㸠Ϯথሩヺড়乘ᳳˈ㒻㓁ⳟད催

ḷⱑ䜦ǃ㨵㧘䜦੠㙝ࠊક

亳ક佂᭭㸠Ϯ ᳜ᑺ᡹ਞg㸠Ϯⷨお
2008 ᑈ 9 ᳜䎳䏾᡹ਞ 2008 ᑈ 9 ᳜ 9 ᮹
ᔎѢ໻Ꮦ˄㓈ᣕ˅


ᡩ䌘㽕⚍ ߚᵤᏜ

™ 㸠Ϯথሩヺড়乘ᳳDŽ2008 Ϟञᑈˈ亳ક佂᭭䞡⚍݀ৌᬊܹ๲䭓 25.83%ˈ 㭘ᅬ䕝

㧹Ϯ߽⍺๲䭓 40ˁˈᅲ⦄ᔦሲ↡݀ৌ߽⍺๲䭓 53ˁDŽᬊܹ੠߽⍺ৠℹ๲ ⬉䆱˖010-84588078
䚂ӊ˖bgh@citics.com
䭓ˈ↯߽⥛੠‫݅⥛߽ޔ‬ৠᦤ催DŽ೼᠔᳝ᄤ㸠ϮЁˈⱑ䜦੠㨵㧘䜦㸼⦄᳔Ӭˈ

ヺড়៥Ӏⱘ乘ᳳDŽ៥Ӏгথ⦄ˈᄷᑺ䯈ⱘᬊܹ๲䗳Ꮒᓖ೼ग़৆Ϟ㒣ᐌߎ⦄ˈ
䆌ᔾ
≵᳝㾘ᕟৃᕾDŽ
⬉䆱˖010-84588229
™ ⱑ䜦ⱘ催๲䭓Ў催ԄؐℷৡDŽ㣙ৄ੠㗕なⱘᬊܹ๲䭓䛑䍙䖛њ 60ˁˈѨ 䚂ӊ˖xb@citics.com
㊂⎆ᬊܹ๲䭓 6ˁˈ∈ѩഞᬊܹ๲䭓 13%ˈ㣙ৄǃ㗕なǃ∈ѩഞ↯߽⥛ᦤ
छˈ㣙ৄǃ㗕なǃ∈ѩഞ੠Ѩ㊂⎆‫⥛߽ޔ‬Ϟछˈ㸠Ϯথሩձ✊ⳟདDŽ
™ ક⠠ᏺࡼ㨵㧘䜦㸠Ϯ៤䭓DŽҢᓴ㺩݀ৌⱘথሩᗕ࢓ⳟˈ㨵㧘䜦㸠Ϯ䖯ܹ Ⳍᇍᣛ᭄㸼⦄
ᦤӋ੠ѻક㒧ᵘ䇗ᭈঠ䕂偅ࡼⱘথሩ䰊↉DŽ㸠ϮথሩⳟདDŽ
™ ସ䜦㸠Ϯ๲䗳ᬒ㓧ˈ➩Ҁସ䜦䫔ӋϞछᏺࡼϮ㒽๲䭓ˈ䴦ቯସ䜦ѻક㒧 亳ક佂᭭ Ϟ䆕ᣛ᭄
ᵘछ㑻ᯢᰒDŽ

™ ⫳⣾կ㒭๲ࡴᇐ㟈⣾Ӌ䖯ܹಲ䇗਼ᳳˈ㙝ࠊકᡩ䌘ᴎӮࠄᴹDŽ㙝ࠊક㸠 

ϮৼⲜ߽㛑࡯ᦤ催 200~300 ‫ˈܗ‬㙝ࠊકӕϮᡩ䌘ᴎӮࠄᴹDŽ 
™ 㸠Ϯ┰೼亢䰽಴㋴DŽ⏽੠䗮㚔䰡Ԣሙ⇥ⱘ⍜䌍㛑࡯ˈԄؐ໘ѢᏖഎ催ԡDŽ 

™ 䞡⚍᥼㤤催ḷⱑ䜦ǃ㨵㧘䜦ҹঞ㙝ࠊક݀ৌDŽ亳ક佂᭭䚼ߚ݀ৌ 2009 ᑈ 
     
ⱘᏖⲜ⥛ϡࠄ 20 ‫ˈס‬2008 ᑈϡࠄ 25 ‫˗ס‬Ԅؐ᥹䖥њ 1000 ⚍ᯊࡼᗕᏖⲜ
⥛ 20 ‫ˈס‬㸠Ϯᡩ䌘ᴎӮࠄᴹDŽ៥Ӏᓎ䆂๲ᣕ䳔∖〇ᅮǃᦤӋֱᣕⲜ߽㛑
࡯ⱘӕϮˈҹঞফⲞѢ⠽Ӌಲ㨑ᏺᴹⲜ߽㛑࡯ᦤछⱘӕϮDŽ䞡⚍᥼㤤催ḷ 䌘᭭ᴹ⑤˖Ё᭄ֵ䞣࣪ᡩ䌘ߚᵤ㋏㒳

ⱑ䜦ǃ㨵㧘䜦ҹঞ㙝ࠊક㸠ϮDŽᓎ䆂Āфܹā䌉Ꮂ㣙ৄǃ⋌Ꮂ㗕な੠ᓴ㺩
Aǃঠ∛থሩǃᅝ⧾䝉↡੠ᡓᖋ䴆䴆DŽ Ⳍ݇ⷨお
䞡⚍݀ৌԄؐ↨䕗ঞᡩ䌘䆘㑻 ljⱑ䜦㸠Ϯϧ乬—ഄ䳛ϡᬍⱑ䜦㸠Ϯথሩ䍟࢓NJ

㙵Ӌ EPS˄‫˅ܗ‬ PE .....................................................................2008-9-1
ㅔ ⿄ PEG 䆘㑻 ⳂᷛӋ
˄‫˅ܗ‬ 07 08E 09E 08E 09E lj䌉Ꮂ㣙ৄ˄600519˅Ё᡹⚍䆘—Ё᡹Ϯ㒽䍙乘
䌉Ꮂ㣙ৄ 131.25 3 4.65 6 28 22 0.68 фܹ 238 ᳳˈ᳾ᴹ๲䭓ৃᣕ㓁NJ...........................2008-8-28
⋌Ꮂ㗕な 27.34 0.56 1.13 1.47 24 19 0.39 фܹ 50 ljᓴ㺩˝˄000869˅Ё᡹⚍䆘—Ӭ࢓⹂ゟˈ䍄৥
Ѩ㊂⎆ 15.61 0.39 0.59 0.74 27 21 0.70 фܹ 24 催ッNJ .......................................................2008-8-27
∈ѩഞ 16.81 0.41 0.72 0.95 23 18 0.45 ๲ᣕ 30 ljঠ∛থሩ˄000895˅Ё᡹⚍䆘—⣾Ӌϟ䎠ᏺᴹ
ᓴ㺩 A 57.21 1.21 1.8 2.4 32 24 0.78 фܹ 88 ᡩ䌘ᴎӮNJ ...............................................2008-8-26
ᅝ⧾䝉↡ 10.91 0.33 0.45 0.6 24 18 0.70 фܹ 15 lj➩Ҁସ䜦˄000729˅Ё᡹⚍䆘˖ᦤӋ〇ᅮ↯߽ˈ
ᡓᖋ䴆䴆 15.90 0.46 0.73 0.91 22 18 0.54 фܹ 28 Ҁ໪Ӭ࢓Ꮦഎ៤Ў߽⍺ЁമNJ...............2008-8-25
ঠ∛থሩ 31.44 0.93 1.13 1.5 28 21 1.03 ๲ᣕ 42
ቅ㽓≒䜦 10.33 0.83 0.5 0.8 21 13 ๲ᣕ 14 㸠Ϯ㸼ᕕᣛᷛ
㄀ϔ亳ક 13.83 0.45 0.59 0.67 23 21 1.06 ๲ᣕ 17
㸠Ϯ᱃⇨䍟࢓ 
Ӟ߽㙵ӑ 14.23 -0.22 0.60 0.8 24 18 ๲ᣕ 25
㸠Ϯ߽⍺๲䭓⥛ 25ˁ
➩Ҁସ䜦 11.20 0.36 0.45 0.55 25 20 1.05 ๲ᣕ 19
㸠ϮԄؐ∈ᑇ 30
䴦ቯସ䜦 17.00 0.43 0.57 0.71 30 24 1.05 ๲ᣕ 23
㸠Ϯᡩ䌘䆘㑻 фܹ
䌘᭭ᴹ⑤˖Ёֵ䆕ࠌⷨお䚼乘⌟ ⊼˖㙵ӋЎ 2008 ᑈ 9 ᳜ 5 ᮹ᬊⲬӋ

䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘ‫ܡ‬䋷ᴵℒ䚼ߚ
 亳ક佂᭭㸠Ϯ 2008 ᑈ 9 ᳜䎳䏾᡹ਞ

Ⳃ ᔩ

㸠Ϯথሩヺড়乘ᳳ··········································································································································································· 1
ᬊܹ੠߽⍺ৠℹ๲䭓 ···························································································································································1
Ⲝ߽㛑࡯ৠℹᦤछ ·······························································································································································2
ᄷᑺ๲䗳Ꮒᓖ᮴㾘ᕟ ···························································································································································2
ⱑ䜦˖⫼Ϯ㒽Ў催Ԅؐℷৡ ·························································································································································· 3
2008 ᑈϞञᑈপᕫ䕗དⱘ๲䭓···········································································································································3
㸠Ϯথሩձ✊ⳟད ·······························································································································································5
㨵㧘䜦˖ક⠠ӕϮᏺ乚㸠Ϯ៤䭓 ·················································································································································· 5
ᦤӋ乎߽䖯㸠·······································································································································································5
㒧ᵘ䇗ᭈ㒻㓁᥼䖯 ·······························································································································································5
ସ䜦˖啭༈ӕϮᦤӋǃѻક㒧ᵘ䇗ᭈֱ߽⍺๲䭓······················································································································ 6
➩Ҁସ䜦˖䫔ଂӋḐᦤ催ֱ䆕↯߽····································································································································7
䴦ቯସ䜦˖ѻક㒧ᵘ䇗ᭈᯢᰒ············································································································································8
㙝ࠊક˖⣾Ӌϟ䎠ᏺᴹᡩ䌘ᴎӮ ·················································································································································· 9
⣾㙝ӋḐⱘϞ⍼㒭㙝ࠊકᏺᴹ䕗໻ⱘ៤ᴀय़࡯ ················································································································9
⣾㙝ӋḐϟ䎠๲ᔎ㙝ࠊકⱘⲜ߽㛑࡯ ······························································································································10

