As a top actress in the entertainment industry, Yang Ying’s every move has attracted much attention. However, as her popularity continues to rise, so does her responsibility. As a public figure, her words and deeds are magnified, as if she is enjoying the benefits of starlight, but also forgetting the self-discipline and norms that a top star should have.

The recent Crazy Horse episode has put Yang Ying’s image at an unprecedented risk. What was originally a niche entertainment experience has entered the public eye because of Yang Ying’s visit. The incident has raised questions not only about Yang Ying’s personal character, but also about her sense of responsibility as a public figure. Unfortunately, this time she does not seem to have delivered satisfactory answers.

In the turmoil caused by the Crazy Horse show incident, Yang Ying’s social account was banned for up to three months. This is undoubtedly a heavy blow for Yang Ying. In the digital world, this is almost equivalent to disappearing from the public eye. Fans are thrown into confusion and unease for a while. After all, in this era of face-seeing, no exposure means being forgotten. However, this may be an opportunity to reflect and replan their own star path.

Despite the ban, Yang Ying has not completely faded from the public eye. Within a week, it was revealed that she was involved in the shooting of a magazine. Although this time her photo did not appear on the cover, it became the inside page, a low-key approach that was both cautious and revealed her determination not to give up. After the halo faded, Yang Ying chose a more restrained and low-key way to show the world that she is still trying to move forward.

Once upon a time, Yang Ying’s acting skills were widely criticized, but her performance in variety shows undoubtedly gave her a lot of credit. Now, although the Crazy Horse show incident has caused her reputation to drop to the bottom, she has not given up. Amid the public ridicule, Yang Ying seems to be answering the question of "soft ban" with action. She is no longer the actress who only shines under the spotlight, but quietly works behind the scenes to prepare for her next appearance.

During this time, she learned how to grow in the trough and how to find a way out in the controversy. Her transformation has shown us a more mature and confident Yang Ying. Although the road ahead is not smooth, she is ready to face new challenges.

Today’s Yang Ying has stepped down from the position of a top star, but she is not far away from the entertainment industry. She began to try more roles and constantly push her comfort zone. Her performances also began to become more realistic and natural, no longer just superficial forms. Her efforts and persistence have allowed us to see a more comprehensive and in-depth Yang Ying.

Looking back at Yang Ying’s ups and downs in life, we see a growing and improving her. Although she has encountered setbacks, she did not give up but honed herself in the face of difficulties and continuously improved herself. Her story tells us not to give up easily even when facing difficulties. Only by persevering in hard work can we achieve success.

Let’s look forward to Yang Ying’s next role together as she continues to create her own brilliance in the entertainment industry!

Responsible editor:

[Text | Interface, Yuan Yingqi]

Nongfu Spring, which has repeatedly said that there is no need to list, finally decided to list on the Hong Kong Stock Exchange. The company that mainly produces "a little sweet" mineral water has a financing scale of no more than 1 billion US dollars, but it is a high probability event that it will enter the 100 billion market value club after listing.

We carefully read the prospectus submitted by Nongfu Spring to the Hong Kong Stock Exchange and found that the company had mixed feelings.

Nongfu Spring "not bad money"

Nongfu Spring was established in 1996, and its founder Zhong Liangyi holds 87.4% of the shares. The company’s main business contributes about 95% of the total operating income. The main products include drinking water, tea beverages, functional beverages and fruit juice beverages, accounting for 60%, 13%, 16% and 10% of the revenue respectively. Among them, drinking water and fruit juice beverages have grown rapidly.

Image source: Prospectus, Interface News Research Department

According to the prospectus, Nongfu Spring has maintained steady growth in the past three years. From 2017 to 2019, the income was 17.491 billion yuan, 20.475 billion yuan and 24.021 billion yuan respectively, with a compound annual growth rate of 17.2%. Nongfu Spring achieved net profit of 3.385 billion yuan, 3.612 billion yuan and 4.954 billion yuan in the past three years, with a compound annual growth rate of 21.0%.

