Macalline (601828) 2019 First Quarterly Report Review: Periodic Pressure on Fees During Steady Revenue Growth

Macalline (601828) 2019 First Quarterly Report Review: Periodic Pressure on Fees During Steady Revenue Growth
Investment Highlights: The company announced the 2019 first quarter report, deducting non-attributed net profit increased by 5.8%, in line with expectations.Revenue from January to March 2019 was 35.3.5 billion, an annual increase of 22.4%, net profit attributable to mother 13.14 ppm, an increase of 11 years.1%, realizing deducted non-mother net profit8.48 ppm, a five-year increase of 5.8%. The income side grew steadily.Self-operated business: Expansion of self-owned property stores drives revenue growth.From January to March 2019, the company’s self-operated business realized revenue19.18 ‰, an increase of 10 per year.5%, of which the operating area of self-owned property shopping malls increased by 16.1%, realized income 16.28 ppm, an increase of 14 per year.1%.The company operates 81 self-operated shopping malls, an increase of 1 earlier, of which 23 are owned properties and 10 are leased; 33 are reserved projects, of which 23 are owned properties and 10 are leased properties.Commissioned business: The project has sufficient reserves, and the high opening of stores in 2018 will contribute to the growth momentum of 2019.Revenue from January to March 201910.2 billion, an increase of 15 in ten years.3%.As of the end of March 2019, the company has obtained 357 land use right certificates / reserved land projects, 南宁桑拿 and the overall reserve projects are relatively abundant.At the beginning of 2018, the commission managed 43 stores, of which a net increase of 32 in Q4, will become the main driver of commission revenue growth in 2019. Expense ratios are rising, and profits are under short-term pressure.The rate of expenses (including R & D expenses) during January to March 2019 will increase by 4 each year.8 points to 33.8%, of which the sales expense ratio is 10.54%, an increase of 1 each year.54 points, mainly due to the start of airport advertising in the second half of 2018, joint marketing and other promotional activities, the sales expense ratio rose; financial expense ratio12.81%, an increase of +2 per year.69pct is mainly due to the increase in interest-bearing debt and the overall upward interest rate. As of the end of 2018, the company’s asset-liability ratio was 59.45%, leverage increased. Continue to optimize services, build an IMP smart marketing system, enhance home improvement customer stickiness, and effectively divert traffic to merchants.The company increased the presence of experiential categories such as soft furnishings and catering, creating a diversified industry format and providing consumers with a comfortable shopping environment; one-stop shopping covers multiple categories and brands, bringing convenience to consumers; perfectingAfter-sales service has achieved consumer satisfaction and increased sales conversion rate.Create the first complete digital marketing system in the home industry, realize the digitalization and commercialization of marketing through the IMP global smart home marketing platform, and realize the full-scale, full-scenario, full-channel, full-channel, and full-consumer life cycle marketing of the home industryUpgrade. The Employee Stock Ownership Plan was launched to bind employees’ interests and improve the enthusiasm of mall management.The company launched the first phase of the employee shareholding plan in the early stage, covering no more than 1500 people (the company’s total employees were 22,621 at the end of 2017), which is mainly for the company and its subsidiary companies’ management and core backbone personnel, mainly for middle management personnel.The employee stock ownership plan helps to motivate the middle management staff and improve the management efficiency of complementary shopping malls.It also plans to launch the second phase of employee shareholding plan, which is mainly targeted at the company’s directors and supervisors and some employees who have indirectly held the company’s stock through the shareholding platform.Two rounds of employee stock ownership plan to achieve the interests of shareholders, shareholders, and employees. The industry leader, first-mover advantage and outstanding brand advantage; continuous innovation provides all-round drainage for furniture brands, enhances the added value of services, and maintains increased holdings.The company consolidated its first-tier and second-tier cities in a self-employed mode, locked in high-quality locations, and had first-mover advantages; it expanded third-tier and fourth-tier cities under a commission management model, and rapidly expanded with a light asset model.Self-employed + commissioned two-wheel drive, consolidating the first part of the market share.Due to the company’s rapid commissioning of store openings in 2018, we raised our profit forecast for net profit attributable to mothers to 47 in 2019-2020.6/52.200 million (was 46.96/50.5.9 billion yuan), plus 2021 net profit attributable to mothers is 57.200 million, corresponding to 9/8/8 times the corresponding PE, maintaining the overweight rating.

