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方正:奈飞(NFLX.US)19Q1表现超预期 Q2国内付费用户新增短期承压,海外盈利能力继续增强

2019-04-17     牛牛财经   来源:
文章摘要:本文来自微信公众号”杨仁文研究笔记“,作者为陈梦竹。事件:公司公告19Q1财报,实现营收45.2亿美元(YoY+22.2%,QoQ+8.0%),营业利润4.6亿美元(YoY+2.8%,QoQ+112.8%),净利润3.4亿美元(YoY+18.6%,QoQ+156.9%)。核心观点:1、主要财务指标分析:19Q1….

benwenlaiziweixingongzhonghao”杨yangrenwenyanjiubiji“,作zuozheweichenmengzhu

shijian:公gongsigonggao19Q1财caibao,实shixianyingshou45.2亿yimeiyuan(YoY+22.2%,QoQ+8.0%),营yingyelirun4.6亿yimeiyuan(YoY+2.8%,QoQ+112.8%),净jinglirun3.4亿yimeiyuan(YoY+18.6%,QoQ+156.9%)。

hexinguandian

1、主zhuyaocaiwuzhibiaofenxi:19Q1整zhengtibiaoxianchaoyuqi,营yingyelirunlv、边bianjigongxianlv、净jinglirunlvhuanbihuishengmingxian,全quannianweichi13%的deyingyelirunlvmubiao

(1)公gongsi19Q1实shixianyingyeshouru45.21亿yimeiyuan(YoY+22.2%、QoQ+8.0%),高gaoyuciqiangongsizhiyinjipengboyizhiyuqi;净jinglirun3.44亿yimeiyuan(YoY+18.6%、QoQ+156.9%),远yuanchaociqianzhiyinjipengboyizhiyuqi。(2)19Q1流liumeitineirongzhichu30.12亿yiyuan(YoY+15.5%/QoQ-14.4%),营yingshouzhanbi68%,流liumeitineirongtanxiaoe21.25亿yimeiyuan,占zhanliumeitichengben、流liumeitiyingshoudebilifenbiewei75%/48%。(3)19Q1毛maolilv36.5%(YoY-1.3pct、QoQ+1.8pct),边bianjigongxianlv22.9%(YoY-0.5pct、QoQ+5.6pct),营yingyelirunlv10.2%(YoY-1.9pct、QoQ+5.0pct),净jinglirunlv7.6%(YoY-0.2pct、QoQ+4.4pct)。

2、经jingyingqingkuang:公gongsi19Q1用yonghuzengchangchaoyuqi,流liumeitiyewudeguimojingjixiaoyingjinyibuzengqiang,海haiwaidiquARPPU、边bianjigongxianlvdengzhibiaochixugaishan,美meiguoguoneitijiazhengceweiyingxiangfufeiyonghuzengshi,未weilaiyouwangshixianARPPU的dexinyiluntisheng

(1)19Q1公gongsiliumeitiyewuguimojingjixiaoyingjixutisheng,内neirongtouruchanchulv(单danfufeiyonghuchanshengdeliumeitishouru/单danfufeiyonghuneirongkutanxiao)达da2.09(12-18年nianfenbiewei1.45/1.56/1.73/1.74/1.68/1.74/2.05)。

(2)国guoneiliumeiti:公gongsishishixindetijiazhengcebingweiduiyonghuzengshizaochengyingxiang,19Q1新xinzengfufeiyonghuluechaoyuqi(新xinzeng174万wanzhi6023万wan),同tongshifufeiyonghuARPU有youwangzai19Q2进jinyibutisheng

(3)海haiwailiumeiti:19Q1新xinzengfufeiyonghuchaoyuqi(新xinzeng786万wanzhi8863万wan),且qierengbaochijiaokuaizengsu(YoY+39%/QoQ+10%),19Q1海haiwaibianjigongxianlvtishengzhi11.6%(18年nianwei8.5%),对duibiguonei34%的debianjigongxianlv,仍rengyoujiaodatishengkongjian,是shiweilaiyejizengchangdezhongyaodongli

