Anzheng Fashion (603839): Minutes of the Textile and Apparel 20

20 Strategic Meeting Series

Anzheng Fashion (603839): Minutes of the Textile and Apparel 2020 Strategic Meeting Series

I. Company Introduction 1) The company has five independent brands: Li Zi, Yin Mo, An Zheng, Mosak and Fina Chen.

  From the perspective of target population positioning: Zanzi, Yin Mo, Anzheng, Mosak, and Fina Chen take the core groups of 35-45, 28-35, 30-45, 25-35, and 25-35 respectively.
  From the perspective of brand positioning: Yan Zi, Yin Mo, Mosak and Fina Chen specialize in women’s clothing. Among them, Zi Zi, Yin Mo’s ready-to-wear style is suitable for mature women.”Simplification” targets young women; Anzheng Menswear is aimed at urban elite men who pursue career success, high-quality life and fashion taste.

  2) Acting for luxury brands.

The company established a joint venture with Runxiang (Macau) Co., Ltd. in February 18 to run Jinrun Fashion Co., Ltd., which operates luxury brands Stella McCartney and Stella McCartney Kids in China. It currently has stores in Guangzhou, Shenyang, Qingdao and other places.

In January-September 19

, it opened a direct store and realized a net income of 9.24 million.

  3) Shares in children’s clothing brands.

In 18 years, the company’s shares in China’s top 10 children’s clothing brand Frog Prince, in August 19 acquired the Korean children’s clothing group zero to seven, layout children’s clothing industry, and promote the company’s performance in the future.

  4) Acquisition of e-commerce agency.

The company acquired a 7

0% stake in Lishang Information in October 18 to expand opportunities for e-commerce operations.

Lishang Information is a brand e-commerce service provider that integrates e-commerce and integrated marketing services. It has a deep understanding of e-commerce brands and operations. Its cooperation targets include A2, Bellamy, Hasbro and other mother-in-law.There are more than 20 well-known brands at home and abroad for baby accessories and children’s products.

Through the acquisition of Lishang Information, the company broadened its business space and helped capture more online market share.

  Second, the full text of the question and answer (a), on the company’s sales situation 1.

What is the company’s revenue outlook for the next 2-3 years?

  1) Through the acquisition of new brands such as Frog Prince, Zero to Seven, etc. to achieve consolidation, the company hopes to achieve revenue growth of 10-15

% in the next 2-3 years.

  2.

What plans does the company have for opening stores in the next two years?

  1) As far as next year is concerned, the company will be more cautious in opening stores under the harsh external environment: FY2020’s net opening target is 5-60.

  3.

What are the company’s goals for next year, and in which areas do you start?

  2) The company’s goal next year is to improve store efficiency, starting from the following four aspects.

  3) Cultivate and optimize staff efficiency and strengthen sales staff training.

  4) Optimize the supply chain and increase the proportion of flexible supply chains.

  5) Refined and detailed marketing strategies.

  6) Optimize performance, encourage models, promote amoeba models, and increase sales staff’s sales ratio.

  4.

At present, the developing countries generally think that the clothing industry will be affected by weather factors in 19Q4 and 20Q1, which will cause fluctuations in performance. Is the company prepared for this?

  1) The company is less affected by weather.

Because the company is a multi-category brand, the choice of clothing is relatively wide, so it is less affected by this.

The good sales in October and November 19 also confirmed this view.

  5,

What is the growth rate of the company ‘s main brand retail end in the fourth quarter of this year?

  1) Direct-operated stores: approximately double-digit growth; franchise stores: slightly shifted; online sales: approximately double-digit growth.

  2) Total: growth from high numbers to double digits.

  6.

What are the reasons for the acceleration of the company’s franchise stores?

  1) There are two reasons for the decrease in franchise store revenue: First, due to changes in the external environment and weak sales in the apparel industry, the company actively controlled the speed of delivery to reduce inventory risks, resulting in reduced revenue.

Second, due to changes in the external environment, the initiative to eliminate franchisees with poor colonial management capabilities led to a decrease in revenue.
  2) By controlling the speed of delivery and eliminating joint franchisees, the company intends to increase the proportion of self-operated store revenue in the future and improve the overall retail operation level.
  7
How many franchisees does the company currently have?

What is the average number of stores a franchisee holds?

  1) The company has dropped from a maximum of more than 100 franchisees to 66 currently.

  2) The company has a minimum of 3-5 stores and a maximum of 100 square meters.

There are more than 600 stores in total, so an average franchisee holds nearly 10 stores.

  8.

Does the franchisee of the company only represent the company’s brand?

  1) At present, franchisees with ownership only represent company brands, and two-thirds of franchisees represent multiple brands at the same time.

  2) The company has no restrictions on whether franchisees only represent our own brands. They can also sell clothing of other brands at the same time.

  9.

Under the macroeconomic environment, is the company’s brand sales better among the multiple brands represented by franchisees?

  1) The company’s brand, especially the main brand, Zanzi, is a relatively good internal sales performance in the industry. This is mainly reflected in the replacement of the inventory of franchisees. Zanzi’s revenue growth from January to September of 19 was relatively stable.

  (2) About other aspects of the company10.

What are the respective proportions of the company’s futures pricing and quick fill orders?

How many days does it take to fill a quick order?

  1) The company’s scheduled futures account for about 70%, and quick fill orders account for about 30%.

  2) In the case of sufficient stock of fabrics and auxiliary materials, quick replenishment takes about 7 days.

  11.

Is the production base in Jiangsu and Zhejiang?

  1) The company’s production base is in Haining and its operating headquarters is in Shanghai.

  12

How does the increase in staff costs and raw material costs affect the company?

  1) Due to the company’s product ratio and high bargaining power, the impact of raw material cost fluctuations is not significant.

  2) Due to the high proportion of expense ratios (including R & D expenses), the impact of personnel costs on the company’s revenue is transmitted.

  13

The industry has promoted a series of cost-effective products to cope with the macroeconomic situation. Does the company have the same strategy?

  1) Since 2017, the company has consciously launched cost-effective products, which are characterized by “quality does not rise.”

Specific to the product, the company’s women’s clothing and men’s clothing both contain higher-cost imported fabrics, the content of which is 30% + and 70% +, respectively, but the company still remains relatively stable in pricing, reflecting a cost-effective strategy.

  14.

Does the company have started to move closer to price-performance for the brand matrix?

  1) Since 2017, the company has consciously launched cost-effective products. In terms of brands, Mosak products have low unit prices and good quality, attracting cost-effective consumers.

  15
What is the ratio of each brand of the company?

  1) Stance: 7-7.

5 times; Yin Mo: 8-8.

5 times; Fina Chen: 6 times; Mossack: 5 times; Anzheng Men’s: 6

5 times.

  16.
Does the company consider transforming other industries?

  1) Although the clothing industry is highly attractive, the trend is changing, the consumer demand-side uncertainty and other attributes have caused the industry’s stock market to intensify competition, the drill becomes more and more difficult, but we stillThere are four reasons to choose to stay in this industry.

  2) The stock market share is concentrated in the head, and the incremental market space is considerable.

