Tsingtao Brewery (600600) Semi-annual Report Review: Tons of Wine Prices Accelerate to Accelerate High-end Rate

Tsingtao Brewery (600600) Semi-annual Report Review: Tons of Wine Prices Accelerate to Accelerate High-end Rate
The semi-annual report performance exceeded expectations, and the growth rate of short-term results accelerated on August 15. The company disclosed in its 2019 interim report that operating income increased by 9 in the first half of 2019.22% to 165.5.1 billion, net profit attributable to mothers grows 25 per year.21% to 16.310,000 yuan, net profit after deducting non-return to mother’s annual growth of 30.60% to 14.4.5 billion.Among them, single-quarter operating income / net profit attributable to mothers / net profit attributable to mothers after deductions increased year by year.83% / 29.61% / 34.66%, performance accelerated. The product structure continued to improve, and the high-end rate steadily promoted the growth of the report. The company achieved a sales volume of 4.73 million kiloliters of beer, which in turn increased by 3.6%.Among them, the single and second quarter achieved 256 beer sales.40,000 kiloliters, an increase of 0 in ten years.94%, sales growth rate has improved or related to seasonal factors and channel inventory.In the first half of the year, the main brand Tsingtao Beer achieved sales of 236.0 million liters, an increase of 6 in ten years.3%, the main brand accounted for 49% of total sales.89%, an increase of 1 per year.With 32 samples, the product structure continued to be optimized.According to data from Qingdao Municipal Bureau of Industry and Information 北京SPA会所 Technology, the company achieved sales of 1.05 million liters of high-end products in the first half of the year, a year-on-year increase of 10%, accounting for 22% of total sales.20%, increase by 1 every year.19 levels, the high-end product rate has been steadily advancing. The ton wine price is accelerating, and the multi-dimensional verification confirms the high-end logic. In the first half of 2019, the company’s ton wine price reached 3499.15 yuan per kiloliter, an increase of 5 in ten years.52%.Among them, Q2 ton wine price reached 3354.13 yuan per thousand liters, an increase of 7 in ten years.81%, the growth rate increased by 5 over Q1.06 averages.In our opinion, excluding the impact of the decrease in the incremental rate, the company’s ton wine price growth rate has accelerated significantly compared to the previous quarter, and the company’s high-end product 杭州夜网论坛 rate has continued to increase in both the specific and price dimensions. Investment advice In the short term, the easing of cost-side pressure and the accompanying positive adjustments will have a positive impact on the company.In the long run, the company’s continuous promotion of de-capacity and the accelerated interpretation of high-end products will become the focus of our continued attention.In summary, we raised the company’s earnings for 2019-2021 to 1.31/1.51/1.75 yuan, giving the company an “overweight” investment rating.

Guoxin Securities-World Cup Sponsorship Improves Performance, Contemporary Mingcheng has room for ten years

Guoxin Securities: World Cup Sponsorship Improves Performance, Contemporary Mingcheng has room for ten years

World Cup sponsoring agents improve the company’s performance, a ten-year space can be expected Source: Guoxin Securities Matters: The company’s semi-annual report results pre-increased.

It is estimated that in 2018H1, the net profit attributable to mothers will be 850-1300 million yuan, and the net profit attributable to non-mothers will be 79 million to 124 million yuan.

  Comment: The World Cup sponsorship agency business has significantly improved company performance.

In the first half of the year, the company realized a net profit attributable to its mother of RMB 85-130 million, a year-on-year increase of 313.

43% -532.

30%; net profit after deducting non-attribution to mother-in-law is 79-124 million yuan, an increase of 1240 in ten years.

5上海夜网论坛0% -2004.


The main contribution points of the performance were: firstly, bringing in 60 million US dollars of revenue to the World Cup sponsor agency business, with a gross profit margin of 20-30%; secondly, the company completed the release of the film and television drama “The Hunter” to confirm the revenue for the subsidiary of contemporary time investment.

  The world’s top football tournament resources are at hand, and the first-mover advantage is significant.

  1) Contemporary Mingcheng Group and strategic partner Suning Sports have the rights to distribute domestic media for most of the world’s top football events in the next five years, including the 2017-2022 Premier League, 2017-2022 La Liga, 2018-2023 German Bundesliga, 2018-2021 European Cup and so on.

