Betta’s latest shareholding ratio: Tencent rose to 38%, the two founders held 18%

Betta’s latest shareholding ratio: Tencent rose to 38%, the two founders held 18%
News on April 29, according to Douyu (DOYU.(US) The FY2019 annual report document (20-F) delivered to the US Securities and Exchange Commission (SEC) shows that the company’s substantial net revenue was 72.8 ppm (RMB, the same below), an annual increase of 99%; the net profit is 33.3 million yuan, and the net profit attributable to the company’s common shareholders is 39.8 million yuan.This official version of the annual report also disclosed Douyu’s latest shareholding disclosure. Among them, Tencent Holdings, the largest shareholder, and the shareholdings of the two founders both increased slightly, respectively, 38%, 14.7% and 2%.As of March 31, 2020, based on approximately 31.75 million common shares issued and circulated by the company (the same below), the company’s founder and CEO Chen Shaojie held approximately 4.68 million common shares, accounting for 14.7% has 14.7% of the voting power is the company’s second largest shareholder.The prospectus revealed last year that Chen Shaojie held 13 shares after the IPO.3% has 13.3% voting rights.Betta co-founder and co-CEO Zhang Wenming holds about 630,000 shares of common stock, accounting for 2%, and has 2% of the voting rights.Prospectus last year showed that Zhang Wenming holds 1 share.7% has 1.7% voting rights.In the prospectus for the listing of Douyu, its board of directors established a governance committee, a compensation committee, an audit committee, a governance committee, and a compensation committee. The members were Chen Shaojie, co-founder, co-founder Zhang Wenming, and an independent natural person. Chen Shaojie also servedThe above two persons are the chairman of a committee. These two committees have variables such as election of directors, corporate governance and decision compensation. The audit committee is composed of three independent natural persons.In terms of institutional shareholders, Tencent Holdings, through its wholly-owned subsidiary Nectarine Investment Limited, holds approximately 12.07 million common shares of Douyu, accounting for 38% and 38% of the voting rights, and is the company’s largest shareholder.The prospectus announced last year shows that Tencent holds 37% of its shares.2% is the company’s largest shareholder.Sequoia Capital China and affiliated funds of other groups hold a total of 2.94 million shares of common stock, accounting for 9.3% has 9.3% voting rights.Phoenix Fuju Limited holders have about 1.81 million ordinary shares, accounting for 5.7% have 5.7% of the voting rights. The prospectus announced last year shows that Phoenix Fuju Limited holds 5 shares.6%.As of December 31, 2019, the company’s total assets were 9.1 billion in cash, and cash equivalents and cash balances were 81.4 trillion; total debt is 18.400 million yuan.During the same period, the company realized a net cash inflow from operating activities8.1 trillion; net cash flow from investment activities decreased by 2.500 million yuan; net cash flow from financing activities 18.900 million yuan.As of December 31, 2019, the company has a total of 3.3.8 billion registered users, an increase of 33% over the same period; the average monthly active users on mobile increased from 42.1 million in Q4 2018 to 54.4 million in Q4 2019;66 billion.In 2019, the company ‘s estimated annual number of online live broadcast users totals 17.5 million.Sauna, Ye Wang Bai Jinlei Editor Yue Caizhou Proofreading Liu Baoqing

Sports Morning News: Zhang Weili cried and complained about homesick, the new piston crown detection turned negative

Sports Morning News: Zhang Weili cried and complained about homesick, the new piston crown detection turned negative
[Olympic Games]Tickets sold at the Tokyo Olympics are still valid. The Tokyo Olympic Committee said yesterday that tickets sold at the Tokyo Olympics are still valid.If the audience wants to refund the ticket due to changes in the schedule, they can also apply for a refund.At present, the Tokyo Olympic Organizing Committee has carried out two stages of official website online sale and lottery sale, 4.48 million tickets for the Olympic Games have been sold, and 970,000 tickets for the Paralympic Games have been sold.Details >> Tickets sold at the Tokyo Olympics can be postponed and refunded.[Rehabilitation]New test of the piston inside the crown turned negative. The test result of the new piston inside the wood has turned negative.According to US media, Wood’s latest test (Thursday) for the New Piston virus was negative.Local media said that Wood was diagnosed with new crown pneumonia two weeks ago, and he also became the first known NBA player to switch from a positive new crown test to a negative one.So far this season, Wood has played 62 games for the Pistons, averaging 13.1 point, 6.3 rebounds and 1 assist.[Interview]Zhang Weili stayed in the United States and cried for homesickness. On March 25, Zhang Weili, who was stranded in Las Vegas due to the epidemic, was interviewed by sauna and Yewang.Talking about life in isolation, Zhang Weili suddenly couldn’t restrain her emotions and began to cry.For this gold belt, Zhang Weili has not returned home since March last year.After coming out on February 1 this time, it has been drifting overseas for two months.The Hebei girl lamented, “I have never felt so difficult to go home.”Interview details >> Zhang Weili who stayed in the United States cried and edited Zhang Yunfeng Proofreading Wei Zhuo

Tianmu Lake (603136) Company Annual Report Comments: Expense Control Effectively Improves Profitability and Expansive Expansion Expects Expectations

Tianmu Lake (603136) Company Annual Report Comments: Expense Control Effectively Improves Profitability and Expansive Expansion Expects Expectations

Matters: The company released the 2018 annual report: operating income in 20184.

8.9 billion (+6.

24%), net profit attributable to mother 1.

3.0 billion (+22.

18%), deducting non-attribution net profit of 93.74 million yuan (+12.

29%), with a budget benefit of 1.

29 yuan.

The company’s 2018 profit distribution plan is 10 to 4.

5 shares sent 7.

5 yuan (including tax).

Ping An’s point of view: The performance is basically in line with expectations. The increase in net profit mainly comes from revenue growth, financial expenses decline, and government subsidies increase: the company’s operating income growth in 2018 was only 6.

