Pony Fairy is an imported product, don’t hit the country’s famous sign

“Pony Fairy” is an imported product, don’t hit the country’s famous sign
Recently, an original domestic animation “Pony Fairy” was quietly launched.Listening to this name, it is easy to think of another animation “My Little Pony”, look at the promo again, and it is more like it at the same time.This can’t help but recall the domestic animated movie “Automotive” that plagiarized “Motor Racing” (aka “Automotive”) in 2015, but has been judged to be plagiarized by a domestic court.”My Little Pony” and “My Little Pony”.The attitude of seeking truth from facts, the author read the first episode.As the first episode of the opening chapter of the whole series, the plot itself is very problematic and lacks a corresponding world view and character introduction.As a work for children, these introductions are very necessary.Whether it’s “Pony Pony” or the domestic “Bear Infested”, at least the basic skills are very good.This kind of animation requires sunshine in the plot, actively and positively, and conveys positive energy to the children. As a result, the first episode of “Pony Fairy” is a little black horse bribing the teacher with cupcakes.The same problem is the picture of this film.The whole film adopts resolution 3D modeling. Although the style and human design have always been leaning on cuteness, the roughness of the quality is visible to the naked eye, accompanied by a rougher soundtrack. Stiffness and embarrassment can only be realized through the screen.The author also checked the story behind this film, and found that it is difficult to call it a domestic original.In 2012, “Pony Maffey” was created by a Danish company, and its animation production was outsourced to a Chinese company. Later, it went around and expanded by another Chinese company. Then came the “Pony Maffei” we saw today.Li.The news at the time described this work in the auction as “the famous animated TV IP based on the internationally best-selling toy and lifestyle brand Filly.”This is also the most confusing part of the film. In fact, the whole film is barely original from beginning to end. As a result, this IP is owned by a Danish company, but it is still under the banner of “National Original” on social media.Propaganda, is such “domestic animation” really what we want?Stills of “My Little Pony”.The other animation “Pony Pony” mentioned earlier was broadcast in 2010, and the history is not very long (but the “Pony Pony” toy has appeared in 1983).Its popularity in China is very high, and it has been loved by audiences of all ages after its launch.The original works of the “Little Pony” series are also dating early. CCTV Children’s Channel, BTV Children’s Channel, iQiyi, Tencent, Station B and other mainstream TV stations and webcast platforms have been introduced, which greatly promoted the “Pony Poli” series of animations andThe development of toys in China.Although the popularity is nowhere near as popular as the domestically produced original imitation animations such as “Bear Infested”, there is some popularity.”Pony Fairy” promoted everywhere under the banner of domestic original animation. For the domestic animation that has just established a reputation, the damage is difficult to estimate.In the past 2019, domestic animations have not only excellent young works like “The Bear Comes Out”, but also excellent commercial animations like “White Snake: The Origin” and “The Necromancer’s Destiny”, both word of mouth and commercial incomeCome to a new high.It is conceivable that this “Little Ma Feili” by Dongfeng of “domestic original animation”, at least in commercial performance will not be too bad.For many Chinese parents, it is a pony anyway. Is it so important whether it is an American horse or a Chinese horse?What’s more, they are still under the banner of domestic original animation. For many parents and children who may not have contacted “Pony Pony” before, they may really think that “Pony Pony” is Chinese.Howe’s works.”Racing Story” and “Autobot Story”.Therefore, the author very much hopes to see that “Ma Feili” has failed both in word of mouth and in business. Only in this way can the behavior of internal animation practitioners attempting to opportunistically and circumvent money be completely cut off.If “Pony Maffey” can achieve some commercial results, then the result is that there will be a large number of similar companies popping up like mushrooms, using similar methods to mass-produce reduced industrial waste to confuse viewers and consumers.This kind of story has been experienced by Chinese animation once. In response to the call of the country to vigorously develop the animation industry, some animation companies have caused serious harm to the entire Chinese animation industry in order to make up for the production of crude and low-level animation.Today, many young people mention domestic animations. They are young, naive, and the plot is clumsy. Rough making is still an inevitable label. The bad results of bad money driving out good money are difficult to recover in a short time.The development of the industry not only requires the investment of capital and the persistence of practitioners, the most basic industry self-discipline is equally important.□ Yuan Lei (Anime critic) Wu Longzhen, editor of Sauna Night Net, proofread by Zhai Yongjun

