所
2025
[2026]00000129
“”“”2025
202520260923
“”
3.60-1.57
1.4641%
3.51
97.55%
2——12025
20252025
20252025
2025 2025 Q4 Q4 2025
Q3 Q4
1202495227.852024102026678%89%1107.906621.211043.966144.588099.74
2202565039.93202562026120%90%4162.814162.814110.184110.184455.42
3202489759.342024102026648%57%1216.253960.641142.293672.746940.08
(
4202554646.55202552026643%77%1287.192903.751185.032715.022783.26
)
5202497438.082024102026648%64%1124.312793.71989.972681.134345.94
62024411678.412024420251297%100%285.972479.041081.663454.149094.04
72023312444.91202322026885%90%530.841937.71516.231841.329860.2420252025
20252025
2025 2025 Q4 Q4 2025
Q3 Q4
()
8-2025112324.70202510202660%96%1930.411930.411821.701821.702146.83
()
9-2025112673.19202510202660%69%1633.071633.071551.081551.081526.87
2025
“”
10202532570.93202562026663%68%122.871603.06115.401471.84967.19
EPC
112024122469.522024122026641%68%610.361535.18488.291228.15912.72
12202511000.30202542026670%98%269.63949.76250.24893.521016.2320252025
20252025
2025 2025 Q4 Q4 2025
Q3 Q4
13202561334.54202510202660%81%934.84934.84886.96886.96784.75
142021844500.002021820261295%95%178.17826.58109.63508.0922974.29
PPP
15202491471.142024102026647%80%557.10738.59555.09730.521427.10
1620254585.122025620251281%100%123.46660.27117.35631.34585.12
(
)
1720255784.0520257202660%91%651.40651.40611.64611.64720.82
()
18202491144.792024102026661%72%192.26601.51221.81628.471298.27
1920252212.852025620251263%100%224.55599.68253.69616.17660.5020252025
20252025
2025 2025 Q4 Q4 2025
Q3 Q4
105
20202561066.8520259202660%60%545.91545.91533.53533.53616.88
()
21202591091.032025102025120%100%509.10509.10487.38487.38554.92
-
“”
2220256598.752025102025120%100%491.31491.31466.99466.99399.81
2024
23202510771.492025102025120%100%475.61475.61451.80451.80519.93
2420249542.232024102026649%85%311.98412.48349.12453.63825.00
2520254364.02202510202650%99%336.33336.33321.37321.37377.65
-()
262022“2022102941.9320221120253100%100%45.8975.320.64159.682500.8320252025
20252025
2025 2025 Q4 Q4 2025
Q3 Q4”“”
(EPCO)
272020936000.002020820226100%100%-1646.75-1646.75-55.88-398.2246762.86
EPC
282019115570.1620181120196100%100%-2061.68-2061.68--6.0817153.59
29///////22.1492.21--0.00/
30///////-1599.37-1595.9532.75145.92/
281317
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22025
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1
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45608.50870.93“+”20261
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15
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2——2025
4.65
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1
21
2025
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44500.0039055.6619510.8395%54%
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20.2
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5227.858941.081603.0189%83%2025
××
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26252610
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=/=
/
2025
302
27392.3425032.673873.912021686%
202482025
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()
1700
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14
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4054.703753.502284.512024144%
60
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7
5950.604902.262217.422022159%2025
28
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7
7
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([2004]369)
20700.0418990.831543.582021493%2025
-
9.4.2
15247.0814864.081225.062023392%
9.4.3
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17.5.3.3
10982.3312282.581210.0020191291%
EPC
-
5%
28
--4638.15965.791052.71202160%
302025
30.1
30.228
200
11934.4310058.62914.672019692%
9809.81
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11-22-33-44-55
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3459.22----3208.20251.031855.12
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274390.6449814.9418.15
15273.381115.487.30
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59989.3213512.9222.53
1
2
3
4
5
6
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17.39
0.0917.3054.30%
PPP PPP ) A 12.90
B 6.67
1 A
2 PPP
1 A 2017 6
201730005.24
201867810.09339.0525797.22
20198525.7942.637425.52
202010943.9754.727116.45
20212297.4811.4911491.67
20225988.7829.94631.11
2023118.610.59609.09
20246753.7233.777018.72
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102680.24513.4090095.02
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SPV
2017—20212022—2023
20202022
2023
A
2024
20256——
SPV 2026
A 2026 PPPA B
A 0.5%
2
14——14
SPV PPP SPV
EPC
1414——
SPV
SPV PPP SPV
6.79%
—
SPV SPV
-
—
SPV -PPP -
ASPV
-
SPV
1420211
22——14—
— 2021 1 PPP
PPP A
= X(1- )+ +
++
SPV
14
22——
B PPP
1
A B
B
A 0.5%
214
1 14 PPP “ ” “ ”
2
14 ——3 PPP
22——
PPP
PPP
4 PPP
17——45
PPP
5 PPP
14——
A PPP
PPP
14
1 PPP 14 “ ” “
”
2 SPV EPC
1414——
3 PPP
SPV
14
22——
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14
B PPPSPV PPP
B
14
1 B =( +
) =SPV
B +
B
1422——
2 B B
SPV
1414
——
A A B
1414——



