Shocks

Winter rain

Cuba

The Beijing film festival is a cosmetic cosmetics, which can be called a lot of colour, and the editor sums four different styles of cosmetics, to be reviewed together!

Harmful sisters —

Most recently, women’s micro-stars have taken their own sister winds, both in the event and in the red carpet, and the two-metre-long moulding of the winds of the gas yard is always heart-shaped! Sisters are too loving to thrive the throes of apparel + cosmetic cos of instincts with deep-seated infrared strangles, with lucrative typhoids, and to wipe out the throes of the throes of the glass.

For example, at the end of the throes, the throne!

Zhang Yishan Zhang

Her Majesty the Queen of the Indies, won ~~

Beneficiary

Beneficiary

Behind the fabrication of sisters, in addition to the arrogance of the arrogant, is particularly important.

Previously available

Previously available

Cosmetics play a crucial role in highlighting cosmetics, with cosmetics becoming more visible and cosmetics more advanced, with the best emphasis being placed on high cooling, or on short-sighted cosmosis, with deep-sighted spots in the next-sighted location, and with high-speed cosmears.

Surface Koflamm

Surface Koflamm

Finally, open, hegemonic and hegemony!

Infrared sense

If the Quartet is to be killed in the red carpets, it is to wipe out the skirmishes!

Naz

Cuba

High-saturated infraid visual shocks, with white lucratives, beneaths, beauty-cooled or ultraviolet sex, make cosmetics more skirmant and second feminist!

Kindu

Liu Jiayi

To speak of women’s athetics, it was necessary to relax the throes of women and to win them again.

Shocks

Sexual hypocrisy, with high saturation and red tuning, a enthusiastic comity, and a branding of ponder waves, is self-confident.

Shocks

Inventory of new typhoon

To be clear, we need to look at the nature of our small flowers, to create new cosmetics with light glasses, to be purposed with pure cosmetic uniforms, to be high-level and copied, and to perfectly show a sense of art and fashion.

Week

Sun

Let me say this fine of the finest sweet, and I must give a vote!

Notes

The bleak glass is packed with flour and is a smear of new sweetings, a pole of pimps, a high-level and no-vigil!

Notes

Zhang Yishan Zhang

Zhang is more a stream of small flowers, with nearly naked bleedings with deep colour, enough to highlight self-confidence, to wipe out the throes of infrared mild light, and to show the lucrative lines of the beauty!

Zhang Yishan Zhang

The atmosphere is common —

The red carpet is a gas field, and it is possible to say that the red carpets can win the atmosphere! The film festivals the red carpets, an atmosphere of cosmetic cossays in the Caribbean, the beauty of the Americans in the brands, the cradles of the blacks, the screaming of the skirmishes, and the screaming of the screams of the screams!

Niamey

Niamey

Exposure map of the work room in Dini

Lively moulding this type of artist@ Liu snow-light MQ bambo has emphasized the type of detail, increased fingerprinting on the top of the throw, with some of the throws that appear to be throwing on the sun!

No.

Highlights

Greater hypotheticality is more a yard for the return of the entire Queen, with a hypothetical eye and a hypertension, with all the strenuous odds of euphoria.

High-leather cosmetics @袁ONTIM

The cossmetics of high-leaf @袁ONTIME also unveiled messsing techniques for the gallery. “The focus of this cosmetics is on cosmetics and cosmetic cos, whose cosmetics are not close to the masculinities of the liners, which cannot be reduced by the glass and the genoculations, together with the lucrative glass that highlights the bright spots of precious gas, and the temptation to cool.”

Highlights

There appears to be a desire to make a big difference in red carpets, and cosmetics must be focused on their own characteristics, highlighting them! A well-known Asian cossmetics @lungi teacher also shared with us in the first time on how to build a winning cosmetics on red carpets!

A teacher, Zhang Yi, revealed secrets from the red carpet cosmetics:

The women’s glimp cosmetics is a time-consuming endeavour for the better. This is the need for the “lifetimes” of people.

What is the first consideration is whether the red carpet site is indoor or indoor settings? On-site light is weak? Is simple or complex? Can the best effect be achieved by the use of spaces and rays while suiting personal gas?

