某咨詢?yōu)槟惩馄笞龅碾姳湫袠I(yè)戰(zhàn)略報告英文

CONFIDENTIALIndustrySituationAnalysis:RefrigeratoraaaaaaELECTRONICSCHINA(aaaaaaChina)Thisreportissolelyfortheuseofclientpersonnel.Nopartofitmaybecirculated,quoted,orreproducedfordistributionoutsidetheclientorganizationwithoutpriorwrittenapprovalfromMcKinsey&Company.ThismaterialwasusedbyMcKinsey&Companyduringanoralpresentation;itisnotacompleterecordofthediscussion.aaaaaa010807BJ-refrigeratorKEYMESSAGESRefrigeratormarketisexpectedtogrowat4.6%annuallyfromRMB21billionin2000toRMB26billionin2005.Althoughgrowingatarateashighas31.1%,side-by-siderefrigeratormarketisexpectedtoremainverylimitedinthenext5yearsIngeneral,industryprofitabilityforrefrigeratorismoderate.However,side-by-siderefrigeratorsenjoydoubledigitreturnonsalesExceptside-by-siderefrigerator,refrigeratormarketisledbylocalplayers.However,thereareopportunitiesforMNCstosuccessfullybuilduptheirpositionbyfocusingonmid-to-high-endsegmentsTherefrigeratorindustryisrelatively“l(fā)ow-tech”andhaslowentrybarriers.EntryintoWTOisnotexpectedtohavedirecthugeimpactonthecompetitiveenvironmentWithmarketsharesaround3to4%,aaaaaaismoderatelypositionedinrefrigeratormarket.2aaaaaa010807BJ-refrigeratorMARKETASSESSMENTMarketassessmentSupply(competitor)analysisDemand(customer)analysisOverallenvironmentanalysisMarketdefinition3aaaaaa010807BJ-refrigeratorMARKETASSESSMENTSupply(competitor)analysisDemand(customer)analysisOverallenvironmentanalysisMarketdefinitionEvaluationcriteria,weightandratingAssessmentofmarketattractivenessMarketassessmentProduct/servicedefinitionRelevantregulatoryenvironmentandtrendsRelevanttechnologicalenvironmentandtrendsMarketsizeandgrowthrateKeybuyingfactorsDistributionchannelstructureMarketsharebycompetitorIndustryprofitabilityoreconomics4aaaaaa010807BJ-refrigeratorMARKETDEFINITIONProduct/servicedefinitionSupply(competitor)analysisDemand(customer)analysisOverallenvironmentanalysisMarketdefinitionMarketassessment5aaaaaa010807BJ-refrigeratorPRODUCTSCOPE–WHITEGOODSProductgroupProductcategoryAirconditionerWashingmachineWhitegoodsMicrowavePackagedA/CCentralA/C*Side-by-sideRefrigeratorProductsubcategories*Usedbyresidentialsandsmallbusinesses6aaaaaa010807BJ-refrigeratorMARKETDEFINITIONSupply(competitor)analysisDemand(customer)analysisOverallenvironmentanalysisMarketdefinitionMarketassessmentRelevantregulatoryenvironmentandtrendsRelevanttechnologicalenvironmentandtrends7aaaaaa010807BJ-refrigeratorLOW-ENDREFRIGERATORMARKETISLIKELYTOBEDOMINATEDBYLOCALCOMPETITORS.MNCSCOULDSUCCEEDINTHEMID-TO-HIGH-ENDNICHEMARKETSRegulatoryTrends/issuesImplicationsMarkethasbeenfairlyopenandwillremainsoMostleadingMNCplayersarealreadyinChinaandhavelocalizedtheirproductionandsourcingTechnologicalIngeneral,technologiesforrefrigeratorsarenotverycomplicated,esp.forlow-endproductsTechnologytrendistofocusondigitization,artificialintelligenceandenvironmentalfriendlinessEntrytoWTOisnotexpectedtohavehugedirectimpactoncurrentcompetitiveenvironmentThemarketislikelytobedominatedbylocalplayerswhoaremostlynotasstrongintechnologyasMNCplayersbutstrongerinchannelandsalescapabilities,especiallyinthelow-endsegmentsMNCplayersarelikelytosucceedbybeingnicheplayersandfocusingonmid-to-high-endsegmentsCompetitioninproductinnovationislikelytofocusoncustomizationandlocalization8aaaaaa010807BJ-refrigeratorMARKETDEFINITIONSupply(competitor)analysisDemand(customer)analysisOverallenvironmentanalysisMarketdefinitionMarketassessmentMarketsizeandgrowthrateKeybuyingfactorsDistributionchannelstructure9aaaaaa010807BJ-refrigeratorALTHOUGHaaaaaaONDLARGESTMARKETAMONGWHITEGOODS,REFRIGERATORMARKETGROWTHWILLBEMODEST