3、内neirongpinleichuangxin+多duozhongbendihuacuoshi,持chixugongguyuanchuangneironghexinbilei,19Q1《Our Planet》(首shouyueguankanyonghu5200万wan)等dengyuanchuangdianying、《Umbrella Academy》(首shouyueguankanyonghu4500万wan)等dengyuanchuangjuji、《Our Planet》(首shouyueguankanyonghu2500万wan)等dengjilupianbiaoxianliangyan,韩hanguoyuanchuangjuji《Kingdom》、本bendihuagaibianjiemu《Nailed It! Mexico》等dengbendihuaneirongtongyangdahuochenggong

4、展zhanwang19Q2:优youzhiyuanchuang+本bendihuaneirongchubeifengfu,提tijia、季jijiexingdengyinsuzaochengduanqiguoneixinzengfufeiyongchengya,但danhaiwaiyonghurengjiangbaochikuaisuzengchang(YoY+37%),且qieyinglinenglijixuzengqiang,边bianjigongxianlvyouwangtishengzhi15.5%(YoY+5.7pct/QoQ+3.9pct),整zhengtiARPU稳wenbushangsheng(剔tichuF/X YoY+7%),营yingyelirunlvjiangzengzhi12.5%。

5、盈yingliyuce:FY2019-2021营yingshoufenbiewei201.69/249.49/298.54亿yimeiyuan,GAAP净jinglirunfenbiewei17.05/28.41/43.20亿yimeiyuan,对duiyingSPS分fenbiewei49.65/60.90/71.09美meiyuan,对duiyingEPS分fenbiewei4.20/6.94/10.29美meiyuan,对duiyingP/S为wei7.2/5.9/5.1X,对duiyingP/E为wei85.6/51.8/34.9X。

fengxiantishi:现xianjinliufengxian,行xingyejingzhengjiaju,内neirongzhizuojibofangxiaoguobujiyuqi,第disanfangbanquanchengbenjinyibushangsheng,国guoneijihaiwaiyonghuhuoqu、留liucunjixiangfufeihuiyuanzhuanhuabujiyuqi,新xinzeng广guanggaoyewufazhanbujiyuqi,海haiwaijianguanjizhengcefengxian,市shichangfenggeqiehuandaozhiguzhizhongshuxiayideng

shijian

gongsigonggao19Q1财caibao

1、整zhengtiyeji:19Q1营yingshou45.2亿yimeiyuan(YoY+22.2%,QoQ+8.0%),营yingyelirun4.6亿yimeiyuan(YoY+2.8%,QoQ+112.8%);净jinglirun3.4亿yimeiyuan(YoY+18.6%,QoQ+156.9%);19Q1每meigutanbaoyingli0.76美meiyuan(YoY+18.8%,QoQ+153.3%)。

2、分fenyewushouru:19Q1流liumeitiyewushouru44.4亿yimeiyuan(YoY+23.3%,QoQ+8.3%),营yingshouzhanbi98.2%(YoY+0.9pct,QoQ+0.2pct);其qizhongguoneiliumeitiyewushouru20.74亿yimeiyuan(YoY+13.9%,QoQ+3.9%),营yingshouzhanbi45.9%(YoY-3.3pct,QoQ-1.8pct);海haiwailiumeitiyewushouru23.67亿yimeiyuan(YoY+32.8%,QoQ+12.4%),营yingshouzhanbi52.4%(YoY+4.2pct,QoQ+2.1pct)。DVD业yewushouru0.81亿yimeiyuan(YoY-18.3%,QoQ-5.2%),营yingshouzhanbi1.8%(YoY-0.9pct,QoQ-0.2pct)。

3、其qitacaiwushuju

maolilv:19Q1实shixianmaolirun16.5亿yimeiyuan(YoY+17.9%,QoQ+13.5%),毛maolilv36.5%(YoY-1.3pct,QoQ+1.8pct)。

bianjigongxianlv:19Q1边bianjigongxianshouru10.34亿yimeiyuan(YoY+19.7%,QoQ+43.0%),边bianjigongxianlv22.9%(YoY-0.5pct,QoQ+5.6pct)。

yingyelirunlvjijinglilv:19Q1营yingyelirunlv10.2%(YoY-1.9pct,QoQ+5.0pct),净jinglirunlv7.6%(YoY-0.2pct,QoQ+4.4pct)。

neirongzhichu:19Q1流liumeitineirongxianjinzhichuwei30.12亿yimeiyuan(YoY+15.5%,QoQ-14.4%),流liumeitineirongtanxiaowei21.25亿yimeiyuan(YoY+21.5%,QoQ+3.5%)。