Image source: Prospectus, Interface News Research Department

In 2019, the comprehensive gross profit margin of Nongfu Spring was as high as 55.4%. Mainly due to the gross profit margin of 60.2% of the largest drinking water product. The gross profit margins of other categories such as tea beverages, functional beverages and fruit juice beverages were 59.7%, 50.9% and 34.7% respectively.

In terms of net profit, the net profit rate of Nongfu Spring rose to 22.8% in 2019, of which sales expenses accounted for the largest proportion of the three fees. Specifically, sales expenses accounted for 24.2% of operating income, and the most important ones were transportation expenses and advertising expenses, which were 2.53 billion and 1.22 billion yuan respectively, accounting for 10.5% and 5.1% of operating income, respectively.

In terms of cash, Nongfu Spring adopts the first payment and then the goods transaction method, and the book receivables are very small. From 2017 to 2019, the company’s net operating cash inflow was greater than the net profit of the year, especially in 2019, the net operating cash inflow was as high as 8.73 billion yuan. From 2017 to 2019, the book structured deposits were 2.04 billion, 3.60 billion and 200 million yuan respectively. The average interest rate earned was between 4.0% and 4.9%.

The sharp decrease in cash in 2019 was due to the concentrated dividend of Nongfu Spring up to 9.50 billion yuan before listing. Among them, the major shareholders received 8.20 billion yuan. Previously, although Nongfu Spring also had annual dividends, the amount was 2-300 million yuan. And the total financing of Nongfu Spring is only 1 billion US dollars.It is certain that Nongfu Spring did not choose to go public because of a lack of funds.

What is the valuation after going public?

Master Kong Holdings, the equivalent producer of mineral water in Nongfu Spring, has been listed on the Hong Kong stock market. In 2019, Master Kong Holdings’ beverage business contributed HK $39.70 billion to operating income, which was greater than Nongfu Spring’s operating income. But net profit was only HK $3.72 billion, far less than Nongfu Spring’s 4.95 billion yuan.

At present, the market value of Tingyi Holdings is 77.20 billion Hong Kong dollars, corresponding to the price-to-earnings ratio of about 20.8 times in 2019. It is estimated that the total market value of Nongfu Spring after listing is at least about 130 billion Hong Kong dollars. In fact, Nongfu Spring is better than Tingyi Holdings in terms of profitability and growth, and the market may give a higher valuation.

According to the prospectus, the drinking water market is still in a stage of rapid development. According to Nielsen’s forecast, it is still expected to maintain a growth rate of about 10% in the next five years. Compared with the beer and condiment market, the drinking water market has more room. Based on the high concentration of the drinking water market, it is also possible to produce a leader with a larger market value than Budweiser Asia Pacific (1876.HK) and Haitian Flavor (603288.SH) in the long run. The average price-to-earnings ratio valuation of beer in the Hong Kong stock market is 30-40 times. The average valuation of soy sauce and vinegar in the class A share market is more than 40 times. Based on this, we have predicted the market value of Nongfu Spring.

Image source: Interface News Research Department

The troubles of Nongfu Spring

Although the situation is good, Nongfu Spring is not a smooth road.

First of all, the drinking water business depends on the source of water, and the bottleneck facing the long-term growth of Nongfu Spring is the limited source of water. According to relevant laws and regulations, units and individuals who directly extract water from natural resources (such as rivers, lakes and groundwater) need to obtain a water extraction license and pay a water resource fee. Enterprises need to extract water according to the approved annual water extraction plan. Moreover, mineral water has the dual attributes of water resources and mineral resources. The production of mineral water should also apply for a mining license according to law. In other words, the scarcity of water sources on the one hand helps enterprises to establish high industry barriers, and on the other hand restricts enterprises to expand production capacity. It is conceivable that with the development of the industry, there are fewer and fewer untapped water sources.

