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20260072

202641520260072......................................................2......................................................3......................................................4...........................4.....................................................15.....................................................16.....................................................18.....................................................19.....................................................19.....................................................21.....................................................24.....................................................25.....................................................26.....................................................26.....................................................27.....................................................27.....................................................29

-1-20260072

-2-20260072

202512

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b) 2013 2

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-20-20260072

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-25-20260072

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202320242025202320242025

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-26-20260072

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202320242025202320242025

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EBIT/ 2025 EBIT/

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109156.7988245.7883162.43

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-31-20260072

3.

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34228.8529656.1228302.30

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29073.0329072.4229072.4229072.4229072.42

-32-20260072

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2020.171920.931836.63

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24888.3423930.5119421.34

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20488.3920488.3920488.3920488.3920488.39

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12095.5512095.5512095.5512095.5512095.55

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

-38-20260072

\20262027202820292030

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

5324.455324.455324.455324.455324.45

4331.614331.615324.455324.455324.45

1965.29-37.650.00-24.990.00

20674.9522827.8921797.4021922.3921897.40

1.

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

2

3

4

5

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