24%, but net profit growth attributable to mothers 22.

18%, basically in line with expectations.

The growth rate of net profit attributable to mothers is much higher than the growth rate of incomes. Firstly, financial expenses and government subsidies have increased.

In 2018, the company’s financial expenses were 6.12 million yuan, a decrease of 65 per year.

30%, mainly due to the company’s return of some bank borrowings and the reduction of interest rates.

The company received government subsidies of 7.38 million yuan in 2018, an increase of 4.96 million yuan over 2017.

If it returns to non-recurring gains and losses, the net profit in 2018 will exceed the growth rate by only 12.

29%.

Revenue from various businesses increased, and the average gross profit margin 深圳桑拿网 declined, with the largest decline in gross profit margin.

The company mainly includes attractions business, hotel business, travel agency business, respectively, to achieve revenue3.

610,000 yuan (74%, +5 for ten years.

92%), 0.

950,000 yuan (proportion 19%, +5 for ten years.

44%), 0.

1.2 billion (accounting for 2%, ten years +22.

61%), of which the scenic area business includes landscape garden, Nanshan Bamboo Sea, Water World, hot spring, and revenue accounted for 33%, 26%, 11%, and 3%, respectively.

As a result of rising labor costs, the gross profit margins of various businesses declined overall, of which the major business gross margins fell the most, down by 1.

64.

There is limited space for cost reduction. It is expected that the main advantage of future profit growth will be increased revenue scale.

In the past three years, the company’s revenue growth rate has been slow, flat or maintained, but the company’s profit growth rate is relatively high, remaining above 20%. Profit growth mainly comes from cost compression, including management costs and financial costs.

The company management expense ratio is 17 from 2015.

81% replaced 15% in 2018, and the financial expense ratio was 9 from 2015.

66% canceled 1 in 2018.

25%.

At present, the cost rate is already low, and there is limited space for further compression.

In addition, due to rising labor costs, the company’s gross profit margin was 66 from 2015.

16% continued to doubt 62 in 2018.10%, due to the rigid cost of labor, gross margin is difficult to improve.

Therefore, it is judged that the company’s profit growth in the future is mainly due to continued operating income growth. The existing stock business is expected to maintain a single-digit growth. The company’s listed and raised project Yushui Hot Spring Phase II is expected to be delivered and operated at the end of 2019, which will bring incremental income.
Offsite replication and industrial chain extension are worth looking forward to.

Geographically, in the future, the company will focus on strengthening the layout of tourism products and services in the Yangtze River Delta region. Through investment and new construction, mergers and acquisitions, and entrusted management, it will become the most influential local tourism brand.

On the industrial chain, the company focuses on the development of the cultural and tourism integration industry, focuses on the extension of the tourism industry chain, and expands the pan-tourism industry. The company will use strategic investment and financing strategies to promote the improvement of corporate entity performance.

Investment suggestion: As the company changes its fundraising projects, it temporarily suspends the comprehensive project of cultural and performing arts and tourism supporting construction of Tianmu Lake, and converts the originally planned expenditures. The funds raised for this project are all changed to the second phase of Tianmu Lake Yushui Hot Spring Project. We merge the company’s annual report data and we adjustThe company’s profit forecast is expected to be 1 in 2019-2021.

43 yuan, 1.

68 yuan, 1.

83 yuan (before adjustment is January 2019.

49 yuan, 1 in 2020.

87 yuan).

In addition to the profit improvement brought about by the development of the existing Tianmu Lake scenic area resources, we believe that the company’s future focus lies in its strong and stable management team + a scarce private listed company’s platform + excellent tourism resource development and management capabilitiesAs a result, epitaxial expansion is possible.

Maintain the company’s “recommended” investment rating.

Risk reminders: 1. Outward development is less than expected risk.

Although the company plans to actively seek out developmental opportunities, it needs to have appropriate target and cooperation opportunities, as well as funding and talent support. There is uncertainty and it may be less than expected.

2. The construction and operation of the fund-raising investment project is below the expected risk.

If the project implementation progress is lower than expected after the operation, the company’s profit will be significantly affected.

3. The risk of attraction tickets is reduced.

Some of the company’s attractions products such as tickets and cableways are subject to approval by relevant government departments, and there are certain restrictions on the adjustment of the fee standards.

Approval by the relevant government departments of the adjustment of audience ticket and ropeway charging standards will affect the company’s future earnings to a certain extent.

Mengjie (002397) 2018 Annual Report and 2019 First Quarterly Report Review: Net Margin Continues to Improve Online and Offline Integration to Promote New Retail

Mengjie (002397) 2018 Annual Report and 2019 First Quarterly Report Review: Net Margin Continues to Improve Online and Offline Integration to Promote New Retail

The 18-year revenue growth rate was 19%, which was slightly higher than 19Q1, and the net profit growth rate exceeded the operating company’s operating income in 201823.

08 million yuan, an increase of 19 in ten years.

35%, net profit attributable to the mother is 84.38 million yuan, exceeding the added value of 64.

61%, net profit of non-attribution to mothers was 79.19 million yuan, an increase of 71 for many years.

04%; EPS0.

11 yuan, 1 for 10.

5 yuan (including tax).

The growth rate of deducted non-net profit is higher than that of income. Under the background of the decline in gross profit margin, it is mainly due to the decline in expense ratio and the total base in the previous year.

By quarter, 18Q1?

19Q1 single quarter revenue increased by 46.

54%, 13.

19%, 8.

66%, 15.

79%, 6.

94%, net profit attributable to mothers increased by 40.

85%, 20.

66%, 113.

38%, 44.

73%, 12.

58%.

The income end of 18Q2 began to improve, and the expansion into a weak retail environment affected the sales of home textiles, leading to improved sleep export business for subsidiaries.

The company’s net profit margin was 3 in 2018.

66%, an increase of 1 before 2017.

