2016ATP year-end finals third match day schedule schedule today’s match time

2016ATP year-end finals third match day schedule schedule today’s match time
On November 15th, Beijing time, on the third day of the 2016 ATP year-end finals, the McEnroe group was led by Djokovic. In the same group were Canadian heavy artillery Onich, two finalists for the first time.The final Memphis and Tim, and the Lundell group brought together Shinco World No. 1 Murray, three-time Grand Slam champions Wawrinka and Nishikori and Cilic.(Attachment: 2016 ATP year-end final draw lottery results McEnroe/Rendell group participants list) Dwarf and Raonic’s record of the third day of the schedule-Tuesday, November 15, 2015 (with an 8 hour time difference from London,以下均为北京时间)  中央球场 15日20:00开始  [2] 杰米-穆雷/索阿雷斯 vs [3] 布莱恩兄弟蒂姆与孟菲尔斯交手纪录   不早于22:00  [6]孟菲尔斯 vs [8] 蒂姆  16日2:00开始  [6] 多迪格/梅洛 vs [8] 休伊/米尔尼  不早于4:00  [2] 德约科维奇 vs [4]拉奥尼奇

Wuxin Master 3 returned to the Tang Dynasty, Wuxin Luo, Yueqiluo renewed his leading edge?

Wuxin Master 3 returned to the Tang Dynasty, Wuxin Luo, Yueqiluo renewed his leading edge?
Co-produced by Penguin Films & TV, iQiyi, Tang Films & TV, Cai Yinong as the chief producer, Li Guoli as the director, Han Dongjun, Chen Yao, Sui Changliang, Ding Qiao’s costume fantasy drama “Unintentional Master 3″ is officially scheduled for MarchStarting from the 3rd in Tencent Video, iQiyi will be premiered on the whole network, and every Tuesday and Wednesday will update 2 episodes at 20:00. Members will be the first to watch next week.Han Dongjun once revealed that the plot of the third season is equivalent to the prequel of the first season.In the first two seasons, the relationship between Wuxin and Yue Qiluo has been the focus of everyone’s attention.This season, Dongjun of China and South Korea, Chen Yao, the life-and-death friend, met again because of fate.This time, Chen Yao will play the role of two people, playing the sister Liu Qingluan and the younger brother Liu Xuanhu respectively.”Unintentional Master 3” is different from the “Republic of China” background in the previous two seasons. This season puts the background of the story in the “Tang Dynasty”, focusing on the folk story of catching monsters, paying more attention to the world’s life and the sadness of small people.And the good and evil of human nature, full of fireworks.In the first two seasons, the relationship between Wuxin (Han Dongjun) and Yue Qiluo (Chen Yao) has been the focus of everyone’s attention. This season, Liu Qingluan played by Chen Yao has a lot of connections with Yue Qiluo after a thousand years.The unintentional emotional line also aroused the curiosity of countless audiences.Stills of Unintentional Master 3.The picture comes from the online sauna, night network Zhang He editor Tong Na proofreading Zhai Yongjun

Reverse again!Victory was applied for a pre-arrest warrant, whether he suffers from 13 sunrise results

Reverse again!Victory was applied for a pre-arrest warrant, whether he suffers from 13 sunrise results
Sauna Yee News Agency reported on January 10 in South Korean media that the Seoul Central District Inspection Office has applied for a pre-arrest warrant against former BIGBANG member Li Shengli, including violation of the “Sexual Violence Special Law”, suspected of overseas sex transactions, corruption, and reduction of 7 counts.On January 13, Victory will go to the Seoul Central District Court to undergo a substantive review of the arrest warrant.Whether the ultimate profit breaks through the result of the sunrise.In 2019, Victory is under investigation.In 2019, Victory was investigated by the South Korean police for alleged sexual violence, corruption, and sex trafficking.However, after several months of investigation, a reversal occurred and the judge dismissed the arrest warrant because of the controversy in the details of the case.Subsequently, the South Korean police stated that it would no longer apply for the arrest of Shengli and abide by the court’s decision.In September 2019, Shengli was again investigated by the South Korean police because of alleged overseas competition.As early as March 11, 2019, under the name of nightclubs involved in drug and sexual crimes under investigation, Victory issued a document announcing the withdrawal from the performing arts circle, “I think it should be retired from the entertainment industry at this point in time.Because there were too many social controversy events, he finally decided to withdraw from the performing arts circle.”Sauna Night Network Editor Wu Dongni

[Can cow whip soup women drink it?]_ Female_Can you drink it?

