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Center of Chinese Medicine Home About the License Center News Testimonials Our discounts Diagnostics equine veterinary education We treat Services Chiropractic Acupuncture Massage Physiotherapy Beauty Slim Education Specialists Contact Characteristics equine veterinary education of normal size "medium" equine veterinary education Evaluation refleksodiagnostiki begins equine veterinary education with an assessment of the state of the energy regulatory systems. General characteristics of the energy map of ARA (automated refleksodiagnostiki) is carried equine veterinary education out to assess the indicator equine veterinary education "average". This index is the average value of the sum of measurements 24 representative BAP. In the absolute majority equine veterinary education of healthy people the value of the average is equal to approximately 50-60 mA (that is, 83-87% of healthy people to "average" is in this range). Cash value of defined average energy level should be higher for the optimal functioning of the body. At the initial stage of life is usually 90-95 units. At birth, the internal counter is included in energy consumption. Human health depends on the circulation of Chi energy in the body. High initial energy level required for the process of cell division - the most energy-intensive. At the time of growing a human power is usually about 50-60 units; the reproduction process slows down. The counter monitors the expenditure and depends on the person's lifestyle, equine veterinary education the method and the nature of his power and his state of the colon, natural battery. If a man has no chronic diseases affecting the level of energy (energy meridians equine veterinary education large deviations from the average), as indicated by the average age can be determined. Maintaining the counter in the normal state - a conservation of energy which, when executed properly, prolongs life by 30% and improves its quality. Meridians - a conductor of energy from "Battery" - the colon - to the distributor of energy, located near the pituitary gland. At the level of energy of about 30 units cease reproductive functions. At the level of 20 units of the body goes into "economical existence," Living out stage; reduced physical activity; mood, condition and health deteriorates. This continues up to a level of 6 units, in which the energy for the functioning of the body and not enough people die "of equine veterinary education old age." Violation of the environment and pollution of the body causing a reduction in the level of energy in the body; foreign chemicals enable dramatically equine veterinary education alter the conductivity cell; body needs periodic cleaning. Good cleaning additives are Fortune DeLight and Electrosport (intracellular cleaning). equine veterinary education The older the person, equine veterinary education the more important it becomes antioxidants. A gradual decrease in energy leads to a reduction of the immune and endocrine systems. The immune system by decreasing energy equine veterinary education loses its ability to distinguish foreign equine veterinary education proteins and remove them from the body; the loss of this ability causes equine veterinary education cancer. This lack of energy equine veterinary education is the result of slagging of the colon - the brake or catalytic chemical processes in the body. Note: to restore equine veterinary education the intestinal flora need to eat a lot of fiber; for that you need to drink Vitolite, Sunbar, Nuplus. If after cleaning the colon continues to lose power, you must go on a diet without yeast. Nuplus has fueled an impact on all the meridians, as energoobrazuyuschy feeds the main meridian. The value of the "average" 40-60 indicates that this patient has a normal energy level of compensatory-adaptive mechanisms of the organism (IMEP), or, in other words, the body's defenses. equine veterinary education This indicates that the energy capacity of the regulatory systems equine veterinary education of the patient are within the "individual cial norm" that is characteristic for him with all the features equine veterinary education of his body: sex, age, presence of any chronic disease (in stage of compensation often), and so hereinafter. Keep in mind that if the patient has any chronic, but functionally compensated disease, its energetic processes of regulation equine veterinary education "adapted" to the nova
Society Polls All news 11 november 2010, 09:00 Data. Under the new federal law "On energy saving" the owners of privatized mwi veterinary supply apartments have until January 1, 2012 at his own expense to equip their homes with individual electricity meters. Whom should I contact regarding the installation of meters, mwi veterinary supply how much it costs, what is the responsibility of owners and management companies - these and other questions answered mwi veterinary supply Deputy General Director of Marketing of "Far Eastern Energy Company" Sergey A. Hitun. Mila: Dear Sergey A.! I understand that you are going the path of least resistance, is required to install metering devices at our expense. Tell me, what are we paying such amounts on a monthly basis? Not only for the supply of electricity, but also for the maintenance and repair of equipment. And