01PCT, 19Q1 continued to increase by 1 in 18Q1.

49PCT.

Revenue split: Home textile’s main business has a high growth rate, mainly due to the contribution of a single store. Generous sleep exports are reduced. Revenue is divided into business segments: 2018 generous sleep revenue1.

8.2 billion, downgraded by 31 every year.

61%, the main business income of home textiles is estimated to be 21.

2.6 billion, with an annual increase of 27.

50%.

Dafang Sleep’s main business is the export of mattresses. The decline in revenue is mainly due to the impact of Sino-US trade friction. (Correspondingly, the company’s export revenue is 86.38 million yuan, which may be downgraded 杭州桑拿网 to 36.
.

68%).

In 19Q1, it is estimated that the generous sleep income is still declining, dragging down the overall income, and the income of home textiles’ main business has increased by about 10%.

In terms of the main brand of home textiles, in 2018, it is estimated that the main brand Meng Jie accounted for more than 60% of the revenue of home textiles. The revenue growth rate is comparable to that of home textiles. Other small brands such as baby, baby, plain aesthetics, and foraging are relatively small., Higher growth rate.

From the perspective of online and offline, the company’s e-commerce revenue accounted for a small proportion, it is estimated to be less than 10%, and the revenue growth mainly came from offline.

The offline channel is further divided into extension / endogenous perspective. In 2018, the company added 365 terminals (including 55 flagship stores of the entire category). Considering that the store has also been adjusted, it is estimated that the number of extension stores will not increase much, mainly for single store promotion.Contribution, of which the old store and the newly opened store are estimated to contribute half of the revenue growth; from the perspective of different channels, it is estimated that the ratio of direct store: franchise store revenue is about 4: 6, and the performance of direct store sales is slightly better than franchise performance.shop.

Destocking resulted in lower gross profit margins, lower expense ratios, faster inventory receivables turnover, and improved cash flow. Gross profit margin: The company’s gross profit margin decreased for 18 years.
43PCT to 42.

75%.
Among them kits, duvet cores, pillow cores, and other gross margins are -0 respectively.

43 / + 0.

18 / -3.

18 / -4.

44PCT.

18Q1?19Q1 single quarter gross profit margin was 46.

53% (-2.

26PCT), 44.

59% (-0.

37PCT), 47.

38% (-0.

25PCT), 37.

09% (-2.

58PCT), 38.

44% (-8.

09PCT).

Among them, the decline in gross profit margin and the decrease from the previous quarter since 18Q4 were mainly due to the transmission of inventory removal speed.

Expense ratio: The expense ratio during the 18-year period of the company decreased by 2.

51PCT to 35.

20%.

Among them, sales, management + research and development, and financial expense ratios are 29.

75% (-2.

46PCT), 4.

39% (+0.

24PCT), 1.

07% (-0.

29PCT).

The significant effect of cost control promoted a significant decrease in the sales expense ratio.

During 19Q1, the expense ratio continued to be downgraded for ten years.

05PCT to 26.

20%, of which sales, management + research and development, and financial expense ratios are -6.

79 / -0.

78 / + 0.

52PCT.

Other financial indicators: 1) Total inventory increased but turnover turned faster.

Inventory at the end of 18 years increased by 10 compared with the beginning of 18 years.

20% to 7.
8.5 billion, inventory turnover investment1.

76 compared to 17 in 1.

64 speed up.
At the end of March 19, the inventory fell slightly earlier.

48% to 7.

7.4 billion, zero inventory turnover investment.

44, 0 of the earlier 18Q1.

38 acceleration.

2) Accounts receivable is downgraded by 1 at the end of 18 compared with the beginning of 18

26% to 4.

1.8 billion, accounts receivable turnover investment5.

48, compared with April 2017.

66 turnover accelerated.

The accounts receivable at the end of March 19 decreased by 7 compared with the beginning.

70% to 3.

8.6 billion, accounts receivable turnover investment1.

38, 1 of the earlier 18Q1.
.

24 speed up.

3) Asset impairment losses increased by 214 in 18 years.

70% to 40.11 million yuan, mainly due to investors selling financial assets impairment losses of 17.27 million yuan, a net increase in bad debt losses of 7.39 million yuan; 19Q1 improved to -2.65 million yuan (18Q1 was 3.44 million yuan).

4) Net cash flow from operating activities increased by 90% in 18 years.

10% to 1.

94 ppm; 19Q1 turns positive.

0.4 billion (-18Q1 is -0.

2.2 billion).

Online and offline integration to expand new retail, washing and care services continue to strengthen the layout 2017?
In 2018, the company’s main business of home textiles developed well and realized continuous growth in revenue.

In the future, the company will focus on joint venture channels. The stores will sink to third-, fourth- and lower-tier cities or key communities. The main focus will be on “light, small and fast” stores with more than 50 square meters.; Differentiated layout of brand collection stores and standard stores in first- and second-tier cities.

At the same time, the entire brand is involved in online business, and online and offline channels are fully integrated.

New retail business was launched in depth and launched the “One House Goods” online platform to integrate the company’s brand channel resources, covering all of the company’s brand products and some of the external procurement products used to drain and enhance customer stickiness. Categories include bedroom textiles, kitchen and kitchen supplies,Scent of living, living storage, sanitary cleaning, mother and baby, mattress furniture, health and beauty, home clothing, wedding products, digital electronics, etc., and let offline stores introduce, increase the amount of SKUs that can be displayed in the limited area of the store, and addSocial attributes (such as grouping, etc.), strengthen interaction with customers, provide accurate and convenient products and services, and empower the company’s retail terminals.

On the service side, speed up the layout of cleaning and care services, and strengthen the professional cleaning and care advantages of home textile products.

The company’s wash service is divided into two series. The high-end “Seven Star Wash” (corresponding to the high-end brand 寐) is located in high-end shopping malls based on high-end wash factories; the public’s “I * wash” (with the main brand)Corresponding to Meng Jie, etc.) Quick terminal layout to achieve basic coverage of the company’s offline stores.