yunyingqingkuang:19Q1国guoneiliumeitiyewuyonghushu6179.2万wan(YoY+9.0%,QoQ+2.0%),付fufeiyonghu6022.9万wan(YoY+9.3%,QoQ+3.0%),季jiduARPPU为wei34.4美meiyuan(YoY+4.2%,QoQ+0.9%); 海haiwailiumeitiyewuyonghushu9363.7万wan(YoY+37.1%,QoQ+6.5%),付fufeiyonghu8863.4万wan(YoY+38.9%,QoQ+9.7%),季jiduARPPU为wei26.7美meiyuan(YoY-4.4%,QoQ+2.4%)。

dianping

1、主zhuyaocaiwuzhibiaofenxi:19Q1整zhengtibiaoxianchaoyuqi,营yingyelirunlv、边bianjigongxianlv、净jinglirunlvhuanbihuishengmingxian,全quannianweichi13%的deyingyelirunlvmubiao

(1)业yejizonglan

gongsi19Q1实shixianyingyeshouru45.21亿yimeiyuan(YoY+22.2%、QoQ+8.0%),高gaoyuciqiangongsizhiyinde44.94亿yimeiyuan,略luegaoyupengboyizhiyuqide45.05亿yimeiyuan,整zhengtirengbaochiwenjianzengchang,公gongsizaiquanqiufanweineideliumeitiyewujinzhanjiaoweishunli,平pingjunfufeiyonghutongbizengchang26%,ARPU同tongbixiahua2%,主zhuyaoshoudaohuiduisunyideyingxiang。剔tichuF/X,国guojiyonghuARPU增zengfuda3%。公gongsi19Q1实shixianyunyinglirun4.59亿yimeiyuan(YoY+2.8%、QoQ+112.8%),超chaochuciqianzhiyinde4亿yimeiyuan,略luegaoyupengboyizhiyuqide4.14亿yimeiyuan。净jinglirun3.44亿yimeiyuan(YoY+18.6%、QoQ+156.9%),远yuanchaochuciqianzhiyinde2.53亿yimeiyuanhepengboyizhiyuqide2.63亿yimeiyuan。利lirunbiaoxianchaoyuqi,主zhuyaoxiciqianyuqidebufenneirongzhichuhechengbenquerenzhuanyidao19年nianqiyujigejidu。19Q1流liumeitineirongyiwuchuxianjiduxiajiang,部bufenshiyouyuxilieneirongchengnuodeyunxingshijian,另lingwaibansuigongsigengduozhuanxiangyuanchuangneirong,内neirongzhizuokaishishijianbutong,内neirongyiwujiangyougengdadekebianxing

(2)内neirongzhichuyuchengbenchaifen:公gongsi19Q1流liumeitineirongzhichu30.12亿yiyuan(YoY+15.5%/QoQ-14.4%),占zhanyingshoudebiliwei68%,公gongsijixubaochigaoedeneirongtouru,以yibuduantigaojingzhengbilei。公gongsi19Q1流liumeitiyewuchengbenwei28.37亿yimeiyuan,主zhuyaoyouliumeitineirongchengben、宽kuandaiyunshuchengbendenggoucheng,其qizhongliumeitineirongtanxiaoewei21.25亿yimeiyuan,占zhanliumeitiyingyechengbendebiliwei75%。2012-2018、2019Q1流liumeitineirongchengbenzhanliumeitiyingshoudebilifenbiewei64%/61%/56%/56%/58%/55%/49%/48%,近jinnianlaigaizhibiaochengxianzhujianxiajiangdequshi,流liumeitineirongtourudezengjiasuodailaidebianjishourubuduanzengjia

(3)费feiyongqingkuang:公gongsi19Q1费feiyonglvjiaoweiwending,其qizhongxiaoshoufeiyonglvwei14%(YoY+0pct,QoQ-3pct),研yanfafeiyonglvheguanlifeiyonglvfenbiewendingzai8%、4%。

(4)利lirunlv:公gongsimaolilv、边bianjigongxianlv、营yingyelirunlv、净jinglirunlvjunhuishengmingxian,19Q1公gongsishixianmaolilv36.5%(YoY-1.3pct、QoQ+1.8pct),边bianjigongxianlv22.9%(YoY-0.5pct、QoQ+5.6pct),营yingyelirunlv10.2%(YoY-1.9pct、QoQ+5.0pct),净jinglirunlv7.6%(YoY-0.2pct、QoQ+4.4pct)。

