[How to make fungus with horseradish]_ practice _ production steps

[How to make fungus with horseradish]_ practice _ production steps

Fungus dipped in horseradish is a common dish. The main ingredient is black fungus. In addition, you must prepare the right amount of sesame oil, the right amount of rice vinegar, and the right amount of horseradish. The method is very simple and has a good appetizer.The effect is to eat some properly in the summer, which has a good appetite effect. Before making this dish, the fungus must be foamed in advance. Let’s learn how to make fungus dipped in horseradish.

How to make fungus with horseradish? Ingredients: black fungus 60g, sesame oil, moderate amount of vinegar, spicy mustard.

Step edit 1.

The fungus blew in advance.


After picking and washing, put it in a wok with boiling water.


Cover, boil for 5 minutes and simmer for 5 minutes.


The sesame oil, vinegar and wasabi are ready.


Season with green mustard, vinegar and sesame oil.

Proportion is up to you.


The fungus comes out and is dipped in the juice.

Efficacy and function of fungus1. Chinese medical experts believe that black fungus can treat blood stasis, anemia, hemorrhoids, intestinal diarrhea, high blood pressure and other diseases; at the same time, hemorrhoids, excessive menstrual bleeding, postpartum stasis, hematuria and traumaTreatment of complications such as bleeding has a positive effect.

2, detoxification fungus black fungus contains a large amount of enzymes, phytoalkali, can catalyze foreign matter such as fiber fabrics, accelerate the body’s dissolution or decomposition of harmful substances such as fiber, dust; colloidal substances in black fungus have a strong adsorption capacity,It can adsorb and remove the fiber and dust inside the human body.

Therefore, black fungus can greatly reduce or eliminate harmful substances to the human body.

3. Anti-cancer fungus black fungus contains acid isoglucan with anti-cancer effect.

Eating black fungus can effectively prevent malignant tumors such as diabetes and uterine cancer.

4. Prevention of blood clots with black fungus Black fungus can prevent the plasma from depositing and clotting in the blood, which can effectively reduce blood clots and prevent the formation of blood clots. At the same time, it has a positive effect on the treatment of coronary heart disease and cardio-cerebral vascular disease.

5, black fungus weight loss black fungus is rich in cellulose, plant viscera, these two substances can promote osmotic peristalsis; promote foods involved in excretion of feces, while reducing absorption to pregnant women, and therefore play a role in weight loss.

6, blood fungus black fungus often has the function of blood.

Black fungus is rich in high protein, vitamins and iron content to treat anemia.

7, fungus excretes kidney stones, black fungus phytochemicals and alkaloids can unblock the pipeline and resolve stones.

If the kidney stones are not serious, eat black fungus 3 times a day to resolve the stones. For patients with more serious kidney stones, long-term consumption of black fungus can also make the stones smaller.

[How to make dried dumplings is common]_how to do_how to do

[How to make dried dumplings is common]_how to do_how to do

If you ca n’t buy fresh jellyfish, you can buy some dried zongzi to come back to make. When making dried zongzi, it is best to prepare some onions, ginger, and garlic. This will make the taste better and improve the fishy smell of seafood.When making it, you need to put it in water in advance, soak the dried dumplings softly, so that it will taste better when cooking, because it can’t be dissolved by simple deformation if it is hard.

Scallion ginger stir-fried dumplings material, a pound of ingredients, ingredients: a large piece of ginger shredded, a small onion sliced, 4 cloves of garlic sliced, red pepper half-sliced practice 1, the bought dumplings are raised in light brine 2-3 hours, spit out the mud, lift up and control the moisture; 2. add oil to the pot to heat, add ginger, garlic and sauté the incense, pour the drained dumplings into the water, stir fry; 3, sprayAfter the white wine, add salt, soy sauce, some sugar, pour onion, sprinkle pepper, stir well and quickly bring it to the pan.