鐗涢灜姹ゆ槸涓€绉嶇敤鐗涢灜鍒朵綔鑰屾垚鐨勯鐗╋紝鐗涢灜灏辨槸鐗涚殑鐢熸畺鍣紝鐗涢灜姹や篃鏈夌潃寰堝ソ鐨勫.闃冲姛鏁堬紝瀵逛簬鑲捐櫄闃崇椏閮芥湁鐫€寰堝ソ鐨勬不鐤楁晥鏋滐紝鍚屾椂鐗涢灜姹よ繕鑳藉澧炲己浜轰綋鐨勫厤鐤姏銆備竴鑸€岃█锛岀墰闉堡閮芥槸椋炵敺浜洪鐢ㄧ殑锛屼絾杩欏苟涓嶄唬琛ㄥコ浜轰笉鑳藉枬鐗涢灜姹わ紝濂充汉鍠濈墰闉堡锛屽ソ澶勪篃鏄澶氱殑锛屼笅闈㈠氨涓哄ぇ瀹惰缁嗕粙缁嶇墰闉堡鐨勭浉鍏崇煡璇嗐€備竴銆佸コ浜哄悆鐗涢灜鏈変粈涔堝姛鏁堜竴鑸潵璇达紝濂虫€у悆鐗涢灜鐨勬瘮杈冨皯锛屽洜涓虹墰闉粡甯歌鎷挎潵缁欑敺鎬ф湇鐢紝浠ヨ捣鍒拌ˉ鑲惧.闃崇殑浣滅敤銆備笉杩囧コ鎬у悆鐗涢灜鐨勮瘽锛屼篃鏄韬綋鏈夊ソ澶勭殑銆傛瘮濡傚浜庤偩鑴忔潵璇达紝鍚冪墰闉彲浠ヨ捣鍒拌ˉ鑲剧殑浣滅敤锛岃€屼笖瀵逛簬婊嬫鼎瀛愬鏉ヨ涔熸槸鍏锋湁濂藉鐨勩€備笉杩囧浜庡コ鎬ф潵璇达紝鍙互澶氬悆鐐圭尓韫勩€侀奔鑲夌瓑瀵屽惈铔嬬櫧璐ㄥ拰鑳跺師铔嬬櫧鐨勯鐗╋紝姣旂墰闉殑鏁堟灉鏉ヨ鍙兘浼氱浉瀵瑰ソ涓€浜涙垨鑰呭涓€浜涳紝涓嶄粎鑳借ˉ鍏呬綋鍔涳紝鑰屼笖杩樿兘浣胯倢鑲ょ殑鐘舵€佺湅璧锋潵鏇村姞鍋ュ悍銆備簩銆佺墰闉殑鍔熸晥涓庝綔鐢ㄧ墰闉槸鐗涚殑澶栭儴鐢熸畺鍣紝浜轰滑椋熺敤涓昏鏄兂瑕佽揪鍒拌ˉ鑲惧.闃崇殑浣滅敤鐨勩€傜墰闉腑鍚湁姣旇緝澶氱殑闆勬€ф縺绱狅紝鏄湁涓€瀹氱殑闆勬€ц嵎灏旇挋鎴愬垎鐨勶紝鍥犳瀵逛簬娌荤枟闃崇椏鏃╂硠鏄叿鏈変竴瀹氱殑浣滅敤鐨勩€傚悓鏃剁墰闉腑杩樺惈鏈変赴瀵岀殑铔嬬櫧璐ㄣ€佽剛鑲紝鑳藉琛ュ厖韬綋鑳介噺锛岃捣鍒板寮烘姷鎶楀姏鍜屽厤鐤姏鐨勪綔鐢ㄣ€備絾鏄湪鍚冪墰闉殑鏃跺€欙紝杩樻槸瑕佷繚璇佹瘡澶╁厖瓒崇殑鐫$湢鏃堕棿鎵嶄細鏈夋洿濂界殑鏁堟灉銆備笁銆佺墰闉槸鎬庝箞鍒朵綔鐨勭墰闉殑鍒朵綔锛岀墰闉殑閫夋潗鏄互鍏墰鐢熸畺鍣ㄤ负鍘熸枡锛屽彇涓嬫檼骞层€備竴鑸檼骞蹭箣鍚庢墠浼氬嚭鍞粰鎴愬搧鍔犲伐鍘傦紝鐗涢灜鏄互鏍硅浠凤紝寰堝皯浠ラ噸閲忚浠枫€傜Н鏀掑埌涓€璧凤紝鏈夊ぇ鏈夊皬锛屼竴璧峰嚭鍞€傛垚鍝佸姞宸ュ巶鏀跺埌鐗涢灜涔嬪悗浼氳繘琛屾蹈娉★紝娓呮礂锛屾秷姣掞紝妫€楠屽悎鏍煎悗锛屽啀杩涜鑵屽埗銆傝厡鍒跺You can’t do it, you can’t do it, you can’t do it, you can’t do it, you can’t do it, you can’t do it, you can do it, you can’t do it.わ 纴 涢 灜 灒 递 瀹 倾 垚 銆?