What then is the design of cosmetic and cosmetics around the above basic elements, and why should cosmetics be put at the end? For red carpets, you need to begin by moving from a far-reaching perspective to a full-scale or careful scoring, whether it is extremely simple, extremely cumbersome or beautyful and Christmas … There is a possibility of digging in the red carpets as long as the overall formulation is high.

Of course, if your skin state before the red carpets is good, there is no sense of inflammation in the face and body, and there is a very beautiful spirit of patience, it may not be called the occupier and the puppet!

How can this be cosmeated in the red carpet?

How can cosmetics be highlighted?

Exhaustion of mindsets is an inexpensive cosmetic proposal or a reading. Where is painted, but where is the focus of abuse. Since such cosmetics will allow you to look like, not your eyes, your words are good.

Faced with the flux of the line, the display of the five cadets, the colour of colour and the intention … are three elements that a paragraph can perfectly present the cosmetics of the interior. To do so, let the spots of cosmetics be turned into you!

Mengniu and Danone’s nearly ten-year “marriage” is coming to an end.

On the late night of May 6, China Mengniu Dairy Co., Ltd. (hereinafter referred to as Mengniu Dairy, 02319. HK) and Yashili International Holdings Co., Ltd. (hereinafter referred to as Yashili international, 01230. HK) issued a joint announcement announcing three special transactions related to the proposed transaction to terminate the existing relationship between Mengniu and Danone, including the acquisition of low-temperature business joint venture, the sale of Domex China and the acquisition of 25% equity of Yashili.

Song Liang, a dairy expert, believes that after the disposal of the above three businesses, Mengniu and Danone have basically announced a “complete breakup”. Of course, it cannot be ruled out that the two sides may cooperate again in the future. However, for Mengniu and Danone, this nearly ten-year “marriage” is no longer necessary to continue reluctantly.

In recent years, multinational food and beverage giants such as Nestle and Danone have re examined the competitive position of the Chinese market, adjusted the product structure, and focused more on professional nutrition, pet nutrition and other fields with strong technical level. For Mengniu, this year is the second year of the formal implementation of the company’s five-year strategic plan. There is still a long way to go from “rebuilding a new Mengniu” to achieving the goal of double 100 billion in revenue and net profit. At this time, we choose to use Danone to settle the “breakup account” as soon as possible, or it may contribute to the early realization of the goal.

Break up completely

It is reported that in the three newly launched special transactions, Mengniu plans to acquire the shares of the low-temperature business joint venture from Danone at a price of no more than 1.6 billion yuan; At the same time, it invested HK $1.424 billion (equivalent to about RMB 1.209 billion) to acquire 25% of Yashili shares previously acquired by Danone nutrition with HK $4.99 billion (equivalent to RMB 4.238 billion). Danone invested 870 million yuan to buy back the original HK $1.23 billion (equivalent to RMB 1.056 billion) sold to Domex China of Yashili.

Danone disclosed that this decision was made “based on prudent portfolio evaluation”. Danone sold 9.8% of Mengniu last year. Subsequently, the two sides agreed to terminate the cooperative relationship, including the dairy joint venture and Danone’s investment in Yashili. Danone believes that as part of the discussion between the two sides, it is in the interests of both sides to include Domex into the scope of the transaction.

“Danone will therefore be able to explore new market opportunities more flexibly (for example, in the field of dairy products and plant-based products). At the same time, the acquisition of Domex will help Danone further strengthen its local production capacity of infant formula. This will help us further explore the Chinese market and better serve Chinese consumers with locally produced products with Chinese labels.” Danone told the 21st Century Business Herald reporter.

The origin of Mengniu and Danone began in 2006. The two sides established a yogurt joint venture, with Mengniu holding 51% and Danone holding 49%. However, since “the preconditions required for further investment were not reached within the time specified in the agreement”, Mengniu and Danone terminated their cooperation in December 2007.