Stock market: Enterprises entering the internal field of the industry have a certain increase in the entry threshold for the apparel industry due to the advantages of channels, supply chains, and upstream and downstream collaboration, which will accelerate the steady concentration of market share to decline companies.

Incremental market: The absolute growth rate of the apparel retail industry per capita GDP growth rate. If China’s economy grows steadily, there is still considerable room for future incremental markets.
  3) Good cash flow to meet the company’s expansion needs.

By having a good cash flow, the company’s ability to find investment targets can be enhanced to meet the company’s expansion needs.

  4) Stable gross profit margin helps boost shareholder returns.

The company’s main brands from January to September 19 had gross profit margins of 64,94%, and the small brands Yin Mo, Anzheng, Mosak and Fina Chen had gross profit margins of 77.

47%, 76.

64%, 53.

7%, 77.

63%, and at a high level in Dublin, both inside and outside the industry, laying a foundation for the company to improve shareholder returns.

  5) The debt ratio is reduced, and the company’s operating burden is small.

From January to September of 19, the company’s assets and liabilities decreased by 25%, and at the same time, it was at a low level inside and outside the industry.

  17.

What kind of performance does the generation operating company (Li Shang Information) have in terms of performance contribution?

  1) Breakthroughs in the contribution of the generation operation business performance, and rapid revenue growth.

On January 9, 19, e-commerce operations achieved revenue6.

14 billion, accounting for 34 of sales revenue.

4%, the growth rate is as high as 367.

twenty two%.

  18 years old

What are the selection criteria for the company’s investment targets?

  1) The target team needs to be ideal and consistent with the company’s assessment.

  2) Have self-driven ability. After the acquisition, they will not be “hands-out shopkeepers” and continue to strengthen the development of the main business.

  3) Estimate is reasonable.

Find the right investment target by using the market supervision anchor.

  19
Does the company’s current investment mainly focus on certain aspects?

  1) Improve research and development, which is reflected in the introduction of high-tech talents and increase of research and development costs.

As of now, the company has introduced a total of 13 middle-level management personnel with relevant overseas experience and 7 outstanding senior management personnel in the industry. They have optimized and upgraded important positions and departments of each brand division.

  2) On January 9, 2019, the company invested a total of RMB 53.twenty two
million in research and development expenses, which will increase by 8 in the future.

18%, accounting for 2 of clothing sales revenue.

97%.

  In April this year, the company set up a design research and development center in Milan, Italy, and hired Italian designer Diego Lazzaroni to become a high-end line designer.

  20
Has the new chief designer hired by the company already launched the product?

  1) The designer has launched the high-end 2019 F / W high-end series and sold it in the Century Century Store in Chongqing. It has been highly replaced in terms of layout, design and style.

  twenty one
What are the main differences between domestic clothing brands and foreign countries?

  1) Insufficient R & D talent reserves.

Because domestic clothing research started late and has a history of over 100 years abroad, it lags behind foreign countries in the training of talents and the development of technology, leading to foreign fashion trends and design capabilities that have penetrating power to speakforce.

  2) Insufficient design ability of clothing structure.

Clothing structure design or manual patterning is one of the important components of clothing design. It is irreplaceable, and industrial manufacturing cannot completely replace manual patterning.

Although domestically recognized clothing industry capabilities, the lack of technical reserves in manual boarding has caused a gap with foreign countries.

  twenty two

How does the company ensure good cash flow?

  1) Monitor retail terminals to control risks.

Proactively adjust franchisees to improve the efficiency of repayment and help create good operating cash flow.
  2) The first payment and then the goods.

By reaching an agreement with franchisees to pay first and then ship, it will increase the efficiency of repayment and help create a good operating cash flow.

  twenty three.

How does Prince Frog rank in the children’s clothing industry?

  1) The frog prince ranks among the top 10 in the children’s clothing industry. Company introduction 1) The company has five independent brands: Zanzi, Yin Mo, Anzheng, Mosak and Fina Chen.

  From the perspective of target population positioning: Zanzi, Yin Mo, Anzheng, Mosak, and Fina Chen take the core groups of 35-45, 28-35, 30-45, 25-35, and 25-35 respectively.
  From the perspective of brand positioning: Yan Zi, Yin Mo, Mosak and Fina Chen specialize in women’s clothing. Among them, Zi Zi, Yin Mo’s ready-to-wear style is suitable for mature women.”Simplification” targets young women; Anzheng Menswear is aimed at urban elite men who pursue career success, high-quality life and fashion taste.

  2) Acting for luxury brands.

The company established a joint venture with Runxiang (Macau) Co., Ltd. in February 18 to run Jinrun Fashion Co., Ltd., which operates luxury brands Stella McCartney and Stella McCartney Kids in China. It currently has stores in Guangzhou, Shenyang, Qingdao and other places.

In January-September 19, it opened a direct store and realized a net income of 9.24 million.

  3) Shares in children’s clothing brands.

In 18 years, the company’s shares in China’s top 10 children’s clothing brand Frog Prince, in August 19 acquired the Korean children’s clothing group zero to seven, layout children’s clothing industry, and promote the company’s performance in the future.

  4) Acquisition of e-commerce agency.

The company acquired a 70% stake in Lishang Information in October 18 to expand opportunities for e-commerce operations.

Lishang Information is a brand e-commerce service provider that integrates e-commerce and integrated marketing services. It has a deep understanding of e-commerce brands and operations. Its cooperation targets include A2, Bellamy, Hasbro and other mother-in-law.There are more than 20 well-known brands at home and abroad for baby accessories and children’s products.

Through the acquisition of Lishang Information, the company broadened its business space and helped capture more online market share.
  Second, the full text of the question and answer (a), on the company’s sales situation 1.

What is the company’s revenue outlook for the next 2-3 years?
  1) Through the acquisition of new brands such as Frog Prince, Zero to Seven, etc. to achieve consolidation, the company hopes to achieve revenue growth of 10-15% in the next 2-3 years.

  2.

What plans does the company have for opening stores in the next two years?
  1) As far as next year is concerned, the company will be more cautious in opening stores under the harsh external environment: FY2020’s net opening target is 5-60.

  3.

What are the company’s goals for next year, and in which areas do you start?
  2) The company’s goal next year is to improve store efficiency, starting from the following four aspects.

  3) Cultivate and optimize staff efficiency and strengthen sales staff training.

  4) Optimize the supply chain and increase the proportion of flexible supply chains.

  5) Refined and detailed marketing strategies.

  6) Optimize performance, encourage models, promote amoeba models, and increase sales staff’s sales ratio.

  4.
At present, the developing countries generally think that the clothing industry will be affected by weather factors in 19Q4 and 20Q1, which will cause fluctuations in performance. Is the company prepared for this?

  1) The company is less affected by weather.

Because the company is a multi-category brand, the choice of clothing is relatively wide, so it is less affected by this.
The good sales in October and November 19 also confirmed this view.

  5,

What is the growth rate of the company ‘s main brand retail end in the fourth quarter of this year?
  1) Direct-operated stores: approximately double-digit growth; franchise stores: slightly shifted; online sales: approximately double-digit growth.