then - why do I have to put the device on a common platform at home, if my count is already broken and smashed addicts. I put protection can not. And then - unless overruled the decision that the installation of metering devices should be made by the power company? Explain to me the logic of the new regulation - as legitimate? C. Hitun: Installation of focus to ensure that consumers paid only the energy that would be required after the fact. After all, in the store, we do not want to pay, without weighing products. And it is not our whim but a state policy. With regard to the payment of maintenance, repair, protection and so on. This is a direct question to the management company, which is you have chosen to manage all assets in your home. It is the tenants must be initiated decisions all the issues and problems in your home. And she is obliged to directly address the Management Company, which is exactly what you have chosen. If the Management Company does not meet the requirements of tenants mwi veterinary supply living, then you have every right to go to service in another management company mwi veterinary supply or organize mwi veterinary supply your home Homeowners Association initiative from the residents of your home. On the issue of the Resolution that the installation of metering devices should be made by energy companies, then this is no time and was not. Meters for established developers and housing organizations served at your expense as part payment for an apartment. C. Hitun: These meters are there for a long time. Moreover, the bulk of the metering devices on the market today allow for automatic data transfer, but it must also organize a system of data transmission (via other devices), t. E. It is necessary to introduce automated systems of commercial electricity metering (AMR) but at the moment it is quite costly mwi veterinary supply exercise. Tatiana: Hello. And if the apartment is not privatized and are living on the social contract. hiring How, then, with the new meters? As the Fed. Law "On Energy Saving" and the extension of the terms of privatization until 2013? C. Hitun: If you are not the owner, it is necessary to consider social tenancy agreement and if it is not spelled out the conditions that you are entrusted with this responsibility, then the responsibility lies with the owner of the premises. Alexander: In the old law of counters installed in the e-mail. shields landings, carrying responsibility Dalenergosbyt. Who will be responsible for my belongings, put up in the public domain on the landing? Keeper hire? C. Hitun: On the issue of maintenance, repair, preservation of entrusted property, etc. this is a direct question to the Management Company mwi veterinary supply that it is you have chosen to manage all assets in your home. It is the tenants must be initiated mwi veterinary supply decisions all the issues and problems in your home. And she is obliged to directly address the Management Company, mwi veterinary supply which is exactly what you have chosen. If the Management Company does not meet the requirements of tenants living, then you have every right to go to service in another management company or organize your home Homeowners Association initiative from the residents of your home. Natalia: How can I find out whether there is in our house in the basement of the counter on which we believe the amount of rabid ODN, I pay 500 rubles. I profitable to turn off your computer and pay for the average comes out much cheaper because mwi veterinary supply the neighbors are paying and 800rub.ODN !! the Management Company VLAD-HOUSE nor any answers do not provide a counter mwi veterinary supply to show me refuse to answer one counted mwi veterinary supply all right here and pay !! Whether they are right and where to seek help at home do not pay close ARF absolutely had no counters common and we all pay for that ?? Nikolai: Ussuriysk cost sealing mwi veterinary supply electricity meters worth 629 rubles. Is it too eto- cost NINE VISITS IN A TAXI? In general, what does the DEC Electric mwi veterinary supply Meters to the citizen in an apartment building? OH to
It will take a little more than a month, and finally the country's utilities will move to the new rules of public services. dog nappy The apartment receipts from January 2013 in addition dog nappy to the count of individual resource consumption - heating, hot and cold water, will be another - obschedomovye needs (ARF), which includes dog nappy all of the same items and energy, which we already has. Pay unusual services citizens will oblige the Federal Law "On energy saving and energy dog nappy efficiency ...", which also provides for the collective equipping of houses metered municipal resources. According to the aforementioned law, all public resources are subject to mandatory registration with the appropriate tools. However, if the real financial savings from the installation of individual meters all have already felt, the metering devices on the ODN causes a lot of questions. By the way, with the same disbelief at the dawn of the 90s people applies to water meters, is now available in almost every apartment. For those who prefer to do without them, cold and hot water put on the current regulations. dog nappy A similar situation occurs with the common parts of metering devices. Residents