Online and offline integration to expand new retail, control fees and improve efficiency to promote continued profitability The company plans to achieve an annual operating income growth of more than 20% in 2019.

We think: 1) Company 2016?
In 2017, the net interest rate dropped from 10% to 4% in the previous period. Since 2017, the income of the home textile business has improved and the company has strengthened fee control and efficiency. The profitability is expected to continue to rise, which will increase the future net profit by more than revenue.

The weak terminal retail environment since 18Q2 has brought some fluctuations in revenue growth.

2) The company actively explores offline stores, and the online “One House Good Goods” platform enables offline, which is conducive to covering blank areas such as third- and fourth-tier cities and communities, improving sales and brand influence, and combining the company’s advantages in cleaning services, Is conducive to the continuous release of new customers and enhance customer stickiness, thereby promoting business development.

3) As the leader of home textiles, the recovery of the real estate market has a certain incremental benefit for the company’s post-real estate interval.

The company will issue one supplementary stock incentive plan in 2018 and 2019, and the unlocking target is 2019?Based on 2016 in 2020, the growth rate of net profit attributable to mothers is not less than 100% / 150%, corresponding to 2019?
The net profit target for mothers in 2020 is 1.

9.5 billion, 2.

4.3 billion.

From the feasibility point, the company 2015?
The net profit attributable to mothers in 2018 was 10.

24%, 6.

72%, 2.

65%, 3.
66%, 16?
The 18-year expense ratio is high, affecting the level of profitability.

Looking forward to the future, we will reduce the company ‘s initiative to strengthen control fees. By 19, we will expand franchise stores and optimize the management of direct-operated stores. It is expected that the increase in expense will increase revenue and increase the net profit margin.

At the same time, combine 17?
In the fourth quarter of the two years of 2018, due to cost pressure changes, the improvement rate in 19Q4 is expected to converge under the background of good cost control.

Do we maintain 19?
20 years, plus 21 years EPS is 0.

25/0.

31/0.

35 yuan, corresponding to 23 times PE in 19 years, maintaining the “overweight” level.

Risk Warning: Weak terminal consumption and lower-than-expected expense control.

Four points added to China’s Congress against foreign terrorist fighters

Four points added to China’s Congress against foreign terrorist fighters

Xinhua News Agency, Vienna, February 11th (Reporter Yu Tao) Wang Qun, China’s Permanent Representative to the United Nations and other international organizations in Vienna, attended the European Anti-Terrorism 杭州桑拿网 High-Level Meeting in the antique district of Vienna on the 11th to comprehensively expand China’s important position on counter-terrorism.

  Warrenkov, UN Under-Secretary-General for Counter-Terrorism, Gremming, Secretary-General of the Organization for Security and Cooperation in Europe, Walli, Executive Director of UNODC, and Mattiahi, State Secretary of the Swiss Ministry of Foreign Affairs, attended the meeting and delivered speeches.

  Wang Qun said that terrorism is the public enemy of mankind and counter-terrorism is the common responsibility of all countries.

The current international anti-terrorism panic is still severe and complex. The international community should establish a sense of community for the shared future of mankind and jointly respond to the threat of foreign terrorist fighters.

  Wang Qun added four supplements from China on combating foreign terrorists.

The first is to unify standards and maintain a state of high pressure and severe strike.

We cannot engage in double standards and selective counter-terrorism, we must not use terrorist forces to seek geopolitical interests, and we must not associate terrorism with specific countries, nations, and religions.

The second is to strengthen cooperation and take targeted interventions.

Countries should cooperate to bring related personnel back to their countries of origin and bring them to justice. They should strengthen border control and law enforcement cooperation, and focus on combating military terrorist activities using the Internet.

The third is comprehensive measures to eliminate the root causes of terrorism.

The international community should promote the use of political means to solve hot issues, resolve disputes peacefully, encourage equal dialogue between different civilizations and religions, and live in harmony.

The fourth is multilateral leadership, giving play to the core role of the United Nations and power.

All countries should strongly support the counter-terrorism 天津夜网 mechanisms within the United Nations system to give play to their professional advantages, and they must strictly abide by the counter-terrorism prevention resolutions and combat all terrorist organizations and individuals whose crimes are listed.

  Wang Qun pointed out that China has always been committed to cooperating with the international community to combat extremes and extremism, to participate in multilateral cooperation mechanisms such as the United Nations, and has established anti-terrorism cooperation mechanisms with more than a dozen countries.

China has actively adopted preventive counter-terrorism and depolarization reforms, and achieved important positive results.

We are willing to continue to work together with other countries and relevant international organizations to promote new achievements in international counter-terrorism cooperation in the spirit of mutual respect and equal cooperation, and work together to eliminate the threat of foreign terrorist fighters and maintain world peace and stability.

  This meeting is one of the follow-up activities to the first United Nations High-level Conference on Counter-Terrorism in New York in 2018, and the results of the meeting will be reported to the second United Nations High-level Conference on Counter-Terrorism later this year.

Original title: China’s defense against foreign terrorist fighters added four points

Ping An Bank (000001) 2019 Performance Bulletin Detailed Dismantling: Asset Quality Consolidates Performance Growth Continues

Ping An Bank (000001) 2019 Performance Bulletin Detailed Dismantling: Asset Quality Consolidates Performance Growth Continues

Financial report highlights: 1. The overall performance grew steadily, and long-term revenue maintained a continuous high growth rate of 18%.

2. Asset quality is more stringent.

All the bad replacements that are overdue for more than 60 days are 96%; the overdue net generation over 90 days that is written back is 2.

36% (the second half of the year), the quality of assets has been consolidated.

3. Refinement of the public, retail breakthroughs continued to be realized; deposits grew beautifully.

Credit to corporate loans increased by 10% month-on-month, and retail sales continued to grow at a high level, again at a high level in the third quarter of 6%.