  2) Total: growth from high numbers to double digits.

  6.

What are the reasons for the acceleration of the company’s franchise stores?

  1) There are two reasons for the decrease in franchise store revenue: First, due to changes in the external environment and weak sales in the apparel industry, the company actively controlled the speed of delivery to reduce inventory risks, resulting in reduced revenue.
Second, due to changes in the external environment, the initiative to eliminate franchisees with poor colonial management capabilities led to a decrease in revenue.

  2) By controlling the speed of delivery and eliminating joint franchisees, the company intends to increase the proportion of self-operated store revenue in the future and improve the overall retail operation level.

  7
How many franchisees does the company currently have?
What is the average number of stores a franchisee holds?
  1) The company has dropped from a maximum of more than 100 franchisees to 66 currently.

  2) The company has a minimum of 3-5 stores and a maximum of 100 square meters.

There are more than 600 stores in total, so an average franchisee holds nearly 10 stores.

  8.

Does the franchisee of the company only represent the company’s brand?
  1) At present, franchisees with ownership only represent company brands, and two-thirds of franchisees represent multiple brands at the same time.

  2) The company has no restrictions on whether franchisees only represent our own brands. They can also sell clothing of other brands at the same time.

  9.

Under the macroeconomic environment, is the company’s brand sales better among the multiple brands represented by franchisees?
  1) The company’s brand, especially the main brand, Zanzi, is a relatively good internal sales performance in the industry. This is mainly reflected in the replacement of the inventory of franchisees. Zanzi’s revenue growth from January to September of 19 was relatively stable.

  (2) About other aspects of the company10.

What are the respective proportions of the company’s futures pricing and quick fill orders?

How many days does it take to fill a quick order?
  1) The company’s scheduled futures account for about 70%, and quick fill orders account for about 30%.

  2) In the case of sufficient stock of fabrics and auxiliary materials, quick replenishment takes about 7 days.

  11.

Is the production base in Jiangsu and Zhejiang?
  1) The company’s production base is in Haining and its operating headquarters is in Shanghai.

  12
How does the increase in staff costs and raw material costs affect the company?

  1) Due to the company’s product ratio and high bargaining power, the impact of raw material cost fluctuations is not significant.

  2) Due to the high proportion of expense ratios (including R & D expenses), the impact of personnel costs on the company’s revenue is transmitted.

  13
The industry has promoted a series of cost-effective products to cope with the macroeconomic situation. Does the company have the same strategy?
  1) Since 2017, the company has consciously launched cost-effective products, which are characterized by “quality does not rise.”

Specific to the product, the company’s women’s clothing and men’s clothing both contain higher-cost imported fabrics, the content of which is 30% + and 70% +, respectively, but the company still remains relatively stable in pricing, reflecting a cost-effective strategy.

  14.

Does the company have started to move closer to price-performance for the brand matrix?
  1) Since 2017, the company has consciously launched cost-effective products. In terms of brands, Mosak products have low unit prices and good quality, attracting cost-effective consumers.

  15
What is the ratio of each brand of the company?
  1) Stance: 7-7.

5 times; Yin Mo: 8-8.

5 times; Fina Chen: 6 times; Mossack: 5 times; Anzheng Men’s: 6

5 times.

  16.

Does the company consider transforming other industries?
  1) Although the clothing industry is highly attractive, the trend is changing, the consumer demand-side uncertainty and other attributes have caused the industry’s stock market to intensify competition, the drill becomes more and more difficult, but we stillThere are four reasons to choose to stay in this industry.
  2) The stock market share is concentrated in the head, and the incremental market space is considerable.
Stock market: Enterprises entering the internal field of the industry have a certain increase in the entry threshold for the apparel industry due to the advantages of channels, supply chains, and upstream and downstream collaboration, which will accelerate the steady concentration of market share to decline companies.

Incremental market: The absolute growth rate of the apparel retail industry per capita GDP growth rate. If China’s economy grows steadily, there is still considerable room for future incremental markets.

  3) Good cash flow to meet the company’s expansion 淡水桑拿网 needs.

By having a good cash flow, the company’s ability to find investment targets can be enhanced to meet the company’s expansion needs.

  4) Stable gross profit margin helps boost shareholder returns.

The company’s main brands from January to September 19 had gross profit margins of 64,94%, and the small brands Yin Mo, Anzheng, Mosak and Fina Chen had gross profit margins of 77.

47%, 76.

64%, 53.

7%, 77.

63%, and at a high level in Dublin, both inside and outside the industry, laying a foundation for the company to improve shareholder returns.

  5) The debt ratio is reduced, and the company’s operating burden is small.

From January to September of 19, the company’s assets and liabilities decreased by 25%, and at the same time, it was at a low level inside and outside the industry.

  17.

What kind of performance does the generation operating company (Li Shang Information) have in terms of performance contribution?

  1) Breakthroughs in the contribution of the generation operation business performance, and rapid revenue growth.

On January 9, 19, e-commerce operations achieved revenue6.

14 billion, accounting for 34 of sales revenue.

4%, the growth rate is as high as 367.

twenty two%.

  18 years old

What are the selection criteria for the company’s investment targets?
  1) The target team needs to be ideal and consistent with the company’s assessment.

  2) Have self-driven ability. After the acquisition, they will not be “hands-out shopkeepers” and continue to strengthen the development of the main business.

  3) Estimate is reasonable.

Find the right investment target by using the market supervision anchor.
  19
Does the company’s current investment mainly focus on certain aspects?

  1) Improve research and development, which is reflected in the introduction of high-tech talents and increase of research and development costs.

As of now, the company has introduced a total of 13 middle-level management personnel with relevant overseas experience and 7 outstanding senior management personnel in the industry. They have optimized and upgraded important positions and departments of each brand division.

  2) On January 9, 2019, the company invested a total of RMB 53.22 million in research and development expenses, which will increase by 8 in the future.

18%, accounting for 2 of clothing sales revenue.

97%.

  In April this year, the company set up a design research and development center in Milan, Italy, and hired Italian designer Diego Lazzaroni to become a high-end line designer.

  20
Has the new chief designer hired by the company already launched the product?
  1) The designer has launched the high-end 2019 F / W high-end series and sold it in the Century Century Store in Chongqing. It has been highly replaced in terms of layout, design and style.

  21
What are the main differences between domestic clothing brands and foreign countries?

  1) Insufficient R & D talent reserves.

Because domestic clothing research started late and has a history of over 100 years abroad, it lags behind foreign countries in the training of talents and the development of technology, leading to foreign fashion trends and design capabilities that have penetrating power to speakforce.

  2) Insufficient design ability of clothing structure.

Clothing structure design or manual patterning is one of the important components of clothing design. It is irreplaceable, and industrial manufacturing cannot completely replace manual patterning.
Although domestically recognized clothing industry capabilities, the lack of technical reserves in manual boarding has caused a gap with foreign countries.

  22
How does the company ensure good cash flow?  1) Monitor retail terminals to control risks.

Proactively adjust franchisees to improve the efficiency of repayment and help create good operating cash flow.

