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-1-20260072
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202512
31
20251231
138000.00
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20251231
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166.40100.00%
a) 1993 9
1993520
500
500
1993630
1994524
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288.7517.75%
336.257.25%
500.00100.00%
-6-20260072
b) 2013 2
20121129
20121201047602
2012123[2012]010391-1
20121031351003697.48
201212(2012)01098
20121031597231400
2013128[2013]010108
2013118
20121031351003697.481:0.9846
34560134560
5403697.48
201324
46000040000992534560
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201510232015
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d) 2017 7
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2019
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20251231
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34560.00100.00%
891703170517101711
500
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250.0010.00%
500.00100.00%
125223
5000
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2500.0010.00%
5000.00100.00%
68
1000
:
1900.0090.00%
2100.0010.00%
-10-20260072
1000.00100.00%
128
1000
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11000.00100.00%
1000.00100.00%
61112201-209
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202320242025
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5.
1991
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102134880.45
279921752.10394736322.41
244655497.66271141861.95
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32645653.71120973859.73
2291262.842291262.84
301036.00301036.00
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97120057.82
5014822.63
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33568.67
2111756.62
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525
21559.8851
3195.02
71023
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1
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57821.37231195.2014
72296.47342733.18
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134529246
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237131811
31
3122181
2.
2017100%
2099999583.251312533297.27
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690346228.1697120057.82
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20251231
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6.1984312
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7.1982823
2019423
8.199097
20201111
9.
1.[2017]43
2.[2017]30
3.[2018]36
4.[2018]35
5.[2017]33
6.[2018]37
7.[2019]35
8.[2017]45
9.[2017]46
10.[2017]47
11.[2017]48
12.
1.
2.
3.
4.
5.
6.
7.
1.
2.
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4.
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336.632004/9/30
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5547.411995/9/1
625.001993/12/1
738.422004/5/1
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9311.352021/12/31
101184.162023/12/31
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20251231
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13494.002004/9/30
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336.632004/9/30
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625.001993/12/1
738.422004/5/1
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9311.352021/12/31
101184.162023/12/31
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140489339
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104.19100165985136
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2020
20212022
20202021
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109156.7988245.7883162.43
34228.8529656.1228302.30
2020.171920.931836.63
24888.3423930.5119421.34
10785.1013545.1113039.31
3468.503563.093858.00
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0.000.000.00
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33765.8415630.0216704.85
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202320242025202320242025
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202320242025202320242025
2.992.692.653.773.61
18.8117.1121.067.487.17
4.484.956.665.185.06
EBIT/ 2025 EBIT/
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1.
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109156.7988245.7883162.43
202020212022
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19941.8219941.8219941.8219941.8219941.82
105691.065691.065691.065691.065691.06
16209074.859074.859074.859074.859074.85
227.24227.24227.24227.24227.24
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-31-20260072
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34228.8529656.1228302.30
2025
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16203226.592877.472418.10
190.7688.37222.49
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6002.216002.216002.216002.216002.21
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1105.211105.211105.211105.211105.21
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29073.0329072.4229072.4229072.4229072.42
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4.
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2020.171920.931836.63
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395.48395.48395.48395.48395.48
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1535.491535.491535.491535.491535.49
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24888.3423930.5119421.34
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20488.3920488.3920488.3920488.3920488.39
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10785.1013545.1113039.31
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40-700%1.43-2.50%
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1
8
WACC WACCBT
WACC
=×(1?)×++×+
Re
Rd
E
D
T
= C+APM× ( ? ) +
Re
Rf
β
(Rm Rf)
ε
-39-20260072
WACCBT
8
36 IAS36
2. Rf
1.85%
3. Rm Rf
300
5.80%
4. D/E
D/E 7.40%
-40-20260072
5.β
ββ
U β β U β
=×1+(1?)×β
βL
βU
T
D/E
β
β βU 0.8627
β βL 0.911
6.ε
1
2%
2
1%
3
1%
4%
7. Re
Re Rf βL (Rm Rf)
-41-20260072
1.85%0.9115.80%4%
11.10%
8. Rd
LPR 3.50%
9.
1
1
WACC
WACC Rd (1 T) D /(D E) Re E/(D E)
3.50%(125%)7.0%11.1%93.0%
10.50%
2
8
36 IAS36
14.30%
Gordon Growth Model
g 0%
-42-20260072
1.
138000.00
\20262027202820292030
20674.9522827.8921797.4021922.3921897.4021897.40
14.3%14.3%14.3%14.3%14.3%14.3%
6.018.030.042.054.0
0.93540.81830.71590.62630.54793.8315
19339.3518680.0615604.7613729.9911997.5983899.89
25345.69
29.63
138000.00
138000.00
-43-20260072
20251231
138000.00
-44-20260072
-45-300434.SZ
40174.3872
1.
18
34560.002.
