2017 Badminton Tournament Schedule: May Sudirman Cup August World Championships

2017 Badminton Tournament Schedule: May Sudirman Cup August World Championships
2017 Badminton Schedule Time Competition Location January 10-15 China International Challenge China Hainan January 17-22 January Malaysia Masters Sibu Malaysia January 24-29 Said Modi Badminton Championships Lucknow, IndonesiaFebruary 7th, 12th Thailand Grand Prix Bangkok, Thailand February 13th-19th Asian Badminton Team Championships to be confirmed February 15th-19th European Men’s and Women’s Team Championships Noumea February 28th-March 5th German ChampionshipsMülheim, Germany, March 7-12, All England Championship, Birmingham, UK, March 14-19, Swiss Open, Basel, Switzerland, March 21-26, New Zealand Open, Auckland, New Zealand, March 28-April 2India Open, New Delhi, India, April 4-9, Malaysia Open, Kuala Lumpur, Malaysia, April 11-16, Singapore Open, Singapore, Singapore, April 18-23, Chinese Masters, China, Jiangsu, April 25-30, EuropeChampionship Colling, Denmark, April 25-30, Asian Championship to be confirmed, April 28-30, Pan American Team Championship, Bogota, Colombia, May 21-28, Sudirman Cup, Gold Coast, Australia, June 13-18, under developmentNational Open Indonesia Jakarta June 20-25 Australia Open Sydney Sydney June 27-July 2 Chinese Taipei Open Chinese Taipei July 11-16 Canadian Open Calgary Canada July 18-23rd U.S. Open, Anaheim, United States, August 21-27, World Badminton Championships, Glasgow, United Kingdom, September 4-10, Vietnam Open, Ho Chi Minh City, Vietnam, September 10-17, World Championships, Cochin, India, September 12Day -17 Korea Open Korea Seoul South Korea September 19-24 Japan Open Japan Tokyo October 3-8 Russia Open Russian Flag Radivostok October 9-15 World Youth Mixed TeamChampionship Yogyakarta, Indonesia, October 10, Netherlands Open, Almere, Netherlands, October 16-21, World Youth Championships, Yogyakarta, Indonesia, October 17-22, Denmark Open, Denmark, Oden, October 24-29France Open France Paris October 31-November 5 Bitburg Open Germany Saarbrücken Germany November 7-12 November Korea Masters Seoul Seoul Korea November 14-19 China Open ChinaFuzhou, November 21-26, Scottish Open, Glasgow, United Kingdom, November 21-26, Hong Kong, China Hong Kong, China Hong Kong, November 28-Dec 3, Macau Open, Macau, China, December 5-10, Indonesia MastersJakarta, Indonesia, December 13-17, World Super Finals, Dubai, UAE

Believe in the Future Premiere: Music sounds, let us restore our daily happiness 丨 Entertainment