of homes where before the first of January next year will not install collective meters, will have to pay obschedomovye needs according to the norm. It is no secret that any standard - the value of rather conventional, and even calculated based on industry practices, is very far from reality. In addition, it makes it impossible to keep track of the possible leak and place the waste of resources and, therefore, does not control the situation. Meters, on the contrary - for example, with a strong "overflow" of water will reflect that in his testimony, and thus point to the existing "gap". If the expenditure of water will happen due to the negligence of the management company, dog nappy which is not repaired in time communication and allowed the accident, all the costs will fall on the Criminal Code itself. But most importantly - the transition to accounting obschedomovyh resources will even slightly unravel dog nappy the housing problems. On the ground, including in our city, competition in the market of public services dog nappy virtually non-existent, dog nappy so generating enterprises set standards, dog nappy based solely on their calculations and interests. Restrain its increase can be only through the economy. That should be interested consumers, all the more so now with collective meters they have an opportunity to regulate the consumption of resources. Without the active position of population and frightening all innovations today - common parts, payments for utility services will never be feasible for the population. Despite the fact that the cost of a cubic meter of water and Gcal of heat in Russia dog nappy is 2-3 times lower than in Europe in some regions payments for "communal" we have already reached the European level, and in fact "have" real consumption of resources dog nappy many times lower than our standards. The fact is that overseas resources is considered, dog nappy therefore, save money. Once we begin to understand what kind of resources and energy needed to homes in the city, it will be clear where the "lost" and the water, and heat. Thus, people will stop paying the loss of utilities. Obviously, after losses obtained these organizations will be forced to lead the network in order and, as a consequence, improve the quality of services provided. Importantly, if the tenants honestly dog nappy convey the testimony of individual meters and the number of people living in the apartment corresponds to a residence permit, the ARF for hot and cold water in the homes vorkutintsev can appear only in the case of a rush of water in the basement of communications. As for electricity, there is unfortunately an increase in the amount on the receipt can not be avoided. Pay for lighting of entrances, basements, attics and courtyards tenants and homeowners have. The main reasons for the loss of intra-house electrical networks - illegal connections, popularly called dog nappy "torsions". Most often, these "industries" are engaged consumers who do not have a contract with the electricity supplier. As a result, they pay residents of apartment buildings. To avoid this, the population and electricity supplier will have to work together - one to be vigilant, the other in a timely manner dog nappy to respond to citizens' dog nappy complaints about cases of unauthorized connection to the grid. Tangible results should become just by the installation of meters and heating savings - the most expensive dog nappy component of the utilities. Today Vorkuta accrued under this heading produce throughout the year, even in the summer months when the heat in the apartment residents are not served. And the average calculation is made on the basis of the same notorious dog nappy standard. About any incentives for energy efficiency in this case is not out of the question, which is why the main "regulator" in comfort
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Archive May 2015 April 2015 59 March 2015 128 153 136 February 2015 January 2015 December 2014 72 119 113 November 2014 October 2014 September 2014 141 115 August 2014 80 July 2014 87 134 June 2014 May 2014 April 2014 131 170 166 March 2014 February 2014 January 136 2014 129 December 2013 86 November 2013 97 October 2013 121 118 September 2013 August 2013 July 2013 118 127 153 June 2013 May 2013 April 2013 101 235 180 March 2013 February 2013 January 2013 154 104 159 December 2012 November 2012 October 2012 167 175 September 2012 179 August 2012 171 July 2012 248 June 2012 372 May 2012 317 April 2012 349 March 2012 193 February 2012 98 January 2012 54 December 2011 32 November 2011 33 October 2011 9 September biyovis 2011 45 August 2011 40 July 2011 13 June 2011 31 May 2011 3 April 2011 14 March 2011 26 February 2011 17 January 2011 18 December 2010 41 November 2010 30 October 2010 41 September 2010 19 August 2010 30 July 2010 55 June 2010 48 May 2010 54 April 2010 81 March 2010 39 February biyovis 2010 1 November 2009 1 To participate in the contest of projects under the All-Russian Startup Tour involving the Fund "Skolkovo" in Minsk received about 200 applications for the five thematic areas. The largest number of applications submitted on information technology (47% of the total), biyovis as well as new materials, industrial biyovis and biomedical technologies. In terms of the number biyovis of applications for