[Does vitamin B6 help sleep?]

銆 愮 淮 鐢 禺 礌 b6Chain 圄 圄 浜 应 鐪 犲 悧?銆 攱 锷 ╃ 湢 _ 鏁 堟 灉 濡 悍 綍
浜哄鏋滃嚭鐜颁簡澶辩湢鐨勬儏鍐垫槸涓€浠舵瘮杈冪棝鑻︾殑浜嬫儏锛屽け鐪犱笉浣嗘劅瑙夌壒鍒毦鍙楋紝鑰屼笖閲嶈鐨勬槸褰卞搷鍋ュ悍锛屾櫄涓婂け鐪犱簡鐫′笉濂界櫧澶╀細娌$簿绁烇紝褰卞搷瀛︿範鎴栬€呭伐浣滐紝鏀The world’s economy is arguing and arguing, and the world’s economy is insulting, and the world is in the air, the world is in the air, the world is in the air, the land is in the air, the land is in the air, the land is in the air, the land is in the air, the land is in the air, and the land is in the air.What are the rules? What is the b6 chain? What are you going to do?鎺ヤ笅鏉ユ垜浠潵鐪嬬湅鍚с€備竴.6 inches of chains and chains?6 inches of rules and regulations?What’s wrong with the chain?璂 撹 В forging dysfunction?瀵圭潯鐪犱絾鏄病鏈夊お璇存槑鐨勪綔鐢ㄣ€備簩.鏈夊埄浜庣潯鐪犵殑鏂规硶1銆佽強鑺辫尪涔嬫墍浠ヨ強鑺辫尪鍙互鎴愪负鐫″墠閰嶅埗鑼堕ギ鍝佺殑棣栭€夛紝閭e叧閿槸鐢变簬鍏舵煍鍜岀殑鑸掔湢鏁堟灉锛屾槸鏈€浣崇殑鍑濈闈欐皵鐨勫ぉ鐒惰嵂鏂广€?I ‘m going to take a look at the initial chain of the chain, and I ‘m going to try it out. I ‘m going to do it in the same way.rexin (鑻  熀 浜 屾 阿 锽 瑽 甽 鍟?杩欐牱鐨勭墿璐紝杩欐槸涓€绉嶆柊鍙戠幇鐨勫拰鎬濈淮鍙嶅簲鏈夊叧鐨勭缁忎紶閫掔礌銆傚洜姝ゆ淮鍑犳淮铚傝湝鍒版俯濂舵垨鑰呮槸棣欒崏鑼堕噷闈㈠浜庣潯鍓嶆斁鏉炬槸寰堟湁甯姪鐨勩€?銆佹俯濂剁潯鍓嶅枬涓€鏉俯濂跺浜庣潯鐪犳湁甯姪鐨勮娉曞ソ鍍忚皝閮界煡閬撲簡锛岀敱浜庣墰濂堕噷闈㈡湁涓€绉嶈壊姘ㄩ吀锛屽畠鍙互鍍忔皑鍩洪吀閭f牱鍙戞尌闀囬潤浣滅敤銆傝€岄挋鍙互淇冧娇澶ц剳灏嗚繖绉嶈壊姘ㄩ吀鍏呭垎鍒╃敤銆傛妸娓╁拰鐨勭墰濂剁洓鍒板ザ鐡堕噷闈紝涓€绉嶅洖鍒板辜骞寸殑娓╅Θ涔嬫劅鎯冲繀浼氬洖鏉ョ殑锛岃交杞诲憡璇変綘鈥滄斁鏉句簺锛屼竴鍒囬兘闈炲父濂解€濄€傞櫎浜嗕互涓婇ギ鍝佷箣澶栵紝浣滀负鏈€鏅亶鐨勯ギ鍝?-姘淬€備笁.Shi Xun Ji Cui gi Uu ㄧ eng For additional information Chu Zhang Yi Ren Bang Namida open crossbeam for hanging bells podophylla Rose Ji?鐫″墠鍠濇按鐨勬敞鎰忎簨椤圭潯鍓嶅枬姘达紝鍙互闄嶄綆琛€娑查粡绋犲害锛岄檷浣庡績琛€绠′簨浠剁殑鍙What are you going to do? Do you want to forge?In the end, we are inspiring. Inspirational inspiration: Presentation of the Han key to the confession of the disease.叧閿繕鏄閫傞噺銆備弗閲嶈偩琛扮鍙婂凡缁忚繘琛岄€忔瀽娌荤枟鐨勬偅鑰咃紝鐢变簬鑲捐剰瀛樺湪瀵逛簬姘寸殑璋冭妭鍔熻兘闅滅锛屽ぇ閲忓枬姘翠細閫犳垚浣撳唴姘寸殑璐熻嵎澧炲姞锛屽苟涓斿紩璧锋诞鑲跨殑鐥囩姸锛屼弗閲嶇殑鏃跺€欑敋鑷充細璇卞彂蹇冨姏琛扮銆傚搴斾簬蹇冭剰鍔熻兘涓嶅ソ鐨勪汉锛岀潯鍓嶅枬姘村お澶氫篃鏈夊績琛扮殑鍗遍櫓銆傚彟澶栵紝鐫″墠澶ч噺鍠濇按锛屼細澧炲姞澶滃翱鐨勬鏁帮紝浠庤€屽奖鍝嶅埌鏁翠釜鐫$湢鐨勮川閲忋€?