The situation of Nongfu Spring’s newly obtained water sources in recent years is not optimistic. At present, Nongfu Spring has a total of 10 water sources. The main production bases are still Qiandao Lake in Zhejiang, Changbai Mountain in Jilin, Danjiangkou in Hubei and Wanlv Lake in Guangdong, which were obtained before 2005. With the increase in environmental awareness, the water withdrawal from water sources obtained by Nongfu Spring in recent years has become smaller and smaller. In 2019, the newly obtained water withdrawal from water sources was only 504 thousand cubic meters per year. Although the approved water withdrawal from water sources currently owned by Nongfu Spring is much larger than the actual production capacity of the company, the company does not have the problem of insufficient water withdrawal in the short term. However, products concentrated in water sources in Zhejiang, Guangdong, Jilin and Hubei are also limited by the transportation radius.

Nongfu Spring has less water sources that can produce mineral water, which is not conducive to product upgrades in the future. In addition, the average ton price of Nongfu Spring drinking water has declined for two consecutive years, the company explained, because of the increase in sales of large-packaged drinking water with lower unit prices. In the short term, Nongfu Spring may face the risk of lower gross margins.

Due to the scarcity of domestic water sources, Nongfu Spring has begun to go overseas. Nongfu Spring has acquired Otakiri Springs, a New Zealand bottled water company. The prospectus revealed that Nongfu Spring will look for suitable acquisition targets in the future. However, the overseas market is more mature than the Chinese market, and the growth space is limited. The risk of "going out" is really not small.

Image source: Prospectus, Interface News Research Department

Secondly, Nongfu Spring also faces the problem of "succession". The company has five executive directors. Among them, the founder Zhong Shuzi currently serves as the chairperson and general manager of the company, with a shareholding of 87%. Appropriately reducing the founder’s shareholding ratio through listing can achieve the effect of optimizing the shareholding structure and reducing decision-making risks. At present, Zhong Shuzi is 66 years old and has been deeply involved in the operation of Nongfu Spring. Another executive director, Guo Zhen, deputy general manager in charge of the overall operation and production of Nongfu Spring, is also 62 years old. Zhong Shuzi, the son of Zhong Shuzi, is currently a non-executive director of the company and does not participate in daily operations. Zhong Shuzi joined the group in 2014 and is currently the general manager of Yangshengtang (Nongfu Spring Holding Company) Brand Center.

It is worth mentioning that at the same time as the listing of Nongfu Spring, another company controlled by founder Zhong Shanyuan, 603392.SH, landed on the class A share main board on April 29. The current market value is 6 billion yuan, and the daily limit has not been opened. In the Hurun wealth list in 2020, Zhong Shanyuan was listed with 14.10 billion yuan. With the listing of the above two companies, his worth is expected to rank among the top five on the rich list.

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　　Recently, the General Office of the Ministry of Education issued the Notice on Further Strengthening the Sleep Management of Primary and Secondary School Students (hereinafter referred to as the Notice), further emphasizing the need to ensure adequate sleep time for students and refining relevant management measures. The "Notice" requires that students’ sleep monitoring and supervision should be strengthened, students’ sleep status should be included in the physical health monitoring and education quality evaluation and monitoring system, included in the scope of daily supervision and the supervision and evaluation of the government’s performance of educational duties, and a supervision and reporting telephone or network platform should be set up to ensure that the requirements are in place and effectively ensure students’ good sleep.

　　We should fully improve our understanding of the importance of sleep health.

　　The Notice puts forward three "important times". The first is the necessary sleep time. Primary school students should sleep for 10 hours a day, junior high school students should sleep for 9 hours and senior high school students should sleep for 8 hours. The second is the school schedule. Class starts at 8: 20 in the morning in primary schools and 8: 00 in middle schools. At the same time, it is emphasized that schools should not require students to arrive at school in advance, and necessary lunch breaks should be guaranteed if conditions permit. The third is bedtime at night. Pupils are generally not later than 21: 20, junior high school students are generally not later than 22: 00, and senior high school students are generally not later than 23: 00. At the same time, guide parents and students, make schedules for students’ work and rest, promote autonomous management, work and rest regularly, and go to bed on time. Only by controlling the school schedule and students’ bedtime at night can students’ necessary sleep time be effectively guaranteed.

