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精酿啤酒联盟(NASDAQ:BREW):仍然令人沮丧,仍然太便宜

精酿啤酒联盟(NASDAQ:BREW):仍然令人沮丧,仍然太便宜

ZUOZHE:Vince Martin

摘要

  • Craft Brew Alliance的第四季度业绩令人沮丧 ——2019年的指导似乎支持对运营费用和资本支出的长期关注。。
  • 投资者似乎对安海斯-布希(Anheuser-Busch)将在8月前提出收购要约持怀疑态度,尽管它有这样做的动机。
  • 但一项交易仍有可能达成——而且就其本身而言,CBA仍有一条最终产生一致的自由现金流的道路。
  • 下行风险依然存在,但科纳的实力足以让我们至少长期关注BREW。

ZAIZHEIYIDIANSHANG,WEICraft Brew Alliance(BREW)GOUJIANYIGEJIANDUANDEANLISHIJISHANGBINGBUSHIFEICHANGKUNNAN。JIEJINSHINIANDEBIAOXIANBIAOMINGCBAGENBENWUFATUIDONGSHIJIDEZIYOUXIANJINLIU。CBAWUFALIYONGBENSHINIANZAOXIESHIHOUDEJINGNIANGPIJIURECHAO,XIANZAISUIZHEGAIXINGYEKAISHIZHENGZHA,2019NIANDEZHIDAOJIANYIGENGDUOXIANGTONG:

BREW股票报价资料来源:BREW文件和新闻稿的作者。2019年根据公司指导的中点估算

DIAOZHENGHOUDEEBITDAZUIZHONGCHAOGUOLEZIBENZHICHU - DANBUSHIHENDUO。2018NIANZIYOUXIANJINLIUBUDAO50WANMEIYUAN; ZHIDAOYIJIANBIAOMINGZHEIYISHUZIJIANGZAIJINNIANHUIFUWEIFUSHU(QUJUEYUYINGYUNZIJINDEBIAOXIAN)。

YUCITONGSHI,JINGNIANGPIJIUXINGYEKAISHICHUXIANYALIJIXIANG。ZAITADEGONGSIDISIJIDUDIANHUAHUIYISHANG,CBASHOUXIZHIXINGGUANANDELU·TUOMASIYINYONGXINGYESHUJUXIANSHI2018NIANJINGNIANGPIJIUXIAOSHOUZONGTIZENGZHANGPINGWEN - BAOKUONEIBUXIAOLIANGXIAJIANG3.1%。CBASIHUJIHUMEIYOUMIANYILI:2018NIANQUANNIANDEXIAOFEI(PIFASHANGSHULIANGDEBIANHUA)XIAJIANGLE2%。

ZUIJIN,GAIGONGSIGONGBULEYIGELINGRENSHIWANGDEDISIJIDU,GAIGONGSIWEINENGSHOUJINQUANNIANDEHAOJINZHIYIN,QUANNIANMAOLILVJIEJINYUQIFANWEIDEDIDUAN。2019NIANDEZHIYINKANQILAITONGYANGLINGRENSHIWANG:2019NIANDEYUQIMEIGUYINGLIYUCEXIAJIANGZHI0.18MEIYUAN,ERBAOGAOQIANWEI0.29MEIYUAN(LIANGGEYUEQIANWEI0.32MEIYUAN)。

极速排列3JINGUANCUNZAISUOYOUZHEIXIEDANYOU,JINGUANZHIXINGSHANGSIHUYOUSHIWU,JINGUANQUEFAZIYOUXIANJINLIU,DANBREWGUPIAOBINGBUBIANYIHUOJIEJIN。ZHOUSISHOUPANJIAWEI15.21MEIYUAN,ER2019NIANZHISHUDEZHONGDIANXIANSHIEV / EBITDADEYUANQIBEISHUWEI17.2BEI,JINGSHOUYIWEI70BEI。SUIRANJIAOYIYUANCONGDUANBIANMIAOZHUNBOSHIDUNPIJIU(SAM),DANBREWDEANLISIHUYOUKENENGYINRENZHUMU。

