某咨詢中國網(wǎng)通：戰(zhàn)略咨詢報告完整4

CONTENTKeystrategicprinciplesRegulatoryoverviewMarketoverviewCompetitionoverviewBusinessmodelsNextstepsAGENDABusinessModelsDomesticandinternationallong-distancevoiceWholesale/carrierEnterprisesolutionsIssuesgoingforwardEconomicmodelingChoiceofbusinessmodelstopursueandtimingRoadmapforpursuingbusinessmodelsandexpectedfinancialperformanceIntegratedapproachtoCNCbusinessplanMajor

issuesExpected

outputHowdothemarketsizingandshareassumptionstranslateintooveralltoplinerevenueforCNC?Whatcapitalinvestmentswillbenecessarytobuildoutmetroandlonghaulfibernetworks?PredictedcashflowprofilebybusinessmodelandselectedscenariosAssessmentofmarketopportunitiesHowwillChinadatacommarketdevelop?Howlargeistheoverallopportunityforanewentrant?OverallmarketsizingandrevenueforecastbyproductareaRegulatoryandcompetitiveanalysisWhattypeofregulatoryenvironmentwillevolveinChina?Willequalaccessforvoiceanddatabegrantedandwhen?WhateffectwillWTOhave?RegulatorymappingandCNCsharepredictionsacrossscenariosStrategicimplicationsandcapabilitiesassessmentMETHODOLOGYBEINGUSEDTODEVELOPBUSINESSMODELSANDOVERALLSTRATEGY-CurrentareasoffocusCNCATACRITICALSTRATEGICCROSSROADSPreliminaryConclusionsRecommendations/DecisionstobeMadeOffnetVOIPpredictedtogeneratetoprovidebreakeveneconomicsforbuildingbackbone1

WholesalerevenueprovidessignificantupsidepotentialMajorityofwholesalerevenuereliesonaccesstomobilecarriersEnterprisesolutionseconomicsveryattractive,butsubstantialcomplexityandresourcesinvolvedHigh-bandwidthinternationalgatewaycriticaltosuccessinbothwholesaleandenterpriseEconomicpredictionshighlysensitivetoasetofkeyassumptionsAcceleratevendorselectionandbackboneconstruction;timetomarketcriticalCommitmenttoutilizingIP/DWDMinvlolvesrisktomobilecarrierbusinessRFPtovendorsshouldbebasedonproductrequirementsvs.technologyStagingofinvestmentsandservicelaunchmustconsidertradeoffbetweenqualityofserviceandcoveragePreliminarytalkswithinternationalcarriersshouldbeginASAPScenariomodelingwillhelpusdecidewheretofocusOverarchingquestion:CanCNCsuccessfullypursueallopportunitiesoutlinedintheshort/mediumterm?(1)Assumingsettlementfeesof10%ofrevenueOverallapproachWhereHowBUSINESSMODELSSUMMARY:THREECOREELEMENTSEnterpriseSolutionsCapturedatacomgrowthinkeybusinesscenterswithleading-edgeproductsandsuperiorcustomerserviceTopbusinessdistrictsinmajorurbanareas;onlythemostdenseareasinshorttermFocusedDeploymentLeverageexistingconduitstolayinmajorurbanareasSuperiorserviceandbandwidthTargetCT’sweaknessinserviceandbandwidthUtilizeLMDSinintermediatecitiesandareaswheretimetomarketiscriticalWholesale/CarrierTargetmobilecarriersandISPswithbackbonetransport;considersupplyingfixed-lineincumbentsCoverPOPsinallmajorcallingzones;developlocalleasedlinesnetworkinkeylocationsAggressivedeploymentofbackboneinfrastructuretoprovideunparalleledbandwidthEstablishhighbandwidthinternationalgatewaytodifferentiateinternetaccessSuperiorservicewithclearpositioning“TheclearalternativetoCT”ISPLongdistancevoiceCaptureearlyrevenuefromtofunddevelopmentofsubsequentbusinessmodelsTop60POPsbyendofyear2000utilizingmixofleasedlinesfromCTandCNCnetworkPositionoffnetvoiceasfirstproductfrom“China’sfirstdatacomcarrier”DonotoverextendresourcesinVOIPasitdoesnotfitCNC’slongtermstrategyCreate“dial-around”solutionsforbusinessandinterconnectterms-17930-EnterprisesolutionsPOTENTIALBUSINESSMODELSCOVERWIDERANGEOFPRODUCT/MARKETALTERNATIVESOpportunityforgrowthCurrentmarketsizeWholesale/carrierConsumerISP?DomesticandInternationalLongDistanceVoiceResidentialMed/largeenterprisecustomersCarriersPotentialtrafficperconsumerProductsEmergingdatacomDataVoiceEmergingdatanicheAGENDABusinessModelsDomesticandinternationallong-distancevoiceWholesale/carrierEnterprisesolutionsIssuesgoingforwardAPPROACHTODOMESTICANDINTERNATIONALVOICEBUSINESSMODELObjectivesHypothesizedApproachCaptureearlyrevenuefromlaunchofprepaidIPcallingcards“Cashcow”forfundingotherbusinessmodeldevelopmentPursueprefixandequalaccesslongdistanceforbusinesscustomersassoonaspossibletobeginestablishingrelationshipsManagepricingandproductlifecycleeffectivelytomaximizetotalmarginandavoidinvestingindecliningproductsDonotoverextendourselvesnorblurour“datacom”imageFighttheregulatorybattletoensurefavorableapproachestoequalaccessandinterconnectMarketcallingcardstobusinesscustomersintheshorttermfortravellingpersonnelEmphasizequalityimage/brandtodistinguishfromCTandUnicom--positioncallingcardasfirststepinbecominganextgenerationfullservicesproviderEstablishmechanismstolinkmarketingexpenditureswithrevenueandmargingrowthbyproducttoensureeffectiveinvestmentEmphasizelowcosttargetedmarketingandloyaltyprogramsDonotoverextendAlwaysemphasizeadvancedtechnologyandevolutiontofullservicesprovisionDOMESTICANDINTERNATIONALVOICESUMMARYPreliminaryEconomicsPhaseICapEx(2000,2001):~3.8BRMBFiber/construction:~2.4BRMBIP/DWDMequipment:~720MRMBPOP/VOIP:~530MRMBOSS/Networkmanagementsystem:~100MRMBOpExexpectedtobe~30%ofrevenueby2002Marketshareandrevenueestimates-2002OffnetDLD:30%OffnetILD:30% ~$2BRMBIPIntl.termination:27%5yearNPV:Essentiallybreakevenconsideringoffnetvoicealone1KeyIssuestobeAddressedInterconnectagreementswithlocalPTA’s;attempttoobtainblanketpolicyfromMIIInternationalgatewaylicenseandconnectivitySettlementchargescommensuratewithVOIPpricingDevelopmentofbusinessoffnetstrategyScalable“dial-around”solutionsinshorttermEqualaccesslongertermQualityofserviceforvoice,mustapproachswitchedqualityrapidlyPointofdiminishingreturnsforaddingVOIPgatewaysvs