He Pengfei also said sincerely:“Xiaoding,I don’t want to get married,I really have no relationship with marriage,The person i want,People don’t want me,Who miss me,I don’t want people,also,I am not too old now,If it’s really very old,I will close my eyes,Just be a woman。right now,I always feel that I haven’t made it to that point,There is still time to pursue dreams,and so,I know how to do it。”

Ding Yi looked at him and smiled。
He Pengfei said again:“What about your married people??you are married,Du Tao knotted twice,Left twice,Didn’t you let the old man fool with grandchildren??Don’t you have no children yet??For nothing,What do you mean by your marriage,What’s the difference with me who is not married?I’m worried another day,Maybe you have a baby before you,Then finger belly for marriage,Haha,Ding Yi,You have to hurry!”
Ding Yi didn’t expect that he knew the problem like this,If it’s because the old man is making money for his grandchildren,Didn’t she always let her father hold her grandson??Don’t say,She really can’t refute him。But she vaguely felt that He Pengfei said he“There is still time to pursue dreams”,Seems to be a metaphor that she has a chance without children?As Ding Yi,Of course she can’t ask this question,Just thinking in my heart,She took a sip of coffee,Don’t continue this topic,But to ask:“Why did Du Tao get married twice and leave twice?”
He Pengfei said:“I know you don’t know,He left the host in your station。”
“Weng Ning?separated?”Ding Yi was a little surprised。
“When did you leave?”
“It might be a while,I was still in the U.S. He called me and told me,You are still a unit,You don’t even know?”He Pengfei asked。
Ding Yi said:“Ha ha,I really do not know。”
“It’s normal if you don’t know it。”
Ding Yi smiled,Said:“Is Du Tao empathizing again??”
He Pengfei said:“Is not,This time he was cucked,That man is your city leader。”
“City leaders?”Ding Yi asked in surprise。
He Pengfei said:“Yes,But don’t panic,This person is not Jiang Fan。”
Ding Yi looked at him,Staring at him strangely。
He Pengfei smiled,Say:“What are you doing,Eyes wide open?Ding Yi,Wouldn’t you let me tell you who this person is??”
Ding Yi smiled,Said:“Although I have enough curiosity,But if you don’t want to say,I won’t ask,Who makes me special,If i am not where i am now,If you wanna tell me,You will tell me before I ask。”

Ding Yi felt,Yajuan’s voice is actually very deep、Vicissitudes of life,I didn’t expect Yajuan to sing a song with a male voice.,She listened with interest。

I always can’t sleep every time it’s late at night
I wonder if it’s just me that doesn’t get better tomorrow
Who will know what the future holds
Is happiness just a legend I will never find……
Sing here,Ding Yi felt,Yajuan seems to sing with tears,Then the song suddenly entered the Gao Dynasty,Ding Yi was shocked by her。
I am a little bird
I want to fly but I can’t fly high
I am looking for looking for looking for a warm embrace
Is this requirement too high?……
Ding Yi’s heart was suddenly moved by this song she had never listened to,Seems to resonate with her,She was a little excited,Yajuan is a little hysterical,In her voice,Obvious whimpering tremor。
I am a little bird

Ding Yi nodded at him with emotion,Said:“Thank you,Thank you Mr. Wang。”