DANWOZAI11YUEFENZHENGLUNSHUO,BREWDIYU16MEIYUAN,GAIGUKANQILAITAIBIANYILE。CHAOGUO15MEIYUAN,JISHIYOUFENGXIAN,JISHISHILINGRENSHIWANGDEDISIJIDU,WORENGRANRENWEIQINGKUANGJIUSHIZHEIYANG。ZHEIGEGUSHIYINGGAIHUIZAI2020NIANHAOZHUAN。ZUIJINDERUODIANBINGBUYIDINGLINGRENJINGYA,ZHUYAOJIZHONGZAIXIANZAIGUIMOJIAOXIAOQIEPINPAIJIAZHIJIAODIDEPINPAI。ABJIAOYIYEBUSHIBUKENENGDE - BINGQIEBIAOMINGBREWGUPIAODEJUDAERKUAISUDESHANGXINGKONGJIAN。

极速排列3ZHEILIBIXUKAOLVFENGXIAN,YAZHUSHANGXINGDETOUZIZHEXUYAOJIZHUXIAXINGKENENGHENDA,BODONGXINGKENENGHENGAO。CONGFEICHANGBUTONGDEJIBENSHIJIAOKANDAIBREWDENENGLIYEYANSHENDAODINGXINGANLI。RANER,ZHANGQIERYAN,WORENGRANRENWEIBREWHUICONG15MEIYUANSHANGZHANG - JINGUANRUHEYIJIHESHIFASHENGZHEISHIZUIDADEWENTIZHIYI。

AB买断报价

极速排列3MUQIANFANGJIANLIDEDAXIANGSHIAnheuser-Busch(BUD)SHIFOUHUISHOUGOUCraft Brew Alliance。ZAOZAI2016NIAN8YUE,CBA YUAB JIUXINDEFENXIAOXIEYIJINXINGLETANPAN,QIZHONGBAOKUOYIXILIEDEHAOCHU,BAOKUOGONGXIANGNIANGZAONENGLIHEGUOJIFENXIAOJILI。DANSHI,ZUIZHIDEZHUYIDESHI,ZHEIBIJIAOYIZENGJIALE“HEGEBAOJIA” - ABMAIRUCBABIXUZHIFUDEZUIDIJIAGE。

GAIHEGEBAOJIAMUQIANWEIMEIGU24.50MEIYUAN - BIDANGQIANJIAGEGAOCHU61%。ABGONGSIYAODAO8YUE24RICAINENGYIZHEIGEJIAGECHUJIA - FOUZECBAJIANGHUODE2000WANMEIYUANDEFUKUAN(GUOJIXIAOSHOU)YIJIZIXINGCHUSHOUDEQUANLI。(BREWZAICIZHIQIANBUNENGZHEIYANGZUO。QINGZHUYI,WODUIXIEYIDEJIEDUZHIBIAOMINGYAOYUE,ERBUSHIBIXUGUANBI。ZHEIJUEDUIBUSHIFALVHUOCAIWUJIANYI。)RUGUOMEIYOUTIGONGBAOJIA8YUE24RI,CBABAOLIULE2000WANMEIYUAN - JIASHANGXIEYIQIXIANNEIDESUOYOUJILICUOSHI(JIEZHI2026NIANDI)。CONGLILUNSHANGJIANG,ABKEYIZAIQIGONGCHANGWEIMolson Coors(TAP)NIANGZAOKonaPIJIU,JIASHECBAJIANGZIJIMAIJILINGYIJIAJUTOU。

极速排列3KANLAISHICHANGBINGBUQIDAIBAOJIA,BINGQIEYOULIYOUQIWANGABBUHUICHUXIANBAOJIA。ZUIMINGXIANDESHI,ZHEIJIAPIJIUJUTOUQUNIANJIANGQIGUXIJIANBAN,YIMIBUJUEZHAIWUFUDAN。DUIYUABERYAN,ZHUANXIANGBINGZHIFUYUE5.2YIMEIYUAN(BAOKUOCHENGDANCBADEZHAIWU)KENENGBUSHIYIGEHAODEBIAOXIAN,ZHEIKENENGSHI2019NIANEBITDADE~26BEI。

JINGUANRUCI,ZHEIZHONGKENENGXINGHAISHIBUNENGWANQUANDAZHEKOU。ABYIJINGYONGYOUGAIGONGSI30%YISHANGDEGUFEN,XUEJIANLEYUE1.5YIMEIYUANDEXIANJINJUANKUAN。YOUYUBUXUYAOXIANGDULIDECBAZHIFUJIANGJIN,YINCIABKEYICONGDINGBUJIESHENGDAYUE3.7YIMEIYUANDEXIANJINZHONGDE2000WANMEIYUAN。BUDGUPIAOZAI2019NIANDAFUFANDAN,ZHISHAOHUANJIELEGUDONGDEDANYOU。JIGOUSUOYOUZHE - KENENGSHIZHONGYAODE - KENENGHUILIJIEZHEIYIJU​​CUOBEIHOUDELUOJI,JISHITASIHUYUXINFAXIANDEQUGANGGANHUAQIANGDIAOBUXIEDIAO。