Four things that hurt children’s self-esteem

Four things that hurt children’s “self-esteem”

As the saying goes, good boys are exaggerated, not scolded.
The author once heard such a story: One afternoon, a primary school student under ten years old played alone in a woods after school.
It was dark, and before the timid child came out of the woods, he was afraid of being attacked by a beast, and climbed into a big tree to hide.
When the father saw the child before he came home late, he went looking for the child’s way home from school. In a wood, by the faint starlight of the sky, the father vaguely saw his son hiding on the branch of a large tree.
The father did not immediately call his son down, but pretended not to see it, whistled and walked not far from the tree where his son was hiding.
When the son heard his father’s whistle as if he had met a savior, he immediately slipped down the tree and asked, “Dad, how do you know that I’m in this wood?”
“I was walking alone. I didn’t want to meet you and play on the tree.”
“It is said that this child grew up in an officer school and graduated and became a brave general in combat.
People often say that trees are afraid of hurting roots, and people are afraid of sadness.
Self-esteem and self-confidence are the spiritual pillars of children’s growth, the cornerstones of children’s goodness, and the internal motivation for self-development.
Everyone has self-esteem, don’t think that children are small, you can disrespect them.
Children’s self-esteem and self-confidence need parents and teachers to protect and respect.
If the educator intentionally or unintentionally hurts the child’s self-esteem and self-confidence, the child’s mind will be hit and destroyed, and the motivation and spiritual support for the development of good will be lost.
No matter what circumstances hurt or discredit children’s self-esteem and self-confidence, they are all foolish behaviors that violate the laws of education.
In real life, it is common to not pay attention to protecting children’s self-esteem, self-confidence, and disrespect for children’s privacy.
Some children say that you are so stupid if they do n’t do a good job; usually they are a little timid, they say you are really a coward; if their children have poor test scores, they say that you are so useless; sometimes their children are youngMistakes, blaming you for not being so angry.
Some parents and teachers are not pleasing to their children, and they always blame and complain, and some even swear and abuse.
If this goes on, over time, a good kid will lose his due ambition and self-esteem in the midst of accusations and complaints, which will eventually make it difficult for him to succeed.
Simple and rude, not talking about methods, will only hurt children’s self-esteem.
A qualified parent and teacher should use love to protect the child’s self-esteem and self-confidence, educate the child to have love, patience and perseverance, insist on more praise and encouragement, and less blaming and complaining.The enthusiasm, so that they continue to overcome their shortcomings, gradually improve themselves, and become a high-quality talent useful to society.
What are the characteristics of children’s self-esteem when parents respect their children?
Scientists have found that: 1. Children with high self-esteem are more active and good at expressing their thoughts.
Second, they are good at building good relationships with others. In conversations with others, they are willing to be dominant and unwilling to be listeners.
They are always ready to express their opinions and opinions, and are not troubled by others’ picks.
Third, they are often interested in world issues.
Fourth, they are convinced of their abilities and confident that they can do whatever they want.
After research, scientists have found that children’s high self-esteem comes from their true care and respect for their parents. First, parents with high self-esteem are not only good at helping children build interests and hobbies, but also good at caring and understanding most of their children.Friends, can listen to the children’s opinions patiently, and can timely meet the children’s legitimate needs.
Secondly, these parents have stricter requirements on their children than ordinary parents.
They demand that the children behave properly and observe discipline.
They use education instead of punishment to correct their children’s wrongdoing.
Furthermore, in the family life of these children, parents always use a kind and generous method to guide their children to follow the rules of family life.
When children disagree with their parents, they are always taken seriously.
The research results of scientists have given us new enlightenment: children have a high degree of self-esteem, which is beneficial to their growth; fostering children’s self-esteem, parental guidance plays an important role.
Do n’t hurt the child ‘s self-esteem. A fifth-grade student was once reprimanded by the teacher for poor grades in math tests and fined three times.
He is usually introverted, and has become more depressed since then. He has an inexplicable sense of fear when he takes a math class.
Later, he developed to tremble as soon as he walked towards the school. He often felt dizzy in class and always heard the teacher’s harsh rebuke in his ears.
In the end, parents had to take him out of school.
This is an example of the serious consequences of being “psychologically abused,” and of course very rare.However, in real life, parents are angry at their children, teachers are at their students, and they are open-minded, and mean words. What kind of “dumb”, “dumb”, “not prosperous”, and inadvertently chewing at children.”Psychological abuse” is not uncommon.

Psychological abuse can be roughly divided into these categories: First, the compulsive type does not consider the needs of students (children) at all, forcing them to act according to the will of the teacher or parents, and even the children’s defense, anger, and resistance are deprived.

These children are often timid and afraid of things, shrinking in case of problems, and being generally independent, which will make it difficult to adapt to complex social life.

Second, the indifferent type is indifferent to children’s needs, and generally has closeness and compassion.

To their faults is not to help education, to guide patiently, or to take a cold attitude.