Tips: Shellfish are easy to cook. Be sure to stir fry. When you put the seasonings, try as quickly as possible. When you start cooking late, the meat will become old.

Spicy zongzi material Zongzi, dried chili, peppercorns, pepper powder, salt, shallot, ginger, garlic, rice wine practice 1.

Wash the seeds, pour them into the boiling water (add a little rice wine when the water is boiling), and immediately remove the shell; 2.

2. Remove the black line around the edge of the meat and drain the water; 3.

Chopped garlic and shredded ginger, the amount is more than normal cooking; 4.

4. Hot pan with cold oil, put dried peppers, peppercorns, ginger, garlic, small fire and fragrant;

Pour the drained rice dumplings, stir fry a few times, spray a small amount of rice wine, put salt and pepper powder, sprinkle green onions, and bring them to the pot ~ ~ oyster sauce, rice dumplings, scallions, ginger, red pepper, oyster sauce, pepper, add water to the pot, The rice wine is boiled, boil the rice dumplings for 1-2 minutes (not too long, you need to fry for a while). After cooling, separate the rice dumpling shells and meat, and remove the skirt from the pan and heat the onion, ginger, and red pepper.After fragrant, stir-fry with oyster sauce, add dumpling meat, add salt, pepper and stir-fry. Tips Considering the appearance, you can use shell platter

[Efficacy of Ginger Bubble Wine]_Functional Effect_Function

[Efficacy of Ginger Bubble Wine]_Functional Effect_Function

Food ingredients that are very common in everyone’s life have a deodorizing effect. Now many people will use ginger to treat many diseases. In fact, ginger sparkling wine is also very popular. Many middle-aged and elderly people will like it very much.I usually take a sip from time to time, and occasionally take a sip of wine, which can bring transformation to the body and promote absorption and digestion. What is the effect of ginger sparkling wine?

Increase appetite ginger is really a good helper for the spleen and stomach.

Ginger is very suitable for summer, because it has the effect of strengthening the spleen and reducing stomach.

The weather is hot in summer, which can easily lead to the emergence of various diseases, because the gastric juice and saliva in the body will increase and decrease, so that the appetite will be reduced in summer.

It is recommended to take some ginger wine or fresh ginger before meals at this time, which can improve the secretion of gastric juice and saliva in the body, which will increase the peristalsis and digestive juice secretion, and the appetite will naturally increase.The better.

Ginger is really a good helper for the spleen and stomach. This is the source of the medicinal value of ginger for most people.

Many women are prone to cold hands and feet when the weather is cold. What should I do?

After taking ginger, it can expel the evil spirits in the body and increase blood circulation.

Therefore, in winter, you can ingest more ginger wine, or you can soak the ginger directly with water. The ginger water obtained can be used to make wine, and it can also treat the cold hands and feet.

Nausea, vomiting ginger has a unique smell.

If you experience nausea and vomiting due to symptoms such as gastrointestinal discomfort and odor in your mouth, you can take some ginger wine or directly contain fresh ginger tablets, which can alleviate the symptoms of physical discomfortTherefore, ginger also has the reputation of “abusing family holy medicine”.

In addition, if your body is motion sick or seasick, you can also apply ginger or ginger wine to the inside point, which has an uncomfortable effect on your body.

Reducing fire and refreshing ginger can not only warm us, but also help us cool down.

When the weather is hot, the body needs to sweat and cool down. Taking ginger is enough to improve the effect of sweating and cool down. At the same time, it can refresh and refresh the brain. It is very suitable for summer.

In addition, if you have problems with the center, chest tightness, shortness of breath, and palpitations, you can also take an appropriate amount of ginger wine.

