2023 ANNUAL REPORTMARATHON PETROLEUM CORPORATIONTABLE OF CONTENTS146781213CEO LETTEROPERATIONS OVERV.
BMW GROUP REPORT 2023On the path to electric and digitalised mobility in a sustainable circular econ.
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ANNUAL REPORT 2023ANNUAL REPORT 2023Company Performance A letter from 2 Chair and CEO Brian Moynihan.
Corporate Profile Performance HighlightsChairmans StatementBusiness OverviewManagements Discussion a.
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UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington,D.C.20549FORM 10-K(Mark One)ANNUAL REPORT .
2023/24 Annual ResultsJune 27,20242 2The information contained in this presentation is intended solely for your personal reference.Suchinformation is subject to change without notice,its accuracy is not guaranteed and it may not contain allmaterial information concerning Bosideng International Holdings Limited(the“Company”)and/or itsbusiness.The Company makes no representation regarding,and assumes no responsibility or liability for,the accuracy or completeness of,or any errors or omissions in,any information contained herein.In addition,the information contains projections and forward-looking statements that may reflect theCompanys current views with respect to future events and financial performance.These views arebased on current assumptions which are subject to various risks and which may change over time.Noassurance can be given that future events will occur,that projections will be achieved,or that theCompanys assumptions are correct.Actual Results may differ from projections.It is not the intention toprovide,and you may not rely on this presentation as providing,a complete or comprehensive analysisof the Companys financial or trading position or prospects.This presentation does not constitute an offer or invitation to purchase or subscribe for any securities orfinancial instruments or to provide any investment service or investment advice,and no part of it shallform the basis of or be relied upon in connection with any contract,commitment or investment decisionin relation thereto.Disclaimer3 301FinancialReview0203BusinessReviewFuture Development PlanFinancial Review5 5Financial Highlights(RMB million)For the year ended March 31Change20242023Revenue23,214.016,774.2 38.4%Gross profit13,833.59,975.9 38.7%Profit from operations4,397.62,826.4 55.6%Profit attributable to equity holders of the Company3,074.12,138.6 43.7rnings per share(RMB cents)Basic Diluted28.3419.75 43.5.5219.29 42.7%Dividend per share(HKD cents)Interim Final Full year5.020.025.04.513.518.0 11.1% 48.1% 38.9%6 6Financial Highlights(Cont)For the year ended March 3120242023ChangeGross profit margin59.6Y.5% 0.1 ppt.Operating profit margin18.9.8% 2.1 ppt.Effective tax rate31.3%.3% 6.0 ppt.Net profit margin*13.2.7% 0.5 ppt.Dividend pay-out ratio81.1.4%-2.3ppt.*Net profit margin is calculated by profit attributable to equity holders of the Company as percentage of revenue7 7Financial Performance Highlights:Four main business units have achieved stable and high-quality growth;operating profit has stabilized and increased significantly;operating profit margin hit another record high;inventory turnover days have been further effectively reduced12,190.5 13,516.5 16,213.6 16,774.2 23,214.0 02,0004,0006,0008,00010,00012,00014,00016,00018,00020,00022,00024,00026,00019/2020/2121/2222/2323/24Revenue155 175 150 144 115 05010015020025019/2020/2121/2222/2323/24Inventory Turnover Days 2.1%FYFYFY(RMB million)(Days)8 8Revenue Breakdown13,574.5(80.9%)2,294.1(13.7%)703.0(4.2%)202.6(1.2%)FY22/23Branded down apparelsOEM managementLadieswear apparelsDiversified apparels(%of revenue)19,521.3(84.1%)2,669.7(11.5%)819.8(3.5%)203.2(0.9%)FY23/24Revenue increased by 38.4%RMB 16,774.2 millionRMB 23,214.0 millionThe Groups revenue increased mainly due to:Affirmed its strategy of“focusing on its principal business and key brands”,made brand building as the driving force in innovating products,upgrading its retail business and maintaining high product quality in quick responses as well as the digital transformation of its operation.As a result,the Group achieved consistent,sound and high-quality growth,showing resilience in its development(RMB million)(RMB million)9 9Revenue Breakdown by Business(RMB million)For the year ended March 3120242023ChangeBranded down apparels19,521.313,574.5 43.8%OEM management2,669.72,294.1 16.4%Ladieswear apparels819.8703.0 16.6%Diversified apparels203.2202.6 0.3%Total23,214.016,774.2 38.410Revenue Breakdown-Branded Down Apparels Business(RMB million)For the year ended March 3120242023Change%ChangeBosideng16,784.511,762.8 5,021.7 42.7%Snow Flying2,018.91,221.5 797.4 65.3ngen145.4125.5 19.9 