Source: GFK,SINO-MR,LightIndustryInformationCenter,aaaaaa,fieldinterviews,McKinseyanalysis2000Side-by-sideNon-side-by-siderefrigerators20012002200320042005CAGR(00-05)Percent21,13022,06023,05024,07025,14026,260Key

driversRationaleorassumptionsReplace-mentSincethepenetrationrateinChinaishigh(~80%),particularlyinmajorcities(>100%),majorityofthedemandfornon-side-by-siderefrigeratorswillcomefromreplacementpurchaseIncomegrowthIncreaseinaveragedisposableincomedrivesdemandformid-to-largecapacityandmid-to-highendrefrigeratorsAveragepriceDropsat4%p.a.74961261662172854.64.431.1RefrigeratormarketsizeandgrowthRMBmillions,percentUnitssold(non-side-by-side)millionsAveragesellingprice(non-side-by-side)9.414.313.112.111.110.21,8401,9101,9902,0702,1602,2508.8-4.010aaaaaa010807BJ-refrigeratorTHEMARKETISVERYSATIATEDReplacementislikelytobethekeydriverforfuturedemand

Source: ChinaStatisticsYearbookPenetrationrateinChinaTier1Tier2Tier3WholeChina103%101%87%80%11aaaaaa010807BJ-refrigeratorMID-TO-LARGECAPACITYREFRIGERATORSHAVEBEENCONSUMER'sFAVORITECHOICE

Source: SINO-MR,GfK<100L100%=199819992000Historicalmarketsizebycapacityinmajorcities

Percent,millionunits0.60.50.4100-150L150-180L180-200L200-225L225-250L250-300L>300LCAGR(00-05)Percent8.69.19.4-18.44.5-22.54.9-5.117.38.7-18.4-18.412aaaaaa010807BJ-refrigeratorSIDE-BY-SIDEREFRIGERATORMARKETWILLBEOFVERYLIMITEDSIZE,DESPITEITSHIGHGROWTHRATERMBmillions,percent200020012002200320042005CAGR(00-05)Percent31.1KeydriversRationaleorassumptionsLivingspaceOnlyhouseholdswithkitchensover30m2*areassumedtopossiblyconsiderside-bysiderefrigeratorsHouseholdincomeOnlyhouseholdswithaverageannualincomeoverRMB500,000areassumedtopossiblyconsiderside-by-siderefrigeratorsLifestyleMostwealthypeoplehavemaidswhodogroceryshoppingeverydayandtheyarenotinhighdemandforsuperlargerefrigeratorsPriceDropsat2%p.a. * Constructionarea

Source: ZhongxiTradingCo.,aaaaaa,LufthansaDepartmentStore,Sci-techDepartmentStore,YYSC,teamanalysis3,5004,6806,2608,38011,21015,00033.8UnitssoldSide-by-siderefrigeratormarketsizeandgrowthAveragesellingprice21.020.620.219.819.419.0-2.0KeycustomergroupsChineseeducatedoverseasExpatriatesWealthylocalpeopleKeymarketsBeijingShanghaiGuangzhouShenzhenShenyang13aaaaaa010807BJ-refrigeratorPRICEISTHEDOMINANTFACTORFORCONSUMER’SNON-SIDE-BY-SIDEREFRIGERATORCHOICEWHILEBRANDAWARENESSISMOREIMPORTANTFORSIDE-BY-SIDEREFRIGERATORFactorstoconsiderwhenmakingnon-side-by-siderefrigeratorpurchasingdecisionsPercentofrespondents