(5)现xianjinliu:公gongsi19Q1净jingjingyingxinghuodongxianjinliuwei-3.8亿yimeiyuan,自ziyouxianjinliuwei-4.6亿yimeiyuan,目muqiangongsirengchuyukuaisukuozhangjieduan,内neirongtourujiaoda,导daozhixianjinliuyalijiaoda,净jingjingyingxinghuodongxianjinliujiziyouxianjinliujunweizhuanzheng,主zhuyaokaojuzhaijingying。公gongsijinqiyixiangtongchengbenjiangxunhuanxindaieducong5亿yimeiyuanshangdiaozhi7.5亿yimeiyuan(仍rengweitiqu),并bingjiangqixiancong2022年nianyanchangzhi2024年nian

2、经jingyingqingkuang:公gongsi19Q1用yonghuzengchangchaoyuqi,流liumeitiyewudeguimojingjixiaoyingjinyibuzengqiang,海haiwaidiquARPPU、边bianjigongxianlvdengzhibiaochixugaishan,美meiguoguoneitijiazhengceweiyingxiangfufeiyonghuzengshi,未weilaiyouwangshixianARPPU的dexinyiluntisheng

(1)19Q1公gongsiliumeitiyewuguimojingjixiaoyingjixutisheng,内neirongtouruchanchulv(单danfufeiyonghuchanshengdeliumeitishouru/单danfufeiyonghuneirongkutanxiao)达da2.09(12-18年nianfenbiewei1.45/1.56/1.73/1.74/1.68/1.74/2.05)。

(2)国guoneiliumeiti:公gongsishishixindetijiazhengcebingweiduiyonghuzengshizaochengyingxiang,19Q1新xinzengfufeiyonghuluechaoyuqi(新xinzeng174万wanzhi6023万wan),同tongshifufeiyonghuARPU有youwangzai19Q2进jinyibutisheng

gongsi19Q1付fufeiyonghuzengjia174.3万wanzhi6022.9万wan,略luechaogongsizhiqianzhiyindejiduxinzeng160万wanzhi6009万wanfufeiyonghu,公gongsi19Q1付fufeiyonghujiduARPPU为wei34美meiyuan,与yu18年nianjibenchiping。公gongsi19Q1边bianjigongxianlv34.4%(YoY-0.4pct,QoQ+4.8pct)。

gongsiyu19年nian1月yuexuanbuzhenduimeiguodiqufuwudezhangjiajihua,涨zhangfu12.5%-18.2%,其qizhongjichutaocantijia1美meiyuanzhi8.99美meiyuan(涨zhangfu12.5%),标biaozhuntaocantijia2美meiyuanzhi12.99美meiyuan(涨zhangfu18.2%),高gaojitaocantijia2美meiyuanzhi15.99美meiyuan(涨zhangfu14.3%),创chuanggongsiliumeitifuwutuichuyilaidezuidatijiafudu。此cicizhangjiajiangduixinyonghulijishengxiao,并bingzai19Q1-Q2逐zhubufugaidaolaoyonghu。目muqianlaikan,涨zhangjiabingweiyingxiangguoneifufeiyonghuzengshi,用yonghuduinaifeidenianxingjiaogao,整zhengtishangduitijiabingbumingan。且qiebansui19Q2涨zhangjiaduilaoyonghudeshengxiao,有youwangjinyibutishengARPU。

(3)海haiwailiumeiti:19Q1新xinzengfufeiyonghuchaoyuqi(新xinzeng786万wanzhi8863万wan),且qierengbaochijiaokuaizengsu(YoY+39%/QoQ+10%),19Q1海haiwaibianjigongxianlvtishengzhi11.6%(18年nianwei8.5%),对duibiguonei34%的debianjigongxianlv,仍rengyoujiaodatishengkongjian,是shiweilaiyejizengchangdezhongyaodongli