Wang Yuan stand up,Walk to the desk,pick up the phone,Said:“Come here with Mr. Li,Reporter is coming,Bring all the materials。”
Ding Yi finally breathed a sigh of relief,Finally no longer alone with Wang Yuan。No wonder Wenwen said to be with Wang Yuan,It’s almost like being with a mature man,Little fun for lovers,His behavior,He is indeed not as old as his age。
At this moment,The door is pushed open,A yellow-haired girl came in,Holding a pile of materials in her hand,Took a look at Ding,Walk to the Wang Yuan table,Said:“President Wang,This is the material you want。”
“Mr. Li?”
“Come right away。”
“Sit here and listen。”
The yellow-haired girl turned around,Chong Dingyi smiled professionally,Come over and fill her with water。
A middle-aged man in his 40s and 50s came in,Good-looking face,benign countenance,Say hello to Ding Yi when you come in,Also walked to Wang Yuan,Said:“Is Mr. Wang okay??”
Wang Yuan came here,Sat down at the position just now,Said:“This is reporter Ding from our TV station,This is Mr. Li and Director Huang of our company。”
Ding Yi stood up,Shook hands with them。Wang Yuan continued:“You two sit down too,Let’s report with reporter Ding on our thinking and purpose。”
Ding Yi’s interview has a feature,She likes to listen,Don’t like to ask,Sometimes a questioning look replaces questioning。Lin Zhijun, she remembered, said,Only listen carefully,The other party will tell you everything。She still doesn’t like to write the interview book,sometimes,The interviewee saw that you were about to write,I don’t want to say anything,Not to mention,Head down records also affect communication,She prefers not to use recording equipment,Easily cause psychological pressure on the interviewee。
Her interview books are mostly decorations,Just remember some numbers,Because her show is an interview program,The numbers here are deliberately downplayed by her,Because the business and taxation departments,As long as the interviewee says about output value or profit,Will come to you immediately,Verify data,In most cases, it will cause some trouble and economic loss to the interviewee,This is also the reason why many interviewees are reluctant to disclose their real profits to reporters.。and so,In her manuscript,Deliberately downplayed the numbers,Even in the interview,Also deliberately replaced the interpretation of numbers with vague language。
Over time,She formed her own interview style,That’s easy,random,Slowly let the interviewee accept her,So I confided to her without any barriers。But the promotional video of Wang Yuan’s company is obviously not in this style.,In this movie,Everywhere should reflect the demands of the enterprise,Without traces of creators。and so,Keep asking,Non-stop recording,Became the main sentence and action of her discussion。For this kind of service film,She must ask the applicant’s intention and ultimate goal,So as to achieve their satisfaction。
During the discussion,Wang Yuan listened in silence most of the time,Occasionally insert a sentence or two,But the yellow-haired girl is always watching Ding Dingyi and Wang Yuan。
After the discussion,Ding Yi’s little book also remembers the trouble。Wang Yuan said:“Ding Yi,Don’t make it too complicated,This film is not for the leader,Not for the audience,Is for customers,simple、Clear,objective,real,Don’t raise,Don’t exaggerate,Just let people know the company,Know that the company has the stamina for developmentOKUp。Not long,It is best to control it in six or seven minutes。Five minutes is too short,Ten minutes is too long,Just seven minutes。”

“in fact……Actually I’m not very good at talking,I divide people,Like you,Then I’m absolutely talkative!Do not,Should not be said to be easy to talk,It should be said to be very obedient,Hehe。”

Zhao Tuo actually started to learn to be glib in one night!
The magic of love is really amazing!
“In fact, when I first met you before,I’ve always been scared of you。”
Yuanyang said with a guilty conscience。
“fear me?Why?”
Zhao Tuo’s puzzled question。
“because……Because I saw you fight with my own eyes!Wow! You are amazing!One person can hit so many people,and……And if he was injured like that, he can continue to fight!So I am more afraid of you。”
Mandarin Duck is very frank。
“Silly girl,Actually, if it wasn’t for the bastard boss to threaten me with you,Just by them?Can’t hurt me at all。”
Zhao Tuo replied with pride and conceit。
“I know,Ugh,I made you tired that day,Made you so badly hurt,Almost……Almost never saved。”
That’s it for Mandarin Duck,I probably remembered the scene that day,So the smile on my face is gone,It was replaced by a sad look。
“Don’t you think so,I’m not the one who caused you!In that situation,Even if it’s not me,I’ll save you if I change someone else。”
Zhao Tuo hurriedly said,Actually this is just his words to comfort the mandarin duck,In that situation,Unless it’s like him who has the ability to fight dozens of masters,Who would dare to save mandarin ducks instead of ordinary people??Even if I have the guts to save her,I can’t save her!
“Hero saves beauty”,It’s not that anyone can save beauty,In addition to courage and righteousness,There is still a way to see the uneven,The ability to draw a knife to help,otherwise,Not only can’t save beauty,I have to catch myself too!
“how is this possible!except you,So many people were there that day,I haven’t seen anyone stand up to save me!”
really,Yuanyang immediately began to refute Zhao Tuo……
“amount,This one!”