[Do you eat white radish to lose weight at night?

】 _Slimming_Function

[Do you eat white radish to lose weight at night?
】 _Slimming_Function

White radish is a very common vegetable. The price of this vegetable is very cheap and it is cultivated in various places. You can eat big white radish almost all year round. There are many ways to eat white radish.Eat, in addition, you can make pickled radish to eat, and add white radish in the stew is sometimes good, eating white radish has the effect of treating indigestion, so does eating white radish at night have a weight loss effect?

Do you eat white radish to lose weight at night?
According to Japanese media reports, raw radish can improve metabolism, increase the body’s ability to digest glucose, make the body less likely to accumulate aunt’s constitution, and even fight aging.

Others say that radish contains some enzymes that are good for the body and are easily damaged after heating, so they must be eaten raw.

Consume one raw radish weighing 300 grams once a day.

You don’t need to restrain any appetite. You can eat as much as you like. Just add raw radish to your diet to play the role of weight loss.

Radish is very nutritious, not only can lose weight, it is also very good for the body.

Because radish is rich in vitamin A and vitamin C, the content of amylase is also quite high.

However, keep in mind that it must not be eaten with heat, because the vitamin C and enzyme capacity contained in radish will be destroyed, and the effect of raw consumption cannot be penetrated.

In fact, radish also contains a spicy ingredient called isosulfurization, which has a good antioxidant effect. The body transforms this ingredient, which can effectively activate the body’s active oxygen and strengthen the body’s metabolism.Making the body a dream is not easy for adults to pile up easily.

It can also perform a cosmetic effect while losing weight.

When eating radishes raw, you will find the radish tips feel spicy, which means that the radish tips contain a higher isothiocyanate fraction.

Radish weight loss recipe 1, raw radish wakame onion salad ingredients: raw radish, wakame, onion each amount.

Peel the washed raw radishes and onions and shred them.

Wakame must be immersed in water first, then cut into shreds.

After waiting for three minutes, stir the raw radish, onion, and wakame. If you don’t feel good, you can add a little corn kernels.

2. Raw radish bacon roll material: appropriate amount of radish, 4 green basil leaves, 4 bacon, 1 teaspoon of olive oil, 1 teaspoon of chicken powder.

Cut the washed raw radish into thin slices horizontally and set aside.

After frying the bacon in a frying pan, roll the basil leaves into the dried bacon, then wrap the radish slices in the outer layer of the bacon and sprinkle with black pepper.

3, refreshing white radish juice material: the right amount of radish, rock sugar content.

Wash and cut the white radish, then add it to the juicer, add the sugar and the right amount of white water, the white radish juice squeezed out is very sweet and refreshing, and it can effectively control the toxins absorbed by the body, both at ordinary times and before meals.

[Gender issues that cohabiting women should not ignore]

[Gender issues that cohabiting women should not ignore]

Zhang Xiran finally took a brave step: “I’m going to live together!