These children are so distressed and lonely.

Third, the degrading type does not recognize the child’s slight progress, often hurts their self-esteem, degrades their academic performance, but does not let go of any fault.

As a result, children feel sad, lack self-confidence, and have no opinion.

Fourth, when the children make mistakes, they do not evaluate them as a whole, help them find the reason, and encourage them to overcome difficulties.

It is to wipe out everything in the past, to criticize and scold, and to sprinkle salt on the injured heart of children. Such children are often slumped and do not see hope.

“Psychological abuse” is not advisable.

As parents and school teachers, we must first understand the dangers of children’s “psychological abuse” and recognize that children’s mental health is an important part of “health”.

Strengthen personality cultivation, slowly get rid of this bad problem of mental abuse, impress children with patience and emotions, and try to convince people with emotions.

Give children a harmonious and relaxed learning and living environment, so that children can really grow up healthy.

How many vitamins do preschoolers need per day?

How many vitamins do preschoolers need per day?

Does Vitamin A need 1,700 daily?
2200 units.

In the liver, kidney, cod liver oil, milk, egg yolk.

Carotene is found in yellow-green vegetables such as carrots and fruits, which can be converted into vitamin A in the body.

  Vitamin B1 requires 0 daily.



0 mg.

It is found in grains, beans, and peanuts.

  Vitamin B2 requires 0 daily.


0 mg.
It is found in liver and egg milk.

  Vitamin C daily requirement is 40?
45 mg.

Reconstituted in orange, hawthorn, tomato and other fresh fruits and vegetables.

  Vitamin D daily requirement 400?
1000 units.

Inject egg yolk, liver.

Health is the real longevity


Health is the real longevity

“Life is seventy years old”, the poet Du Fu of the Tang Dynasty, with such a “famous sentence”, seems to have laid a “standard” for longevity for the people of more than a thousand years.

People live 70 years old, even longevity!

銆€銆€Nowadays, in the 21st century, people’s life expectancy has already exceeded 70 years old, and the standard of “longevity” has naturally changed.

Our goal is to improve the quality of life for the sick elderly; let the healthy elderly die.

銆€銆€The World Health Organization has proposed a concept of “healthy life” in order to call on people to live longer and to work hard to achieve both aspects of human health.

However, this goal in developing countries is currently difficult to achieve.

The Ministry of Health has done a statistic that two-thirds of the life of an elderly person over 60 years old is in a period of illness.

In other words, an old man who has lived to 80 years old is suffering from various diseases during the last 14 years of his life.

銆€銆€There is a saying that “good death is better than living”, the truth is correct, but on the other hand, if we can actively intervene to make the quality of life better, how can we get to “Let” live

More importantly, such an approach is not without it, nor is it difficult to do it.

銆€銆€There is also a 鈥渂orrowing鈥?representative of the World Health Organization: if your health is 100%, then genetic factors account for 15%, social factors account for 10%, medical conditions account for 8%, environmental factors account for 7%, and personal lifestyles account for60%.

This shows that as long as you develop healthy living habits, it is entirely possible to extend the “healthy life”.

銆€銆€Healthy elderly people who are not sick and devastated should guard against illness and health; if they are already sick, they must actively treat diseases and recuperate their health. At the very least, they must “eat two balances.”

On the diet, less oil and less salt, 6 grams of salt per day, 25 grams of oil to be stuck, the supplement of nutrition should not be reluctant; exercise, insist on walking, other sports to do, the service is still to serve;Coupled with smoking cessation and alcohol restriction, maintaining an optimistic and cheerful state of mind, almost as long as following the “four cornerstones of health” theory proposed by the World Health Organization, you can enjoy your old age.

銆€銆€However, there are various problems in the process of health and recuperation.

For example, some people blindly grasp health knowledge, and some people arbitrarily dismiss them. These are not desirable.

First of all, any kind of health knowledge is not universal, so you need to find the right one for you through practice.

If everyone says “an apple a day, the doctor is away from me”, but if you eat apples, you will not be able to force it.

Those who choose to disregard, I am afraid that there are more lucky feelings. I feel that some people eat and drink all day long. Mahjong does not leave, and it does not work as well.

In doing so, I can only say that the genes, environments and lifestyles of people and people are different. It is not possible to replace commonality with personality, because the things recognized by the person being replaced are usually right.

銆€銆€Of course, no matter how advanced the medical treatment is, people can’t get rid of the disease and aging. Therefore, what we have to do is to let the disease come late and later.

銆€銆€The best doctor is yourself, whether it is to guide your health or prevent disease, because only you know yourself best.

Therefore, it is the best policy to always pay attention to your own nervous state and face it positively.