“Believe in the Future” Premiere: Music sounds, let us restore our daily happiness 丨 Entertainment
At 19:30 on May 4, the first episode of the online charity event “Believe in the Future”, which was jointly planned and held by multiple music platforms and record companies across the country, was broadcast live.Since the event was issued in April, nearly 300 groups of musicians have received responses.Whether it is time or geography, this seems to be the largest music event with the largest number of artists in overall planning, and the largest public welfare music performance in the world.Screenshots of some premiere videos.The premiere included almost all platforms that have a certain influence on the Chinese Internet, and many fan-based artists in the Chinese music scene, such as Faye Wong, Lin Junjie, Lu Han, Wang Junkai, etc. also appeared.Many Chinese musicians have shown a very serious attitude and good strength in vocal performance and post-processing.Simple, the warm conversation between Bai Yansong, Wang Han and Hua Shao also brought a lot of fun for everyone.Since “believe in the future” is an online music broadcast after all, there is no too specific technical criterion at the stage of submitting works, so the experience it can provide to the audience is naturally uneven.After all, everyone has done something on Vocal, and these treatments are understandable for the benefit of this charity show.Zhou Xun used a mirror as a mirror, and sang a song “Singer of the World”.Since the birth of the “believe in the future” attempt, people have often put it together with a world.In fact, although they are all public welfare music activities that use music to fight against human disasters, there are huge differences in the temperament and communication methods they present.The Live Aid series is held in offline venues, and the income is donated to the “charity concert” for the relief of the wasteland, while a world together and “believe in the future” have to be recorded and broadcasted at home due to the nature of the new crown pneumonia.Form.In terms of the effects of musical works, it is naturally impossible to match the sound quality of live performances.But at the same time, the scene of the online charity show also conveyed to the public the message of “safely avoiding the epidemic at home” and provided more fun to understand the temporary environment of the stars.Although on some broadcast platforms, some singer fans will constantly ask about the performance time of their own artists during the performance of other artists, and it is not polite, but at least it proves that this event does cover the crowd and has an interactive scale.Influence.And the time when “believe in the future” starts is even more thoughtful about dating. In terms of the current anti-epidemic situation in China, the epidemic situation in most cities has been easing.Spiritual stimulation of daily pace.In this case, the musicians they usually love can show more regular and closer to the performance status of ordinary people, and indeed can give everyone more mental strength, and can better recover from the long-term isolation.Go to work and life.Screenshots of some premiere videos.Musicians do their best in this vortex, and they are obliged to bring happiness and continue to struggle for everyone. This is the responsibility and consciousness displayed by practitioners in this industry.They are loved by the public on weekdays, and at the moment when everyone needs happiness the most, they give everyone what they can. This is the power of music.It can recover more than most art forms, and has a greater effect. This is also the original intention of “believe in the future”.When music sounds and all musicians bring music to everyone regardless of gains and losses, we will involuntarily believe in the future.Such a large-scale event is accompanied by unprecedented solidarity and collaboration between various record companies and different music platforms.Tencent, NetEase, Xiami and other copyright parties that usually compete with each other have opened up their copyrights to each other, allowing the musicians to cover.This attitude surpassed the fierce business competition on weekdays and passed on the most important spirit of solidarity and cooperation in the epidemic.Artists can care about cooperation between companies without regard to the difference between the portals. These are scenes that are hard to see at the normal industry level.All of this is to make people who have experienced the pain and isolation experience realize the unusual fun and happiness.”Believe” has never been an easy thing to do.Because “believe” means that you have to ignore the gains and losses in front of you and have more faith in the future.When musicians take the lead in ignoring the gains and losses in front of them and offer free but serious performances to everyone, then we should probably believe in the future, and believe that there will be more hope, passion and happiness in the future.□ You Zuo (music critic), editor of sauna night net Wu Longzhen, proofreading Wei Zhuo

Jiangxi issued a document encouraging financial institutions to increase credit support for automobile consumption

Jiangxi issued a document encouraging financial institutions to increase credit support for automobile consumption
On April 22, the Jiangxi Provincial Financial Supervision Bureau conducted an official interpretation of the “Some Measures on Promoting Automobile Consumption” (hereinafter referred to as “Gan Automobile Consumption 10”) promulgated by the provincial government (see Figure 1).Among them, Jiangxi Province clearly proposed that it will vigorously develop auto consumer finance business, and encourage financial institutions to implement the minimum down payment ratio for personal auto consumer loans under the lawful and compliant and controllable risks.At the same time, financial institutions are encouraged to increase credit support for auto dealerships.Figure 1 is to actively respond to the adverse impact of the new coronary pneumonia epidemic on consumption, further tap the consumption potential, and promote auto consumption in Jiangxi Province. On April 18, the Jiangxi Provincial People’s Government specially formulated and issued “10 Automobile Consumption in Jiangxi”.The reporter saw that “the 10 articles of automobile consumption in Gan” were divided into “increasing the support of automobile consumer financial services”, “reducing and exempting vehicle-related benefits”, “providing convenience for automobile passage, procurement and relocation”, and “vigorously organizing automobile promotion consumer activities””Four parts, a total of 10 content.The reporter noted that with regard to “increasing the support of auto consumer financial services,” Jiangxi said it would vigorously develop auto consumer financial services.Encourage financial institutions to implement the minimum down payment ratio of personal auto consumer loans under the premise of legal compliance and controllable risks, with reference to the loan market quoted rate (LPR) pricing, and appropriately reduce the personal auto consumer loan interest rate to promote the development of the auto consumer loan market.In addition, according to the Jiangxi Provincial Financial Supervision Bureau, the relevant financial supervision departments of the province will encourage financial institutions to increase credit support for auto dealerships.Guide banking institutions to further expand credit distribution to auto dealerships, increase credit loans and medium- and long-term loans, and give priority to credit policies that support small and micro enterprises.Refer to the loan market quoted interest rate (LPR) pricing to appropriately lower the loan interest rate.Banking institutions are encouraged to give auto dealerships a temporary extension of principal repayment and deferred interest payment arrangements.The Jiangxi Provincial Financial Supervision Bureau stated that the “10 Automobile Consumption in Jiangxi Province” is closely linked to the actual situation in Jiangxi Province. The document does not introduce a direct replacement for consumers to purchase vehicles. Instead, it provides financial support, preferential measures and other measures to support automobilesDistribution enterprise.At the same time, the “10 Articles of Automobile Consumption in Jiangxi” also required the Jiangxi Banking Insurance Regulatory Bureau and the People’s Bank of China Nanchang Central Sub-branch to strengthen the monitoring and dispatch of automobile distribution enterprises and individual automobile consumer loans issued by banking institutions.In addition to banks and other funds, Jiangxi Provincial Financial Supervision Bureau has also strengthened daily supervision through public announcements and other means for financial leasing companies that provide car consumption installment services in their jurisdictions.On March 2, the Jiangxi Provincial Financial Supervision Bureau publicized 46 financial leasing companies in a state of suspected loss of connection.After sorting out, the reporter found that the new car retail platform branches such as “Peanut Good Car”, “Miao You Car” and “Tian Tian Pai Car” are on the list of suspected missing couples.Sauna, Ye Wang Huang Xinyu editor Chen Li proofreading Chen Diyan