ᦦ೒Ⳃᔩ

೒ 1˖13 ᆊ݀ৌ 2008 ᑈϞञᑈᬊܹ੠߽⍺๲䗳ᬷ⚍೒ .........................................................................................................2

೒ 2˖2008 ᑈϞञᑈ亳ક佂᭭݀ৌ↯߽⥛੠‫⥛߽ޔ‬๲ࡴⱘᬷ⚍೒........................................................................................3
೒ 3˖2008 ᑈ 1 ᄷᑺ੠ 2 ᄷᑺ䫔ଂᬊܹ๲䗳↨䕗 ...................................................................................................................3
೒ 4˖2008 ᑈࠡϗϾ᳜㨵㧘䜦ѻ䞣Ϣ๲䗳 ...............................................................................................................................5
೒ 5˖2008 ᑈସ䜦ѻ䫔䞣๲䗳໻ᐙ䰡Ԣ ˄ऩԡ˖ϛৼˈ%˅ ............................................................................................7
೒ 6˖⫳⣾ᬊ䌁ӋḐ↨এᑈৠᳳ๲䭓 68ˁ ...............................................................................................................................9
೒ 7˖⣾㙝ӋḐ↨এᑈৠᳳ๲䭓 64ˁ .......................................................................................................................................9

㸼ḐⳂᔩ

㸼 1˖2008 ᑈϞञᑈ䞡⚍䎳䏾݀ৌ˄13 ᆊ˅Ϯ㒽๲䗳ヺড়乘ᳳ ..........................................................................................1

㸼 2˖Џ㽕ⱑ䜦ӕϮ 2008 ᑈϞञᑈ㒣㧹ᚙ‫ߚމ‬ᵤ ..................................................................................................................4
㸼 3˖ᓴ㺩 2008 ᑈϞञᑈЁ催ッѻકⱘ๲䭓ᚙ‫ މ‬..................................................................................................................6
㸼 4˖ᓴ㺩 2008 ᑈϞञᑈ㒣㧹ᚙ‫ߚމ‬ᵤ ..................................................................................................................................6
㸼 5˖2008 ᑈϞञᑈЏ㽕ସ䜦݀ৌ㒣㧹ᚙ‫މ‬ᇍ↨ ...................................................................................................................7
㸼 6˖2008 ᑈϞञᑈ䞡⚍ସ䜦݀ৌ㒣㧹ᚙ‫ߚމ‬ᵤ ...................................................................................................................8
㸼 7˖2008 ᑈϞञᑈঠ∛催Ԣ⏽㙝ࠊક៤ᴀᵘ៤বࡼ ...........................................................................................................9
㸼 8˖ঠ∛থሩ 2008 ᑈϞञᑈ㒣㧹ᚙ‫˄މ‬㙝ࠊક䞣ϡࣙᣀҷ䫔䲚ಶ݀ৌⱘ䞣ˈᬊܹࣙᣀ˅...........................................9
㸼 9˖ঠ∛থሩ 2008 ᑈϞञᑈ㒣㧹ᚙ‫ߚމ‬ᵤ ........................................................................................................................10
䰘ᔩ 1˖݊Ҫ䞡⚍䎳䏾݀ৌ 2008 ᑈϞञᑈ㒣㧹ᚙ‫މ‬ᇍ↨ߚᵤ ............................................................................................ 11

2008 ᑈ 9 ᳜ 9 ᮹
 亳ક佂᭭㸠Ϯ 2008 ᑈ 9 ᳜䎳䏾᡹ਞ

㸠Ϯথሩヺড়乘ᳳ
2008 ᑈϞञᑈ亳ક佂᭭㸠Ϯ〇ℹ๲䭓ˈ៥Ӏⱘ䞡⚍݇⊼݀ৌ˄ⱑ䜦 5 ᆊǃ
ସ䜦 2 ᆊǃ㨵㧘䜦 1 ᆊǃ㙝ࠊક 1 ᆊǃчϮ 1 ᆊǃ咘䜦 1 ᆊˈ݊Ҫ 2 ᆊˈ݅䅵
13 ᆊӕϮ˅݅ᅲ⦄䫔ଂᬊܹ 555 ғ‫ˈܗ‬ৠ↨๲䭓 25.83%ˈᅲ⦄㧹Ϯ߽⍺ 85 ғ
‫ˈܗ‬ৠ↨๲䭓 40ˁˈᅲ⦄ᔦሲ↡݀ৌ߽⍺ 61 ғ‫ˈܗ‬ৠ↨๲䭓 53ˁDŽৃҹ䇈ˈ
亳ક佂᭭݀ৌᅲ⦄њ䕗ᖿⱘ๲䭓ˈ෎ᴀヺড়៥ӀПࠡᇍ㸠Ϯথሩ߸ᮁⱘ乘ᳳDŽ

㸼 1˖2008 ᑈϞञᑈ䞡⚍䎳䏾݀ৌ˄13 ᆊ˅Ϯ㒽๲䗳ヺড়乘ᳳ

1H2007 1H2008 YoY

ϔǃ㧹Ϯᘏᬊܹ 441.20 555.14 25.83%

㧹Ϯ៤ᴀ 279.00 349.37 25.22%
㧹Ϯ⿢䞥ঞ䰘ࡴ 22.19 23.57 6.22%
䫔ଂ䌍⫼ 60.60 73.47 21.23%
ㅵ⧚䌍⫼ 18.35 24.85 35.46%
䋶ࡵ䌍⫼ 0.03 -0.10 -404.34%
䌘ѻ‫ؐޣ‬ᤳ༅ 0.69 0.35 -49.53%
ϝǃ݊Ҫ㒣㧹ᬊⲞ
݀‫ܕ‬Ӌؐবࡼ‫ޔ‬ᬊⲞ 0.00 -0.03
ᡩ䌘‫ޔ‬ᬊⲞ 0.55 1.64
ಯǃ㧹Ϯ߽⍺ 60.89 85.24 40.00%
ࡴ˖㧹Ϯ໪ᬊܹ 1.35 2.14 58.04%
‫˖ޣ‬㧹Ϯ໪ᬃߎ 0.38 1.60
݊Ё˖䴲⌕ࡼ䌘ѻ໘㕂‫ޔ‬ᤳ༅ 0.16 0.11
Ѩǃ߽⍺ᘏ乱 61.86 85.78 38.66%
‫˖ޣ‬᠔ᕫ⿢ 19.26 21.52 11.76%
݁ǃ‫߽ޔ‬⍺ 42.60 64.26 50.83%
‫˖ޣ‬ᇥ᭄㙵ϰᤳⲞ 2.57 2.94 14.62%
ᔦሲѢ↡݀ৌ᠔᳝㗙ⱘ‫߽ޔ‬⍺ 40.04 61.32 53.15%
䌘᭭ᴹ⑤˖Ёֵ䆕ࠌⷨお䚼

ᬊܹ੠߽⍺ৠℹ๲䭓
ҢᘏԧϞⳟˈ亳ક佂᭭㸠Ϯᬊܹ๲䭓䍙䖛њ៤ᴀⱘϞछˈ↯߽⥛᳝᠔ᦤछˈ
㗠Ϩℷᰃ䫔ଂᬊܹⱘᖿ䗳๲䭓ˈᏺࡼњ㧹Ϯ߽⍺੠ᔦሲ↡݀ৌ‫߽ޔ‬⍺ⱘ໻ᐙ๲
䭓DŽ

Ң 13 ᆊ䞡⚍݀ৌⱘᚙ‫މ‬ᴹⳟˈ䫔ଂᬊܹৠ↨‫ޣ‬ᇥⱘҙ᳝ 1 ᆊˈ4 ᆊ݀ৌᬊ

ܹ๲䗳೼ 20ˁҹ‫঺ˈݙ‬᳝ 7 ᆊⱘᬊܹ๲䗳䍙䖛њ 20ˁˈऴ亳ક佂᭭㸠ϮЁⱘ
໻໮᭄ˈ㗠䖭 7 ᆊ݀ৌⱘᘏ䫔ଂᬊܹ䖒ࠄ 369 ғ‫ˈܗ‬ऴ᠔᳝݀ৌᬊܹⱘ 84ˁˈ
ৃҹ䇈Ϟञᑈਜ⦄ⱘ⢊‫މ‬ᰃ㾘῵䍞໻ⱘ݀ৌᅲ⦄ⱘ๲䭓䍞ᖿDŽ

೼߽⍺๲䭓ᮍ䴶ˈ៥Ӏгⳟࠄњᬊܹ੠߽⍺ⱘৠℹ๲䭓DŽ2008 ᑈϞञᑈ‫ޔ‬
߽⍺ߎ⦄ϟ䰡ⱘ᳝ 3 ᆊˈབᵰᠷ䰸䴲㒣ᐌᗻ಴㋴㗗ᆳЏϮˈ‫߽ޔ‬⍺ϟ䰡ⱘা᳝
ϔᆊ˄ᅝ⧾䝉↡‫߽ޔ‬⍺ϟ䰡ᰃ಴Ўএᑈ䴲㒣ᐌᗻᤳⲞ䕗໻ˈ㗠Ӟ߽㙵ӑ߭ᰃ಴
Ў䅵ᦤ㙵ӑᬃҬⱘ䌍⫼˅DŽ‫߽ޔ‬⍺๲䭓䍙䖛 90ˁⱘ᳝ϝᆊˈߚ߿ᰃ䌉Ꮂ㣙ৄǃ
⋌Ꮂ㗕な੠∈ѩഞˈ䛑ᰃⱑ䜦ӕϮDŽ䖭ϝᆊᅲ⦄ⱘ‫߽ޔ‬⍺᳝ 31 ғ‫ˈܗ‬ऴܼ䚼
䞡⚍䎳䏾ӕϮ߽⍺ⱘ 51%ˈ݊Ё㣙ৄϔᆊӕϮᅲ⦄ⱘ‫߽ޔ‬⍺Ў 22.4 ғ‫ˈܗ‬ऴܼ
䚼䎳䏾ӕϮ‫߽ޔ‬⍺ⱘ 37ˁDŽᠷ䰸䖭ϝᆊӕϮⱘ‫߽ޔ‬⍺๲䭓ˈ݊Ҫ݀ৌⱘ‫߽ޔ‬⍺

2008 ᑈ 9 ᳜ 9 ᮹ 1
 亳ક佂᭭㸠Ϯ 2008 ᑈ 9 ᳜䎳䏾᡹ਞ

๲䭓Ў 6.5%ˈЏ㽕ᰃ಴Ў≒䜦ǃӞ߽߽⍺ϟ䰡ᐙᑺ䕗໻ᇐ㟈ⱘDŽⱑ䜦㸠Ϯᬊܹ
Ϣ߽⍺ⱘᖿ䗳๲䭓ˈヺড়៥ӀПࠡⱘ߸ᮁˈℷᰃⱑ䜦㸠Ϯᏺࡼњ亳ક佂᭭㸠Ϯ
ⱘᖿ䗳៤䭓DŽ

