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顺发恒业:2016年面向合格投资者公开发行公司债券募集说明书2016-09-09  

						23           2015




     1-1-1
1-1-2
     AA                          AA                      2016   6     30

                            544,235.92
544,279.80                                                   63.38%
          21.82% 2013            2014             2015
                           60,983.75             58,450.85          32,688.44
               50,707.68                                                   1.5


              2016   3      15                                                   [2016]518
                                                      12            12
                                 12              12                          5
               7            7

                     7




                                         1-1-3
                              AA                                    AA




                                       AA                                AA




               (http://www.szse.cn)

        2013           2014           2015          2016        6
                              -95,361.91           -37,601.37        317,828.49
174,440.19




                                           1-1-4
          2016         6        30                                            263,749.90
                2016        6                           17.75%




         2013              2014           2015           2016
           39.35% 33.37% 25.66%                     26.94%




                2016        6        30                          252,927.80


                                          25.67%                  26.94%
47.39%                               2




                           2006




                                            1-1-5
                                                                      1,041,264.55
994,611.75           855,093.23              792,501.19
80.34% 88.72% 83.22%               59.99%
2014                                                                                 2.46
       2015                                                          1.62




              2015     11


2016




              2016      5
266,222,961                           1,599,999,995.61

       2,166,296,207               2,432,519,168     2016        5   24
                            [2016]3068




                                             12             12                              5

                               7             7


                                             1-1-6
                   4




                                                            /%


                           2015.3.30    2016.9.29   6.98   3.00

                           2015.3.30    2017.3.30   6.98   3.00



2016   9      29       6.98%           3.00
2017   3      30       6.98%            3.00        1.00
           2.00




                               1-1-7
.............................................................................................................................. 10
                     ........................................................................................................ 12
                              ............................................................................................... 12
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       ...................................................................................................................... 37
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                                      ....................................................................................... 78
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                                                          ................................................................... 82


                                                         1-1-8
                   ................................................................................... 83
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                       ............................................................................... 91
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      ................................................................................................ 95
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                                                          ......................................... 104
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               ..................................................................................... 107
       ............................................................................................. 123
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      .............................................................................................. 128
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          .......................................................................................... 131
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          .......................................................................................... 141
                                                                      ............................. 141
                                       ............................................................. 141
                                          .......................................................... 154
  .................................................................................................. 169
       ............................................................................................. 169
..................................................................................................... 169
..................................................................................................... 169




                                  1-1-9
        /           /           /

    /


                /

                                                                          12

                                                      2016

        /
        /
                        /

                /           /




                                             2016



                                             2016




                                           2006       2   15
                                           41

/           /                                                  /   /

                                    2016

                                                                   2016



                                             1-1-10
       2013       2014      2015   2016   1-6




       Shunfa Hengye (US) LLC
       Shunfa Hengye America Limited




A123          A




                   1-1-11
2015       11     12




                           2015      11        30     2015




                2016   3        15                           [2016]518
                                12              12


1                                    2016
2                          12             12                   5
       7          7
           7


3
                                           5
                            7             7
4                                                    100
5                                               5     3


6
7


8



                                      1-1-12
9
                                                          20




10




11          2016     9      13
12          2017         2021           9   13
                         2017    2019            9   13
                1
13          2021     9    13

     2019   9   13                                             1


14




15
16




17

                                 1-1-13
18
19
20

     AA                                  AA
21
22
23
24
25
26


27
28                                                    AA        AA




29


30




          77400188000328178




1                         2016      9      9
2             2016       9     12
3           2016     9       13

4                  2016       9     13         2016    9   14



                                         1-1-14
                                               358            20
2004




       021-33389888
       021-33389955


                          8
                                35                  A    4




           010-57631234
       010-88092036




                      1                A   8


       0571-87903601
       0571-87901500




                          8   UDC               A       601

                              1-1-15
0571-88879891    0571-88879800
0571-88879000-5140




                             83     B   7


010-62299800
010-65660988




                     989     45


021-33389831
021-33389955




                             1038


0571-82378956
0571-22829299




    1001221019013334611

                  102290022101
  010-88085894

                           1-1-16
                5045
0755-82083333
0755-82083667




                       1093       18
    0755-25938000

0755-25988122




                         1-1-17
2016   6   30




                1-1-18
1-1-19
               3




               AA                                     AA




      1
                                                           1,026,978.16       842,659.85
          812,913.77         941,733.27                               77.35% 70.48%
68.36%       63.38%




      2


                                                                     1,041,264.55
994,611.75             855,093.23            792,501.19
80.34% 88.72% 83.22%                59.99%

  0           24,609.51         16,186.58             0



                                             1-1-20
3




                               0.28     0.19   0.26     0.71




4




                                2016       6       30
                                        118,245.50




5
2013   2014         2015                2016       6

              -95,361.91              -37,601.37    317,828.49   174,440.19




6


                2016       6      30

                                 1-1-21
263,749.90               2016      6                        17.75%




 7
                                                    17.78
     17.70                      0.08




 8
 2013        2014   2015               2016   1-6
  39.35% 33.37% 25.66%     26.94%




 9




 1




                                 1-1-22
             2002




2




3




4




    1-1-23
    5




    1




    2


                                                                     2016
6       30                                   474.50
        88,613.11        2015                         20.70
                 37.90      2016   1-6                        4.00
          4.00




    1


                                             2002


                                                              2010
                                                                     2010

1       14



                                    1-1-24
                                                     70% 2010
4       17
                                       2010      9




                                                      2012       5
                               2013




                        2010      1     7
                                2010        11

                                                     2011        1
26                                                           2013
2       20
                                      2013       3    26




        2014

                                                 2014       12




    2




               1-1-25
 2007   9    27
                         2007     359
                                                      40% 2008    7
29




                    70%                       2




                                                  2


                  2010    9     29




 2010   11
                                                             90
                  20%                    90                  30%

                    50%                       110%




2012    11




 3

                                1-1-26
       2006     5




                                 1/3                     1/4
                                       2008        1


                                                   20%


                                                                     1/3
   1/4                                                                     2014
  5




                                                                           2006
  11


         2007       1    1
                     1
2010      3     8                             19


                         20% 1                                 50%

        19



                                              1-1-27
                                                                  2004         3      31


                               2004     8     31
                                                            2006       5


                                                                         2011           5




4




                                       2005                                           2009
                                2010                                       1
                                                                           0       2011
                        2012                                                          2013
                                       1%                     20%

                                                                               2009
                                                                   1




1
    2010   9   29
                                                       [2010]94                         2010   10   1
                    ,
                        90                                                         1%


                                              1-1-28
                                         2016


AA                AA




                                    AA




     1




                       2016     5
             16




     2
         1


         2

                       1-1-29
       3



       4   2016   5                   16


   3

       1


       2


       3




                                      10




(http://www.dfratings.com)




                             1-1-30
        2016     6                                             17.78
        17.70