Tang Wei claimed to be ordinary and insignificant, Lei Jiayin said he was quite proud after shooting The Whistler

Tang Wei claimed to be ordinary and insignificant, Lei Jiayin said he was quite proud after shooting “The Whistler”
On December 3, the movie “The Whistler” antique premiere, director Xue Xiaolu, lead the starring Lei Jiayin, Tang Wei, starring Qi Xi, Wang Ce appeared together.At the scene, Tang Wei called Ma Ke, played by Lei Jiayin, a “serious big fool”; Lei Jiayin said that whether it was Ma Ke or Zhou Wen, their attractive places were “defective.”The film was officially released at the beginning of December 6th.Photography: Sauna, Ye Yan Guo Yanbing Lei Jiayin said: “The social responsibility of” The Whistler “makes us feel proud to be able to shoot what we can.”Tang Wei said that the participation of an audience will make her unforgettable for a long time:” She said, ‘we are all ordinary and small, we have the opportunity to choose, and we also have the responsibility to shoulder.’This is what we want to convey to everyone through the movie.In the interactive interaction, Lei Jiayin, Tang Wei and Qi Xi interpreted their roles with “defective ordinary people”, “fatal women” and “pioneer women” respectively.When asked how to understand his role, Lei Jiayin, who plays Ma Ke, believes that Ma Ke’s struggles and struggles are all seen in the eyes. How to judge this role believes that every audience has their own understanding.Tang Wei, who played Zhou Wen, said: “It was Zhou Wen who pulled Ma Ke into this danger, but she eventually became herself.”” Qi Xi, who plays Judy, believes that Judy’s intellectual knowledge makes the independent woman’s side appear most vividly.Director Xue Xiaolu finally put forward the answer to the relationship between the three people: Yes.”Sauna, Ye Wang Zhou Huixiaowan Guo Yanbing Editor Xu Meilin Proofreading Wu Xingfa

[Efficacy and role of raw olives]_Use_Benefits

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[Can you drink tartary buckwheat tea during menstruation]_Menstrual period_Can you drink it?

[Can you drink tartary buckwheat tea during menstruation]_Menstrual period_Can you drink it?

Everyone knows that tea is one of the ancient cultures of 5,000 years of civilization in China.

Tea also has many benefits for our body. Some teas contain tea polyphenols.

Female friends cannot drink cold water when menstruating. Tea is also a good choice at this time. Can female friends drink bitter tea when they are menstruating?

Unlike black tea and green tea, tartary buckwheat tea is a kind of fried rice tea. Its raw material is buckwheat, and a bit of barley tea is made.

For female friends who are in the physiological period, drinking tartary buckwheat tea is not a big problem.

Tartary buckwheat tea is not a drug, so it will not have much effect on menstruation. It is not a traditional tea. According to current clinical medical observations, tartary buckwheat tea has the effect of lowering three levels and enhancing the immune system.There are adjuvant treatments for many diseases.

Tartary buckwheat tea contains rutin, which can also supplement trace elements for the body and penetrate the role of detoxification and beauty. Therefore, it is a good beauty tea with rich nutritional value.

Although women are able to drink bitter buckwheat tea during the physiological period, this also requires a moderation.

According to the “Compendium of Materia Medica”, “Buckwheat has bitter taste, flat cold, beneficial energy, renewed energy, sharpening eyes and ears, lowering gas and widening bowel and stomach.

