China National Travel Service (601888) 2018 Annual Report & 2019 First Quarterly Report Review: Focus on the main duty-free industry leader to grow

China National Travel Service (601888) 2018 Annual Report & 2019 First Quarterly Report Review: Focus on the main duty-free industry leader to grow

The main points of the report describe the company’s release of the 2018 annual report and the 2019 first quarter report: (1) In 2018, it achieved operating income of 470.

07 billion (+66.

2%), net profit attributable to mother 30.

9.5 billion (+22.

3%), net profit after deduction to mother 31.

4.4 billion (+27.

8%); Among them, the company achieved operating income of 129 in the fourth quarter alone.

0.6 billion (+71.

2%), net profit attributable to mother 3.

9 billion (-37.

5%), net profit after deduction is 4

5.2 billion (-20.


(2) In the first quarter of 2019, the company achieved operating income 无锡夜网 of 136.

9.2 billion (+54.

7%), net profit attributable to mother 23.

0.6 billion (+98.

8%), net profit after deduction is 15

8.9 billion (+37.

4%) Incident Review 2018 Annual Report, the company ‘s tax-exempt business has significantly improved its gross profit margin due to scale effects and the integration of wholesale business.

1. Operating income of 332 was exempted in 2018.

2.7 billion (+123.

6%), with a gross profit margin of 53.

09% (+7.

36 points); Revenue from taxable business 11.

08 thousand yuan (+45.

9%), with a gross profit margin of 26.

91% (+4.


Among them, (1) Haitang Bay achieved revenue of 80.

100,000 yuan (+31.

7%) and net profit of 11.

0.6 billion (+21.

4%), receiving 5.97 million customers (+8.

3%) and 1.7 million shoppers (+29.

8%), shopping penetration rate 杭州夜生活网 of 28.

5% (+4.

70pct), the unit price of 4712 yuan (+1.5%).

(2) China has achieved revenue of 67.

3.5 billion, net profit attributable to mother1.

7.6 billion.

Capital Airport Duty Free Shop (T2 + T3) achieved revenue of 73 in 2018.

8.9 billion, of which T2 achieved revenue 6.

5.4 billion.

(3) Shanghai, Shanghai and Shanghai began consolidation in March 2018, achieving consolidated revenue of 104.

5.1 billion, net profit attributable to mother4.

6.7 billion.

(4) Revenue from other tax-exempt businesses 80.

3.1 billion (+79.

8%), with tax business 11.

08 thousand yuan (+45.

9%), other tax-free + taxable businesses collectively return to the net profit of the mother13.

3 billion (-3.


2. Tourism service revenue 122.

90,000 yuan (+0.


In 2019Q1, the combined time of Shanghai, Shanghai and Shanghai increased by 2 months, and the departure from the travel agency in February 19 brought investment income, driving growth in performance.

Benefiting from the higher proportion of tax-free business income with higher gross profit margin, the overall gross profit margin increased by 9.

98pct reached 49.

At 45%, the increase in airport tax-free rental fees led to an increase in the sales expense ratio by 9.

89pct reached 27.

84%, the overall profitability is super stable.

Against the backdrop of overseas consumption return, the duty-free industry leader, high growth is expected to continue.

(1) In the short term: 51% equity of Haiwai will be injected into listed companies; Meilan Airport, a subsidiary of Haiwai, and Haikou and Boao City stores will contribute performance; (2) In the medium term: procurement business integration and scale effectsThe gross margin increase will be even more significant.

(3) In the long run: the company’s international expansion and new opening of stores in the city will increase its performance, and achieve the goal of “ guaranteeing three competitions in one ” in 2020.

The EPS for 2019-2020 is expected to be 2 respectively.

54 and 3.

32 yuan, corresponding to PE and 30 and 23 times, maintain “Buy” rating.

Risk Warning: 1.

The implementation of Hainan’s tax exemption policy was less than expected; 2.

International expansion, participation in global competition, and challenges.

