Core Viewpoint - The Chinese restaurant industry is experiencing a notable recovery driven by a shift in policy focus towards expanding domestic demand, with significant growth in consumer confidence and spending observed in the first quarter of 2024 [1][2]. Group 1: Market Performance - The Hong Kong restaurant index has rebounded over 20% since April 22, reaching around 787 points, with several restaurant companies like Xiaobai Xiaobai and Jiumaojiu showing positive performance [1]. - In Q1 2024, the offline consumption heat index increased by 14.2% year-on-year, with the dining sector growing by 14.5% [1]. - The overall revenue of the domestic restaurant industry in 2024 is projected to reach 55,718 billion yuan, marking a 5.3% increase compared to the previous year [2]. Group 2: Revenue and Profit Growth - The restaurant sector has shown double-digit growth in both revenue and profit, with 17 listed restaurant companies reporting an 11% increase in revenue and a 10% increase in profit for 2024 [5][6]. - The coffee and tea segment leads in revenue growth at 22.5%, while traditional Chinese dining (excluding hot pot) and fast food show growth rates of 6.3% and 5.6%, respectively [7]. Group 3: Store Expansion and Market Dynamics - The total number of restaurant stores increased by 20% in 2024, reaching 133,549, with coffee and tea stores growing by 24% [9][11]. - The closure rate of restaurants has risen to 61.2%, indicating a significant industry reshuffle [5]. - The trend of down-market expansion is evident, with 52% of restaurant stores located in third-tier cities and below [13]. Group 4: Strategic Adjustments and Innovations - Companies like Haidilao are adopting franchise models to penetrate lower-tier markets, with over 70% of franchise applications coming from these areas [14]. - New business models are being explored, such as Kudi Coffee's convenience store concept and Guoquan's community kitchen strategy [15]. - The restaurant sector is expected to stabilize in Q2 2025, with a potential recovery in valuation and fundamentals as seasonal demand increases [16].

Core Insights - Sanjia Technology (600520.SH) reported a total operating revenue of 69.3765 million yuan for Q1 2025, ranking 162 among disclosed peers, which represents a decrease of 6.3347 million yuan or 8.37% year-on-year [1] - The company's net profit attributable to shareholders was -4.2650 million yuan, ranking 161 among peers, a decline of 5.6919 million yuan or 398.90% year-on-year [1] - Operating cash flow showed a net outflow of -4.2110 million yuan, ranking 92 among peers, a decrease of 19.4883 million yuan or 127.56% year-on-year [1] Financial Ratios - The latest debt-to-asset ratio is 31.19%, ranking 55 among peers, down 1.06 percentage points from the previous quarter and down 5.01 percentage points year-on-year [3] - The latest gross profit margin is 19.89%, ranking 137 among peers, a decrease of 3.96 percentage points from the previous quarter and down 0.83 percentage points year-on-year [3] - The latest return on equity (ROE) is -1.13%, ranking 170 among peers, a decrease of 1.53 percentage points year-on-year [3] Earnings Per Share and Turnover Ratios - The diluted earnings per share is -0.03 yuan, ranking 169 among peers, a decrease of 0.04 yuan or 400.00% year-on-year [3] - The latest total asset turnover ratio is 0.13 times, ranking 44 among peers, a decrease of 0.01 times or 4.28% year-on-year [3] - The latest inventory turnover ratio is 0.57 times, ranking 64 among peers, an increase of 0.11 times, marking two consecutive years of growth, up 22.75% year-on-year [3] Shareholder Information - The number of shareholders is 55,600, with the top ten shareholders holding 39.8581 million shares, accounting for 25.16% of the total share capital [3] - The largest shareholder is Hefei Innovation Technology Venture Capital Co., Ltd., holding 17.04% of shares [3]