“It can be seen that tartary buckwheat tea has a cooling effect and belongs to the cold nature. Therefore, during the menstrual period, the blood is reduced, and the weak friends are better to drink less or not.

For example, drinking bitter buckwheat tea during the physiological period of a female friend does not cause much harm to the body, but it is better for people who have less menstrual flow, menstrual replacement, and long menstrual periods to drink less.

Coupled with the cold nature of tartary buckwheat tea, too many references may cause dysmenorrhea.

However, everyone’s physical conditions are different. What Xiaobian is talking about here is only a general situation. As for whether to drink bitter buckwheat tea during the physiological period, it is still based on your physical fitness.If you have some problems with your constitution, it is recommended that you consult your doctor before deciding whether to accept it.

Tartary buckwheat tea contains rutin that can soften blood vessels, and has the effects of lowering blood lipids, lowering blood sugar, lowering blood pressure, losing weight and poisoning, clearing human waste, and activating secretion.

Trace protein mineral elements and 9 kinds of biologically active substances necessary for human body, such as linoleic acid, can strengthen the spleen, appetite, hangover, laxative, intestinal beauty, refreshing, anti-insomnia, anti-aging, anti-oxidation, balanceThe function of the human body is the nemesis of patients with constipation and modern “wealth disease”.

Good long-term health.

Women can also take tartary buckwheat tea during pregnancy. Because tartary buckwheat tea contains a lot of effective value nutrients, the value of this kind of tartary buckwheat tea is very high, and it is useful for the development of the fetusGood effect.

Suitable for people suffering from buckwheat tea 1, elderly people

Suning Tesco (002024): The dual-line integration advantage highlights the continuous improvement of the closed-loop ecosystem

Suning Tesco (002024): The dual-line integration advantage highlights the continuous improvement of the closed-loop ecosystem
Important investment risk warning: the company’s operating income in 2018 increased by 30.35%, net profit attributable to mother 133.2.8 billion, an increase of 216.38%, the explosive growth in performance was mainly due to the sale of Alibaba’s equity to obtain 113.3.5 billion investment income, after excluding related effects, the company deducts non-attribution net profit -3.59 trillion, a year-on-year decrease of 306.65%. In 2018, the company’s merchandise sales scale was 3367.5.7 billion; online and offline accounted for 61 respectively.87% and 38.13%, an increase of 64 each year.45%, 10.08%.The company’s unified “one big, two small, multi-specialty” store format strategy promotes the expansion of offline stores. The reported scale of self-operated stores has reached 8,881, with an increase of 132.85%; Overall, there are 2071 retail cloud franchise stores, enjoying county, township and village consumption bonus.Online retail self-operated and open platform sales accounted for 71 respectively.89%, 28.11%, an annual increase of 53.69%, 100.31%.Continuously high online growth and steady offline growth drive the company’s overall GMV growth38.39%. Improve the construction of infrastructure, and rapid increase in logistics revenue.In 2018, the company continued its self-built logistics expansion to meet its own external use and generate revenue28.10,000 yuan.During the reporting period, the storage area was 9.深圳桑拿网5 million square meters, a year-on-year increase of 38.48%; the distribution network and retail stores sink into the county market at the same time, and the number of express delivery points increased by 31.49% will be self-extracting, collecting and shipping services to improve and deepen. Finance focuses on business development, and the 2019 dating battle casts it out.In 2018, the company’s financial business intensive cultivation of the Suning ecosystem, the number of new card-affiliated members increased by 69% each year, and the assets of Suning Bank exceeded 32 billion yuan.In December 2018, Suning Financial Services will increase by 17.857% of new shares, raising 100 million funds, is expected to contribute about 161 investment returns.3.3 billion. Increasing employee input and increasing high interest rates led to an increase in expense ratios during the period.The company strengthened its IT, R & D and operating personnel reserves, and incorporated the employee shareholding plan to accrue management fee amortization effects, and the management fee rate increased by 0.46pp; sales rate reduced by 0.34pp; Operating capital requirements and interest increase, driving up financial rates.34pp; the overall period expense rate increased by 0.46pp. The channel sinks high on the overlay line.Offline: The company promotes the store layout around the “one big, two small, multi-specialty” strategy, grasps the consumption subsidies of counties, towns, and villages to sink channels, and competes through “dimensional reduction” to consolidate the 3C category market for appliances; online learning: openThe platform continues to ramp up, strengthen online operations, and improve the price advantage through scale effects; the advantages of online and offline integration continue to be prominent; derivative business: the construction of logistics facilities to meet the needs of self-employed, improve the distribution network, and the socialization of income;After the release in 2019, it will contribute a large amount of investment income. Profit forecast: Taking into account the company’s continued heavy online volume and offline penetration rate, it is estimated that the operating income of 2019-2021 will be 3061.96\3735.59\4295.9.3 billion, taking into account the investment income of Suning Financial Services in 2019, the net profit attributable to mothers in the next three years will be 163.00\38.00\44.08 thousand yuan, EPS is 1.75\0.41\0.47 yuan.The closing prices on March 29, 2019 corresponded to PE of 7, respectively.2\30.7\26.5 times, the first coverage given a “prudent overweight” rating. Risk reminder: the penetration of the third and fourth tiers is less than expected, the online growth rate has surpassed expectations, and appliance sales have fallen short of expectations