೒ 1˖13 ᆊ݀ৌ 2008 ᑈϞञᑈᬊܹ੠߽⍺๲䗳ᬷ⚍೒

‫߽ޔ‬⍺๲䭓⥛
250%

200%
㗕な

㣙ৄ
150%

100% ∈ѩഞ

50%
䴆䴆 ᓴ㺩A
➩ସ 䞥ᵿ
Ѩ㊂⎆ ঠ∛
0% 䴦ସ
-60% -40% -20% 0% 20% ᅝ⧾40% 60% 80% 100%

-50% Ӟ߽ ᬊܹ๲䭓⥛
-≒䜦

-100%

䌘᭭ᴹ⑤˖Ёֵ䆕ࠌⷨお䚼

Ⲝ߽㛑࡯ৠℹᦤछ
៥Ӏҹ↯߽⥛ⱘᦤछⱒߚ᭄੠‫ᦤⱘ⥛߽ޔ‬छⱒߚ᭄ᴹ߸ᮁⲜ߽㛑࡯DŽ↯߽
⥛੠‫⥛߽ޔ‬䛑ᕫࠄᦤछⱘ᳝ 6 ᆊӕϮˈ‫⥛߽ޔ‬Ϟछⱘ᳝ 8 ᆊӕϮˈഛऴࠄњ䞡
⚍䎳䏾ӕϮⱘ໻໮᭄ˈ㗠Ϩᦤछᐙᑺ↨䕗໻ⱘ݀ৌࣙᣀ㣙ৄǃ⋌Ꮂ㗕なǃ∈ѩ
ഞ੠ᓴ㺩ㄝ催ḷⱑ䜦ǃ㨵㧘䜦ӕϮˈヺড়៥ӀПࠡⱘ߸ᮁˈህᰃ催ḷⱑ䜦ǃ㨵
㧘䜦ӕϮ೼䗮㚔ⱘ䖛⿟Ё಴Ў‫݋‬໛ᦤӋ㛑࡯㗠ᢹ᳝䕗催ⱘⲜ߽㛑࡯ˈ݊Ⲝ߽㛑
࡯ֱᣕ〇ᅮ㗠Ϩᣕ㓁ᦤ催DŽ

ᄷᑺ๲䗳Ꮒᓖ᮴㾘ᕟ
៥Ӏབᵰߚ㾷ϞञᑈⱘϮ㒽๲䭓ˈ㄀ϔᄷᑺ੠㄀Ѡᄷᑺ䫔ଂᬊܹⱘ๲䭓㸼
⦄ߎњϡৠⱘ๲䗳DŽ䰸њϾ߿ⱘ㸠Ϯ಴Ў㸠Ϯ಴㋴໪ˈ↨བସ䜦㸠Ϯˈ㄀Ѡᄷ
ᑺᬊܹ๲䗳ԢѢ㄀ϔᄷᑺ˗Ԛᰃ䖭೼ᕔᑈˈସ䜦㸠Ϯг䛑㸼⦄ߎ䖭ৠḋⱘ⦄䈵DŽ
Ⳍ↨Ѣ 2008 ᑈ㄀ϔᄷᑺˈ亳ક佂᭭㸠Ϯ݀ৌᬊܹ๲䗳ᦤ催ⱘ᳝ 5 ᆊˈ݊Ҫ 8
ᆊ๲䗳ϟ䰡DŽ៥Ӏ䗮䖛↨䕗 06 ᑈϢ 05 ᑈǃ07 ᑈϢ 06 ᑈথ⦄ˈ䖭⾡ᄷᑺⱘ๲
䗳ϡഛ㸵≵᳝ҔМ⡍߿ⱘ㾘ᕟৃ㿔ˈᄷᑺব࣪䕗໻ˈᕜ໮ᯊ‫׭‬ᰃ݀ৌⱘ㒣㧹ㄪ
⬹ᇐ㟈ⱘDŽ

Ңᘏԧⱘᚙ‫މ‬ᴹⳟˈ䖭 13 ᆊӕϮϞञᑈⱘᬊܹ๲䗳Ң 2007 ᑈⱘ 20.2%Ϟ

छ㟇 2008 ᑈϞञᑈⱘ 25.8%DŽ㗗ᆳᄷᑺ๲䗳ⱘϡৠˈҙҙᇍᇥ᭄㸠Ϯ੠݀ৌ᳝
খ㗗ᛣНDŽ

2008 ᑈ 9 ᳜ 9 ᮹ 2
 亳ક佂᭭㸠Ϯ 2008 ᑈ 9 ᳜䎳䏾᡹ਞ

೒ 2˖2008 ᑈϞञᑈ亳ક佂᭭݀ৌ↯߽⥛੠‫⥛߽ޔ‬๲ࡴⱘᬷ⚍೒

20%
‫⥛߽ޔ‬๲ࡴⱒߚ⚍᭄
㣙ৄ
15% 㗕な

10% ∈ѩഞ

5%
ᓴ㺩
- Ѩ㊂⎆
➩ସ 䴆䴆
- 䞥ᵿ 0% -
- ঠ∛ 䴦ସ
-4% -2% 0% 2% Ӟ߽ 4% 6% 8%

-5% - ᅝ⧾
↯߽⥛๲ࡴⱒߚ⚍᭄

- ≒䜦 -10%

-15%

䌘᭭ᴹ⑤˖Ёֵ䆕ࠌⷨお䚼

೒ 3˖2008 ᑈ 1 ᄷᑺ੠ 2 ᄷᑺ䫔ଂᬊܹ๲䗳↨䕗

200.0%

150.0%

100.0%

50.0%

0.0%

-50.0%

-100.0%
䌉Ꮂ㣙ৄ

⋌Ꮂ㗕な

Ѩ㊂⎆

ቅ㽓≒䜦

∈ѩഞ

ᓴ㺩A

ঠ∛থሩ

䴦ቯସ䜦

➩Ҁସ䜦

ᅝ⧾䝉↡

㄀ϔ亳ક

ᡓᖋ䴆䴆

Ӟ߽㙵ӑ

1Q 2Q

䌘᭭ᴹ⑤˖Ёֵ䆕ࠌⷨお䚼

ⱑ䜦˖⫼Ϯ㒽Ў催Ԅؐℷৡ

2008 ᑈϞञᑈপᕫ䕗དⱘ๲䭓
2008 ᑈϞञᑈЏ㽕ⱑ䜦ӕϮᅲ⦄њ䕗དⱘ๲䭓ˈ೼ᬊܹ๲䭓ᮍ䴶ˈ㣙ৄ੠
㗕なⱘᬊܹ䛑䍙䖛њ 60ˁⱘ๲䭓ˈѨ㊂⎆ᬊܹ๲䭓 6ˁˈ∈ѩഞᬊܹ๲䭓 13%DŽ

৘Ͼ݀ৌᦤӋ੠ѻક㒧ᵘ䇗ᭈᏺࡼⲜ߽㛑࡯ᦤ催DŽᇸ݊ᰃ䌉Ꮂ㣙ৄˈ㓐ড়
↯߽⥛䖒ࠄњ 90ˁҹϞ˗೼↯߽⥛ᦤछ੠ㅵ⧚ᬜ⥛ᬍ䖯ⱘᏺࡼϟˈ䰸ቅ㽓≒䜦
໪ˈ঺໪ಯᆊⱘ‫⥛߽ޔ‬䛑ᕫࠄњ໻ᐙᦤछˈ䖭гヺড়៥ӀПࠡᇍⱑ䜦㸠Ϯথሩ
ⱘ߸ᮁDŽ