以下文章来源于e公司 ，作者证券时报 曹晨 e公司 . e公司，证券时报旗下专注上市公司新媒体产品，立志打造A股上市公司资讯第一平台。提供7x24小时上市公司标准化快讯，针对可能影响上市公司股价的 主题概念、行业事件及时采访二次解读，从投资者需求出发，直播上市公司有价值的活动、会议。 "五一"假期临近，大众出游热情不断升温，消费市场即将迎 来高峰。 同时，各地纷纷加大餐饮文旅等消费券发放力度，为假日经济注入更强活力。 中国旅游研究院规划与休闲研究所所长吴丰林接受证券时报·e公司记者采访时表示，各地发放文旅餐饮消费券，对引领餐饮消费、释放餐饮需求、活跃餐饮 市场具有积极意义。 "美食旅游在国民旅游休闲中的比重日益提高的背景下，发放消费券等形式，更多是助力了需求与供给之间的联系，地方美食旅游的长 远和高质量发展，根本的还需在美食供给的品类、品质、特色、文化上做文章，并营造主客共享的消费氛围和空间。" 假日消费市场即将迎来高峰 据央视新闻最新消息，本周以来，线上酒店搜索量、机票搜索量大幅上升，也标志着"五一"假期的预订高峰已经到来。 数据显示，截至目前，"五一"假期 境内游的预订人次较去年同期增长超过100％。此外 ...

金十数据整理：每日港股市场要闻速递（4月22日 周二） 1. 中国联通(00762.HK)：2025年第一季度营收1033.5亿人民币，同比增涨3.9%；净利润59.3亿人民币。 同比增长5.6%。 2. 同程旅行(00780.HK)宣布与万达酒店发展就收购其全资子公司万达酒店管理（香港）有限公司达成协 议，交易对价约为人民币24.9亿元。 5. 药明生物(02269.HK)：杭州基地15000升原液生产线完成首个商业化项目PPQ生产。 3. 恒大汽车(00708.HK)：公司股票继续停牌，将持续发布季度发展更新，直至恢复或终止上市。 6. 融创中国(01918.HK)：与若干有代表性的债权人就境外债务重组方案达成一致。 4. 中国铁塔(00788.HK)：2025年第一季度，营业收入人民币247.71亿元，同比增长3.3%；归属公司股东 的利润30.24亿元，同比增长8.6%。 7. 呷哺呷哺(00520.HK)发布公告拟8900万元收购呷哺呷哺(中国)食品40%股权。 8. 顺丰控股(06936.HK)3月速运物流业务、供应链及国际业务合计收入236.61亿元，同比增长9.63%。 9. 招金矿业 (01 ...