                                        3                 2




                    2007     6     14




 2016     3     4                                             2016
                12
                AA                                   AA




                                                               0

                                  12
12                         2015    12       31


                                            1-1-31
      31.89%                                        40%                 2016     6      30
                                                           22.05%
40%


           2016       6               2015     12         2014     12          2013     12
                    1.77                           1.56                1.69                 1.43
                    0.71                           0.26                0.19                 0.24
                 63.38%                         68.36%              70.48%               76.66%
           2016  1-6                    2015                2014                 2013
                100.00%                        100.00%             100.00%              100.00%
                   12.15                          23.31               11.71                25.72
                100.00%                        100.00%             100.00%              100.00%

1      =          /
2      =                  -             /
3          =      /
4          =                      /
5      =                  +             /                           =
6          =                  /




                                               1-1-32
                 2016   9   13




1




2
    1


    2


3
    1




        1-1-33
        2




        3




    4
        1




        2




                                     105,649.76           102,259.71        120,648.01
        475,772.48                                                     259,058.08
307,227.06           533,240.00          174,440.19
            60,983.75        58,450.85            32,688.44       23,530.21




                                         1-1-34
           2016       6        30

                                                                  50.00
                              95.84%     4.16%
                     31.79
                       54.01




                                       2016       6   30

                     528,641.19                            475,772.48
6,669.46
              2016        6     30
  41.83




                                              1969                  120
        520


                                                                                       3
                                                                                       2




                     60%                                                          10
           30                  40
                                                                        10
              12%               2015                               880.45

  626.65             2015                     1,153.60                    17.24


    3




                                         1-1-35
2015   11
                                               2016




                                     3 4 5 7




            2002   7   19




                            1-1-36
         50%

1-1-37
         /




1-1-38
   1
   2
   3         SHUNFA HENGYE CORPORATION
   4
   5         1993    7      2
   6         2,432,519,168

   7         2,432,519,168
   8                        3055                    201
   9     130012
   10
   11         0431-85180631
   12         K70
   13                24384388-9
   14




                                                     [1993]78




                    3,600                           3,100
86.11%                   500                       13.89%
                         1993[        ]     70   1993[      ]   75

                                   1-1-39
                                                                              %

                                             20,000,000              55.56
                                             10,000,000              27.78
                                             1,000,000                2.77
                                             5,000,000               13.89
                                             36,000,000              100.00          ---




      1996            11       7                                   [1996]298
                                                                         [1996]299
                                                                             A
                                   1,600
                                             96              191
                                                                     5,200

                                                  [1996]417                            1996
11        22                                               500
     000631
                                     5,200

                                                                                 %
                      A                       21,000,000               40.38
                                              31,000,000               59.62          ---

                                              20,000,000               38.46
                                              10,000,000               19.23
                                              1,000,000                1.92
                                              52,000,000              100.00          ---
                           500


      1        1997        5        1996
      1997            5
                                                    1-1-40
                       1997   3                                            1996
10      2                                                                         6,240
                                                 [1997]        73


 2   1998        6
                                                   1998         6       18
                                        1,200
                           6,227                                                    [1998]8




                                                                        %
 A                                 25,200,000                   40.38
                                   37,200,000                   59.62                      ---
                                   24,000,000                   38.46
                                   12,000,000                   19.23
                                   1,200,000                    1.93
                                   62,400,000                  100.00                      ---

 3   1998        6
 1998       6
                                      [1998]7                                             [1998]47
                                    6,240                               1996       11      15
5,200                                            1,010.5
                 7,250.5                                                             [1998]      29


 4   1998        10
 1998       10                                                      1998
                                                      1998      11
                      10      2             10             8
                 14,501                                                            [1998]        156


 5   2000        6
                                             1-1-41
    2000     6                                                     1999
                                      [2000]37                                         1999
14,501                           10              3                              2,668.25
                                                     17,169.25
           [2000]        220
    6    2000        10
    2000        10                        2000




    7    2001        7
    2001        7                                                    2000
           2000                                       10         4                 1

                                                       24,036.96
                          [2001]064


    8    2004        9

                                 2004       9
                                                                   3,360
           13.98%                                                                               5,427.66




                                                                            %
    A                                    114,660,000                         47.70
                                         125,709,558                         52.30            ---
                                          88,749,558                         36.92

                                          33,600,000                         13.98
                                           3,360,000                            1.40
                                         240,369,558                        100.00            ---
    9    2007        11




                                                     1-1-42
                            2007      6     14
                                     2007      11     16                                  2007
12      21                                       [2007]             21-5


      10     2008     2
      2008      2     16
             88,749,558
     33,651,838                                14%                              44,374,779
                      18.46%                                    10,722,941
     4.46%
                    33,651,838                                     67,251,838
             27.98%

      11     2008     7
      2008      7                    2008
                                                                         [2008]80
                                                                             10                  6
                                                            30,916.56
                          [2008]     5005


      12     2009     5

      2009      5                                          736,344,195
                          100%
                          44,510,458.74
       309,165,558                 1,045,509,753
[2009]       5001

      13     2009     8      17

                                                      29,541,219                  2.83%

             15,458,278                          1.48%              10,722,941
     1.03%                         3,360,000                     0.32%

      14     2011     8      10
                                                 1-1-43
                                                                  13,458,223
                       1.29%

      15     2012      6            18

                                                                       803,596,033
76.86%                                     769,996,033                                  73.65%
33,600,000                                        3.21%
      16     2015      4                         2014
      2015       4                              2014                                           2014
     1,045,509,753                                                10               4          1
                                                       1,463,713,654
      17     2014      3                 2015     4                                    A
      2014       3     24
                A                                                                      2014       4        16
              2013
     12                                                                                           2015          4
16                             2015        4      16              2014
                               A
                                                2015      9
                                                              A

                                      160,000
      2015       12            11
                                                   [2015]2875
177,975,000                                                   6
      18     2016      5                         2015
      2016       5                              2015                                    2015          12        31
            1,463,713,654                                               10                                 1
                     3.8                                                                10             1

                                    2,166,296,207                   2016       5


      19,     2016         5
                                                         1-1-44
        2016           5
266,222,961                             1,599,999,995.61
     2,166,296,207                   2,432,519,168        2016    5   24
                            [2016]3068




            2016       6        30
                                                                              /%


                                               1,491,831,780          61.33
                                                 266,222,961          10.94
                                                  69,619,200           2.86
                                                  42,150,104           1.73

                                                     29,522,319        1.21

                                                     14,504,000        0.60
                                                     13,452,173        0.55
                                                     11,839,852        0.49
        -              -
                                                      8,908,413        0.37

                                 -
                                                      7,931,107        0.33

                                               1,955,981,909          80.41
       2015        1       27




                                               1-1-45
     1            2016        6                                                       3


                                                                                              /%



 1                                                            228,350       100.00         100.00