“A lot of girlfriends are happy for her, cohabitation is the prelude to marriage.

Let’s wait and receive the red bomb next year!

The good times didn’t last long, and a sea change happened a month later.

At every party, she frowns.

Break up?


It was just tasteless, and she was unfortunately dragged away. She didn’t know exactly what the problem was?

When it comes to makeup removal, Zhang Xiran is an outright neurotic, and her enthusiasm is coming and going quickly.

Men do n’t mind, they just ca n’t help but complain: “Dear, can you remove your makeup first?

“A woman removing makeup is a complicated project.

After removing makeup, it doesn’t take long to re-makeup.

Kisses are kisses, kisses are kisses, and trimming is fine afterwards.

But men can’t stand it, and refreshing is always the most comfortable state.


[Boiled woman details about the practice of chicken hot pot]_How to_Practice Daquan

銆 愮 叡 員 員 員 員 沏 揁 揁 揁 描 描 鏉 傜 哜 垯 宯 鐑 氭 硆 銆 抱 樱 庝 箞 锅 歘 锅 氭 桶 澶 叏
鐏攨鐨勭绫绘瘮杈冨锛屽父瑙佺殑鏈夐奔鑲夌伀閿呫€佹帓楠ㄧ伀閿呫€侀浮鑲夌伀閿咃紝浠婂ぉ鍐嶇粰缁It ‘s a brand-new product, and it ‘s a new one. It ‘s so cold, it ‘s a bit cold, it ‘s so cold, it ‘s a lot of time, it ‘s a lot of time.浠ヨ惀鍏绘瘮杈冧赴瀵岋紝鐗瑰埆鏄惈閾侀噺鐗瑰埆楂橈紝鎺ㄨ崘鐩嗚浜虹兢鏉ラ鐢ㄣ€傜敱浜庨浮鏉傜伀閿呴兘涓昏鍘熸枡閮芥槸楦$殑鍐呰剰鎵€鍦ㄥ埗浣滃墠涓€瀹氳澶氭竻娲楀嚑杈癸紝鐒跺悗鍘婚櫎鑵ュ懗涔嬪悗鍐嶆潵鐐掋€傝鍒伴浮鏉傜伀閿呬竴鑸病浜哄悆杩囷紝鍏跺疄楦℃潅鐏攨鍋氳捣鏉ョ畝鍗曡€屼笖濂藉悆鍙堟湁钀ュ吇锛屽畠鏄互鍦熷鐑归オ鏂瑰紡锛岀敤楦$殑鑲犮€侀浮鐨勮倽銆侀浮鐨勫績绛夐浮鐨勫唴鑴忎负鐏攨鐨勫師鏂欙紝杈呰緟鏂欐湁鍦熻眴銆佹场妞掋€佹场钀濆崪銆侀瓟鑺嬨€佽懕绛夌児鍒剁殑锛屾槸涓€閬撳緢涓嶉敊鐨勮惀鍏荤伀閿咃紝璇村埌杩欓噷鎴戠粰澶у鏅強涓€涓嬬I want to know what is happening in ° C. I’m going to go to any ring chain. I’m going to go to ° C. I’m going to go to any point. I’m going to go to any point in the chain.勯浮鏉備腑浜嗐€傞浮鏉傚惈鏈変赴瀵岀殑缁寸敓绱犲強閾佽川锛岃ˉ琛€鐩婃櫤锛岄鐢ㄩ浮鏉傜殑濂藉鏄It ‘s very difficult to fix it, it ‘s very difficult to fix it, it ‘s not so good. It ‘s not so effective. It ‘s so effective.樻槸鏈変竴瀹氱殑钀ュ吇浠峰€硷紝瀵硅韩浣撳緢鏈夊ソ澶勭殑銆傜患鍚堟潵鐪嬶紝椋熺敤楦℃潅鑳芥不椋熺Н鑳€婊°€佸憰鍚愬弽鑳冦€佹郴鐥€佺柍绉€佹秷娓淬€侀仐婧猴紝鐗欑柍鍙g柈锛屼互鍙婂埄渚裤€侀櫎鐑В銑 ︾ 瓑 銆 絆 傕 嗕 嬕 綉 氶  浜 嗭 纴 缁 椤 ぇ 瀹 多 粙 缁 New brand-new 竴 嬔 叔 叿 撶 殑锅氭硶鍚с€傞€夌敤鏉愭枡锛氱尓鑲氬ご20O鍏嬶紝楦¤儣150鍏嬶紝缁嶉厭5鍏嬶紝绮剧洂1.4鍏嬨€佽懕鏈?鬏 嬶 溮 湮 湭 1 鍏 嬶 麴 钂 Cang 湭 1.5 Weibi Renduanchongbu 1 Wei Biren Xinxierli?00 鍏?绾﹁€?0 鍏?锛屾箍娣€绮?5鍏嬶紝娓呮堡50鍏嬨€?銆佸皢鑲氬ご鍓ュ幓鑴傜毊銆佺‖绛嬶紝娲楀噣锛岀敤鍒€鍒掍笂缃戠姸鑺卞垁锛屾斁鍏ョ鍐咃紝鍔犵洂銆佹箍娣€绮夋媽鍜屻€?銆侀浮鑳楁礂鍑€锛屾壒鍘诲唴澶栫瓔鐨紝鐢ㄥ垁鍒掍笂闂撮殧2姣背鐨勫崄瀛楄姳鍒€锛屾斁浜哄彟涓€鍙鍐咃紝鍔犵洂銆佹箍娣€绮夋媽鍜屻€?銆佸彟鍙栦竴鍙皬纰楋紝鍔犳竻姹ゃ€佺粛閰掋€佸懗绮俱€佺簿鐩愩€佹箍娣€绮夛紝鎷屽寑鎴愯姟姹佸緟鐢ㄣ€?This means that you will be able to use this method to solve the problem. You will not be able to use this method to solve the problem.Supplement?銆佺倰閿呭唴鐣欐补灏戣锛屼笅钁便€佸銆佽挏鏈吀鍑洪鍛筹紝闅忓嵆鍊掑叆楦¤儣鍜岃倸澶达紝骞朵笅鑺℃眮锛岄缈讳袱涓嬶紝鍗冲彲鍑洪攨銆?