.strategicvalueofprovidingcoverage(1)HighlysensitivetosettlementfeesLARGEMARKETWITHPOTENTIALTOGAINSHAREQUICKLYNewentrantstypicallygainsharequicklyExample:IDDandDLDservicesMarketsizeable-off-nettrafficaccountsfor~15%oftotalDLD/ILDrevenueby2004Source:ChinaTelecomannualreports;CNC’steaminputs;BCGsurveys,analysis&benchmarkingYearafterentryOptus(DLD)Tele2(DLD)Mercury(DLD)HongKong(IDD)Japan(IDD)US(IDD)(RMBBN)DLDOn-NetDLDOff-NetILDOn-NetILDOff-Net(%)CAREFULMANAGEMENTOFPRE-PAIDCALLINGCARDBUSINESSNECESSARYTOALIGNWITHLONGTERMSTRATEGYPrepaidcallingcardscallfordifferentcapabilitysetandtargetcustomersthanlongertermbusinessmodelsFocusonconsumerswillnotcomplementlongtermvisionofprovidingenterprisesolutionsMassadvertisingandmarketingaroundalow-costpositionmaynotfitimagerequiredforfutureneedsThreefactorsimportanttoconsiderinmanagingprepaidcallingcardbusinessAttempttopositioncardsinmarketingmessagesasthefirstproductfromacompanythatisbuildingthemostadvancednetworkinPRCConsidersellingcardstobusinessesfortheirtravelingpersonneltobeginestablishingenterpriserelationshipsCarefullymanageproductlifecycletobeginpullingbackmarketinginvestmentaswholesaleandenterprisebusinessmodelsgrowCNCVOIPREVENUEANDMARKETSHAREEXPECTATIONSSource:CNC’steaminputs;variousbenchmarks;BCGanalysisVoicerevenueShareassumptionsCNCRevenue(RMBBN)Off-NetDLD%oftotalCNCrevenue100%76%37%30%23%16%Off-NetILDInternationalTermination19993%80%1%3%80%1%5%80%0%Off-NetDLDOff-netshareoftotalDLDGeographiccoverageofCNCCNCsharewithincoverageOff-NetILDOff-netshareoftotalILDGeographiccoverageofCNCCNCsharewithincoverageInternationalTerminationIPshareoftotalGeographiccoverageofCNCCNCsharewithincoverage200010%60%25%11%60%25%11%60%20%200117%75%29%18%75%29%18%75%25%200223%90%33%26%90%33%24%90%30%200330%100%30%33%100%30%30%100%30%200432%100%28%35%100%28%35%100%31%PRELIMINARYECONOMICSFORLONGDISTANCEVOICEMODEL(PHASEIBUILDOUT)

VOIPRevenueAloneJustifiesBuildingBackbone5yearPV(1)(MRMB)CapEXOpExRevenue5yearNPV@15%:~-500MRMB5yearIRR:~12%EssentiallybreakeveneconomicsforoperatingbackboneforVOIPonlyVOIP(2)BackboneconstructionBackboneInternationalterminationIDDDLDIPPOP/AccessplatformOSSPresentvalueofcashflows(1)Assuming15%costofcapital(2)Includingsettlementchargesestimatedat10%ofVOIPrevenue,andmarketing/salesat10%ofrevenue(3)BackboneOpExchargesallocated1/3eachtoVOIP,wholesale,andenterprisebusinessmodeleconomicsSource:BCGbenchmarkdatabase;industryinterviews;BCGanalysisAGENDABusinessModelsDomesticandinternationallong-distancevoiceWholesale/carrierEnterprisesolutionsIssuesgoingforwardAPPROACHTOWHOLESALE/CARRIERBUSINESSMODELObjectivesHypothesizedApproachDevelopwholesalebusinessastrafficgeneratortoimproveeconomicsofbackbonethroughhigherutilizationBecomethewholesalecarrierofchoicewithtechnologicallysuperiorserviceofferingsincludinghighbandwidthinternationalgatewayconnectivityConsiderwholesalingaccesstoCT,Unicom,andJitongdependingoncompetitiveimplicationsSuperiorcustomerservicewithclearpositioning“TheclearalternativetoCT”AggressivedeploymentofbackboneinfrastructureConnectingtop15citiesbyendof2000andexpandingtotop50citiesby2002Seekpartnershipstoestablishhighbandwidthinternationalgatewayconnectivity--absolutelyessentialfordifferentiatingCNCofferingDevelopinterconnectioncapabilitiesinallmajorPOPsandmobilebasestationsinkeygeographicallocationsWholesaleaccesstoincumbentproviderswherefeasible,butdonotwholesalesourcesofcompetitiveadvantage(e.g.,enhanceddataservicessuchasIPVPNs)RolloutproductofferinginstagedmannertoensurequalityofserviceInternetconnectivityMobileinterconnectAccessportstobackboneWHOLESALE/CARRIERSUMMARYPreliminaryEconomicsPhaseICapEx(2000,2001):~100MRMBISPaccessplatform:~50MRMBOSS/Provisioningsystems:~50MRMBOpExexpectedtobe~10%ofrevenueby20021Marketshareandrevenueestimates-2002Mobile(backbone):15%ISPs:9% ~1.1BRMBAccessports:100%2Darkfiber:100%25yearNPV:~$2.1BRMBAssumeslaunchdateof3Q2000forleasedlinesandrelativelyaggressivemobilesharesPotentiallytoooptimisticKeyIssuestobeAddressedBackbonetechnologyplatform-QOSforvoicevs.lowercostdeployment?High-bandwidthinternationalgatewayparamounttodifferentiatingISPaccessFavorableregulatorybackingforcourtingregionalCTmobilecarriersEnsuringexistingVOIPgatewayscanservewholesaleneedsRevenueopportunityofwholesalingdarkfibervs.enablingcompetitionOrganizationalchallenges(1)IncludingallocationofbackboneOpEx(2)MarketestimatesbasedonrevenuegenerationbyCNCalonePOTENTIALWHOLESALECUSTOMERSINCLUDEISPs,MOBILEOPERATORS,ANDFIXEDLINECARRIERSISPsoffersignificantpotentialifCNCcanprovidesuperiorbandwidthaccessandtointernationalgatewayCurrentsatisfactionamongregionalISPsverylowInternationalgatewaylicenseinconjunctionwithhighbandwidthtrans-oceaniccarrieralliancecouldprovidevastlysuperiorserviceMobilecarrierswillbesearchingforlowercostalternativestocarrylongdistancetrafficduetointensifyingcompetitionCNC’snewhighcapacityVoIPnetworkandinternationalgatewaylikelytoyieldlowercostsFixedlinecarrierspotentiallylookingforalternativesExistinglong-haultransportinfrastructurelimitedChinaTelecomcouldevenbeapossiblecustomergivencurrentfocusonincreasingresidentialteledensityOVERALLWHOLESALEMARKETSIZEISSUBSTANTIAL

ANDGROWINGATAMODESTRATE