gongsi19Q1海haiwailiumeitixinzengfufeiyonghu786.1万wanzhi8863.4万wan,超chaogongsiciqianzhiyindexinzeng730万wanzhi8807万wanfufeiyonghu。公gongsihaiwailiumeiti19Q1 ARPPU为wei27美meiyuan(YoY-4.4%/QoQ+2.4%),远yuandiyumeiguoguoneide34美meiyuan。19Q1公gongsihaiwailiumeitiyewudebianjigongxianlvwei11.6%(18年nianwei8.5%),改gaishanmingxian,但danduibiguonei34%的debianjigongxianlvrengyoujiaodatishengkongjian。分fenximuqianhaiwailiumeitiyewubianjigongxianlvjiaodideyuanyin,主zhuyaoximuqiangongsizaihaiwaibufendiqurengchuyuzaoqikaifajieduan,投touruchengbenjiaogao,且qiexiaoshoufeiyongjiaogao,而ermeiguoguoneishichangjiaoweichengshu,毛maolilvgenggao,且qiexiaoshoufeiyonglvgengdi,2016-2018、2019Q1年niangongsimeiguoguoneiliumeitichengbenzhanyingshoudebiliwei58%/56%/53%/55%,销xiaoshoufeiyonglvfenbiewei8%/10%/13%/11%,而erhaiwailiumeitichengbenzhanyingshoudebilifenbiewei95%/86%/74%/72%,销xiaoshoufeiyonglvfenbiewei21%/16%/17%/17%。

3、内neirongpinleichuangxin+多duozhongbendihuacuoshi,持chixugongguyuanchuangneironghexinbilei,19Q1《Our Planet》(首shouyueguankanyonghu5200万wan)等dengyuanchuangdianying、《Umbrella Academy》(首shouyueguankanyonghu4500万wan)等dengyuanchuangjuji、《Our Planet》(首shouyueguankanyonghu2500万wan)等dengjilupianbiaoxianliangyan,韩hanguoyuanchuangjuji《Kingdom》、本bendihuagaibianjiemu《Nailed It! Mexico》等dengbendihuaneirongtongyangdahuochenggong

  • 19Q1上shangxinneirong

(1)原yuanchuangdianying:18Q4上shang线xiande《Bird Box》(蒙mengshangnideyan)依yiranweichizhuogaoredu。由youJ.C. Chandor执zhidao、Ben Affleck主zhuyande《Triple Frontier》(三sanfangguojie)于yu19Q1上shang线xian,上shang线xiansizhouneixiyinliao5200万wanyonghudeguankan;由youKevin Costner和heWoody Harrelson主zhuyande《The Highwaymen》(雌cixiongdadao)上shang线xianshouyueguankanyonghutupo4000万wan

(2)原yuanchuangjuji:19Q1上shang线xianliao《Umbrella Academy》(雨yusanxueyuan),改gaibianziGerard Way和heGabriel Bá创chuangzuodetongmingmanhua,上shang线xiansizhouneixiyinliao4500万wanyonghudeguankan

(3)纪jilupian:《FYRE: The Greatest Party That Never Happened》(地dibiaozuilan:FYRE豪haohuayinlejie)上shang线xianshouyuexiyinliao2000万wanyonghuguankan。四siyuechushang线xianliao《Our Planet》(我womendexingqiu),进jinruzuishouhuanyingdeziranjilupianlingyu。《Our Planet》历lishisinianyishang,拍paisheyu50个gebutongdeguojia,是shinaifeifabuguodezuichenggongdequanqiujilupianzhiyi,上shang线xianshouyuexiyinliao2500万wanyonghudeguankan,获huodeliaodouban9.8的depingfen

(4)海haiwaiyuanchuangjuji:1月yuetuichuliaodiyibudaxinghanguoyuanchuangjuji《Kingdom》(王wangguo),这zhegejiangshiticaidejujishinaifeizaihanguozuichenggongdejuji,同tongshixiyinliaolaizihanguowaidebaiwanyazhouguanzhong。西xibanyayudianying《Durante la tormenta》(海haishishenlou)也yezai19Q1上shangyingbingxiyinliaozhuduoguanzhu。真zhenrenxiujiemuzhuguan、前qianhuanqiudianshigongsizongcaiBela Bajaria将jiangfuzelamei、欧ouzhou、中zhongdong、非feizhouheyindudeyuanchuangjuji

(5)无wujiaobenneirong:两liangnianqiankaiqiliaowujiaobenneirongdeyuanchuangzhanlue,并bingzaiyingyuleineironglishuoguoleilei,比biru《Nailed It!》(菜cainiaohongbeidasai)。目muqiankaishiduigaixiliejinxingbendihuagaibian,包baokuomo西xige、法faguo、德deguohe西xibanyabanben。2月yuetuichude《Nailed It! Mexico》(菜cainiaohongbeidasai:墨mo西xige)是shidiyigegaibianbanben,首shouyueguankanshulianggaoyumeiguobanben3倍bei