15.9%Other*572.5464.7 107.8 23.2%Total19,521.313,574.5 5,946.8 43.8%*Represents revenue from sales of raw materials and other license fees which are related to down apparel products1111Revenue Breakdown-Ladieswear Apparels Business(RMB million)For the year ended March 3120242023Change%ChangeJESSIE302.7254.9 47.8 18.8%BUOU BUOU198.1167.7 30.4 18.1%KOREANO&KLOVA319.0280.4 38.6 13.8%Total819.8703.0 116.8 16.612Revenue Breakdown-Diversified Apparels Business(RMB million)For the year ended March 3120242023Change%ChangeSameite school uniform188.5186.1 2.4 1.3%Others brands and others*14.716.5-1.8-10.8%Total203.2202.6 0.6 0.3%*Represents childrens wear,menswear,etc.1313Gross MarginBusinessFor the year ended March 3120242023ChangeBranded down apparels65.0f.2%-1.2 ppt.OEM management20.6.9% 0.7 ppt.Ladieswear apparels67.5h.6%-1.1 ppt.Diversified apparels20.2%.7%-5.5 ppt.The Group59.6Y.5% 0.1 ppt.1414Gross Margin-Branded Down Apparels BusinessFor the year ended March 3120242023ChangeBosideng69.6p.8%-1.2 ppt.Snow Flying46.0F.0%UnchangedBengen39.23.6% 5.6 ppt.Branded Down Apparels65.0f.2%-1.2 ppt.1515Gross Margin-Ladieswear Apparels BusinessFor the year ended March 3120242023ChangeJESSIE64.8f.6%-1.8 ppt.BUOU BUOU59.9d.0%-4.1 ppt.KOREANO&KLOVA74.9s.0% 1.9 ppt.Ladieswear Apparels67.5h.6%-1.1 ppt.1616Operation Expenditure Distribution Expenses:The ratio of distribution expenses to the total revenue of the Group effectively decreased by 1.8 percentage points,mainly because 1)the core down apparel business of the Group has expanded mainly due to the improvement in store operation efficiency,the scale of which did not change significantly despite the rapid growth in revenue in the second half of FY2023/24;2)the Group continued to strengthen the control of daily operating expenses and pay attention to the efficiency regarding the expenses in FY2023/24 Administrative Expenses:The ratio of administrative expenses to the total revenue of the Group decreased by 0.7 percentage points,mainly due to the strict management of the Groups administrative operating costs in FY2023/24(RMB million)Expense-to-sales ratioExpense-to-sales ratio6,124.7 8,055.1 1,204.01,507.902,0004,0006,0008,00010,00022/2323/24Distribution ExpensesAdministrative Expenses7.26.5%7,328.76.54.7%9,563.0FY1717Inventories(RMB000)As at Mar 31,2024As at Mar 31,2023Change Raw materials921,703878,207 5.0%Work in progress13,71811,930 15.0%Finished goods2,262,0761,799,146 25.7%Total3,197,4972,689,283 18.918Working Capital Management Inventories Turnover Days,Trade and Bills Receivables and Payables Turnover DaysFor the year ended March 31Change20242023Average inventory turnover days(1)115144-29 daysAverage trade and bills receivable turnover days(2)1923-4 daysAverage trade and bills payables turnover days(3)161171-10 days(1)Calculated as average inventory divided by cost of sales,multiplied by 365 days(2)Calculated as average trade and bills receivables divided by revenue,multiplied by 365 days(3)Calculated as average trade and bills payables divided by cost of sales,multiplied by 365 days Inventory turnover days decreased by 29 days as compared to last year,mainly due to Bosidengs continuous strengthening of its integrated inventory operations,kept improving its rapid replenishment capabilities as well as achieving greater growth rate of revenue than the inventory The Group has provided customers with 30 to 90 days of credit period,trade receivables turnover days decreased by 4 days to 19 days as compared to last year.The Group intensified on the bills collections efforts,resulting satisfactory management of trade receivables The increase in average trade and bills payables is less than the growth in cost of goods sold,consequently trade payables turnover days decreased by 10 days as compared to last year1919Total Cash and Net Cash(RMB million)As atMar 31,2024As atMar 31,2023Cash and cash equivalents6,227.03,718.2Time deposits with maturity over 3 months3,668.71,646.2Pledged bank deposits671.41,028.2Other financial assets3,963.04,069.0Total cash14,530.110,461.6Minus:Bank borrowings(768.4)(770.4)Minus:Convertible Bonds(1,714.5)(1,608.0)Net cash12,047.28,083.22020Total Cash and Net Cash(Cont)(RMB million)As at Mar 31,2024As at Mar 31,2023Net cash inflow/(outflow)from operating activities7,338.83,050.7Net cash inflow/(outflow)from investment activities(2,426.5)616.6Net cash inflow/(outflow)from financing activities(2,379.6)(2,493.0)Net increase/(decrease)in total cash2,532.71,174.3Net cash inflow from operating activities/Net profit2.4x1.4xLiquidity(times)(1)1.7x2.4xGearing ratio(%)(2)18.0.9%Operating activities:including changes of inventory,trades and other receivables and prepayment,etc.Investment activities:including changes in purchase or sale of other financial assets and fixed assets,etc.Financing activities:including changes in financing,dividends,and pledged bank deposits,etc.