2018 年化妝品B2C行業(yè)分析及趨勢(shì)

1、2021年化裝品B2C行業(yè)分析及趨勢(shì) 2021年電子商務(wù)十分狂熱，而化裝品是網(wǎng)購的主要品類。調(diào)查數(shù)據(jù)顯示我國化裝品近1300億元的市場(chǎng)，是全球第三大的化裝品消費(fèi)市場(chǎng)。在網(wǎng)絡(luò)購物環(huán)境成熟的條件下，按10%的比例網(wǎng)絡(luò)銷量達(dá)130億元。相比起服裝行業(yè)有凡客誠品、母嬰行業(yè)有紅孩子、鞋子有好樂買和樂淘等代表性的B2C，化裝品還沒有強(qiáng)勢(shì)的B2C。這跟龐大的市場(chǎng)容量比照，多少有點(diǎn)詭異。投資1000萬的米粒商城去年倒閉后，引起不小的波瀾。陳三生整理了一下目前B2C并稍作點(diǎn)評(píng)，拋磚引玉，期待行業(yè)明星的出現(xiàn)。一、B2C網(wǎng)站天天購物網(wǎng)：中國最大的美容化裝品商城之一。網(wǎng)站+目錄營銷模式，品類以化裝品為重點(diǎn)，售賣主流品

2、牌為主，在所有網(wǎng)站中是最全面的，滿足“一站式購齊需求，有向綜合時(shí)尚商城開展的趨勢(shì)。樂蜂網(wǎng)：2021年成立，以自有精油品牌起家，近兩年來風(fēng)頭最勁的化裝品B2C，獲得沈南鵬的投資傳1000萬元。明星主持人+專家示范，大大提升網(wǎng)站信任度，“購物+資訊+社區(qū)模式。售賣自有品牌為主，自有品牌和外來品牌比例5：5。陳三生的直覺，拼湊縮寫的蹩腳域名，遲早要換。唯伊網(wǎng)：做得最好的化裝品SNS+電子商務(wù)網(wǎng)站。轉(zhuǎn)化率2-4%、復(fù)購率超過50%。這也說明了社區(qū)的用戶粘性程度高，容易形成忠實(shí)用戶群。妝點(diǎn)商城：曾是07年-08年最受關(guān)注的女性B2C。妝點(diǎn)網(wǎng)開創(chuàng)了資訊引導(dǎo)消費(fèi)的廣告形式，實(shí)現(xiàn)“媒體+業(yè)務(wù)兩大目的。通過在網(wǎng)

3、易、騰訊等門戶網(wǎng)站購置廣告位推廣自有品牌雅茚·藥妝，08年底銷售額近億元，典型的以高投入換取高增長的模式。后來主推妝點(diǎn)商城B2C和古緹箱包，但并不理想，品類和品牌的缺失也顯得商城人氣冷清。目前妝點(diǎn)也推出交友網(wǎng)站，戰(zhàn)略方向模糊。優(yōu)歌網(wǎng)：主要售賣美容院專業(yè)線的產(chǎn)品，群眾品牌鮮見，在一定程度上降低了轉(zhuǎn)化率。商品頁整體看起來不夠精致。推出柚子舍產(chǎn)品品牌B2C，主打無添加概念。No5時(shí)尚廣場(chǎng)：成立較早，唯一長期以藍(lán)色系為主色調(diào)、在各地北京、上海、廣州設(shè)有運(yùn)營中心的化裝品B2C。每天4萬訪客與天天購物網(wǎng)接近，與后者隱藏掉客服功能不同，突出客服咨詢。漂亮100：第一家傳統(tǒng)媒體推出的化裝品B2C，?

4、精品購物指南?旗下網(wǎng)購平臺(tái)。漂亮100一出世就來勢(shì)洶洶，攜報(bào)紙的用戶資源，更與拉手網(wǎng)合作化裝團(tuán)購頻道。在品牌公信力和會(huì)員資源上，漂亮100超過樂蜂網(wǎng)，真是天生好命。致美網(wǎng)：頂級(jí)化裝品B2C。美國化裝品零售網(wǎng)站SkinStore中國站，上線8個(gè)月，知名度有限。代理20多個(gè)國外品牌，對(duì)于很多大陸顧客聞所未聞的國外品牌，致美網(wǎng)最需要的就是打造頂級(jí)化裝品網(wǎng)站的品牌地位。奢妍美：頂級(jí)化裝品B2C。每個(gè)品牌頁面直接套用該品牌官網(wǎng)，然后在百度做品牌關(guān)鍵字競(jìng)價(jià)。即使用戶獲取本錢高，勝在客單價(jià)也高。模式很簡(jiǎn)單，推廣方法也很簡(jiǎn)單，賺到錢才是硬道理。絲芙蘭：全球化裝品零售權(quán)威，隸屬LV。相比起線下零售商店，網(wǎng)上零售