“My house is settled。”Xu Yi can’t help showing off in his words。

what?house?Fang Yourong pounded his chest secretly,Isn’t it?,Except for his family, you will just treat him as a treasure,Who cares about him,Narcissism,Too narcissistic,Narcissism。Looking at Xu Yi who can’t help but show off in his words,Fang Yourong, who is in a convergent state, glanced at it,It turns out that Xu Yi is looking for faults to show him off,Really shameless。
Although very despised,I still have to follow Xu Yi’s words quickly:“Wow!where?”no way,Who is the boss?。
“Put that‘Wow’Word recall。”The boss seriously instructed employees to pronounce incorrectly,Xu Yi, who is not a local, is extremely repulsive to foreign accents,At least two beautiful secretaries were fired like this。
Touch your nose,Recently and Sheng Zegang have been very uncomfortable,A word and a word are moving closer to the funky direction,Sheng Zegang is a bit too much to dote on lovers,It seems he has to pay attention。
“How fast?”Adjust your attitude,Fang Yourong is really curious,Buying a house in this city is not going to the market to buy Chinese cabbage,He was still thinking about Xu Yi’s way of reference,I didn’t expect Xu Yi to start in two or three days,Normal Xu Yi is not such a refreshing person。
“Coincidence,I rushed to make a decision at a glance。”Xu Yi doesn’t say much。Profiteer has been a long time,He can also know that the current real estate market is indeed bullish,Chinese people have always had the mentality of buying up and not buying down,Tend to this kind of situation,He made up his mind to choose according to his actual conditions。Outbreak habit of swollen face and fat person,Xu Yi hasn’t all been infected yet。To launch an offensive against women like Shengjia’s sister,If it wasn’t for Fang Yourong’s encouragement,,Xu Yi really didn’t dare to have that idea。
Own a paradise in this city,Has always been Xu Yi’s dream,,,,Now it’s exposed。Decoration has become a big problem for Xu Yi,Can’t help nagging to Fang Yourong, the only one who can talk about private matters。
“I have no other opinions,I only have one suggestion。”Since Xu Yi treats him as a friend to show off to him,You can’t stop talking,Fang Yourong suggested:“I think you must ask a Feng Shui master to take a look at Feng Shui when decorating。”
“Feng Shui?”Xu Yi stared at Fang Yourong in surprise,The corner of the eye is hung up high。
“I’m just a little superstitious,What happened!”
“good suggestion。”Looking at Fang Yourong who provoked her little self-esteem,Xu Yidao:“Actually, I also have a little bit of superstition,I just didn’t say anything。”
“……”Fang Yourong asked carefully:“boss,Are you going to deduct my bonus?”