[Baby low sugar small cakes]_ common practice of baby low sugar small cakes _ baby low sugar small cakes Daquan _ how to make baby low sugar small cakes

[Baby low sugar small cakes]_ common practice of baby low sugar small cakes _ baby low sugar small cakes Daquan _ how to make baby low sugar small cakes

Many office workers will choose to go outside for three meals a day. After all, they are tired from work and it is not easy to insist on cooking. In fact, the practice of babies with low sugar cakes is simple, and this way is rich in nutrients.Overcome a little bit, you can eat delicious food, and at the same time make you live healthier.

1. First prepare all the ingredients, press the bananas into a mud, and then use the eggbeater to beat the thin spots. 2. Beat the eggs into the mix, and then introduce the sugar, oil, and milk into the eggbeater. 3, sieveAdd in low-gluten flour and baking powder, and gently stir evenly, and gently stir it up and down like a Qifeng cake. Do not stir 4. After mixing, pour into the egg tart tray. It is full. These are exactly 5.

The oven 150 is preheated for ten minutes, and then turned around 16015 minutes. Depending on the coloring, eating and drinking are good. We can realize the beauty of life. Although the practice of baby low sugar cakes is very simple, many people do n’t like it.Absolutely.

[How long lasting steamed eggplant potatoes]_How long_How long will it take

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[Does the barley hurt the spleen?]

銆 愯 怏 绫 Full of excitement and fear of 銆 銆 抱 鍧 忓 _ 鍗 卞 
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[Can bitter gourd pickle pickles-]_ 可 可以 可以 _ 可以 可以

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[How much steamed rice is suitable for water]_Rice_How to steam_Correct practice

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Xinhecheng (002001): 19H1 return to mother’s net profit inserted 43 multiple times.

87% is mainly due to price breakdown of nutrition products

Xinhecheng (002001): 19H1 return to mother’s net profit inserted 43 multiple times.

87% is mainly due to price breakdown of nutrition products

Xinhecheng announced the semi-annual report for 2019.

In the first half of 2019, the company realized operating income of 386,737.

570,000 yuan, an average of 16 in ten years.

85%; net profit attributable to mother is 115555.

710,000 yuan, at least 43 a year.

87%, the change in income was mainly due to the decline in sales prices of major products.

The profit growth in the first half of 2019 was mainly due to the decrease in nutrition revenue and gross profit margin.

1) In terms of operating income by product, the operating income of nutrition products, flavors, fragrances, new materials, and other first half of 2019 will change by -21 each year.

52%, -16.

83%, 116.

78%, -31.

46% to 240992.

86, 91195.

14, 31267.

36, 23282.

21,000; 2) In terms of gross profit margin of products, nutrition products, flavors and fragrances, new materials, and other gross profit margins in the first half of 2019 may change -24 respectively.

74, 1.

07, 9.

46, -18.

84 perfect to 45.

71%, 59.

41%, 27.

03%, 32.


With the DSM and Neng special “equity purchase agreement”, we expect the VE market concentration to further increase, and are optimistic about the upward trend of VE prices.

1) On August 13, 2019, Nante Technology and DSM have incorporated the “Equity Purchase Agreement”.

Nent Technology injected vitamin E-related assets and 33% equity of Shishou Nent into Yimante, and DSM acquired 75% of Yimante.

2) According to the record of investor relations activities of Xinhecheng on July 5, 2019, after the acquisition of Nent by DSM, the global vitamin E supply structure has been transformed from decentralized and transformed, which is conducive to healthy competition in the market.

With the increase in the concentration of market supply, the price of vitamin E has also moved upward from the bottom.

From July 1 to August 23, the average price of vitamin E increased by 6 over the average price of Q2.


Therefore, we judge that VE prices are expected to increase in the second half of the year.

The company ‘s 重庆夜生活网 capital expenditure has further increased, and we believe that the completion of projects under construction in the next two years will inherently accelerate revenue growth.

1) In 2017, 2018, Q1 2019, and H1 2019, the company’s capital expenditure was 101,578.

44, 491457.