areas leads Minsk (85) Minsk and Grodno oblasts. It should be noted that almost a third of all applications for startup Tour submitted by the Belarusian Republican Youth Union (through biyovis the project "100 ideas for Belarus"). Among the most interesting: in "biomedical technologies" - "coaching simulation of complex movements: a robotic kinezitrenazher", "sorption-drainage devices for the treatment of purulent wounds", "method of photodynamic therapy of acute cholecystitis", "use of fiber-porous fluoroplastic" grifteks "for sealing the wound surface of the liver "; in "Information Technology" - a "virtual biyovis art museum of the Great Patriotic War", biyovis "electronic directory of students and teachers", "web robots: technology management team of mobile robots biyovis through Internet Protocol", "software package for image analysis CellDataMiner cancer cell "," Assistant tourist biyovis "," development biyovis of an interactive device Smartpostbox , Drawing in 3D , virtual training laboratory for the study of the properties of eletromagnitnyh electric cars in computer simulation environment MatLab biyovis , Automated system of movement of electric power meters," " mobile application "Chemistry X10 , Create Card ; in "energy-efficient technologies" - "wind water", "ftorkompozity for power", "replacing street lamps with incandescent lamps of PETN on a solar-powered" and others. Minsk stage of the All-Russian start-up tour of the "Skolkovo" will be held at the National Library of Belarus on April 14-15, 2015. The purpose of the tour is the search for promising innovations and help developers in shaping their own development strategies. As part of the start-up biyovis of the tour will take place training program (includes master classes, workshops and seminars on topics from leading experts in the field of realization of innovative projects), and competitive selection of projects in five areas: 1) information technology; 2) Biological and meditsinckie technology; 3) energy-efficient technologies; 4) Industrial technologies and materials; 5) innovations for children. In choosing the winners of the project, including participate top managers of Russian offices of Intel, SAPi several others. For each of the five areas identified three winners, who, in addition to prizes from partners and co-organizers biyovis of the start-up of the tour, will be invited to a conference at the largest Russian startups - StartupVillage (Moscow, June 2-3, 2015. The Innovation Center "Skolkovo"). Mika Häkkinen, Formula 1 World Champion, and Andrew Romans, General Partner of Rubicon Venture Capital, to feature at Startup Village 309 City Master Plan Tenders Getting there
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Zhang Diancheng: What Mr. Kim refused to visit Russia at the invitation of the "Mission Impossible 3" grand premiere, Kelly Russell (Keri Russell) brilliant equine veterinary debut, attracted many photographers pursued. She plays a female agent in the film, gestures confident charm. With outstanding performance, Kelly returned to the big screen, became the most popular country {2} international film star. Superior strength and the perfect blend of fresh and temperament made her big screen in the conquest of the world outside, but to conquer the world of beauty, after Christie Brinkley, Che {2} ryl Tiegs, Queen Lat {2} ifah and many other internationally renowned models as COVERGIRL Covergirl Makeup latest spokesperson, bringing this season's most vivid and natural makeup. Born in California, Kelly Russell, early show {2} exposed distinctive talent. Her stage performances since childhood, 15-year-old to model his debut, was widely anticipated. 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The Cravings Trip to Taiwan~ lordship lane vets Trip to Korea with HUIXIN Super junior comes to Singapore DBSK comes to Singapore Red PSP Dark Blue DS New phone DBSK cartoon tee~ TVXQ; A WEEK HOLIDAY ! A build-in KTV in my house! Win the 32GB IPOD TOUCH DBSK 4th Album, Mirotic ver. A&B My laptop WILL be recovered, not reformated Softbank 707sc, Anycall SCH-W270/SPH-W270 lordship lane vets White PASS MY PP! Majolica Majorca Skin Remaker Compact Foundation Majolica Majorca Eyeshadows Majolica Majorca Lipgloss lordship lane vets Majolica Majorca Mascara LG ICE CREAM The Stories November 2006 December 2006 January 2007 February 2007 March 2007 April 2007 May 2007 June 2007 July 2007 August 2007 September 2007 October 2007 November 2007 December 2007 January 2008 February 2008 March 2008 April 2008 May 2008 June 2008 July 2008 August 2008 September 2008 October 2008 November 2008 December 2008 January 2009 February 2009 March 2009 April 2009 May 2009 July 2009 August 2009 December 2009 The Exitery Passer-by YunBin Shijie Fang~ Mabel Zhiyan Peilin Melissa Shihui Cousin Wenn ZhiHao Friends Angeline <-- Mrs Jung Huiyu <-- Mrs Shim Jessica <-- Mrs Kim Mandy <-- Mrs Jung Friends Jiayan Limei Xiaohei RP'Friends Carol Joe-y Malio Meiying W35F' Sem 1'07 Denise Esther Huixin Jing! John Peiling Piang! W46A'Sem lordship lane vets 2'07 Jaslyn Keryn ShuChing Sash W65F'Sem 1'08 Caiwei Carol Euodia Geraldine Ginny Ifah Jenifer Joann Jynn Michelle Suet May Once lordship lane vets again, lordship lane vets It's lyrics time! Since Tae Wang Sa Shin Gi gonna to be shown on Channel U soon, not sure whether they will change the starting and the ending song to Chinese ones, but I hope they don't change it because DBSK sang the starting song~~ But for the ending song I think they can change to this song 传说~~~ 传说 By 刘力扬&林宥嘉 词: 施人诚 曲: 郑楠 [ 刘力扬 ] 宇宙洪荒那时候 第一句爱是谁说出口 当时的他 如何形容 对方 听懂不懂 [ 林宥嘉 ] 开天辟地了以后 第一对恋人什�结果 洞穴湖泊 日升月落 他们 爱了多久 如果我们那时就相遇 会不会爱得比较放心 [合] 也许分离 还没被发明 来折磨爱情 [林宥嘉 ] 一千次轮回都不错过 [刘力扬 ] 一万里相随都不放手 [合] 在每个尽头 再约好碰头 再睁开眼 就认出你我 [刘力扬 ] 一千次轮回足不足够 [林宥嘉 ] 一万里漂泊又算什� [合] 这人海辽阔 爱总被磋跎 总该 留一篇传说 [合] 我会尽我全力 抵抗时间的侵袭 不停地爱你 [刘力扬 ] 还好我有你 [林宥嘉 ] 幸好你有我 [合] 一起写一篇 传说 the lordship lane vets sweetest goodbye ( ). 9:36 PM