5、業(yè)務(wù)還有待完善。十分適合做B2C，不過域名難記。莎莎網(wǎng)、草莓網(wǎng)、玫麗網(wǎng)：三者同為海外背景的網(wǎng)站。草莓網(wǎng)是全球排名最高的化裝品零售網(wǎng)站，排名高達(dá)3800多名，早期與眾不同的網(wǎng)站版面十分容易在消費(fèi)者心中培養(yǎng)品牌形象，缺點(diǎn)是商品展示不夠，好處是讓顧客直奔想要的產(chǎn)品。莎莎網(wǎng)品牌知名度最好，香港上市公司背景，網(wǎng)站產(chǎn)品價(jià)格用美元標(biāo)示，對(duì)內(nèi)地顧客不夠親和力。玫麗網(wǎng)價(jià)格分別用美元和人民幣標(biāo)示，用戶體驗(yàn)比莎莎完善，沒有突出品牌數(shù)據(jù)。無論從資金、品牌、域名、人員、產(chǎn)品供給鏈上來說，莎莎都具備做化裝品B2C第一的能力，完全可以參考銀泰百貨的銀泰網(wǎng)模式，遺憾的是在電商領(lǐng)域尚未真正發(fā)力。二、網(wǎng)貨品牌、淘品牌雅茚

6、3;藥妝：中國最早在網(wǎng)絡(luò)銷售的化裝品品牌，06年妝點(diǎn)老板通過門戶軟文來銷售，并在其后一兩年迅速開展。陳三生認(rèn)為，雅茚之所以取得成功，很大程度是因?yàn)槟菚r(shí)網(wǎng)絡(luò)市場(chǎng)競(jìng)爭(zhēng)遠(yuǎn)不如現(xiàn)在這么劇烈，有需求的網(wǎng)購用戶接觸的產(chǎn)品少，不像現(xiàn)在被過度開發(fā)。綠瘦：雜志郵購+網(wǎng)絡(luò)銷售，最初做雜志起家，網(wǎng)絡(luò)銷量最大的減肥產(chǎn)品，年銷量近2億，僅次于碧生源。曾挖了百度華南公司的一個(gè)總監(jiān)，做百度競(jìng)價(jià)能拿到別人的一半價(jià)格?，F(xiàn)在做單純的減肥產(chǎn)品業(yè)務(wù)很困難，有很多公司是有回訪的。DHC：通信販賣第一品牌， 營銷+目錄營銷+網(wǎng)絡(luò)營銷，通過大量贈(zèng)送廣告產(chǎn)品目錄和試用裝獲得成功。目前在中國也開設(shè)了線下專柜。B2C有這樣一個(gè)現(xiàn)象：幾乎所有的網(wǎng)

7、貨品牌，消費(fèi)者都覺得不是品牌。如果說通過非線下渠道獲得成功的化裝品品牌，那一定就是DHC。芳草集：淘寶銷量第一的化裝品品牌，去年收入1.5億。品牌化+低價(jià)化的國產(chǎn)網(wǎng)貨成功模版，掌門人為85后。開始向線下開展，已有100多家專賣和主營店鋪。御泥坊：淘寶單品競(jìng)爭(zhēng)力最強(qiáng)的面膜品牌。炒熱了慈禧太后專用的御泥概念，是淘寶上最懂品牌炒作的化裝品，粉絲無數(shù)，因而賣得起價(jià)，面膜產(chǎn)品為中檔價(jià)格。目前繼續(xù)通過網(wǎng)絡(luò)、雜志、報(bào)紙、電視節(jié)目等媒體全方位推廣品牌，進(jìn)駐如京東、麥網(wǎng)等多個(gè)大型B2C平臺(tái)銷售。PBA：繼芳草集之后大熱的綜合護(hù)膚品牌，也是品牌化+低價(jià)化的成功版本。今年從產(chǎn)品品牌轉(zhuǎn)向渠道品牌。陳三生分析，PBA走

8、DHC產(chǎn)品品牌型的路線會(huì)更好，像DHC那樣擴(kuò)充產(chǎn)品線，而當(dāng)務(wù)之急，就是加大力度、多方位打造PBA的品牌。在網(wǎng)絡(luò)品牌的打造上，御泥坊就很成功。網(wǎng)絡(luò)上賣的面膜，有哪家可以超越它？PBA本身屬于低價(jià)品牌，突然也賣中高檔品牌，用戶轉(zhuǎn)化率低。不過PBA的域名倒是很適合做垂直B2C，簡(jiǎn)短好記。另外還有植物語天然護(hù)膚品、膜法世家面膜類、悠語根底護(hù)膚、阿芙香薰精油類等表現(xiàn)較好的淘品牌，就不一一詳述。三、傳統(tǒng)線下品牌的B2C 相宜本草：表現(xiàn)最好的線下品牌，網(wǎng)絡(luò)渠道銷量最多。07年獲得今日資本8000萬元投資，從不到1億到去年收入8億。網(wǎng)絡(luò)上主要在淘寶網(wǎng)投放廣告和搞活動(dòng)，一方面做品牌，一方面做銷量。賣得最火的是面