 2      Shun fa Heng ye (US) LLC                          5                 100.00         100.00

 3                                                                836       100.00         100.00
     2
         1
                                                                               1997       3   10


                  3,800


             3301811710117

                                                         228,350


                                                                        913301097042866683


             2015        12       31                     103.43                  68.96
          34.47               2015                      27.18                 5.10
         2    Shunfa Hengye (US) LLC
                               2013     11

1,000                                  9,983.94




             2015        12       31                    20,593.12                     16.75
                   20,576.37            2015                        0                     -176.21


         3


                                               1-1-46
                                                                              1995    6      16
                                                                                             1,800


                                                                                     25569169-1
                                      836




                       913301092556916916
         2015     12       31                           5,606.26                          3,989.04
                1,617.22            2015                             6,730.92
463.50


 1         2016        6                                                3




                                                                                       %
                                                                                     25.00
                                                                                     35.00
                                                                                     25.00
 2         2015




                                133,722.82          86,024.51      47,698.31          0           -2,301.69
                                108,416.90          108,577.68      -160.78           0           -660.78
                                368,941.06          141,522.16     227,418.90        0.03         -2,581.10
 3
     1
                       2015     1    14                                 20,000


                       330181000483420                                    (2014)47


                                          50,000

                                           1-1-47
                                                                                    %
                                                  20,000                     40
                                                  17,500                     35
                                                  12,500                     25
                                                  50,000                    100
     2
                   2015        5   15                              500

     0
               330181000508083                                    (2015)4


                                             5,000

                                                                                    %
                                                    1,000                    20
                                                    750                      15
                                                    1,750                    35
                                                    1,500                    30
                                                    5,000                   100
     3
                          2015     3        30                    230,000
                                           2014      45
                                                            330100400053644
            2015    8      6


                                       1    1                                       10%
7.5% 7.5%                                                                               25%



                                                                                    %
                                                    5,750                   2.50
                                                  23,000                    10.00
                                                  57,500                    25.00
                                                  69,000                    30.00
                                                  74,750                    32.50

                                           1-1-48
                                                                                      %
                                              230,000                        100.00




     2016       6      30




                                             80%




                                            100%




                                           68.87%




                            61.33%
                                                        1,491,831,780
61.33%          2016        6    30




            2004        5       24
            2004        5       24
            6
                                                                211        302   351
                                                   99                 16


                                 27,000                       3,000

                                          1-1-49
                              310115001018508




                                                                                        CHW                   2016
0134                              2015                                             6,931,837.94
   55,034.43                               2015                               2,517,408.04
1,943,787.80                                573,620.24             2015
          344,579.89                                                                   -92,257.94
                                             -331,231.51


                                                                                     80%
                               100%                                                61.33%                        2016

  6       30
                                     1945            1




                                            95.00%                        80.00%




       99.963%   48.76%   40.684% 90.00%   100.00%       100%   100%   100%   60% 66.08% 100%   100% 100%   51.63% 70%   80%   83.33%
                                                                                                                         A




                                                         1-1-50
                        1963     2008.8    2018.4
                        1970     2008.8    2018.4
                        1959     2015.4    2018.4
                                  2008.8 2018.4
                        1972
                                 2008.11 2018.4
                        1972     2008.8    2018.4
                        1973     2008.8    2018.4
                        1968     2015.4    2018.4
                        1961     2015.4    2018.4
                        1963     2015.4    2018.4
                        1975     2015.4    2018.4
                        1956     2015.4    2018.4
                        1980     2011.10   2018.4
                        1965     2008.8    2018.4



1
    1   1963       12




    2   1970   9




    3   1959   5


                        1-1-51
      4              1972      1




      5                1972         12




      6                1973         7




      7                                  1968      1


                      1995                                                   1998
                                                       2000




             2004       2010             2002                         2007
                             2009                             2014


                                                                     International
Journal of Technology Marketing

                                          1-1-52
         8                            1961      11
                                                                1984   7
                          1996                      1994   10
             1995   1   1998     12                             1999   3
     2000       1




20


         9                            1963     12




     2
         1              1975     6




         2              1956     12




                                      1-1-53
    3      1980       5




3
        1965      2




                          1-1-54
                                                   2006


[2006]548                                                   2011


108079




                                                                                       /%
               2016      1-6           2015                2014                 2013

            209,426.09     98.79 338,887.81    98.77 486,845.54     99.32 277,902.39    99.15
              2,570.76      1.21   4,217.68     1.23   3,319.84      0.68   2,383.00     0.85
            211,996.85    100.00 343,105.49   100.00 490,165.38    100.00 280,285.39   100.00


                                          1-1-55
                                                                                            /%
       2016      1-6              2015                     2014                      2013

    207,761.69     98.00 320,240.88        93.42 467,858.39        95.45 267,227.69          95.34
      1,035.16      0.49   9,644.81         2.78   8,732.73         1.78 13,057.70            4.66
         3,200      1.51 13,219.80          3.80 13,574.26          2.77       0.00           0.00
    211,996.85    100.00 343,105.49       100.00 490,165.38       100.00 280,285.39         100.00




                       2016     1-6        2015              2014               2013
                                  3.26            35.94               8.26              38.51

                                 69.79            82.71              53.76              98.88
                                 16.18                 -             60.37              67.97
                                 22.90            52.30              29.62              21.70

                                 13.37            33.78              21.46              12.46

           /                  17,127.52        15,482.53          13,800.86          17,417.41




                                                                                            %

1                                                                             2.42          100
2                                                                             3.51          100
3                                                                             0.89          100
4                                                                             2.52          100



                                      1-1-56
                                                                                    %

        5                                                           0.48            100
        6                                                           6.75            100

        7                                                           2.10            100
        8                                                           0.74            100
        9                                                           1.44            100
            2016    6



                                                                              %



1                               2017.10           4.99     17.96    13.5      100
2                               2017.04           9.09     15.96 14.56        100
3                               2017.12           3.92     10.86 10.33         25
4                               2019.06          12.35     24.38 15.74         25
5                               2018.06           5.85      9.64    5.15       35

6                               2018.12           1.34      2.25          0    35


1                               2016.06           8.55      5.16    2.16      100


1                               2016.06           8.55      5.16    2.16      100
                                   5
            2016    6                  12                147.69
              117.98                    175.02                    29.71

            34.49                                                             52.19
                        49.30




            2016    6




    5



                                  1-1-57
1                       HGTP09015                   2009.08                         37.82
2                         06021                     2007.09                          7.41
3                                                   2009.10                          8.78
             2016   6                                          3                         54.01
                              57.48
                                                 06021
                                                       2013        8


HGTP09015


       1
                                             2013      -2015               2016    1-6
                                    30,265.55          34,442.44             43,794.42
    23,771.20                                            27.14%           31.80%   36.71%
43.18%%