AnticipatedPriceDecreaseinLeasedLinesLimitsOverallRevenueGrowthLeasedLines-ISPMarketSize(RMBB)15TotalLeasedLines-Mobile99’-04’CAGRAccessPortsLeasedLines-Paging1818202226284%41%1%152%(1)9%(1)01’-04’CAGRSource:CNCteaminputs;foreignbenchmarks;BCGanalysisDarkFiber68%(1)CARRIERSSEEKINGALTERNATIVES...ISPsdefinitelyseekingalternativestoCTMobilecarrierslikelytofollow“Weneedatelecomserviceproviderthatisnotourcompetitor.”- Founder,Eastnet“ChinaTelecom,withtheirownnetworkdevelopmentplans,tendstostarveusoncapacityortoforceustopayinadvanceforexcesscapacity.”- Manager,Infohighway“ThefactthatittakesChinaTelecomtwomonthseverytimeweneedanextralinemakesitverydifficulttohaveourowncustomers.Wewantanotheroperatorwhocangetusleasedlinesfast.”- Manager,InfohighwayMobilecarriersmightconsiderdivertingpartoftheirtraffictoalternativeserviceproviderswith:moreattractivepricinghigherqualityservicehigherbandwidthInterviewswithregionalmobilecarriersandUnicomneedtobeconductedtoverifypotential…BU議TT難ECH林NOL倘OGI挪CAL界LI廊MIT躺ATI協(xié)ONS快AN慢DC凝OMP貌ETI尤TIV悠EC碰HAL州LEN悄GE孫ARE垮IM惕POR帖TAN伶TF德ACE揚TS田TO墓MAN盲AGECom歡pet稍iti沈ve巡壽Cha斗lle欺ngeTech脈nolo奸gica嚇lLi群mita驗tion殊sMob陷ile孝ca撐rri干ers影ma酷yb躍eh眠esi狂tan不tt黨ou珍se框VOI敘Pt構(gòu)ech鞭nol匆ogy載fo松rp淡rim新ary寫ap吳pli櫻cat柿ion伐sCarr礦iers宇cur主rent庫lya掠ddre兵ssin史gso鍛und拍qual慚ity拌asa居maj波ori剝mpro妻veme曠nti摘niti板ativ把eVOIP壓has鋸yet聽to胖deli仰ver溜toll紋-qua暢lity阻voi萍cet旋rans唯miss霜ion,矮eve油non恨lan器dlin免eMob它ile敏ca貿(mào)rri教ers挑ma閑yt墾ake怖vi匙ew塌tha鄉(xiāng)豐tV智OIP憐co傲uld狀fu槐rth項er用deg歐rad般ev挪oic榜eq扶ual斬ityChin核aTe表leco示mli矛kely砌to鳥have機adv拋anta織gei聰nco罷mpet欲ing蛛shar征eof耐CT拒Mobi費le’s幻玉bus允ines胸sStr訪ong蒼fo券rme糠ri餓ntr映a-C撿Tc唐onn乘ect寶ion奶ev著en刷aft敘er倉spl蹈itExte陡nsiv僵eba真ckbo爺nec擾over忘age區(qū)and粥l(xiāng)arg掙eTD窯Mba撐sed道capa刷cityUnic勵omM糊obil炸eSe稀rvic翠es’著busi豪ness付as姜toug勸hta緒rgetBuil總dpr遠esen書ceb耐yof雨feri榴ngl神ow-c稠osttri專als趟an級db稼ack爺up險cap塞aci瓦tyLobb嘴yfo獸rcl癢ear體regu情lati易onf漲rom賣MII受onfree掉dom繡ofc嬸hoic覽efo武rca掩rrie厘rsPRED隔ICTE晶DWH鄰OLES搶ALE李ECON目OMIC裹SAD壤DSI賠GNIF齡ICAN躬TVA裕LUE姓TOV爺OIP督BUSI民NESS學MOD拆ELAdd顧iti果ona近lC順apE吃xa么nd麥OpE焦xM奴ini及mal5year鬼PV(1)(MR平MB)Cap嫌EXOpExReve多nue5year管NPV筒@15%識:~2.蛋1BR耍MB5yea洋rI炎RR:~40蔑%Whol帶esal金ecr鼻itic蚊alt得oen推hanc晨ing掀prof坡itab馳ilit壓yof礎bac蓬kbon寬eVOI脊PBack督bone果all炊ocat私ionDar抵kF醫(yī)ibe妹rAcc袋ess鄙po仆rtsISP捷sMob姓ile粥op蠅era寨tor蚊sVOI受PVOI開PISP烈ac塵ces判sOSS(1)Assu叨ming溪15%擔cos底tof口cap賣italSou吸rce求:口BCG蜜be秀nch洗mar跑kd害ata際bas丙e;鉤ind安ust源ry遵int蜘erv領iew郵s;菊BCG各an咐aly語sisOSS凈/pr木ovi橡sio展nin港gPre厭sen握tv演alu組eo暫fc超ash尋fl戴ows8,0逆007,00閘05,00賠01,00繼06,0妙00-3,爭000-4,信000AGEN梯DABusi水ness傅Mod戒elsDome擾stic裝and今int散erna欠tion河all纏ong-誘dist唱ance脂voi兼ceWhol饑esal芬e/ca事rrie珠rEnt銜erp繡ris翁es求olu黎tio用nsIssu良esg什oing伶for排wardAPPR銳OACH有TO塊ENTE渴RPRI詳SES烏OLUT裕IONS踩BUS影INES糊SMO鋸DELObj鄙ect誕ive儲sHyp存oth名esi訊zed唉Ap劇pro殿achCapt視ure斷stro假ngs勻hare告amo留ngm立ediu豆m/la謹rge銀busi吼ness期by辟offe販ring悟enh練ance乳dda香taco包mso言luti左onsGoa丸lt丘oe蛇sta貝bli埋sh缸cle梅ar相pos采iti傘on楊as味bes喇ts嗚erv疑ice虧/qu陡ali蔑ty于pro裙vid謹er等in斷maj艱or恰mar索ket沙sUtil卸ize首most桑cos窩tef任fect域ive野depl預oyme題ntt們echn嗚olog初ies鄙toc黎over靜maj顧orm犧etro演are落asMin鋼imi爽ze卵hea督d-t譽o-h鉆ead