[Benefits and Disadvantages of Drinking Green Tea]_Green Tea_Effects_Efficacy

[Benefits and Disadvantages of Drinking Green Tea]_Green Tea_Effects_Efficacy

The vernal equinox has just passed, and the season of people’s love of sleepiness is here again. People’s sleepiness during the day will make them notice that they are listless, which seriously affects efficiency. At this time, many people will choose green tea to refresh themselves, but they often drink green tea.Advantages and disadvantages Most people don’t know, let’s take a closer look at the benefits and disadvantages of drinking green tea!

The benefits of drinking green tea1. Reduce fat and lose weight, prevent cardiovascular and cerebrovascular diseases. The relationship between tea drinking and weight loss is very close.

Modern scientific research has proven that drinking tea in moderation can reduce excess blood lipids and cholesterol in the blood and make your body lighter.

This is because the aromatic substances, phenolic derivatives, amino acids and other substances contained in green tea are the result of comprehensive coordination of vitamins, especially the comprehensive effect of theagin, tea polyphenols and vitamin c, which can effectively promoteAunt oxidation, help digestion, reduce fat and lose weight.

In addition, tea polyphenols can dissolve trace amounts, and its vitamin c can promote plasma exchange in vitro.

2. The anti-aging effect of Yanshou Yishou Green Tea on the human body is mainly reflected in the coordination of multiple effective chemical ingredients and multiple vitamins.

In particular, the caffeine, tea polyphenols, vitamin c, lipopolysaccharides, etc. contained in green tea can enhance human heart muscle activity and blood vessel elasticity, thereby inhibiting arteriosclerosis, reducing the incidence of hypertension and coronary heart disease, and strengthening the human body.Immunity, so it has the effects of anti-aging and prolong life.

3. Anti-cancer, anti-cancer green tea contains tea polyphenols and caffeine components, and the comprehensive effect produced at the same time, in addition to the effect of refreshing and nourishing, can also improve the human immune system and anti-cancer efficacy.

Scientific research in recent years has found that tea not only has an inhibitory effect on digestive system cancer, but also has a good inhibitory effect on skin, lung and liver cancer.

Scientific research has confirmed that the organic anticancer substances in tea mainly include theophylline, tea polyphenols, vitamin c, and vitamin e; catechins in tea polyphenols have the best anticancer effect.

4, anti-radiation drinking green tea also has anti-radiation effects, many friends do not know yet.

We know that the computer will produce radiation to the human body. Here, Xiao Bian tells you a small way to prevent radiation. Long-term storage of green tea can enhance the body’s resistance to radiation, and reduce the harm caused by radiation to the human body.

So for friends who often use computers to work, you can resist radiation by incorporating green tea.

This will greatly help your health.

5. Whitening, promoting blood circulation and preventing blood stasis, preventing bad breath. Green tea contains too much tea polyphenols. Women drinking green tea can quickly eliminate the inherent greasiness, and caffeine can increase the secretion of gastric juice, thereby promoting digestion.

The tea polyphenols contained in green tea can reduce the content of blood lipids, so it can achieve the effect of weight loss. The scientific combination of green tea can not only lose weight, but also has whitening, blood circulation and stasis prevention, and prevents bad breath.

A mask made with green tea can also quickly repair sunburn and scald.

The disadvantages of drinking green tea1. It is not suitable to drink green tea during pregnancy.

Generally, the concentration of caffeine in strong tea can be as high as 10%, which will increase the number of urine and heartbeats of pregnant women, thereby increasing the heart and kidney load of pregnant women, and easily lead to pregnancy poisoning. Therefore, it is best to drink tea lessit is good.

2, pregnant women should not drink tea before giving birth.

If you drink strong tea before giving birth, the caffeine in the tea will cause excitement and cause insomnia. If pregnant women do not sleep enough before giving birth, it will likely lead to exhaustion at the time of bifurcation and may even cause difficult labor.

3. After the mother drinks tea, the caffeine in the tea will penetrate into the milk and indirectly affect the baby, which is very detrimental to the baby’s health.

4, the monthly physiological period comes.