  2) Double-edged sword sports became the exclusive 杭州桑拿网 sales agent for FIFA to set up the Asian World Cup in Russia, creating a precedent in China’s sports marketing industry. Under the enthusiasm of the World Cup, the company’s market has continued to increase, and the internationalization process has been remarkable.

  3) Significant progress has been made in the acquisition of Xinying Sports. At present, all the considerations have been delivered and the success is imminent. The company is expected to use Xinying Sports’ “free + revenue + value-added” model to gradually develop the C business, improve the realization of resources, and realize the content side.Effective synergy between upstream resources and the C-terminal monetization channel.

  Acquired AFC 2021-2028 operating rights, upgraded business model, and made steel into a hundred.

  1) The company, Fortis and AFC participated in the conference to sign all the commercial rights of 2021-2028 in the form of “non-buyout”. As the only domestic sports marketing company, it defeated the world’s top sports groups such as Lagardell Asia and includedFinancial indicators, cooperation modes, and other evaluation dimensions rank first on average, verifying the company’s comprehensive strength in sports operations; 2) The cooperation between the two parties includes event product design and sponsorship structure planning, which will bring 8 years of stable cash flow and revenue to the company.Achieve business model upgrades, complete the role transition from game participants to game rule makers, and turn it into steel.

  Investment suggestion: The acquisition of Qiangshi Media has been successfully transformed. After the acquisition of the double-edged sword sports rich cultural industry layout, the three-wheel-drive strategy of “Movie + Sports” has achieved remarkable results since the transition of three years.

The subsequent layout of the sports business segment continues to increase. Xinying Sports’ M & A is imminent, and the company’s market segmentation will continue to be optimized. We predict that the company’s EPS for 18-20 years will be 0.



20 yuan, corresponding to 19/14/11 times the current PE.

Taking into account the significant advantages of the company’s football competition in the layout of copyright, the successful bidding of the AFC project is locked for the next 10 years, and it is expected to fully enjoy the dividends of the Asian football market.

We think the company’s 2018 PE reasonable interval is 30-35 times, and the corresponding interval range is 20.


98 yuan, corresponding to 61% -88% potential earnings of the current expected stock, and maintain the “overweight” rating.

  Risk warning: policy risk, goodwill impairment risk, copyright operation risk, etc.

  Attached Table: Financial Forecast and Estimated Capital Bill Down Source: Wind, Guoxin Securities, Economic Research Institute Forecast

Take you to repair your skin


Take you to repair your skin

Has your skin ever been sensitive?

Have you ever felt overwhelmed in the face of sensitivity?

In fact, sensitivity is coming, and the skin is in a hurry. What do we need to do?

Come, let us listen to the statements of experts and beauty experts.

  Repair the skin, turn on the care button, and shield the sensitive source-redness, itching, red bloodshots. Complete Manual 1 The Causes of Sensitive Skin To really block skin sensitivity, first of all, you need to understand the real causes of skin sensitivity. Only in this way can we better helpWe reduce sensitive skin disturbances.

  Acquired factors can also trigger sensitivity-the innate factor is the primary one, and the sensitivity caused by the acquired factor is more and more prominent today.

  Causes of skin sensitization ● Congenital heredity ● Acquired secondary experts suggest that “there are many reasons for skin sensitization, but the main reason is two types of congenital heredity and acquired secondary.

Acquired factors mainly include the environment, seasonal climate, improper use of psychological and skin care products, etc., and are often caused by a combination of multiple factors. It is difficult to calculate the proportion of each factor.

-Shen Xing’s environment and psychological effects have become important factors that cause skin sensitivity-psychological factors, and work stress has become an important factor that causes skin sensitivity.

  Environmental factors ● Air pollution ● Ultraviolet ● Pollen ● Dust mite psychological factors ● Work stress ● Psychological stress experts suggest that “modern people have a lot of work pressure and their skin is often exposed to severe air pollution, plus pollen, dust, mold,Dust mites and other unclean foreign objects cause increasing symptoms of skin maladjustment. Therefore, sensitive skin is regarded as a civilized disease. The advancement of civilization and scientific and technological life have changed the original habits of human beings.Here comes such a disease.