极速排列3ERQIE,BREWZAIDANGQIANSHUIPINGSHANGDEYOUSHIRENGRANSHIJUDADE,JISHISHI24.50MEIYUANDESHUZI(ZHEIYESHIZUIDIXIANDU)。JISHIJIAOYIDEKENENGXINGHENXIAO,YEBIAOMINGMUQIANDEGUZHIHELI,BINGQIEZAIQIANZHANXINGJICHUSHANGDUIYEWUDEGUZHIGENGWEIHELI:

买断几率 独立股价 独立EV / EBITDA
10% $ 14.18 15.2x
20% $ 12.89 14.0x
30% $ 11.23 12.3倍

资料来源:作者计算。假设2019年EBITDA为2000万美元; 2018年末净负债为4630万美元; 由于缺乏合格报价,AB支付2000万美元; 1,960万股全面摊薄股份

HUANJUHUASHUO,MUQIANKANDAO20%GOUMAIKENENGXINGDETOUZIZHEZHENGZAIWEIGAIYEWUZHIFU14BEIDEEBITDA - QIYUBUFENJIBENSHANGSHIABMAIDUANDEXUANZEQUAN。

SHUNBIANSHUOYIXIA,CAIQUZHEIZHONGGUANDIANZAIZHEILIKAIQILEYIGEYOUQUDEQIANZAIJIAOYI。8YUE15RIDEKANDIEJIAWEI1.40MEIYUAN,XIADIE9.7%。RUGUOMAIRUJIAWEI24.50MEIYUAN(JIASHE16.61MEIYUANDECHENGBENJICHU,BAOKUOYIJIA)JIANGZAI40%YISHANG,YINWEIBREWJIANGBUHUILIJISHENGZHIGAIMAIDUANJIAGE。TONGGUOZHEIBIJIAOYI,TOUZIZHEKEYIZAIMAIRUSHIHUODEYUE4.5BI1DETOUZHU - RUGUOBREWMEIYOUHUODEMAIDUANDANRENGRANZOUGAO(LILUNSHANGKENENGDEHUA,SUIRANWORENWEISHIJISHANGBUTAIKENENGFASHENG),DANKENENGYOUEWAIDESHANGSHENGKONGJIAN。

极速排列3CHULEQIQUANSHICHANG,ZHEILIDEZHONGDIANSHIBREWDEQIANZHANXINGGUZHIBINGBUXIANGBIAOTISHUJUSUOXIANSHIDENEIMEGAO。SHOUXIAN,ABMAIDUANDEKENENGXINGSHIYOUJIAZHIDE,WULUNKENENGSHISHENME。QICI,YOUYURUGUOHEGEDEBAOJIAMEIYOUDAODA,CBAJINNIANJIANGHUODE2000WANMEIYUAN,YINCIQIANJINDEBEISHUBIXUXIAJIANGYIGEZUOYOU。CONGZHEIGEJIAODULAIKAN,JIYUEV / EBITDADEGUZHI - SHENZHIZAIMOUZHONGCHENGDUSHANG,ZAIJINGLIRUNLVJIAODIDEQINGKUANGXIA,SHIYINGLV - BINGBUXIANGKANSHANGQUNEIMEHUANGMIU。

独立的CBA

BUGUO,CONGZHEILIMAIDUANKANQILAIJIHUBUKENENG。ZHEICHUNCUISHIYIZHONG“GANJUE”DELUNDIAN,DANYOUYIZHONGGANJUE,ABXIANZAIYIJINGKAISHIXINGDONGLE,TEBIESHIXIANZAITAYIJINGZUIZHONGQUEDINGLEYUSABMillerSHOUGOUYOUGUANDETONGYILING。ABZUIJINJINXINGLEJICISHOUGOU - DANSHIJINGSHENSHANG(SHENGDIYAGEDECuthound)HEPUTAOJIU(JIAZHOUSwish BeveragesDEGUFEN)。DUIYUGENGDUODEPIJIUBINGGOUSIHUBINGMEIYOUTAIDADEWEIKOU,XINGYEDEPIRUANKENDINGWUZHUYUZHEIFANGMIAN。(ZHENGRUWOGUOQUSUOXIEDENEIYANG,ABGONGSIDEGONGYISHOUGOUBUMENFUZERENZAI2017NIAN9YUEHUIYISHUO,ZAIBINGGOUFANGMIAN,“ WOMENDEBANKUAIYIJINGMANYUAN ”。)