[Authentic practice of tiger skin chicken feet]_Delicious practice_secret method

銆 愯 銯 銄 Fuyu  曑 姝 姝 e 氭 掭 抭 抆 抆 抆 掆 掆 氭 桶 _Cui Hua poo
It ‘s very difficult for you to do it. It ‘s very difficult to do so. It ‘s very difficult to solve this problem. It ‘s not a good idea. You ca n’t do it. You ca n’t do it. You ca n’t do it at all.絾闇€瑕佺壒鍒敞鎰忕殑涓€浜涢棶棰樺氨鏄紝鍑℃槸鐐哥殑涓滆タ灏变竴瀹氳娉ㄦ剰鐐镐箣鍓嶆按涓€瀹氳寮勫共锛屼笉鐒跺緢鍚屾剰鍑轰簨锛屽悓鏃舵垜浠偢鐨勮繃绋嬩腑涓€瀹氫笉瑕佺敤澶х伀锛屼篃寰堝鏄撻€犳垚浜嬫晠鍙戠敓锛屼笅闈㈡垜鏉ョ粰澶у浠嬬粛涓€涓嬭檸鐨浮鐖殑姝e畻鍋氭硶銆傚師鏂欙細楦$埅500鍏嬨€傝皟鏂欙細濮溿€佽挏銆佸共杈f銆佺硸銆佺洂銆佷簲棣欑矇銆佹枡閰掋€佺敓鎶姐€佽€佹娊銆佽殱娌广€佺櫧鑳℃绮夈€佽€佸共濡堣眴璞夐叡銆侀夯娌广€佺櫧閱嬨€佽渹铚?.灏嗘礂鍑€鍒囧ソ鐨勯浮鐖斁鍏ユ按涓紝鍔犳枡閰掋€佸鐗囩叜绾?鍒嗛挓鍚庢崬鍑恒€傞浮鐖斁姘翠腑娴告场涓€涓嬶紝鍐插幓娴搏銆傚皢楦$埅鏅惧共琛ㄧ毊姘村垎鍚庡埛铚傝湝鍜岀櫧閱嬬殑娣峰悎姘达紝鍐嶆櫨骞查槻姝㈡补鐐告槸婧呮补銆傞攨涓€掑叆娌圭儳鑷充簲鍏垚鐑椂锛屾斁鍏ラ浮鐖偢鍒?Cong plate Gousuierwa Suilirenhao Hanjijuanqiang  Ju  Bujingyilang) Moxiaoxiaoliao Advertisement Yaoyuezhanzhe Cuanchajingxuan $ Di Songshanqingxuan $ Disongqianli BuyangburenDo you want to save your money? Do you want to save it?灏忔椂浠ヤ笂銆傚湪娉″彂鐨勬椂鍊欏噯澶囪皟鍛虫枡锛屽皢濮溿€佽挏銆佸共杈f銆佺硸銆佺洂銆佷簲棣欑矇銆佹枡閰掋€佺敓鎶姐€佽€佹娊銆佽殱娌广€佺櫧鑳℃绮夈€佽€佸共濡堣眴璞夐叡銆侀夯娌规贩鍚堟垚閰辨眮寰呯敤銆傚皢娉″彂鐨勯浮鐖鐩樻斁鍏ヨ捀閿呬腑钂革紝绾?5鍒嗛挓鍚庡皢閰辨眮鍊掑湪钂稿悗鐨勯浮鐖笂锛屾媽鍖€锛屽啀缁ц捀20鍒嗛挓鍗冲彲銆傞浮鐖偢涔嬪墠灏Interpretation of the total value of the country’s real estate: admitting that the chain is always in the middle of the world, and the world is in the middle of the world, and the world is in the middle of the world.You can find it here, and you will be able to find out what is going on in the village. You will be able to find out what is going on here.氩啀娆$垎娌广€傚埛铚傝湝鍜岀櫧閱嬫贩鍚堟按锛屾槸涓轰簡鏇村ソ鐨勫府鍔╁舰鎴愯剢鐨€傜偢楦$埅鐐告椂锛岀敤涓皬鐏紝浠ュ厤鐏お澶э紝楦$埅鐖嗙毊婧呮补銆傞浮鐖湪姘翠腑娉″彂鏃堕棿鏈€灏戣1涓椂锛屾椂闂村お鐭紝楦$埅鐨场鑳€涓嶈捣鏉ワ紝褰㈡垚涓嶄簡铏庣毊锛涘鏋滆兘娉℃椂闂撮暱鐐逛細鏇村ソ銆?