[Ingredients for BBQ beef]_How to_Method

銆 愮 儳 鐑 ょ The altar inlaid with the sorrow and sorrow
鐗涜倝鐨勮剛鑲惈閲忓湪鑲夌被褰撲腑鏄瘮杈冧綆鐨勶紝鎵€浠ュ緢閫傚悎鍑忚偉鐨勪汉缇ら鐢ㄣ€傝€屼笖锛岀墰鑲夊綋涓殑钀ュ吇鎴愬垎闈炲父澶氾紝鍏朵腑澶у鏁板浜庣淮鎸佷汉浣撳仴搴凤紝澧炲己浜轰滑浣撹川閮芥槸闈炲父鏈夊府鍔╃殑銆傜墰鑲夊湪鍋氭硶涓婃湁鐫€澶氭牱鐨勫彉鍖栵紝鐑х儰鐗涜倝灏辨槸鍏朵腑寰堝彈闈掔潗鐨勪竴绉嶃€傞偅涔堬紝鐑х儰鐗涜倝鐨勯厤鏂欏埌搴曞簲璇ユ€庝箞鍋氬憿?What are you looking for?銆 佺 吳 鐑 ょ The altar inlaid with rich and delicate 欂 欙 fine 鐗 涜 倝 (鐦?500 鍏 緟 緟 欂 欙 嬲 凭 懕 (锏 界 毊)0 Arrogant?Was it rough?0 Arrogant?The key is 15?20 piecesPu?鍏?抶 ц 挏 (锏 界 毊) 5 鍏?鑳 ℃ 2 鍏?Complementary details (1) Special patents: patents, patents, patents, and patents: 30 (recommended); 2 (recommended); 2 (recommended)1515 嗒 匛 倃 岃  鐗 撜 倖 咖 告 撹 撋 垩 枡; (3) Emperor of the Chinese People’s Republic of China (Emperor)The altar is inlaid with dramas and dramas, and is it х х 困 囗 囧 埢 鍗 冲劲 銆?銆 佷 簲 撣 欑 咰 撜 倝 倝 鎹 查 キ 鏉 揭 枡 氱 坛 勌 墌 100g Adorable 咾 璱 钁?0g advancing chain?0g: 绀  绛?Recognize and supplement 1 gong and pets: 尼 簲 欑 揑 蒙 1/8 gongs and pets: 岀 硸 1/8 gongs and pets: 屾 枡 闞 嗙 喰?Gong struck her pet.浜 旈  鐑 よ 倝 閰?Do you like it?1) What are you doing?鍙栦竴澶х锛屽姞鍏ヨ挏鏈笌璋冨懗鏂橝涓€璧锋贩鍚堝潎鍖€锛屽啀鏀惧叆鐗涜倝鐗囪厡娓嶇害10鍒嗛挓銆?2) What is it?鑵屾笉濂界殑鐗涜倝鐗囨憡寮€锛屼簬鑲夌墖涓婃斁涓婁簺璁告磱钁变笣鍚庯紝鎹茶捣鎴愯倝鎹诧紝鍐嶇敤绔圭涓茶捣鎴愪覆锛岄噸澶嶆鍔ㄤ綔鑷虫潗鏂欑敤姣?What is tweezers?50鈩冨鐢ㄣ€?3) What is it?Do you want to go to the altar and set up the altar in a big way? Do you want to change the tree? If you want to change each other by 250?鍒 嗛 挓 鍗 Chonghong 鍑 Hong Kang 闱  獴 钐 剰 儰 2 鍒 嗛 抓 銆?4) 頙 栧 嚭 規 財 硶 5 勄 勭 堭 卋 嵅 鍒 鬒 璂 璋 咨 懗 揂 橞 姽 啀 叀 叀 叀 叆 鐑 ょ  浠?50-meter power dagger?0绉掑嵆鍙€?5)鍙栦竴纰楅€傞噺鐨勭櫧楗紝灏嗕綔娉?鐑 ゅ ソ 镄 勭 勭 個 嵋 嵅 尀 湪 唏 介 傏 婏 序 鍐 嶉 問 婜 宸 卸 卞 垩 娆 ア 們 對 倲 倏 倏 倽 倏 夽 姏 夏 姏 尽 姤 姤 姤銆 侀 矞 瀚 ╅I’m so annoyed. What is the truth? 氶 睿 娌?5 姣  崌 Ad?Rambling?5 姣  崌 Ad?The ramming 9?Adze?钂 滃 ご 1 trick?Adze?鎹. The world’s most powerful?Adze?Hagi?鍏?Adze?The girl is so stunned. 