SUOYI,WENTIJIUBIANCHENGLE:RUGUOABTONGGUO,BREWDEJIAZHISHIDUOSHAO?TAYESHIYIGENANYIHUIDADEWENTI。JISHIYOUXIANGDUIJIAOGAODEBEISHUFENPEIKONGJIAN(BUJINSHISAM,ERSHIConstellation Brands(STZ)(STZ.B),JISHIZUIJINDEHUIDIAO),17x 2019 EBITDASIHUFEICHANGGAO。

极速排列3DANEBITDA - SHENZHISHIJINGSHOURU - BINGBUSHIZHEILISHIYONGDEWEIYIZHIBIAO。HAOWUYIWEN,CBAZUIJINYEXIANRULEKUNJING。DANGONGNIUANLIZHANGQIZHISHAOBUFENJIYUZHEIYANGYIZHONGGUANDIAN,JIGAIGONGSIDEKonaPINPAIDEJIAZHIBEIGUANGFANDELIRUNZHIBIAOSUODIGU。QITAPINPAI - ZUIZHEMINGDESHIRedhookHEWidmer Brothers--ZHENGZAIDAFUXIAHUA,ZHEIYANGAILEKonaLINGRENYINXIANGSHENKEDEBIAOXIANHEJIAZHI。

KENARENGRANSHIYIWEICHUSEDEBIAOYANZHE。GENJU10-K,YUPINGBANGONGYIPINSHICHANG(YIJIGENGDUOGONGYINGSHANGDESHICHANG)XIANGBI,2018NIANDEHAOJINLIANGZENGZHANGLE8%,CHUHUOLIANGZENGZHANGLE7.5%。SUIRANCONGPINGGUDEJIAODULAIKAN,ZHEIYIZHANGQIYILAIYIZHISHIKENADEGUSHI,DANCONGSHANGYEJIAODULAIKAN,TAXIANZAIYECHENGWEIKENADEGUSHI。GAIPINPAIZAI2018NIANTUIDONGLECBAZONGCHUHUOLIANGDE63% - WUNIANQIANJINWEI35%。

ZHEIYOULIANGGEZHONGYAOYUANYIN。SHOUXIAN,Widmer BrothersHERedhookDEZHANGQINIFENGJIANGHUIHUANHE,YINWEIZHEIXIEPINPAIZHISHIGUSHIDEYIXIAOBUFEN。TAMENZAI2018NIANDECHUHUOLIANGZHONGJINZHAN24% - ERTUOMASIZAIDISIJIDUDEDIANHUAHUIYISHANGBIAOSHI,ZHEIYISHUZIKENENGHUIZAI2019NIANJIEJIN20%。

极速排列3QICI,YOUYIZHONGQINGKUANGSHI,KonaZAISHOUGOUFANGANZHONGRENGRANZHICHIHELISHULIANGDEJIAZHI。WULUNSHOUGOUFANGSHIABHAISHIQITAREN,LIRUNLVDOUYUANYUANDIYUZENGZHANGLV。KENAZAI2019NIANJIANGCHAOGUO50WANTONG,JIYUMINGNIANLIANGWEISHUZENGZHANGDEZHIYIN,BUFENGUIGONGYUABZHICHIJINRUBAXI。SUOYOUCBADEQIYEJIAZHIWEI3.25YIMEIYUAN(LAIZIABDE2000WANMEIYUANZHIFUDEBEIKAO) - ZHEIYIWEIZHERUGUOKonaDEJIAZHIZAIMEITONG600MEIYUANZUOYOU,QIYUDEZICHANJIBENSHANGDOUSHIMIANFEITIGONGDE。

极速排列3SUIRANGONGYIPINPAOMOJIAOYIDEJIAGEZAIMEITONG1000MEIYUANZUOYOU,DANDUIYUYIGEYONGYOUDUONIANZENGZHANGQUSHIDEPINPAIERYAN,600MEIYUANBINGBUSHIYIGEZAOGAODEGUZHI。KonaSIHUYIJINGZAIZHEIYIDIANZHENGMINGLEZIJIZUOWEIYIGECUNZAIDEPINPAI。ANZHAODISIJIDUDEYAOQIU,TAZAIQUANGUOPAIMINGDI10DEGONGYIPINPAI。ZAIDILIWEIZHISHANGRENGRANCUNZAIGENGGUANGFANDESHENTOUKONGJIAN,BINGQIEZAIJIJIANGJUXINGDENCAADAXUELANQIUJINBIAOSAIQIJIAN,GAIPINPAIBEIHOUDEDIYIGEQUANGUOMEITIGOUMAIZHENGZAIJINXINGZHONG。