Zijin Mining (601899): 1Q19 results have been extended year by year and costs have increased

Zijin Mining (601899): 1Q19 results have been extended year by year and costs have increased
First-quarter 2019 results are lower than expected Zijin Mining Corporation’s first-quarter 2019 results: operating income of 29 billion US dollars, an increase of 27% year-on-year; net profit attributable to the parent company8.70,000 yuan, down 19% previously, corresponding to a profit of 0.The RMB 04 was lower than our expectation, mainly due to the sharp decline in commodity prices, and the cost and period 北京桑拿洗浴保健 expenses exceeded expectations. Comments: 1) Long-term substantial growth in production and sales.In the first quarter of 19 years, the company’s mineral gold ten years + 27% to 9.7 tons of mineral copper + 42% to 8.4 cobalt, mineral zinc + 26% to 9.4 Preliminary, basically in line with the initial guidelines.2) Commodity prices have diverged.In the first quarter of 19, the company’s gold price was the highest +273 yuan / gram, mineral copper price was -8%, and mineral zinc price was -21%.3) Overall costs have increased.The cost of gold sales fell by 4% to 172 yuan / gram, but mineral copper / zinc rose by 5% / 20%, and the overall gross profit rate of mineral products fell by 4.3ppt to 46.9%.4) Sales expenses increase by 33% / 75 million yuan each year, and management expenses increase by 44% / 2.70,000 yuan, mainly due to the scope of the merger of the newly merged enterprises. Development trend The rights issue is expected to improve the capital structure.The company plans to raise USD 8 billion through public offering. The plan has been reviewed by the CSRC. After completion, the company’s asset-liability ratio will replace 55% from 58% at the end of 2018, saving financial costs?3.500 million. The projects under construction are advancing steadily, and long-term output growth can be expected.Kamoa Copper Mine is scheduled to start production in 2021, with an annual ore processing capacity of 600 tons and a copper capacity of 30-40 per second per year.Timok’s construction period is three years and is expected to be completed by the end of 2021.Boer Copper plans to expand to 8 inserts in 3 years and 12 inserts in 6 years. The profit forecast takes into account that the 1Q cost and cost growth exceeded expectations, and lowered the EPS for 2019/2020 to 15% / 12% to 0, respectively.18/0.21 yuan. Estimates and recommendations The current 2020e P / E of Zijin Mining A / H shares is 16x / 13x respectively.We maintain Zijin Mining’s recommended ratings for A shares and H shares, but in light of the adjustment of earnings forecasts, we lower our target price for A shares by 15% to 4.1 yuan, 重庆耍耍网 corresponding to 20x 2020e P / E, the previous annual expenditure is still 24% growth space; H shares are reduced by 10% to 3.8 Hong Kong dollars, corresponding to 15 times 2020e P / E, still has 21% growth space compared with the current one. The prices of risky commodities fell sharply, and the project progress was less than expected.

How does TCM treat indigestion and diarrhea?

How does TCM treat indigestion and diarrhea?

How does Chinese medicine recognize indigestion and diarrhea?

  Indigestion and diarrhea are mostly attributed to complications such as “stomach”, “abdominal pain”, “vomiting” and “diarrhea” in Chinese medicine.

“Stomach palpation” refers to a conscious symptom of swollen stomach fullness and discomfort. It is generally invisible, soft and painless when pressed.

“Abdominal pain” refers to the part where pain occurs mainly below the epigastric region and above the pubic pubic hair.

“Vomiting” refers to a situation in which the stomach loses and falls, the qi is reversed, and the contents of the stomach are vomited from the mouth.

The “diarrhea” is characterized by an increase in the number of defecations, thin or unrefined feces, and even diarrhea.

Regarding the above, as early as 2000, the previous medical classic “Huang Di Nei Jing” has recorded such as: “Dirty cold is full of sickness”, “Dampness wins and then empties.”

There are also dialectical treatments of related diseases in Zhang Zhongjing’s “Treatment of Febrile Diseases” and “A Brief Introduction to the Lack of Gold” in the Han Dynasty.

After the Han Dynasty, there were many ingenious mergers among medical doctors, and many effective treatments and prescriptions were proposed.

  What are the causes of these diseases?

  Chinese medicine believes that the main causes of these consequences are the following: 1. Feeling of external evils, such as summer, wet, cold, and hot outside the abnormal climate.

2. Injuries caused by diet, such as overeating, over-eating and sweetness, inappropriate temperature and coolness, and unclean diet.