　　Lv Yugang, director of the Department of Basic Education of the Ministry of Education, pointed out that schools can manage the morning classes. The more important time is bedtime at night. Some bad living habits, such as watching mobile phones, playing computers and indulging in the Internet, affect students’ bedtime. Whether you can sleep at night depends on the students’ self-management ability and the guidance, cooperation and consultation between parents and students. In this process, we should strengthen the education of students, strengthen the guidance of parents, and strive to ensure that the bedtime at night can be achieved.

　　Zhu Dongbin, deputy director of the Department of Basic Education of the Ministry of Education, said that places and schools with conditions should guarantee students the necessary lunch break. We also encourage all localities and schools to explore all kinds of good experiences and practices that help students sleep according to the actual situation and school facilities. Sleep is a big event, and we should be able to reach a consensus that we should not lose big because of small things, let alone give up the basics.

　　Jiang Fan, secretary of the Party Committee of Shanghai Jiaotong University School of Medicine, director of the Center for Diagnosis and Treatment of Children’s Sleep Disorders, and head of the Children’s Sleep Study Group of the Sleep Medicine Committee of the Chinese Medical Doctor Association, said: The majority of primary and secondary schools, teachers, parents and students should fully raise their awareness of the importance of sleep health, and enhance their understanding of the requirements of sleep time required by different age groups and healthy sleep habits. According to the Notice, the length of sleep students should get every day is consistent with the internationally recognized recommended length of sleep. This requirement is implemented on individuals, and parents also need to master individual differences. Primary school students need 9-12 hours of sleep every day, and middle school students need 8-10 hours. Teachers and parents can strengthen communication with their children, work out schedules suitable for individual students together, and at the same time, they can know whether they sleep well or not from the aspects of children’s mental state and self-feeling, and make adjustments to the schedules according to the actual situation.

　　Sacrificing sleep time for study can’t be exchanged for improving academic performance.

　　In view of the external factors affecting students’ sleep, the Notice puts forward three "interruption mechanisms", requiring homework, off-campus training and games to make way for students’ sleep.

　　The first is the "interruption" of homework, which requires primary school students to basically complete their written homework in school, and middle school students to complete most of their written homework in school. If individual students have not finished their homework by bedtime after efforts, parents should urge them to go to bed on time and not stay up late to ensure adequate sleep. Of course, teachers should conduct targeted analysis, strengthen counseling, and adjust the content and amount of homework if necessary. The second is the "interruption" of off-campus training time, which requires that the off-campus offline training end time should not be later than 20: 30, and the online live training end time should not be later than 21: 00. Homework should not be arranged in any form such as pre-class preparation, after-class consolidation, homework practice, and WeChat group punching. The third is the "interruption" of the game, which requires local education departments to strengthen supervision with relevant departments in accordance with their management authority to ensure that no game services are provided to minors from 22: 00 to 8: 00 the next day.

　　Lv Yugang said that schools should have a sound homework management mechanism, and all subject groups should co-ordinate homework, so as to grasp a reasonable amount of homework and improve the quality of homework. Students should not be allowed to finish their homework during recess when they should go out for activities and jump around the playground, or during the lunch break. Schools and teachers should strengthen the guidance for students to complete their homework, especially to help students with learning difficulties, and increase the intensity of counseling and answering questions so that students can complete their homework within the specified time.