6 units.

Deposits increased by 6 from the previous quarter.

4 units.

4. The operating efficiency has improved, and the operating profit added back to asset impairment losses has risen faster than the growth rate.

Insufficient financial reports: 1. The net profit growth rate was severely and seriously affected by adverse expectations. The company exacerbated adverse consequences, at the same time intensified write-off efforts and provisioning. Under the influence of increased provisions, the company’s net profit increasedSpeed 13.

6%.

In the second and fourth quarters, although the provision provision was increased, the provision provision strength was still less than the write-off effort, which resulted in a decrease in the provision coverage ratio and a provision coverage ratio of 183.

12%, down 3 points from the previous month.

3. The interest rate differential is expected to be under pressure in the fourth quarter, which is consistent with the industry trend.

Credit increased by 8% month-on-month and revenue increased by -0.

4%.

The company’s overall performance has grown steadily, and its stability is better than the center of the industry. Long-term revenue has maintained a high growth rate of more than 18%.

1. Stabilizing revenue growth with volume premium: Against the background of expected industry profit pressure in the fourth quarter (credit interest rates slightly decreased; under the situation of higher capital market interest rates, active resistance pressure is expected to increase), Ping An Bank’s single-quarter revenue was onlySlightly drop 0.

Four averages, the credit scale increased by 8 points higher than the previous quarter, with the amount of premium to support the growth of revenue.

2. It is expected that the company’s operating efficiency will be improved, and the operating profit that adds back the asset impairment losses will exceed the growth rate.

3. The company ‘s expectation for non-defective products is rising, and it will replace all non-performing products overdue for 60 days. At the same time, it will increase write-off efforts and allowances for provisions. Due to the increase in provisions for provisioning, the company’s net profit growth rate will decline.

Revenue from the first quarter to the first quarter of 2019, plus operating profit from rebate asset impairment losses, was attributable to the mother’s net profit, respectively.

9% / 18.

5% / 18.

8% / 18.

2%; 17.

1% / 19% / 19% / 19.

5%; 12.

9% / 15.

2% / 15.

5% / 13.

6%.

Investment suggestion: The 4th quarter report is 北京夜网 in line with our expectations, consolidating the profit growth rate of the low asset quality, and the 4th quarter revenue growth rate is subject to the pressure of the overall industry, and the company has realized a price premium.

Company 2019E, 2020E PB1.

22X / 1.

10 times; PE 12.

06X / 10.47X (Share Bank PB 0.

89X / 0.

79X; PE 7.

33X / 6.

57X). The company is backed by the Group’s technology and integrated finance, and has obvious advantages in corporate and retail business expansion. In the medium and long term, it is expected to transform into a high-quality bank.

The company has over 60 days overdue for all bad replacements. Historically, it has basically replaced the public inventory burden. Investors are advised to actively pay attention to its conversion speed, which is our recommended “core asset” in the banking industry.

Risk reminder: The macro economy is facing downward pressure, and performance management is less than expected.

The attractiveness of mollusk hot yoga

The attractiveness of mollusk hot yoga

Hot Yoga: Restoring the Original Practice Environment Yoga has produced many different factions in the process of development. “High-temperature yoga” is a branch of it and was founded on the basis of Hatha Yoga.

The high-temperature yoga consists of 26 basic movements. They are selected from the traditional yoga postures and cooperate with two breathing methods to follow the characteristics of human muscles, ligaments and tendons, and scientifically separate the sequence of pre- and post-pull heating.

The order of the exercises should not be disturbed, as each position prepares for the next position.

Once disturbed, it will affect the exercise effect of the entire lesson.

  India is the birthplace of yoga. High-temperature yoga requires the practice room to be between 38-40 in order to better restore India’s hot climate.

The body is easily injured when practicing yoga in the last heat, and the heat provided by the high-temperature yoga room can stretch and squeeze the internal organs deeper than the body, promote blood circulation, regulate internal balance, and reduce the body.Injury that can occur when doing stepwise exercise in a state of tension and stiffness.

  The advocates of hot yoga believe that this set of movements can restore the body to a balanced and coordinated, natural state within 90 minutes, so that the whole body can be exercised.

  The actions of high-temperature yoga practice are relatively fixed, and will not disperse the energy of the exercise name so that the exercise name does not consume energy on unfamiliar movements, but concentrates the consciousness on the body.The specific breathing method of high-temperature yoga is also formulated based on the reaction of the human body under high-temperature conditions, so that the effect of the exercise is more obvious.

  The difference between high-temperature yoga vs. general yoga

High-temperature yoga is to practice specific movements in a specific environment, so that the body can achieve comprehensive exercise with relatively fixed movements.

  2.

The range of changes in the movements of traditional yoga can be freely matched under the presets consistent with the principles of physical function, and the content of each lesson is quite different.

  The difference in breathing: 1.

Because high-temperature yoga requires more oxygen supply during the exercise, it is necessary to repeatedly adjust the breath to maintain the oxygen balance in the body. Therefore, high-temperature yoga has a fixed rate adjustment exercise at the beginning and end of the exercise.

  2.

There are many types of general yoga yoga, and the range of change is mainly at the beginning of the entire class. The difference between hydration: 1.

Since you sweat a lot during high-temperature yoga exercises, you must keep hydrated to prevent dehydration.

  2.

General yoga does not sweat a lot during the practice and does not need to add water during the practice.

  The principle of high temperature yoga VS general yoga is the same for the treatment of diseases: from different perspectives, the body can get a full range of exercises from the inside to the outside, so that the spine can return to a healthy natural curvature, promote the normal function of the glands in the body, and improve the body’s immunityForce function.

  Breathing is also important: the combination of breathing and movement is a necessary factor for good exercise results.

  Relaxation is just as important: the interval between movements is just as important as the final rest break, which allows the practitioner to replenish their energy in a timely manner.