                                                              10,810.18              19.64%
                                                               4,482.06               8.14%
                                                               3,751.50               6.81%
2016       1-6
                                                               2,797.46               5.08%
                                                               1,930.00               3.51%
                                                              23,771.20              43.18%
                                                              22,087.63              18.51%
                                                               7,938.26               6.65%
                                                               5,446.84               4.57%
    2015
                                                               4,922.86               4.13%
                                                               3,398.84               2.85%
                                                              43,794.42              36.71%
                                                               9,904.96               9.15%
                                                               7,950.85               7.34%
                                                               7,772.31               7.18%
    2014
                                                               5,321.62               4.91%
                                                               3,492.70               3.22%
                                                              34,442.44              31.80%

                                        1-1-58
                                                         10,939.82                 9.81%
                                                          5,518.21                 4.95%
2013                                                      5,444.48                 4.88%
                                                          4,192.00                 3.76%
                                                          4,171.04                 3.74%
                                                         30,265.55                27.14%
 2




                                 2013        -2015      2016
                  4,107.90      6,151.05             4,735.05          7,031.32
                             1.46% 1.25% 1.36%              3.28%


 1

       1
 2015                                                                    2015     4
                  9                      4
           8
           3.2%                                 5.3 %           2010


           2015
       158,527               1,773.8                            78,746

                                       1-1-59
876.7                 28,235                     366.2
            2015                                         4
                      2015                  1,300            846
                           454                               2015


    2015




               2015            G20


                       4             18.5


                             42.5
        2




    2
        1
        2006




                                            1-1-60
2




3




             4   GDP




    1-1-61
                             1998
    1%-2%            15-20




                                    1,000


4




5




            1-1-62
3




    1


    2
    3


    4




    1




    2            10




    3




    4



        1-1-63
                       [2008]3
                    [2010]10
                        [2013]17


[2010]53                           2015   1
  16




           1-1-64
                           1998
                                                                   2002- 2014
                              7,790.92                95,035.61
  23.17%                                      32,522.81                2014
107,459.05                        10.47%                             26,808.29
              120,648.54                             13.35%




                                                             50


                                          2014
                    18.53%                                            11.98%




    2010     2013                                         43.33%
       104.41%




                                     1-1-65
  1



2009   5

2007   8
2000   3
1998   7
  2



2013   2

2011   1

2010   4

2010   1

2009   12

2008   2

2008   1
2006   7
2004   10



            1-1-66
 2004          11

 2004          11

 2004          10

 2004          8
 2004          7
 2004          7
2002       5        9
 2001          7
 2001          6

 2000          6

 2000          4

 1999          3

 1990          5

 1992          12

 1989          12
       3



 2011          5

 2010          5

 2010          4

 2007          12
 2007          9

 2007          6

 2007          1

 2006          12

 2006          9

 2006          9

 2006          7



                        1-1-67
2006   5

2005   4

2005   3
2004   9
2004   7
2004   7
2004   1
2003   6

2002   8

2001   8
2001   6
2001   4

   4



2010   9

2010   5

2010   5

2010   11

2009   12
2007   12
2007   9

2007   1

2006   8

2006   6

2006   3

2005   10

2005   5

2004   9



            1-1-68
 2003         6
 2000       12

 2000         9

 2000         9

 2000         5
 1999         7
 1999         4
 1999         4

 1998         4



       2003


2008


                                                         2003    2013
                                        24.9%                   3.4
           13.1                   7,956            8.1
           2014




2014




       1
       2014                                      9.50                 10.5%
              2013          9.3% 2015      1-9                        7.05

                     2.6%                         4.2%          1-8

                                        1-1-69
0.9                               2012
                          10




      2
      2014                              17.96           10.7%
                      10.74    2013             5.9%
      2015      1-9                     11.48          12.6%
          4.2                         5.09             9.8%
      4.8




                               1-1-70
       3
       2014
              2014                    12.06           7.6%
2014                  7.29                    6.3%
       2015   1-9                     8.29           7.5%
               5.67          15.3%




                             1-1-71
4
2011
                      3.15
             2012
       2.7
                      2013   2012




             1-1-72
            4.12   50% 2014
                    4.26




5
2014
                             5


     2014
                                 2015
    2015    9




                    1-1-73
           Wind




           2003


                                                       1
                                                                       2
                                   3
       4                                               5
                               6




       2014                                     10                20
                     17.49%   23.49%            4.22       5.24            10
           20                                    10.26%    13.51%

1.89          2.39




                                       1-1-74
1


                                          2014
                    54.77%                30%-70%
                                   83% 80% 74%




2


                     2013                         19.79% 2014
10.5%        2013       9.3            2000      2011
    25.69%




3




                              1-1-75
1




30%




      1-1-76
2




3




    1-1-77
4




    2013   1   1   2015     12     31   7   20
    13




                          1-1-78
    7



1




2

        1-1-79
3




4




    1-1-80
5




6




    1-1-81
7




    1-1-82
1


                               %      %
    -   -              -   -       61.33

                     4.5   -       61.33


            1-1-83
                6   61.33        61.33

2




                         3,000
                         8,000
                         5,000
                         5,000
                           10
                          100
                          500
                         5,000
                     5

3




4




5




A123




       1-1-84
1      /


           2016   1-6        2015            2014           2013
                        0             2.73      102.41         375.89
                        0             0.44          20.80          10.50
                  186.46         160.18
                  186.46         163.35         123.21         386.39

2


           2016   1-6       2015             2014           2013
                  11.83              79.33          37.04          37.43
                  31.63              82.84          92.29          85.33
                   1.03               1.90           2.36

                  35.82          470.05         116.81         127.76
                        -             2.26           2.29
                        -                            8.22          10.58
                        -                           11.80          10.27
A123                    -             6.43           4.26
                        -                                           0.95


                            1-1-85
                               2016       1-6       2015                2014            2013
                                                -             1.02                              6.11
                                                -                                              76.47
                                                -             4.48                             10.45
                                                -                                              12.27
                                                -             0.76
                                                -             0.12
                                                -             1.57
                                                -             5.90
                                          80.31          656.65            275.07           377.61
      3



                                                     2016       1-6        2015         2014           2013

                                                                67.00          134.00       134.00      134.00
                                                                67.00          134.00       134.00       67.00
      4




  1                                                                               9,000          2019-09-12
                                                                                  9,000


              2013      2014          2015                                                              31.65
          2            24,418.01                                                          39,137.90

17,908.88              44,930.76                     2016           6    30
                     474.50
                88,613.11
      1


                       2016    1-6                    2015                      2014                   2013


                                      -                      3.42                       -
                                      -                         -                       -                 3.08


                                                    1-1-86
                                       -                   -                   -                  3.52
                                       -                   -                   -                  7.65


                                       -                2.00               2.00                   2.00
                                       -                   -                   -                      -
                                 474.50            460.75                      -                      -
                                               15,630.01                       -                      -
                                                  8,321.83                     -                      -