190%10%
290%10%
390%10%
4100%
5100%
695%5%
7100%
8100%
9100%
10100%
3.
1
199185
19204162105
166.4
199152119912241991617199151
19916211991083
199185
192041
1124.8075.00%
241.6025.00%
166.40100.00%
a) 1993 9
1993520
500
500
1993630
1994524
[1994]89
1375.0075.00%
288.7517.75%
336.257.25%
500.00100.00%
b) 2013 2
20121129
20121201047602
2012123[2012]010391-1
20121031351003697.48
201212(2012)01098
20121031597231400
2013128[2013]010108
201311820121031351003697.481:0.9846
34560134560
5403697.48
201324
46000040000992534560
c) 2015 10
201510232015
4%
17680.0022.22%
23817.6011.05%
33520.0010.19%
43520.0010.19%
53040.008.80%
62920.218.45%
71728.005.00%
81728.005.00%
91414.404.09%
101200.003.47%
11614.961.78%
12600.001.78%
13476.201.38%
14360.201.04%
15211.920.61%
16184.480.53%
17160.000.46%
18160.000.46%
19160.000.46%
2080.000.23%
2180.000.23%
2280.000.23%
2364.000.19%
2464.000.19%
2556.000.16%
2648.000.14%
2748.000.14%
2832.000.09%2932.000.09%
3032.000.09%
3132.000.09%
3232.000.09%
3332.000.09%
3432.000.09%
3532.000.09%
3628.800.08%
3727.200.08%
3824.000.07%
3924.000.07%
4024.000.07%
4124.000.07%
4220.800.06%
4319.200.06%
4416.000.05%
4516.000.05%
4616.000.05%
4716.000.05%
4816.000.05%
4916.000.05%
34560.00100.00%
d) 2017 7
2017720
100%
134214.4099.00%
2345.601.00%
34560.00100.00%
2019
134214.4099.00%
2345.601.00%
34560.00100.00%
20251231
134214.4099.00%2345.601.00%
34560.00100.00%
2
891703170517101711
500
1450.0090.00%
250.0010.00%
500.00100.00%
3
125223
500014500.0090.00%
2500.0010.00%
5000.00100.00%
4
68
1000
:
1900.0090.00%
2100.0010.00%
1000.00100.00%
5
128
1000B12
11000.00100.00%
1000.00100.00%
6
61112201-209
35000
677
C
135000.00100.00%
35000.00100.00%
7500
1475.0095.00%
225.005.00%
500.00100.00%
8
61112210-225
1000
11000.00100.00%
1000.00100.00%
9
4760 B 201
100011000.00100.00%
1000.00100.00%
10
1622303
1000
B12
11000.00100.00%
1000.00100.00%
114760 A 20 2001
1000
11000.00100.00%
1000.00100.00%
4.
202312312024123120251231
160559.09167533.47179130.60
49902.6246129.3955320.49
110656.48121404.08123810.11
110656.48121404.08123810.11
202320242025
109156.7988245.7883162.43
36276.9016771.5819399.55
29212.9913717.2317018.28
29212.9913717.2317018.28
5.
1991
30043412
1500
6
4
6
255
8
1.
82.
!
!
279921752.10
394736322.41
PPA
787466285.98690346228.16
97120057.82
20
<8>
100%
5014822.63
102134880.45
279921752.10394736322.41
244655497.66271141861.95
28301.8928301.89
32645653.71120973859.732291262.842291262.84
301036.00301036.00
102134880.45
97120057.82
5014822.63
496871202.86
1.
10851
17
33568.67
2111756.62
311
21808.09
442
31532.17
525
21599.8851
3195.02
71023
4959.59
-
3271
57821.37231195.2014
72296.47342733.18
324694.46120000.00
-
134529246
9295
237131811
31
3122181
2.
2017100%
2099999583.251312533297.27
787466285.98
690346228.16
97120057.82
20251231
13494.002004/9/30
22494.002004/9/30
336.632004/9/30
4332.002004/9/30
5547.411995/9/1625.001993/12/1
738.422004/5/1
81338.242008/12/1
9311.352021/12/31
101184.162023/12/31
279921752.10
394736322.41
202512312026310
2026320
20262030
\20262027202820292030
89822.2889821.6789821.6789821.6789821.67
29073.0329072.4229072.4229072.4229072.42
1535.491535.491535.491535.491535.49
20488.3920488.3920488.3920488.3920488.39
12095.5512095.5512095.5512095.5512095.55\20262027202820292030
4982.424832.424832.424732.424732.42
0.000.000.000.000.00
0.000.000.000.000.00
0.000.000.000.000.00
0.000.000.000.000.00
0.000.000.000.000.00
0.000.000.000.000.00
0.000.000.000.000.00
0.000.000.000.000.00
21647.4021797.4021797.4021897.4021897.40
0.000.000.000.000.00
0.000.000.000.000.00
21647.4021797.4021797.4021897.4021897.40
1
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3
4
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