[Effects and effects of mulberry soaking in water]

銆 愭  钭 尭 堭 姛 圛 堁 堜 笌 滤 护 抆 慱 鍐 鍐 擉 濂 濂 濩 
This is an example of how to do it, if you want to know how to do it, if you want to do it, you will be able to use it.殑钁¤悇锛屽畠鍚冭捣鏉ュ彛鎰熼潪甯哥殑棣欑敎锛岃€屼笖妗戞爲涓€鑸兘鏄敓闀垮湪澶у北閲岀殑锛屽緢It ‘s hard to tell the difference between the chain and the chain. It ‘s very difficult to identify it. It ‘s a new one. It ‘s a new one. I ‘m going to borrow it. 播 氭 涼 逬 朔 擔 嫔 南 堗 堗 堉 庉 庾 溓 纾 麾 倾 妗 刣 冣 冉 尉 擉 擉 揉 揤 揜 揜 攜 揜 換換 攜 揜 換換 揜 攜 換換 揜 揜 換The cobalt and the cobalt are not the same. They are linked to each other, and the chains are very close to each other.缇庡懗锛岀壒鍒槸鎴愮啛鐨勬钁氫釜澶с€佽倝鍘氥€佽壊绱孩銆佺硸鍒嗚冻锛岄吀鐢滈€備腑锛屽崄鍒嗗ソ鍚?鍙笉杩囧洜涓烘钁氭槸瀛h妭鎬ф按鏋滐紝涓嶈兘涓€骞村洓瀛i兘鏈夛紝涓烘骞虫椂鏈変簺浜轰細灏嗘钁氭檼骞插埗鎴愭钁氬共锛岃繖鏍峰氨鍙互鍦ㄥ叾瀹冨鑺傞噷涔熻兘鍚冨埌浜嗭紝涓€鑸粍妗戣憵鍦ㄦ檼A small forging pot with a thin forging pot and a squirting pot in a pot and a pot in a pot, a key in a pot and a pot in a pot. (绱 Girl?頞 插 悗 頗 砟 绱 绱 炦 瑹?In the village of Shichachangchang, the employees in the village were killed 1.