  Hot Yoga and Your Body Hot Yoga VS Weight Loss Many people think that high temperature yoga achieves weight loss by sweating a lot.

In fact, the overall action of high-temperature yoga is to exercise the body from shallow to deep, and it is difficult to achieve weight loss and body shape by sweating alone.

After sweating a lot, due to the decrease in body water, body weight naturally decreases, and if you add water, body weight will recover.

Obesity is mostly caused by endocrine disorders or slowed metabolism. High-temperature yoga combines movement with breathing and consciousness through the characteristics of temperature, and stays at each time to change the time. Because the high temperature can penetrate into the body and massage the glandsThe body, especially the endocrine glands, transforms secretion normally, adjusts the endocrine fundamentally, exerts its weight-loss and body-building effects, and achieves a permanent cure effect.

There are still many people who gain weight because they eat too much and exercise less, or because of increasing age and lowering the metabolic rate. The posture of hot yoga has obvious effects of aerobic strength exercises, which can increase the metabolic rate and strengthen cardiopulmonary function.Achieve body sculpting effect that consumes a small amount and tightens muscles.

  In addition, body wasting due to endocrine disorders, or uneven body shape, can be achieved by practicing high-temperature yoga.

  Accompanied by high temperature yoga to reduce weight is not as good as high temperature yoga body shaping, specific high temperature, high humidity environment, internal adjustment and external training, while reducing adults while having tight skin and beautifully shaped muscles.

  High temperature yoga vs chronic diseases High temperature yoga has a good therapeutic effect on some chronic diseases such as periarthritis, cervical and lumbar spine diseases, and digestive tract diseases.

The temperature characteristics of high-temperature yoga make the blood in the body change rapidly. Through the combination of consciousness and breathing, the blood flow through the exercise site increases in unit time than usual, thereby nourishing and regenerating the water in the lesion or injured part.

The high-temperature yoga moves gently and slowly, and the introduction of high-temperature environment can effectively alleviate and eliminate the complications of chronic diseases.

Chronic diseases are mostly from small to large and light to heavy. If you want to be cured, you must gradually reduce from shallow to deep, and gradually relieve them to achieve the effect of treatment.

Therefore, practitioners who combine the above types of diseases can gain the benefits of confrontation.

  But the temperature of hot yoga.

The humidity is high, and the blood circulation and metabolism are accelerated during practice, so patients with chronic cardiovascular and cerebrovascular diseases are not suitable for practicing high-temperature yoga.

  Hot Yoga VS Adjusting Emotions When people are extremely depressed or nervous, they need to vent their emotions when they are worried.

When practicing yoga in a high-temperature environment, the practitioners focus on the movements with their whole body. The consciousness and the body are integrated, and they can fully experience the unpleasant feeling of unpleasant emotions like the rolling water.Beads are continuously released, experiencing joy in movement and sweat.   What kind of crowd is suitable for high temperature yoga? Many people think that only basic yoga training and rich theoretical knowledge can become a high temperature yoga practitioner.

of course.

Having yoga practice experience and yoga theory cultivation is a wealth of wealth for a practitioner, because experience can enable the practitioner to transform into a realm of meditation and body movements, or to master various technical movements lighter,Improve training results.

However, high-temperature yoga is not the patent of experienced yoga trainers, it is actually especially suitable for practitioners who walk into the yoga room for the first time.

This is because: at the practice temperature of high-temperature yoga 38-40, the physical function of the human body is basically in an excited state, and the physiological characteristics are: accelerated blood circulation, active cardiopulmonary function, increased secretion of lubricating fluid in human joints, and so on.

At this time, the human body can enter the formal training state quickly.

Practicing yoga in such an environment can greatly reduce the chances of yoga practitioners getting injured while doing movements.

One of the important reasons for many beginners to finally give up yoga training is to get injured during the practice. The precursor of the injury is often that the part of the body feels too tense. The special situation of high-temperature yoga can first eliminate this tension and allow beginners toReach a state of meditation and body without the risk of injury.

  There are some issues to be aware of when practicing high-temperature yoga. First, a high-temperature yoga practice requires a relatively closed, constant-temperature practice room.

In this problem between one and a half hours and two and a half hours before the exercise, it is best for the practitioner not to eat, otherwise the blood supply will not be sufficient during the digestion of food in the stomach.This sense of pleasure will be greatly discounted. In severe cases, there may be an “oxygen debt” phenomenon, feeling dizzy, nausea, and tachycardia.

In addition, in the process of practicing high-temperature yoga, you must add water in time.

Practitioners of high temperature environmental dynamics sweat a lot, and the sweat also removes the inorganic salts and minerals in the body at the same time. Training under water deprivation can lead to dehydration symptoms, fatigue and cramps.
Therefore, when performing high-temperature yoga practice, you should drink water in small amounts and many times. Be careful not to drink a large amount of water at a time. In addition, do not have too much pure water. Pure water will wash away minerals in the body, so that the body no longer retains water.Sports drinks with electrolytes and minerals on your feet.

You cannot be late for practicing high-temperature yoga, otherwise you cannot complete 26 action systems.

There is no special requirement on dress code, just wear sweat-absorbent and comfortable sportswear to practice.

During the exercise, you must cooperate with breathing, energy concentration, and people talking to each other.

  Is there any abnormality in high-temperature yoga? For people with normal body functions, the replacement of high-temperature yoga is “zero”.

Shan Yu’s body is always in a state of static practice, coupled with the high temperature as the brakes of internal organs and closed books, so as long as it is under the guidance of an experienced coach, the safety of high temperature yoga practice can be guaranteed.

  Some people are not suitable for practicing high-temperature yoga, and people with long-term chronic diseases are not suitable for high-temperature yoga, such as: patients with hypertension, diabetes, epilepsy, patients with hypertension, patients with severe liver disease, hypertensionPatients, etc. These patients must consult Yusheng before performing any fitness exercises.