3, emotional disorders, such as upset, depression, anxiety, and nervousness.

4, viscera is weak, more common in weak spleen and stomach or spleen and kidney yang deficiency.

Mostly due to long-term diet insufficiency, relief of satiety, or internal injuries caused by fatigue, or chronic illness, or insufficient body, or old and weak.

  How to treat these diseases?

  Traditional Chinese medicine treats diseases according to the different symptoms of patients, that is, differentiating according to the symptoms.

Definitely the stomach suffocation is full and uncomfortable, or abdominal pain, vomiting, diarrhea. If both fever, chills, and head and body pain are seen, they are mostly caused by external evils.Substitute Huoxiangzhengqi soft capsule; if you also have rotten sour odor, do not think about diet, or feel comfortable after vomiting and diarrhea, thick tongue coating, most of which are dietary stagnation, you can use Baohe pill;Have chest fullness, irritability, frequent belching, reduced diet, every symptom aggravated by mood swings or mental stress, pulse strings, etc., mostly belong to liver stagnation and qi stagnation, should be Shuganjieyu qi, Shugan pills can be usedIf you have both chest tightness, heavy head and body, sticky mouth, do n’t think about diet, much sputum, and greasy tongue, etc., it is mostly phlegm dampness and internal resistance. Using dehumidification and phlegm removal methods, Huoxiangzhengqi soft capsule is very suitable;Light and heavy when there is illness, loss of appetite, lack of complexion or paleness, fatigue, weak mouth, thirst, weak pulse, etc., most of which belong to the weak spleen and stomach, the method of strengthening the spleen and strengthening qi, can use ginseng spleen pills, tonicYiqi Pill, etc .; if you have both abdominal cold pain, please feel warm and happy, press your limbs are not warm, eat少Fatigue, see Yaoxisuanruan or lower extremity edema, and other weak pulse, spleen and kidney are mostly available Fuzilizhong pellets, etc. by Jinguishenqi.

  What type of indigestion and diarrhea does Ginseng Jianpi Pill specifically tolerate?

  Usually, the symptoms of patients are intricate and complicated. The syndrome types mentioned above are often two symptoms, and the three symptoms are seen at the same time, such as exogenous food and spleen deficiency and Qi stagnation.

The ginseng Jianpi pills produced by Darentang have the functions of strengthening the spleen and strengthening qi, regulating qi and stomach, and reducing diarrhea. It is suitable for the treatment of elderly people, or those with weak constitution or insidious dysfunction due to spleen deficiency and qi stagnation.
Patients can show symptoms such as abdominal dissatisfaction, irritability, noisy diet, weak fatigue, and abdominal pain.

Its administration is 1 to 2 pills twice a day, which can be taken continuously for 1 to 2 weeks or even up to.

  What should you pay attention to in order to prevent indigestion and diarrhea?

  In general, you should increase or decrease your clothes in accordance with climate change. You should live in a suitable place to keep warm and cold to avoid the invasion of external evils such as wind, cold, heat, and wetness; develop good eating habits, eat regularly three meals a day, do not overeating, and do not drink raw water, Eat light, avoid cold, spicy, dry products, avoid strong alcohol and excessive drinking.

Stay comfortable and avoid mental stimulation.

Pay attention to physical exercise and enhance the body’s immunity.

This will prevent indigestion and diarrhea.

  Pediatric indigestion Hawthorn diet can help From the perspective of traditional Chinese medicine, whether the onset of children is closely related to this spleen and stomach function.

In the autumn and winter season, you can cook some hawthorn, malt, corn germ, lentils, yam, duck kidney and other spleen and stomach soup or porridge water, or find a Chinese medicine doctor and ask for the cut. Add the peel according to the child’s cold or hot, northern scattering, Codonopsis, or Ophiopogon, barley and other soups or porridge to enhance children’s spleen and stomach function, improve immunity and prevent diarrhea.

Here are some examples of how to eat: yam lotus seed porridge hawthorn (about 50 grams) and lotus seed (20?
30g) Boil the porridge for the baby. The lotus seeds and porridge must be cooked badly and eat together.

For children under 1 year old, yam and lotus seeds should be ground as much as possible.

Dried can be ground into powder, then use rice soup to make a paste instead.