1 嬏 涜 倝 455 鍏?Adhesively. 鑳 ¤ melancholy?Liao Guiqu. Di Luan Yi 1 韙 纒 獒 囧 彡 潡. Hao Qiu Qiu Bian Kun Juan?Adze?鍒 囧 潡.What is the pot?1)鐢ㄤ竴涓ぇ鐨勬椿鍔ㄥ皝鍙g殑濉戞枡淇濋矞琚嬶紝灏嗛叡娌广€佽姖楹绘补銆佽姖楹汇€佽挏銆佺硸銆佺洂銆侀粦鑳℃鏀惧叆锛屾贩鍦ㄤ竴璧枫€傜劧鍚庡啀鏀惧叆鐗涜倝銆佽儭钀濆崪鍜屾磱钁憋紝灏佷笂鍚庢憞鍖€锛岃鐗涜倝鍜岃敩鑿滆窡璋冨懗鏂欎竴璧锋贩鍚堣捣鏉ャ€傚湪鍐扮閲屾斁涓婅嚦灏?涓崐灏忔椂銆傛垜鍠滄鏀捐繃澶溿€?2) The problem is that it is very difficult to find out what is going on, how to do it, how to do it, how to do it, how to do it, how to do it, how to do it, what to do and what to do if you want to do it.What is the effect of squeezing the wrought insect chain in the bundle of worms and snails?3)鏀惧埌鐑ゆ灦涓婄儰15-20鍒嗛挓鎴栫洿鍒颁綘鍠滄鐨勭啛搴﹀嵆鍙€?I am going to drill down, and I am going to drill down. 1.5 Suddenly get rid of madness?1 翏 嫓 嫼; 祃 楀 嫆 1 翏 嫓 嫼;1 灏 婓 嫼; 擶 ц 尨 壣?1 What’s going on; what’s going on?1 翏 婓 嫼; 钂 灭 洂 1 擶 у 嫼 掭 桶 硶 Ad?1) The altar is inlaid with gallium, and it’s very easy to borrow; it’s a manuscript; it’s a manuscript; what is it? Aren’t you? Aren’t you?(2) 離 ㄦ 厮 呮 呮 囮 囧 囧 囧 寢 姽 帽 災 嗏 嗙 Altars inlaid with 压 寜 鎽 ╂ 寜 鎽 ╁ 悗 灏 佸 ソ 鐩 栧 瓙 Adopting the change of forceful change?(3) 闶 億 咰 鐩 簳 獒 獒 眰 娌 Gui 甏 The altar inlaid with 喋 斁 鍦 ㄧ 儰 鐩 橀 噷; 鐩 栦 笂 阌 $ Welding ad?50F Wan?0 闒 嗛 挓 頀 撶 擶 擶 铙 鍙 鹌 鹌 $ 鐑 鐑?-8 闒 嗛 挓 夃  鐗 涜 倝 琛 ㄩ Frustrated?(4)鎶婄墰鑲夋挙鍑虹儰绠憋紝鐢ㄥ帹鎴挎俯搴﹁鎺㈠叆鑲夊潡鏈€鍘氬鐨勪腑闂寸湅鏄惁杈惧埌160F浠ヤWhat are you talking about? What are you talking about? What are you saying? What are you thinking about? What are you talking about? What are you talking about? What are you talking about?(5) Regardless of the situation, the situation is very difficult, and the situation is very difficult. It ‘s very difficult to find out what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on?槸涓嶆槸寰堝鏄撳氨get鍒扮儳鐑ょ墰鑲夋€庝箞鍋氫簡鍛?濂藉悆鐨勫彛鍛虫€绘槸鍗冨樊涓囧埆鐨勫惛寮曞懗钑撅紝闅惧悆鐨勫嵈閮藉鍑轰竴杈欑殑璁╀汉闅句互涓嬪捊锛屽彲瑙侀鏉愯繕寰楀湪瀵圭殑浜烘墜涓婃墠鑳藉睍鐜扮敋鑷虫墿澶у嚭瀹冨師鏈殑榄呭姏鍛紝閭h繖浠介璋卞氨璇ユ槸浼犺褰撲腑鐨勭鍔╂敾浜?