BUKEFOUREN,WOHAIMEIZHUNBEIHAOYI3YIMEIYUANYISHANGDEJIAZHILAIPINGJIAKENA。BINGQIE,YOUYIGEMINGXIANDEWENTI:RUGUOBUSHIAB,JIUJINGSHEIZHENGZAIJINXINGGOUMAI?XINGZUOSIHUZAIQITADIFANG(YOUQISHITONGGUOQIZAICanopy Growth(OTC:CGC)ZHONGDEDALIANGGUQUAN)。Molson CoorsSIHUDUIBINGGOUBINGBUSHIFENGANXINGQU。BOSHIDUNPIJIULISHISHANGBINGBUSHIYIGETANDEWUYANDEPINPAI。

极速排列3BUGUO,YOUYIZHONGQINGKUANGSHIKENAYINGGAIHUODEMOUZHONGYIJIA。JIANYUTAZAI2019NIANDECHUHUOLIANGZHONGZHANSANFENZHIER,ZHEIFANGUOLAIBIAOMINGCBAZHENGTISHANGBUYINGGAIBIANYI。

CHULEZHEIGELUNDIANZHIWAI,JIBENFANGMIANYEYOUYIXIEHAOXIAOXI。ZIBENZHICHUZUIZHONGHUIXIAJIANG - ANSHICBAZUIZHONGKENENGHUIKAISHICHANSHENGYIZHIDEZIYOUXIANJINLIU。CBAZHENGZAIXIAWEIYIWANCHENGYIGEXINDEPIJIUCHANG,BINGZAIJINNIANJINXINGYIXIEERPSHENGJI。ZAINEIZHIHOU,ZHENGRUTUOMASISUOSHUO,“NIHUIKANDAOWOMENDEZIBENZHICHUSHUIPINGXIAJIANGDAONICONGWEIJIANGUODESHUIPING”。

极速排列3YOUYUZHAIWUZHICHI2018NIANMOSHOUGOUXIAOXINGHEZUOHUOBANPINPAISIKE,ABALAQIYASHANMAIPIJIUCHANGHEFOLUOLIDAZHOUDEWynwood Brewing,YINCIJINNIANDELIXIZHICHUJIANGBIAOSHENG。DANSHI,YOUYUZHIFULE2000WANMEIYUANDEABZHIFUYIZHIFUTA,YINCI4630WANMEIYUANDEZHAIWUJIANGJIJUXIAJIANG。XINFENGBEIMIANDEJISUANBIAOMINGKENENGYOU1000WANMEIYUANYISHANGDEZIYOUXIANJINLIU:EBITDAWEI2000WANMEIYUAN,LIXIWEI100WANMEIYUAN,ZUIDIXIANJINSHUI(YOUYUD&A),WEILAIZIBENZHICHUWEI600WANZHI800WANMEIYUAN(SHOURUDE3-4%) 。ZHEISHIDEP / FCFBEISHUJIANGZHI30BEIYIXIA - WULUNRUHEDOUBUSHIHENSHENDEJIAZHI,DANZHISHAOSHIHELIDE。

极速排列3ZHEISHIHELIDE,YINWEIZHEISHIYIGEYINGGAINENGGOUZAICIKAISHIZENGZHANGDEYEWU - ZHISHAOZAIDINGXIAN。ABJIAOYIDEHAOCHUJIANGZAIJINNIANQUANMIANSHIXIAN,ZHEIYINFALEBAOZHENGJINWENTI。DANKENARENGZAIZENGZHANG。WUFUZHIPAIFANGLIANGZHENGZAIZENGZHANG,GENJUDISIJIDUDEYAOQIU,SANGESHOUGOUDEPINPAIZAI2018NIANHEBINGWEI“JIA17”。(MUQIANSHANGBUQINGCHUZHEISHIFOUSHIXIAOLIANG,XIAOSHOULIANGHUOXIAOHAOLIANG。)WidmerHERedhookJIANGJIXUWEISUO; ZHENGRUTUOMASIZAIWENDAZHONGSUOSHUODENEIYANG,“NIBUHUIZAIZHEIXIEPINPAIMIANQIANKANDAOZHENGSHU。WOKEYIHAOBUHANHUDISHUOCHULAI。” DANSHI,ZAILIANGDE20%SHI,NIFENGYINGGAIBIANDEBUNEIMEZHONGYAOLE。ERZHEIFANGUOLAIYIWEIZHE,MUQIAN,CBASIHUYINGGAIZAI2020NIANKAISHICHANSHENGDALIANGXIANJINLIU - BINGCONGNEILIKAISHIZENGZHANG。