  2) The first payment and then the goods.

By reaching an agreement with franchisees to pay first and then ship, it will increase the efficiency of repayment and help create a good operating cash flow.

  twenty three.

How does Prince Frog rank in the children’s clothing industry?
  1) The frog prince is in the top 10 in the children’s clothing industry

Midea Group (000333) Quarterly Review: Diversified Brand Matrix Promotes Upward Profitability

Midea Group (000333) Quarterly Review: Diversified Brand Matrix Promotes Upward Profitability
Diversified brands and products, with steady growth in revenue and net profit. Maintaining a “Buy” rating On April 29, 2019, the company disclosed its 2019 first quarter report, with total operating income of 755 in Q1 2019.10 billion yuan, +7 per year.42%, net profit attributable to mother 61.29 trillion, ten years +16.60%, net profit after deduction is 60.850,000 yuan, ten years +19.84.We expect the company’s EPS to be 3 in 2019-2021.52, 4.11, 4.65 yuan, maintaining the company’s “Buy” rating. Domestic sales of multiple brands and multiple levels consolidated the advantages, and export advantages expanded to expand the export company’s total operating income in Q1 2019 of 755.00 ppm, ten years +7.42%.We believe that the company’s home appliance products already have Midea, Little Swan, Hualing, Cuckoo, COLMO, Eureka, TOSHIBA (brand authorization) and other domestic and foreign brands. The brand matrix has initially formed, and the influence of mid- to high-end positioning brands has continued to increase, consolidating domestic salesAdvantage.Affected by the exchange rate and cost, the price advantage of home appliance export products has increased, and the company’s export sales have a clear driving force.Industry online data shows that from January to March 2019, the company’s air conditioning restructuring volume was 11.42 million units, +13 per year.5% (domestic sales +13.8%, export +13.2%), the refrigeration capacity of the refrigerator is 2.49 million units, ten years +8.4% (domestic sales +2.2%, export +17.5%), the amount of washing machine speed is 4.39 million units, +6 in ten years.6% (domestic sales +2.5%, export +24.9%). The development of mid- to high-end brands and exogenous factors are lifted, and the company ‘s gross profit margin is rising. We believe that the company is developing to a mid-to-high-end brand. At the same time, the impact of raw material price pressure and asset premium amortization is eliminated, driving the company’s gross profit margin to rise.64%, +2 in the past.43PCT.2019Q1 company selling expenses expense 12.60% a year -1.98PCT, “gross margin-sales expense ratio” is 16.04%, ten years +0.46%.The company’s management and R & D expense ratios remain relatively stable, of which, management expenses2.62%, ten years +0.03PCT, R & D expenses 2.92%, ten years +0.16PCT.Receiving the impact of rising interest income, the company’s financial expenses 成都桑拿网 were -4.8.1 billion. In Q1 2019, the company realized net profit attributable to mother 61.29 trillion, ten years +16.60%. The exchange of shares and the merger of Little Swan progressed steadily. From May 8, the company suspended trading. The company steadily promoted the exchange of shares and merger of Little Swan. After the merger, it promoted the improvement of internal collaboration and reduced costs and efficiency.At present, due to the impact of ex-rights and ex-dividends, the conversion price of Little Swan A shares is from 50.91 yuan / share adjusted to 46.91 yuan / share, the conversion price of Little Swan B shares from 42.07 yuan / share adjusted to 38.07 yuan / share, the share conversion ratio is adjusted to Little Swan A shares 1: 1.11584206, Little Swan B shares 1: 0.90556613. At the same time, the price 天津夜网 of the cash option of the dissident shareholders was also adjusted, and Little Swan’s A shares were changed from 41.85 yuan / share adjusted to 37.85 yuan / share, Little Swan from 32 shares.55 construction / share adjustment to 27.88 burns / share. May 7th is the registration date of claim ownership, and the company plans to request the license from May 8th. Mid- to high-end development or maintaining average price increase leading, optimistic about the company’s future growth. The company’s product brand development is committed to achieving differentiated product coverage. Mid-to-high-end positioning drives the average price to increase, while reducing the cost pressure. We are optimistic that the company’s gross profit level will continue to increase.We expect the company’s EPS to be 3 in 2019-2021.52, 4.11, 4.65 yuan, with reference to comparable companies’ 2019 PE forecast of 14.14x, the company has certain advantages in ROE. At the same time, considering that the company has the composite attributes of robots and white goods leading small appliances, it will be recognized by the company in July 2019.5?19.The price-earnings ratio is 5 times, corresponding to the target price of 61.60?68.64 yuan, maintain “Buy” rating. Risk warning: competition in the home appliance industry is intensifying.Unfavorable price fluctuations of raw materials, etc.

Cobos (603486): Short-term changes in performance, equity incentives highlight development confidence

Cobos (603486): Short-term changes in performance, equity incentives highlight development confidence
Event 1: The company’s revenue in the first half of 2019 was 24.2.7 billion, before -3.80%; net profit attributable to mother 1.3.2 billion, -36 in the past.63%; deduct non-net profit 1.24 ppm per year -39.79%. Event 2: The company intends to grant 6.72 million shares to 298 incentive objects, accounting for approximately 1.2%, the grant price is 13.9 yuan / share. Investment points In the first half of the year, the company’s own products bucked the trend and the performance change caused by the strategic transformation of the foundry business: by category, the 2019 H1 深圳桑拿网 service robot business / clean small home appliance business / other business revenue were 16 respectively.7.6 billion / 6.96 ppm / 0.55 trillion each year -2.60% /-5.98% /-11.94%.Among its own brands, Cobos brand service robot revenues16.3.8 billion, accounting for 67% of revenue.47%, ten years +11.24%, self-owned cleaning small appliances revenue 0.96 trillion, ten years +119.48%.In the OEM / ODM foundry business, due to the company’s strategic contraction of service robot ODM business, service robot ODM revenue is 0.390,000 yuan, at least -84.47%, clean small household appliances OEM / ODM revenue was $ 600 million, which fell by -13 every time.87%.Due to the shrinking ODM business with high profit margins and the increase in market investment of Tianke brand clean small appliances, the company’s net profit has also improved compared with the same period last year. Market concentration has increased, and industry leaders have increased their sales against the trend.Under the background of the Sino-US trade friction and the rapid growth of the domestic consumer market, the retail sales of the domestic sweeping robot market in H1 2019 is -9 higher than before.2%.In the first half of the year, the cleaning robot CR3 reached 71%, one year + 10pct, of which the domestic market share of Cobos was as high as 48%, and one year + 8pct.The product structure of service robots is continuously optimized.According to the data released by Zhongyikang, the report combined the increase of online retail sales in the domestic market with the segmented planning products represented by LDS and VSLAM, increasing to 61%, each time +21.3 points.The preliminary development trend of miniaturization, wireless, lightweight and intelligent cleaning products is expected to continue to expand rapidly in the capacity of small cleaning appliances. During the period, the expense ratio rose slightly, and sales + research and development went hand in hand: the company’s comprehensive gross profit margin for 2019H1 was 37.3%, ten years +0.7 points.The net interest rate is 5.4%, twice -2.8 points, mainly affected by the increase in the expense ratio during the period.The company’s expense ratio during the first half of the year was 29.9%, ten years +4.7 points.The selling expense ratio is 18.1%, ten years +1.9pct, mainly due to the company’s further development of robot brand overseas business, the introduction of overseas local talents and the company to promote the development of Timco brand smart clean small appliances, personnel deployment, staff budget increase; management expense ratio 6.3%, ten years +0.6pct; financial expense ratio is 0.3%, ten years +0.6 points.R & D costs amount to 1.25 billion, previously +38.9%, accounting for 5 in revenue.2%, ten years +1.6pct, mainly because the company further introduces high-level R & D talents. Operating cash flow has improved, and the operating cycle has slightly lengthened: 2019H1 operating cash flow is zero.480,000 yuan, +278 a year.31%.The substantial increase in net cash flow from operating activities was mainly due to the decrease in cash paid for purchasing inventory and receiving labor services in the first half of the year.900 million. The announcement of the equity incentive budget demonstrates long-term development confidence: On August 30, 2019, the company released the 2019 equity incentive plan expenditure.The company-level performance assessment target is to take 2018 as the base, and the self-owned brand household operating income from 2019 to 2022 shall not be less than 10, respectively.0%, 32.0%, 58.4%, 90.1%, compound annual growth rate = 17.4%; and based on 2019, the company’s net profit growth will not be less than 15 in 2020-2022.0%, 32.3% and 52.1%, CAGR = 15%.This incentive plan is conducive to stimulating the business vitality of the enterprise, and at the same time fully demonstrates the company’s firm confidence in future performance. Profit forecast and investment rating: It is estimated that the company’s net profit attributable to the parent in 2019/2020 will be 3 respectively.9/5.200 million, corresponding to 36/27 times the corresponding PE, maintaining the “overweight” level. Risk reminder: market competition leads to a decline in the company’s share, price war products average market competition leads to a decline in the company’s share, the progress of technological breakthroughs and the decline in policy support are expected to fall, the progress of overseas market expansion is less than expected, and the relatively high proportion of overseas business revenue leads to pricing risks