Because menstrual blood at this time will consume too much iron in the body, female friends should add more iron-rich vegetables and fruits at this time, such as spinach, grapes and apples. Drinking tea during menstruation will hinder our intestinesThe absorption of iron by the mucous membranes greatly reduces the degree of iron absorption by people. Tea is also easily combined with iron in other foods in series to cause precipitation.

5. It is recommended for people with poor stomachs. If you want to drink tea, it is best to consult a doctor first, and the next generation of other teas under the guidance of the doctor, to avoid adverse effects on the body.

[How to cook green mung bean soup]_How to cook_How to cook

[How to cook green mung bean soup]_How to cook_How to cook

When cooking mung bean soup, some people will encounter this situation. Sometimes the mung bean soup is green, and sometimes it is red. This makes the inexperienced person more headache and worry about whether it will affect the mung bean soup.Effect.

In fact, the mung bean soup turns red when it is boiled, because the cooking time is too long, oxidation and discoloration do not affect the taste of the mung bean soup.

Whether the mung bean soup was red or green just when the southerners and the northerners had an incredible deal, someone finally came out and broke the magic.

After some verification, it is true that the color difference of mung bean soup in the north and south is mainly caused by different water quality and different materials.

The principle that mung bean soup turns red is because polyphenols may be introduced into mung bean skin, mainly flavonoids.

After boiled mung beans, the polyphenols in the skin will be dissolved in the mung bean soup, which will gradually oxidize and change color under the action of oxygen.

This can also explain why a pot of freshly cooked mung bean soup is originally green, but if it is left for a long time, the color of mung bean soup will gradually become darker, the green color will turn brown, and then gradually turn brown.

The color of mung bean soup is different depending on the water quality. Generally, the mung bean soup cooked in the north is red, and the mung bean soup cooked in the south is green. The difference in water quality between the two places is the main cause of the color difference of the soup.

Some experts have done experiments, using tap water, mineral water, purified water, and deionized water to cook mung bean soup. The result is that the deionized water has the greenest color and does not change for a long time.

The rate of color change of the tap water sample becomes visible to the naked eye almost every minute after exposure to air.

If the tap water is adjusted to a different pH value and then used to cook mung bean soup, it is found that the pH can greatly affect the discoloration effect.

Acid tap water has very little discoloration after boiling, while slightly alkaline tap water has very rapid discoloration after boiling.

Water in the north is more alkaline, and water in the south is more acidic.

This is why the northern version of mung bean soup is mostly red.

The kitchen utensils for making mung bean soup will also reduce the impact to a certain extent. Mung bean soup cooked with closed non-iron kitchen utensils such as casseroles can maintain the green state of time because of a small degree of oxidation.

Mung bean soup is red or green. How to cook mung bean soup is green. How to boil mung bean soup is green. Mung bean soup has different initial effects.

The answer is: yes!

There will be difference!

After the mung bean soup turns red, you can continue to consume it without harming your health.

However, the polyphenol antioxidants in mung bean skin are the source of heat and heat dissipation. The mung bean soup turns red, which means that the polyphenols have been oxidized.

Therefore, the efficacy of red mung bean soup to clear away heat and heat is not good, and the nutrients are not so comprehensive, but it does not affect consumption.

How to cook green bean soup is green?

1. Cook with pure water.

2. Add vinegar while cooking.

If there is no purified water in the house, it is not impossible to keep the green bean soup with tap water. Just add half a spoonful of white vinegar or squeeze half a spoonful of lemon juice when cooking mung bean soup.Keep turquoise.

The key is not to add too much, let alone the water become sour, just adjust to pH 6.

When cooking, it is best to adjust the water first, and then cook the mung bean clear soup, it will not easily change color.

Even after half an hour of storage, it still maintains a beautiful green color.

3, the beans have time for the pot.

Add the mung beans after the water has boiled. Don’t worry, don’t cold the pot, but boil the water after boiling the mung beans.