— New causes induced by Nancy 2 sensitivity. Nowadays, urban women are increasingly relying on cosmetics to nourish their skin. It is not known that among these products that claim to be beautiful and permanent, there is a burden that the skin cannot bear.

  Improper use of cosmetics has become the biggest cause of skin sensitivity today-Improper use of skin care products has become a source of skin sensitivity that cannot be ignored nowadays.

  Causes of sensitive skin ● Pollen, seafood ● Improper use of skin care products Experts advise “Reposition, more and more medical treatment of skin lesions caused by improper use of skin care products, also caused the awareness of many dermatologists, so the moreMore and more dermatologists have their own medical advantages involved in the beauty market.

“-Shen Xing Cosmetics’ skin sensitivity rate caused by improper use of cosmetics is on the rise. Experts teach you to stay away from sensitive skin. 1 Some of the cosmetics make skin allergic.” The so-called skin sensitivity caused by cosmetics refers to someone in the cosmetics. “These ingredients cause an allergic reaction to the skin.

The skin is in the outermost layer of the body. When the skin comes into contact with certain cosmetic ingredients and produces a cellular immune response, this is called ‘allergic contact dermatitis’.

The so-called cosmetic allergies are in fact mostly irritating dermatitis, which is not an allergic reaction. This type of skin problem is caused by irritated destruction of the cuticle of the skin. For example, excessive exfoliation or the use of scrubs or easy to useIngredients that cause allergies: fruit acid, A acid, salicylic acid, etc. These ingredients can regulate skin metabolism, but the higher the concentration, the stronger the irritation, which may cause damage to the skin.

It should be used in small amounts from the lowest concentration according to the skin’s tolerance, and the time should not be too long.

-Nancy 2 sensitivity can be divided into different levels according to the severity of the symptoms. “Sensitivity can be divided into general sensitivity, poor tolerance and high sensitivity according to the severity of the symptoms. It generally manifests as stinging, itching, dry desquamation,In severe cases, it can manifest as allergies such as redness, swelling, blisters, and exudation.

For general sensitive situations, we must first avoid all irritating factors and use simplified and safe medical skin care products; when the symptoms are severe, we must go to the hospital to see a dermatologist to make a clear diagnosis and effective drug treatment. At the same time, we can also use highly sensitiveSkin formula skin care products, such as live spring water, provide soothing treatments, which can restore it again.

-Remedy for Shen Xing Cosmetics’ Allergies-Lili ‘s Xiaomi recruits cold distilled water, wet cotton to wash the face, temporarily not use fiber sponges, thick velvet towels and other rough surface cleaning appliances, otherwise it will only irritate the skin.

  Once Lulu ‘s Xiaomi Zhao has a cosmetic allergy, I will immediately cleanse my face, wash off the skin care products on my face, and then spray the face with an anti-allergy spray to relieve allergic symptoms.

  Vivilian’s Xiaomi tricks me always soak the mask in pure ice water, and then carefully cover the entire face, this can relieve the burning sensation and redness when the skin is sensitive.

  The distant Xiaomi trick, if the allergy symptoms do not subside for more than 24 hours, I will go to the hospital for treatment, because the doctor will have more solutions to allergic skin.

Slimming yoga for hard-to-reach areas

Slimming yoga for hard-to-reach areas

Want to drive away the redundant aunts in different positions of the body, in addition to paying attention to a balanced diet, as long as the current hot yoga exercise, focus on tightening the upper and lower body muscles, remodeling beautiful lines is not difficult!

  Excess meat on the arms, hips, and waist is usually a difficult complication. In addition to the following yoga exercises, it is recommended to mix appropriate aerobic exercise and eat less snacks or high sugar and high salt foods to increase the effect of body shaping.


  Step1 kneel on both knees, then press the palms to support the body; step2 pull your right foot backwards, try to lift your toes, and repeat your left foot; step3 face forward and use the strength of your arms and feet to support your body.Hold the action for about 10-20 seconds, and repeat the entire set if necessary.

  Beautify your back muscles!

  Step1 first lie on the ground, facing the floor, then raise your head, put it to the back, palms to the sky; step2 put your hands back together, and then lift your upper body back strongly; step3 then lift your feet to the ground with the same force, Make a V-shaped state, try to keep moving for about 10-15 seconds.