In July 2013, Danone became a shareholder of Mengniu by holding 4% of Mengniu Dairy through a joint venture with COFCO. Meanwhile, Danone China and Mengniu merged their yogurt business and re established a yogurt joint venture. According to the publicly disclosed data at that time, the total cost of the above two cooperation Danone was about 2.6 billion yuan. In 2014, Danone invested HK $5.153 billion (equivalent to about RMB 4.423 billion) to increase its holdings of Mengniu, becoming the second largest shareholder after COFCO group and holding 9.9% of Mengniu.

Subsequently, the “marriage alliance” between the two sides was further deepened. In February 2015, Danone nutrition subscribed for 25% shares of Yashili at the price of HK $4.99 billion (equivalent to RMB 4.238 billion); In May 2016, Yashili completed the acquisition of all equity of Domex China under Danone with HK $1.23 billion (equivalent to RMB 1.056 billion).

In this way, Danone has maintained the status of “second shareholder” of Mengniu until February 28 last year, Danone issued an announcement that it would consider reducing its shares in Mengniu. Subsequently, on May 13 of the same year, Danone announced that it would sell its 9.8% stake in Mengniu Dairy at a price of US $1.99 billion (equivalent to about 12.79 billion yuan). So far, Danone no longer holds any shares in Mengniu Dairy.

Song Liang had previously analyzed why he terminated the cooperation with Mengniu based on three considerations: first, Danone’s own business adjustment in China; Second, the rate of return on investment of Mengniu has decreased; Third, obtain greater independence for its investment and operation.

Previously, Danone had withdrawn from low-temperature yogurt and drinking water business in China, and now focuses on early life nutrition, adult nutrition and beverage. “We will focus on developing these three business segments and selectively lay a solid foundation for Danone’s future growth in China in some areas. For example, we are looking for growth opportunities in nutrition, plant-based products and healthy aging.” Danone China replied to the 21st Century Business Herald reporter that this move is expected to create more possibilities for the development of the group in China’s infant milk powder Market and bring more flexibility to Danone’s expansion in other fields.

According to public data, from 2014 to 2020, Mengniu’s dividend amount was about 4.388 billion yuan. According to the shareholding ratio of 9.82%, Danone received a total dividend of about 431 million yuan. According to rough calculation, in the nine-year cooperation with Mengniu, Danone has invested about RMB 12.131 billion (including the expenses of Danone’s equity participation, increasing its shareholding in Mengniu, establishing a joint venture, participating in Yashili and acquiring Domex), gained a total of RMB 17.086 billion (including the sale of Mengniu shares, withdrawal from low temperature joint venture and Yashili, the previous sale of Domex China, and the dividend income of Mengniu shareholders over the years), and the profit is about RMB 4.955 billion, The nine-year total yield is 40.8%.

“From the perspective of positioning, Danone will form a complete competition pattern with domestic dairy enterprises in the future.” Song Liang said that with the continuous decline of the birth population, infant formula is no longer a category with high dividend and high gross profit, and the next step is the industry

With the continuous rise of domestic feed and breeding costs, the cyclical fluctuation, shortage and self-sufficiency of domestic upstream dairy industry have plagued the development of China’s dairy industry. Data show that the self-sufficiency rate of domestic milk sources has declined by 9.6 percentage points in the past five years.

During the “two sessions” this year, a number of deputies to the National People’s Congress of the dairy industry put forward suggestions, hoping to establish innovative dairy market regulation mechanism and support family ranches to solve the shortcomings of the current domestic dairy industry.

In recent years, the problem of large fluctuations in the industry has been perplexing the raw milk industry. In 2014, due to the imbalance between supply and demand in the market, the domestic raw milk industry experienced a “roller coaster” cycle. Especially from 2015 to 2018, the data released by the China Dairy Association showed that 50% of domestic pastures fell into losses and the stock of domestic dairy cows decreased significantly. According to the statistics of the national dairy system, The number of domestic dairy cows decreased from 8.57 million in 2014 to 4.71 million in 2019.

From 2018, the domestic milk price hit the bottom and rebounded, and the raw milk industry began to recover gradually. However, from 2020, with the rise of feed and breeding costs, the periodicity of milk prices made ranching difficult.