60, 94613.80, 193338.

710,000 yuan, a year change -17.

63%, 383.

82%, 23.

41%, 1.


2) As of the end of the first half of 2019, the company has a total of 5 important construction projects in progress, namely 25 eggs per year methionine project, Shandong Industrial Park Phase I Project, Shandong Industrial Park Phase 615 Project, Heilongjiang Industrial Park Phase I Project and Heilongjiang NewHao project, the budget is 536984.

22, 311600.

00, 20935.

50, 357438.

22, 34865.

One million yuan, the project progress is 25%, 85%, 90%, 80% and 94%.

Profit forecast and investment rating.

We expect the company EPS to be 1 in 2019-2021.

30, 1.


71 yuan, 8 BPS in 2019.

20 yuan.

With reference to the evaluation of comparable companies in the same industry, we believe that the reasonable estimate range is 17-19 times PE in 2019, and the corresponding reasonable value range is 22.


70 yuan (corresponding to 2 PB in 2019).


0 times), maintaining the sustainable market rating.

risk warning.

Risk of falling prices of VA, methionine and other products; production capacity under construction is not up to expectations.

China Railway (601390) 2019 First Quarterly Report Review: Gross Margin Upwards Helps High Performance and Benefits Infrastructure Supplement

China Railway (601390) 2019 First Quarterly Report Review: Gross Margin Upwards Helps High Performance and Benefits Infrastructure Supplement

The increase in gross profit margin helped the high growth; Q1 highway orders picked up, and excess orders were in hand; benefiting from shortcomings, estimates / positions were low, maintaining an increase in holdings.

Investment Highlights: Maintain overweight.

Q1 revenue was 160.3 billion (+ 8%) and net profit was 3.8 billion (+ 20%) in line with expectations. Orders were redundant, benefited from shortcomings, estimates / positions were low, and EPS0 in 2019/20/21 was maintained.



08 yuan, a growth rate of 15% / 13% / 11%, given 11 in 2019.

7x PE, maintaining target price of 10.

02 yuan, overweight.

The increase in gross profit margin contributed to a high increase, and the asset-liability ratio decreased.

1) The growth rate of Q1 net profit far exceeded revenue, and achieved rapid growth in the context of a high base (2018Q1-Q4 growth rate of 22% / 25% / 5% / -17%), benefiting from the optimization of business structure to drive upward gross profit margin.

2) Infrastructure / survey design / equipment / real estate revenue growth rate is 8% / 3% / 3% / 40%, accounting for 91% / 3% / 3% / 3%.

3) Gross profit margin 9.

8% (+0.

8pct) upgrade, infrastructure / survey design / equipment / real estate gross margin 7.

6% / 28.

1% / 23.

9% / 25.

3%, change +0.

3 / -0.

7 / + 2.

1 / + 0.

2pct, net interest rate 2.

62% (+0.


As the proportion of high-margin business increased, the growth of gross profit margin continued to rise.

4) Sales / management (including R & D) / financial expense ratio is 0.

5% / 4.

1% / 1.

0%, a change of 0 / + 0 compared to the 2018Q1.

1 / + 0.


5) The operating net cash flow was -37.5 billion (-26.8 billion in 2018Q1), which was the benefit of purchasing goods / labor services.

6) Asset-liability ratio 76.

6%, a decrease of 0 from the end of 2018.


Q1 highway orders picked up, and orders in hand were redundant.

1) The new growth orders in 2018 were 16.922 billion (+ 9%), and the new growth orders in Q1 were 313.3 billion (0%). Affected by a high base (2018Q1 growth rate of 21%), the growth rate was improved compared to 2018Q4 (+ 12%).
In Q1, infrastructure construction orders were 270.6 billion (+ 4%), and railway / highway / municipal and other orders grew at a rate of -2% / 8% / 5%. The growth rate of highway orders increased significantly compared to the growth of 2018 (-11%).The growth rate of newly signed territories / overseas contracts in Q1 was +5% /-65%, accounting for 98% / 2%.

2) Orders in hand at the end of 2019Q3 3.

03 trillion (an increase of 4% compared to the end of 2018), which is revenue in 20184.

1x, sufficient orders in hand.