  Shape the waistline!

  Step1 Support the body with both palms and toes first, keeping the height straight; step2 With the body facing to the left, use one hand to maintain balance and force to support the body with both feet and right arms; step3 Straighten your left hand, increase upwards, and use the waistContract upwards, keep moving for about 10 seconds at natural breathing rate, and repeat left and right.

  Asian women and women who often sit in the office usually have too much lower body seriousness. Due to lack of activity, it is easy to have gastrointestinal problems and increase stool formation. There are three types of exercises that focus on the lower body to increase water absorption and help reduce body shape.
  Fight the belly!

  Step1 Sit on the ground first, then bend your knees and use your hands to tighten the thighs. Step2 Use the strength of the abdomen and tibia to lift your feet firmly for about 10 seconds. Step3 try to release your hands and keep the same posture for about 10 seconds to close the abdominal muscles.tight.

  Firmly tighten your chest step1 and lean forward slightly, then put your hands on your thighs to stand still; step2 make a sitting motion, tilt your hands forward, remember to keep your feet tight and keep the movement for about 10 seconds; step3 last doubleKeep your knees flexed and try to straighten your hands to the sky, maintaining motion for about 5-10 seconds.

  Slim thighs!

  Step1 stands forward, hands supporting the waist, and then takes a big step forward; step2 The left foot is slightly bent, and the right foot is pulled backwards, and the upper body is pressed down hard.

Note that the feet must stay close to the ground; step3 flexes the left foot to 90, the right foot tries to pull, hands are folded and straight to the sky, pay attention to maintain posture, stay for 5-10 seconds, then change the other side and repeat the action.

Ten points to drink mung bean soup in summer

Ten points to drink mung bean soup in summer

As the temperature rises and the hot summer season gradually comes, a bowl of mung bean soup that clears the heat and relieves heat has become a must-have for many people.

However, there are some places that need attention in the process of creating mung bean soup, otherwise the effect of eliminating heat and detoxification will not be achieved, which will cause harm to the body.

Let’s take a look at the specific content!

  Contraindications to drinking mung bean soup 1. Do not drink mung bean soup on an empty stomach. From the perspective of Chinese medicine, mung beans are cold and cold, and an empty stomach is enough to easily cause damage to the spleen and stomach.

People with cold constitutions usually have symptoms such as coldness and weakness in the limbs, cold pain in the waist and legs, and diarrhea, and the symptoms of diarrhea will be dilute. However, eating mung beans will aggravate the symptoms and even cause diarrhea, joint pain due to qi and blood stasis, cold stomach and weak spleenChronic gastritis and other digestive diseases.

  2. Do not drink too much mung bean soup Mung bean soup is delicious, but it should not be drunk too much.

The low carbohydrates contained in mung beans are prone to bloating, and mung beans are non-digestible foods. Excessive presence of mung beans can easily damage the spleen and stomach. If female friends replace the mung bean soup too much, it will cause abdominal distension and dysmenorrhea.

  3. Mung beans sometimes cannot be eaten together with Chinese medicine. Mung beans are a kind of traditional Chinese medicine. If they are mixed with exogenous wind and heat, heat invasion, and other sexually transmitted diseases, taking mung bean soup appropriately while taking Chinese medicine will have a complementary effect. But if there is stomachPeople with weak intestines and weak limbs, chills throughout the body, cold pain in the waist and legs, and diarrhea should take mung beans while taking Chinese medicine. Otherwise, it will not only reduce the efficacy of the medicine, but also worsen the disease.

Therefore, whether or not to eat mung beans while taking Chinese medicine can not be generalized, it should be based on the cold and heat of the disease and the nature of the traditional Chinese medicine.

  4, mung bean soup can not drink mung bean soup properly every day is no problem, generally adults drink 2 to 3 times a week, one bowl at a time.

Toddlers must follow the physical constitution, it is best to consult a doctor first, because mung beans contain more protein than chicken, and large molecular proteins need to be converted into small molecular peptides by enzymes before amino acids can be absorbed by the body.

The gastrointestinal digestive function of young children is relatively poor, it is difficult to digest mung bean protein in a short time, and it is easy to cause diarrhea due to indigestion.