(1)Liquidity(times)is calculated as dividing current assets by current liabilities(2)Gearing ratio(%)is calculated as dividing total borrowings by total equityBusiness Review1.Branded Down Apparels Business3.Ladieswear ApparelsBusiness2.OEM Management Business4.Diversified Apparels Business2222Branded Down Apparels BusinessRevenue increased by 43.8%RMB 13,574.5 millionRMB 19,521.3 million(RMB million)(RMB million)BosidengSnow FlyingBengenOthers(%of revenue)11,762.8(86.7%)1,221.5(9.0%)125.5(0.9%)464.7(3.4%)FY22/2316,784.5(86.0%)2,018.9(10.3%)145.4(0.8%)572.5(2.9%)FY23/241.Branded Down Apparels Business3.Ladieswear ApparelsBusiness2.OEM Management Business4.Diversified Apparels Business2323Branded Down Apparels Business(RMB million)For the year ended March 31Change20242023Self-operated14,345.110,367.5 38.4%Wholesale4,603.72,742.3 67.9%Others*572.5464.7 23.2%Total19,521.313,574.5 43.8%(RMB million)FY*Represents revenue from sales of raw materials and other license fees which are related to down apparel products05,00010,00015,00020,00025,00022/2323/24Self-operatedWholesaleOthers20.2v.4%3.4#.6s.5%2.9%Percentage By Sales Category1.Branded Down Apparels Business3.Ladieswear ApparelsBusiness2.OEM Management Business4.Diversified Apparels Business24241Supply ChainManagement3Digital Operations2Logistics and Delivery The ability to“deliver high quality in quick response”is an important competitive strength that enables the Groups continued success in the industryContinuously replenished on a rolling basis during the peak sales seasons according to sales data and trend forecasts at the end-user marketRealized a shorter turnover cycle and higher efficiency by conducting demand-pull replenishment,quickly launching new products and quickly responding to small ordersThe Groups supply chains underwent systematic planning and upgrading in terms of adopting flexible and quick response times,quality operations,scientific research technology,resource integration and cost managementContributing to the Groups status as an industry leader in terms of logistics and deliveryCollected and monitored data in respect of each step of the entire process,including collection,distribution,in-transit and sign-for acceptanceTook a series of actions in regards to the Groups logistics park to improve its logistics efficiency Improved user experience Optimized in-transit efficiencyCompleted the preliminary design,development and testing of the core business operation platform,laying a solid foundations for the ultimate realization of the goals of a mobile office,online business,digital operations and intelligent decision-makingMade significant achievements in digitalization in many fields,including smart manufacturing,smart logistics and smart merchandise operations,gradually established a direction in which it would focus on users,retailing and commodities as the entry points for digital transformation in the futureOperation Management1.Branded Down Apparels Business3.Ladieswear ApparelsBusiness2.OEM Management Business4.Diversified Apparels Business2525Continued to solidify its brand image of being the worlds leading expert in down apparel with“brand-driven”development model1 12 23 34 4Business Highlights in FY2023/24Consistent product innovation led to success in newly developed businessesImplemented multi-platform collaborative promotion and achieved rapid high-quality business growth on online platformsFurther optimized its sales channels quality and allocated resources precisely for the Top Stores development1.Branded Down Apparels Business3.Ladieswear ApparelsBusiness2.OEM Management Business4.Diversified Apparels Business1.Continued to solidify its brand image of being the worlds leading expert in down apparel with“brand-driven”development model2626Bosideng improved its brand ranking to47thplace on the“Brand Finance Apparel 50 2023”Ranking improved to145th place in the list ofChinas Top 500 Brands Value released byBrand FinanceRanked 462nd in the list of The Worlds 500 Most Influential Brands 2023 released by World Brand Lab“Citywalk Outdoor Most Stylish Award(Citywalk戶外最型獎)”and“Annual Hot Down Apparel(年度熱門羽絨服)”awarded by Sina“Annual Recommendation Brand Award(年度種草力品牌大獎)”awarded by Xiaohongshu,etc.Received a number of recognitionsLaunched a new line of sun-protective clothing in the spring and summer of 2023,attracting widespread attention upon the product releaseJointly built the“Chinas Good Down”IP with Douyin platform in NovemberRebuilt classic brand campaign and created a hotspot to“light up the worlds most beautiful snow scenery