Source: IMI,SCSS2000,interview47282623191714141074BrandimagePriceCapacityEnergy-savingExteriordesignLownoiseNofrostAfter-salesserviceNon-CFCsFreezercapacityOtherKBFsforsidebysiderefrigeratorSoftcommercials,suchasputtingaside-by-siderefrigeratorintheclubofhigh-endresidentialareaisveryeffectiveinincreasingtheawarenessManypotentialcustomersarenotfullyawareoftheexistenceofside-by-siderefrigeratorsinChinamarketWhenmakingpurchasedecisions,thekeyfactorsthatcustomersconsiderarebrand,designandfeatureMr.GuYongGuyManagerZXHYTradingCo.14aaaaaa010807BJ-refrigeratorDIRECTCOOLINGISSTILLTHEPREFERREDCHOICEACROSSTHEMARKETPercent

Source: SINO-MR;GfK,fieldinterviewNorthWestEastChinaAlthoughindirect-coolingrefrigeratorisfrost-free,ittendstodryupthefood.Asaresult,itisparticularlyunpopularinlesshumidareassuchasNorthernChinaNorthEastNorthChinaSouthWestCentralWestMarketshareofdirectcoolingrefrigeratorsinmajorcities,200015aaaaaa010807BJ-refrigeratorCHANNELSTRUCTUREFORREFRIGERATORSISFLAT,ESPECIALLYFORLOCALPLAYERS

Source: InterviewManufacturersFirsttierdistributorsRetailersLocalmanufacturers=70-80%MNCmanufacturers=30-50%DepartmentstoresHypermarketsSpecialtystoresOthersLocalmanufacturers=20-30%MNCmanufacturers=50-70%16aaaaaa010807BJ-refrigeratorAMONGALLRETAILCHANNELS,HYPERMARKETSANDSPECIALTYSTORESAREEXPECTEDTOGROWFASTINTHENEARFUTURESalesdistributionbychannel---whitegoodsPercentHypermarketsSpecialtystores*DepartmentstoresOthers5199820002003E * IncludeselectronicchainssuchasGuomeiandDazhong Source: Saaaaaa17aaaaaa010807BJ-refrigeratorDISTRIBUTIONSTRUCTUREFORSIDE-BY-SIDEREFRIGERATORSDIFFERBYTIERCITIESTier1citiesManufacturers1sttierdistributorsRetailers2ndtierdistributors20%70%Endusers10%Manufacturers1sttierdistributorsRetailers100%Tier2cities

Source: Fieldinterview18aaaaaa010807BJ-refrigeratorKELON'sCHANNELSTRUCTUREFORREFRIGERATORS

Source: Annualreport,fieldinterviews RongshengKeloniscurrentlyexploringotherchannelstrategies:SetupsalesanddistributioncompanieswithdistributorsCooperatewithlargeretailerssuchasCarrefourandGuomei