Benefiting from the shortcomings of infrastructure construction, estimates / positions are low.

1) Q1 Social Finance added twice.

34 trillion yuan, issuing local debt1.

41 trillion (+ 541%), the shortcomings were supported by capital; Q1 infrastructure investment growth 深圳桑拿洗浴网 rate4.

4%, an increase of 0 from 2018.

6pct, Q2-Q3 infrastructure investment is expected to accelerate.

2) Promote market-oriented debt-to-equity swaps and assist in order acceptance.

3) Low estimate: It is predicted that the growth rate of net profit in 2019 is 15% (PE8 times), which is lower than CSI 300 (13% / 11 times); the position is low: the fund holds 0.

14%, high before early 2012 (2.

2%) space resistance.

Risk warning: rapid growth in infrastructure investment

Financial Street (000402) Annual Report Review: Restarting New Growth to Enjoy the Possibility of Asset Securitization

Financial Street (000402) Annual Report Review: Restarting New Growth to Enjoy the Possibility of Asset Securitization
The core point of view is to achieve revenue of 221 in 2018.100 million, at least -13.4%; net profit attributable to mother 32.700 million, previously +8.7%; net profit after deduction is 29.800 million, previously +69.8%.A cash dividend of 3 yuan is planned for every 10 shares, and the overall performance is in line with expectations.In 2018, the company increased the layout of the core metropolitan area. The recovery of the first- and second-line fundamentals improved the sales flexibility. The scale of business self-sustainment and the optimization of the system benefited from the increase in REITs.Forecast EPS 1 for 2019-2021.22, 1.35, 1.49 yuan, maintain “Buy” rating. The reasons for the uneven performance of the growth rate of the carry-over, and the potential mismatch of costs during the period to release potential profit margins The reasons for the company’s performance growth indicators are: (1) Focus on first- and second-tier cities with strict restrictions on layout, and 2017 sales may cause short-term carryoverInsufficient resources; (2) In 2018, sales resumed during the period of high growth and intensified cost mismatch. The sales and management expense ratio increased by 0.9pct; (3) The interest rate of equity merger and acquisition loans and operating property mortgage loans cannot be capitalized, and the financial expense ratio increases by +2.8 points.(4) The decline in the overall market performance of commercial real estate drove the fair value change income to -98.9%.Initially, the gross profit margin of the development business in 2018 is +20.4 points to 45.8%, the project’s profit quality is relatively high, and the cost of the period plus the hope to further release potential profit space. Sales have grown against the trend, and the value layout has both quality and turnover advantages. The key first- and second-tier cities in 2018 are still facing severe market conditions. The company has strengthened sales and promoted value marketing to achieve sales of approximately 30.7 billion (commercial real estate 5.9 billion + residential real estate 248Billion), previously + 30%, a record high.In 2018, the newly-added equity construction area was 3.56 million square meters, which was +18 in ten years.6%.The company continued to cultivate the five major urban agglomerations, and moderately subsided the satellite city of the traffic circle for one hour. The value distribution has both quality and turnover advantages, and the diversified financing channels are unblocked, providing a resource base for high-growth sales.At the end of 2018, the company can carry forward the resource planning area of 15.33 million square meters, corresponding to a value of about 450 billion yuan. New construction in 2019 is expected to be + 5% over the same period, and equity land investment is expected to be +25.At 7%, the first- and second-tier structural recovery has ample value, and we expect that sales growth in 2019 is expected to remain above 20%. The public real estate investment trust funds are gradually approaching, and the big asset management business is speeding up. The company is holding properties 118 in the core areas of Beijing, Shanghai, Tianjin and other central cities.20,000 Ping, 2018 income ten years + 11% to 25.100 million profit before interest and taxes for ten years + 9% to 12.900 million, the scale of income and profits reached a record high.In the years since 2018, the China Securities Regulatory Commission and the Exchange have actively promoted the pilot scheme for public offering of REITs, and the SSE has recently encouraged institutions to prepare to report public offering of REITs.The acceleration of the policy budget aims to further improve the real estate investment trust fund and create convenience for the revitalization and revaluation of commercial assets. The company’s 杭州夜网论坛 large asset management business welcomes opportunities for system optimization and replication expansion. Developed a self-sustaining two-wheel drive, maintained a “buy” rating company 2018, increased the layout of the core metropolitan area, the value of goods has both scale, quality and turnover advantages, the recovery of first- and second-line fundamentals has improved the sales flexibility space, and achieved commercial self-sustained scale and systemOptimization, deep benefit REITs speed up, scarce value is facing revaluation.We forecast company EPS 1 for 2019-2021.22, 1.35, 1.49 yuan, with reference to comparable companies’ average P / E ratio of 7 in 2019.4 times, considering the company’s sales growth expectations, given to the company in August 2019.4-9.4x PE estimate with a target price of 10.25-11.47 yuan (previous 杭州桑拿 value was 7.22-8.33 yuan), maintain “Buy” rating. Risk warning: The reduction policy of first- and second-tier attraction cities is becoming severe; the occupancy rate and rent level of newly-added self-owned properties may not be as good as existing properties; the income from changes in fair value of investment real estate may be less than expected.