This porridge can warm the stomach and strengthen the spleen, and is most suitable for children with spleen-yang deficiency.

  Hawthorn porridge Hawthorn (about 20 grams), rice (30 grams) total porridge, three or two slices of thin ginger can be added during cooking.

Add a little sugar after the porridge is ready.

  Barley Carrot Soup (Porridge) Barley Rice (30g), carrots (half) and yam (20g) boiled water, or boiled with porridge, drink water or porridge.
  It is best to consult a doctor about the above recommended food usage, and depending on the child’s spleen and stomach condition, eat two or three times a day, even with 3?
  Once children suffer from diarrhea, parents should pay more attention to their diet.

For example, breast-fed babies can continue to breastfeed, but stop feeding.

Children with artificial feeding should be given a light liquid or semi-fluid diet, such as rice soup, porridge, etc., milk must be replaced, or fermented milk, diarrhea special milk powder, if necessary, must temporarily suspend feeding.

Children with severe vomiting symptoms can temporarily fast? 4
6 hours, continue to feed after improvement, the amount should be from small to large, the food should also be thin to thick.

  In addition, parents need to learn to observe whether the child has other symptoms, such as whether the skin is significantly dry, poor elasticity, whether the cardia is sunken, whether the eye socket is sunken and crying is low, whether the hands and feet are cold, and there is less or no urineSymptoms, and weakness in the head, neck, hands, and feet.

If the above-mentioned symptoms appear, you should go to the hospital for fluid replacement in time.

Oral rehydration can be given in mild cases, and children are encouraged to drink salted rice soup or porridge water, light sugar flour, etc.

Pueraria, Poria, Indica rice, etc. can also be used to boil water for children.

For children who have had diarrhea but still have a poor appetite, you can use the malt malt water, hawthorn water, etc. for conditioning.

If you do n’t drink porridge in Laba season, you may eat bowl of Laba noodles

If you do n’t drink porridge in Laba season, you may eat bowl of Laba noodles

The traditional custom of Laba Festival is to eat Laba porridge and pickled Laba garlic, but there is a unique traditional cuisine in Hanzhong area of Shaanxi, that is, homemade Laba noodles!

Every year on the morning of the eighth day of the lunar calendar, every family eats bowls of ramen.

The lasagna pulled out by flour and delicious dumplings made with various delicious ingredients can add a different flavor to the Laba Festival!

Ingredients for homemade Laba noodles: 250 grams of flour, 100 grams of pork, 1 egg, 4 dried tofu, 1 carrot, 1 turnip, 5 dried mushrooms, black fungus only, 1 small day lily, 1 small soybeanMake lasagne with cooking oil, salt, raw soy sauce, chili sauce, and water: 1. Add salt to the flour. Stir in the eggs, add water, and carefully chop the flour with chopsticks. Stir until the flour is snowy.Flakes; 2. Knead and knead the dough. At this time, it does not matter that the dough is rough. Cover the basin, simmer for 15 minutes, and knead the dough again. Repeat this 2 or 3 times, and knead the dough 3 times. 3, roll the dough into 0.

5 cm thick dough, sprinkle enough flour, cut into 10 cm wide, stacked together and cut into diamond-shaped pieces, hold the diamond-shaped pieces with each other, slowly grow long, thin thin to become a wide dough.

The practice of zongzi: 1, all dried goods (5 dried shiitake mushrooms, 1/4 dried compressed black fungus, 1 handful of dried day lily, 1/2 cup of soybeans) soaked in warm water in advance, all zongzi materials (pork 100g, tofu)Dried 4 pieces, 1 carrot, 1 white radish) and cut into diced; 2. Heat the pan, add fat, add a tablespoon of chili sauce, stir-fry and add the diced meat. After the diced meat changes color, put it in soakThen add the soybeans, crushed agaric, crushed daylily, diced mushrooms, dried tofu, add soy sauce, add water, stir all the ingredients evenly, fry until the juice is collected, and serve for later use.1. Add water to the pot, add a tablespoon of chilli sauce, add diced carrots and diced turnips; 2. Pour the noodles into the noodles after the water is boiling. After the water is boiled again, continue cooking for 3 minutes.Edible.