4. Cover the pot and cook quickly.

When cooking mung bean soup, you should also cover the pot to minimize the contact area with oxygen and reduce oxidation.

In addition, boiling with boiling water has a shorter heating time and less oxidation than boiling with cold water; cooking with a pressure cooker has less contact with oxygen, which is beneficial to the maintenance of soup color.

However, as long as the soup is scooped out, they will still change color quickly.

At the same time, pay attention to cooking time.

During the daily cooking of mung bean soup, it is difficult to maintain the yellow-green color because they cook for too long and have sufficient contact with oxygen.

May wish to restore the soup within 10 minutes of boiling as soon as possible, because the color of the bean soup is turquoise at this time, the dissolved substance is mainly the active ingredients in soybean skin, and the degree of oxidation is the lowest, the ability to clear the heat is the strongest.

After taking out these soups, do not throw away the remaining mung beans, you can add boiling water to continue cooking, cook into mung bean paste, or add rice to cook mung bean porridge.

[Can Maca really aphrodisiac]_ Maca_Qianyang_Efficacy

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[How to make chives and dumplings delicious]_How to pack_How to pack

[How to make chives and dumplings delicious]_How to pack_How to pack

Leek stuffing dumplings are mainly made of chives, and chives have a high nutritional value. Many people like to eat leek and also leek dumplings.

However, when making leek dumplings, you can also add some other foods to enhance the taste of the dumplings, such as eggs and shrimps, you can make dumplings with chives.

Below, I will introduce the practice of leek dumplings in detail.

1. Leek Dumpling Ingredients: Leek, Ground Meat, Dumpling Skin, Flour, Salt Practice: 1.

Wash the leek and cut it into 1 cm segments, add 1 tsp of salt to scratch, and squeeze the vegetable juice vigorously; 2.

2. Add 2 tsp of salt to the chives and ground meat and mix well.

Take the fillings and make dumplings and sprinkle some flour around the finished product to prevent sticking; 4.

Boil a pot of water, boil the dumplings after the water is boiling, and wait for the dumplings to come out of the water.

Second, leek egg stuffed dumplings Ingredients preparation: internal stuffing: leek 200 g shrimp 120 g fat diced 40 g Taibai powder 2 tsp salt 1/2 tsp outer skin material: Cheng powder 120 g Taibai powder 120 g boiling water 120 tin sugar 1 teaspoon fresh chicken powder 1/2 teaspoon pepper powder 1/3 teaspoon sesame oil 1 teaspoon lard 2 teaspoons · Production steps: 1. Cut the chives into small nails as quickly as possible, and the juice must be retained.

2. Beat 4 to 5 fresh eggs and spread in a golden saucepan until golden cooked.

3. Stir together with chives, add soybean oil, sesame oil, soy sauce.

Add salt and peppercorn powder and cooking wine.

This is to make stuffing 4. The noodles must be high in gluten, so that the skin of the dumplings is sticky and has a bite 5. Don’t wrap the dumplings too much, just cover the fists, you can put one plate around 20, Leek and shrimp stuffing dumplings[Main ingredients]: 150 grams of shrimps, 150 grams of lean pork, 150 grams of fresh leek[auxiliary]: appropriate amount of ginger, seasoning[method]: cut lean pork into 0.

About 4 cm of diced, add cooking wine, soy sauce overlapped for more than 20 minutes, take the shrimp and cut the diced the same size as the meat and add a small amount of soy sauce, soak the cooking wine for 20 minutes.
Mince the chives, add ginger, salt, monosodium glutamate, a small amount of five spice powder, a moderate amount of peanut oil, a small amount of sesame oil, stir the meat and shrimp well.


Such a simple dumpling stuffing is just fine. The dumplings are delicious.

SAIC Group (600104) 2019 Interim Report Comments: Q2 performance short-term pressure does not mask long-term competition

SAIC Group (600104) 2019 Interim Report Comments: Q2 performance short-term pressure does not mask long-term competition

Core point of view The company’s operating income in the second quarter of 2019 was 176.1 billion yuan, about -22.