棰勯槻鐤剧梾妗戞す鍛崇敇銆佹€у瘨锛屼娇鐢ㄦ钁氬共娉℃按鍠濊兘璧峰埌娌荤梾闃茬梾鐨勪綔鐢紝姣斿鐢熸触姝㈡复銆佹粙闃磋ˉ琛€銆佽ˉ鑲濈泭鑲俱€佸浐绮惧畨鑳庛€佷箤椤婚粦鍙戙€佽仾鑰虫槑鐩€佸欢缂撹“鑰併€佸畨绁炲吇蹇冦€佹鼎鑲犻€氫究銆佸仴姝ュ饱銆佹伅铏氶銆佹竻铏氱伀銆佸埄鍏宠妭銆佸幓椋庢箍銆佽В閰掔瓑鐨勪綔鐢ㄣ€傚彟澶栧畠杩樺彲浠ヨ捣鍒版不鐤楀洜涓虹硸灏跨梾銆佽倽鑲鹃槾铏氶槼浜㈣€屽紩鍙戠殑澶存檿鐩湬銆佸け鐪犺€抽福銆佹触娑蹭笉瓒炽€侀婀裤€佷究绉樸€佽韩浣撹櫄寮便€侀』鍙戞棭鐧姐€佺缁忚“寮辩瓑鐥囥€傜幇浠g殑涓€浜涘尰瀛︿笓瀹朵滑杩涜浜嗘湁鍏崇爺绌朵互鍚庝篃璇佸疄锛屾钁氳兘璧峰埌鍏ぇ淇濆仴浣滅敤锛屽垎鍒槸闃茬檶鎶楄鍙樸€佸寮哄厤鐤姏銆佷繚鑲炬姢鑲濄€侀┗棰滄姉琛拌€併€佷績杩涢€犺缁嗚優鐢熼暱銆侀檷浣庤绯栬鑴?2.寤剁紦琛拌€佸湪妗戞す褰撲腑鏈夊緢澶氭椿鎬х殑鎴愪唤锛岃繖浜涚墿璐ㄥ彲浠ヨ捣鍒拌皟鏁翠汉鐨勮韩浣撴満鑳藉厤鐤姛鑳斤紝鍔犲揩閫犺缁嗚優鐨勬垚闀匡紝骞虫椂椋熺敤妗戣憵娉℃按鍠濊繕鑳借捣鍒伴檷绯栥€侀檷鑴傘€侀檷琛€鍘嬬殑浣滅敤锛屾墍浠ュ畠鍦ㄤ复搴婁笂涔熸湁搴旂敤锛岀壒鍒€傜敤浜庝竴浜涗腑鑰佸勾鏈嬨€傛湁鍏冲疄楠岃瘉瀹烇紝浜烘満浣撶殑琛拌€佽窡姘ц嚜鐢卞熀寮曞彂鐨勮剛璐ㄨ繃姘у寲鏈夊緢澶х殑鍏抽敭锛岃€屾鏋滄眮鍙互璧峰埌娓呴櫎鑷敱鍩?鎶楄剛璐ㄨ繃姘у寲鐨勪綔鐢紝鍥犺€屽钩鏃舵€绘槸鍧氭寔閫傚綋鍠濅竴浜涙鏋滄眮鐨勬湅鍙嬶紝鍙敼鍠勫厤鐤満鑳借€岃捣鍒版姉姘у寲锛屾湁鐫€寤剁紦琛拌€併€佺編鍖栬倢鑲や箣鏁堛€?.I’m so happy, I’m happy, I’m happy, I’m happy, I’m happy, I’m happy, I’m happy, I’m happy, I’m happy, I’m happy渶澶т綔鐢ㄥ湪浜庘€滆ˉ鈥濓紝鑰屾钁氫笉浠呭彲浠ヨ捣鍒拌ˉ鐨勪綔鐢紝杩樿兘杈惧埌鎻愰珮鏈轰綋閫犺鎶€鑳斤紝鎵€浠ユ湁鎶楃檶,闄嶈绯栬鑴傜殑浣滅敤銆傚彟澶栧湪妗戞灉閲岄潰杩樻湁涓€绉嶅彨銆岀櫧榛庤姦閱囥€?RES) This is the best way to do it, you will be able to see if you are able to do it, or if you want to do it, you will be able to see how it works, if you do n’t know what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on?閫熷害锛岄樆姝㈣娑茬粏鑳炰腑鏍撳鐨勫彂鐢熴€傛澶栨鏋滈噷闈㈢殑缁寸敓绱燙绛夋姉姘у寲鎴愬垎锛What’s the difference between the chains and the chains? Marriage and marriage?