First, when children start to eat porridge when they are 2 to 3 years old, they can add some mung beans.

The number of adults is not recognized until the age of six.

5. When making mung bean soup without iron pot, use iron pot is most suitable.

Most of the active ingredients of mung bean are in the mung bean skin. After the action of flavonoids and metal ions in the mung bean skin, a darker complex may be formed, which makes the color of the mung bean soup black, which may cause gastrointestinal upset and indigestion after consumption.
Therefore, the casserole for mung bean soup is ideal.

  6. Don’t add alkali when cooking mung bean soup. Mung beans are rich in vitamin B. It is an important part of mung bean’s anti-heatstroke properties and can make up for the nutritional loss during sweating.

Alkali can seriously damage vitamin B.

At the same time, the flavonoid antioxidant component in mung bean is also lost due to the addition of alkali, which causes the structure to change and the color to yellow.

Therefore, it is best not to add alkali in cooking mung bean soup. If you want to make the soup sticky, consider adding a small amount of oatmeal or glutinous rice to “thicken” it.

  People who should not drink mung bean soup1. People with a cold constitution because of the cold nature of mung bean, people with a cold constitution who drink mung bean soup may easily cause diarrhea and other symptoms, and may reduce the immune system of the digestive system.Should not drink mung bean soup.

  2. Women during menstrual period The women in menstrual period are in a state of blood loss and have a cold constitution, so it is not advisable to drink cold mung bean soup, otherwise it will cause qi stagnation and blood stasis in women, causing abdominal pain or aggravated dysmenorrhea and menstrual discomfort.

  3. Weak human mung bean contains high protein, which needs to be converted into small molecule peptides and amino acids by the enzyme to be absorbed by the body.

People with weak constitution generally have weak gastrointestinal function, and it is difficult to digest mung bean protein in a short time, and it is easy to cause diarrhea due to indigestion.

  Can pregnant women drink mung bean soup? The content of lysine in mung beans is higher than other crops.

In addition, mung beans also contain starch, trace amounts, protein, multivitamins and zinc, calcium and other minerals. It is a dietary supplement for zinc supplementation and pregnancy edema in pregnant women.

But pregnant women should also drink less mung bean soup.

Mung beans are yin, which is not suitable for those who have a cold and weak spleen.

Pregnant women should not put too much sugar when drinking mung bean soup, and pregnant women must not drink iced mung bean soup, which may cause diarrhea.

When cooking mung beans, you can add some red beans and jujube together to help pregnant women achieve the effect of nourishing qi and nourishing blood.

  On hot summer days, although mung bean soup can help us cool off and cool down, we should properly avoid it in moderation to avoid the adverse effects caused by inappropriateness. Let the sweet and refreshing mung bean soup accompany us through the hot and irritable summer.

Women’s excessive calcium supplementation increases the risk of coronary heart disease and stroke

Women’s excessive calcium supplementation increases the risk of coronary heart disease and stroke

The risk of osteoporosis in the elderly, especially in postmenopausal women, rises linearly, so many doctors recommend that they take calcium supplements to enhance bone quality.

However, according to the British “Daily Mail” recently reported that the latest issue of the “New England Journal of Medicine” research found that women’s excessive calcium supplementation will increase their risk of coronary heart disease and stroke.

  The study conducted a meta-analysis of the budget survey.

One was a health survey involving 16,718 U.S. women, and the other involved 2.

Comprehensive survey of 90,000 elderly British people.

At the beginning of the survey, certain women were not taking calcium supplements.

By the end, women who had both calcium and vitamin D supplemented had an increased risk of coronary heart disease and stroke by 25% and 15%, respectively.

  He Ben, the deputy director of the Institute of Cardiovascular Diseases affiliated to the Shanghai Jiao Tong University School of Medicine and the head of the Department of Cardiology at the Renji Hospital, told the Life Times reporter that at that time, who should supplement calcium, when should it be started, and how long?No explicit statement.

However, some studies at home and abroad do find that long-term large-scale calcium supplementation may increase the risk of cardiovascular disease, which may be related to calcium and phosphorus deposition on the vessel wall.

  Calcium is absorbed by the body in this way: Calcium is absorbed by the body and enters the blood to form blood calcium, which is the content of calcium in the blood. After bone metabolism, blood calcium deposits calcium salts to form bones.