Q2 deducted non-attribution net profit increased by 42%, which was 35 instead of the previous month.

7%, short-term performance was under pressure, mainly due to the impact of the previous quarter to promote the emission of inventory vehicles in China.

The company has a solid balance sheet and abundant new energy model reserves. Short-term pressure will not affect the company’s long-term competition and maintain a “buy” rating.

   Q2 deducted non-homing net profit decreased by 42%, mainly due to the second quarter of major promotions to go to China V emissions inventory vehicles.

The company achieved operating income of US $ 176.1 billion in the second quarter of 2019 (two years-22).

0%, MoM-12.

0%), achieving net profit of 55.

10,000 yuan (ten years -40.

6%, -33.

2%), net profit after deduction is 48.

90,000 yuan (-42 for the whole year.

0%, -35.


The company’s 苏州桑拿网 non-net profit growth rate in the second quarter was higher than the previous quarter’s -13.

9% formaldehyde to -42.

0%, mainly due to the impact of emissions upgrades, major promotions in the second quarter of the impact of going to China V emissions inventory vehicles.

The gross profit margin of the company’s consolidated statement caliber remained at 14.

6%, the same as last year.

The total of the company’s four expenses (finance + management + sales + research and development) is 220.

400 million, an increase of 4 from Q1.

At the same time, the company’s Q2 gross profit totaled 256.

700 million, down 34 from Q1.

300 million yuan.

   Affected by the promotion of the five-stock emissions-promoting stock cars in the first half of the year, the profitability of the joint venture company decreased significantly.

In 武汉夜网论坛 terms of joint ventures, SAIC Volkswagen, SAIC-GM and SAIC-GM-Wuling achieved net profit of 98 respectively.

8 billion / 71.

100 million / 8.


In terms of bicycle data, SAIC Volkswagen’s bicycle revenue was 12 in the first half of the year.

270,000 yuan (ten years -10.

2%), bicycle profit 1.

08 thousand yuan (at least -29.

1%), net interest rate 8.

8% (18H1 / 18H2 are 11 respectively.

1% and 10.

5%).SAIC-GM’s Bicycle Revenue10.

960,000 yuan (year -6.

2%), bicycle profit is 0.

850,000 yuan (at least -20.

3%), net interest rate 7.

8% (18H1 / 18H2 are 9 respectively.

2% and 4.


Wuling Bicycle Revenue 4.

920,000 yuan (ten years +0.

4%), bicycle profit is 0.

110,000 yuan (-41 for the whole year.

7%), net interest rate 2.

3% (18H1 / 18H2 are 4 respectively.

0% and 4.


   SAIC’s financial profitability improved, and independent brands remained under pressure.

SAIC Finance achieved net profit in the first half of 201928.

800 million, +2 per year.

3%, is the only subsidiary of SAIC’s five major ginseng holding companies to achieve profitable growth. It is expected that the increase in the popularity of automobile finance in the future will continue to contribute to SAIC Finance’s profit increase.

According to the parent company’s statement, SAIC’s independent brands corrected a total of 18 in Q2 2019.

0 ppm (parent company’s net profit-investment income), 5 before 19Q1

0 million US dollars expanded sequentially.

However, in the long run, the company has abundant reserves of its own brand models, and its new energy layout industry is leading. It will continue to expand its market share in the medium and long term.

   Risk factors: Macroeconomic growth eventually leads to less-than-expected sales; new model market acceptance gradually exceeds expectations; the growth rate of independent brands continues to increase.

   Investment suggestion: Considering that the industry’s business climate is at a low level, and the industry’s sharp promotion in the second quarter erodes earnings, we lower the company’s 2019/20/2021 earnings per share forecast to 2.



95 yuan (previous forecast was 3).