                                       -                   -                   -                 15.40
                                 474.50        24,418.01                   2.00                  31.65


    2


                   2016      1-6           2015                    2014                  2013


                            58,408.58          44,913.59                       -                      -
                            14,015.03                      -                   -                      -
                             9,371.82                      -                   -                      -
                             4,869.70                      -                   -                      -
                             1,000.00                      -                   -                      -
                                 947.98.                   -                   -                      -


                                       -            17.17                  68.66                198.00


                                       -                   -          17,405.56               28,731.61


                                       -                   -              434.66                208.29


                                       -                                                      10,000.00
                            88,613.11          44,930.76              17,908.88               39,137.90


    2013                                                10.85                          6.55
                          6.00                     5.00            2014
           23.70                                        14.70                                     1.00
        2015                                               20.70

37.90                                      0                                       0          2016

                                               1-1-87
1-6                                        4.00                            4.00




          2016   1-6
                                                                  40,000.00       2016.3.23-2016.3.30
                                                                  40,000.00       2016.3.23-2016.3.30



      1
          1



                   2016   6      30             2015                    2014                    2013
                          245,804.96              18,782.43                   1,289.11             1,415.68
                              3,600.00            11,450.00                   3,100.00             2,750.00
                                 0.00                    0.00                 5,371.67             8,619.48
                          249,404.96              30,232.43                   9,760.78            12,785.16
          2



                                         2016     6      30                              2015
                                                                  364.80                               124.47
      2




                                         2016     6      30                              2015
                                                                   18.00                                56.00
      3




                               2016       1-6                                     2015


                                      -                       -            20,214.00              37,619.57
      4

                                                1-1-88
       2015   4   20




                                                                   ORLAND
PARK                          13,229,060
9,921,795              75%                     3,307,265                 25 %




                         30
       300
                                           300             3000

                       0.5
                                                                        0.5
       5%


3000                                       5


                                                                  300
                                               30




                               1-1-89
3000            5




       1-1-90
         2015




1-1-91
     4




         2013




1-1-92
    (     [2003]56       )
(       [2005]120    )




                             1-1-93
         2008




1-1-94
                                            2013-2015


2013          2014          2015       2016     1-6
                        2013-2015
                               [2014]0450                [2015]0649
[2016]1305                                        2016     1-6


    2013        2014                                        2014
                     2015                                 2015
       2016     1-6                                                2016




                              1-1-95
       2013   12   31          2014     12        31     2015        12      31      2016

6     30                               2013            2014           2015           2016
1-6




               2016     6 30       2015      12   31    2014    12    31      2013   12   31

                      475,772.48          120,648.01            102,259.71          105,649.76
                                                   -                  5.23              100.00
                       6,879.29             1,003.02                925.67              330.46
                         177.03               384.52                526.29           99,104.25
                       6,669.46            34,593.51              8,313.15           10,178.67
                     792,501.19           855,093.23            994,611.75        1,041,264.55
                      39,142.93            15,763.51             14,425.29           39,400.82
                   1,321,142.38         1,027,485.79          1,121,067.10        1,296,028.52

                       21,554.76           20,518.67                     -                   -
                        1,612.29            1,709.89              1,084.55            3,860.65
                       68,362.49           68,915.06                     -                   -
                       52,208.89           50,172.86             50,352.64           10,648.47
                        1,199.02            1,103.40              1,444.75            1,596.91
                           12.58               17.21                 41.17               61.51
                            4.05                0.01                     -                   -
                                                   -                     -                9.50
                       19,872.73           19,261.13             21,553.88           15,479.67
                                                   -                     -                   -
                     164,826.81           161,698.25             74,476.99           31,656.71
                   1,485,969.19         1,189,184.03          1,195,544.09        1,327,685.22

                               -                   -            193,300.00           153,051.60
                               -                   -             17,405.56            28,731.61
                       45,077.65           54,803.95             70,963.57            86,423.73
                      499,979.01          428,637.59            258,705.06           493,131.83
                        2,240.82            2,853.78              2,942.40             2,761.53
                        7,978.51            2,572.48             13,903.55            11,325.37
                        2,431.42              519.18              1,088.50               755.48
                      123,412.04           66,829.89             33,183.87            35,719.22

                       65,000.00          104,400.00             72,500.00           107,000.00
                      746,119.45          660,616.87            663,992.53           918,900.37

                                      1-1-96
                    68,250.00       144,750.00          171,500.00      100,648.40
                   119,677.80                -                   -               -
                     6,688.84         6,688.84            6,688.84        6,688.84
                       628.12           489.01              421.60          577.04
                       369.05           369.05               56.88          163.52
                            -                -                   -               -
                   195,613.81       152,296.90          178,667.32      108,077.80
                   941,733.27       812,913.77          842,659.85    1,026,978.16



                   243,251.92       146,371.37          104,550.98      104,550.98
                   139,033.50        21,622.92           21,622.92       21,622.85
                     1,598.45         1,152.00               -0.69               -
                    26,380.96        26,380.96           26,266.79       21,861.32
                   134,014.97       180,743.02          200,444.24      152,671.92
                   544,279.80       376,270.27          352,884.24      300,707.06

                    -43.88                   -                   -               -
                544,235.92          376,270.27          352,884.24      300,707.06
              1,485,969.19        1,189,184.03        1,195,544.09    1,327,685.22




            2016      1-6        2015                2014            2013
                   214,526.40       347,411.52          490,687.28      280,805.64
                   214,526.40       347,411.52          490,687.28      280,805.64
                   181,517.75       300,158.38          411,516.92      205,714.43
                   156,731.13       258,278.97          326,945.38      170,314.68
                    33,114.37        31,306.11           40,711.27       23,293.35
                     3,786.26        10,221.53            7,653.24        5,262.39
                     2,398.66         4,879.30            3,900.27        3,336.09
                     1,501.92           779.51            5,996.28        2,078.89
                   -16,014.59        -5,307.04           26,310.49        1,429.03

                            -                    -               -               -
    -
        -
                      -552.58            -1,234.94         189.48           67.49

                      -552.58                    -               -               -

                    32,456.07            46,018.20       79,359.84       75,158.69
-
                      245.66              1,322.72         639.39          342.34
                       10.90               247.70            0.10            8.66

                      882.04              2,948.05        1,557.29         652.73


                                1-1-97
                       -                5.50           2.27              -

               31,819.68            44,392.88    78,441.94     74,848.31
    -
                8,325.86            11,704.44    19,991.09     13,864.56

               23,493.82            32,688.44    58,450.85     60,983.75
-

               23,530.21            32,688.44    58,450.85     60,983.75

                       -                    -            -             -
                  446.45             1,152.69        -0.69        241.31
               23,940.27            33,841.12    58,450.16     61,225.06