Some patients with acute diseases should not do high-temperature yoga, such as colds and fevers.

This is because performing high-temperature yoga practice when the left body is weak is not conducive to recovery. Moreover, the practice of high-temperature yoga by acute patients can easily lead to dehydration and bring unexpected troubles.

What are the principles and methods of fracture prevention and health care

What are the principles and methods of fracture prevention and health care

The first method to prevent fractures is to exercise and strengthen the body: you should actively exercise for a long time, increase outdoor activities, breathe more fresh air, and promote blood circulation and metabolism.

Choose from walking, jogging, Tai Chi, aerobics and more.

More activities can make more calcium in the blood stay in the bones, thereby increasing the hardness of the bones, and can effectively reduce the occurrence of fractures.

  Second, sun exposure: sunlight can promote the synthesis of vitamin D, and the metabolism of calcium depends on the role of vitamin D; ultraviolet rays in the sun can promote the formation and absorption of calcium in the body, maintain normal calcium and phosphorus metabolism, and increase calcium in bonesAnd increase bone hardness.

  Third, prevention before illness: elderly people should not go to places with many people and cars, rain, snow or water on the ground, do not go out when icing, so as to avoid falling and fracture.

Do not climb ladders or climb high activities. It is not advisable to walk on steep slopes, because elderly people have weak lower limbs, are unresponsive and fall easily.

When going out normally, you should walk slowly. If you have dazzle, deafness, dizziness and other symptoms, try to minimize going out. You must help walking or walking with a cane when you go out.

Before going to the toilet at night, you should sit on the edge of the bed for a while to keep your leg muscles in a state of excitement, thereby preventing the occurrence of temporary hypotension when your posture changes.

When taking a shower, prepare a small stool, sit down and wear pants and shoes to prevent falling.

  Fourth, diet adjustment: eat more vegetables, protein and vitamin-rich diet can prevent the occurrence and development of osteoporosis.

The early diet of the fracture should be light, in order to dispel stasis and swelling, and then the taste should be heavy. Choosing an appropriate diet to regulate liver and kidney is beneficial to fracture healing and functional recovery.

  Fifth, in-depth observation: When suffering a limb injury, if a fracture is suspected, go to the hospital for treatment in time.

During the transfer, necessary temporary fixing measures should be taken.

For upper limb fractures, planks should be used to fix the arm. The length of the planks should exceed the upper and lower articular surfaces of the fracture site.

The fractured arm can also be fixed with the tibia.

Lower limb fractures can be tied together with long wooden boards, the length of the wooden board to the armpit, the lower part should exceed the heel, or the affected limb can be tied together with another healthy limb to fix.

Spinal fractures should be fixed by two people moving in parallel to a wooden board. Cervical fractures should be cushioned with sandbags on both sides of the head to restrict head movement before being sent to the hospital.

If there is bleeding, use a cleaning cloth to temporarily bandage the wound, and then use a tourniquet to ligate.

Generally, the tourniquet ligation time does not exceed 1 hour at a time, can the tourniquet be relaxed every 1 hour?
2 minutes, until you see the blood instead, can prevent limb contraction and necrosis due to long ligation.

After fixing the fracture with plaster and other methods, the skin color and swelling at the end of the injured limb must be carefully observed within 24 hours.

If the swelling is exacerbated, bruises on the skin should be treated immediately, and the plaster should be relaxed or removed to prevent limb degradation due to too tight plaster fixation, poor return flow and necrosis.

The fracture fixation period should be reviewed regularly according to the doctor’s order.

  6. Functional exercise: Actively exercise the uninjured joints under the guidance of a doctor, one hundred times per hour, to avoid joint stiffness, contraction and muscle atrophy.

Using a light massage method to self-massage can promote local blood circulation and is conducive to the recovery of fractures.

Want to start the office fight with fitness

Want to start the office fight with fitness

For those who love fitness, you must fight a secret battle in the office, mobilize all resources at your fingertips, and do some special exercises with a smaller range of movements, even when working.

This time, several OFFICE family members appeared and stated that their fitness experience may resonate with you.

  Soothing my wrist soreness Wang Chen Programmer’s experience: I always feel numbness in my arm, and I have a sore throat. Sometimes it is difficult to lift up. I think it may be time to see a doctor.

  Solution: If you often feel intermittent numbness of the fingers and palms, tingling, uncomfortable and painful fingers and thumbs, you should go to the hospital to see if you have “mouse hand”-carpal tunnel syndrome.
Remember to do a set of wrist exercises when you have time: keep your upper body straight, lift your chest and abdomen, stretch your arms forward, and lift your lower arm up and down, hold it by the upper hand, and gently pull inward, then fourThe fingers from the little finger to the index finger are symbolized from the upper hand in turn.

  Clench your fist, then release your fingers; turn your wrist clockwise and counterclockwise; relax and shake your hand; bend your palms upwards and downwards.

Can make hand and wrist joints more flexible.

  Reminder: Don’t let your arms hang.

If possible, use an arm support frame so that the entire arm muscles are not tight.

  Crew clerk experience: When I first entered the company, I liked wearing tight A-line skirts and looked very capable.

Later, all day long lying on the initial printing of documents, making reports, writing meeting records, my belly became bigger and bigger.

Now as soon as I sit down, the meat on my stomach will bulge out, and I’m really dead.

  The solution: The biggest repetition of the office family’s figure is that the aunt has accumulated more and more.

I usually sit for a few hours before sitting all day, and the activities are very limited, and the lower body is usually fatter than the upper body. The signs of beginning to gain weight are mostly on the lower abdomen.

In fact, when you are typing into a computer, as long as you use the chair a little, the severe excess meat may gradually disappear.

  Sitting on a chair, slowly lifting your legs up.

  Put your hands gently on the lower abdomen, exhale slowly, and gradually tighten the lower abdomen while exhaling.