47 yuan).

The current price is 24.

72 yuan, corresponding to 9/2019/20/21.



4 times PE.

The company has a solid balance sheet and abundant reserves of new energy tools; the allocation rate still provides a sufficient margin of safety; it continues to be recommended as a long-term leader and maintains a “buy” rating.

Guizhou Moutai (600519): Performance exceeds expectations and 2019 is ready to go

Guizhou Moutai (600519): Performance exceeds expectations and 2019 is ready to go
Event: The company released its 2018 annual report, with a total revenue of 77.2 billion U.S. dollars, an annual increase of 26.4%, exceeding the estimated 75 billion U.N. companies; net profit attributable to mothers was 35.2 billion, an increase of 30.0%, exceeding the 34 billion yuan of performance forecast.A single Q4 company achieved revenue of 222.30,000 yuan, an annual increase of 34.1%; net profit attributable to mother 104.70,000 yuan, an increase of 47 in ten years.6%. Q4 increased the volume of Moutai liquor shipments, and the revenue growth exceeded expectations.Initial sales of Moutai 3.25 for the first time, growing by 7 per year.5%, exceeding market expectations.The company’s Q4 exceeded the expected maximum doggrass zodiac wine, and the volume of fine wines is expected to expand.Company headquarters sales of Moutai 654.8.7 billion US dollars, an annual growth of 25%; single Q4 Maotai liquor sales income of 192.20,000 yuan, an increase of 37 in ten years.4%, the growth rate increased significantly compared with 2018Q3.The highest selling price of Moutai in 2018 was 201.70,000 yuan, an annual increase of 16.The 3% increase in ton price is due to the company’s increase of the ex-factory price of Maotai Feitian by 18% at the end of 2017.In addition, the proportion of direct sales in 2018 was 10 in 2017.7% dropped to 5.9%, the proportion of combined low-grade Maotai liquor sales increased, and the current ton price increase is slightly lower than 18%. Focusing on the 133 strategy, the price of a series of wines increased significantly.The company further promoted the 133 strategy and vigorously developed a series of wines. In 2018, the sales revenue of the series of wines exceeded the 8 billion target and exceeded the growth rate of 39.9%; sales were flat compared to the same period last year, and the price of wine per tonne was 27.1 Initially, growth is 40 per year.5%; The gross profit margin of the 2018 series is 71.1%, a year increase of 8.3 units. The increase in gross profit margin decreased the supplementary selling expenses, and the performance exceeded expectations again.Benefiting from the Feitian price increase in 2018, the company’s internal gross margin level was 91.1%, an increase of 1 per year.3 units.Q4 2018 selling expenses -2.740,000 yuan, annual sales expenses of 25.72 trillion, sales expense ratio 3.3%, down by 1 every year.6 units.In terms of split selling expenses, advertising and marketing expenses are reduced by 3 each year.US $ 900 million is expected to be the reason for the company’s excessive accrual in the first three quarters.The above-mentioned reasons contribute to the company’s return to its parent’s net profit growing by 30% per year, which is higher than the revenue growth rate. Q4 account receipts increased month-on-month, and operating cash flow was eye-catching.The company received advance accounts 135 at the end of the year.770,000 yuan, an increase of 21 over the end of the third quarter.6%, indicating that dealers actively paid in the fourth quarter, stocking Spring Festival sales. The company received 842 in cash for selling goods in 2018.70,000 yuan, an increase of 30 in ten years.8%, benefiting from the company’s 2018 Feitian price increase and the 2019 Spring Festival ahead of schedule. Investment suggestion: The company’s revenue growth target for 2019 is 14%, and the completion is expected to be small. At the same time, increasing the proportion of direct sales will help further increase the gross profit level.We expect net profit attributable to mothers to be 425 in 2019/20/21.4/498.9/579.7 trillion, 武汉夜网论坛 +20 for ten years.8% / 17.3% / 16.2%, the current market value corresponds to PE 23.8/20.3/17.5 times.Maintain “Buy” rating. Risk warning: macroeconomic downturn, food safety issues, fierce competition in the industry, channel sales are lower than expected.