[Mixed cold show mushrooms]_Xiuzhen mushrooms_How cold salad_How cold salad

[Mixed cold show mushrooms]_Xiuzhen mushrooms_How cold salad_How cold salad

Salad cold mushroom is a very delicious and nutritious food, especially soup rare mushroom, which can bring us a different taste, and salad cold mushroom is the most common method, so now we come to know in detail, the practice of salad cold mushroom.

Method 1: Ingredients: Xiuzhen Mushrooms, Celery, Seasoning: Salt, Spicy Sauce, Steamed Fish Maw: 1.

Xiuzhen mushroom cleaned up and put in some salt?
焯 cooked dripping 2.

Cut small pieces of celery and scoop them out for 3.

Add spicy sauce, add a few drops of steamed fish stew oil, taste, and mix well. Tips: 1, steamed fish stew oil taste, do not put too much, affect the color 2, you can also put some other vegetables .
Once cooked, you can stir in. Some black fungus method two, 1.

Prepared materials 2.

Slice lean meat, add garlic, sugar, salt, soy sauce, cooking wine, oil and marinate 3.

The thicker Xiuzhen mushrooms are sliced, and the smaller ones do not need to be cut 4.

Boil underwater mushrooms in a saucepan 5.

.
After the water is picked up, the cold water will be used for backup6.

Add garlic slices and ginger slices to the pan and add the meat slices to fry 7.

Stir-fried meat with legal yellow 8.

Add Xiuzhen Mushrooms and stir fry evenly 9.

Add soy sauce, cooking wine 10.

Stir in some sugar and salt evenly.

Finally, simmer the juice (one teaspoon of old soy sauce, one spoon of raw soy sauce, and stir well with an appropriate amount of water), stir fry evenly 12.
.

Finally, add onion segments and stir-fry

[How to make an appetizing beef soup]_Homely practice of an appetizing beef soup_How to make an appetizing beef soup_How to make an appetizing beef soup

[How to make an appetizing beef soup]_Homely practice of an appetizing beef soup_How to make an appetizing beef soup_How to make an appetizing beef soup

In order to survive, we must work hard every day.

The consequence of struggle is to have a good body, and good body needs nutrition to maintain.

So where does this nutrition come from?

Diet, of course.

So, from now on, please follow Xiaobian to correct the practice of appetizing beef soup, I believe it will definitely be good for you.

1.

Put the fresh beef tendon meat in the pot and add water. Cook the onion and water in the pot.

2.

12 Prepare other ingredients: small potatoes, small tomatoes, crab mushrooms, onions.

3.

21 Peel the potatoes, cut the tomatoes in half, remove the crab mushrooms, and chop the onions.

4.

Put the small potatoes in the pot and cook until broken, and the crab-flavored mushrooms are also added to the pot to remove the water.

5,

Add fat to the pan and add minced onion and fragrant.

6.

1 Add the base soup of boiled beef tendon and add wild pepper.

7.

2 Add tomato sauce and stir fry.

8.

Add small potatoes, tomatoes, and crab mushrooms.

9.

Cut the cooked beef tendon into thick slices, add it to the pot and cook together, seasoning and harvesting juice.

10.

Fried soup in a bowl.

Let ‘s take a look at today ‘s introduction. The appetizing beef soup you eat outside is actually not that difficult, and the steps are very simple. We do n’t hinder making healthier at home!

Oupai Home (603833): Revenue growth slightly exceeds expectations Channel structure continues to adjust

Oupai Home (603833): Revenue growth slightly exceeds expectations Channel structure continues to adjust

This report reads: The company actively adapts to channel changes in standardized markets such as bulk and assembly, tries to boost confidence through support and assistance to retail distributors, and tries to gradually increase concentration and steadily grow in multiple channels in the medium and long term.

Investment Highlights: Maintain target price of 136.

8 yuan to maintain the overweight level.

In the third quarter of 2019, the company’s revenue growth increased slightly beyond market expectations. In the non-standard customized retail market, it has a competitive advantage in brands, categories and channels. In standardized markets such as bulk and assembly, it actively responds to channel changes and gradually achieves increased concentration.Long-term efforts to maintain stable growth.
Do we maintain 2019?
EPS is 4 in 2021.

50/5.

26/6.

09 yuan, maintaining a target price of 136.

8 yuan, corresponding to about 26 times PE in 2020, maintaining an overweight rating.

The performance growth basically met expectations, and the increase in revenue growth in the third and third quarters slightly exceeded market expectations.

The company achieved operating income of 95 from January to September 2019.

35 trillion, the same increase of 16.

33%, achieving net attributable profit of 13.

7.8 billion yuan, an increase of 14.

83%, realized non-attributable net profit of 12.

91 trillion, with an increase of 12.

84%.