in the winter of 2023Created the“La Vigna di Leonardo,Milan”Show in September,once again redefined the light down jacket1.Branded Down Apparels Business3.Ladieswear ApparelsBusiness2.OEM Management Business4.Diversified Apparels Business27272.Consistent product innovation led to success in newly developed businessesEnhanced the enduring sun protection,instant cooling sensation,and breathable comfortThe collaborative products have received extremely positive feedback in the consumer marketNew Line of Sun-protective ClothingIts three-in-one detachable design further enhances its connection with the Bosidengbrands flagship product category,the down jacket,further expanding the scenarios of usage,fully leveraging the brands advantagesBosideng once again broke traditional perceptions,integrates down jackets with cross-border stitching of fashionable single items,and opening up new opportunities for wearing a new type of cross-seasonal,multi-scenario and fashionable down apparelIn 2023,Bosidengintroduced the fourth generation of its extreme cold collection of down jacketsThe Polar Cold Resistance Technology made another breakthroughThree-in-one Goose Down WindbreakersExtreme Cold Collection Advancing 2nd round of iterative upgrades for ultralight down jackets1.Branded Down Apparels Business3.Ladieswear ApparelsBusiness2.OEM Management Business4.Diversified Apparels Business2828品牌品牌Top店店城市城市Top店店区域区域Top店店生意生意Top店店Top店店体系体系3.Further optimized its sales channels quality and allocated resources precisely for the Top Stores developmentContinued to steadily improve the existing channel structure,layout,quality,and storeimage,and steadily enhance the management capabilities and operational efficiency of thechannels by systematizing and refining market segmentation and store formats managementThe Group operated and managed the selectedmodel storessystematically.By building over 250 projects,covering approximately 500 retail outlets,and allocating resources precisely,it achieved rapid and effectivebusiness growth in its Top Stores,which also set a business benchmark for the future iteration of the saleschannelsThe Group constructed a threetiered organizational management methodology with high targets as the driving forceand customer demand as the origin and forged ahead with its store-centric and customer-value-oriented businessprocess reform.As a result,the Group implemented effectively the closed-loopsingle stores operationstrategyBrand TOP Stores1.Branded Down Apparels Business3.Ladieswear ApparelsBusiness2.OEM Management Business4.Diversified Apparels Business2929As at Mar 31,2024TotalNo.of storesChangeNo.of storesChangeNo.of storesChangeNo.of storesChangeSpecialty storesOperated by the Group669-15210-3-679-155Operated by third party distributors1,6171810825-1,72543Sub-total2,286-13411822-2,404-112Concessionary retail outletsOperated by the Group393-6564-41-2457-108Operated by third party distributors31813381-35614Sub-total711-52102-40-2813-94Total2,997-186220-18-23,217-206Change:compared with that as at March 31,20233.Further optimized its sales channels quality and allocated resources precisely for the Top Stores development(Cont)Retail Network1.Branded Down Apparels Business3.Ladieswear ApparelsBusiness2.OEM Management Business4.Diversified Apparels Business30304.Implemented multi-platform collaborative promotion and achieved rapid and high-quality business growth on online platformsEmphasize core productcategories4,838.7 6,836.202,0004,0006,0008,00022/2323/24Collaborative activities of stars live broadcasts with DouyinsSuper Brand Day in December,also saw record-breaking sales through stars live broadcasts and on Douyins Super Brand DayRevenue of Online Sales of Branded Down Apparels FY(RMB million)Conduct intensive brand campaignsRefine operationsRanked first in Double 11 for both Tmall Apparels Brand and Ladieswear Shop Sales 1.Branded Down Apparels Business3.Ladieswear ApparelsBusiness2.OEM Management Business4.Diversified Apparels BusinessOEM Management Business3131(RMB million)2,294.1 2,669.7 05001,0001,5002,0002,5003,00022/2323/24RevenueFYDespite such factors as geopolitical risks and downturn in some regional consumer markets,the OEM management business maintained stable and healthy development,mainly due to:1.Developing new product categories and conducting technological innovation,thereby achieving a steady increase in orders from existing core customers 2.Cultivated more new,high-quality customers to continuously supplement the incremental high-quality orders3.Quick response to orders from OEM management customers4.Continued to implement its on-going production capacity planning overseas to adapt to the trend of supply chain globalization and effectively