inproductplanningKelonRetailers1sttierdistributors95%5%KelonRetailers1sttierdistributors40%60%Kelon19aaaaaa010807BJ-refrigeratorHAI櫻ER蠶HAS至A榆DIS鼠TIN悄CTI巴VE填DIS童TRI辯BUT挽ION碰AP薄PRO顫ACH如WH晴ICH國IS攏HE債AVI章LY吉FOC爆USI革NG霧ON黑DIR棄ECT乳RE掩TAI販LS華ALE泉SF逗OR士BAS甘EA竿ND貞HU清BC茫ITI饒ES..Sour拴ce:坡Fie厭ldi張nter亮view按;Mc河Kins貨eya嫩naly誼sisSpec纖ialt推ysh辭oresFir慨st傅tie惰rc夢ityaaa廟aaa即ond撤ti役er陳cit買yThi廚rd限tie忠rc風(fēng)ityHaie故rsh從op-i景n-sh表opsRet對ail間ers短in關(guān)fi晝rst手ti批er漫cit迷iesRet膊ail撇ers障in敞so硬me吳lar照ge瘡aaa珠aaa傭ond剩ti抽er拌cit昨iesSpec還ialt哨yst械oreHai扛er演sho襖pi篩ns羅hop愛sReta洋iler凈sin絡(luò)aaa澤aaao扔ndt植ier籮citi境esSpe睬cia悄lty編st靈oreHai珍er何sho獅pi禾ns活hop很sReta疾iler卸sin才thi旬rdt品ier隱citi布esSpe薯cia鈴lty主st瞧ore乒sHaie內(nèi)rA/夏Csa憑les副Co.Hai體er唉sal抗es冊bra霉nch速es摩in滑sma宮ll活aaa寶aaa巡壽ond畜ti搶er惱cit翻iesWho雖les重ale恭si緊ns膀ome賀th匆ird暑ti包er吧cit袖iesHai護(hù)er到sal喜es臟cen壞ter揀in畜fi歌rst區(qū)ti率er避cit武iesHai殊er釘sal惑es獻(xiàn)cen家ter俊in憲so驢me服lar萬ge拍aaa的aaa弦ond掀ti飽er時cit余iesHai鵝er攻sal延es分cen姿ter誘si竟nf踢irs細(xì)ta廊nd午aaa伙aaa刮ond所ti莖er勤cit細(xì)iesHai素er奇sal怪es能bra蹲nch借es輛in史big殃th鄰ird刑ti冷er延cit僑iesEast掘reg尋ionNort芒hre悼gionWest快reg終ionSout援hre兼gion20aaa肝aaa遇010幼807灘BJ-遇ref穩(wěn)rig宗era帥torMAR鑒KET車DE斷FIN嶄ITI針ONSup誼ply俯(c貞omp愧eti懂tor抓)anal略ysisDem烤and驅(qū)(c朽ust望ome作r)anal薦ysisOver幅all假envi蕩ronm拳entana斥lys綿isMar辱ket朵de揉fin越iti春onMark排eta捆sses科smen并tMark膜ets抖hare肆by盟comp訂etit鄙orIndu艇stry霜pro哄fita潤bili以tyo制rec湖onom擋ics21aaa羨aaa袋010故807繞BJ-餡ref桃rig撫era擦torWHI于LE如THE猾MA喂RKE撒TI藏SG條ETT闊ING體MO詳RE隙DOM企INA摔TED暴BY帽TO拜PP向LAY記ERS返CO沒MBI序NED湖,M丹NC刪PLA陽YER矩SA早RE廊GRA合DUA干LLY驢TA版KIN案GM匙ORE闊SH沾ARE申S*Rong傲shen極gan去dKe愧lon頂comb廣inedSour么ce:遞SINO抬-MR,穩(wěn)GfK丈,LI淋IC100晉%=1998Oth幅ers199鬧9200037.仁415.58.72.732.抬435.崗713.揀88.25.95.728.030.罪912.冠38.610.撞08.826.1aaaa專aaElec離trol汁uxMei幼lin態(tài)gKel窮on*Haie酸rSiem癥ens8.69.19.4Haie狼ran尋dKe隙lon淹are耀the屬lead漠ing咱play哀ers.撲Ho猶weve墊r,t章heir任mar鎮(zhèn)ket朽shar窯esa刻red互ecre直asin杜gAlt緣瑞hou沫gh節(jié)lat挨eco羅mer炊st茅ot慣he斗mar普ket擠,E沸l(wèi)ec呆tro雅lux古an水dS它iem艇ens品ar貨eq雪uic憶kly夾bu益ild爬ing副up籃th盡eir桐po向sit帆ion何sb吹yf側(cè)ocu找sin含go江nm卵id-關(guān)to完hig藝h-e口nd玩and邁hi統(tǒng)gh-責(zé)end壁ma謎rke膠tsCom疑par件ed茫to既oth貢er桌MNC癥pl枝aye貞rs,祝aa茫aaa算a's冶gr鬼owt拾hi院nt枕he說mar返ket短is楊ra耍the悄rs左lowMill帆ions含uni示ts,迎perc最entRefr績iger裙ator槳mar攪ket賠shar須eof膝maj曬orp勒laye填rsi頑nma輝jor蓄citi衫es4.5-6.裳215.6270淘.7101公.23.9-6.晴9-5.0CAG蝴R(98辦-00佛)Per氏cen情taaaa壯a(bǔ)aHaie率r/Ke禾lon/補(bǔ)Meil頑ingSiem岸ens/飾Elec卸trol此ux2.63.32.70.722aaaa加aa01賭0807鑰BJ-r章efri斯gera詢torEAST北,SO餡UTH土AND熊SOUT丟HWES薯TCH摧INA澆SEEM粥TO膝BET噸HEW摸INNI裳NGT霜ERRI惹TORY付FOR饒MNC凳PLA蘇YERS*Kelo夏nan倚dRo廁ngsh碎eng其comb擁inedSou噴rce電: S啄INO置-MR覽,G駛fK,種LI言IC100%像=Nor駐th助Ch野inaOth餐ersaaaa彎aaEle果ctr米o(hù)lu憲xMeil預(yù)ingKel膀on*Haie庭rSiem刊ens2.33.50.5Elec侍trol朱uxa液ndS喚ieme虧nsa處red侄oing恢par汽ticu滾larl躍ywe度lli劃nSo籠uthw咱estApar般tfr晚omS腳outh撥west當(dāng),MN遷Cpl饅ayer葵sar田edo輕ing襖bett挽eri昂nea更stC封hina拆and艙Sou葉thC晨hina歲,re欠lati首vely被mor滿eaf魂flue氏nta謙reasaaaa犧aai瞧sre妥lati踏vely嗓str搬ong綁inE純ast鬧Chin果aan惡dSo維uth攏Chin繼aNor跡th砌Ea賢stEastChi怕naCent失ral蹤蝶Sou蹦thSou摩th免We生stNort舟h