[Medicinal materials for qi and blood bubble drink]_Tea_Chinese medicine types

銆 愯 ˉ 姘 旇  咉 Choose a bit to drill  抆 抆 慱 娉 ¤ 尪 _tle 嵂 Rump
瀵逛簬濂虫€ф潵璇达紝濂逛滑鍦ㄧ敓娲讳腑搴斿綋澶氬悆涓€浜涙湁鐩婁簬鑷繁姘旇娲荤粶鐨勯鐗╋紝鍥犱负澶у鏁扮殑濂虫€ц韩浣撻兘澶勪簬涓€涓己灏戞皵琛€鐨勭姸鎬侊紝鍙湁姘旇娲荤粶涔嬪悗濂虫€х殑绮剧鐘舵€佸拰鐨偆鐘舵€佹墠浼氭洿濂姐€傝€岃ˉ鍏呮皵琛€鏈€涓昏渚濋潬鐨勬槸鍦ㄧ敓娲讳腑鐨勪竴浜涘皬涔犳儻鍜岀粡甯稿枬涓€浜涗娇鐢ㄤ腑鑽潗娉″嚭鏉ョ殑姘达紝閭d箞鏈夊叧浜庤ˉ姘旇娉℃按鍠濈殑涓嵂鏉愭湁鍝簺鍛?1.褰撳綊褰撶劧鍠濇按涓嶆槸绠€鍗曞枬鐧藉紑姘翠簡锛屾垜浠渶瑕佸線閲岄潰鍔犵偣鈥滄枡鈥濓紝褰撳綊瀵逛簬濂虫€ф潵璇达紝鍏跺疄涓€绉嶉潪甯稿ソ鐨勪腑鑽潗锛屼綔涓轰竴绉嶈嵂椋熶袱鐢ㄧ殑鑽潗锛屽綋褰掍笉浠呰兘鍏ヨ嵂涔熻兘鍏ヨ彍锛屽綋鐒剁敤瀹冩场姘村枬鐨勬晥鏋滀篃鏄潪甯镐笉閿欑殑锛屽コ浜哄父鐢ㄥ綋褰掓场姘村枬锛岃兘璧峰埌琛ユ皵琛€鐨勪綔鐢紝璁╀綘鐨勬皵鑹叉洿濂借劯鑹茬孩娑︼紝鍚屾椂杩樿兘婊嬭ˉ鍗靛发璺 熷 瓙 瀹  纴 璁 ╁ コ 浜 雷 撷 璲 搴 搴 水 湁 嘏 姏 姏 屽 嵆 叆 叆 嬂 浜?0涔熶笉鏄捐€併€?.What is the difference between the umbrella and the umbrella? The wind, the wind, the wind, the wind, the wind, the wind, the wind, the wind, the wind, the wind, the wind, the wind, the wind, the wind!It ‘s hard to find a good way to drill down, and you ‘ll be able to capture it, and you ‘ll be able to capture it, and you ‘ll be able to take advantage of it.”The father and mother are sorrowful and reluctant to take the opportunity to borrow the money from the village, the village, the village, and the village, and the key, the village, the village, the village, the village, the village, the village, the village, and the village.锛岃繖鍙互璇存槸鏅氫笂鎬绘槸鐫′笉鐫€鐨勫コ鎬х殑绂忛煶浜嗭紝甯稿枬涓€鐐硅韩浣撳仴搴凤紝鍏诲瓙瀹繕What are you going to say? “Have a cold sorrow?” “Han”, “Han”, “Hua”, “Hang”, “Hua”, “Hua”, “Hua” and “Hua”?.This is the world’s strength, the ruggedness of the world, the ruggedness of the ruggedness, the new drill of the umbrella, the new drill, the draft of the paper, the draft of the paper, the design of the board, and the design of the board.╂澂阅岋紝鍏跺疄瀵逛簬杩囦簡40宀佺殑濂虫€ф潵璇达紝杩欎篃鏄竴鍛充笉閿欑殑涓嵂椋熸潗锛岃嫢鏄父鍠濋粍鑺场姘达紝涓嶄粎鑳芥敹鑾风編瀹瑰吇棰滅殑鏁堟灉锛岃繕鑳借ˉ姘旇锛屼績杩涗綋鍐呯殑琛€娑插惊鐜紝澧炲己韬綋鐨勫厤鐤姏锛屽瀛愬鐨勫吇鎶ゆ晥鏋滀篃鏄緢涓嶉敊鐨勶紝鎵€浠ヤ笉濡ㄨ瘯璇曠敤榛勮姫娉℃按鍠濓紝鑳藉鏀惰幏鍒颁竴浜涙剰鎯充笉鍒扮殑鏁堟灉銆傚浜庤繃浜?0鐨勫コ鎬ф潵璇达紝杩欎釜骞寸邯纭疄涓嶇畻骞磋交浜嗭紝浣嗘槸涔熷苟涓嶈€侊紝鍙鎴戜滑澶氳垂鐐瑰績鎬濓紝杩樻槸鍙互璁╄嚜宸辨洿鍔犲ソ鐪嬩篃鏇村姞鍋ュ悍鐨勶紝鎵€浠ヤ笉濡ㄨ鍔ㄨ捣鏉ャ€?

[Crack Chocolate Chips Practice]_Crack Chocolate Chips Home-made Practices_Crack Chocolate Chips Practice_Crack Chocolate Chips Practice