According to the action plan for improving the competitiveness of dairy industry in the 14th five year plan issued by the Ministry of agriculture and rural areas recently, due to the high production cost of dairy industry, the loose connection between production and marketing, the imperfect interest connection mechanism of industrial chain and other reasons, the overall competitiveness of the industry is insufficient and the import impact is serious. In 2020, the import of domestic dairy products increased by 70.4% compared with 2015, and the self-sufficiency rate of milk sources decreased by 9.6 percentage points. The decline of market share of domestic milk sources has formed a strong contrast with the expanding consumer market. It is urgent to take effective measures to improve the competitiveness of the dairy industry.

In this regard, during the two sessions this year, dairy representatives also highlighted suggestions on strengthening the development of domestic raw milk industry.

Among them, Wei Lihua, deputy to the National People’s Congress and chairman and President of JUNLEBAO dairy group, put forward suggestions to support the development of family ranches.

After Wei Lihua’s research, it was found that 9 departments including the Ministry of agriculture and rural areas had previously encouraged the development of family pastures to promote the revitalization of the dairy industry. However, in practical work, family pastures have some problems, such as difficult site selection and land use, high land reclamation cost (deposit) and tax pressure of facility agricultural land, difficult operation and financing, lagging infrastructure construction, lack of talents and so on.

Wei Lihua said that some family ranches of a certain scale have invested millions of yuan for several consecutive years, and almost all their savings have been used to expand business scale and purchase facilities, but there is a shortage of funds in the production link. Due to the funding gap, the normal production process of family ranch is seriously affected.

Therefore, he suggested that the development of family pastures should be supported in many aspects, including solving the problem of difficult land for family pastures construction through multiple channels, and a certain proportion should be listed separately in the annual land index for agricultural facilities, which should be specially used for the construction of dairy family pastures; In order to solve the financing difficulties of family ranch operators, increase financial support for dairy family ranches and expand the scope of collateral; And give more support to the construction of agricultural and rural infrastructure; In addition, we will improve the scientific and technological innovation, training and service system, strengthen the training of family ranches, and improve production skills and management level.

According to JUNLEBAO, JUNLEBAO has supported the construction of 15 family ranches, and will continue to promote the support of family ranches in the future.

On the other hand, in recent years, the seasonal fluctuation of domestic milk price has a great impact on the industry. The first half of each year is the off-season of dairy consumption and the peak season of milk production; The second half of the year is the peak season for sales and the off-season for milk production, and the problem of seasonal imbalance between supply and demand is more prominent. Recently, the domestic dairy industry is in the off-season, and the domestic milk price is slowly declining. However, with the rapid rise of feed costs, the pressure on some ranches is increasing rapidly.

According to Shi Yudong, deputy to the National People’s Congress and Secretary of the Party branch of the R & D and innovation Department of Inner Mongolia Mengniu Dairy (Group) Co., Ltd., at present, the industry solves the contradiction between low and peak seasons, mainly through product price reduction and promotion, powder spraying and other ways to ensure the acquisition of Fuyu life fresh milk, which brings huge cost pressure to downstream enterprises. Small dairy enterprises will be forced by financial pressure to reduce the purchase volume and reduce the purchase price, which often leads to the loss of the interests of farmers and herdsmen.

In this regard, Shi Yudong suggested that we can consider establishing a national reserve center, innovating the dairy market regulation mechanism, forming a “buffer” to ensure supply and price stability, protect the interests of dairy farmers and ensure the smooth operation of the market. At the same time, Shi Yudong also suggested that we should further improve the independent research and development capacity of China’s dairy processing equipment, innovative breeding of alfalfa varieties, and improve the production efficiency and breeding benefits of dairy cows, so as to promote the healthy and sustainable development of China’s dairy industry.

It is worth noting that in recent years, there have been constant calls in the industry for the establishment of a national dairy collection and storage system. Li Shengli, chief scientist of the national dairy system, once told the first financial reporter that it is feasible to establish a national milk powder collection and storage plan to alleviate the dairy cycle.

However, some interviewed experts believe that the two major problems faced by domestic raw milk are too high cost and cyclical surplus. Although the total market supply can be controlled with the help of the collection and storage plan, the actual operation involves a wide range and complexity, which needs further discussion.