　　Lu Haifeng, director of the Education and Sports Bureau of Qidong City, Jiangsu Province, reminded schools to avoid the thinking mode of split thinking and binary opposition, and make efforts to properly handle several groups of relationships. The first is the relationship between "sleeping less" and "sleeping late" and "getting up early". According to the requirements of the Notice, schools should reasonably determine the schedule of work and rest, enhance the soft power in the publicity of work and rest, and enhance the hard power in the implementation of work and rest, and do not artificially require students to arrive at school in advance, and do not artificially occupy students’ school time. At the same time, they should be flexible and flexible in strictly implementing work and rest, for example, properly resettle individual students who arrive at school in advance due to special family circumstances; The second is the relationship between "less sleep" and "more homework" and "difficult homework". Schools should make great efforts in classroom research and win the light burden of schoolwork with the high efficiency of classroom; Pay attention to homework management and win the light load of homework with the high quality of design; The third is the relationship between "sleeping well" and "sleeping well" and "growing well". Schools should face students face to face, educate students to understand the importance of adequate sleep and develop good sleep habits. Heart-to-heart with parents to guide parents to be the guarantors of their children’s adequate sleep; Join hands with the society and participate in the governance of off-campus training institutions as much as possible to reduce the academic burden of students.

　　At the same time, Jiang Fan said that parents should take appropriate restrictions on children’s use of electronic products, and at the same time, they should set an example and consciously maintain a good work and rest, so that children can clearly understand the importance of sleep and develop a good habit of maintaining regular work and rest independently. Their team research shows that sacrificing sleep time for study can not bring about improvement in academic performance, but will cause extensive damage to executive function and affect the academic performance of children and adolescents. (Guangming Daily reporter Yan Xiaoyan)

Unconsciously

The eight-day Spring Festival holiday is coming to an end.

While enjoying the holiday life

Don’t forget.

February 18th is a working day.

According to the general office of the State Council.

Notice on Some Holiday Arrangements in 2024

The Spring Festival is on holiday from February 10th to 17th.

A total of 8 days

February 18th (Sunday)

Going to work!

That is to say, after the eight-day holiday,

I have to work for six days.

Friends who usually set the working day alarm clock.

Don’t forget to set the alarm clock.

In case of being late

Original title: "Attention! Working hours have changed.

Read the original text

September 29th is World Walking Day. Walking is regarded as "the best exercise in the world", which is simple and effective.

"Walking is an aerobic exercise." Wu Dandong, deputy director of the Department of Rehabilitation Medicine of the First Affiliated Hospital of Chongqing Medical University, said in an interview with People’s Daily that brisk walking can produce muscle and cardiovascular adaptation, thus improving the whole body endurance exercise ability, cardiac contractility and improving cardiopulmonary function. At the same time, walking can reduce fat. Studies have shown that walking for 30 minutes every day can increase the calorie consumption by 30%, and walking for one kilometer every day can reduce about 0.3 kg of fat every month. It is very useful for people who need to lose weight and keep fit. Walking can also improve the metabolism of the body and reduce the possibility of diabetes and hyperlipidemia. In addition, walking every day can also improve sleep and relieve mood.

Wu Dandong said that a certain intensity of walking can play a role in fitness. If the exercise frequency is too low, the effect of improving cardiopulmonary endurance will be weakened. It is suggested that regular walking training should be carried out 3-5 days a week, lasting for 30-60 minutes each time, with a total of about 150 minutes per week. During walking, you can speed up the pace to increase the intensity of exercise.

Although walking has many health benefits, the wrong method will only get twice the result with half the effort and even damage the body. Wu Dandong suggested that, first of all, the amount of exercise should be moderate and follow the principle of gradual progress. Excessive walking will lead to persistent fatigue, articular cartilage wear, and may also cause persistent joint pain or other discomfort after exercise.

Secondly, to achieve long-term sports effect, walking and fitness needs perseverance. Walking and fitness can be accompanied to enhance the fun and easy to stick to.

In addition, in order to reduce the joint load, you should avoid walking up and down slopes when walking, and walk as flat as possible. If there is pain in joints or other parts after walking, stop training and see a doctor as soon as possible to avoid secondary injury. (Yan Yan)

Source: People’s Network