W貨est0.90.71.432.011.襲68.59.85.31.730.歸836.幻玉616.頸111.57.65.90.421.926.帆06.29.79.48.210.130.尖331.014.36.99.710.53.324.陸420.副411.棵09.819.役218.50.320.死833.推818.29.68.60.124.15.6Mark系ets說hare咳in盡majo做rci第ties傻by啦geog膊raph急y,2擇000Mill源ion滿unit彼s,p傻erce騰ntaaaa柿aaHai理er/番Kel避on/殘Mei物lin彎gSie敬men軌s/E菌lec耍tro德lux23aaa怖aaa鋪010浮807手BJ-渴ref紛rig葉era帽torLOCA篇LLE醫(yī)ADIN獄GPL饒AYER判SAR膠EDO逗MINA尤TING鼠IN趁ALMO帆STA屋LLP容RICE恐SEG陣MENT垃S,M香NCP爽LAYE唱RST宵END辯TOB篇EST溉RONG溪IN蓬MID-啊TO-H映IGH濤END幼MARK醒ETS*Ano驢the遣rK厲elo毒n's奶br課andSou鐮rce恢: S冤INO漲-MR挺,G捷fK,蘿LI薯IC100%令=<1,帳500Oth壇ersaaaa浪aaElec跪trol俯uxMei痕lin魂gKelo漫nHaie應(yīng)rSiem桐ens0.92.30.3Sie鄉(xiāng)豐men飼si線sf廉ocu你sin溜go階nv察ery棗hi益gh-道end涂ma物rke邊tw寶hil全eE賢lec縣tro勿lux養(yǎng)is角fo吧cus鍋ing控on砍mi門d-t歷o-h西igh談en馳dm印ark趟etaaa惜aaa膀de根mon子str棉ate攪ds棗tre請ngt雅hi溪nl基ow-劇pri敗ce喪mar趨ketKel統(tǒng)on座use供sm桐ult帶i-b笛ran調(diào)ds歉tra抓teg仆yt役ot籮arg蔬et蠅bot短hl閘ow-純to-篩mid忌en胡dm非ark射et揪and梨mi英d-t孤o-h袋igh腹en舊dm趕ark佛et1,5拋00廈-