But that’s not to say that the more calcium you add, the more bones will form.

Because the blood calcium concentration must be maintained at a certain level, too much or too little will not work.

Domestic studies have found that after a large amount of calcium supplementation, the sudden change in blood calcium concentration may adversely affect the health of blood vessels, accelerate the formation of deposits in arteries, and harden blood vessels, which may induce cardiovascular and cerebrovascular diseases.

  Therefore, a safe and effective way of calcium supplementation should be added to the daily diet, such as drinking milk every day, eating more dairy products, shrimp skin, soybeans and their products, and other calcium-rich foods.

In fact, choose a healthy lifestyle, drink less or no coffee, cola, and quit smoking.

Finally, sticking to the sun every day and participating in outdoor sports is also conducive to the absorption and utilization of calcium.

He Ben also pointed out that everything has a degree.

Ordinary people should consult a doctor if they can’t eat calcium properly.

At the same time, the medical community should further study the effects of calcium supplementation on heart health and re-establish the recommended calcium supplementation dose.

What can I do if I can’t get along with my roommate?

What can I do if I can’t get along with my roommate?

There are two general situations when it is difficult to get along with roommates: First, there is no “home feeling” after returning to the bedroom, and even the dormitory becomes a painful place that is afraid to return, unwilling to return, and not wanting to return;Individuals fail to get together, resulting in a “suspected neighbor stealing an axe” mentality. If you don’t like anyone, then look at every movement of him and listen to every sentence of him and feel uncomfortable.

Under the same roof for a long time, this feeling is also uncomfortable.

  So what is causing the unpleasant thing to happen?

In fact, everyone has no fundamental conflict of interest, and the conflicts are all caused by trivial matters or some alternative habits.

For example, some classmates like to get up early, he may get up when others are sleepy, and the sound of ding ding dong wakes others up, which is annoying; or some people, especially boys, are lazy and smelly socks and shoesThe bunk was thrown under the bed, and the bunk and even the whole bedroom were smoked, but he was alone.

In addition, everyone in the bedroom unconsciously feels a sense of relaxation at home, and the polite appearance when leaving the bedroom will be replaced by the disheveled appearance when returning to the bedroom.

And living in a room for a long time, each other finds that each other’s weaknesses will be more and more, so that some unpleasant things may happen, making it impossible to get along.

  If you do n’t get along well with your roommate, it can affect your mood and even your learning. How can you improve this relationship?


To reflect on yourself If you are more isolated in the bedroom, then you have to reset yourself, not blindly reject others.

Why do others isolate you so “work together”?

Maybe your behavior is too “self-centered”-rarely think about others, do what you want, make some sounds during the rest to affect others, or do not care much about the public things in the bedroom, cleaning is not activeTaking into account your own small space, there are even things that you never share with others but you are not polite to others and so on.

These seemingly small things will hurt the roommate and your feelings for a long time, and everyone will be light to you.

If you want to get along with your roommates, you can only change yourself, start with small things, have a good initiative to share with others, be more diligent, and be positive when you clean up.

Of course, doing these things requires showing sincerity, and it is necessary to persevere, and to think more of others in everything, naturally will improve the relationship with roommates, and make a lot of friends.


Learn to be generous, and tolerate bad room habits of your roommate, and do not prevent him from talking openly with him.

Because sometimes it is that you have not noticed and obstructed others. If someone raised it, he might notice it.

The students living in the upper bunk may accidentally aim at the lower bunk sheets, or wrinkle the sheets that are already flat and flat.

Everyone lives in the same room. When the spoon always touches the pot, if you are often dissatisfied and annoyed with such small things, it is really difficult to get along with each other.


It is necessary to treat everyone’s strengths and weaknesses properly, and there is no shortage of money.

If you find your roommate polite and even a bit rude in the bedroom after going out, it may be a sign that he really treats the bedroom as a home where he can express himself without the need for defense.

Don’t hate him because someone has some kind of deficiency, if this shortcoming is not of quality, it is not a moral issue.

  Being able to come together is a fate in itself.

When you go galloping in the wider world, I believe that everyone will not forget those “brothers who live in my bunk” in the flowering season.

Get in harmony with your roommates!