Golden River Bio (002688) Company Comments: 19-year performance slightly exceeds expectations 20 years or usher in Davis double-click

Golden River Bio (002688) Company Comments: 19-year performance slightly exceeds expectations 20 years or usher in Davis double-click
Event: The company released a performance report, and the company achieved operating income in 201917.82 ppm, an increase of 9 in ten years.42%, net profit attributable to shareholders of listed companies.83 ppm, an increase of 12 in ten years.05%. Steady growth in overseas markets drove overall performance recovery. From a single quarter perspective, the company achieved revenue in the fourth quarter.300 million, an annual increase of about 3%, and a net profit of 0.4 billion, a year-on-year increase of 14%.In 2019, the downstream pig breeding industry was severely affected by the non-epidemic epidemic situation, and the pig inventory was transitioned to a historical low, which affected the demand for the company’s products and led to a decrease in domestic revenue of chlortetracycline and animal vaccines.However, after experiencing the limit resistance policy in the US market, the company realized the growth of chlortetracycline products in the US market by adjusting the product structure in a timely manner and changing the marketing model, coupled with the continuous development of environmental protection and other businesses.Overall performance has continued to grow. The demand for chlortetracycline is expected to pick up. The company welcomes a rise in volume and price. Chlortetracycline is cheap and effective, and it is the most commonly used veterinary antibiotic.Because downstream users have high demand elasticity and low sensitivity to chlortetracycline prices, companies can transfer part of the cost pressure to the downstream through price increases, and slender their own profit margins.Since February 成都桑拿网 this year, the company’s domestic chlortetracycline products have increased by 10%.Considering the change in use and referring to the average head usage in the United States, we estimate that the potential amount of chlortetracycline to be injected in advance will be about 15, and the domestic sales in 2018 will be about 40,000 tons, which has huge potential space.In the future, through the continuous replenishment of large-scale factories, the concentration of breeding will increase, the use of chlortetracycline will gradually open, and the tight supply side will make use of chlortetracycline to continue to increase the price. The layout of animal vaccines for many years is expected to face a situation of turning losses into profits. The company will acquire Hangzhou Youben through mergers and acquisitions, and the American Protec company quickly entered the veterinary vaccine industry, becoming a rising star in the industry.Relying on two vaccine business platforms at home and abroad, and making full use of the international advanced technology development company vaccines, the company has formed a series of technology research and development capabilities and product name resources. The company actively increases research investment and technological innovation in vaccine business, and cooperates with multiple scientific research institutes and large colleges to transform the production process and improve the company’s product quality.With the company’s increasing investment in veterinary vaccine research, the listing of new vaccines in the future will add new business growth points for the company.With the epidemic situation stabilizing and the continuous recovery of downstream fills, the company’s vaccine business tried to bottom out. Earnings forecast and investment advice We slightly adjust the company’s performance and expect to return to net profit for the mother in 19/20/211.83/2.80/3.7.5 billion (previous value was 1.74/2.80/3.7.5 billion), 12.05% / 52.51% / 34.07%, EPS are 0.29/0.44/0.59 yuan.We believe that the demand of the chlortetracycline industry is relatively rigid, the competition pattern is good, and the company’s leader is stable, with pricing power. At the same time, the company actively promotes the development of vaccine and environmental protection business, continuously enhances competitiveness, and achieves steady growth in performance.Based on this, we give 30 times PE for 20 years with a target price of 13.2 yuan, maintain “Buy” rating. Risk warning: the risk of policy changes; the risk of epidemics; the risk of new product expansion being less than expected

Ke Feiping (870447): Nuoxinkang’s sales continued to grow and the company’s net profit in 2018 reached 2.