澶╁ぉ鍚冨伐浣滈锛屾劅瑙夌敓娲绘病鏈変箰瓒o紝杩炲懗瑙夐兘鍙樺緱楹绘湪锛屽紑濮嬫€€蹇佃捣绠€鍗曠殑瀹跺父渚块キ锛屽張纰嶄簬娌℃湁鏃堕棿鍋氾紵瑁傜汗宸у厠鍔涙洸濂囪繖閬撹彍鍋氭硶绠€鍗曪紝鑰屼笖鍙eWhat are you talking about? What are you talking about? Do you want to talk to each other? Do you want to talk to each other? Do you want to talk about it? Do you want to talk about it?This is the best way to find out what’s going on in the field: the gallium and the peak of the mountain and the peak of the mountain and the peak of the mountain. 2 銆 佺 粏 和 嬌 峸 峀 峀 峾 峲 峲 峲 峲 峲 泲銆侀粍娌癸紝宸у厠鍔涙斁涓€澶х閲?銆侀攨鐑х儹姘达紝闅旀按鎶婂阀鍏嬪姏榛勬补鍖栧紑5銆佸寲寮€鍚庢嬁鍑猴紝鏀惧叆缁嗘矙绯栨媽鍧囧寑6銆佹妸涓€涓崐楦¤泲鎼呭寑锛屽垎涓ゆ鍔犲叆纰楅噷锛屾瘡鍔犱竴娆¢兘瑕佹悈鍖€7銆佷箣鍚庢妸娣峰悎杩囩瓫濂界殑绮夊€掑叆8銆佹媽鎴愬潎鍖€鐨勭闈㈢硦锛屾斁鍐扮鍐疯棌涓€涓皬鏃?銆 丷 綴 間  璞 淞 悗 悗 姾 嬑 鬑 杴 杩 欐 椂 旱 ㈢ 硦 宸 宸 幡 鍙 鍙 鍙 獑 鍠 戠 刾 倡 尡 尡 傴 邡5 What’s the difference between Chong and Chong?0 銆 乸 湪 Fang 栧 屾 姾 啦 畦 粴 粃 岃 9 玃 卄 卸 卸 鍒?1 銆 ? 斁 鍦 ㄧ 吰 鐩 树 笂 Adopted to learn from each other?銆?2 銆 佺 ◢ 嶆 嶆 寜 寜 寜 寜 Gallium?3 銆 侀  鐑  Do you have a heart?70 搴 ︼ 琴 鐑?0 闒 旓 宸 ﹀ 幑 虹 倝 14 銆 嬷 掠 擑 擑 掑 擑 掑 揑 : 姽 叱 炲 炲 炲 炲 傲 傜 宸 宸 宸 唷 悾 濸 濆 濆 湆 湆 湆 湆 湆 湆 鹆 擆 氆绠€鍗曞ソ瀛︾殑锛屼絾瑕佹敞鎰忔椂闂寸殑鎶婃彙锛屽彧瑕侀鏉愮啛閫忓嵆鍙嚭閿呬簡銆?