Group 1: Hermès Performance in China - Hermès reported a revenue of €4.129 billion for Q1 2025, with a year-on-year growth of 9% at current exchange rates and 7% at constant exchange rates [1] - The Asian market (excluding Japan) saw only a 1.2% growth to €1.97 billion, primarily due to sluggish luxury goods consumption in China and decreased foot traffic [1] - Japan showed the strongest performance with a 17% increase to €420 million, while other regions like France and the Americas also experienced significant growth [1] Group 2: Liuliu Fruit Garden IPO - Liuliu Fruit Garden has submitted an application for an IPO on the Hong Kong Stock Exchange, focusing on the development, production, and sales of specialty fruit snacks [2] - The company reported total revenues of ¥1.174 billion, ¥1.322 billion, and ¥1.616 billion for 2022 to 2024, with corresponding net profits of approximately ¥68 million, ¥99 million, and ¥148 million [2] - The main products include dried plums and other fruit snacks, with significant marketing and advertising expenditures totaling ¥428 million over three years [2] Group 3: Dongpeng Beverage Growth - Dongpeng Beverage's Q1 2025 revenue reached ¥4.848 billion, marking a year-on-year increase of 39.23%, with net profit at ¥980 million, up 47.62% [3] - Energy drinks remain the core business, contributing ¥3.9 billion, or 80.5% of total revenue, while electrolyte drinks also saw rapid growth [3] - The Guangdong region generated the highest revenue at ¥1.125 billion, followed by North China at ¥746 million [3] Group 4: Erdos Clothing Business - Erdos reported a total revenue of ¥28.403 billion for 2024, a decline of 7.04%, with a net profit of ¥1.847 billion, down 36.39% [4] - The clothing segment achieved a revenue of ¥4.018 billion, reflecting a growth of 6.99% [4] - The company operates four major brands and has a total of 953 stores, including 582 direct-operated and 371 dealer stores [4] Group 5: Wanchen Group's Snack Revenue - Wanchen Group, owner of the Haoxianglai snack brand, reported a revenue of ¥31.79 billion for 2024, a year-on-year increase of 262.94% [5] - The company added 9,776 new stores, ending the period with 14,196 stores after accounting for closures [5] - The company aims to expand into emerging markets while maintaining high sales turnover [5] Group 6: Moncler Performance - Moncler reported a revenue of €829 million for Q1 2025, a year-on-year growth of 1%, driven by strong demand in Asia [6] - The Moncler brand saw a 2% increase in sales to €721.8 million, while Stone Island experienced a 5% decline [6] - The Asian market, particularly Japan, showed significant growth, while other regions faced slight declines [6] Group 7: Nestlé Coffee Innovations - Nestlé Coffee announced the launch of several new products, including an upgraded classic 1+2 formula and various ready-to-drink coffee options [7] Group 8: Keep's Traditional Sports Initiative - Keep launched its first short film series focusing on traditional sports, highlighting the story of a female Wing Chun practitioner [12] - The initiative aims to promote the charm of traditional martial arts and engage the younger generation [12] Group 9: Lawson's Expansion Plans - Lawson plans to double its overseas store count to 14,000 by February 2031, focusing on the Asian market to meet rising middle-class demand [18] - The company aims to achieve this through direct operations and partnerships with local retailers [18]

Core Viewpoint - The company plans to acquire a 40% stake in its target company, which focuses on the seasoning business, for RMB 89 million, indicating confidence in the growth potential of this sector [1][2]. Group 1: Acquisition Details - The acquisition involves purchasing a 40% stake in Xiabuxiabu (China) Food Holdings Limited from the chairman and controlling shareholder, He Guangqi [1]. - The target company was established in 2016 as a joint venture and has a total issued capital of USD 1 million, with the company holding USD 600,000 and He Guangqi holding USD 400,000 [1]. - Post-acquisition, the target company will become a wholly-owned subsidiary and will continue to be consolidated into the group's financial statements [3]. Group 2: Business Outlook - The acquisition is expected to enhance the company's net profit attributable to owners, reflecting confidence in the seasoning business's prospects [2]. - The target group offers a variety of seasoning products and has established a nationwide distribution network in China, covering 27 provinces and over 400 chain supermarkets [2]. - The demand for hot pot seasoning has been increasing, driven by consumer trends towards home cooking, which positions the company well for both dine-in and takeaway services [2][3]. Group 3: Financial Impact - The seasoning business segment has been consistently profitable over the past three years, and the acquisition is anticipated to positively impact the company's long-term financial performance [3]. - The integration of the target company is expected to contribute to the overall profitability and financial results of the group following the completion of the transaction [3].