Health Yuan (600380) company research: medium and long-term business partners plan to land the company, long-term growth can be expected

Health Yuan (600380) company research: medium and long-term business partners plan to land the company, long-term growth can be expected

Event: The company announced a medium- and long-term business partner plan to motivate the fund to withdraw non-net profit for 2018 (excluding the performance of Livzon Group and Livuzumab) (2.

9 billion) as the base number. In the assessment integration (2019-2028), the compound growth rate of net profit is 15%.

That is, the non-net profit assessment for 2019-2028 is 3, respectively.

3.3 billion, 3.

8.3 billion, 4.

4.1 billion, 5.

07 billion, 5.

8.3 billion, 6.

7.1 billion, 7.

7.1 billion, 8.

87 billion, 10.

20 billion, 11.

7.3 billion.

The company takes the annual net profit composite indicator as the measurement indicator, and implements excessive progressive accrual for each period of incentive fund. If the compound performance growth rate is 15% -20%, the excess part is accrued as 25% as incentive fund.

If the compound performance growth rate is greater than 20%, an excess of 35% is used as an incentive fund.

Incentive funds work with employee self-funded funds to buy stocks in shareholding plans.

A conservative estimate is that the company’s 2019-2020 北京桑拿洗浴保健 performance is expected to exceed expectations.

The company deducted 6 in 2018 as a whole.

3.1 billion. If we follow our profit forecast, Livzon Group (excluding Livuzumab) will contribute non-net profit from 2019 to 20205.

70 billion, 6.

9.4 billion; assuming Livzumab remains stable, affecting non-net profit deductions1.

3.9 billion, which is calculated according to the just-completed index, and the healthy net deduction of non-net profit for 2019-2020 is about 7.

6.4 billion (2019Q1-3 has reached 7).

3.2 billion, long-term high probability will exceed expectations), 9.

3.8 billion, net profit attributable to mother is about 8.

07 billion, 9.

70 billion.

The company continues to explore innovative incentive mechanisms, and long-term growth can be expected.

The company’s confidence in budesonide inhalation solution was also demonstrated in the short term.

Respiratory pipelines continue to advance: more than 20 products under development, 18 pre-clinical R & D, 1 clinical, 3 clinically approved, 3 production declarations, 1 registration application submitted, 2 registrations approved.

Nine of these projects were evaluated and selected as the major high-end preparations for science and technology major projects of “Major New Drug Creation” in 2017.

Approved for registration: Compound toluene or urea bromide solution (marketed), levosalbutamol absorption solution (entered priority review and approved for exemption from clinical marketing).

Declared production: ipratropium bromide aerosol, budesonide aerosol, budesonide inhalation suspension.

In clinical: Tobramycin rehabilitation solution.

Clinical approvals: Salmeterol, fluticasone, loose inhalation powder, formoterol fumarate absorption solution, clomoxacin absorption solution.

Submission of registration declaration: Alternative to inhalation solution of tobromide.

Looking ahead to 2019, we believe that Livzon Group will continue to contribute stable performance, Livuzumab R & D layout continues to advance, and the compound in the field of respiratory medicine will replace the toluene bromide inhalation solution to start contributing to the performance.Expected to exceed expectations.
We expect net profit attributable to mothers to be 8, 20-19.6.3 billion, 9.

9.4 billion, 11.

44 trillion, corresponding to a growth rate of 23.

4%, 15.

2%, 15.


EPS are 0.

45 yuan, 0.

51 yuan, 0.

59 yuan, corresponding PE is 23x, 20x, 17x, maintaining the “buy” level.

Risk reminders: Drug sales are less than expected; risks of failure to develop new drugs; and risks of drug prices.