[Homemade Scallop Pillar]_Scallop Pillar_How to Make_Method of Making

[Homemade Scallop Pillar]_Scallop Pillar_How to Make_Method of Making

Scallop pillars can be made with many ingredients to make delicious home-cooked dishes, so that we can enjoy the nutrition and deliciousness brought by scallops at any time, and the following is an introduction to the home-made methods of scallop pillars, let us absorb the nutrition and deliciousness in scallops.

Method 1: Spicy scallop points: Be sure to carefully clean the shell of the scallop with a brush, and manually remove the beard-like shell feet.

It’s impossible to make delicious scallops if you leave the scallop feet on it.

Method: 1. Separate the leaves and stems of parsley and chop the leaves; 2. Cut the garlic into pieces; 3. Select a deeper pot.

Put the scallops first, then add the onion, and then the stem of parsley; 4. Add the minced garlic, and finally add 2 spoons of pepper, lemon juice, white wine, flour; 5. Cover the pot and cook over medium heat; 6, shake the pot frequently; 7, wait until the shell of the scallop is opened, remove all the scallops, add 2 spoons of masher to the soup, and boil; 8, put the scallops back in the pan and place on topSpread the parsley leaves evenly into the chopped parsley.

The second method is to change the past scallop practice, cut the tender scallop meat into silk and stew with wild mountain mushrooms and green pepper shreds to make it taste more fresh and sweet.

[Production process](1) Wash and drain the scallops and drain them into a baking dish; (2) Put the garlic sauce into the scallops, each one 1/2 tablespoons, make 8 in order(3) Preheat the oven at 200 ° C, put in the scallops, and bake for about 20 minutes. After cooking, remove the scallops and put them in the dish. Then, the method 3, the scallop pillars and the scallops are the same.In kelp, seaweed is more delicious and delicious, and is rich in protein. Generally, it can be cooked by soaking in cold water for about 1 hour.

1. Soak the scallops in warm water for at least 2 hours (4 hours is the best), and soften with your hands.

2. Cook the scallops with water for later use. The fans are soaked with water and ready for use.

3. Add a small amount of oil, a small amount of soy sauce, add garlic, stir-fry the scallops, and add a little water and the fans to mix.

4, in fact, put more oil to fry the fans together and taste better. You can eat less oil now and eat healthy, so I have to mix the fans.

Shanghai Jahwa (600315): Q2 scale growth rate improved to improve performance after deduction is still under pressure

Shanghai Jahwa (600315): Q2 scale growth rate improved to improve performance after deduction is still under pressure


Event summary In the first half of 2019, the company achieved operating income of 39.

23 ppm, a ten-year increase of 7.

02%; realized attributable net profit 4.

44 ppm, an increase of 40 in ten years.

12%; realized non-net profit deduction attributable to the parent company2.

61 ppm, an increase of 9 in ten years.


Net operating cash flow was 5.

44 trillion, an increase of 7 over the previous year.



Our Analysis and Judgment (I) Scale Increase in the First Half of the Year2.

57 trillion, the equity investment investment income led to the improvement of non-post performance after the first half of 2019, the company achieved operating income39.

23 trillion, an increase of 2 over the same period last year.

57 trillion, of which the growth in the first quarter was about 0.

93 ppm, an increase of about 1 in the second quarter.

6.4 billion yuan; in the first half of the year, the company’s main daily chemical industry realized a total of 39 revenues.

180,000 yuan, an increase of about 2 over the same period last year.

600,000 yuan, of which Q1 / Q2 contribute 0 respectively.


6.3 billion.

Cayman A2, Ltd.

Revenue in the first half of the year 8.