Qingdao Port (601298): Performance exceeded company guidelines and our expectations; dividend yields for 2017 and 20187.9%

Qingdao Port (601298): Performance exceeded company guidelines and our expectations; dividend yields for 2017 and 20187.9%
Performance review 2018 results exceeded expectations Qingdao Port released its 2018 results: increased revenue and growth15.7% to 117.400000000.Net profit attributable to shareholders is increasing by 18 per year.1% to 35.930,000 yuan, fully diluted profits.55 yuan, which is better than the guidance range 32 submitted before the A-share listing.900 million to 34.The US $ 1.2 billion also slightly exceeded our expectations, mainly due to the strong performance of liquid bulk handling, port ancillary services and financial services. The profit of these three business segments increased by 35%, 31% and 23% respectively.The company intends to distribute dividends to all shareholders for 50% of the profit available for distribution in 2017 (subdivided by the A-share IPO) and 40% of the profit available for distribution in 2018.Calculate income from overall budget7.At 9%, we think the dividend yield is attractive.  Development Trend The liquid bulk handling business will continue to benefit from capacity expansion.The second phase of the Dongjiakou oil pipeline, which directly connects Weifang and the refinery, will be in operation by 2019. By providing 成都桑拿网 more cost-effective oil transportation, the company can further increase its market share.Due to the Sino-US trade friction, the container handling business may face uncertainty, but due to the diversification of export destinations, the impact should be limited.The company is also actively promoting domestic trade container business in order to minimize the impact of trade friction and improve port utilization.In 2018, the domestic container handling business increased by 19% each year, while the international container handling business increased by only 1%.  Earnings forecast We have raised our 2019 earnings forecast by 5% to 39.73 ppm and a 2020 profit forecast of 42.92 ppm, corresponding to a 10-year increase of 10.6% and 8.0%.  Estimates and recommendations currently correspond to a sustainable P / E ratio of 7 in 2019 and 2020 respectively.9 times and 7.3 times.We maintain our recommendation level, but we have raised our target price by 12% to 6 in light of the upward revision of earnings forecasts.84 construction, corresponding to 2019 and 2020 price-earnings ratios of 10 times and 9 times, respectively, currently has 26% growth space.Based on our earnings forecasts and a 35% dividend payout ratio, dividend yields may reach 4 in 2019 and 2020.4% and 4.8%.  Risk growth and growth expectations; liquid bulk handling business was less than expected; costs increased or processing fees decreased.

How to choose the right oat product

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How to choose the right oat product

Oatmeal is good nutrition, which has almost become a common sense of the public.

Some people have heard that its vitamin content is very high; some have heard that it contains beta glucan, which can help prevent cardiovascular disease; some have heard that its blood sugar rises slowly and is the best food for people with diabetes;Others have heard that it is not easy to feel obese after eating it, and it is extremely distorting to the weight-loss person and faces various “oatmeal”, “oatmeal”, “oatmeal” products on the shelf, which one would you choose?

After you buy it, how will you eat it?

This is not clear to everyone.

If you don’t make it, you may not be buying oatmeal at all, or you cannot meet all the expectations above.

  Are oatmeal and oatmeal a thing?

  Not a thing at the same time.

Pure oatmeal is rolled from oat grains and is slender, with a diameter about the size of soy beans and a complete shape.

The instant oatmeal treated with instant food is a bit crushed, but still polishes its shape.

Oatmeal is highly viscous, which is the result of beta-glucan healthy ingredients.

Its effects of lowering blood fat, lowering blood sugar, and high satiety are closely related to this sticky substance.

In general, the thicker the oatmeal of the same amount, the better the health effect.

  Oatmeal is made by mixing a variety of cereals, such as wheat, rice, corn, barley, etc. Among them, oatmeal only accounts for a small part, and does not even contain oatmeal at all.

Foreign products like to add dried fruits, nut pieces, legumes, etc., domestic products like to add maltodextrin, sugar, creamer (vegetable cream), flavor, etc.

Below this, adding fruits and nuts and legumes for extra health can greatly supplement the source of fiber; adding sugar and dextrin will reduce nutritional value and increase the rate of blood sugar rise; adding creamer is not good for cardiovascular health becauseContains partially hydrogenated vegetable oils in which the “trans fatty acid” component promotes the development of plasma.

  Am I buying sweet cereal properly or is it not sweet?

  Of course, it is preferred to choose oatmeal or oatmeal without sweetness.

Natural cereals, without a doubt, are sugar-free.

If you make a small bag of 40 grams of oatmeal in a small bowl, it has the right sweetness, which means that it contains 20 grams of sugar. Then, half of the oatmeal you buy is actually white sugar!

Can you expect such products to have high nutritional value?

  So what about sugar-free products?

Still not optimistic.

If it has a sweet taste, then it must be added with some high-efficiency sweeteners such as cyclamate, acesulfame, aspartame and the like.

