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2002 9 16 1,000

50%2005 1

50%
2007 9 10

98% 2%
16.10 1.80
18 2007

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

150 150
50 2015 8 27
2015 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
5.6 2015
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 10.8
2015 19

2015 11 PMI 49.6%


0.2
PMI 51.2% 0.2
PMI 48.3% 0.4
PMI 44.8% 1.8
PMI

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

2015

140,000

%
80

60

120,000

40

100,000

20

80,000

60,000

-20

40,000

-40

2005
2006

2007

2008
2009
2010
2011

2012
2013
2014

20052014

wind

2011
2012 2013 2014
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%

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%

9.9 12.5 19.7

2014 11
SLO MLF

2014 11 %

2015.10

2015.08

2015.06

2015.05

2015.02

2014.11

4.35

4.60

4.85

5.10

5.35

5.60

1,5]

4.75

5.00

5.25

5.50

5.75

6.00

4.90

5.15

5.40

5.65

5.90

6.15

2011
2012 (
)
2013

35

1
17

10%
30%
5% 10%

2013 47,855.28 2008


31.82%2014 54.77% 2008
9 7.49 2008 1.42
2014 3 2020
60% 2020 1

20082014 2014
26.24 2008 2.29 14.77%
2011 GDP 50%

Wind 17

2012

2012
2014
80%
9%

20122014 2015 16 %

2015 16

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

10

2012

2014

2015 16 328.81 161.74


49.19% 222.64
40% 67.55
80% 56.88 35.17%
12

2000

2002

2003

2006

155

OK

2014 16

11

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

12

2014
107 2,156
3
2015 6 112
2,240 1,843

2013 2,170 H

13

2012
25% 30%

2014
4
TOP100 3 5

20122014 2015 16

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

14

612.37 10.13% 654


44.27% 9,363 /
80%

2015
6 2,240

2012
98%
5

20122014 2015 16

2015 16

%
//

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
2=/

6+1
6
KTV
1

2014 107
48.10%
41.80% 10.10%2014
16

33% 1,020 2015 16


9 546
52.20

2014

31%
15%

15

2012
2013 1.80
4,978 2014 2012
2 7,594
26.30%2015 6 8,259
443
5,356 2,460

43.29%
10%77.84%12.92%
2.96%2012
2015 16 1,667 /

6 20122014 2015 16 /

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 17 18 23
82 11 18 2015 111
21 9

16

7 20122014 2015 6

2015 6
2014
2013
2012

112

107

84

66

23

18

17

64

62

45

34

18

11

2015 6 45.27
43.712% 6.788% 98%
99.76%

2014

2016
50 20 2017

17

50 40 5

2014 12
2015 A

20122014 2015 16
20122014
2015 16

18

2012 2015 6
5,785.75

40%
20%
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0

3,029.57

1,862.03

100
80

2,348.35

60
40

1,489.11

1,962.10

2,613.36

2,493.15

2012

2013

2014

20156

20
0

3,292.60

20122014 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%

35.60%

55.56%

2014

2015 6 1,637.68 2014


12.79% 577.71 2014 37.90%

19

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
5
2,849.12 49.24%

20122014 968.45 652.55


723.66 2

0.81 0.98 1.35 2015 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%

2015 2 28
2015 6 20.02
15.00

20

5,000
4,000

1,736.86
906.33

1,607.71

80

1,368.95

3,000

60

2,000
1,000

40
1,571.30

1,802.80

2,354.63

2,597.26

2012

2013

2014

20156

20
0

100

20122014 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 23.00
2015 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%

13.34%

6.57%

22.82%

6.77%

50.50%

2014

21

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 6.00 2015 6
1,228.04 2014 10.55%

20122014
2013
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%
6
2014 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
0.55 2015 7 8 5
150 5%

20122014 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 6

2015 6

22

20122014
8

2015 6 74.59%
2014 2014

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

74.59

56.68

52.98

48.67

96.84

108.54

106.78

95.59

20122014 873.50 1,138.71


1,551.44 2013
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%

Wind 20122014 0.58 0.57 0.66


64.70%70.00% 70.00%
9
=/=

23

2012

20132014
46.82% 24.13%
2013
7.69 45%

1,500
1,200
900

100

1,145.86

600

80

923.15

628.76

60
342.97

375.16

345.14

300

20

0
2012

2013

40

2014

20122014

20122014

10

20122014 2015 16 %

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

24

345.14 278.21 248.82 251.01


2013
2014

20122014 12.35%
9.31%7.38% 31.85%21.85%16.18%

2015 16
328.81 49.19%
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%

25

600
400
114.81 174.42
200
0
-200
-400
-254.95
-600

534.63
377.11

-237.83

2012

-456.99
2014

2013

88.32

68.07

20122014

2015 16 -36.68
-197.79
-124.76
11

20122014 2015 16 %

2015 16

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

1.66

3.37

4.10

6.17

3.50

4.22

6.31

EBIT
EBITDA

2013
2014
10

2015 3 206

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

26

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 12 2015 7 8
A

2015 5 13

27

2014 12
2015
A

12

28

1)

1
2)

3)

29

2015 6

98.00%

99.76%

0.24%

43.71%

35.09%

6.79%

14.41%

100%

100%

100%

100%

30

100%

100%

2015 6

31

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

32

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

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

33

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

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

1,113,410

4,164,561

4,015,175

4,137,687

4,335,563

4,134,384

4,235,012

17,568,484

18,097,040

13,399,284

9,322,835

EBIT
EBITDA

34

2015 6

49.19

2014

2013

2012

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

1.66

3.37

4.10

6.17

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

EBIT
EBITDA
%
%
%

35

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.

11

360 //

19.

12

360 /(/

20. % /100%

11
12

180
180

36

21. EBIT EBIT/ EBIT /

22. EBITDA EBITDA/ EBITDA /

23. /
/
24. % /100%
25. /% /[
/2]100%
26. /% /[
/2]100%

37

AAA
AA
A

BBB
BB
B

CCC
CC
C

AAA CCC +-

38