2扮,50抵02,0凈00位-

2籠,50跨02,50微0-塊3,0值003,00且0-互4,00短0>4蘿,00銅02.01.92.024.112.51.217.群819.造624.欣80016.012.60.17.74.145.713.虜828.挨316.50.18.510.賭031.51.93.447.39.71.15.98.87.21.318.736.32.03.82.919.謠326.夏09.40.429.蘋80.14.34.70.348.失10.312.扣5Rong買shen迅g*0Mar號ket村sh型are笨in昆ma規(guī)jor嘆ci榮tie箱sb逼yp碼ric莫eb味and裙,2中000Mill圈ion附unit啟s,p捕erce彩ntElec飄trol紐奉uxKelo留n/Ro肺ngsh畫engSie幸men切saaa僑aaa24aaaa萌aa01令0807旗BJ-r朱efri晃gera罷torLOC蓋AL鞏PLA代YER苗SA蹄RE遲DOM濤INA老NT擔(dān)IN靠MOS科TP被ROD姑UCT千SE厲GME疲NTS及,M癢NC笛PLA爪YER命SH同AVE離ST誰REN幸GTH劇IN求MI賞D-T踢O-L衛(wèi)ARG恭EC繼APA事CIT早YM翻ARK去ETS*Anot蹤蝶her情Kelo增n's宰bran蠻dSour紅ce:愁SINO貧-MR,說GfK很,LI探IC100%班=<10擱0LOthe獄rsaaa做aaaEle狡ctr挽olu古xMeil妥ingKel翼on*Haie調(diào)rSiem思ens0.21.00.7Haie穿ris匆lea灰ding肉in淋most困mar敢ketsElec狂trol瘦uxa研ndS壞ieme膚nsh悟ave雅stro進(jìn)ngp律osit然ion欺inm茅id-t倆o-la傭rge酒capa運(yùn)city表mar許ketsaaaa禿aai槳sve縮慧rys輩tron掉gin老sma蹤蝶llc割apac可ity水(<所100L惠)ma推rket慈and豆is姻rela陪tive前l(fā)ys鈔tron屈gin辰mid洞cap籃acit臥yma旺rket100少-饅15帽0L150頸-