These things are mainly chemical synthetic products, and children under the age of 2 cannot eat them.

Although aspartame is a peptide substance, its safety is still too much controversy internationally.

The most important thing is that high-efficiency sweeteners only need to be added a little bit, so what should be used to fill it?

It is usually added starch crushed matter, such as maltodextrin.

Dextrins, like sugar, can raise blood sugar quickly and contain almost no other nutrients.

People who need to control blood sugar should not be confused by the word “sugar-free”, but buy pure oatmeal!

  They say that whole grain foods are particularly good, why ca n’t I see whole grain oatmeal?

  Oats and wheat are two different grains.

Wheat is usually ground to “white flour”, which loses a lot of nutrients in the outer layer.

Pure oatmeal itself is whole grain and has not been removed from the outer layer, so it does not need to declare “whole wheat” or not.

Moreover, the nutritional value of pure oatmeal far exceeds that of whole wheat flour.

It is important to note that if the proportion of oatmeal in the product exceeds, the nutritional value of the product is increased.

Containing ingredients rich in rice flour, corn, etc., the nutritional value will be reduced.

  Some oatmeal claims add other nutrients, indicating high calcium, high iron, high protein and the like. Is such a product better than pure oatmeal?

  The nutritional value of oatmeal itself is high enough, it is very good to make staple foods without even adding other nutrients.Adding some nutrients to a business can be a sincere hope to improve the quality of the product, and substitution is a way of publicity that attracts consumers to buy it first.

Some “oatmeal” products themselves contain a small percentage of oats, and even adding other nutrients, such as calcium, protein, etc., is actually no more nutritional value than pure oatmeal.

Do not assume that after adding some nutrients, processed products will definitely outperform natural products.

  Some poorly packed sacks of oatmeal are often rarely asked, and these seem to have no other nutritional ingredients and added ingredients. Is such a product good?

  These products are not really flamboyant marketing, nor do they add any synthetic substances to make them truly natural oatmeal.

Natural oatmeal, protein content is as high as 13% -15%, among which calcium and potassium are very high, β-glucan is very rich, and there are a small amount of unsaturated fatty acids.

These plain and plain products are not attractive, they may not taste so delicious and are more troublesome to cook, but please note that this is the characteristic of pure natural products.

  It’s a pity that many consumers don’t know what is called pure oatmeal. They don’t know that the taste is so light and the taste is so sticky.

They are attracted by the slogan of “natural”, but they only love to add all kinds of sweet and processed products.

Because after years of infiltration of processed foods, many people can no longer adapt to that rough, light natural taste.

The taste itself is unhealthy.

  Many oatmeal products have the “fat cream” ingredient. What can it do?

  Creamer can improve the taste, but it contains partially hydrogenated vegetable oil, which contains a lot of trans fatty acids and saturated fatty acids, which is not good for your health.

The adverse effects of trans fatty acids include increasing LDL indicators while reducing LDL plasma, increasing the risk of diabetes, adversely affecting children’s nervous system development, increasing the risk of infertility, and so on.

  Many oatmeal products are priced without cooking, so are they cooked or washed?

  From a health perspective, it’s better to cook it yourself.

Because boiled oatmeal can provide maximum satiety, blood sugar rises most slowly.

At the same time, there are no added ingredients in these oatmeal to be cooked, such as sugar, creamer, maltodextrin, flavor, etc.

Some instant oatmeal just need a minute or two to heat, they are also a good choice.

  Those ready-to-eat products cater to consumer demand for convenience and deliciousness, and this demand is not necessarily consistent with health value.

For example, most of these products are added with sugar, which not only reduces the nutritional value, but also reduces the advantages of low blood sugar rising speed and high satiety of oatmeal.

There are also many types of convulsions added with creamer (creamer), which discounts the benefits of oatmeal in preventing cardiovascular disease.

Three tricks to teach you to quickly integrate into the Latin dance group

Three tricks to teach you to quickly integrate into the Latin dance group

Is it that he hasn’t acted on Latin for a long time, but because of various confusions?

I believe that someone will have such a contradictory mentality. In fact, it is very simple. As long as you dress appropriately, put your mind in the right direction, and accept yourself, everything is OK. Let ‘s explore it together!

  ■ Costume: Latin dance is also known as Latin-style dance or free social dance. In order to better reflect the beauty of Latin, it is best to choose a navel top that can make people active and slender.Some tight clothing of Lycra fabric, which can keep the surface of the clothes dry when sweating, to increase the dancer’s expressiveness, and also to show the hip movements of the dancer.

Girl’s dance shoes should be about 6 cm high heels, boys’ shoes should be smoother.

  ■ Mentality: Be sure to have an open mind, and beginners should not be timid.

Don’t be discouraged by not making much progress in the short term.

When you first come into contact with Latin dance, you may feel that your body is not so flexible, very mechanical, and stiff, but as long as you are diligent in practice, you will dance naturally and smoothly.

  Form: Many people who do n’t know Latin dance often have this question: “I am fat, can I dance Latin?

“.

In fact, the most important thing for Latin dance is to accept your body shape, make it more beautiful, and become more beautiful, so that you will have a flexible and elastic waist and moving body language.

Gym fitness notes necessary warm-up activities

Gym fitness notes necessary warm-up activities

With the improvement of everyone’s living conditions, more and more people like to go to the gym for exercise.

Indeed, the gym has a lot of fitness equipment for you to choose a targeted exercise.

So what do we need to pay attention to before we enter the gym?

What are the benefits of gym exercise?

What about gym considerations?

Today, I will introduce related fitness knowledge.

  In life, you can see many gyms, so how do we choose?

Let’s take a look at some fitness knowledge before entering the gym.

  Advice 1: The “software” of the gym is higher than the hardware. In addition to checking the hardware of the environment and equipment, it is more important to look at the level of the gym coach.

You know, people are very bored when facing cold exercise equipment, but a fiery and dynamic group course can instantly ignite your fitness enthusiasm.

  In addition, a competent coach is both a mentor and a friend who supports you, and at the same time supervises your chief, which plays a vital role in your fitness process.

  Wrong way to choose to visit the gym with a fancy look.

Just pay attention to the size of the gym, air circulation, cleanliness and comprehensive fitness equipment.

  The right way to choose is to check the outside of the above goals. It is more important to check the coaching information of the fitness club, find your favorite items, and at least once to experience it.

  Advice 2: Choose a fitness card like a fund If you choose the right fitness card, it will help you “value up” like a fund!

Of course, the appreciation of beauty and health.

For those entering the gym for the first time, remember not to rush to get the annual card, it is best to choose a secondary card first.

  The reason is very simple. If you have one year to do one thing, you will unconsciously push the time back. After pushing and pushing, the result is that the card is quietly placed in the corner of the wallet.”Appearance” opportunity.

  Wrong choices. Carefully study the price list of the gym. It is found that the annual card is the most cost-effective compared with the decline. The greedy and cheap mentality is a trick.

  The correct way to choose is “saving is waste”. Price is not the first priority. Choosing the method that suits you is the most important.

  Advice 3: Fitness, the success rate of fat reduction should be higher if you over-test fitness.