1.9 billion (20% of total revenue).

88%), the corresponding scale increment is 0.

61 ppm (23% increase in scale of contribution).


From the perspective of the revenue of major products, beauty skin care / personal care / home care achieved revenue 9 in the first half of 2019.



6.6 billion, personal care still covers a high proportion, contributing 72% of revenue.

16%; beauty and skin care products followed, the ratio reached 23.

60%; home care only accounts for 4.

twenty four%.

Beauty skin care / personal care / home care achieved revenue in the second quarter4.


72/1.07 million yuan, corresponding to the increase in contribution revenue is 0.



4.2 billion, achieving 12.

01% / 5.

23% / 65.


In the second quarter of 2019, the average sales prices of the three main products, namely skincare / personal care / home care, increased by 17 respectively.

84% / 1.

87% / 3.

71%, of which the base of beauty and skin care products is high (the average in 2019Q2 reached 26.

09 yuan, ranking the other two categories of products at around 11 yuan) and improved significantly.

In the first half of the year, the company realized a net profit attributable to shareholders of the listed company of 4.

44 ppm, an increase of 1 over the same period last year.

27 ‰; net profit after deducting non-attribution to mothers increases by 0 every year.

23 ppm; of which non-current assets disposal gains and losses (the current period amount) 1.

380,000 yuan), total government subsidies, investment income and other non-recurring income.

83 trillion, an increase of 1 over the same period last year.

04 billion.

The increase in profits related to conventional operations mainly comes from the long-term equity investment income brought by the holding of associates. The company calculates according to the equity method of 19% of shares, and merges associates (Company C and D-Sephora (Shanghai) and Sephora (Beijing)) Total contribution net profit 0.

70 trillion, an increase of 0 over the same period last year.

2.7 billion; the two affiliates are mainly targeted at the mid-to-high-end cosmetics market, and the overall sales trend of cosmetics is improving.

2%), driving the company ‘s own brand and store passenger flow conversion rate to rise, of which Company C achieved a profit in the first half of the year2.

380,000 yuan, bringing revenue to the company.

45 ppm, corresponding to a net profit increase of 0.

1.8 billion.

In addition Cayman A2, Ltd.

From January to June 2019, net profit was 0.

320,000 yuan, an increase of 0 from last year.

08 billion (YOY33.

33%), the previous increase in net profit was mainly due to the expansion of channels in North America and Central Europe.

The net profit of the subsidiary, Zhong Herborist, was compared with the same period last year.

8.4 billion to 0.

2.1 billion, mainly due to the impact of brand adjustment and product structure adjustment.

(2) Comprehensive gross profit margin decreased 2.

66pct, the cost rate during the period is reduced by 1.

57pct’s consolidated gross profit margin for the first half of 2019 was 61.

94%, a decrease of 2 compared with the same period last year.

The 66 units were mainly due to the new plant operation and changes in sales structure.

Operating costs for the period increased by 15 per year.08%, the growth rate is significantly higher than the growth rate of revenue. The company’s raw materials required for the production of soap and oil, surfactants, solvents and packaging (carton, glass) prices to varying degrees in small amounts, nutrition and drug additives prices remain floating.
The company’s net sales margin for the first half of 2019 was 11.

32%, an increase of 2 per year.

68 units.

The increase in net interest rate gradually increased during the period, the expense ratio fell, the company’s period expenses in the first half of 2019 increased by 56.

75%, estimated to decrease by 1 last year.

57 units.

The current sales / management (including R & D) / financial expense ratios are 43.

50% / 12.

64% / 0.

61%, a decrease of 0 compared with the same period last year.



A total of 45; R & D expenses are included in the management expenses of 0.

73 ppm, corresponding to R & D expenditure1.


The decrease in financial expenses was mainly due to the decrease in foreign exchange losses caused by changes in the exchange rate of the US dollar against the pound in the foreign segment.

Changes in research and development expenses are mainly due to the increase in depreciation and amortization expenses each year.

(III) Brand matrix layout forecast, marketing methods follow the trend. According to the offline retail channel data of Nielsen and JFK, the company’s subsidiary Liushen brand has taken the lead in multiple categories to replace the market: toilet water / shower gel. January to June 2019 The monthly market share is 76.

2% / 5.

8%, ranked first and fourth.

Herborist ranks 16th in the market for major brands in skincare and cosmetics department stores from January to June 2019, with a market share of 2.


The US and Canada net brand is the first in the category of Volkswagen Hand Cream, with a market share of 12 in the first six months of 2019.