9、膜產(chǎn)品、根底護(hù)膚品。兩個(gè)需求量大的單品，面膜使用周期短，吸引其它品牌用戶嘗試機(jī)率大。蘭蔻：蘭蔻是歐萊雅最早試水電子商務(wù)的品牌，擁有獨(dú)立的官網(wǎng)，主要通過搜索引擎百度等投放廣告，積累了一套經(jīng)驗(yàn)。歐萊雅旗下多個(gè)品牌都開通了獨(dú)立商城。寶潔：開通的“生活家淘寶旗艦店，早期銷量很少，護(hù)膚品類只有玉蘭油銷量較好。這也說明無論傳統(tǒng)企業(yè)在線下銷量多牛逼，沒有懂網(wǎng)絡(luò)運(yùn)營的人才，也做不好電子商務(wù)。雅詩蘭黛：旗下倩碧、雅詩蘭黛08年底開通網(wǎng)上銷售，網(wǎng)站風(fēng)格跟歐萊雅的差不多。似乎這些國際巨頭的商城都是同一公司操刀的。上海家化：以佰草集為重點(diǎn)試水電子商務(wù)。獨(dú)立商城比擬專業(yè)，陳三生認(rèn)為，佰草集應(yīng)該加強(qiáng)在淘寶的推廣，鎖定購置

10、意愿最強(qiáng)烈的網(wǎng)購群體，定然不輸芳草集。其它的傳統(tǒng)化裝品品牌，在官網(wǎng)和淘寶商城的銷量，表現(xiàn)也一般。主要原因：1、價(jià)格。網(wǎng)購以80、90后群體為主，淘寶上賣得火的都是低價(jià)品牌化裝品，如相宜本草。即使有心想在網(wǎng)上大干一場(chǎng)的品牌，也因?yàn)閮r(jià)格高，處理不好線下線上的價(jià)格沖突問題。所以往往會(huì)選擇新創(chuàng)一個(gè)價(jià)格相對(duì)低的網(wǎng)絡(luò)品牌。2、投入。網(wǎng)絡(luò)渠道不是主要渠道，投入有限。四、化裝品團(tuán)購B2C團(tuán)購網(wǎng)以極低的價(jià)格、社會(huì)化的傳播、限時(shí)銷售等特點(diǎn)而迅速受到網(wǎng)民的追捧，不到一年時(shí)間，多達(dá)千家。專業(yè)的化裝品團(tuán)購網(wǎng)以聚美優(yōu)品為主，獲得過風(fēng)險(xiǎn)投資。網(wǎng)購化裝品最怕就是買到假貨、次品、水貨，畢竟是涂抹在皮膚的。團(tuán)購的化裝品太低價(jià)，消

11、費(fèi)者的信任是道檻。五、現(xiàn)象和趨勢(shì)1、越來越多的熱錢流入。樂蜂網(wǎng)、御泥坊都獲得投資，相信以后會(huì)有更多的風(fēng)投進(jìn)入。對(duì)于產(chǎn)品B2C來說，如何擴(kuò)大品類和容量是資本關(guān)心的。而渠道B2C，提升供給鏈和會(huì)員量是重點(diǎn)。2、淘寶出來的都做不好獨(dú)立B2C？無論是淘寶化裝品零售第一店檸檬綠茶，還是芳草集、PBA等，都有自己的獨(dú)立B2C網(wǎng)站，人氣都很冷清。3、電商人才越來越緊缺。很多傳統(tǒng)的化裝品公司最近都在招電子商務(wù)總經(jīng)理、運(yùn)營總監(jiān)、淘寶店長等電商人才，一直找不到人。4、歐萊雅、雅詩蘭黛、佰草集等知名化裝品都開通了官方商城，從過去的品牌展示轉(zhuǎn)變?yōu)椤捌放普故?產(chǎn)品銷售的雙重作用。不過對(duì)線下主渠道來說，網(wǎng)銷仍是個(gè)補(bǔ)充。網(wǎng)