  For example, if the body is not flexible, Pilates or yoga training is needed; if the content is small, the equipment should be used to reduce fat.

  The wrong way of choosing didn’t know his own physical condition at all, and blindly chose fitness items based on the first impression.

  The right way to do a comprehensive fitness test with your coach.

Find problems and solve them quickly.

  Advice 4: Take a shot, exercise is not a panacea. Many people come to the gym with the confidence to lose weight and take exercise as their only hope for losing weight.

But the truth is, you will still face the threat of calories in your daily food.

So fitness is not the only thing you need to do. It is also very important to adjust unscientific eating habits.

  The wrong way to choose is that you have already started exercising, and you can relax your vigilance about your diet, which can be consumed through exercise anyway.

  The right way to choose is to maintain scientific and regular eating habits.

It is best to ask a personal tutor to help you develop a diet plan that matches your fitness plan. The effect of healthy weight loss will be better.

  Advice 5: At the beginning of your health, give yourself a peaceful mind. Healthy weight-loss must give yourself a peaceful mind.

Note that this is not your fight in the mall, nor is it the superiority or inferiority of professional competition. All you have to do is relax and exercise as easily as entertainment.

  The wrong choice has a quick-minded mentality for fitness, but it is difficult for the body to reach in actual operation, causing anxiety of “eyes and hands low”, and gradually lose confidence in fitness.

  The right way to remember is not to rush to achieve success, keep the frequency of exercise at 3 every week?
Just 4 times.

In terms of exercise intensity, you should follow the coach’s instructions to find the fitness intensity that is best for you, step by step.

  Advice 6: Step by Step As many people do not see a significant weight loss effect within a short period of exercise, they slowly slack off and even lose confidence in fitness.
In fact, this is not necessary, you must understand that Rome was not built in a day, and your aunt also needs to be removed a little.
  Gym fitness precautions 1, the necessary warm-up activities to know, this is not the time to comb the fragile child, drink a glass of water, this is a necessary process before starting to exercise.

As muscles become more relaxed, they are more likely to overcome being driven and expanded, and doing these exercises will reduce your chances of injury.

  Therefore, it is best to spend 5-10 minutes to let your body move fully and feel a little sweating earlier.

You need to understand that this step is a good start for your fitness exercise.

  2. Extremely Necessary Contraction Exercises There are always things that are easy to do in life, but squeezing after fitness exercises is not that simple.

When you exercise a muscle, it becomes tight and contracted. Contraction exercises help you relax your muscles and prevent muscle soreness the next day.

  It should be noted that the best time to do this is after you have completed the warm-up exercise, and at the same time, last for 20?
For 30 seconds, this will cause muscle relaxation and allow you to get an alternative reduction exercise.

  3. Overweight lifting. When you see that more than 30 candles are inserted on the birthday cake, you ca n’t help but wonder how many years have passed, instead of rushing into the gym and grabbing the dumbbell you saw at first glance.It is not an excuse for you to whim up and make a fitness plan that exceeds your abilities.

  You need to start slowly and increase the amount of exercise step by step. The fitness instructor will warn you that taking your time is the key to exercise.

Because you may not imagine what kind of pain you will feel within 24 to 48 hours after exercise, you need to be careful at the beginning.

  In addition, if you blindly try to lift a weight that exceeds your body load, you may cause muscle strains, sprains, and even injury forwards.

  It seems that choosing a weight of 3 to 6 pounds would be more suitable, usually repeating the action 15?
20 times, if you want to get a replacement muscle, you can also choose a slightly heavier weight but just repeat 8?
12 times is enough.
  Remember, don’t rush to achieve success, you will achieve good results by completing your exercises sparingly.

  Benefits of gym exercise 1, reduce uncle This is the purpose of supplementing people to enter the gym, insist on aerobic exercise for a long enough time, you can easily achieve this goal.

  There are aerobic equipment in the fitness club. You can choose to experience the joy of gradually losing weight on the treadmill, experience the fun of indoor skiing on the elliptical machine, aerobic bicycles so that you do not have to worry about the route you ride, and of course, such as mountain climbingMachine, rowing machine, fitness machine and so on.

  In addition, there are a variety of fitness courses in the gym that will not blind you to exercise equipment, such as bodyjam, bodypump, bodycombat, aerobics, Latin dance, belly dance, hip-hop, yoga, towel exercises, etc.To bring you more rich fitness fun.

  2. The strength equipment in the gym for muscle growth is an excellent weapon for muscle training. You can exercise on the weak parts according to your needs.

  If you don’t know how to use the various fitness equipment, you should consult the coach in the club, because the wrong usage method is often the first injury.

Generally speaking, under the condition that the nutritional supply is reasonable, the muscle will grow rapidly under strong training.

  3, strong physical fitness If you want to improve your strength, then it is recommended that you hire a professional personal trainer.

  With their help, you can complete the seemingly impossible weight over and over again, which will obviously help your physical capacity and make it easier for you to complete your daily work.

  4. Strengthening the bones If you are not satisfied with your bone density, you also need strength training. After 6 months of strength training, you can increase the mineral density in the spine bones of practitioners with insufficient bone density by 13%.Effectively correct the symptoms of osteoporosis.

  5, reduce the risk of diabetes After 4 months of systemic strength training, the body’s replacement ratio to blood glucose can be increased by about 23%, which has an important role in preventing the occurrence of diabetes.

  In the cold season, if you don’t want to do outdoor sports, choosing an indoor gym is also a good choice, but you can’t choose a gym blindly.

The above mentioned the gym precautions and some other fitness common sense, hoping to help you exercise better, and I wish you good health!

Three tips to improve children’s autumn resistance

Three tips to improve children’s autumn resistance

In the cold winter, many mothers worry about how their children sleep.

However, in the opinion of experts, if the baby has reached the age of going to kindergarten, then in any case, it is necessary to find a way to let him sleep with adults, which is conducive to developing his independent living ability.

  Nowadays, day and night are cool, and noon is hot, which is the season when children are prone to respiratory infections.

This is related to the incomplete development of pediatric body temperature regulation central and circulatory system, which can not adjust the changes of internal and external temperature in time.

In addition, after the solar term, children are prone to dry tongue, dry stools, stuffy nose, and a “autumn dryness” performance.

Parents should pay attention to adjusting the daily life of the baby.

  Essentials for autumn baby dressing As the saying goes, “Spring covers autumn and freezing”, that is, don’t wear too much clothes, don’t cover the quilt too thick, so that the baby has a process of adaptation.

Because the temperature changes drastically, give your baby a coat and a small cap when you go out to reduce your chance of getting cold.

After returning home, don’t rush to take off your baby’s jacket, because the autumn climate is often sultry outside and the room is cool. Soon if you take off your baby’s jacket, it will be easy to get cold and induce a cold.

  Try cold water exercise in autumn. When the temperature drops slightly, add thick clothes to the baby, creating a constant temperature environment, without getting cold exercise, it is easy to catch a cold.

Starting a cold hard workout in the fall is the most effective way to increase your sensitivity to the cold.