2008 ᑈ 9 ᳜ 9 ᮹ 3
 亳ક佂᭭㸠Ϯ 2008 ᑈ 9 ᳜䎳䏾᡹ਞ

㸼 2˖Џ㽕ⱑ䜦ӕϮ 2008 ᑈϞञᑈ㒣㧹ᚙ‫ߚމ‬ᵤ

䆕ࠌㅔ⿄ 䌉Ꮂ㣙ৄ Ѩ㊂⎆ ⋌Ꮂ㗕な ቅ㽓≒䜦 ∈ѩഞ

ऩԡ˖ғ‫ܗ‬ 1H2007 1H2008 1H2007 1H2008 1H2007 1H2008 1H2007 1H2008 1H2007 1H2008

ϔǃ㧹Ϯᘏᬊܹ 26.29 46.20 43.43 45.97 12.94 21.10 9.49 5.88 4.85 5.47
㧹Ϯ៤ᴀ 3.89 4.42 17.26 19.10 5.42 7.43 2.08 1.41 1.27 1.10
㧹Ϯ⿢䞥ঞ䰘ࡴ 2.92 3.70 3.16 3.15 0.88 1.42 1.46 0.99 0.52 0.58
䫔ଂ䌍⫼ 3.44 3.42 3.65 4.12 1.78 2.42 1.88 1.61 0.91 1.09
ㅵ⧚䌍⫼ 2.78 3.70 2.78 2.95 0.72 1.02 0.48 0.59 0.48 0.46
䋶ࡵ䌍⫼ -0.33 -0.46 -0.36 -0.75 -0.04 0.00 -0.02 0.01 0.01 -0.00
䌘ѻ‫ؐޣ‬ᤳ༅ 0.01 -0.01 0.00 -0.01 0.15 0.01 0.02 0.02 -0.01 0.10
ϝǃ݊Ҫ㒣㧹ᬊⲞ
ᡩ䌘‫ޔ‬ᬊⲞ 0.01 0.01 0.00 -0.01 0.01 1.26 0.00 0.00 0.12 0.08
ಯǃ㧹Ϯ߽⍺ 13.59 31.44 16.94 17.41 4.03 10.05 3.59 1.25 1.78 2.23
ࡴ˖㧹Ϯ໪ᬊܹ 0.02 0.01 0.11 0.01 0.01 0.02 0.01 0.00 0.00 0.02
‫˖ޣ‬㧹Ϯ໪ᬃߎ 0.00 0.10 -0.02 0.30 0.01 0.28 0.10 0.15 0.00 0.10
Ѩǃ߽⍺ᘏ乱 13.61 31.36 17.07 17.12 4.03 9.80 3.50 1.11 1.78 2.14
‫˖ޣ‬᠔ᕫ⿢ 4.67 7.84 5.62 4.04 1.49 2.39 1.16 0.38 1.09 0.79
݁ǃ‫߽ޔ‬⍺ 8.94 23.52 11.45 13.08 2.54 7.41 2.34 0.72 0.69 1.35
‫˖ޣ‬ᇥ᭄㙵ϰᤳⲞ 0.44 1.12 0.01 0.12 -0.00 -0.00 0.40 0.10 0.01 0.01
ᔦሲѢ↡݀ৌ᠔᳝㗙ⱘ
8.50 22.40 11.44 12.96 2.54 7.41 1.95 0.62 0.68 1.34
‫߽ޔ‬⍺
ϗǃ↣㙵ᬊⲞ˖
(ϔ) ෎ᴀ↣㙵ᬊⲞ(‫)ܗ‬ 0.90 2.37 0.30 0.34 0.29 0.53 0.45 0.14 0.14 0.27
(Ѡ) ⿔䞞↣㙵ᬊⲞ(‫)ܗ‬ 0.90 2.37 0.30 0.34 0.29 0.53 0.45 0.14 0.14 0.27
䆕ࠌㅔ⿄ 䌉Ꮂ㣙ৄ Ѩ㊂⎆ ⋌Ꮂ㗕な ቅ㽓≒䜦 ∈ѩഞ
ऩԡ˖% 1H2007 1H2008 1H2007 1H2008 1H2007 1H2008 1H2007 1H2008 1H2007 1H2008
䫔ଂᬊܹ๲䭓⥛ 76% 6% 63% -38% 13%
㧹Ϯ៤ᴀ๲䭓⥛ 14% 11% 37% -32% -13%
㧹Ϯ߽⍺๲䭓⥛ 131.4% 2.7% 149.3% -65.2% 25.0%
‫߽ޔ‬⍺๲䭓⥛ 163.6% 13.2% 191.7% -68.2% 97.5%
↯߽⥛˄%˅ 85.2% 90.4% 60.3% 58.5% 58.1% 64.8% 78.1% 76.1% 73.9% 79.9%
Џ㧹Ϯࡵ߽⍺⥛˄%) 74.1% 82.4% 53.0% 51.6% 51.3% 58.0% 62.8% 59.2% 63.1% 69.3%
䫔ଂ䌍⫼⥛˄%˅ 13.1% 7.4% 8.4% 9.0% 13.7% 11.5% 19.8% 27.5% 18.8% 20.0%
ㅵ⧚䌍⫼⥛˄%˅ 10.6% 8.0% 6.4% 6.4% 5.6% 4.9% 5.1% 10.0% 10.0% 8.3%
‫˄⥛߽ޔ‬%˅ 32.3% 48.5% 26.4% 28.2% 19.6% 35.1% 20.5% 10.5% 13.9% 24.4%
䌘᭭ᴹ⑤˖Ёֵ䆕ࠌⷨお䚼

Ң݀ৌⱘথሩᴹⳟˈᓩ䍋໻ᆊ݇⊼䕗໮ⱘህᰃ䌉Ꮂ㣙ৄ乘ᬊ䋺ℒⱘ⹂䅸ˈ
ᕜ໮Ҏ䅸Ў乘ᬊ䋺ℒⱘᄬ೼ህֱ䆕њ݀ৌ᳾ᴹϮ㒽ⱘ๲䭓DŽ㗠៥Ӏ䅸Ўˈ乘ᬊ
䋺ℒⱘ⹂䅸ˈᰃ݀ৌ㒣㧹ᬓㄪⱘϔϾᬍবDŽ㄀ϔˈेՓᰃএᥝᔧᳳ݀ৌ⹂䅸ⱘ
乘ᬊ䋺ℒˈ݀ৌⱘ‫߽ޔ‬⍺๲䭓 114ˁˈᅲ⦄ⱘ EPS ᳝ 1.93 ‫ˈܗ‬гᰃ䍙ߎᏖഎ乘
ᳳⱘDŽ㄀ѠˈҢ݀ৌ᳾ᴹⱘᦤӋぎ䯈੠䫔䞣๲䭓ᴹⳟˈֱ䆕᳾ᴹⱘϮ㒽〇ᅮ๲
䭓гᰃ≵䯂乬ⱘ˄䆺㒚ߚᵤ䇋㾕៥ӀПࠡথߎⱘ᡹ਞlj䌉Ꮂ㣙ৄ˖ЁᳳϮ㒽䍙
乘ᳳˈ᳾ᴹ๲䭓ৃᣕ㓁NJ˅DŽ

঺໪ˈ݊ҪᑨҬℒⱘ๲ࡴ䇈ᯢњ݀ৌ੠㒣䫔ଚ݇㋏ⱘ㋻ᆚ⿟ᑺ೼ࡴᔎDŽ㱑✊
݀ৌⱘ乘ᬊ䋺ℒ໻ᐙ‫ޣ‬ᇥˈ៥Ӏгⳟࠄ݀ৌ䆄ܹ݊ҪᑨҬℒⱘ㒣䫔ଚⱘֱ䆕䞥੠
ᢐ䞥໻ᐙ๲ࡴˈᏆ㒣Ңᳳ߱ⱘ 4 ғ‫ܗ‬๲ࡴ㟇ᴀᳳⱘ 6.3 ғ‫݊ˈܗ‬ЁҙࣙᣀᑨҬ㒭
䲚ԧ݀ৌⱘ 0.7 ғ‫ֱˈܗ‬䆕䞥ⱘ๲ࡴˈ䇈ᯢњ݀ৌ੠㒣䫔ଚⱘ݇㋏೼ࡴᔎDŽ

2008 ᑈ 9 ᳜ 9 ᮹ 4
 亳ક佂᭭㸠Ϯ 2008 ᑈ 9 ᳜䎳䏾᡹ਞ

㸠Ϯথሩձ✊ⳟད
ᇍѢⱑ䜦㸠Ϯⱘথሩˈ៥Ӏ᳈ⳟЁⱘᰃᦤӋ੠ѻક㒧ᵘⱘ䇗ᭈDŽ೼ᦤӋ੠
㒧ᵘ䇗ᭈⱘ䖛⿟Ёˈ啭༈݀ৌ‫݋‬໛Ӭ࢓ˈৃҹ㦋ᕫ䍙䖛㸠Ϯথሩ䗳ᑺⱘথሩˈ
಴ℸৃҹֱᣕ〇ᅮⱘⲜ߽㛑࡯Ϣᬊܹ๲䭓ˈᰃؐᕫ䭓ᳳᢹ᳝ⱘ݀ৌDŽ䖭Ͼ㾖⚍
೼៥ӀПࠡⱘ㋏߫᡹ਞЁᏆ㒣᳝䆺㒚ⱘ䆎䗄ˈ೼ℸህϡ䌬䗄DŽ

㨵㧘䜦˖ક⠠ӕϮᏺ乚㸠Ϯ៤䭓
2008 ᑈ 7 ᳜ˈ㨵㧘䜦㸠Ϯᅲ⦄ѻ䞣 4.57 ϛৼˈৠ↨๲䭓 45%˗2008 ᑈࠡ
7 Ͼ᳜㌃䅵ᅲ⦄ѻ䞣 50.7 ϛৼˈ㌃䅵๲䭓 66%DŽ㨵㧘䜦㸠Ϯⱘᖿ䗳๲䭓ヺড়៥
ӀПࠡⱘ乘ᳳDŽ

೒ 4˖2008 ᑈࠡϗϾ᳜㨵㧘䜦ѻ䞣Ϣ๲䗳
100000 140
120
80000
100
60000 80

40000 60
40
20000
20
0 0
           
ᑈ㨵㧘䜦ѻ䞣 ᑈ㨵㧘䜦ѻ䞣 ৠ↨๲䗳

䌘᭭ᴹ⑤˖Ёֵ䆕ࠌⷨお䚼

啭༈ӕϮᓴ㺩Ϟञᑈপᕫ㡃དⱘ㒣㧹Ϯ㒽ˈ೼ᓩ乚㸠Ϯথሩᮍ䴶᳝ϸ⚍↨
䕗さߎˈ㄀ϔᰃᦤӋৢ䫔䞣ֱᣕ〇ᅮ๲䭓ˈ㄀Ѡᰃѻક㒧ᵘ৥Ё催ḷᮍ৥থሩ
ᯢᰒDŽ䖭⾡থሩⱘᗕ࢓᳝⚍㉏ԐѢࠡ޴ᑈⱑ䜦㸠ϮⱘথሩDŽ

ᦤӋ乎߽䖯㸠
2008 ᑈ 2 ᳜݀ৌᡞ㾷ⱒ㒇ᦤӋ 15ˁˈ䜦ᑘ䜦ᦤӋ 15%ˈֱ‫ع‬䜦ᦤӋ 20ˁDŽ
ᦤӋৢˈᑊ䗮䖛৥㒣䫔ଚᬊপሹ㑺ֱ䆕䞥ǃᏖഎᓔᢧֱ䆕䞥ㄝᮍᓣࡴᔎᇍ㒣䫔
ଚⱘㅵ⧚ˈֱ䆕њѻકӋḐⱘ〇ᅮˈՓᕫᦤӋ乎߽䖯㸠DŽᴀᳳ݀ৌᬊপⱘֱ䆕
䞥䖒ࠄ 1.9 ғ‫↨ˈܗ‬ᳳ߱๲䭓 3.2 ‫ס‬DŽ

㒧ᵘ䇗ᭈ㒻㓁᥼䖯
催ḷѻકᓴ㺩gवᮃ⡍䜦ᑘ䜦ǃЁḷѻકĀ㾷ⱒ㒇āᰃ݀ৌ᳔䖥޴ᑈҹᴹ
ⱘ߽⍺䋵⤂Џ࡯ˈᦤ催䖭ϸϾѻકⱘӋḐ੠䫔䞣ᰃ݀ৌ䖯㸠ѻક㒧ᵘ䇗ᭈⱘЏ
㽕‫ݙ‬ᆍDŽ2008 ᑈϞञᑈˈ݀ৌⱘ䜦ᑘ䜦੠㾷ⱒ㒇ѻકձ✊ֱᣕњ䕗ᖿⱘ๲䭓䗳
ᑺˈ݊Ё䜦ᑘ䜦๲䭓 52ˁˈ㾷ⱒ㒇๲䭓 26ˁˈ䖭ϸϾѻક䫔䞣㱑✊াऴᘏ䫔
䞣ⱘ 21ˁˈैऴࠄᘏ䫔ଂᬊܹⱘ 52ˁˈ៤Ў 2008 ᑈϞञᑈ݀ৌ߽⍺䋵⤂ⱘЏ
㽕ᴹ⑤DŽ