  Exhaling slowly speeds up, the lower abdomen tightens, and the front stays relaxed.

  When the lower abdomen has received the tightest degree, the qi is also exhausted at the same time.

  Lower your legs slowly.

After both the front and lower abdomen relax, start to inhale slowly.

  Inhale as much as possible. At this time, the lower abdomen does not need to be contracted deliberately.

Repeat this 8 times.

  Anxious, have you already done it while watching?

In fact, this kind of chair gymnastics must be done at least three or four times a day in the morning and afternoon. After three months, you can definitely trim the effect.

  Reminder: Even in normal times, remember to put the lower abdomen in to form a habit.

  Relief of body soreness Teacher Lin Tao’s experience: I often lower my head to correct assignments and prepare lessons. Slowly, the neck, shoulders and shoulders appear sore, numb or weak. It is said that this computer disease has a scientific name “neck and shoulder and wrist syndrome”.

I don’t want my head to creak as soon as I turn my head.

  Solution: While the Internet has changed our lifestyle, it has also brought new health risks.

If measures are not taken in a timely manner, it is easy to cause controversy.

You might want to leave your computer for a while and let yourself be active.

  Breathe deeply and raise your arms to expand your chest.

  Head alternately looped forward and backward.

  Sit on a chair with both arms raised from both sides, while looking up.

Successive cross-reduction of the arms and chest, the head passed through the sagging, so repeated movements.

  With your arms hanging down, your left shoulder loops forward and repeats about 10 times.

The right shoulder loops forward and repeats about 10 times.

Then lift one arm flat on the opposite side, pull the other arm inward, and try to squeeze with five fingers.  Sit on the chair, holding your hands back to the back edge of the seat, with straight arms.

Then straighten her chest and lift her head, while relaxing for 6 seconds.

  Sit on a chair with your toes against a fixture and put your hands behind your head.

First slowly back to the highest, exhale, and then return, exhale.

Then with both hands on the waist, from left to right, do a waist-circling movement.

Then from right to left, do a waist wrap.

  Reminder: Professional designers can adjust the workbench tilt by 10-30 degrees to reduce end-sitting fatigue.

  The chest should fully contact the seat surface, and often rest on the back waist with the seat back.

  If you have left or right head writing habits, remember to turn your head slowly every hour to eliminate muscle fatigue.

  Civil servant experience of shrinking buttocks and Zhang Xinjie: I have been engaged in word work for several years. I sit on a soft chair every day.

I do n’t have Jennifer?

Lopez’s requirements for maintaining the curve of the chest are at least not too exaggerated.

  Solution: Oriental women are born with a pear-shaped figure, especially those in the office who are sitting all day, and their shoulders will inevitably accumulate a large number of uncles.

Take 5 minutes to do this hip reduction exercise every day during lunch break. Think about the bright image of Jennifer Lopez in your mind, and sometimes psychological therapy is also very important!

  Stand above the chair, with your left hand on your hips, and your right hand on the back of the chair. Separate your front and back feet, lift your heels up, keep your upper body straight, slowly bend your legs to large, lower your legs at 90 degrees to the ground, stop slightly, and then straighten slowly.

  The left hand is on the hips, the right hand is on the back of the chair, the left waist is bent and the knees are raised.

Squat forward, bend your knees, and slowly stand up.

  Turn the left knee joint to the limit, relax the waist, and stop for a while.

Squat forward, bend your knees, and slowly stand up.
  Tip, abduction and flexion of the left knee, left leg continuously contracted backward and upward.

  Note: All movements must be used to tighten the tibia. According to your physical strength, each group of movements is repeated 8-12 times. Reminder: If you want to achieve immediate results, do not hinder the application of slimming and bodybuilding, which means walking in strideThere are wonderful effects too.

Pilates abdominal fitness

Pilates abdominal fitness

The older you get, the harder it is to get rid of excess meat in your waist and abdomen.

The reason is that the secretion of hormones will change, which will promote the accumulation of excess calories in your belly, which will lead to misfortune.

  Researchers at the University of Vermont tested 178 women between 20 and 60 with a healthy weight. The oldest of them had 55% more dead bodies than the youngest.

  Having a big belly is actually not sustainable.

Abdominal exercise can help you achieve this desire.

Pilates training is your secret weapon because it can move to all your abdominal muscles.

  By pulling your belly button towards your spine in each verse, this exercise can help you break and smooth your belly.

Do this three times a week and once every other day.

  Tiptoe dipped in motion A, lying on the ground on his back, his legs raised, and bent to 90 degrees.

Straighten your thighs and your waist parallel to the ground.

Put your hands naturally on your sides with your palms facing down.

Keep your abdominal muscles contracted while pressing your back toward the ground.

  B, inhale, lower your left leg, and count “down, down” at the same time, just start from your knee joint and dip your toes toward the ground (but don’t really touch the ground).

  Exhale, then lift your legs back to the initial position, counting “up, up.”

Then switch to your right leg, and continue to alternate your legs until you have done 12 on each leg.

  Legs move in circle A, lying on the back with their legs straight.

Lift your left leg and lean forward with your toes straightened, hands on top of your body, palms down.

Hold for 10 to 60 seconds.

(If this action makes you feel uncomfortable, you can bend your right leg and place your right foot flat on the ground.) B, make a small circle with your right toe fork, and move your leg from the knee jointStart turning.

Inhale as you begin to circle and exhale as you end.

Try to keep your body still, do not sway, and tighten your abdomen.

Do 6 orbital movements and then do 6 reverses.

Then start doing another leg.

  Cross movement A, start to dipped around the toes, but at this time put your hands behind your brain, eversion all over the elbow.

Lift your upper body, lift your head, neck and shoulders off the ground, and contract your abdomen.

  B. Inhale, turn your body to the right, step on the upper right and the left foot, and stretch your left leg to close in a diagonal fashion.

Exhale, then switch to another option and start doing it.

This is a group, do 6 groups.