boost customer confidenceThrough effective cost management,gross profit margin slightly increased by 0.7 ppt.to20.6%1.Branded Down Apparels Business3.Ladieswear ApparelsBusiness2.OEM Management Business4.Diversified Apparels BusinessLadies Apparels Business3232254.9302.7167.7198.1280.4319.002004006008001,00022/2323/24JESSIEBUOU BUOUKOREANO&KLOVA(RMB million)Revenue by Brand819.8FY36.3$.26.98.9p3.023.89.9%Though still facing many challenges and uncertainties,the ladieswear business segment of the Group still achieved steady and healthy growth through brand leadership,product innovation,and pipeline optimizationRevenue amounted to approximately RMB 819.8 million,representing an increase of 16.6%year-on-year Implementing multi-platform collaborative promotion and actively expanding its online business,online segment achieved a year-on-year growth of 7.3%1.Branded Down Apparels Business3.Ladieswear ApparelsBusiness2.OEM Management Business4.Diversified Apparels BusinessRetail Network(Ladieswear)As at Mar 31,2024TotalNo.of storesChangeNo.of storesChangeNo.of storesChangeNo.of storesChangeNo.of storesChangeSpecialty storesOperated by the Group1-8-1-9-1Operated by third party distributors10-24-2-14-4Sub-total11-212-3-23-5Concessionary retail outletsOperated by the Group110-592-464-1854-4320-31Operated by third party distributors63-194-824Sub-total173-5111-64-1854-4402-27Total184-7123-364-1854-4425-32Change:Compared with that as at March 31,202333331.Branded Down Apparels Business3.Ladieswear ApparelsBusiness2.OEM Management Business4.Diversified Apparels Business186.1188.516.514.705010015020025022/2323/24SameiteOthers202.6203.2(RMB million)Revenue by BrandFYDiversified Apparels Business3434Revenue from the diversified apparels business(mainly operated under the Sameite brand)recorded a slight increase of 0.3%for the FY2023/24,of which revenue from school uniform business of Samite up by 1.3%year-on-year The Sameite business continued to carry out sales channel upgrading,enhanced its customer stickiness for stable cooperation with existing customers,increased its regional market coverage,and ensured the continuous upgrading of its product mix by undertaking projects of high-end private school uniformsThe Sameite brand won many awards Future DevelopmentPlanFuture Development Plan3636Branded Down Apparels BusinessBrand leadershipProduct innovationChannel upgradeOEM Management Business Convey Bosidengbrands core belief in warming the world and its expertise Optimize its brand management system and raise the efficiency of conversion Comprehensively build a brand matrix and unlock the brand value in the track of fashion and functional apparel enhanced with technology Deepen existing good and stable partnerships with core clients Cultivate new customers and continuously improve both the quality and profitability of its business operation Further enhance its ODM design capabilities and technological innovation Explore more resources for its production and build its differentiated core competenciesLadieswear Apparels Business Start with brand positioning and define the target customers for each of its ladieswear brands Construct a differentiated development model and build up distinctive operation capabilities and management system with the aim of achieving healthy and sustainable growth in its ladieswear business with higher management efficiency Further enhance the single stores operation to improve quality and efficiency Strengthen its operation modes specific to different types of stores,and enhance the capability of refined operation of sales channels Strengthen customermanagement byestablishing a user-value-driven business growth model Focus on enhancing its products core competitiveness Enhance products value through innovation-driven approaches Extend the core product categories of“fashion and functional apparel enhanced with technology”,unlock the value of new product categories,and create opportunities for growth
Bank of China LimitedThe print version of the Banks 2023 Annual Report,to be published in April 2024.
Cover Photo:Phase I project of ecological rehabilitation and green development of Yiai Lake System i.
ANNUAL REPORT AND ACCOUNTS2023CONTENTS2Company Profile3Principal Financial Data and Indicators7Chair.
AnnualReportStock Code:2628The Company was established in Beijing,China on 30 June 2003 according to.
THIS IS A TRANSLATION OF THE 2023 ANNUAL REPORT(THE“ANNUAL REPORT”)OF HON HAI PRECISION INDUSTRY CO.
Annual Report 2024WAL-081_2024 AR v11.indd 14/5/2024 3:11:04 PM“At Walmart,were a people-led,tech-po.
UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington,D.C.20549 FORM 10-K ANNUAL REPORT PURSUAN.
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