               23,976.66            32,688.44    58,450.16     61,225.06

                  -36.39                    -             -              -




        2016    1-6            2015             2014          2013



           278,284.27          512,652.12       258,221.62    230,894.61

                       -                45.75             -              -

           107,110.15               20,542.12    49,005.44     28,163.47

           385,394.41          533,240.00       307,227.06    259,058.08

               55,161.08       121,935.13       238,072.13    287,044.58

                4,581.88             7,560.54     6,167.11      5,447.53

               41,838.23            54,963.07    40,822.50     37,371.55

           109,373.03               30,952.77    59,766.70     24,556.33

           210,954.22          215,411.51       344,828.43    354,419.99

           174,440.19          317,828.49       -37,601.37    -95,361.91



                       -                    -             -     1,106.99

                       -                    -             -              -


                   21.50              470.39           0.30          14.14

                                            -     2,639.46               -

                           1-1-98
2016    1-6            2015             2014           2013


       57,155.36            44,913.59              -             -

       57,176.86            45,383.97     2,639.76       1,121.12

                                5.40           33.15          6.73

         601.30             90,668.67              -             -
                                    -              -             -
                                    -              -             -

                            23,951.83              -     2,700.00

         601.30        114,625.91              33.15     2,706.73

       56,575.56        -69,241.94        2,606.61      -1,585.60



   158,900.00                       -              -             -

                                    -              -             -
            -
    48,000.00          383,600.00       474,500.00     374,551.60
   119,640.00                   -                -              -

       27,000.00            70,271.75    32,888.67      13,144.53
   353,540.00          453,871.75       507,388.67     387,696.13
   181,900.00          571,750.00       397,900.00     203,500.00

       20,424.87            43,078.44    44,555.83      59,004.17

                                    -              -             -
               -

          10.00             27,000.00    65,471.75      38,755.87
   202,334.87          641,828.44       507,927.58     301,260.04

   151,205.13         -187,956.69          -538.91      86,436.09

          16.90               839.59           -0.78             -

   382,237.79               61,469.45   -35,534.45     -10,511.42

       93,250.93            31,781.47    67,315.92      77,827.34

   475,488.71               93,250.93    31,781.47      67,315.92




                   1-1-99
2013   12   31        2014      12     31         2015     12     31        2016    6    30
                      2013             2014               2015         2016        1-6




            2016    6 30         2015       12    31       2014   12   31      2013      12   31


                    53,073.25                   48.92               1,233.37                  18.00
                            -                  200.00                 200.00                      -
                   102,417.61               32,338.66              52,388.24             156,193.19
                            -                    0.47                      -                      -
                   155,490.86               32,588.05              53,821.61             156,211.18

                   444,595.93             291,164.79              271,434.44             126,260.44
                       349.13                 354.80                  366.48                 378.91
                            -                   0.05                       -                      -
                   444,945.06             291,519.64              271,800.92             126,639.35
                   600,435.92             324,107.69              325,622.53             282,850.53

                        10.00                         -                    -                      -
                         3.64                      3.23                 3.21                   3.23
                        30.98                    181.17             1,555.15                   0.17
                     2,240.00                      4.64                    -                      -
                        77.98                  3,620.54             3,452.67                  17.40
                     2,362.61                  3,809.57             5,011.03                  20.81

                     9,000.00                9,000.00                      -                      -
                   119,677.80                       -                      -                      -
                   128,677.80                9,000.00                      -                      -
                   131,040.41               12,809.57               5,011.03                  20.81



                   243,251.92             146,371.37              104,550.98             104,550.98
                   171,332.02              53,921.44               53,921.44              53,921.37
                    24,797.35              24,797.35               24,683.18              20,277.71
                    30,014.23              86,207.95              137,455.90             104,079.67
                   469,395.51             311,298.11              320,611.50             282,829.72
                   600,435.92             324,107.69              325,622.53             282,850.53




                                     1-1-100
                    2016     1-6        2015                2014            2013
                              589.38             1,720.98       21,002.73       25,428.99
                                   -                    -               -               -
                              32.08                 96.87        1,176.15        1,424.25
                                  -                     -               -               -
                             276.94                316.56          242.36          240.65
                             952.51                219.90          137.14           17.75
                              -0.20                  0.10            0.10               -

                                   -                    -               -               -
-
                -
                           14,736.83              438.28        28,883.23       39,265.94

                                   -                    -               -               -

            (
                           14,064.87             1,525.81       48,330.20       63,012.27
    )
                                0.04                    -          14.70            0.15

                                   -                    -               -               -

                                0.00                0.06           21.12           36.02

                                   -                    -               -               -

        (
                           14,064.91             1,525.76       48,323.78       62,976.40
            )
                                0.38              384.05         4,269.02               -
    (
                           14,064.53             1,141.71       44,054.76       62,976.40
    )

                                   -                    -               -               -

                                   -                    -               -               -
                                   -                    -               -               -
                           14,064.53             1,141.71       44,054.76       62,976.40

                                   -                    -               -               -

                                   -                    -               -               -




                                       1-1-101
2016      1-6        2015                2014              2013



                -                    -                 -                 -

                -                    -                 -                 -

          219.98                 0.87             17.15           1,677.76

          219.98                 0.87             17.15           1,677.76

                -                    -                 -                 -

           33.54                43.18             53.18             48.67

          290.24              1,881.92          3,917.97          1,468.52

          143.87               286.36            176.38            177.99

          467.65              2,211.46          4,147.52          1,695.18

          -247.67         -2,210.59         -4,130.38               -17.42



                -                    -                 -                 -

                               438.28       31,248.29         39,265.94
          417.15

                -                    -                 -                 -


                -                    -          2,645.29                 -

        37,152.53         21,773.31         11,179.58             3,913.00

        37,569.68         22,211.59         45,073.15         43,178.94


                -                    -                 -                 -

       159,436.76         19,730.35              184.35                  -
                -                 -                   -                  -

                -                    -                 -                 -

        88,642.19                    -      36,370.00             1,400.00

       248,078.95         19,730.35         36,554.35             1,400.00



                    1-1-102
-210,509.27             2,481.23   8,518.81    41,778.94



158,900.00                     -           -            -

          -                    -           -            -

         -              9,000.00           -            -
119,640.00                     -           -            -

          -                    -   3,300.00             -

278,540.00              9,000.00   3,300.00             -

          -                    -           -            -

 14,748.73          10,455.10      6,273.06    41,820.39

          -                    -           -            -

     10.00                     -     200.00             -

 14,758.73          10,455.10      6,473.06    41,820.39

263,781.27          -1,455.10      -3,173.06   -41,820.39

          -                    -           -            -

 53,024.33          -1,184.45      1,215.37        -58.88

     48.92              1,233.37      18.00        76.87

 53,073.25                48.92    1,233.37        18.00




              1-1-103
       2013
1   2013


                       Shunfa Hengye (US)LLC

2   2013
2013


       2014
1   2014
2014
2   2014




       2015
1   2015




2   2015




       2016      1-6

1   2016   1-6




                                  1-1-104
                           6


Shunfa Hengye        Ameri ca    Limi ted7

       2   2016         1-6




                                  2016 1-6             2015          /2015         2014     /2014   2013     /2013
                                /2016 6 30                12        31                12    31         12   31
                                             148.60                   118.92               119.55            132.77
                                              94.17                    81.29                84.27            102.70
                                              13.33                    24.92                43.73             36.07
                                              54.42                    37.63                35.29             30.07
                                              21.45                    34.74                49.07             28.08
                                               3.18                     4.44                 7.84              7.48
                                               2.35                     3.27                 5.85              6.10
                                               2.40                     3.36                 5.81               6.10