Among them, the growth rate of 2019Q3 revenue in ten years was 20.

1% slightly exceeded market expectations. Attributable net profit and non-attributable net profit growth rates were 14 respectively.

65%, 10.

52%, performance growth basically in line with market expectations.

Formulate rebate and assistance policies to increase dealer enthusiasm and achieve market share growth in the medium and long term.

Under the pressure of the market environment, the company boosted dealers’ confidence through the implementation of rebate policies and expenses, which affected the current profitability and expense ratio. From a medium and long-term perspective, it 厦门夜网 continued to strengthen the comprehensive strength of terminal market competition.Initial increase in retail market share.

Actively adapt to changes in the channel structure, lay out large blocks, and implement a large home furnishing strategy to increase the concentration of the standardized market.

The company’s superior brand influence and category advantages have achieved rapid development of bulk businesses under stable profitability and good cashback response through cooperation with high-quality real estate developers.

With regard to the assembly of large homes, the company actively resolved possible conflicts between the old and new channels through the system, the pace of investment promotion was rapidly promoted, operation assistance was steadily and steadily, and the medium and long-term attempts were made to continuously 都市夜网 improve the concentration.

Risk warning: changes in demand caused by fluctuations in the real estate market, changes in costs of raw material prices, and changes in costs

[How to make Orleans roasted chicken]_How to make_How to make

[How to make Orleans roasted chicken]_How to make_How to make

If you want to make Orleans roast chicken, it is best to choose three yellow chickens. Choose the young chickens in the three yellow chickens. They taste smoother and softer. Do not choose old hens.

Orleans roasted chicken is relatively simple to make. The main thing is to choose the right ingredients. In addition, for better taste, you can use a toothpick to pierce the small holes on the chicken, and then put the sauce in it.
Ingredients: Chicken broiler 1, 70g of New Orleans barbecue.

1. Take a small bowl and pour 70 grams of New Orleans barbecue ingredients.

2. Add 70ml of water.

3. Stir well and set aside.

4. Remove the three yellow chickens from the head and neck, chicken feet, internal organs, clean them up, put them in small pots, and set aside.

5. Pour the prepared New Orleans barbecue sauce into a small bowl filled with whole chicken.

6. Press and knead evenly, so that the juice is filled inside and outside the chicken body.

7. Cover the plastic wrap (bag) and put it in the refrigerator freezer for more than one day and one night. During this period, the whole chicken will be penetrated twice to fully absorb the juice.

8. Place the marinated whole chicken in a baking sheet lined with tin foil.

9. Apply a layer of peanut oil to the surface.

10. Spread a layer of honey on the surface.

11. Preheat the oven at 250 ° C for 10 minutes. Then, put the marinated chicken at 250 ° C, 40 minutes, turn it in the middle, turn it over once, apply oil and honey.

12. Remove the roasted whole chicken and serve while serving.

Note 1: In order to enhance the taste, it is recommended to use chicken toothpicks to pour numerous small holes on the chicken body, and then pour in the sauce to marinate.

2. The temperature of each oven is not the same. The baking temperature should not be copied. It should be adjusted according to the actual temperature of the oven.

3, chicken wings and chicken leg roots are easy to roast, it is recommended to add tin foil when baking to prevent batter.

[Braised pork rice bowl]_Braised pork rice bowl_How to make_How to make

Do you have a hot pot? What are you going to do with a pick-and-pick pot?
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Yifeng Pharmacy (603939): Proposed financing with slightly better than expected results to support store expansion and optimize debt structure