Radio and Television Measurement (002967): Expected net profit attributable to mothers to increase by 39.

15% of all businesses go hand in hand

Radio and Television Measurement (002967): Expected net profit attributable to mothers to increase by 39.

15% of all businesses go hand in hand

The businesses went hand in hand, and the performance growth was in line with expectations: the company released an annual performance report, and realized revenue in 201915.

88 ppm, an increase of 29 in ten years.

34%; net profit attributable to mother 1.

700,000 yuan, an increase of 39 in ten years.

15%, mainly because the company continued the “two high-end” market service strategy, all business sectors go hand in hand.

The non-recurring profit and loss is about 3687.

730,000 yuan, mainly for government subsidies of 2188.

770,000 yuan and the increase in investment income due to the acquisition of Fangyuan Guangdian’s long-term equity investment on the acquisition date adjusted at fair value.

750,000 yuan.

According to preliminary calculation, net profit after deduction is 1.

33 ppm, an increase of 24 in ten years.


The performance in the fourth quarter was good, and the effect of large customer expansion was significant: from a quarterly perspective, according to our calculations, the company’s operating income was 19Q45.

92 million, net profit attributable to mother 9962 million, net profit after non-deduction of 7632 million, respectively increased by 25.

12%, 58.

78%, 33.

48%, non-net interest rate deducted 12 in a single quarter.


The company’s major customer expansion effect is significant. According to the disclosure of the prospectus, the revenue from Huawei in the 19H1 company was 12.68 million yuan, which was basically the same as in 2018. At the same time, new A2504 customers were newly opened, more equipment customers and good credit.

At present, the company’s downstream customers are mainly large-scale equipment companies and OEMs, and have developed large customers such as AVIC, China Shipping, China Southern Power Grid, and Dongfeng Motor. The national strategic layout has achieved good results, the regional market has made significant breakthroughs, and continued to maintain greater growth.situation.
Capital expenditures increase and performance enters the harvest period: The company’s increased capital expenditures in the past few years have 杭州夜网论坛 resulted in a reduction in profit margins. The compound growth rate of cash payments for purchasing and building fixed assets from 2015 to 201849.


The company continuously expands the production capacity of traditional business laboratories, and at the same time lays out emerging businesses such as food and environmental testing.

Due to the characteristics of the laboratory’s profit cycle, through the gradual release of new business throughput, the gross profit margin improved space density.

According to the company’s technical transformation plan announcement, the company’s capital expenditure plan for 20 years3.

28 trillion, of which 3 trillion is used for measurement calibration, purchase of testing equipment.

At present, the company’s national layout has been basically completed, and capital expenditure has 南京夜网 increased, which is expected to enter the period of performance harvest.

Investment advice: We predict that the company’s EPS in 20-21 will be 0.


05 yuan / share, currently the corresponding PE is 56 / 39x.

With the shrinking of capital expenditures and the gradual release of laboratory capacity, there is a high margin of profit elasticity.

We maintain the company’s 20-year PE estimate of 54x, corresponding to a reasonable value of 39.

42 yuan / share, maintain the company’s “Buy” rating.

Risk reminders: the risk of credibility being affected by adverse events, the risk of changes in policies and industry standards, the risk of intensified market competition, and the management risk caused by the rapid expansion of business scale.