12、購時(shí)代可以讓傳統(tǒng)品牌通過網(wǎng)絡(luò)互動(dòng)，獲取品牌用戶的需求，進(jìn)行新品研發(fā)、試用等快捷有效的營銷活動(dòng)。5、網(wǎng)貨品牌都是靠淘寶成功，獨(dú)立于淘寶外的網(wǎng)貨品牌還沒成功。原因也許有：1、對(duì)于一個(gè)新品牌，網(wǎng)購用戶更愿意嘗試物美價(jià)廉的，所以淘寶上的化裝品網(wǎng)貨品牌根本上都屬于低檔價(jià)格。2、獨(dú)立B2C品牌推廣本錢大，不像淘寶里面的流量那么有效。6、在淘寶或者在網(wǎng)上賣高檔化裝品行嗎？能。做到品牌包裝、窄眾營銷。7、國際互聯(lián)網(wǎng)巨頭CBSi也準(zhǔn)備對(duì)女性電子商務(wù)進(jìn)行探索。旗下?lián)碛兄袊畲蟮呐跃W(wǎng)站群，如OnlyLady、閨蜜網(wǎng)、55BBS。如果做化裝品，又將會(huì)掀起腥風(fēng)血雨。8、主流B2C兩種開展模式：一是以天天購物網(wǎng)為代表的

13、垂直B2C渠道品牌，二是以DHC、芳草集為代表的B2C產(chǎn)品品牌。想要賣自己的產(chǎn)品，又想用自己產(chǎn)品的招牌賣別人的產(chǎn)品，到頭來不倫不類，都做不好。凡客誠品推出的V+商城，解決了產(chǎn)品和平臺(tái)的矛盾。個(gè)人看好：天天購物網(wǎng)、唯伊網(wǎng)、芳草集、御泥坊。內(nèi)部資料僅供參考9JWKffwvG#tYM*Jg&6a*CZ7H$dq8KqqfHVZFedswSyXTy#&QA9wkxFyeQ!djs#XuyUP2kNXpRWXmA&UE9aQGn8xp$R#&#849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT

14、#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YW

15、RrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmUE9aQGn8xp$R#&#849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2

16、zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z8vG#tYM*Jg

17、&6a*CZ7H$dq8KqqfHVZFedswSyXTy#&QA9wkxFyeQ!djs#XuyUP2kNXpRWXmA&UE9aQGn8xp$R#&#849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxG89AmUE9aQGn8xp$R#&#849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zV

18、kum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadN

19、u#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z8vG#tYM*Jg&6a*CZ7H$dq8KqqfHVZFedswSyXTy#&QA9wkxFyeQ!djs#XuyUP2kNXpRWXmA&UE9aQGn8xp$R#&#849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&

20、ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcv

21、R9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmUE9aQGn8xp$R#&#849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&

22、amp;gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWv*3tnGK8!z

23、89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNuGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYW

24、pazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9

25、CpbK!zn%Mz849GxGjqv$U*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89Amv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&q

26、YpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$U*3tnGK8!z89AmYWpazadNu#KN&

27、amp;MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz84!z89Amv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ

28、#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$U*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849

29、GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$U*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv

30、*3tnGK8!z89AmYWpazadNuGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5u

31、xY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE

32、9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqvadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE

33、9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$U*3tnGK8!z

34、89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89Amv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGp

35、P$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$U*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9Cp

36、bK!zn%Mz84!z89Amv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&

37、;gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$U*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh

38、5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%MadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&

39、;qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*adNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN

40、&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$U*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpE

41、h5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89Amv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjq

42、v$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$U*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz84!z89Amv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnG

43、K8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6

44、YWRrWwcvR9CpbK!zn%Mz849GxGjqv$U*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWv*3tnGK8!z89AmYWpazadNu#KN&

45、MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$U*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNuGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5p

46、Dx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWv

47、*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9C

48、pbK!zn%Mz849GxGjqv3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$U*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9

49、CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89Amv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&

50、MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$U*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%MzadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9C

51、pbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcadNu#KN&MuWFA5uxY7JnD6

52、YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5p

53、Dx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$U*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89Amv$UE9wEwZ#QcUE%&

54、;qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!

55、z89AmYWv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$U*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz84!z89Amv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&am

56、p;gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$U*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD

57、6YWRrWwcvR9&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$U*3tnGK8!z89AmYWpazadNu#KN&

58、;MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNuGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA

59、5uxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$

60、UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqvUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3

61、tnGK8!z89AmYWv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$U*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89Amv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&a

62、mp;ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWv*3tnGK8!z89AmYWpazadNu#KN&MuW

63、FA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$U*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz84!z89Amv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum&gTXRm6X4NGpP$vSTT#&ksv*3tnGK8!z89AmYWpazadNu#KN&MuWFA5uxY7JnD6YWRrWwcvR9CpbK!zn%Mz849GxGjqv$UE9wEwZ#QcUE%&qYpEh5pDx2zVkum