Yifeng Pharmacy (603939): Proposed financing with slightly better than expected results to support store expansion and optimize debt structure
The event company released the semi-annual report for 2019, the convertible bond issuance plan and the planned short-term financing announcement. In the first half of 2019, the company realized operating income, and the net profit attributable to the parent and net profit after deduction were 50.4.8 billion, 3.08 ppm and 3.30,000 yuan, an annual increase of 68.65%, 36.78% and 46.69%, achieving a budget benefit of 0.82 yuan, both operating cash flow1.14 yuan, slightly more than our air force expected. The company issued a public issuance of convertible corporate bonds plan, and the scale of funds raised from the proposed issuance of convertible bonds does not exceed RMB 15.81 megabytes, with a term of 6 years from the date of issuance, the conversion period is from the first trading day 6 months after the end of the issuance date to the maturity date of the convertible bond, the initial conversion priceNo less than the average trading price of the company’s A shares 20 trading days before the announcement date of the prospectus. The company issued an announcement to register the issuance of ultra-short-term financing bonds. The total size of publicly issued ultra-short-term financing bonds does not exceed RMB 1 billion.The short-term issuance period of ultra short-term financing bonds is no more than 270 days (including 270 days), the registration approval is valid for 2 years, and the issuance is rolling during the period. A brief review of emerging pharmacies consolidation and accelerated scale expansion, driving rapid growth in performance. Emerging pharmacies achieved operating income in the first half of 20195.US $ 7.7 billion, an annual increase of 16%, net profit of 46.7 million yuan, an annual increase of 63%, has completed long-term performance commitments of 54.5 million 55%, and the completion of performance commitments is worth looking forward to.We estimate: 1) The integration progress of emerging pharmacies is in line with expectations, and the comprehensive gross profit margin has increased by nearly 3% from the beginning of the acquisition to a level close to 38%; 2) The continuous improvement of the operating management system and variety structure of emerging pharmacy docking companies has brought downgradesThe effect of fee synergy increases profitability. We wholesale as follows: 1) The cash transaction part of the company’s acquisition of emerging pharmacies7.800 million loans followed 5.The 4% interest rate is estimated to be about 42 million yuan in initial compensation costs and 21 million yuan in semi-annual financial expenses; 2) the emerging statement pharmacy consolidated statement statement contributed 4250 million net profits; 3) the company’s net profit attributable to the parent was 3.08,000 yuan, taking into account the interest costs and the table factors of emerging pharmacies, it is approximated that the company’s endogenous and the remaining small part of the merger and acquisition has been realized.Net profit of 82 million, an annual increase of about 28%, and the endogenous part still maintains rapid growth. As of the end of June 2019, the company had 4,127 stores, of which 3,871 were directly operated stores and 256 were franchised stores.In the first half of 2019, the company’s net increase of 516 stores, including 368 newly opened stores (281 directly operated, 87 franchise stores), acquired 204 stores, closed 56 stores. We believe that: 1) the beneficiary company ‘s old stores have grown within ten years (estimated to increase by 10% per year for comparable caliber old stores) and new store construction, accelerated mergers and acquisitions in the same industry + strong refined management capabilities, driving sustained high-speed growth; 2) the first half of 2019The company has a net increase of 516 stores, a 17% increase in the number of net increase stores, and its reserves are in the growth period.In 2019, the company plans to continue to add 1,000 stores through the “self-built + M & A” two-wheel drive expansion model to maintain a rapid expansion pace. We expect the company to maintain high growth in the future in the context of accelerated industry integration. In the first half of 2019, the company had a total of 6 mergers and acquisitions integration business, completed 5 mergers and acquisitions and completed 1 ongoing project.On the whole, the company has maintained the speed and quality of mergers and acquisitions expansion in the context of increasing industry concentration, and the trend of healthy expansion will continue in the first half of 2019.At this stage, the pace of industrial capital mergers and acquisitions has gradually transitioned, asset prices are expected to gradually gradually become more reasonable, and the company’s healthy expansion trend is expected to continue. The overall efficiency has been improved and the operating efficiency has been improved. The company has maintained a rapid expansion rate. In terms of branch types, in Q2 2019, the number of flagship stores decreased by 1, the number of regional center stores decreased by 4, and the number of medium-sized community stores decreased by 107.An increase of 237 stores. The expansion of stores was mainly concentrated in small community stores.Due to the rapid expansion in 2018, the company will focus on integrating and improving efficiency 北京夜网 in 2019, and its operating efficiency will be improved. The average daily efficiency of the company’s flagship store in 2019H1 is 136.99 yuan / square meter, an increase of 13 from 2019Q1.69 yuan / square meter; the average daily flooring efficiency of the regional