                                               2.35                     3.27                 5.85               6.10

                                              17.44                    31.78                -3.76              -9.54

                                               5.66                    -6.92                 0.26              -0.16

                                              15.12                   -18.80                -0.05               8.64
                                               1.77                     1.56                 1.69              1.41
                                               0.71                     0.26                 0.19              0.28
                     %                        63.38                    68.36                70.48             77.35
                      %                       19.67                    39.84                55.34             54.54
                     %                        26.94                    25.66                33.37             39.35

6
    2016   5     31

                                                      900                                                     1,000
                                     20%                                     700
               750                                      15%                                35%


7
         Shunfa Hengye America Limited                 2016     6
    50,000

                                                            1-1-105
                                               5.83                        7.78                          6.91                    6.40
 %
                                               5.74                        9.02                        17.94                 21.48
     %

                                               5.87                        9.28                        17.84                 21.49
         %
EBITDA                                         3.56                        4.82                          8.63                    7.85
EBITDA
                                               0.27                        0.19                          0.20                    0.22

EBITDA                                         4.57                      1.53                            2.24               3.83
                                              55.29                    360.26                          781.27           1,249.37
                                               0.46                      0.32                            0.32               0.17


             =                   /
             =                        -         /
                 =                    /
                     =                    /              +
                 =                        -              /
                             =                      +                                          /

                                                                   9
   2010
  EBITDA=                    +                                         +                           +                         +

  EBITDA                             =EBITDA /
  EBITDA                               =EBITDA /                                                   +
                         =                /[                               +                                    /2]
                 =                    /[                      +                          /2]




                                                2016    1-6            2015                        2014               2013

                                                         10.90                 242.20                     187.31                 8.66


                                                               -                     -                    182.13                    -


                                                               -                     -                          -                   -

                                                        -476.28             -1,472.49                     -584.99            -68.06

                                                         50.54                 -307.57                    -564.94            -11.22

                                                        -515.92                -922.72                    349.39             -48.18




                                                             1-1-106
                                                                              -48.18            349.39
-922.72           -515.92




                                                                                                              /%
    2016      6    30              2015       12        31            2014     12      31            2013    12      31


    1,321,142.38         88.91      1,027,485.79             86.40     1,121,067.10         93.77     1,296,028.52        97.62
      164,826.81         11.09        161,698.25 13.60                    74,476.99       6.23           31,656.71         2.38
    1,485,969.19        100.00      1,189,184.03 100.00                1,195,544.09     100.00        1,327,685.22 100.00
                                                                     1,327,685.22             1,195,544.09

    1,189,184.03                 1,485,969.19
                                  2016    6                                           148.60                2015
           24.96%                 2016    5


                                                                                                     97.62%
93.77%      86.40% 88.91%
    1


                                                                                                              /%
           2016     6      30         2015         12        31        2014     12     31           2013    12     31

             475,772.48 36.01    120,648.01                   11.74      102,259.71   9.12            105,649.76   8.15
                      -      -            -                       -            5.23   0.00                100.00   0.01
               6,879.29   0.52     1,003.02                    0.10          925.67   0.08                330.46   0.03
                 177.03   0.01       384.52                    0.04          526.29   0.05             99,104.25   7.65
               6,669.46   0.50    34,593.51                    3.37        8,313.15   0.74             10,178.67   0.79
             792,501.19 59.99    855,093.23                   83.22      994,611.75 88.72           1,041,264.55 80.34
              39,142.93   2.96    15,763.51                    1.53       14,425.29   1.29             39,400.82   3.04
           1,321,142.38 100.00 1,027,485.79                  100.00    1,121,067.10 100.00          1,296,028.52 100.00



                                                   1-1-107
                                                   89.28% 98.58%   98.33% 97.08%


      1
                                                                   105,649.76
102,259.71          120,648.01     475,772.48                                  8.15%
9.12% 11.74% 36.01%                          90%




    2016     6                   2015             355,124.47


      2
                                                                   10,178.67

8,313.15          34,593.51       6,669.46                                 0.79%
0.74% 3.37% 0.50% 2015                                                   316.13%


             2016       6                                          27,924.05


           2016     6       30


                                                                                7,267.44
                                                                                3,185.58
                                                                                 474.50
                                                                                 100.09
                                                                                4,621.30


                                                                                  85.18
                                                                                 486.39
                                                                           16,220.48
                                                                            9,551.02
                                                                            6,669.46




           2016     6       30


                                                                                       0

                                        1-1-108
                                                                                            474.5
                                                                                        15,745.98
                                                                                        16,220.48
          2016     6     30                                                15,745.98

                 474.50
          2016     6     31
                                                                                       %



                                                4,636.39          28.58%


                                                2,839.96          17.51%

                                                1,873.81          11.55%


                                                10,00.00           6.17%


                                                 639.64            3.94%

                                              10,989.80          67.75%
          2016     6
                                                                                     67.75%
      3
                                                      1,041,264.55          994,611.75
855,093.23             792,501.19                                       80.34% 88.72% 83.22%
  59.99%




                         2016   6   30                            2015     12   31

                  261.76                     261.76           283.35                       283.35

                    0.00                       0.00             0.74                         0.74

             229,385.88                  ,229,385.88       206,520.51                  206,520.51

             562,853.55                  562,853.55        664,475.20    16,186.58     648,288.63

             792,501.19                  792,501.19        871,279.81    16,186.58     855,093.23

                                            1-1-109
  2014                                                                  2.46
       2015                                            1.62          2016    6




                                                4.73
4.92                 2012   5        2014   1             2014        2015




                                                       2015




                                                   2014
17,970        2014
                                  3.80
                3.89                               8


       888.80
  2015


                                                              9.09

                                1-1-110
             25.16                       19.62                     1.20        /
  2014
                                                                        2013




                                                                        2014




                                                   2015




    2014                                    2015     1       6
  www.tmsf.com                                           7




                             17,371                          0.2                      3,474.2
                             16,189                          0.2                      3,237.8

                             17,623                          0.2                      3,524.6
                             16,551                          0.1                      1,655.1
                             19,544                          0.1                      1,954.4
                             21,241                          0.1                      2,124.1
                             23,299                          0.1                      2,329.9
                                                             1.0                     18,300.1