2008 ᑈ 9 ᳜ 9 ᮹ 5
 亳ક佂᭭㸠Ϯ 2008 ᑈ 9 ᳜䎳䏾᡹ਞ

㸼 3˖ᓴ㺩 2008 ᑈϞञᑈЁ催ッѻકⱘ๲䭓ᚙ‫މ‬

1H2007 1H2008 ႙‫׶‬ 䫔䞣ऴ↨ ᬊܹऴ↨

䜦ᑘ䜦˄ৼ) 836 1270 51.9% 2.21% 14%

㾷ⱒ㒇˄ৼ˅ 8670 10930 26.07% 18.98% 38%
ড়䅵 9506 12200 28% 21.19% 51.66%
䌘᭭ᴹ⑤˖Ёֵ䆕ࠌⷨお䚼

ѻક㒧ᵘ䇗ᭈ੠ᦤӋᏺࡼ݀ৌ↯߽⥛๲ࡴ 2.35 Ͼⱒߚ⚍ˈ⬅এᑈৠᳳⱘ

67.59%Ϟछ㟇ᴀᳳⱘ 69.94%DŽ‫ᦤ⥛߽ޔ‬छњ 2.9 Ͼⱒߚ⚍DŽ

㸼 4˖ᓴ㺩 2008 ᑈϞञᑈ㒣㧹ᚙ‫ߚމ‬ᵤ

ऩԡ˖ғ‫ܗ‬ 1H2007 1H2008 ऩԡ˖ˁ 1H2007 1H2008

ϔǃ㧹Ϯᘏᬊܹ 14.39 18.21 䫔ଂᬊܹ๲䭓⥛ 27%

㧹Ϯ៤ᴀ 4.66 5.48 㧹Ϯ៤ᴀ๲䭓⥛ 17%
㧹Ϯ⿢䞥ঞ䰘ࡴ 1.05 1.26 㧹Ϯ߽⍺๲䭓⥛ 35.1%
䫔ଂ䌍⫼ 3.94 5.43 ‫߽ޔ‬⍺๲䭓⥛ 46.0%
ㅵ⧚䌍⫼ 1.03 1.10 ↯߽⥛˄ˁ˅ 67.6% 69.9%
䋶ࡵ䌍⫼ -0.11 -0.20 Џ㧹Ϯࡵ߽⍺⥛˄%) 60.3% 63.0%
䌘ѻ‫ؐޣ‬ᤳ༅ -0.00 0.00 䫔ଂ䌍⫼⥛˄ˁ˅ 27.4% 29.8%
ಯǃ㧹Ϯ߽⍺ 3.82 5.16 ㅵ⧚䌍⫼⥛˄ˁ˅ 7.2% 6.0%
ࡴ˖㧹Ϯ໪ᬊܹ 0.00 0.03 ‫˄⥛߽ޔ‬ˁ˅ 19.0% 21.9%
‫˖ޣ‬㧹Ϯ໪ᬃߎ 0.00 0.03
݊Ё˖䴲⌕ࡼ䌘ѻ໘㕂‫ޔ‬ᤳ༅ 0.00 0.00
Ѩǃ߽⍺ᘏ乱 3.82 5.16
‫˖ޣ‬᠔ᕫ⿢ 1.08 1.14
݁ǃ‫߽ޔ‬⍺ 2.73 4.02
‫˖ޣ‬ᇥ᭄㙵ϰᤳⲞ 0.00 0.03
ᔦሲѢ↡݀ৌ᠔᳝㗙ⱘ‫߽ޔ‬⍺ 2.73 3.99
ϗǃ↣㙵ᬊⲞ˖
(ϔ) ෎ᴀ↣㙵ᬊⲞ(‫)ܗ‬ 0.52 0.76
(Ѡ) ⿔䞞↣㙵ᬊⲞ(‫)ܗ‬ 0.52 0.76
䌘᭭ᴹ⑤˖Ёֵ䆕ࠌⷨお䚼

ସ䜦˖啭༈ӕϮᦤӋǃѻક㒧ᵘ䇗ᭈֱ߽⍺๲䭓
2008 ᑈ 7 ᳜ˈସ䜦㸠Ϯᅲ⦄ѻ䞣 491 ϛৼˈৠ↨๲䭓 9.8%ˈ2008 ᑈࠡϗ
Ͼ᳜㌃䅵ᅲ⦄ѻ䞣 2450 ϛৼˈৠ↨๲䭓 6%DŽҢऩ᳜ⱘ๲䗳ᴹⳟˈѨ᳜ӑ䫔䞣
๲䭓 0.9ˁˈ䖯ܹ䫔ଂᯎᄷৢˈ᳜݁ǃϗ᳜ⱘ䫔䞣๲䗳ߚ߿䖒ࠄњ 3.6%੠ 9.8%ˈ
䖭ϔᮍ䴶ᰃϞञᑈ໽⇨‫ޝ‬⠑ᇍସ䜦⍜䌍ⱘᕅડˈ঺ϔᮍ䴶гড᯴Ⳍᇍᬊܹ๲䭓
㓧᜶ⱘ㚠᱃ϟˈሙ⇥ᇍସ䜦⍜䌍乥⥛ⱘ‫ޣ‬ᇥDŽ

2008 ᑈ 9 ᳜ 9 ᮹ 6
 亳ક佂᭭㸠Ϯ 2008 ᑈ 9 ᳜䎳䏾᡹ਞ

೒ 5˖2008 ᑈସ䜦ѻ䫔䞣๲䗳໻ᐙ䰡Ԣ ˄ऩԡ˖ϛৼˈ%˅

600 30
500 25
400 20
15
300
10
200 5
100 0
0 -5
           

ᑈସ䜦ѻ䞣 ᑈସ䜦ѻ䞣 ৠ↨๲䗳

䌘᭭ᴹ⑤˖Ёֵ䆕ࠌⷨお䚼

Ң䫔䞣ᴹⳟˈϸϾ啭༈݀ৌϞञᑈ๲䗳ߚ߿Ў 6ˁ੠ 5ˁˈ੠㸠Ϯֱᣕৠ

ℹˈ೼ߚᄷᑺ᭄᥂ᴹⳟˈ➩Ҁସ䜦㄀Ѡᄷᑺ䫔䞣๲䭓 4.25%ˈ㗠䴦ቯସ䜦㄀Ѡ
ᄷᑺ‫ޣ‬ᇥ 2.9%DŽ೼㸠Ϯ៤ᴀय़࡯Ꮌ໻ⱘᚙ‫މ‬ϟˈϸϾ啭༈݀ৌϮ㒽ᰃབԩֱᣕ
๲䭓ⱘਸ਼˛

㸼 5˖2008 ᑈϞञᑈЏ㽕ସ䜦݀ৌ㒣㧹ᚙ‫މ‬ᇍ↨
➩Ҁସ䜦 1H2007 1H2008 YoY 1Q2007 1Q2008 2Q2007 2Q2008 1QYOY 2Q YOY
ᘏ䫔ଂ䞣˄ϛगछ˅ 183 194 6.0% 67.89 74 115.11 120 9.0% 4.25%
䫔ଂᬊܹ˄ϛ‫˅ܗ‬ 342707 383,713 12.0% 146918 171041 195789 212672 16.4% 8.62%
‫߽ޔ‬⍺˄ϛ‫˅ܗ‬ 19345 25,464 31.6% 1590 2090 17755 23374 31.4% 31.65%
गछ䜦ӋḐ˄‫ܗ‬/गछ˅ 1,873 1,978 5.6% 2,164 2,311 1,701 1,772 6.8% 4.20%
ऩԡ‫߽ޔ‬⍺ 105.71 131.26 24.2% 23.42 28.24 154.24 194.78 20.6% 26.28%

䴦ቯସ䜦 1H2007 1H2008 YoY 1Q2007 1Q2008 2Q2007 2Q2008 1QYOY 2Q YOY
ᘏ䫔ଂ䞣˄ϛगछ˅ 255.9 268.6 5.0% 97.5 114.8 158.4 153.8 17.7% -2.90%
䫔ଂᬊܹ˄ϛ‫˅ܗ‬ 673,944 779,067 15.6% 285645 358289 388299 420778 25.4% 8.36%
‫߽ޔ‬⍺˄ϛ‫˅ܗ‬ 36,681 38,112 3.9% 4093 12964 32588 25148 216.7% -22.83%
गछ䜦ӋḐ˄‫ܗ‬/गछ˅ 2,634 2,900 10.1% 4,093 3,121 2451.4 2735.9 -23.7% 11.61%
ऩԡ‫߽ޔ‬⍺ 143.34 141.89 -1.0% 41.98 112.93 205.7 163.5 169.0% -20.52%
 1H2007 1H2008 1Q2007 1Q2008
䴦ቯସ䜦Џક⠠˄ϛगछ˅ 90.9 111 37.4 49.3
ऴ↨ ˄ˁ˅ 36% 41% 38% 43%
ࠡಯ໻ક⠠˄ϛगछ˅ 190.4 248 75.7 103.9
ऴ↨ ˄ˁ˅ 74% 92% 78% 91%
䌘᭭ᴹ⑤˖Ёֵ䆕ࠌⷨお䚼

➩Ҁସ䜦˖䫔ଂӋḐᦤ催ֱ䆕↯߽
ህ៥Ӏ䇗ⷨᕫࠄⱘֵᙃᴹⳟˈ2007 ᑈ 12 ᳜ 18 ᮹➩Ҁସ䜦೼࣫Ҁഄऎ䞛প
ᦤӋ᥾ᮑˈ↣ㆅସ䜦ⱘӋḐҢ 32 ‫ᦤܗ‬催ࠄ 34 ‫˗ܗ‬ৠᯊˈ䫔ଂᬓㄪϞг᳝᠔ᬍ
বˈপ⍜ॳᴹ↣ㆅ༪ࢅ 3 ⫊䜦ⱘᬓㄪDŽ‫ࡴݡ‬Ϟ݊ҪӬ࢓ऎඳⱘᦤӋˈ݀ৌৼ䜦
䫔ଂӋḐϞछ 5.6%ˈֱ䆕њ↯߽⥛ⱘ〇ᅮDŽৠᯊֱ䆕њ݀ৌৼ䜦Ⲝ߽㛑࡯ⱘᦤ
छDŽ