召co毯mpe們tit皮ion口by記of絹fer型ing耗di滑ffe勻ren寸tia肝ted召,d寺ata仁-ce男ntr支ic頸pro富duc雹ts-轉(zhuǎn)-at橋tem次pt漂to煩dri慮ve飾dat舟aco筑mm啞ark票etDev尼elo刺pi爸mag名ea結(jié)sf恰ast私,r久esp蹦ons我ive腐so擋lut補ion賺sp勉rov籃ide孔rEnab論lec嚴ompe服titi誦vea錦dvan殃tage烏for魂bus飲ines鑒scu爆stom略ers舌thro算ugh存data貪comFor槍bu酬ild甚ing轎ma均nag女ers至:腳mak困et換hei閥rb醋uil大din望gs顏mor緣瑞ea熊ttr削act茫ive傭to洲te喚nan治tsDep亮loy鞠men赤tt斜ot遲arg到et砍key爬bu科ild符ing暫si身nm碌ajo田rm鑄etr仰opo粗lit雹an稠are兇asFour絡cit孕ies受byy牽ear徹2000循/01Top謹15c賣itie興sby成200獄1Fibe陪rin桿mos勸tde未nse闖urba敢nhi米-ris綠ear棚eas顧and紫LMDS拐to串comp俱leme際nta巴nds悔erve生les爭sde合nse想area也sIni央tia曬ll您ead卵pr昨odu定cts卡wi狹ll逼be配low堪co域st陪voi贊ce陣ove裝rI遼Pa閱nd猶hig刷hb星and趟wid之th筒int慘ern萍et蔑acc才essMig隨rat郵ion缺to配fu事ll嗽dat始aco垂ms鉗olu鐘tio宇ns抓as塞cus答tom螺er蛋bas喇ea靜nd旗cap懸abi伍lit馳ies捆gr副owQual寇ity妥cust剛omer爸ser柱vice灣mor石eim煮port今ant嫁shor喜tte怪rmt宗han肌full耀pro介duct捆off碼erin拿gEmph膜asis麗on距ease吼of介use點and雅fast惱pro殿visi絞onin府gve忠rsus走com呢peti哥tors霜--ex包ploi臭tCT崇’sw州eakn辦esse鋒sEduc憂atio撤nof繁cus撕tome擺rso佩nus糕eof困dat騎acom府pro冤duct鑰sas語com欺peti狡tive觸wea嫁ponsMar杜ket若ing娘pa鑒rtn漁er弊wit監(jiān)hk顆ey墊bui著ldi少ng鄉(xiāng)豐man估age盲rsENT算ERP紙RIS起ES凱OLU牧TIO典NS愚SUM究MAR芝YPre振lim喂ina綱ry養(yǎng)Eco負nom歷icsPha披se科IC茄api痛tal廊In茂ves乒tme煌nt癢(20厚00,盈200懂1):所~1斃.1男BR佳MBFir鏟st幻玉fou撞rc扔iti根es樹(as膛sum旬ing去fi脂ber鄭):支~65德0M盡RM辮BAdd銷iti其ona許l1默1c勉iti補es1:~4毯00M譜RMBOpEx溉exp哭ecte本dto郵be悔~40怕%of蹈rev書enue何by里2002Mar錯ket隸sh湯are波an刑dr帆eve錫nue弓es準tim日ate龍s-渣20汁02Off婆net碑Vo窮ice2:~閑20%Exis夏ting柿dat觸a:~描10%毯~1.首1B黃RMBEme攔rgi病ng著dat勿a:冤~5厚%5ye鵲arN訴PV:蒙Roug向hly燦1.2記BRM射BAss堪ume蕉sl避aun爬ch擠dat績eo著f3與Q2題000舍fo混rd旁ata割se等rvi京cesLik庫ely強to脖oo羨pti抵mis小ticKey江Is頃sue節(jié)st檢ob甩eA晶ddr比ess依edRig墾ht憲of揚way侍fo挖re捷xis糠tin褲gd醉uct算sa候nd潮dig尾gin孔gPart繡ners免hip抗stra徹tegy腎for房誠hig送hba稍ndwi出dth圈IGWRig瞎hts潑to摧LM翠DS祥fre嚼que獎ncy啄sp五ect逢rumAre艱the甘15c已itie暮sde遲sign員ated買for纖Pha軟seI勾bui合ldou拘tth鉆eri騎ght寬15c以itie呼sfo待rlo壓cal驅(qū)acce唱ss?Tra妙deo跡ff惰bet述wee研np鋪ure佳ec約ono白mic錢sb壇yc祖ity樂vs伍.s致tra警teg喉ic瞎val久ue彩of稱pro囑vid晨ing風en留d-t躲o-e危nd喚con寬nec踢tiv膚ityWha逮ti揪sa趕re梨ali級sti如ct來ime乒fr滿ame密fo須rl剩aun貴ch?Mag送nit鴨ude魚of饅or蛙gan崗iza慎tio片nal華an旨dh舍uma贊nr渣eso住urc菊er攔equ啊ire犯men掀ts(1)Assu腰ming妨LMD貪Sca昨pita烘lan會dre綢venu尖e2場time粗sFu琴zhou午est司imat葡efo層rci郊ties達11-腸15;收3ti染mes概Fuzh勇oue斗stim沾ate絕for焦citi仗es5口-10(2)所As應sum卻es封no頃loc浸al羨voi姨ce蓄rev風enu螞et城hro部ugh陶20篩04ENT究ERP凳RIS轎ES溪OLU怨TIO仇NS伙BUS魯INE桶SS脆MOD置EL昂MOS惜TC兼OMP扣LEX待WI須TH豈HIG潤HC診APE跨XA攪ND軋OPE棒XR丹EQU敬IRE戶MEN雖TS.旦..Buil坦ding兄met繭ropo揉l(xiāng)ita婆nfi取ber見ring文sto猜off單era披cces伶sto臘med父ium屑and枯larg雁ebu暴sine及sses銷pos息ess撫igni清fica版ntc明hall劈燕engeOper松atin亂gex債pens儉esr泳equi籠red昨dwar棉fsl裝ong緩haul議net載work簡cos愛tso漂na疏per赴city酸bas爆isCom夫ple飯xit畢yi凡no機bta皆ini并ng贈nig狹ht-才of-羅way拴va呢rie渠sb秧yd死ist摩ric昆ts獵wit危hin黃ea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