient Steerocare prevents dry skin and repairs the skin for rebirth.


It can effectively improve dark circles and enhance the brightness around the eyes.

In addition, hyaluronic acid and β-polyglucose are added to moisturize, repair, lift, and reduce blemishes.

  Experiencer: It feels very comfortable after use, the eye bags are relieved, and the design of the shape and composition is also novel.

High degree of fit, you can even apply eye mask while reading a book.

  Experiencer B: Probably because my expectations for this glasses film are too high, the effect is not as exaggerated as I thought.

However, the effect of improving the wrinkles around the eyes is really obvious, and the skin is very hydrated after use.

  General comment: Like the big S acclaimed favorite mask, the eye mask also has a perfect fit and is very gentle, but the moisturizing is slightly weaker, but the repair effect on the fine lines around the eyes is quite good.

  Moisturizing degree: ★★★ Fitting degree: ★★★★★ Herborist eye mask RMB180 / 10 pieces * 1 box Product description: The product contains herbal herb Rhodiola rosea, which can promote blood circulation around the eyes and strengthen cells.The metabolism of the eye makes the eye skin “wake up” again, and initiates active absorption of excess water, nutrients and oxygen, and promotes the production of collagen fibers and elastic fibers in the dermis layer of the skin, nourishing the skin around the eyes.

  Experiencer: At the beginning, I don’t know if I am allergic to the Chinese herbal medicine ingredients or a little close to the eyes, I feel a slight irritation.

However, the fatigue around the eyes has been improved after use, the texture and dark circles have been slightly faded, but the bags under the eyes have not been improved.

  Experiencer B: The taste of traditional Chinese medicine is a bit strong, but it feels refreshing when used. There is no excess essence left on the eyes after removal. I like these advantages, but I don’t think there is any obvious change in the skin around the eyes.   Comprehensive comment: It has a good soothing effect, but the strong taste of Chinese medicine is not acceptable to everyone. If you can overcome this, long-term use will have a great effect on the fine lines and dark circles around the eyes.

  Moisturizing degree: ★ ★ Fitting degree: ★ ★ ☆ LARCLARINS Eye Repair Eye Mask RMB360 / 30ml Product description: Jagged balm palm extract has the effect of alleviating hyperemia, can relieve fatigue, reduce eye puffiness and dark circlesFirms skin, helps to smooth fine lines and restore vitality of eyes and face. It has moisturizing and softening effects.

It is an eye “SOS” treatment that quickly relieves the fragility of the eye.

  Experiencer: The soothing effect brought me more. When I used it, I wanted to save it without wiping, instead of using eye cream (indicated in the introduction), but I found that it didn’t work, and my eyes felt more dry and tight.

But it feels soothing after washing off, and the eye area is much smoother.

  Experiencer B: Honestly, the instant effects of this eye mask are still there, and the eyes will really be smoother after application.

However, the disadvantage is that it dries too quickly. It seems to be completely dry in less than 5 minutes. If I do n’t wash it off quickly, I really suspect that wrinkles will be pulled out.。   General comment: The immediate effect is very strong, it is indeed a SOS eye mask, which has a superb soothing effect, but it cannot be used in place of eye cream, especially for dry and sensitive skin. Be sure to wash it carefully after application.

  Moisturizing degree: ★ ★ ★ Fitting degree: ★ ★ ★ ★ Repairing degree: ★ ★ ★ ☆ Shiseido REVITAL pure anti-wrinkle eye mask RMB500 / 12 pairs.

hzh {display: none; }  产品自述:首次将具备高抗皱功能的纯维他命A通过全新雾化技术转化成稳定的液态,并通过片状精华膜形式令肌肤充分吸收。Rose essence, 3D amino acid complex can promote skin collagen and hyaluronic acid production, improve skin elasticity.

At the same time, it exudes an emerald flower fragrance that soothes the soul and relieves stress.

  Experiencer A: After using, I feel that the skin on the eyes is particularly moisturized, and even the fine lines are invisible.

And I also found a secret. After using this eye mask at night, my crying eyes found that the eyes were not swollen at all!

  Experiencer B: The eye mask fits my skin tightly, is a bit cool, and is comfortable to wear.

I think this eye mask hydrates, removes dark circles, and reduces the appearance of lines. It also shows that the skin around the eyes becomes fair.

  Comprehensive comment: The pleasant fragrance is ignored by many eye masks. This eye mask can give people a sense of enjoyment, and at the same time eliminate the skin problems around the eyes one by one.

  Moisturizing degree: ★ ★ ★ Repairing degree: ★ ★ ★ ★ ☆ GUERLAIN Guerlain Issima Rejuvenating Eye Mask RMB750 / 2 pairs * 10 packs Product Readme: Hydrogel-like paste that can supplement vitamin A, anti-wrinkle retinoic acid palmitic acidEster and horse chestnut extract can reduce dark circles and fine lines, restore skin elasticity, and soothe fragile skin on the eyes.

  Experiencer: It feels very refreshing after use. It is an eye mask that can wake up the skin in the morning. The swelling that has been wrapping me has also significantly reduced.

If the price can be lowered a bit, I will buy it without hesitation.

  Experiencer: I don’t feel dry skin in the blink of my eyes. When I look in the mirror under natural light, I find that the skin around the eyes is moisturized, the dry lines are relieved, and the skin seems to tighten up.

However, the dark circles that are most expected to improve do not seem to have improved significantly.

  Comprehensive review: The more luxurious single eye mask, the beauty anti-wrinkle component, can effectively repair the fine lines and dullness caused by time, but it has no obvious effect on dark circles caused by poor blood circulation and staying up late.

  Moisturizing degree: ★ ★ ★ Fitting degree: ★ ★ ★ ☆ Repairing degree: ★ ★ ★ ★ ★ LANCOME Lancome youth regenerating eye mask RMB 720/8 tablets Product description: unique pure vitamin, with West African peanut peptide, microalgae essenceThe false leaf tree essence and caffeine instantly inject dense oxygen energy into the eyes. After experiencing a comfortable SPA, all the fatigue and dullness are dissipated, and the eyes are transparent and awake.

  Experiencer A: Although it is not cheap, it is good value for money. It is effective in smoothing the wrinkles and fine lines of the corners of the eyes, and inserting the bags under the eyes to lighten the dark circles.

  Experiencer B: I feel comfortable around the eyes, and I feel hydrated overall.

Since the essence is relatively thin and does not have a sticky feeling, it seems that it only has a hydrating effect and lacks nutrition, but it is really effective in improving a series of problems around the skin around the eyes.

  Comprehensive review: Based on the support structure of natural plant fibers, the active ingredients become the ideal diffusion with the cooling effect.

Use it twice a week and stick to it to bring amazing changes.

  Repair degree: ★★★★ ☆

Posted in hrkcfdat