2008 ᑈ 9 ᳜ 9 ᮹ 7
 亳ક佂᭭㸠Ϯ 2008 ᑈ 9 ᳜䎳䏾᡹ਞ

䴦ቯସ䜦˖ѻક㒧ᵘ䇗ᭈᯢᰒ
2008 ᑈϞञᑈ݀ৌ催ḷ㒃⫳ǃᇣ⫊ঞ਀㺙ସ䜦๲䗳䛑೼ 20ˁҹϞˈ催Ѣ
ᘏ䫔ଂ䞣 5ˁⱘ๲䗳˗㗠ϨЏક⠠䴦ቯସ䜦ऴᘏ䫔䞣ⱘ↨䞡䖒ࠄ 41ˁˈࠡಯ໻
Џક⠠ऴࠄᘏ䫔䞣ⱘ 92ˁˈѻક㒧ᵘ䇗ᭈᯢᰒDŽѻક㒧ᵘ䇗ᭈᏺࡼ݀ৌৼ䜦Ӌ
ḐϞछ 10ˁˈՓ݀ৌ‫ܟ‬᳡њ៤ᴀϞछⱘय़࡯ˈᑊϨՓᕫ↯߽⥛ᖂछ 0.65 Ͼⱒ
ߚ⚍DŽϡ䖛ˈ಴Ўࠡಯ໻ક⠠ऴᘏ䫔䞣↨䞡Ꮖ㒣䖒ࠄ 92ˁˈѻક㒧ᵘ䇗ᭈᏺࡼ
Ⲝ߽ᦤ催ⱘぎ䯈Ꮖ㒣ϡ໻DŽ

㸼 6˖2008 ᑈϞञᑈ䞡⚍ସ䜦݀ৌ㒣㧹ᚙ‫ߚމ‬ᵤ
䆕ࠌㅔ⿄ 䴦ቯସ䜦 ➩Ҁସ䜦

ऩԡ˖ғ‫ܗ‬ 1H2007 1H2008 1H2007 1H2008

ϔǃ㧹Ϯᘏᬊܹ 68.34 79.04 37.84 41.14

㧹Ϯ៤ᴀ 40.23 46.70 23.46 25.42
㧹Ϯ⿢䞥ঞ䰘ࡴ 6.66 7.05 4.57 4.34
䫔ଂ䌍⫼ 13.36 16.10 3.92 4.13
ㅵ⧚䌍⫼ 2.46 3.59 2.76 2.99
䋶ࡵ䌍⫼ 0.05 0.15 0.31 0.65
䌘ѻ‫ؐޣ‬ᤳ༅ 0.53 0.02 0.04 0.00
ϝǃ݊Ҫ㒣㧹ᬊⲞ
݀‫ܕ‬Ӌؐবࡼ‫ޔ‬ᬊⲞ -0.03 0.03 0.00 0.00
ᡩ䌘‫ޔ‬ᬊⲞ 0.02 -0.03 -0.00 -0.00
ಯǃ㧹Ϯ߽⍺ 5.04 5.43 2.78 3.60
ࡴ˖㧹Ϯ໪ᬊܹ 0.49 0.77 0.10 0.14
‫˖ޣ‬㧹Ϯ໪ᬃߎ 0.06 0.25 0.07 0.07
݊Ё˖䴲⌕ࡼ䌘ѻ໘㕂‫ޔ‬ᤳ༅ 0.02 0.08 0.02 0.01
Ѩǃ߽⍺ᘏ乱 5.46 5.96 2.81 3.67
‫˖ޣ‬᠔ᕫ⿢ 1.44 1.91 0.53 0.73
݁ǃ‫߽ޔ‬⍺ 4.02 4.06 2.28 2.94
‫˖ޣ‬ᇥ᭄㙵ϰᤳⲞ 0.35 0.24 0.35 0.40
ᔦሲѢ↡݀ৌ᠔᳝㗙ⱘ‫߽ޔ‬⍺ 3.67 3.81 1.93 2.55
ϗǃ↣㙵ᬊⲞ˖
(ϔ) ෎ᴀ↣㙵ᬊⲞ(‫)ܗ‬ 0.28 0.29 0.18 0.23
(Ѡ) ⿔䞞↣㙵ᬊⲞ(‫)ܗ‬ 0.28 0.29 0.18 0.23

䆕ࠌㅔ⿄ 䴦ቯସ䜦 ➩Ҁସ䜦

ऩԡ˖ˁ 1H2007 1H2008 1H2007 1H2008

䫔ଂᬊܹ๲䭓⥛ 16% 9%
㧹Ϯ៤ᴀ๲䭓⥛ 16% 8%
㧹Ϯ߽⍺๲䭓⥛ 7.9% 29.6%
‫߽ޔ‬⍺๲䭓⥛ 3.9% 31.6%
↯߽⥛˄ˁ˅ 41.1% 40.9% 38.0% 38.2%
Џ㧹Ϯࡵ߽⍺⥛˄%) 31.4% 32.0% 25.9% 27.7%
䫔ଂ䌍⫼⥛˄ˁ˅ 19.6% 20.4% 10.4% 10.0%
ㅵ⧚䌍⫼⥛˄ˁ˅ 3.6% 4.5% 7.3% 7.3%
‫˄⥛߽ޔ‬ˁ˅ 5.4% 4.8% 5.1% 6.2%
䌘᭭ᴹ⑤˖Ёֵ䆕ࠌⷨお䚼

2008 ᑈ 9 ᳜ 9 ᮹ 8
 亳ક佂᭭㸠Ϯ 2008 ᑈ 9 ᳜䎳䏾᡹ਞ

㙝ࠊક˖⣾Ӌϟ䎠ᏺᴹᡩ䌘ᴎӮ

⣾㙝ӋḐⱘϞ⍼㒭㙝ࠊકᏺᴹ䕗໻ⱘ៤ᴀय़࡯
2008 ᑈϞञᑈ⫳⣾ᬊ䌁ӋḐ↨এᑈৠᳳ๲䭓 68ˁˈ⣾㙝ӋḐৠᳳ⍼ᐙЎ
64ˁDŽ೼㙝ࠊકЁˈ⣾㙝៤ᴀऴࠄњᘏ៤ᴀⱘ 58%ˈ↨এᑈৠᳳᦤ催њ 4 Ͼⱒ
ߚ⚍DŽ⫳⣾ᬊ䌁ӋḐⱘϞछⳈ᥹ᏺࡼњ㙝ࠊક⫳ѻ៤ᴀⱘϞछˈ㗠催⏽㙝ࠊક
ⱘӋḐ䕀⿏㛑࡯Ꮒˈᇐ㟈њӕϮⲜ߽㛑࡯᳝᠔ϟ䰡DŽབᵰҢ↣ৼⲜ߽ⱘ㒱ᇍ乱
ᴹⳟˈ2008 ᑈ 1 ᄷᑺˈ㙝ࠊકⱘⲜ߽᳒㒣䰡Ԣࠄњ 300 ‫ܗ‬/ৼ˄⿢߽ࠡ⍺˅DŽ

೒ 6˖⫳⣾ᬊ䌁ӋḐ↨এᑈৠᳳ๲䭓 68ˁ ೒ 7˖⣾㙝ӋḐ↨এᑈৠᳳ๲䭓 64ˁ

 
 
 
 
 
 
 
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䌘᭭ᴹ⑤˖Ёֵ䆕ࠌⷨお䚼 䌘᭭ᴹ⑤˖Ёֵ䆕ࠌⷨお䚼

㸼 7˖2008 ᑈϞञᑈঠ∛催Ԣ⏽㙝ࠊક៤ᴀᵘ៤বࡼ
 乍Ⳃ 1Q2007 1Q2008

⣾㙝 54% 58%
䕙᭭ 17% 16%
ࠊ䗴ҎᎹ 7% 6%
ࣙ㺙 22% 20%
䌘᭭ᴹ⑤˖Ёֵ䆕ࠌⷨお䚼

೼⣾㙝ӋḐⱘᖿ䗳๲䭓ϟˈঠ∛䫔ଂᬊܹᅲ⦄њᖿ䗳๲䭓DŽ㱑✊ሴᆄ䞣ϟ
䰡њ 7.9%ˈԚᰃ⫳剰‫ޏ‬㙝ⱘᬊܹै๲䭓њ 59ˁ˗催⏽㙝ࠊકѻ䞣㱑✊ϟ䰡њ
10ˁˈԚᰃᬊܹैձ✊๲䭓њ 25ˁˈ䖭ড᯴њ⣾㙝ӋḐϞ⍼ᏺᴹⱘᬜᑨDŽ

㸼 8˖ঠ∛থሩ 2008 ᑈϞञᑈ㒣㧹ᚙ‫˄މ‬㙝ࠊક䞣ϡࣙᣀҷ䫔䲚ಶ݀ৌⱘ䞣ˈᬊܹࣙᣀ˅

1H2007 1H2008

䲚ಶᘏሴᆄ䞣˄ϛ༈˅ 420
㙵ӑ݀ৌሴᆄ䞣˄ϛ༈˅ 172.68 159 -7.9%
㙵ӑ݀ৌ⫳ѻ㙝ࠊક˄ϛৼ˅ 40.02 40.39 0.92%
݊Ё˖ 催⏽㙝ࠊક 32.15 28.9 -10.10%
Ԣ⏽㙝ࠊક 8.17 11.49 40.67%
䫔ଂᬊܹ˄ϛ‫˅ܗ‬
催⏽㙝ࠊક 342,496.48 430,176.74 25.6%
Ԣ⏽㙝ࠊક 179,995.34 263,924.66 46.6%
⫳剰‫ޏ‬㙝 326,965.83 520,668.40 59.2%
䌘᭭ᴹ⑤˖Ёֵ䆕ࠌⷨお䚼

2008 ᑈ 9 ᳜ 9 ᮹ 9
 亳ક佂᭭㸠Ϯ 2008 ᑈ 9 ᳜䎳䏾᡹ਞ

⣾㙝ӋḐϟ䎠๲ᔎ㙝ࠊકⱘⲜ߽㛑࡯
៥ӀҢϸϾᮍ䴶ᴹߚᵤ݀ৌѠᄷᑺⲜ߽㛑࡯ᦤछˈ㄀ϔϾᮍ䴶ᰃҢৼѻક
ⱘⲜ߽乱ᴹⳟˈ㄀ѠᰃҢᘏԧⱘ↯߽⥛ব࣪ᴹⳟDŽ

佪‫ܜ‬ҢৼѻકⱘⲜ߽乱ᴹⳟˈ㄀ѠᄷᑺᏆ㒣ᘶ໡ࠄ 2007 ᑈϞञᑈⱘ∈ᑇDŽ

Ң 2008 ᑈѠᄷᑺᓔྟˈ⫳⣾ᬊ䌁ӋḐ੠⣾㙝ӋḐᭈԧҢ催ԡಲ㨑ˈ៾㟇 2008
ᑈ 7 ᳜߱ˈ⫳⣾ᬊ䌁ӋḐ੠⣾㙝ӋḐ䛑Ꮖ㒣ಲ㨑 8ˁᎺেˈӋḐⱘ䰡Ԣ㓧㾷њ
㙝ࠊક㸠Ϯⱘ៤ᴀय़࡯ˈ᳝࡯ഄᦤ催њ㙝ࠊકⱘⲜ߽㛑࡯DŽࠄњ 2008 ᑈ㄀Ѡ
ᄷᑺˈ㙝ࠊકⱘৼⲜ߽Ꮖ㒣⬅ 2008 ᑈ 1 ᄷᑺⱘ 300 ‫ܗ‬Ϟछ㟇 500-800 ‫ˈܗ‬㗠ࠄ
њ 2008 ᑈⱘ 8 ᳜ӑˈ催⏽㙝ࠊકⱘⲜ߽㛑࡯Ꮖ㒣䖒ࠄњ 800 ‫ˈܗ‬᳝ⱘક⾡⫮
㟇䍙䖛 1000 ‫ˈܗ‬Ԣ⏽㙝ࠊક䛑೼ 1000 ‫ܗ‬ҹϞDŽ