Financial Performance - Xiabuxiabu reported a revenue of RMB 1.2 billion for the fiscal year 2024, representing a year-on-year increase of 15%[3]. - The company achieved a net profit of RMB 200 million, up 10% compared to the previous year[3]. - For the year ended 31 December 2024, the company's revenue was RMB 4,754,843, a decrease of 19.6% compared to RMB 5,917,962 in 2023[16]. - The company reported a loss before tax of RMB 389,136 for 2024, worsening from a loss of RMB 124,375 in 2023[16]. - In 2024, the Group's revenue decreased by 19.7% from RMB 5,918.0 million in 2023 to RMB 4,754.8 million in 2024[33]. - For the year ended December 31, 2024, net revenue from Xiabuxiabu restaurants was RMB 2,436.5 million, down from RMB 3,081.4 million in 2023, indicating a decline of approximately 20.9%[53]. - The Group's revenue decreased by 19.7% from RMB5,918.0 million in 2023 to RMB4,754.8 million in 2024, closing 138 Xiabuxiabu restaurants and 73 Coucou restaurants due to intense competition and rational consumer demand[91]. - Revenue from Xiabuxiabu decreased by 13.1% from RMB3,023.9 million in 2023 to RMB2,629.2 million in 2024, while Coucou revenue decreased by 26.5% from RMB2,651.9 million to RMB1,948.3 million[91]. Customer Engagement and Growth - User data indicated a growth in active customer accounts to 5 million, an increase of 20% year-on-year[3]. - The total number of cumulative members surpassed 40 million, with an addition of approximately 5.03 million new members in 2024[23]. - The Group added nearly 5.03 million new members in 2024, bringing the total to approximately 42 million members, with member consumption frequency increasing to 3.33 times, a year-on-year increase of 1.4x[88]. - The average spending per customer was RMB 123.5 for Xiabuxiabu and RMB 54.8 for Coucou[43]. - The average spending per customer in Tier 1 cities decreased to RMB 55.5 in 2024 from RMB 63.4 in 2023, reflecting a decline of 12.4%[53]. - The average spending per customer in other markets increased to RMB 145.4 in 2024 from RMB 131.4 in 2023, showing a positive trend in those regions[53]. - The average repurchase spending per capita for all-you-can-eat card members reached RMB 488, an increase of 1.5x compared to ordinary members[89]. Expansion and Market Strategy - The company plans to open 50 new locations in 2025, expanding its market presence in key cities[3]. - The Group plans to open at least 95 new restaurants under the Xiabuxiabu brand in 2025, targeting a table turnover rate of at least 3x[66]. - The Group aims to continue its overseas expansion strategy to establish a global hotpot brand[37]. - The Group successfully expanded into the Taiwan market, marking its third international market after Hong Kong and Singapore[30]. - The Coucou brand successfully entered the Taiwan market, contributing to exceptional performance following offshore openings in Hong Kong and Singapore[23]. Operational Efficiency and Cost Management - The company reported a gross margin of 30%, consistent with the previous year, reflecting stable cost management[3]. - Raw materials and consumables cost decreased by 24.5% from RMB2,214.4 million in 2023 to RMB1,672.8 million in 2024, with the cost as a percentage of revenue decreasing from 37.4% to 35.2%[93]. - Staff costs decreased by 13.4% from RMB1,862.9 million in 2023 to RMB1,612.6 million in 2024[90]. - Property rental and related expenses decreased by 4.2% from RMB311.1 million in 2023 to RMB298.1 million in 2024, with the percentage of these expenses to revenue increasing from 5.3% to 6.3%[98]. - The Group's total comprehensive expense for the year was RMB398.5 million, compared to RMB194.4 million in 2023, marking an increase of 104.9%[90]. Leadership and Governance - The company has a strong leadership team with diverse expertise in finance, operations, and strategic development, enhancing its competitive position in the market[147][148]. - The leadership team includes substantial shareholders, ensuring alignment of interests with the company's long-term growth strategy[143]. - The Group's governance structure includes independent non-executive directors with significant industry experience[153]. - The company is committed to maintaining high standards in food quality and expanding its market presence through strategic initiatives[144]. Sustainability and Corporate Responsibility - The Group has implemented energy conservation and emission reduction measures across production, office, logistics, and restaurant operations, adhering to relevant environmental laws and policies[165][168]. - In 2024, the Group reported no violations or legal issues related to environmental matters, demonstrating strong corporate environmental responsibility[168]. - The company is focused on providing strategic guidance for business development and enhancing product offerings, particularly in the food sector[144]. Future Outlook and Strategic Initiatives - The management has provided a revenue guidance of RMB 1.5 billion for the next fiscal year, indicating a growth target of 25%[3]. - The Group aims to enhance customer brand recognition and improve dining experiences amidst intense market competition[66]. - The Group's strategic focus includes expanding its restaurant operations and enhancing service offerings[160]. - The Group aims to strengthen its global supply chain system to consolidate cost advantages and enhance overall supply chain efficiency through optimized resource allocation and technology application[80][82].