2.3 billion

Ke Feiping (870447): Nuoxinkang’s sales continued to grow and the company’s net profit in 2018 reached 2.

2.3 billion

The company released its 2018 annual report, and profits 武汉夜生活网 continued to grow: the company’s annual report showed that the company achieved operating income7.

48 ppm, a reduction of 32 per year.

21%, net profit 2.

23 ppm, an increase of 28 in ten years.


The decrease in revenue and the increase in net profit were mainly due to changes in the income settlement model. The sales volume of the product continued to increase in this period: Since 2017, the country has gradually promoted the “two-vote system”, which has led to a decline in the company’s operating income.”Xinkang” income settlement mode, through the use of patents to the producers of cooperative varieties, sales service fees and other means of settlement.

The total sales volume of the company’s main products in the country has continued to increase compared with the same period last year. Among them, the sales of “Nuoxinkang” increased by about 11.05 million pieces compared with the same period last year, and Naomaili granules increased by 6 compared with the same period last year.

490,000 boxes, which promoted the company’s overall profit growth.

(Company Announcement) Nuoxinkang and Naomaili Granules have entered the medical insurance catalogue to help product volume: the company’s existing main cooperative variety “nuoxinkang” (tanshinone IIA sodium sulfonate injection) has an income of 6.

2.7 billion yuan, accounting for 83% of the company’s current operating income.


After years of technology accumulation, in addition to “Nuoxinkang”, the company has formed a complete own intellectual property rights and product registration system, with independent varieties “Naomaili Granules”, and “Yendino”, “Ola”Xitan injection “and many other cooperative varieties.

“Nuoxinkang” and “Naomaili Granules” have entered the “National Medical Insurance Catalog (2017 Edition)”.

Due to the implementation of the new national medical insurance catalog, Nuoxin Kang’s competition in medical institutions below the second level sharply decreased.

(Company announcement) The company’s innovative drugs and high-end generic drugs projects continue to work hard to further enhance competition: the company has focused on R & D and technological research in innovative drugs and high-end generic drugs. The R & D and intellectual property expenditure in the past five years has exceeded US $ 200 millionIndependently declare 4 new drugs of class 1 and 20 high-end imitation products.

As of the end of 2018, the company has 9 innovative drugs under development, of which 6 have obtained clinical approvals, are conducting clinical research, 3 are in the preclinical research stage, and 68 clinical approvals for generic drugs have been obtained.

As of the end of 2018, the company has gradually applied for 162 patents and authorized 48 invention patents (including 1 Japanese patent).

As of the end of 2018, the company has accumulatively obtained 4 major national science and technology special projects, including: major new drug creation companies innovative drug incubation bases, major new drug creation antibiotic research and development, major new drug creation 2014 innovative drug clinical research and 2016 innovative drug clinical research.
In 2018, the company invested about 44.06 million yuan in research and development.

(Company annual report) The company’s overall operating conditions are still good, and the net cash flow from operating activities has improved significantly: The company’s overall gross profit margin has slightly shifted: from 68 in the same period last year.

01% were 66 for this issue.

60%, due to changes in the company’s revenue settlement model, the net profit margin increased significantly.

Net cash flow from operating activities for the period 3.

90,000 yuan, a year-on-year increase of 477% over the net cash flow from operating activities of 67.59 million yuan in the same period last year.

(Company annual report) Investment advice: Due to the impact of the “two-vote system” on the company’s revenue settlement model, is it expected that the company will be in 2019?
Income in 2021 is about 7.

48 billion, 8.

2.3 billion, 9.

0.6 billion, corresponding to a growth rate of about 0%, 10%, 10%.

It is estimated that the company’s net profit for 2019-2021 will be approximately: 2 respectively.

45 billion, 2.

70 billion, 2.

9.7 billion, corresponding to a growth rate of about 10%, 9.

8%, 10%.

The company currently corresponds to a total of 19?
The 21-year PE is 15 respectively.
6X, 14.

2X, 12.

Maintain the company’s buy-A investment rating.

Risk reminder: competition risk, R & D risk, single species dependence risk