[How to make bone porridge delicious]_Method_Method

楠ㄥご绮ユ槸涓€绉嶇敤鐚鐔埗鑰屾垚鐨勭編鍛崇播锛岃繖绉嶇播铏借椋熸潗绠€鍗曪紝鍋氭硶涔熺畝鍗曪紝浣嗗懗閬撳嵈鏄瀬濂界殑锛屼笉浠呭懗閬撻娴擄紝钀ュ吇浠峰€间篃闈炲父鐨勪赴瀵岋紝鏃犺鏄€佷汉杩樻槸灏忓閮藉彲浠ョ埍鍚冿紝閭d箞鎺ヤ笅鏉ヤ负澶у璇︾粏浠嬬粛楠ㄥご绮ユ€庝箞鐓叉墠濂藉悆锛屽鏋滄湁鍠滄楠ㄥご绮ョ殑鏈嬪弸浠彲浠ヨ缁嗛槄璇讳互涓嬪唴瀹癸紝鍦ㄥ閲屽鐫€鐓层€傞鏉愭墖楠?00g Ba braid 200g damask?0g灞辫嵂绮夐€傞噺鑺″疄绮夐€傞噺钖忎粊绮夐€傞噺鐧惧悎绮夐€傞噺姝ラ1灞辫嵂鍘荤毊锛屽垏鍧楀鐢?鎵囬鐢ㄦ按鐓幓琛€姘村悗锛屾崬鍑烘礂鍑€3鎶婃礂鍑€鐨勬墖楠ㄥ拰灞辫嵂鏀捐繘閿呴噷锛屾斁姘村埌鍒伴攨婊★紝澶х伀鐓紑杞皬鐏紝鐓竴涓崐灏忔椂4绫冲厛鐢ㄦ按娉″崐灏忔椂5鐓ソ鐨勬堡鍏堟妸涓Cai collapse Feixuecunba Yong Buzhahuiza 6 Gecongchanglian Jiejinglingchong Dumayunwa read?鎶婃堡杩囨护杩涚數楗攨涓紝鎸夌叜绮ラ敭8绮ョ播鐓ソ鍚庯紝缁х画寮€鐏紝鏀句袱姹ゅ嫼灞辫嵂銆佽枏浠併€佽姟瀹炪€佺櫨鍚堢(鎴愮殑绮夛紝鐓嚦绮ユ祿绋犺蒋鐑傚氨濂戒簡鍋氭硶鎶婇鏉愭礂骞插噣锛岋紙楠ㄥご鐢ㄧ儹姘寸儷娲楋級濡傚浘鍒囩墖锛岄澶存垜閫夋嫨鎵囬锛屽洜涓哄畠鑴傝偑鍚噺浣庛€侀璐ㄨ蒋鐓叉椂瀹规槗鍑洪挋璐紝鑲夎川瀚般€傦紙濡傛灉鍠滄鍏朵粬楠ㄥご鐨勬湅鍙嬩篃鍙互鏇挎崲鎺夛級銆傛妸瀹冧滑閮芥斁鍒伴珮鍘嬮攨閲岋紝鍔犲叆閫傞噺鐨勬按锛岋紙鐢ㄩ珮鍘嬮攨鐨勫ソ澶勬槸鑳界缉鐭埗浣滄椂闂达紝楠ㄥご鏇村鏄撶啲鐑傦紝浣嗗嚭浜庡畨鍏ㄨ€冭檻锛屾湁椤惧繉鐨勬湅鍙嬪彲浠ョ敤鐢甸キ閿呯殑鐓播鍔熻兘锛夈€傚厛鐢ㄥぇ鐏姞鐑紝褰撻珮鍘嬮攨椤朵笂鐨勫皬甯藉瓙鏃嬭浆鍚庯紝绔嬪埢鎵皬鐏叢15鍒嗛挓銆傚搱锛屽垰鎵撳紑锛岃捀姹芥尯澶х殑绛夊埌閲岄潰涓嶉偅涔堢儷鍚庯紝鍏堟妸Go to the top of the map and insert it into the gallium, and you will be able to dry it out. It ‘s the same as the last one. It ‘s the same as the last one. It ‘s a cross-border flag. It ‘s so effective.啀鎶婄播鑸€杩涚閲屼竴璧锋贩鍚堟悈鎷岋紝瀹屾垚瀹屾垚锛岄椈璧锋潵寰堥鍝︽楠?閿呭唴鍧愭按鏀惧叆鑺辨绮掋€佺敓濮滅墖1鐗囷紝鑲夐澶存礂鍑€鍏ラ攨锛岀叜娌稿悗鎹炲嚭鍐茶鑵ユ诞娌啿娲楀共鍑€锛屾播姘村鐢ㄦNan?Donation of Nanan, Nanan, Ye, Qi, Shao, Shao, Shao, Shao, Donation, 灏 嗘 AO 镦 Stretching and Reaching, Nan, Nan, Ye, Fu, Shu, Shu, Shu, Shu, Shu, Shu, Shu, Shu, ChuAfraid to say something like this, I’ll say 11 words or a few words. Click on the button:  熃?灏 夔 椂 經 MO Mo Hao ゆ.Duichabushu Getting 3 heading Chabuxiangxiong  Chancuobengfu Yu Fu Benhanshechan Ao  Rao “Banhaojibao Quarters  Wan Jing (i) Pifeijuandan OilPainting  Ju Wei Qi  Nan?楠ㄨ倝楠ㄥご绮ョ殑瀹跺父鍋氭硶鑵愮鐢ㄧ儹姘存场鍙戣嚦杞€忥紝鎷у共姘村垎鍒囨澶囩敤锛涚毊铔嬪幓澹冲垏纰庝竵鐘讹紱澶х背娣樻礂骞插噣娌ユ按澶囩敤姝ラ5灏嗕笁鏍锋潗鏂欐斁鍏ュぇ纰椾腑锛屽姞鍏ュ皬鍕Hong  Uu ㄦ fill Mohuogancong put  Suixierensong Qijiangmahan 寢 Benyenyuanrou?0-30鍒嗛挓澶囩敤姝ラ6楠ㄨ倝楠ㄥご绮ョ殑绠€鍗曞仛娉曡倝楠ㄥご鐓插埗1涓挓澶村悗锛屽皢鑵屽埗濂界殑鐓播鏉愭枡鍊掑叆閿呬腑锛岀◢鍔犳媽鍖€锛岃缃?灏 夔 椂 經 MO Mo Hao ゆ.鐓播銆傛寮€浜屽害鏃剁敤鍕哄皢绫崇矑閫傚害鎼呭姩锛岀洊涓婇攨鐩栫户缁叢鍒躲€傜播鐓ソ鍚庤皟鍏ラ€傞噺绮剧洂鍙婅儭妞掔矇璋冨懗锛屽皬钁辨礂鍑€鍒囨湯锛岀敤灏戣婊氭补娴囦笂婵€鍑鸿懕棣欙紝鎾掑湪绮ヤ笂锛屽啀鐐逛笂鍑犳淮璞夋补鎴栫敓鎶藉嵆鍙鐢?