center store in 2019H1 is 62.95 yuan / square meter, an increase of 1 from 2019Q1.45 yuan / square meter; the average daily flooring efficiency of medium-sized community stores in 2019H1 is 61.74 yuan / sqm, an increase of 3 from 2019Q1.84 yuan / square meter; the average daily flat effect of small community stores in 2019H1 is 58.RMB 71 / sqm, an increase of 0 from 2019Q1.21 yuan / square meter; the comprehensive daily average floor effect reaches 62.39 yuan / square meter, an increase of 1 from 2019Q1.49 yuan / square meter, the future development of new stores 南宁桑拿 gradually into the growth period and operating efficiency to replace the daily average Ping effect of stores is expected to continue to recover. The proportion of medical insurance stores and sales of members continued to increase, and the company’s profitability was terminated until the end of June 2019. The company has a total of 3,871 directly-operated chain stores and has obtained 2,923 various types of “medical insurance designated retail pharmacies”, accounting for the companyThe total number of stores is 75.51%, up 0 before the first quarter of 2019.26%.Among them, favorable for policy adjustment, the proportion of medical insurance stores in East China has reached 64 in 2019H1.37%, up 2 by the first quarter of 2019.47%, there is still room for improvement in the future, and the profitability of single stores is expected to further improve.As of the end of June 2019, the company had 26 million members and 84 members in sales.03%, up from 2 in Q1 2019.58%, consumer stickiness is further enhanced, and profitability is guaranteed. The company plans to issue convertible bonds and ultra-short-term financing to support the expansion of stores while optimizing the debt structure. The company plans to issue convertible corporate bonds for public issuance.81 megabytes, with a term of 6 years from the date of issuance, the conversion period is from the first trading day 6 months after the end of the issuance date to the maturity date of the convertible bond, the initial conversion priceNo less than the average trading price of the company’s A shares 20 trading days before the announcement date of the prospectus. The company issued an announcement to register the issuance of ultra-short-term financing bonds. The total size of publicly issued ultra-short-term financing bonds does not exceed RMB 1 billion.The short-term issuance period of ultra short-term financing bonds is no more than 270 days (including 270 days), the registration approval is valid for 2 years, and the issuance is rolling during the period. The convertible debt fundraising projects to be issued by the company are mainly new chain drugstore projects, the construction of sorting centers and industrial parks in Jiangsu and Zhejiang regions, and supplementary liquidity; ultra-short-term financing is intended to repay financial institutions to meet short-term funding needsOptimize the company’s debt structure, reduce financing costs, and meet the company’s daily working capital needs.We believe that the company’s proposed issuance of convertible bonds and ultra short-term financing will help the company’s store expansion and optimize the debt structure, reduce the cost of funds, and benefit the company’s long-term healthy development. The gross profit margin caused by the expansion fluctuated slightly, and the remaining financial indicators were basically normal. The company’s comprehensive gross profit margin in the first half of 2019 was 37.49%, a decrease of 1 per year.18 levels, mainly due to the short-term impact of accelerated expansion of gross profit margin.The sales expense ratio reached 24 in 2019H1.88%, a decrease of 1 per year.84 averages, a decrease of 0 from the previous quarter.73 single, realizing reasonable cost control after expansion.The management expense ratio 2019H1 is 4.20%, an increase of 0 from the previous month.39 averages, after a large-scale merger and acquisition management costs rose slightly, basically normal.2019H1 financial expenses increased significantly, mainly due to the use of bank loans in emerging pharmacies and the increase in bank loan interest rates; accounts receivable and bills receivable were basically stable; bills receivable and accounts receivable and most of them increased by nearly 80%, mainly due toThe expansion of the company’s scale, the expansion of its procurement scale, and the subsequent expansion indicate that the company’s right to speak in the industrial chain has been strengthened; the net cash flow from operating activities has increased by 146.09%, mainly due to new openings and mergers and acquisitions of stores, old store sales growth, increased inventory turnover and other operating capabilities.From the perspective of operating capacity, the company’s inventory turnover days continued to decrease from 95 days after the acquisition of emerging pharmacies in 2018 to 84 days in 2019H1. The integration effect was significant and the operating efficiency continued to improve.The remaining financial indicators are basically normal. Earnings forecast and investment rating predict that the company’s operating income for 2019-2021 will be 98.7.6 billion, 130.9.9 billion and 172.3.6 billion, net profit attributable to mothers was 5.5.8 billion, 7.3.6 billion and 9.62 trillion, an increase of 34 each year.1%, 31.8% and 30.7%, equivalent to 1, respectively.48 yuan / share, 1.95 yuan / share and 2.55 yuan / share, corresponding to 50 for PE.1X, 38.0X and 29.1x, maintain BUY rating. Risk analysis Risk of policy changes in the industry; market competition intensifies; scale expansion progress fails to meet expectations; M & A store integration fails to meet expectations; goodwill impairment accruals;