  • neirongyingxiangli

zhongyaoguojijiangxiang:2018年nianaimeijiangtimingshuliangdiyi,奥aosikatimingshuliangdier。Alfonso Cuarón凭pingjie《Roma》获huode2019年nianaosikazuijiadaoyanhezuijiasheying,《Roma》同tongshihuodezuijiawaiyupianjiang

3、展zhanwang19Q2,优youzhiyuanchuang+本bendihuaneirongchubeifengfu,提tijia、季jijiexingdengyinsuzaochengduanqiguoneixinzengfufeiyongchengya,但danhaiwaiyonghurengjiangbaochikuaisuzengchang(YoY+37%),且qieyinglinenglijixuzengqiang,边bianjigongxianlvyouwangtishengzhi15.5%(YoY+5.7pct/QoQ+3.9pct),整zhengtiARPU稳wenbushangsheng(剔tichuF/X YoY+7%),营yingyelirunlvjiangzengzhi12.5%。

(1)19Q2公gongsicaiwujiyonghushujuzhiyin

①公gongsiyuji19Q2营yingshouwenjianzengchang:49.28亿yimeiyuan(YoY+26.1%、QoQ+9.0%);19Q2营yingyelirunjiyingyelirunlv:营yingyelirun6.16亿yimeiyuan(YoY+33.3%、QoQ+34.2%),营yingyelirunlv12.5%(YoY+0.7pct,QoQ+2.3pct);19Q2净jinglirunjijinglirunlv:净jinglirun2.49亿yimeiyuan(YoY-35.2%、QoQ-27.6%),净jinglirunlv5.1%(YoY-4.7pct、QoQ-2.5pct)。19全quannianmubiaoyingyelirunlv13%(YoY+2.8%)。

②公gongsiyuji19Q2全quanqiuliumeitifufeiyonghushujingzeng500万wanzhi15,386万wanren,同tongbizengchang23.7%,ARPU同tongbizengchang2%(19Q1为wei-2%),流liumeitishourutongbizengchang26%(19Q1为wei22%),剔tichuF/X影yingxiang,ARPU和heshourufenbietongbizengchang7%/32%。其qizhongmeiguoguoneifufeiyonghujiangjingzeng30万wanzhi6053万wan(YoY+8.2%/QoQ+0.5%),边bianjigongxianlv34.9%(YoY-0.6pct/QoQ+0.5pct);海haiwaifufeiyonghujiangjingzeng470万wanzhi9333万wan(YoY+36.5%/QoQ+5.3%),边bianjigongxianlv15.5%(YoY+5.7pct/QoQ+3.9pct)。

(2)19Q2原yuanchuangneirongshangxinjihua:19Q2将jiangshang线xian《The Silence》等dengyuanchuangdianying、《You vs. Wild》等dengyuanchuangjuji、《I think you should leave with Tim Robinson》等dengyuanchuangzongyi、《Grass Is Greener》等dengjilupian,同tongshishang线xianbaokuo西xibanyayudianying《¿A quién te llevarías a una isla desierta?》、日ribendongman《リラックマとカオルさん》等dengzaineidezhuduobendihuaneirong

5、盈yingliyuce:FY2019-2021营yingshoufenbiewei201.69/249.49/298.54亿yimeiyuan,GAAP净jinglirunfenbiewei17.05/28.41/43.20亿yimeiyuan,对duiyingSPS分fenbiewei49.65/60.90/71.09美meiyuan,对duiyingEPS分fenbiewei4.20/6.94/10.29美meiyuan,对duiyingP/S为wei7.2/5.9/5.1X,对duiyingP/E为wei85.6/51.8/34.9X。

fengxiantishi:现xianjinliufengxian,行xingyejingzhengjiaju,内neirongzhizuojibofangxiaoguobujiyuqi,第disanfangbanquanchengbenjinyibushangsheng,国guoneijihaiwaiyonghuhuoqu、留liucunjixiangfufeihuiyuanzhuanhuabujiyuqi,新xinzeng广guanggaoyewufazhanbujiyuqi,海haiwaijianguanjizhengcefengxian,市shichangfenggeqiehuandaozhiguzhizhongshuxiayideng

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