݊⃵ˈѠᄷᑺ↯߽⥛↨ϔᄷᑺ᳝᠔ϞछDŽབᵰҢऩᄷᑺⱘ๲䭓ᴹⳟˈ៥Ӏ
гৃⳟࠄ䱣ⴔ⫳⣾ᬊ䌁ӋḐⱘϟ䰡ˈ݀ৌ↯߽⥛ᦤ催ⱘ䖛⿟DŽ㓐ড়↯߽⥛⬅
2008 ᑈ㄀ϔᄷᑺⱘ 7.66ˁˈϞछ㟇㄀Ѡᄷᑺⱘ 8.62%DŽ಴Ў㄀ϔᄷᑺ߽⍺≵᳝
๲䭓ˈ᠔ҹϞञᑈⱘ߽⍺๲䭓䛑ᰃձ䴴㄀Ѡᄷᑺᅲ⦄ⱘDŽ

㸼 9˖ঠ∛থሩ 2008 ᑈϞञᑈ㒣㧹ᚙ‫ߚމ‬ᵤ

ऩԡ˄ғ‫˅ܗ‬ 1H2007 1H2008 ऩԡ˄%˅ 1H2007 1H2008

ϔǃ㧹Ϯᘏᬊܹ 90.74 128.74 䫔ଂᬊܹ๲䭓⥛ 42%

㧹Ϯ៤ᴀ 81.56 118.27 㧹Ϯ៤ᴀ๲䭓⥛ 45%
㧹Ϯ⿢䞥ঞ䰘ࡴ 0.25 0.23 㧹Ϯ߽⍺๲䭓⥛ 12.4%
䫔ଂ䌍⫼ 4.54 4.78 ‫߽ޔ‬⍺๲䭓⥛ 16.9%
ㅵ⧚䌍⫼ 1.06 1.45 ↯߽⥛˄%˅ 10.1% 8.1%
䋶ࡵ䌍⫼ -0.04 -0.06 Џ㧹Ϯࡵ߽⍺⥛˄%) 9.8% 8.0%
䌘ѻ‫ؐޣ‬ᤳ༅ -0.02 0.10 䫔ଂ䌍⫼⥛˄%˅ 5.0% 3.7%
ϝǃ݊Ҫ㒣㧹ᬊⲞ ㅵ⧚䌍⫼⥛˄%˅ 1.2% 1.1%
ᡩ䌘‫ޔ‬ᬊⲞ 0.39 0.27 ‫˄⥛߽ޔ‬%˅ 2.6% 2.2%
ಯǃ㧹Ϯ߽⍺ 3.78 4.24
ࡴ˖㧹Ϯ໪ᬊܹ 0.08 0.08
‫˖ޣ‬㧹Ϯ໪ᬃߎ 0.04 0.08
݊Ё˖䴲⌕ࡼ䌘ѻ໘㕂‫ޔ‬ᤳ༅ 0.03 0.01
Ѩǃ߽⍺ᘏ乱 3.82 4.25
‫˖ޣ‬᠔ᕫ⿢ 0.94 0.96
݁ǃ‫߽ޔ‬⍺ 2.88 3.29
‫˖ޣ‬ᇥ᭄㙵ϰᤳⲞ 0.47 0.48
ᔦሲѢ↡݀ৌ᠔᳝㗙ⱘ‫߽ޔ‬⍺ 2.40 2.81
ϗǃ↣㙵ᬊⲞ˖
(ϔ) ෎ᴀ↣㙵ᬊⲞ(‫)ܗ‬ 0.40 0.46
(Ѡ) ⿔䞞↣㙵ᬊⲞ(‫)ܗ‬ 0.39 0.46
䌘᭭ᴹ⑤˖Ёֵ䆕ࠌⷨお䚼

2008 ᑈ 9 ᳜ 9 ᮹ 10
 亳ક佂᭭㸠Ϯ 2008 ᑈ 9 ᳜䎳䏾᡹ਞ

䰘ᔩ 1˖݊Ҫ䞡⚍䎳䏾݀ৌ 2008 ᑈϞञᑈ㒣㧹ᚙ‫މ‬ᇍ↨ߚᵤ

䆕ࠌㅔ⿄ ᅝ⧾䝉↡ ㄀ϔ亳ક ᡓᖋ䴆䴆 Ӟ߽㙵ӑ

ऩԡ˖ғ‫ܗ‬ 1H2007 1H2008 1H2007 1H2008 1H2007 1H2008 1H2007 1H2008

ϔǃ㧹Ϯᘏᬊܹ 4.83 6.22 26.26 32.98 8.25 9.07 93.54 115.11

㧹Ϯ៤ᴀ 3.24 4.17 21.68 28.05 6.18 6.36 68.07 81.47
㧹Ϯ⿢䞥ঞ䰘ࡴ 0.02 0.04 0.22 0.19 0.06 0.06 0.42 0.56
䫔ଂ䌍⫼ 0.52 0.75 2.05 2.39 1.12 1.35 19.49 25.88
ㅵ⧚䌍⫼ 0.28 0.30 0.85 0.88 0.20 0.37 2.45 5.45
䋶ࡵ䌍⫼ 0.10 0.20 0.21 0.32 0.07 0.04 0.19 -0.01
䌘ѻ‫ؐޣ‬ᤳ༅ -0.07 0.02 -0.01 -0.15 0.00 -0.00 0.05 0.27
ϝǃ݊Ҫ㒣㧹ᬊⲞ
݀‫ܕ‬Ӌؐবࡼ‫ޔ‬ᬊⲞ 0.02 -0.05 0.00 0.00 0.00 0.00 0.00 0.00
ᡩ䌘‫ޔ‬ᬊⲞ 0.00 0.00 0.00 0.01 0.01 0.00 0.01 0.03
ಯǃ㧹Ϯ߽⍺ 0.76 0.70 1.26 1.32 0.63 0.89 2.88 1.52
ࡴ˖㧹Ϯ໪ᬊܹ 0.14 0.03 0.10 0.18 0.00 0.00 0.29 0.83
‫˖ޣ‬㧹Ϯ໪ᬃߎ 0.00 0.01 0.01 0.04 0.00 0.03 0.11 0.18
݊Ё˖䴲⌕ࡼ䌘ѻ໘㕂‫ޔ‬ᤳ༅ 0.00 0.00 0.00 0.00 0.00 0.00 0.08 0.01
Ѩǃ߽⍺ᘏ乱 0.90 0.72 1.36 1.47 0.63 0.86 3.06 2.17
‫˖ޣ‬᠔ᕫ⿢ 0.07 -0.03 0.34 0.29 0.20 0.22 0.62 0.87
݁ǃ‫߽ޔ‬⍺ 0.84 0.75 1.02 1.18 0.43 0.64 2.44 1.30
‫˖ޣ‬ᇥ᭄㙵ϰᤳⲞ 0.14 0.16 0.21 0.10 0.00 0.04 0.17 0.13
ᔦሲѢ↡݀ৌ᠔᳝㗙ⱘ‫߽ޔ‬⍺ 0.69 0.59 0.80 1.08 0.43 0.60 2.27 1.17
ϗǃ↣㙵ᬊⲞ˖
(ϔ) ෎ᴀ↣㙵ᬊⲞ(‫)ܗ‬ 0.51 0.22 0.22 0.29 0.22 0.32 0.44 0.15
(Ѡ) ⿔䞞↣㙵ᬊⲞ(‫)ܗ‬ 0.51 0.22 0.22 0.29 0.22 0.32 0.36 0.14

䆕ࠌㅔ⿄ ᅝ⧾䝉↡ ㄀ϔ亳ક ᡓᖋ䴆䴆 Ӟ߽㙵ӑ

ऩԡ˖% 1H2007 1H2008 1H2007 1H2008 1H2007 1H2008 1H2007 1H2008

䫔ଂᬊܹ๲䭓⥛ 29% 26% 10% 23%

㧹Ϯ៤ᴀ๲䭓⥛ 29% 29% 3% 20%
㧹Ϯ߽⍺๲䭓⥛ -8.8% 4.6% 40.4% -47.2%
‫߽ޔ‬⍺๲䭓⥛ -14.8% 34.3% 41.2% -48.6%
↯߽⥛˄%˅ 33.0% 32.9% 17.4% 15.0% 25.2% 29.9% 27.2% 29.2%
Џ㧹Ϯࡵ߽⍺⥛˄%) 32.5% 32.3% 16.6% 14.4% 24.4% 29.2% 26.8% 28.7%
䫔ଂ䌍⫼⥛˄%˅ 10.8% 12.0% 7.8% 7.2% 13.6% 14.9% 20.8% 22.5%
ㅵ⧚䌍⫼⥛˄%˅ 5.8% 4.8% 3.2% 2.7% 2.4% 4.1% 2.6% 4.7%
‫˄⥛߽ޔ‬%˅ 14.3% 9.5% 3.1% 3.3% 5.2% 6.6% 2.4% 1.0%