Suddenly i find this song very meaningful! Is sang by Wan Fang. I can not rmbr who actually introduce this song to me. But just now, when i was reading the lyrics i feel it super meaningful! Endless doxycycline and milk Love heart if tired of tears also did this affectionate once had more chance you have not seen forever Zhao Zhao evening twilight and this is a difficult situation for ever wish afterlife can once again embrace love how people stay together throughout everything I do not know how to face recall Acacia doxycycline and milk forget the pain of the past why you have to love how you struck my heart tonight you should be able to clear the edge of the difficult situation 膫 difficult i tried to find translation in the NET but is like hopeless! they carries no meaning. cause they translate word by word. Maybe you all can try watching the new DRAMA of this song! YEAH end of post! good night 2 MORE DAY to school REOPEN! SCHOOL SUCK! I hate ANALOGUE! Credits Designer: Mariel Font: Da Font Edit: Adobe Photoshop Hosts: Blogger, Imageshack
guys .. i alt-qx .. thx everyone that helped .. joel huang, weijun, ahleong, ahtehx, jonathan chua, joellew, AM .. esp to jon, joellew and AM ... although i bought de thing .. bt yea .. i decided animal medicine to leave this game ... cuz something juz happened .. although she didnt tell me .. bt from her PM .. even idiot shld noe = D sry guys i did not finish de game and quiited animal medicine .. bt i rather quit .. den spoiling the frenship .. tts it .. end of story ... tue when we meet .. it shld be a wonderful "fullstop" that i gona put for tis .. let you, my experience demeanor, you leave me to do I'm not afraid to celebrate love cruel, anyway, I want to dance my favorite challenges alone, and I love who I did not put the burden is not willing to let you to see me cry I reluctantly gentle demeanor bless you back to the one I want you to remember my favorite hard Mingxin challenges alone, animal medicine and I also love to put down the burden I fear no difficulty and no one to love, put love to cry, but do not care about what will change once thought to wait, but you will eventually belong to me Time proved that you do not love me. . Can I do when your best friend, just do not care to see you sad hug and see you sad sad, so I'll give you give you a smile Who cares if my heart will not be lonely i edited some lyrics from 2 chi songs .. "The Last demeanor" and "good friend" .. sry AM i noe u dun understand chi ... but no choice ah .. i only listen chi songs .. i will be alright soon i promise .. by next wkend latest = D *** recovering animal medicine back to normal at the fastest speed i can *** WRS peeps !: STe3LX old blog (2) kYz krb JaYnE aDaM zHaOpei MaBeL Ivan Lim QiuHua sYp VaL WaNni YuFen JunJie Cousin !: Jayson W16F peeps !: Pauline animal medicine Rain Ah kong Cindy Ain LiZhen W34G peeps !: Tan huimin Jasmine JoJo Sam Ifah Anson W64B peeps !: Amsyar Am Esther Jonathan HuiBin Yen Sing WeiPing Joel aka Hello Kitty The Fierce Pussy JolinSFC animal medicine peeps !: Kenneth huiling Yu heng Other friends !: Samantha credits
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Some people love bull "misuse of this report REVIEW: Rip biological product reserves, business structure in line with industry trends; IPO equity investment projects into the production release cycle; long-term equity incentive earnings forecasts growth momentum .12-14 idexx laboratories inc 1.01 / 1.34 / 1.76 Yuan, "overweight," target price 28 yuan Investment Highlights:.. idexx laboratories inc Rip biological is the development, production, sales and technical services in one of the animal health products business Rip biological products, including veterinary biological products and veterinary Formulation two categories 276 varieties, covering animal disease prevention, diagnosis, treatment, and promoting growth and regulating idexx laboratories inc aspects of the immune system international animal health industry: industry idexx laboratories inc is highly concentrated, .10 M to change the pattern idexx laboratories inc of global idexx laboratories inc animal idexx laboratories inc health industry capacity $ 20.1 billion, 14 years of industry capacity is expected to exceed $ 22 billion international animal health industry is more mature, highly concentrated market, Top10 accounting for more than 80 percent since. In 2008, several important acquisitions were the international situation has undergone major changes in the industry. scale promote the development of domestic idexx laboratories inc farming animal health industry. rising labor costs, earnings volatility idexx laboratories inc farming, food safety requirements to promote China's large-scale farming to