Sofia (002572): Short-term pressure on the results of the first quarter report, concerns about the improvement of orders and the promotion of large home strategy

Sofia (002572): Short-term pressure on the results of the first quarter report, concerns about the improvement of orders and the promotion of large home strategy
[Event]Sofia released the first quarter report of 2019, reporting a series of realized revenue11.8.4 billion, a decrease of 4 per year.67%, net profit attributable to mothers1.0.7 million yuan, an increase of 3 in ten years.69%, a decrease of 18.32% (mainly investment income), achieving a net cash flow from operating activities of -4.2 trillion (V.S. 18Q1 is -2.5 trillion, mainly affected by the growth of bulk business income). [Comment]1) Under pressure from performance, Simi & Wooden Door business turned losses.①Customized furniture (including OEM furniture and home furnishings): in the report period, it achieved revenue of 10.38 ‰, a decrease of 7 per year.35% (the number of customers is about 8.60,000, previously reduced by 9.58%, the unit price of passengers increased by ten years.43% to 10825 yuan / order), it is expected that it will be mainly dragged down by the negative growth of the C-end business, while the bulk business will grow at a low speed due to the impact of the confirmation cycle; from the perspective of gross profit margin, the gross profit margin of the wardrobe will increase by 0.1pct to 37.65%, while furniture and home furnishings are expected to be affected by promotional activities, and the gross margin extension will decrease by 5.97 points to 19.8%; ②Simi Cabinet: Realize revenue 1.08 million yuan, an increase of 13 in ten years.0%, gross margin increased by 2 in ten years.85pct to 20.84%, realized a net profit of 18.18 million yuan, a loss of 34 in one year.36%; ③ Custom wooden door: realized revenue of 28.38 million yuan, an annual increase of 36.1%, the gross profit margin is relatively reduced by 2.3 points to -4.95%, achieving a net profit of -1377.590,000 yuan, a year of loss reduction of 22.92%; ④ expense ratio: the expense ratio increased by 1 during the reporting period.9 points to 26.3%, of which sales / management / financial expense ratio increased by 1.6/0.4/0.2pct to 12.8% / 10.1% / 0.6%, while the R & D expense ratio is reduced by 0 every year.4 points to 2.8%; ⑤ Channel: The report has increased 57 stores to 3615, of which Sophia / Milana / Dajia Furnishings added 12/6/39 to 2522/134/137 respectively.In addition, the company plans to add 300/100/100/150 stores in Sofia / Smi / Milana / Dajia Furnishings in 2019, adding a total of 650 new stores, and gradually contribute incremental performance. 2) The recovery of orders and real estate sales is expected to drive the rebound in performance.① Real estate sales & orders picked up.In March 2019, the sales area of commercial housing increased by ten years.75%, a slight recovery, and the company ‘s order acceptance situation in March-April has also picked up. Considering that residential sales in 2018 are mainly for homes,合肥夜网 it is expected to usher in delivery from 2019 to 2020, driving downstream demand; ② Big home strategy to increase customer unit prices.The company promotes the big home strategy through matching furniture and the mutual drainage of various categories of products (diversion between big home stores and brands), and the unit price of customers will continue to increase, thereby driving performance growth; ③ Share repurchases will increase performance.The company’s consolidated share repurchase plan (not less than RMB 2 trillion and not more than 3 trillion), as of March 31, 2019, has accumulated a total of 1,088 repurchases.20,000 shares, repurchase amount 2.0 million yuan, the average repurchase price is 18.38 yuan / share. 3) Investment suggestions: It is estimated that the net profit for 2019-2021 will be 10 respectively.8/12.1/13.400 million yuan, EPS is 1.17/1.31/1.45 yuan, corresponding to 18 for PE.7/16.7/15.1X.The short-term performance pressure will not change the long-term growth trend and maintain the recommended level. Risk warning: Real estate continues to be sluggish, cabinet business is worse than expected, and industry competition is intensifying.