1料80L0.61.23.1180堂-200京L200暮-爛22濕5L225橋-

2鼻50L250餓-架30號0L>3晨00L2.60.0球3Rong樂shen蜘g*40.47.8036.岸90.119.奧851.213.401.49.602.821.424.載823.妄30.59.07.76.51.127.129.卵89.10.813.坐75.27.54.229.735.索511.70.85.911.澇010.寺12.922.蜻123.震45.41.17.824.找12.61.234.系417.視28.55.25.013.730.419.參90.125.宴1019.墻02.61.152.00.20Mar要ket亞sh脖are叫in爬m(xù)a鞋jor噸ci丑tie脾sb劈燕yp是rod定uct哨ty顯pe,烤20受00aaaa尋aaHaie網(wǎng)r/Ro薯ngsh影eng/打Kelo騙nSie喇men愛s/E木lec材tro肅lux25aaa塘aaa蒸010頑807籃BJ-沸ref己rig糧era撞torGE擁IS盞THE荷LE淋ADI亭NG睜PLA斯YER酬IN撓SI朗DE-斥BY-魂SID伐ER暫EFR謎IGE桂RAT兆OR如MAR呀KET100懶%=Othe雨rs*aaaa兆aa1,00潮03,50桂0The吸mark完eti豬sdo魔mina被ted絮byM學(xué)NCp體laye崇rsaaaa磚aah損ass御igni唱fica味nts致hare憤in貓the遼mark般et.截Howe若ver,咸GE檔clea鳥rly具domi物nate廈sNew箏play民ers繪such幕as憶Haie越rar僚een泰teri祝ngt觸hem創(chuàng)arke尸tThe戰(zhàn)high哄-end帳sid皆e-by鑼-sid維ere倡frig鬼erat膏orm示arke速tis木lik挪ely刑tor向emai惠nMN樂C’s懼terr寺itor構(gòu)ywh灣ile草“l(fā)oc滿alp心laye誕rs”財will制foc擾uso律nlo赴wer-喝end券segm笛entsUnit玩s,P弱erce顏ntUni鞠tm怪ark臟et盈sha旨re60*Incl奸udes鍵Hai搭er,粉LG,館Whir株lpoo迅l,e肢tc.Sou虜rce科: Z蓋hon協(xié)gxi玩Tr園adi石ng筒Co.獵,a脂aaa賞aaGE1999200譽(yù)0Grow贈thper壇cen平t250N/A31921126aaaa譯aa01耀0807禿BJ-r算efri坦gera脊torKEY烤MN鞭CP翅LAY惰ERS身EN衰JOY陪PR堤ICE租PR略EMI舌UMS映IN晃SI艷DE-召BY-賺SID吧ER已EFR麗IGE比RAT哨ORSGEe哭nter芝edt致hem盟arke辭tfi壺rst廉a(chǎn)nd怖has援the讓stro丸nges熊tbr編and禁imag匪e.I屠t’s誰pric蒜eis宏the群hig遍hestaaaa串a(chǎn)a’s乳pri泥cei仇s10中-20%芽low陳ert逼han給GE’sOthe續(xù)rpl前ayer勿s’p胳rice軟sar電eon稈ave弄rage寸10%爆low仔ert劈燕han趕aaaa德aa’sSou慕rce違: F尼iel同di買nte藥rvi幟ew;霞Gf雹K27aaa固aaa錫010答807酒BJ-形ref戰(zhàn)rig期era炊torKELO百NAN側(cè)DME忙ILIN追G’S劫FINA門NCIA痛LSS谷HOW幕THAT頸MAN搞UFAC揭TURE抽R'S雕PROF伴ITS含UFFE揪RED滾OVER裕THE狂PAS乖TFE批WYE蠅ARS德AND穿ARE北EXPE危CTED標(biāo)TO杠REMA病INL鹽OWSour陪ce:碑Morg弱anS盡tanl甜eyD券ean附Witt葵err水epor蠟t,a傘nnua永lre震port追sMeil胡ing19972001準(zhǔn)E200母0E199寨91998Kelo民nEBIT享mar巨ginPerc璃ent28aaaa別aa01椒0807察BJ-r顆efri苗gera竭torMAR斤KET離AS科SES影SME金NTMark眠eta徐sses見smen歐tSupp亮ly(占comp綱etit授or)anal千ysisDem飄and默(c賓ust掙ome訴r)anal甩ysisOver憐all謙envi棗ronm袖entanal傅ysisMark待etd謙efin隊itio侍nEva宋lua磨tio典nc成rit諷eri畢a,練wei云ght尺an萬dr脹ati宮ngAss劃ess下men催to恨fm米ark偷et筐att臺rac跌tiv辭ene言ss29aaa煉aaa具010饅807款BJ-佛ref衣rig益era里torEva尤lua漢tio備nc災(zāi)rit移eri生aWei麻ghtPer蜻cen屠tAttr劑acti伴ve-格ness盤rat顛ingMar鏡ket奪as廢ses提sme蘿ntMARK魚ETA器SSES膛SMEN給T--遣-NO奔N-SI燙DE-B飾Y-SI蜻DER遞EFER友IGER金ATOROve較ral全le訂nvi稀ron級men姐ta燒nal醫(yī)ysi鼠sChin跨aen嘆viro啦nmen鄭tat沿trac代tive昨nessDem劈燕and各(c壇ust賊ome陰r)管ana飛lys母isC