enhance the rate of acceleration from the backyard to the scale of animal idexx laboratories inc products from concept through "cost-saving" to "buy insurance idexx laboratories inc "transformation, with accelerated scale farming, domestic animal health industry will usher in rapid growth. domestic animal health industry before the market idexx laboratories inc gradually .08, the animal health industry is most concerned about animal vaccines, government procurement .09 After almost stagnant government procurement, large-scale farming accelerating rate, non-governmental procurement and veterinary preparations rapid growth, the industry gradually come to the market growth Keywords: routine idexx laboratories inc vaccines, veterinary preparations, veterinary product idexx laboratories inc that is to maintain the government. Bidding share, develop conventional vaccines; formulations, bulk drugs have great progress; idexx laboratories inc rich veterinary product line Rip biological recommend logic product reserves, business structure in line with industry trends;.. IPO equity idexx laboratories inc investment projects into the production release cycle; Equity Incentive provide long-term growth momentum. overweight rating, target price of 28 yuan. We Rip biological 2012-14 EPS forecast of 1.01 / 1.34 / 1.76 yuan, "overweight" rating, target price of 28 yuan. 1. Investment Highlights Rip biological products, including veterinary biological products and veterinary preparations two major categories of 276 varieties, covering animal disease prevention, diagnosis, idexx laboratories inc treatment, and promoting growth and regulating aspects of the immune system, the company's business and animal health products R & D, production, sales and technical services in one. International animal health industry for over a hundred years, in 2010 the capacity of the global industry $ 20.1 billion in 2014 to over 22 billion US dollars. In 2010 42% of animal health products for pets, food animals, cattle accounted for the highest, idexx laboratories inc followed by swine, poultry, sheep. International animal health industry has entered a relatively mature idexx laboratories inc industry stage, high market concentration, the top ten companies accounted idexx laboratories inc for more than 80%. As can be seen from Schering-Plough's history, M & A is the main expansion means international animal protection giants. Since 2008, several acquisitions were important for the international trade situation has undergone great changes, Merck acquired Schering-Plough, idexx laboratories inc Sanofi acquisition of Merial, Pfizer's acquisition of Wyeth. Rising labor costs, earnings volatility farming, food safety requirements to promote China's large-scale farming to enhance the rate of acceleration. In pigs, for example, the above (50) the slaughter accounted for more than 60% in 2009 size, but the criteria for the classification is not suitable for China's reality. From the backyard to scale, of the concept of animal health has gone from "cost-saving" to "buy insurance" transformation, with accelerated scale farming, domestic animal health industry will usher in rapid growth. And international animal health industry has a long history, a high concentration idexx laboratories inc of industry compared to the level of development of the domestic animal health industry, there is a big gap. Prior to 2008, the animal health industry's most concerned about: animal vaccines, government procurement. After 2009, government procurement idexx laboratories inc almost stagnant, while the ratio of large-scale farming has accelerated a trend of increasing non-government procurement market and veterinary preparations traditionally not taken seriously rapid growth, the domestic insurance industry is gradually moving towards the market. 2007-10, biological idexx laboratories inc products is the main income Rip organisms, the source idexx laboratories inc of profits, in 2011 changed greatly, and operating income increased by API, the proportion idexx laboratories inc of 26% of total revenue; government procurement biological products, veterinary preparations The income ratio significantly decreased, instead of government procurement to maintain a high growth, income share remained at around 40%. Rip biological idexx laboratories inc future growth Keywords are: routine vaccines, veterinary preparations, veterinary products. That is the basis for maintaining the share of government tenders, to develop conventional vaccines; there is substantial progress on preparations, pharmaceutical raw materials business; rich products for livestock (pigs, cattle) product line. Recommended Logic Rip organisms: (a) large-scale farming speed, non-governmental procurement, veterinary preparations market growth, Rip biological product reserves, business structure in line with industry trends. (Ii) IPO equity investment projects come on stream in 2012-13, entered the production release period, production will greatly enhance, improve the sharpest inactivated vaccine production capacity, expanding 244.6 percent. (Iii) Equity Incentive provide long-term growth momentum. Vesting conditions implied net profit CAGR of 33.2%, higher than the market average. Rip biological 2012-14 we forecast EPS of 1.01 / 1.34 / 1.76 yuan, the current dynamic valuation