The Gough brand is the leader in the men’s skin care market. It overlaps with the 4th in the cream category and has a market share of 6 from January to June 2019.


Qichu overlaps in second place in baby creams and baby shower gels, with a market share of 14 in the first six months of 2019.

7% and 7.


Differentiated product positioning, slightly marketing methods, and constantly introducing new research and development capabilities such as Shanghai Jahwa’s various brands firmly occupy the leading position.

In addition, Shanghai Jahwa takes consumer trends in the new retail era as the core and continuously optimizes its brand layout. Among them, Herborist, Tang Meixing, and Shuangmei follow the trend of high-end, Meijiajing, Liushen continue to be younger, Guff, Qichu, Yuze, HomeAn meets the needs of segmentation, and the overall brand matrix is gradually enriched.

The company keeps up with the hot trends, and casts the hit drama “Chang’an Twelve Hours”, sponsors “Children of Tomorrow 3”, cooperates with Xiao Jingteng concert with “seeking water” as the starting point, and utilizes hot topic discussions to quickly increase brand awareness.And influence.

At the same time, the company 杭州桑拿网 believes that word of mouth, Douyin and brand marketing channels, using KOL’s ability to carry goods for social marketing, effectively reach the target customer group.

In addition, the company continues to try to evaluate new retail concepts such as marketing ideas and scene-based marketing to create brand memory points. In the second quarter, Liushen, Meijiajing cooperated with IP to launch customized public welfare series, which has shaped the brand’s social reputation, Liushen, Gough, and tide brand.The cross-border cooperation has ignited the consumption passion of young consumers and made the brand strategy of precise positioning a success.

The brand’s marketing strategy breaks through omni-channels and omni-channels, focusing on both online and offline, expanding the reach of marketing audiences, and continuing to promote marketing conversion rates. For example, Yuze launched a flash event offline with a dermatologist from the Shanghai Jiaotong University Affiliated Hospital.The cat launched the trial acne trial kit, Huameijia launched the Member Center applet, and Jahwa optimized the applet mall.

(IV) R & D strength creates quality assurance, mild skin care to meet the needs of special populations. At present, the company has reached technological R & D cooperation with Shanghai Academy of Preventive Medicine, Jiangnan University, Zhejiang University, etc. The market demand data combined with the R & D strength of professional institutions constitutesBasis of Shanghai Jahwa product line upgrade.

Shanghai Jahwa’s skin care products focus on gentle repairs, focus on consumer pain points, have a clear market positioning and are competitive.

In the second quarter, the company developed an evaluation standard for infants and children’s tear-free formula to improve the safety of infant and child bath products; using genetically engineered pain-mediated receptors to establish a tingling evaluation model to better care for sensitive muscles;A barrier-damaged skin model was established to test the repair function of skin care products.

In addition to technological innovation, Shanghai Jahwa has also launched many series from the perspective of raw materials and ideas.The company developed the Herborist lyophilized mask series for the first time in combination with freeze-drying technology. It innovatively uses the Chinese herbal medicine small molecule RNA repair technology to develop and reserve the Herborist Taiji two instruments.”Curious baby” and “concentrated baby” two series of products, Gough’s net source oil control products and Meijia net plant cleansing products are also competing in the market.

The launch of the new product line provides new consumption growth points, which is conducive to Shanghai Jahwa to increase market share and expand product user coverage.


Investment suggestion The company steadily promotes the effective landing of the strategy, and improves the company’s performance and operating efficiency.

In terms of brand promotion, the company concentrated resources to build a high-quality brand, actively promoted the high-end, younger, and segmented process of the brand. Each of the fist brands in the brand matrix has certain advantages in influence and market share.

In terms of channel innovation, the company’s various channels are actively deployed in accordance with brand planning, deeply cultivating traditional offline channels, developing new online channels, and developing collaboratively.

In terms of advancement of research and development, the company continuously increases research and development investment, improves research and development efficiency, and guarantees product quality and safety while innovating and applying new technologies.

In terms of supply guarantee, the company put the new plant into operation as planned, achieving a seamless seamless connection between the new and old plants, and continuous improvement of non-stop operations, which significantly improved performance.

Therefore, we maintain the company’s revenue from 2019/2020/2021 to 84.



2.3 billion, net profit 7.



03 trillion forecast; corresponds to PS2.



97 times, corresponding to PE32 / 27/23 times, maintaining the “recommended level”.


Risks indicate that the development of the daily chemical industry is less than expected; the risk of intensified market competition and the risk of reducing the concentration of the industry;