Choosing pasta during the Laba season helps to replenish energy and resist fatigue. When Laba comes, most of the country will eat Laba noodles, but in some parts of northern Shaanxi, eating Laba noodles is a traditional custom.

Laba porridge and Laba noodles have one feature in common: they are rich in ingredients, balanced and rich in nutrition.

Laba porridge contains various cereals such as Jiangmi, glutinous rice, previous rice, etc., and various beans such as soybeans, red beans, black beans, etc., plus various nuts such as peanuts, sunflower seeds, almonds, etc.High-quality protein, high-quality fatty acids and supplemental fiber, minerals, vitamins and other nutrients.

Laba noodles are also flour-based noodles, plus beans, bacteria, algae, meat, vegetables and other ingredients. They are also based on a small amount, taking into account protein, high-quality fatty acids, vitamins and fiber supplements, which can be said to be nutritionally balanced., It is worth promoting healthy food to eat at any time.

In the winter, many people who lose weight will feel that it is easy to gain weight by eating too much rice, but the result of dieting is that they are very tired. Insufficient energy replacement is an important cause of fatigue. Pay attention to ingesting enough glucose in winter to maintain health.It is very important, but it should be noted that for some people, special attention should be paid to the use of other ingredients when eating residues. For example, diabetic and obese patients must pay attention to eating vegetables and meat first, and then replace plasma and blood sugar content.Excessive increase in guaranteed healthy enjoyment of food.

No target, love delays mission, weighs 7 factors, kills fighting spirit

No target, love delays mission, weighs 7 factors, kills fighting spirit

Core tip: long hours of work, no one can avoid burnout.

Ashley Nixon, a psychologist at the University of Southern California in the United States, has summarized the 7 factors that most affect the enthusiasm of work, to help you prevent problems.

  Task conflict.

Many people have encountered such a situation, one boss just explained you to do one thing, another leader needs you to do other work.

This situation is almost embarrassing, and more times, you will feel that there is no skill in avatars, and you don’t want to do anything.

  The task is unclear.

If you don’t know what your work is about and what you want to achieve, it often leads to a loss of heart, depression, and even weakness in your body.

  The task is delayed.

No matter for some reason, if you can’t always complete the task on time and fail to reach the intended goal, it is easy for a person to lose confidence, the robe doubts his ability, and the enthusiasm for work will be greatly reduced.

  Interpersonal conflict.

Interpersonal contradictions include all dimensions of work, such as the boss is too harsh, colleagues are bullying, isolated, etc. Studies have found that long-term exposure to such an environment can lead to sleep disorders and loss of motivation.

  Heavy workload.

The intensity of work is too heavy, the task is too heavy, the body is overloaded for a long time, and it may even lead to fatigue and exhaustion. This kind of “excessive stimulation” will soon become tired of work.

  Time overdraft.

Many people in the workplace suspect that “overtime is the devil”. Indeed, if you use time to fight for efficiency, precious breaks are seized again and again, and you lose your life balance, most people will have resistance.

  Nominal control.

If a job is unorganized, you don’t know how to start, and you don’t know how well it is completed. Your interest in it will gradually fade away.

Three ways to eat orange are good for health

Three ways to eat orange are good for health

Orange contains the components of common fruits, and the orange peel polysaccharide in the skin can reduce capillary brittleness and prevent small blood vessels from bleeding.

Consumption according to the following methods, can also treat fever and wounds and see dry mouth, pain in the ribs due to poor liver qi, breast milk, cough and sputum, etc .: 1.

Orange juice and wine: Take 2 fresh oranges, slice them with skin, squeeze out the juice, and align the rice wine with the juice.

Can cure women’s milk knots, breast swelling and pain.


Rock sugar stewed orange: 20-30 grams of orange peel, add the right amount of rock sugar, stew with water.

It can cure those who cough and phlegm after having a cold, fever, and sputum.


Fresh orange flesh: Fresh orange peeled and flesh can cure fever and injury, fever and sweat, dry mouth, yellow urine and less.

Why does the skin aging before it ages?


Why does the skin aging before it ages?

A series of aging phenomena appearing in the body due to the age factor are internal problems of the body and cannot be completely changed by yourself.