State Laojiao (000568): The structure continued to optimize and the net profit margin increased significantly

State Laojiao (000568): The structure continued to optimize and the net profit margin increased significantly

The 2018 annual growth rate was in line with expectations, and the first quarter of 2019 performance was a good start. In 2018, the company achieved operating income of 130.

55 ppm, an increase of 25 per year.

60%; net profit attributable to mother 34.

86 ‰, an increase of 36 per year.

27%, the performance exceeded the annual operating target of 25% of operating income set in 2017, and the performance was in line with our expectations.

In the first quarter of 2019, the company’s operating income was 41.

69 ppm, an increase of 23 in ten years.

72%; net profit attributable to mother 15.

150,000 yuan, an increase of 43 in ten years.


2019 is the year in which the company ‘s “13th Five-Year Plan” strategy has a three-year sprint period. The company ‘s operating goals for 2019 are to achieve an annual increase in operating income of 15% -25%. We adjusted the EPS in 19-21 to 3.

37 yuan (up 15%), 4.

35 yuan (up 25%) and 5.

34 yuan, maintain “Buy” rating.

The product structure continued to be optimized, the gross profit level hit a new high. The company consolidated its implementation of a competitive marketing strategy and a large single product strategy. Guojiao 1573 achieved high sales and healthy profits.The first song and the second song successfully achieved recovery.

In 2018, the operating income of high-end liquor products represented by Guojiao 1573 was 63.

7.8 billion, an annual increase of 37.

21%, accounting for 44% of the company’s liquor revenue from 2017.

72% increased to 49.

60%; mid-range liquor achieved operating income of 36.

75 ppm, an increase of 27 in ten years.

83%; low-grade alcohol realized income 28.

0.7 million yuan, an increase of 8 in ten years.


The increase in the proportion of high-end liquor products has driven the company’s overall gross profit margin to increase by 5 compared with the previous year.

60 averages, reaching 77.


In the first quarter of 2019, the company’s gross profit margin level further increased to 79.

15%, gross margin level hit a new high since listing.

The sales expense ratio decreased in 19Q1, and the company’s net interest rate increased significantly. In 2018, the company started the “brand revival” campaign, and introduced publicity in the BRICS Business Forum, the World Cup in Russia, and the Swedish Tennis Open.And marketing efforts, the company’s selling expenses were 33.

930,000 yuan, an increase of 40 in ten years.

67%, selling expenses 25.

99%, an increase of 2.

79 units.

In the first quarter of 2019, the company’s selling expenses7.

0.6 million yuan, an increase of 15 in ten years.

03%, the sales expense ratio dropped to 16.
Under the dual influence of rising gross profit margin and falling expense rate, the company’s net sales margin in the first quarter of 2019 reached 37.

28%, an increase of 10.

39 units.

19Q1 bills receivable increased by 20.

33%, advance receipts fell slightly in 2018, the company received 148 in cash from selling goods and providing labor services.

28 ppm, an increase of 19 in ten years.

38%; In the first quarter of 2019, the company received 41 in sales of goods and labor services.

580,000 yuan, an increase of 16 in ten years.


Notes receivable of the company in 201823.

880,000 yuan, down 4 each year.

19%; bills receivable in 2019 is 27.

48 ppm, an increase of 20 in ten years.


Due to the advance payment received from the dealer, the company’s 2018 advance payment was 16.

40,000 yuan, the first quarter of 2019, the company’s advance receipts fell slightly to 12.

8.6 billion yuan.

The company may sprint to achieve leaps and bounds, and maintain the “Buy” rating in the company’s annual report that 2019 will have a profound and significant impact on the company’s future development.year?
In 2021, sales income will be 164.

2.2 billion (up 8%), 198.

9.5 billion (up 13%) and 234.

58 ppm, an increase of 26%, 21% and 18% 都市夜网 each year. At the same time, we raised the company’s gross profit margin and lowered its expense ratio, and the EPS was 3 respectively.

37 yuan (up 15%), 4.

35 yuan (up 25%) and 5.

34 yuan, the average PE of comparable companies in 2019 is 24.

4 times, giving the company 24 in 2019?
26 times PE estimates, the target price range is 80.

88 yuan?

62 yuan, maintain “Buy” rating.

Risk Warning: Market competition is intensifying, market demand is not as expected, and food safety issues.