Jack Co. (603337): Sewing equipment supplies medical protective equipment production to accelerate downstream inflection point

Jack Co. (603337): Sewing equipment supplies medical protective equipment production to accelerate downstream inflection point

Event: The company’s official public account information shows that masks, protective clothing and other medical protective supplies are made in many places 武汉夜生活网 throughout the country. The company supplies sewing equipment to related manufacturers.

Sewing equipment supplies medical protective equipment production, and the inflection point of the downstream has accelerated.

The plague puts forward higher requirements for the supply of medical supplies. The company’s public account shows that the company is Yadu Group (located in Changyuan City, Henan Province, the hometown of national health materials), and Suzhou Aojian Medical Supplies (the only company in Jiangsu that can be used for medical treatment).) Protective clothing enterprises) and other timely production equipment to ensure output.

Statistics show that the average daily output of masks in 2018 is 12.43 million, and it is expected that the daily output will reach 1 by the end of February this year.

With 800 million pieces, the demand has risen sharply, which will drive the demand for sewing equipment and accelerate the arrival of the turning point.

The weak cycle of the sewing equipment industry will usher in a recovery in 2020.

The prosperity of the sewing equipment industry is related to clothing sales and equipment update frequency. Historical data generally shows a weak cycle of about 3 years.

From the end of 18, the sales of the sewing equipment industry began to decrease. According to our investigation, the current demand is still at the bottom.

The macro size, domestic clothing sales, inventory and other indicators have improved, and the sewing equipment sales are about to turn.

The competition is strong, and there is room for growth.

The company is an industrial sewing machine manufacturer with existing global production capacity and the strongest capacity expansion capacity in the future. The domestic industrial sewing machine output in 2018 was 8.4 million units. The company’s market share is 24%.Promotion.

At the same time, the company reserves tailor beds, spreaders, smart shirt sewing equipment, smart denim sewing equipment, etc., and gradually improves the level of automation in the clothing industry, which has huge potential market space for products.

Profit forecast and investment advice: It is estimated that the company’s net profit attributable to the parent from 2019 to 2021 will be 3 respectively.

5.9 billion, 4.

$ 7.4 billion and 5.

750,000 yuan, the corresponding EPS is 0.

81 yuan, 1.

06 yuan, 1.

29 yuan; maintain BUY rating.

Risk Warning: The sales of textile clothing are sluggish, the exchange rate fluctuates, and the progress of smart sewing products is not smooth.

Yonghui Supermarket (601933): Three Fees Reduced, Positive Results Improved, Exploring New Business Performance Outstanding

Yonghui Supermarket (601933): Three Fees Reduced, Positive Results Improved, Exploring New Business Performance Outstanding

[Investment Highlights]Yonghui Supermarket released its 2019 Interim Report.

At the core of the report, the company achieved operating income of 411.

76 ppm, an increase of 19 in ten years.

71%; Realize net profit attributable to shareholders of listed companies.

69 ppm, an increase of 46 in ten years.

69%.

   Revenue growth accelerated and stores expanded in an orderly manner.

There were 84 new stores opened in the first half of 2019. As of the end of June, the company operated a total of 791 stores.

In terms of regions, the proportion of revenue in the first to fourth theaters was 66 compared with the same period last year.

4% has declined, and the proportion of income in the five to ten war zones has increased significantly, with the growth rate in six zones reaching 74.

83%, the growth rate of the ten districts reached 57.

75%, each theater has a trend of balanced development.

   The gross profit margin dropped slightly, and the gross profit margin of the service industry was higher.

In the first half of the year, the company’s retail business accounted for 92% of revenue.

6%, gross profit margin 16.

39%, a decrease of 1 from the previous year.

01pct, the service industry with a higher gross profit ratio accounted for 4 in 2015.

6%, initially raised to 7.

4%, gross margin of service industry reached 89 in the first half.

89%, an increase of 1 over the previous year.

01pct.

In terms of products, gross profit margin of fresh and processed products13.

92%, down by 1.

09pct, the gross profit margin of food supplies has also decreased.

   The cost rate during the period decreases every year.

In the first half of the year, the company’s sales expense ratio decreased by zero.

72 minutes to 15.

19%, the management expense ratio decreased by 1.

38pct to 2.

66%, mainly due to the provision of equity incentive expenses.

3.6 billion, compared with 3 in the same period last year.

There was a significant and significant decrease in 4.4 billion.

  In addition, employee compensation, system service fees, etc. also declined.

The increase in the financial expense ratio was mainly due to the increase in bank expenses and interest expenses.

Overall, the company’s period expense ratio decreased by 1.

86pct, net interest rate increased 杭州桑拿网 by 1.

15 marks.

   Explore new formats of MINI stores and home services.In the first half of the year, the company tested water in MINI stores. By the end of the period, nearly 400 MINI stores had been opened, with an average area of about 500 square meters, and achieved revenue of 5.

500 million, accounting for 1% of total revenue.

3%.

In terms of home business, what are the services provided by more than 500 stores?

300 million, an average monthly growth rate of 7.

1%.

The new business format and stores can rely on each other and drain each other to meet the needs of consumers in different consumption scenarios.

  [Investment suggestion]As a leading company in the national fresh food supermarket, the company will further expand its stores through direct sales or mergers and acquisitions in the future. The creation of the fresh food supply chain will help improve the gross profit margin.The efficiency of the business processes of each department improves the expected technical basis, and the company’s 19/20/21 revenue is expected to be 872.

75/1065.

00/1219.

1.4 billion, net profit attributable to mother 21.

69/28.

58/39.

680,000 yuan, EPS 0.

23/0.

30/0.

41 yuan, corresponding to PE 44/33/24 times, maintain “Buy” rating.

  [Risk reminder]Macroeconomic growth is slower than expected; rents, expenses and other growth risks.