Core Viewpoint - The dual-brand strategy of Xiaobai Xiaobai has become a burden, leading to significant financial losses and a decline in market position [1][5][11] Market Environment - The hot pot market is experiencing intense price competition, with average customer spending dropping 14% year-on-year to 59 yuan, and the proportion of meals priced below 30 yuan increasing by 2% [2] - The 50-70 yuan price range has become the most competitive segment, accounting for 45% of the market, while the share of meals priced over 100 yuan has shrunk to 7% [2] - There are over 50,000 small hot pot outlets nationwide, with the largest share (over 30%) in the 20-40 yuan price range [3] Company Performance - Xiaobai Xiaobai's 2024 financial report revealed a revenue of 4.755 billion yuan, a year-on-year decline of 19.65%, and a net loss of 401 million yuan, marking the fourth consecutive year of losses with total losses exceeding 1.2 billion yuan [5][7] - The stock price has plummeted from a peak of 26.9 HKD in 2021 to 0.81 HKD, triggering delisting warnings from the Hong Kong Stock Exchange [5] - The company closed 138 Xiaobai Xiaobai outlets and 73 Coucou outlets in 2024, with closures primarily in areas not aligned with the brand's "high cost-performance" positioning [7] Brand Strategy and Challenges - The high-end brand Coucou, with an average customer spending of 123.5 yuan, is struggling to fit into the current market dynamics, as its revenue dropped 26% year-on-year [7][11] - The company's attempts to reposition itself towards high-end dining have led to a disconnect with consumer trends, resulting in a fragmented brand image [9][11] - Coucou's strategy of combining hot pot with tea has not resonated with consumers, leading to negative feedback regarding its product offerings and service quality [10][11] Future Outlook - The company plans to open 95 new Xiaobai Xiaobai outlets in 2025, aiming for a threefold increase in table turnover rates [13][15] - However, the challenges of competing in both high-end and budget markets, along with declining consumer trust and brand image, pose significant hurdles for recovery [11][15] - The hot pot industry is projected to grow, with a market size of 617.5 billion yuan in 2024, but the competitive landscape is shifting, favoring brands that can adapt to consumer preferences [14]

先不用着急唱衰，重生版"呷哺呷哺"正在路上。 去年的火锅行业里，"以价换量"似乎成了共识。 前有呷哺呷哺小火锅继续降价，后有海底捞、怂火锅等知名火锅品牌相继推出低价产品，将客单价拉回百元以内，连客单价一度飙升到150元的湊湊，也 在去年通过推出小份菜，将客单价拉到120元的水平。 但同样是降价，海底捞和呷哺集团却呈现了不同的结果。 根据海底捞2024年财报显示，海底捞成功将翻台率提升回4.1次/天，营收、净利润实现了两年增长，并创下历史新高；反观呷哺呷哺集团，在2024年亏损 扩大至4.01亿元，达到4年来最高，一度被给予厚望的湊湊成了呷哺呷哺集团最拖后腿的业务，亏损3.5亿元，占总亏损九成。 从业绩上来看，降价版的湊湊和呷哺呷哺显然都没有被消费者买账。和海底捞相比，呷哺集团到底差哪儿了？ 01 降价，没换来量 在火锅行业里，湊湊的客单价曾一骑绝尘。 2022年以前的呷哺集团，乘着消费升级的风，顺利几番涨价，在2022年巅峰时期，客单价一度飙到150元以上。 但近两年的火锅市场并不好过。消费降级的趋势下，降价成了火锅同行们的集体动作，客单价逐年下滑。海底捞将自己的客单价拉回百元以内，主打川渝 的怂火锅也在逐年 ...

Core Viewpoint - The company, Xiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxia