of 38
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2002 9 16 1,000
50%2005 1
50%
2007 9 10
98% 2%
16.10 1.80 182007
500
90% 10%20072008
27
2009 12
1:0.985 36.55
36 50
58.16% 7.39%2009
50%
2014 12
3699.HK 2015 6 45.27
43.712% 6.788% 98%
99.76%
2015 6
29 112
2,240
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4
150 150
50 2015 8 272015 10 14
2016 50 5
3
50
2015
2014 636,463 7.4%
0.3 58,332
4.1% 271,392 7.3%
8.3% 1.4
306,739
8.1% 48.2% 1.3
5.62015
19 487,774 6.9%
0.3 39,195
3.8% 197,799 6.0%
6.2%
250,779 8.4% 51.4%
2.3 10.82015 19
2015 11 PMI 49.6%
0.2
PMI 51.2% 0.2
PMI 48.3% 0.4
PMI 44.8% 1.8
PMI
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PMI 53.1% PMI
53.4%
49.8% 0.5
46.4% 1.0
53.6% 0.5
2015 111
0.2 0.3
2015 12 17
25 0.25%0.50%
2015
11 3
+
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6
2015
-40
-20
0
20
40
60
80
40,000
60,000
80,000
100,000
120,000
140,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
%
1 20052014
wind
2011
201220132014
2014 95,035.61
10.50% 2013 9.30
9.20%21.30% 20.10% 2013 10.2016.90 8.20
14.00% 10.70%
2014 7.60%
10.00% 13.40% 7.20%
6.30% 7.80% 21.40%
7.60%
2008
20%
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7
2015 111 87,802.38
1.30% 2014 10.60
0.70% 10.30%
1.90% 2014
14.70% 15.30%
12.10% 10.10%
2015 111
7.40% 16.20%
7.90% 2.70%
15.60% 18.00%
26.90% 0.30%
2015 11 69,637.00 63.32%
2015
2013
2015 3
2%
9.912.5 19.7
2014 11
SLO MLF
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8
1 2014
11
2015.10 2015.08 2015.06 2015.05 2015.02 2014.11
1 4.35 4.60 4.85 5.10 5.35 5.60
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5
4.90 5.15 5.40 5.65 5.90 6.15
2011
2012(
)
2013
35
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2012
2012
2014
80%
9%
2 20122014 2015 16
2015
1
6
2014
2013
2012
328.81 100.00 1 145.86 100.00 923.15 100.00 628.76 100.00
222.64 67.71 973.01 84.92 797.01 86.34 537.78 85.53
56.11 17.06 722.27 63.03 473.27 51.27 399.21 63.49
113.47 34.51 250.74 21.88 323.75 35.07 138.56 22.04
67.55 20.55 110.80 9.67 81.92 8.87 57.07 9.08
23.75 7.22 42.73 3.73 34.18 3.70 27.39 4.36
14.87 4.52 19.32 1.69 10.03 1.09 6.53 1.04
161.74 100.00 534.80 100.00 435.31 100.00 344.84 100.00
95.70 59.17 427.69 79.97 353.88 81.29 288.32 83.61
32.37 20.01 357.51 66.85 241.56 55.49 231.66 67.18
37.65 23.28 70.18 13.12 112.32 25.80 56.65 16.43
56.88 35.17 92.68 17.33 66.38 15.25 45.64 13.23
6.73 4.16 14.05 2.63 12.70 2.92 10.33 3.00
2.42 1.50 0.38 0.07 2.36 0.54 0.56 0.16
49.19 46.67 47.16 54.84
42.98 43.96 44.40 53.61
57.69 49.50 51.04 58.03
33.18 27.99 34.69 40.89
84.20 83.65 81.02 79.97
28.36 32.87 37.15 37.71
16.29 1.98 23.53 8.53
20122014
SOHO2012
2014 52.61%
2014
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2012
2014
2015 162 328.81 161.74
49.19% 222.64
40% 67.55
80% 56.88 35.17%
12
2000
3
2002 2003 2006
6 6 155
OK
H
2 2014 16
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12
2014
20122014 2015 16 1,171/1,096/
1,187 / 1,667 /2015
23 774 2015 6
8,259 2014 8.76%
2,000
22
325
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13
2014
107 2,156
32015 6 112
2,240 1,843
32013 2,170 H
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2
H
2012
25% 30%
2014
TOP1004 3 5
4 2012
2014
2015
1
6
2015 16 2014 2013 2012
58.37 48.00 141.18 105.59 183.12 128.44 232.49 181.41
151.86 62.00 524.68 208.04 379.85 133.42 347.45 124.88
SOHO 89.31 106.00 248.76 269.56 195.49 203.52 110.06 115.31
301.12 411.00 646.41 835.29 454.06 507.43 260.49 297.97
11.71 27.00 40.47 59.71 51.94 114.55 62.45 104.67
612.37 654.00 1 601.50 1 478.18 1 264.46 1 087.36 1 012.94 824.24
SOHO
20122014
12,289/11,629/10,834/
2013 2014
2015 16
4
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612.37 10.13% 654
44.27% 9,363/
80%
2015
6 2,240
2012
98%
5 2012
2014
2015
1
6
2015
1
6
2014
2013
2012
1,206.45 1,145.95 927.21 725.24
% 98.1 99.3 99.2 99.2
// 97.29 89.84 89.31 83.76
1
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2014 107
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16
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9 546
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16
2012
2013 1.80
4,9782014 2012
2 7,594
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443
5,356 2,460
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10%77.84%12.92%
2.96%2012
2015 16 1,667/
6 20122014201516/
2015 16 2014 2013 2012
774 2,688 3,187 1,140
8,259 7,594 - -
1,667 1,187 1,096 1,171
- 2,582 2,366 -
5,356 6,287 4,978 -
- 1,524 1,320 -
20122014 1718 23
8211 182015 111
21 9
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17
7 2012
2014
2015
6
2015 6 2014 2013 2012
112 107 84 66
5 23 18 17
64 62 45 34
2 18 11 8
2015 6 45.27
43.712% 6.788% 98%
99.76%
2014
2016
50 202017
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50 40 5
2014 12
2015 A
20122014 2015 16
20122014
2015 16
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20122015 6
5,785.75
40%
20%
1,489.11 1,962.102,613.36 2,493.15
1,862.032,348.35
3,029.57 3,292.60
0
20
40
60
80
100
0
1,000
2,000
3,000
4,000
5,0006,000
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2012 2013 2014 20156
%
3 2012
2014
2015
6
2014
1,451.92 44.51% 1,205.70
239.91 83.04% 16.52%
930.34 26.30% 2014 12
67.32
8.84%
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4 2014
2015 6 1,637.68 2014
12.79% 577.71 2014 37.90%
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80%
2014
2,481.01 24.96%
377.68 134.54
87.35% 301.03
2015 6 2,713.50
2014 9.37% 194.40
39.10
2015 6
2,849.125 49.24%
20122014 968.45 652.55
723.66 2
0.810.98 1.352015 16
1,664.32 2.74
20122014
2014
4,091.49 29.00% 57.55%2015 6 4,204.98 2014
2.77% 61.77%
52015 2 28
2015 6 20.02
15.00
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1,571.30 1,802.802,354.63 2,597.26
906.33 1,368.95
1,736.861,607.71
0
20
40
60
80
100
0
1,000
2,000
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4,000
5,000
2012 2013 2014 20156
%
5 2012
2014
2015
6
50%
2014 1,189.14 14.04%
79.06% 12 20.49% 537.43
55.20%
314.05
89.91% 159.40
15.19%
50.60 12.97%
27.60 23.002015 6 1,435.58 2014
20.72% 473.98 2014 11.81%
405.34 2014 29.07%
166.97 2014 4.75% 36.99
2014 26.90%
6.57%
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50.50%
6.77%
13.34%
6 2014
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22
78%2014
1,372.95 25.61%
73.86% 21.44%
278.21 17.83%
72.10
2013 11 5 6.00 2014
1 20 6.002015 6
1,228.04 2014 10.55%
201220142013
43.73%2014
35.06%2015 6 1,756.85 2014
52.86
41.78%20122014 2015 16
67.09 97.98 123.75
67.23
75%
20146 20.15%
12 26.68%25 25.21%5
27.96%2012
2015
2015 6 551.87 365.53
2014 83.03 59.10 621.81
2014 64.47 6.96% 2014
0.552015 7 8 5
150 5%
8 2012
2014
2015
6
7
2015 6 2014 2013 2012
456.78 364.66 210.16 216.81
1,300.07 1,445.05 1,129.77 715.47
1,756.85 1,809.70 1,339.93 932.28
/ 41.78 44.23 42.25 37.63
6 2015 67
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20122014
8
2015 6 74.59%
2014 2014
9 20122014 2015 6
2015
6
2014
2013
2012
0.96 1.11 1.09 0.95
0.33 0.49 0.53 0.46
72.68 72.51 73.58 73.93
9 74.59 56.68 52.98 48.67
96.84 108.54 106.78 95.59
20122014 873.501,138.71
1,551.442013
30.36%
2014 36.25% 207.87
227.28 2014 12 60,000
1 H 280.31
2015 6
1,580.77 2014 29.33
21.57 2015 1 14
20.67
2015 6
602.49 38.11%
2015 2 28
2015 6 30 20.02
15.00 39.06%
8 Wind20122014 0.580.57 0.66
64.70%70.00% 70.00%9=/=
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2012
20132014
46.82% 24.13%
2013
7.69 45%
628.76923.15
1,145.86
375.16 342.97 345.14
0
20
40
60
80
100
0
300
600
900
1,200
1,500
2012 2013 2014
%
7 2012
2014
20122014
10 2012
2014
2015
1
6
2015 16 2014 2013 2012
22.57 61.12 42.99 29.97
31.19 65.50 46.10 36.57
33.01 72.20 56.15 38.13
86.76 198.82 145.24 104.67
/ 26.39 17.35 15.73 16.65
20122014 218.98
154.43 134.65
60.89%
49.56% 40.28%
20122014 375.16 342.97
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345.14 278.21 248.82 251.01
2013
2014
20122014 12.35%
9.31%7.38% 31.85%21.85%16.18%
201516 328.8149.19%
161.74 26.39%
39.10 67.68 7.21
73.74 52.13
1.92% 3.30%
2012
2012 2013
40.71%2014
29.75%
2012
2013
2014 534.63
41.77%
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26
114.81 68.07 88.32
-254.95 -237.83
-456.99
174.42
377.11
534.63
-600
-400
-200
0
200
400
600
2012 2013 2014
8 2012
2014
2015 16 -36.68
-197.79
-124.76
11 20122014 2015 16
2015
1
6
2014
2013
2012
/ -1.48 4.25 4.03 7.31
/ -0.88 2.43 2.41 4.63
-0.55 0.71 0.69 1.71
EBIT 1.66 3.37 4.10 6.17
EBITDA - 3.50 4.22 6.31
2013
2014
2015 310 206
13,004.57 5,951.05
20152017 2,105.35 1,781.74
1,308.15 6 431.28
93.49
2012
10 2015 6
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12
2014
2014
2015 2016 2017
758.44 80.44 60.20 115.88 92.57
613.66 237.55 47.97 63.00 53.35
538.25 11.04 107.25 66.25 87.11
467.05 39.74 55.82 63.32 79.12
466.99 51.92 85.87 72.49 37.13
394.11 57.75 107.83 74.52 33.49
369.98 53.30 49.33 59.11 64.28
147.48 - 46.26 33.12 24.52
146.49 11.97 21.30 26.13 25.76
146.17 80.09 16.63 18.45 15.89
4 048.62 623.80 598.46 592.27 513.22
2012
2015 6
72.68% 74.59%
1,756.85 456.78
577.71
2014 122015 7 8
A
2015 5 13
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2014 12
2015
A
12
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1)
1
2)
3)
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1 20156
100% 100% 100% 100% 100% 100%
0.24%
98.00%
99.76%
H
6.79%43.71% 35.09% 14.41%
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2 20156
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3
2015
6
2014
2013
2012
5,777,060 9,303,458 7,366,341 5,071,614
1,955 20,948 5,939 640
36,226 63,820 22,100 28,294
598,546 620,323 815,018 604,915
556,779 363,505 554,465 761,944
16,376,784 14,519,213 10,047,501 7,637,854
24,931,499 26,133,571 19,621,017 14,891,122 27,135,002 24,810,100 19,853,975 15,907,392
3,072,791 3,010,281 2,114,337 1,573,731
1,109,686 934,892 605,935 405,964
794,969 807,949 461,025 358,297
32,925,983 30,295,724 23,483,536 18,620,263
57,857,481 56,429,295 43,104,553 33,511,386
%
9.98 16.49 17.09 15.13
0.00 0.04 0.01 0.00
0.06 0.11 0.05 0.08
1.03 1.10 1.89 1.81
0.96 0.64 1.29 2.27
28.31 25.73 23.31 22.79
43.09 46.31 45.52 44.44
46.90 43.97 46.06 47.47
5.31 5.33 4.91 4.70
1.92 1.66 1.41 1.21
1.37 1.43 1.07 1.07
56.91 53.69 54.48 55.56
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3 1
2015
6
2014
2013
2012
369,899 506,034 447,954 557,800
4,739,828 5,374,260 3,462,799 2,562,079
14,355,834 11,891,445 10,427,269 9,411,134
1,669,728 1,594,042 1,383,871 1,165,271
4,053,360 3,140,548 1,653,680 1,610,350
25,972,624 23,546,258 18,027,998 15,713,026
12,280,370 13,729,459 10,930,162 7,154,685 720,363 720,999 367,487 0
2,915,478 2,782,123 2,361,184 1,895,196
16,077,127 17,368,649 13,689,460 9,063,337
42,049,750 40,914,907 31,717,459 24,776,363
%
0.88 1.24 1.41 2.25
11.27 13.14 10.92 10.34
34.14 29.06 32.88 37.98
3.97 3.90 4.36 4.70
9.64 7.68 5.21 6.50
61.77 57.55 56.84 63.42
29.20 33.56 34.46 28.88
1.71 1.76 1.16 0.00
6.93 6.80 7.44 7.65
38.23 42.45 43.16 36.58
452,735 447,480 373,600 373,600
2,492,720 2,276,997 4,168 4,168
196,072 192,695 152,907 109,986
12,456,727 12,375,360 10,296,685 8,084,791
15,577,832 15,281,178 10,828,434 8,572,545
229,899 233,210 558,661 162,477
15,807,731 15,514,388 11,387,095 8,735,022
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3 2
2015
6
2014
2013
2012
3,288,095 11,458,641 9,231,480 6,287,643
1,670,732 6,110,627 4,878,337 2,839,215
225,658 611,203 429,863 299,729
311,884 655,018 461,036 365,654
330,060 721,997 561,549 381,321
39,903 11,395 4,965 3,798
390,982 1,346,470 1,544,342 2,189,815 10,646 128,103 10,468 0
676,812 3,342,587 3,116,023 3,596,547
60,598 108,816 313,680 155,054
737,410 3,451,403 3,429,703 3,751,601
216,077 941,339 941,458 969,506
521,334 2,510,064 2,488,245 2,782,095
519,463 2,483,846 2,458,086 2,731,060
%
50.81 53.33 52.84 45.16
6.86 5.33 4.66 4.77
9.49 5.72 4.99 5.82
10.04 6.30 6.08 6.06
1.21 0.10 0.05 0.06
11.89 11.75 16.73 34.83
0.32 1.12 0.11 0.00
20.58 29.17 33.75 57.20
22.43 30.12 37.15 59.67
15.86 21.91 26.95 44.25
-366,805 883,200 680,700 1,148,100
-1,977,897 -4,569,900 -2,378,300 -2,549,500
-1,247,640 5,346,254 3,771,061 1,744,203
EBIT 1,113,410 4,164,561 4,015,175 4,137,687
EBITDA - 4,335,563 4,134,384 4,235,012
17,568,484 18,097,040 13,399,284 9,322,835
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3 3
2015
6
2014
2013
2012
% 49.19 46.67 47.16 54.84
% 20.58 29.17 33.75 57.20
% 1.92 7.38 9.31 12.35
% 3.30 16.18 21.85 31.85
% 72.68 72.51 73.58 73.93
% 52.64 53.84 54.06 51.63
% 96.84 108.54 106.78 95.59
0.96 1.11 1.09 0.95
0.33 0.49 0.53 0.46
0.22 0.40 0.41 0.32
1,664.32 723.66 652.55 968.45
2.74 1.35 0.98 0.81
/% -1.48 4.25 4.03 7.31
/% -0.88 2.43 2.41 4.63
-0.55 0.71 0.69 1.71
EBIT 1.66 3.37 4.10 6.17
EBITDA - 3.50 4.22 6.31
% 22.24 39.52 40.87 32.28
% 175.32 110.88 109.89 134.25
% 39.06 28.62 - -
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4
1. %1/100%
2. %/100%
3. %EBIT/100%
4. %/100%
5.
EBIT
6.
EBITDA EBIT
7. %/100%
8. %/ 100%
9. %/100%
10.
11.
12.
13.
14./
15.-/
16./
17.%/ 100%
18.
11360 //
19.
12360 /(/
20.%/100%
11 180
12 180
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21.
EBITEBIT/EBIT /
22.
EBITDA EBITDA/EBITDA /
23./
/
24.%/100%
25./%/[
/2]100%
26./%/[
/2]100%
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AAA
AA
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BBB
BB
B
CCC
CC
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+-