of 22.6 / 17.0 times, we give Rip biological "overweight" rating, target price of 28 yuan. 2. Rip biological Introduction 2.1. History is a Rip biological veterinary biological products and veterinary formulation research and development, production, sales and technical services in one of the high-tech enterprises, the company's products include veterinary biological products and veterinary preparations two major categories of 276 varieties, covering animal disease prevention, diagnosis, treatment, growth and other aspects of the regulation of immune mechanisms. idexx laboratories inc "Tianjin Rip Biotechnology Co., Ltd." (the "Rip biological") by the "Tianjin Rip Biotechnology Group Limited" (the "Rip limited") in April 2008 from the overall change, Rip Limited formerly known as "Tianjin Run Extension Biological Technology Co., Ltd.", founded in 2001, in November 2006 it changed its name to "Tianjin Rip Biotechnology Group Limited." Rip biological agents initially rely on veterinary products started, after the acquisition of Rip Baoding enter biologics. Rip biological There are currently six holding shares of a subsidiary, the main business is mainly operated by three specific subsidiaries, idexx laboratories inc including Rip Baoding is the company's main revenue source of profits, the company is also a major production base of biological products. IPO in the starting material, Rip Baoding, Tianjin Rip is a holding company, Hubei and Hunan Lung shore are joint stock companies, after the company completed the IPO, using its own funds and part of the raised funds, through continuous acquisition of shares, currently Rip has been a wholly idexx laboratories inc owned Tianjin, holding Hubei and Hunan Lung shore. The latest announcement will use the raised funds 70 million yuan to acquire 25% stake in Baoding Rip, when completed, will wholly owned Rip Baoding. 2.2 Rip industry position and competitive advantage is mainly engaged in biological products and veterinary preparations veterinary biological research and development, idexx laboratories inc production, consumption idexx laboratories inc and technology services, including veterinary biological products including the preparation (50 varieties) and veterinary preparations (226 species ) two categories of 276 varieties. Veterinary biological products company idexx laboratories inc in swine fever vaccine, blue ear pig disease vaccine for the national compulsory vaccination varieties. Rip Baoding national mandatory immunization biological products swine fever vaccine, one of the highly pathogenic idexx laboratories inc blue ear pig disease vaccine manufacturers. Technological innovation is one of the strengths of the company. . The company has one of the veterinary industry two five ministries awarded the "National Enterprise Technology Center" of the enterprise, "national IPR pilot work units," one of only two in the industry, with the Ministry of Personnel, that the " post-doctoral research station. idexx laboratories inc " The company and its subsidiaries in Tianjin Rip, Rip Baoding are national high-tech enterprises. The only company to have business casual idexx laboratories inc and Alice M. Terminalia PROPER stasis scattered independent intellectual idexx laboratories inc property rights is one of the intellectual property of oral transfer factor has two companies, in order to have a heat protectant live vaccine proprietary three companies one, to have one of PRRS vaccine proprietary three companies, to have cefquinome sulfate injection drug substances and intellectual property, one of seven companies. The company has a national class new veterinary certificate registered three, three new veterinary certificate of registration 9, four types of new veterinary certificate registered one, get one of the country's new veterinary idexx laboratories inc certificate of registration idexx laboratories inc for the last five years at most veterinary enterprises. In 2009, a total grant of a new veterinary certificate of registration 39, the company received 5, obtain a new certificate idexx laboratories inc of veterinary drugs for the year registered the largest enterprises. The company currently veterinary biologics market share of 2.6 percent, the company forward in poultry vaccine market business rankings. Rip biological 2011Q3 biological products, idexx laboratories inc veterinary preparations, pharmaceutical raw materials revenue accounting for respectively 53.38%, 20.75%, 25.41%. Biological products more than 60% non-government tenders revenue. We found that global animal health industry's largest companies are large-scale integrated pharmaceutical company, its animal health business is only one of numerous business segments. In 2010, global animal health industry's largest four companies Pfizer, Merck, Merial, Bayer's animal health revenue over 10 billion US dollars, more than 50% of total global animal health industry. This suggests that after years of development, the international animal health industry has entered a mature stage of development, market share is relatively idexx laboratories inc concentrated, leading enterprises have obvious advantages. Since 2008, several acquisitions were important for the international animal health industry landscape changed greatly. Prior to 2009, Schering-Plough Animal