But the external causes that accelerate skin aging should not be ignored.
Some MMs are often confused: Why am I young but my skin is aging earlier?
.hzh {display: none; }  原因有几点:  丰富的面部表情  据专家介绍,面部的皮肤是由面部肌肉所支撑的。If the facial expression is too complicated and changes too much, the facial expression muscles will continuously contract and expand, causing the skin to move together.
When the skin’s elasticity and tension are not good, it creates the best conditions for the formation of wrinkles.
  Countermeasure: Of course, people can’t laugh or worry, the key is to gently massage the nose, lips, cheeks with hands to make the smile calm.
  Lack of long-term sleep: Beauty experts emphasize that lack of sleep can reduce skin conditioning, wrinkles and accelerate aging.
  Countermeasures: After 11:00 pm, it is the best time for skin repair.
If you miss it, you should get enough sleep time, and preferably high quality sleep.
Don’t overlook that sleep is the best beauty recipe.
  Lose weight quickly or lack of exercise The rapid weight loss can cause skin sagging; without exercise, the skin’s metabolism is slow and the skin is inactive.
  Countermeasure: Reasonably control the weight without changing too much; aerobic exercise can accelerate the skin’s breathing and improve the aging phenomenon.
  Sudden changes in the environment or bad environment Beauty experts said that sudden changes in the environment, such as sudden changes in temperature, hot or cold, or long-term exposure of the skin to the sun and cold wind, the skin is difficult to adapt, it will become rough and wrinkles.
  Countermeasures: In the winter and summer seasons, there is a large difference between indoor and outdoor temperature. You can gently cover your face with your hands for a few minutes to give the skin time to adapt to the cold (or hot), and then go out.
Don’t underestimate this simple action, pay attention to it, you are caring for your skin.

How to maintain skincare for women over 25

How to maintain skincare for women over 25

Everyone thinks that most women think that 25-year-old is still young. In fact, this is just a superficial phenomenon.

In fact, the growth period of the skin usually ends at about 25 years old. After that, growth and aging must be carried out at the same time, so 25 years old is the watershed between young skin and aging skin.

  1, hydrating.

Choosing the formula of trace minerals will help the skin to recover itself. It can make the skin absorb oxygen instead and store sufficient energy in the cells.

Cell protection formula containing ginkgo, ginseng, natural soybean extract, witch hazel and other plant extracts can speed up blood circulation, and the cell protection formula can prevent premature wrinkles.

  2. Sun protection.

UVA in the sun is one of the two main causes of skin aging.

Daily application of sunscreen (sun protection factor of 15 or more) can reduce the degree of skin photoaging.

  3. Regularly use a mask with various effects to clean, provide nutrition, moisture, and even water-oil balance, so that the slack and dull skin becomes moisturized and moisturized, and the elasticity of the skin is restored.

  4. Firming.

Look for “tightening” skin care products. Preset with each application, and push from the bottom up to prevent sagging skin.

  5. Avoid large pores.

If you are born with large pores, you can often do a facial cleansing treatment to keep the pores clean, prevent bacterial infections, and avoid larger pores.

  6. Use a refreshing eye cream.

Eye cream is a nutritional product, nutritious granules, and relatively heavy in size. At the age of thirty, you don’t need too much nutrition. You only need to ensure that the moisture increases, you can choose a light eyelid-shaped eye cream.

  7, eat vitamins every day.

Vitamin C helps to dilute and break down the melanin that has formed. It also inhibits the growth of new melanin and accelerates the elimination of melanin from the epidermis or blood.

  8. Participate in aerobic exercise.

Proper exercise such as jogging and swimming can speed up the skin’s blood circulation and help cells to inhale oxygen, 3 times a week?
5 times, each time 20?
30 minutes of aerobic exercise will make your skin rosy.

  9, to ensure adequate sleep.

When you fall asleep, the skin’s metabolic work really begins, with constant metabolism and self-regulation.

  10. Stay away from tobacco and alcohol.

The age of wrinkles on the skin of smokers is more than ten years earlier than that of non-smokers. The main reason is that nicotine shrinks the blood vessels of the skin. Drinking alcohol will reduce the amount of oil in the skin, accelerate water loss, and indirectly affect the normal function of the skin.

  So, pay attention to the 25 + mm, your anti-aging project should start.