Start with cold water to wash your hands and wipe your face, children generally can adapt.

Afterwards, use a cold towel to wipe your body. After getting used to it, wash with cold water for about a few minutes, and then wipe it with a dry towel.

During exercise, you must grasp the principles of moderation and gradualness, and stop immediately when your child has chills.

  Autumn diet therapy and anti-dry fitness fitness In the fall, various infectious diseases have increased. In order to enhance children’s immunity, the autumn diet should be based on high-quality protein, and appropriately increase foods with high transfer to increase physical fitness.

Food choices can consider increasing the proportion of fish, chicken, duck, beef, and soy products, and eating more soups and porridges to reduce the adverse effects of dry weather on children.

Fresh seasonal vegetables and fruits should be supplemented.

Bad mood ≠ depression

Bad mood ≠ depression

心情不好≠抑郁症  近两个月来,连续多名媒体人因抑郁症自杀辞世,让世人为之扼腕的同时,亦让抑郁症再次成为大众关注的焦点,但现实中不少人对抑郁The disease is not well understood.
The chief physician of the Department of Psychology and Psychology of the hospital pointed out that 10% -15% of depression patients will commit suicide, and depression is the disease with the highest suicide rate among various mental illnesses.
Depression is not a simple psychological problem, and some depressions do not have obvious depression, but are manifested as physical symptoms.
  Modern people often have emotional distress, and some people wonder whether their depression often develops into depression.
In this regard, the doctor pointed out that feelings of depression, depression, anxiety, insomnia, etc. may be normal emotional reactions or transient symptoms.
But depressive disorders (ie depression), anxiety disorders, insomnia disorders, etc. belong to the category of mental illness.
Compared with normal mood changes, depression and other pathological mood changes are more persistent and more severe, and affect patients’ work, study and life. It is generally difficult to relieve without treatment.
  Doctors say that depression has strict diagnostic criteria. Symptoms need to last at least 2 weeks. Patients are depressed, lose interest or enjoyment for most of the day, and have at least two of the following conditions: significant weight loss or increase; insomnia or drowsinessMental agitation or sluggishness; weakness or lack of energy; feeling of no value or excessive self-blame; diminished ability to think; repeated thoughts of death.
  Depression ≠ psychological problems. Many people have such a misunderstanding that depression is caused by psychological problems, and many people in the workplace believe that depression is a manifestation of weak personality.
In response, doctors said that depression is not a purely psychological problem, but an organic disease with a certain biological basis.
  Studies have found that the hippocampus of patients with depression will shrink, but this atrophy may be slowed or reversed through medication.
Modern medicine tends to think that the personality of a person is related to neurotransmitters in the brain.
Brain neurotransmitters are chemicals responsible for transmitting signals between neurons, and their abnormalities will cause abnormal transmissions in the neuron network of the brain.
  However, psychological stimuli also play a role in the onset of depression.
  有些抑郁症没有抑郁情绪  医生指出,有些抑郁症患者,并没有明显的抑郁情绪,反而是表现出各种各样的躯体症状,例如睡眠障碍、乏力、食欲减退、体重下降、便秘、心慌胸闷、Nausea and vomiting, loss of libido, impotence, etc. This atypical depression is concealed and has a high misdiagnosis rate.
  For this reason, when the patient has physical symptoms and no detailed organic disease is found after detailed examination, he should consider whether it is caused by mental disorders such as depression, and can go to the psychiatric specialty consultation for consultation.
  Antidepressants need to be taken for a long time. Many people are afraid of medications for depression. Many people think that depression can be cured by psychological treatment alone.
  The doctor pointed out that both psychotherapy and drug therapy are commonly used in the clinical treatment of depression, but the help of depression is limited for patients with depression. For mild depression, simple psychotherapy can solve it, but moderate to severeDepression definitely needs medication.
Under the guidance of a professional doctor, the side effects of taking antidepressants are controllable, and patients do not need to worry too much.
  He also reminded patients with depression that they should not use antidepressants without the guidance of a doctor, and they should stop taking them at will. It is recommended that they be prepared for long-term medication or even lifelong use.
The risk of depression recurrence is high, and patients’ non-adherence to medication is one of the main reasons for depression recurrence.
Under normal circumstances, the first treatment of patients, drug treatment should continue for at least one year; relapse, and the interval is more than half a year, you need to adhere to more than two years of drug treatment; more than three relapses, it is recommended to take medicine for life.
.

Teach you a few tricks to make sex no longer hibernate

Teach you a few tricks to make sex no longer “hibernate”

Teach you a few tricks to make sex not “hibernation.”
hzh {display: none; }  性爱是一杯浓郁甘醇的烈酒,让人上瘾,也能消融cold.
But sometimes, people will let sex enter the “hibernation period” because of the weather and other reasons.
In this regard, the British “Men Health” magazine pointed out that as long as the following skills are mastered, sex will not “winter”.
  Hibernate instinct.
Physiologically, it is easy to lose “sexual interest” in winter. This may be related to the hibernation habits inherited by the ancestors, which is related to the accumulation of more energy and the spirit of raising the feet.
  Solution: Change the bedroom lamp to a blue light bulb.
A study in the British Journal of Clinical Endocrinology and Metabolism shows that light therapy can make people more intimate, especially under the influence of blue light.
Blu-ray can make people think that they are in the midsummer, thus adjusting the body’s circadian rhythm.
  Wrong way: drinking alcohol.
The American Journal of Psychology pointed out that alcohol affects the body’s “master clock” (a type of biological clock), which further disrupts various life rhythms and makes people give up some “secondary” needs – a lot of sexPeople seem to be secondary.
  寒冷。The cold will cause the body temperature to drop, the various organs on the body surface will retract, and the sense of touch will be significantly weakened.
For example, if a man is cold, the penis will easily shrink.
American sex therapist Ian?
Kona believes that if the skin temperature can be maintained at around 36 degrees Celsius, it will be more sensitive.
  Solution: The University of Illinois study found that there is nothing better than others’ body to warm themselves up.
Contact between the skin can stimulate female endocrine, just like an aphrodisiac, dramatically increasing androgen levels.
  Wrong way: Take off your clothes or socks too early.
A Dutch scientist found that women’s feet are warm and the chance of reaching a climax can be increased by 30%.
  Weight gain.
The Indiana University study found that people are at least 1 kilogram in weight in winter.
But both men and women, the slight change in weight, will affect sexual desire, especially to make people lose their “adventurous spirit” in sex.
  Solution: Eat smart in winter, full of appetite, and not hurt.
Studies have shown that serotonin in the human body is the lowest in winter and highest in bright sunshine days.
Eating food is good for serotonin secretion.
Serotonin is mainly derived from protein-rich foods, while carbohydrate-rich foods promote their release.
Pure pizza, fish, seafood and other pizzas, together with a bottle of red wine, is the best choice.
Italian studies have shown that women who drink red wine have a higher sexual desire and a better climax.
  Wrong way: Although chocolate can help, it temporarily reduces the body’s testosterone levels.
For some women who are slightly fatter, eating chocolate increases guilt and has no emotional enjoyment.