Health is the largest business income in 2009 was the acquisition of Merck; the same year, Sanofi-Aventis idexx laboratories inc to $ 4 billion acquisition of Merck's stake in Merial, a wholly owned subsidiary of Almeria idexx laboratories inc ; Pfizer will acquire Wyeth Pharmaceuticals and its affiliated Fort Dodge Animal idexx laboratories inc Health. After these several acquisitions, idexx laboratories inc business name from the point of view, the income scale industry has changed dramatically in the top ten list. Like many multinational companies become industry giants Schering-Plough's growth process is accompanied by a number of important acquisitions. Schering-Plough's history can be traced back to 1851, Schering AG, established in Germany. In 1971, the Company and Schering Plough (a consumer products company idexx laboratories inc Tennessee) merged to form Schering-Plough. Schering-Plough's acquisition of Mallinckrodt established idexx laboratories inc a leading position in the poultry markets; thereafter turn Takeda animal health idexx laboratories inc business into the arm; in 2007, the company acquired Intervet BV (Netherlands Organon Biosciences Animal Health Department), not only enrich the product line, but also to achieve a geographical complementarity, animal health industry has become the world leader. 3.3 Domestic idexx laboratories inc General: large-scale farming to promote the development of the industry sustained development of China's animal husbandry industry, for the development of animal health care industry to provide a solid foundation. We believe that the following three factors in the past few years contributed to accelerate the increase in large-scale breeding ratio: (1) the minimum wage standards continue to rise, resulting idexx laboratories inc in the opportunity cost of the increase in the backyard, backyard farmers quit more; (2) Price ( meat, eggs), cost (corn, idexx laboratories inc soybean meal) and other volatility, large-scale farming in terms of specialization, economies of scale become increasingly prominent advantages; (3) In recent years, frequent food safety incidents, large-scale farming in product traceability, etc. obvious advantages. Over the past 10 years, China's pig industry scale significantly improved, above designated size (50 or more years of slaughter) pig farming accounted for less than 30 percent in 2000, in 2009 more than 60%, but a higher rate of the United States idexx laboratories inc and other large-scale countries, there is still a big gap. For large-scale farming enterprises, disease transmission is likely to lead to huge economic losses (lots culling). Therefore, regular epidemic prevention work is necessary. Data show that China's first large-scale pig farming all medical expenses of the absolute amount of prevention, costs are higher than the proportion of small and medium-scale farming, vaccination costs and a positive relationship between the scale of farming. Medical quarantine costs account for lower production costs (less than 2%), similar to insurance cover for the breeding process, are less sensitive to business-to-prevention costs, the effect of the epidemic very seriously. With the acceleration of large-scale farming, large-scale breeding since 2008 medical quarantine idexx laboratories inc expenses growth rate was significantly higher than the backyard, in 2010 cross-sectional data also supports this conclusion. Our animal vaccine industry has been subject to government regulation, before 2003 all state-owned enterprises, one from each province, after a limited release in 2003, private capital began to gradually enter the animal vaccine industry. After nearly a decade of development, although the income scale animal husbandry shares of central enterprises background is still far ahead in the industry, private enterprise has gained rapid development in the industry, and be listed. Current A-share listed idexx laboratories inc companies engaged in the business of veterinary biological products has six listed companies. We found that in all listed companies in the animal vaccine business, in addition to grazing stock, other biological products business in 2010 income mostly between 2 and 4 million, the growth rate mostly in the 10% -20%. And, over the past 10 years, except for grazing stock, there have been no animal idexx laboratories inc vaccine industry revenues continued to grow more than 400 million cases. We believe that the reason for this phenomenon is: the earlier development of the industry's enterprises are dependent on government bidding (compulsory vaccination). Prior to 2008, due to the large area of the bird flu, blue ear pig disease outbreaks and other government idexx laboratories inc procurement scale rapid growth in animal husbandry, Kim, Tian Kang and other companies is to make use of government procurement and its animal vaccine business to grow and develop. After 2009, the government forced the immune capacity of the stagnant market, while at the same time with the increase of China's total farming, increase the rate of large-scale farming, conventional vaccine (non-mandatory immunization) to usher in rapid development,
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Video from: Youku SNSD ASC leave rehearsal dinner shoot [Fancam] 130622 SNSD arrival at Singapore Expo