2008 ᑈ 9 ᳜ 9 ᮹ 11
‫ܡ‬䋷ໄᯢ
ℸ᡹ਞᑊ䴲䩜ᇍ៪ᛣ೒䗕থ㒭៪Ўӏԩህ䗕থǃথᏗǃৃᕫࠄ៪Փ⫼ℸ᡹ਞ㗠ՓЁֵ䆕ࠌ㙵ӑ᳝䰤݀ৌঞ݊䰘ሲঞ㘨㧹݀ৌ˄ড়
⿄ĀЁֵ䆕ࠌā ˅䖱ডᔧഄⱘ⊩ᕟ៪⊩㾘៪ৃ㟈ՓЁֵ䆕ࠌফࠊѢⱘ⊩ᕟ៪⊩㾘ⱘӏԩഄऎǃ೑ᆊ៪݊ᅗㅵ䕪ऎඳⱘ݀⇥៪ሙ⇥DŽ
䰸䴲঺᳝ᰒ⼎ˈ৺߭᠔᳝ℸ᡹ਞЁⱘᴤ᭭ⱘ⠜ᴗഛሲЁֵ䆕ࠌDŽ᳾㒣Ёֵ䆕ࠌџ‫ܜ‬к䴶ᥜᴗϟˈϡᕫ᳈ᬍ៪ҹӏԩᮍᓣথ䗕ǃ໡ॄ
ℸ᡹ਞⱘᴤ᭭ǃ‫ݙ‬ᆍ៪݊໡ॄᴀќӏԩ݊ᅗҎDŽ᠔᳝Ѣℸ᡹ਞЁՓ⫼ⱘଚᷛǃ᳡ࡵᷛ䆄ঞᷛ䆄ഛЎЁֵ䆕ࠌⱘଚᷛǃ᳡ࡵᷛ䆄ঞᷛ
䆄DŽ
ℸ᡹ਞ᠔䕑ⱘ䌘᭭ǃᎹ‫݋‬ঞᴤ᭭াᦤկ㒭䯕ϟ԰ᶹ✻П⫼ˈᑊ䴲԰Ў៪㹿㾚Ўߎଂ៪䌁ф៪䅸䌁䆕ࠌ៪݊ᅗ䞥㵡⼼᥂ⱘ䙔䇋៪
৥Ҏ԰ߎ䙔䇋DŽЁֵ䆕ࠌ᳾᳝䞛প㸠ࡼҹ⹂ֱѢℸ᡹ਞЁ᠔ᣛⱘ䆕ࠌ䗖ড়Ͼ߿ⱘᡩ䌘㗙DŽℸ᡹ਞⱘ‫ݙ‬ᆍᑊϡᵘ៤ᇍӏԩҎⱘᡩ䌘ᓎ
䆂ˈ㗠Ёֵ䆕ࠌϡӮ಴᥹ᬊҎᬊࠄℸ᡹ਞ㗠㾚ҪӀЎ݊ᅶ᠋DŽ
ℸ᡹ਞ᠔䕑䌘᭭ⱘᴹ⑤ঞ㾖⚍ⱘߎ໘ⱚ㹿Ёֵ䆕ࠌ䅸Ўৃ䴴ˈԚЁֵ䆕ࠌϡ㛑ᢙֱ݊‫⹂ޚ‬ᗻ៪ᅠᭈᗻˈ㗠Ёֵ䆕ࠌϡᇍ಴Փ⫼
ℸ᡹ਞⱘᴤ᭭㗠ᓩ㟈ⱘᤳ༅㗠䋳ӏԩ䋷ӏˈ䰸䴲䆹ㄝᤳ༅಴ᯢ⹂ⱘ⊩ᕟ៪⊩㾘㗠ᓩ㟈DŽᑊϡ㛑ձ䴴ℸ᡹ਞҹপҷ㸠Փ⣀ゟ߸ᮁDŽЁ
ֵ䆕ࠌৃথߎ݊ᅗϢᴀ᡹ਞ᠔䕑䌘᭭ϡϔ㟈ঞ᳝ϡৠ㒧䆎ⱘ᡹ਞDŽᴀ᡹ਞঞ䆹ㄝ᡹ਞড᯴㓪‫ߚݭ‬ᵤਬⱘϡৠ䆒ᛇǃ㾕㾷ঞߚᵤᮍ⊩DŽ
Ў‫ˈ⭥⫳ܡ‬ᴀ᡹ਞ᠔䕑ⱘ㾖⚍ᑊϡҷ㸼Ёֵ䆕ࠌ㙵ӑ᳝䰤݀ৌˈ៪ӏԩ݊䰘ሲ៪㘨㧹݀ৌⱘゟഎDŽ
Ёֵ䆕ࠌ೼⊩ᕟ䆌ৃⱘᚙ‫މ‬ϟৃখϢ៪ᡩ䌘ℸ᡹ਞ᠔ᦤঞⱘথ㸠ଚⱘ䞥㵡Ѹᯧˈ৥䆹ㄝথ㸠ଚᦤկ᳡ࡵ៪৥ҪӀ㽕∖㒭ќ⫳
ᛣˈঞ៪ᣕ᳝݊䆕ࠌ៪䖯㸠䆕ࠌѸᯧDŽЁֵ䆕ࠌѢ⊩ᕟᆍ䆌ϟৃѢথ䗕ᴤ᭭ࠡՓ⫼Ѣℸ᡹ਞЁ᠔䕑䌘᭭៪ᛣ㾕៪ҪӀ᠔ḍ᥂ⱘⷨお
៪ߚᵤDŽЁֵ䆕ࠌѢ䖛এϝᑈѢℸ᡹ਞЁ᠔ᣛⱘӏԩ៪᠔᳝݀ৌⱘ䆕ࠌѢ݀ᓔথଂᯊৃ㛑᳒ߎӏ㒣ࡲҎ៪㘨ড়㒣ࡲҎDŽৃ㽕∖㋶প
乱໪䌘᭭DŽ
ҹᕔⱘ㸼⦄ϡᑨ԰Ў᮹ৢ㸼⦄ⱘᰒ⼎ঞᢙֱDŽℸ᡹ਞ᠔䕑ⱘ䌘᭭ǃᛣ㾕ঞ᥼⌟ড᯴Ёֵ䆕ࠌѢ᳔߱থ᡹ℸ᡹ਞ᮹ᳳᔧ᮹ⱘ߸ᮁˈ
ৃ䱣ᯊ᳈ᬍDŽѢℸ᡹ਞ᠔ᣛⱘ䆕ࠌ៪䞥㵡⼼᥂ⱘӋḐǃӋؐঞᬊܹৃ䎠ৃछDŽ
㢹ᑆᡩ䌘ৃ㛑ϡᯧবप㗠䲒ҹߎଂ៪বपˈৠḋഄ䯕ϟৃ㛑䲒ҹህ᳝݇䆹ᡩ䌘᠔䴶ᇍⱘӋḐ៪亢䰽㦋ᕫ‫ⱘ⹂ޚ‬䌘᭭DŽℸ᡹ਞЁ
᠔ᣛⱘᡩ䌘ঞ᳡ࡵৃ㛑ϡ䗖ড়䯕ϟˈ៥Ӏᓎ䆂䯕ϟབ᳝ӏԩ⭥䯂ᑨ੼䆶⣀ゟᡩ䌘乒䯂DŽℸ᡹ਞᑊϡᵘ៤ᡩ䌘ǃ⊩ᕟǃӮ䅵៪⿢ࡵᓎ
䆂៪ᢙֱӏԩᡩ䌘៪ㄪ⬹䗖ড়៪ߛড়䯕ϟϾ߿ᚙ‫މ‬DŽℸ᡹ਞᑊϡᵘ៤㒭ќ䯕ϟ⾕Ҏ੼䆶ᓎ䆂DŽ
ℸ᡹ਞᮼЎ⌒থ㒭Ёֵ䆕ࠌⱘᏖഎϧϮঞᴎᵘᡩ䌘ᅶ᠋DŽབ᥹ᬊҎ䴲Ёֵ䆕ࠌⱘᏖഎϧϮঞᴎᵘᡩ䌘ᅶ᠋ˈᑨ೼෎Ѣℸ᡹ਞ԰
ߎӏԩᡩ䌘‫އ‬ᅮ៪ህ᡹ਞ㽕∖ӏԩ㾷䞞ࠡ੼䆶⣀ゟ䋶ࡵ乒䯂DŽ
Ёֵ䆕ࠌ㙵ӑ᳝䰤݀ৌঞ݊䰘ሲঞ㘨㧹݀ৌ 2008 ⠜ᴗ᠔᳝DŽֱ⬭ϔߛᴗ߽DŽ

䆘㑻䇈ᯢ

1. ᡩ䌘ᓎ䆂ⱘ↨䕗ᷛ‫ޚ‬  䆘㑻 䇈ᯢ
ᡩ䌘䆘㑻ߚЎ㙵⼼䆘㑻੠㸠Ϯ䆘㑻DŽ фܹ ⳌᇍЁᷛ 300 ᣛ᭄⍼ᐙ 20%ҹϞ˗
ҹ᡹ਞথᏗৢⱘ 6 Ͼ᳜‫ⱘݙ‬Ꮦഎ㸼⦄Ў↨䕗ᷛ‫ˈޚ‬᡹ ๲ᣕ ⳌᇍЁᷛ 300 ᣛ᭄⍼ᐙҟѢ 5%̚20%П䯈˗
㙵⼼ᡩ䌘䆘㑻
ਞথᏗ᮹ৢⱘ 6 Ͼ᳜‫݀ⱘݙ‬ৌ㙵Ӌ˄៪㸠Ϯᣛ᭄˅ⱘ ᣕ᳝ ⳌᇍЁᷛ 300 ᣛ᭄⍼ᐙҟѢ-10%̚5%П䯈˗
⍼䎠ᐙⳌᇍৠᳳⱘЁֵᷛ᱂ 300 ᣛ᭄ⱘ⍼䎠ᐙЎ෎‫˗ޚ‬
पߎ ⳌᇍЁᷛ 300 ᣛ᭄䎠ᐙ 10%ҹϞ˗
2. ᡩ䌘ᓎ䆂ⱘ䆘㑻ᷛ‫ޚ‬ ᔎѢ໻Ꮦ ⳌᇍЁᷛ 300 ᣛ᭄⍼ᐙ 10%ҹϞ˗
᡹ਞথᏗ᮹ৢⱘ 6 Ͼ᳜‫݀ⱘݙ‬ৌ㙵Ӌ˄៪㸠Ϯᣛ᭄˅ 㸠Ϯᡩ䌘䆘㑻 Ёᗻ ⳌᇍЁᷛ 300 ᣛ᭄⍼ᐙҟѢ-10%̚10%П䯈˗
ⱘ⍼䎠ᐙⳌᇍৠᳳⱘЁֵᷛ᱂ 300 ᣛ᭄ⱘ⍼䎠ᐙ˖
ᔅѢ໻Ꮦ ⳌᇍЁᷛ 300 ᣛ᭄䎠ᐙ 10%ҹϞ˗



 ࣫Ҁ Ϟ⍋ ⏅ഇ Ёֵ䆕ࠌ೑䰙᳝䰤݀ৌ
Ё೑࣫ҀᏖᳱ䰇ऎᮄ⑤फ䏃 Ϟ⍋Ꮦ⌺ϰफ䏃 528 োϞ⍋ ⏅ഇᏖ⏅फ໻䘧 7088 ো᢯ଚ 佭␃Ё⦃⏏㕢䘧 1 োЁֵ໻
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