估价和'感觉'论证

SHIFOUYOUZUGOUDEYEWUZHICHI15MEIYUANZUOWEIYIGEDULIDESHIZHENGLUN。WODEGANJUESHI,TAKENENGHAIBUDAONEIGESHUIPING。RUGUOABMEIYOUTONGGUO,NEIME2019NIANSHENGYUSHIJIANNEIGUPIAOKENENGHUICHUXIANYIXIEBODONG。XINWENBENSHENJIJIANGDAOLAI,KENENGHUIDAILAIZHONGDAJUCUO。

DANWOQUESHIRENWEITAHENJIEJIN - BINGQIEKENENGZUGOUJIEJINZAIABSHANGCHUANDAN。SUIZHEKENACHENGWEIYIGEGUANJIANPINPAI - ZHANGQIYILAIZUIDADEFENGXIAN,WULUNFASHENGSHENME - JIQIHAOJINZENGZHANGZAI2018NIANJIXUJIASU(DIYIJIDUZENGZHANG1%,DISIJIDUZENGZHANG11%),JINGUANYOUZHEZHENZHENGDEJIAZHI,GAOBIAOTIBEISHU。

极速排列3QIANZAIBODONGDELINGYIGELAIYUANKENENGLAIZIGONGYIYEWUBENSHEN。ZHENGRUCBAZIJIDEYANJIUSUOXIANSHIDENEIYANG,DAMAHEFAHUA(WULUNSHIXIUXIANHAISHIYILIAO)DUIPIJIUXIAOFEISHUIPINGHEMOSHIDOUYOUYINGXIANG。ZHENGRUTUOMASIZHICHUDENEIYANG,CBAZAIJIALIFUNIYAZHOU,ELEGANGZHOUHEHUASHENGDUNZHOUDOUZHANYOUZHONGYAODIWEI - DAMADEYINGXIANGKENENGGENGDA。ZHEIZHONGXUSHUKENENGHUIYINGXIANGBREWKUCUN,QIGENBENXIAOYINGKENENGYINGXIANGZHENGGEJINGNIANGPIJIUKONGJIAN。

SHISHISHANG,BREWDEDISIJIDUSHUJUJIQIYANJIUJIEGUOSIHUJIAQIANGLEZHENGGEJINGNIANGPIJIUXIANRUKUNJINGDELUNDIAN。MEIGUOSHICHANGJINNIANJIANGQINGLI7,000JIAPIJIUCHANG,SHIWUNIANQIANDELIANGBEIDUO。GONGYINGZHENGZAIXUNSUSHENGJI,CONGZENGLIANG(HEDIJIAN)LIRUNLVFEICHANGGAODEPIJIUCHANG。XUQIUCHIPING。

ZAIMOUXIESHIHOUHUIYOUYIGEZHENDANG(XINGYENEIBURENSHIDUONIANLAIYIZHIZAIYUCE)。DUANQINEI,ZHEIKENENGDUICBASHOURULAISHUOSHIYIJIANHUAISHI。RANER,CONGZHANGYUANLAIKAN,TAKENENGWEIGUPIAOZENGZHANGTIGONGJIHUI。

ZONGERYANZHI,ZAISHOUGOU,XINGYEHEKENAZHIJIAN,ZHEISHISHICHANGSHANGGENGYOUQUDEGUSHIZHIYI。ERQIE,ZHEISHIYIGEHELIDETOUZIZHEKEYIYOUBUTONGGUANDIANDEGUPIAO。DANWORENGRANRENWEIMAIDUANSHIKENENGDE,RUGUOBUKENENGDEHUA。YUCITONGSHI,BREWBENSHENKEYICONG15MEIYUANZHICHENGSHANGZHANG,JISHITAKENENGXUYAOYIXIENAIXINBINGBIMIANYIXIEBODONG。ZHEIGEGUSHIRENGRANKEYIJIXUSHANGYAN,TAHUIRUHE,QUESHIHUIHENXIYINRENLAIGUANKAN。