                         7

    1.83                     32.24
34.61                                       2.37
           2015
                  2015                                              1.62           2016
                                                                 2016   6

                                      1-1-111
               1.62




                                                  2016   6      30         2015       12      31
                      2003    8                                 814.82                        323.22
                      2005    8                                 104.59                        129.60
                      2007    11                              1,014.18                       1,143.16
                      2008    4                               1,684.55                       2,471.82
                      2010    10                              2,947.18                       3,254.95
                      2011    12                              2,925.78                       7,079.82
                      2012    6                               1,734.32                       1,734.32
                      2013    3                               9,790.56                      10,661.80
                      2013    11                             18,690.00                      22,971.30
                      2013    12                             22,490.96                      29,976.06
                      2013    12                             14,098.14                      19,310.01
                      2014    1                              11,837.96                      15,913.68
                      2014    9                              36,768.53                      49,427.51
                      2014    11                             14,960.13                      20,778.01
                      2014    11                             12,396.53                      21,345.26
                      2016    4                              77,127.65                              -
                                                         229,385.88                        206,520.51




                                                                         2016     6    2015   12
                                                                            30             31

               2015       9        2017       9              30,321.31    12,152.79          7,008.15


HGTP09015             -                   -                          -    21,195.19         20,734.00

       06021
                      -                   -                          -     7,380.39          7,354.08

               2014       5        2016       12             69,877.65    65,352.83         59,833.81
                      -                   -                  65,199.28    40,741.55         40,735.99
               2013       7        2017       10         132,467.27 112,233.87             105,120.27
               2013       8        2016       4          170,856.23               0        168,396.70
               2015       3        2017       12         316,746.00 277,028.02             255,293.21
               2016       3        2018       12             51,153.41    26,768.89                0
                                                                         562,853.53        664,475.21


                                          1-1-112
   1    HGTG09015                             06021

   2
    2


                                                                                                       /%
               2016     6     30       2015      12        31   2014   12      31       2013     12     31

                21,554.76      13.08        20,518.67 12.69           0.00       0.00         0.00            0.00
                 1,612.29       0.98         1,709.89   1.06      1,084.55       1.46     3,860.65           12.20
                68,362.49      41.48        68,915.06 42.62           0.00       0.00         0.00            0.00
                52,208.89      31.67        50,172.86 31.03      50,352.64      67.61    10,648.47           33.64
                 1,199.02       0.73         1,103.40   0.68      1,444.75       1.94     1,596.91            5.04
                    12.58       0.01            17.21   0.01         41.17       0.06        61.51            0.19
                     4.05       0.00             0.01   0.00          0.00       0.00         0.00            0.00
                     0.00       0.00             0.00   0.00          0.00       0.00         9.50            0.03
                19,872.73      12.06        19,261.13 11.91      21,553.88      28.94    15,479.67           48.90
                     0.00       0.00             0.00   0.00          0.00       0.00         0.00            0.00
               164,826.81     100.00       161,698.25 100.00     74,476.99     100.00    31,656.71          100.00




    82.54% 96.55% 98.25% 98.28%
        1
                                                                                0.00            0.00
    20,518.67            21,554.76                                                  0.00% 0.00%
12.69% 13.08%          2013        -2014                                                 0.00
              2013                                              2015


            Wanxiang 150 North Riverside,LLC                                 Wanxiang Orland,LLC
                            Wanxiang 150 North Riverside,LLC                 Wanxiang Orland,LLC
                                                                             Wanxiang 150 North
Riverside,LLC     Wanxiang Orland,LLC


        2
                                                                         0.00            0.00

68,915.06            68,362.49                                               0.00% 0.00% 42.62%

                                                 1-1-113
  41.48% 2015                                                            68,915.06


         3
                                                                                 10,648.47
50,352.64           50,172.86            52,208.89
33.64% 67.61%         31.03% 31.67% 2014
  2013              39,704.17                      372.86%




                                2016     6    30                       2015    12     31

                            1.82%                    902.61              2.11%              1,059.76
                            9.57%                  4,749.47              9.64%              4,836.91
                            4.90%                  2,432.17              4.92%              2,467.63
                            1.99%                    986.59              2.00%              1,002.29
                            7.63%                  3,792.36              1.62%                813.46
                           79.28%                 39,345.69             79.71%             39,992.82
         4
                                                                                 15,479.67
21,553.88           19,261.13                19,872.73

48.90% 28.94% 11.91%              12.06% 2014
2013            6,074.21                          39.24%




                                                                                                     /%
             2016     6   30      2015       12      31    2014   12      31     2013      12   31

             746,119.45 79.23 660,616.87 81.27 663,992.53 78.80                     918,900.37 89.48
             195,613.81 20.77 152,296.90 18.73 178,667.32 21.20                     108,077.80 10.94
             941,733.27 100.00 812,913.77 100.00 842,659.85 100.00 1,026,978.16 100.00
                                                              1,026,978.16              842,659.85

                                              1-1-114
       812,913.77             941,733.27


       89.48% 78.80% 81.27% 79.23%
       1


                                                                                                      /%

                 2016     6   30       2015   12     31      2014   12       31         2013   12     31

                          -        -             -       - 193,300.00        29.11 153,051.60          16.66
                          -        -             -       - 17,405.56          2.62 28,731.61            3.13
                  45,077.65     6.04     54,803.95    8.30 70,963.57         10.69 86,423.73            9.41
                 499,979.01    67.01    428,637.59   64.88 258,705.06        38.96 493,131.83          53.67
                   2,240.82     0.30      2,853.78    0.43   2,942.40         0.44   2,761.53           0.30
                   7,978.51     1.07      2,572.48    0.39     13,903.55      2.09        11,325.37        1.23
                   2,431.42     0.33        519.18    0.08      1,088.50      0.16           755.48        0.08
                 123,412.04    16.54     66,829.89   10.12     33,183.87      5.00        35,719.22        3.89

                  65,000.00     8.71    104,400.00   15.80     72,500.00     10.92 107,000.00          11.64

                 746,119.45 100.00      660,616.87 100.00 663,992.53 100.00 918,900.37 100.00




       95.27% 94.68% 99.10% 98.30%
           1
                                                             153,051.60               193,300.00
0.00            0.00                                      16.66% 29.11% 0.00% 0.00%
2013           2014
       2015                                                                       0
           2
                                                               86,423.73               70,963.57
54,803.95               45,077.65                                        9.41% 10.69% 8.30%
    6.04%                                                                                1

1          2015                                                            7,386.57
                          6,421.81                                         3,041.13
                          2,636.67                                           2,250             2016


                                               1-1-115
6                                                           10,297.22
            9,076.20                                         3,804
      2,871.08                                             2,702


      3
                                                                  493,131.83            258,705.06
       428,637.59              499,979.01                                               53.67%
38.96% 64.88%          67.01%                                                                  2014
                                    2013                234,426.77                     47.54%
                                                                 2015
    2014               169,932.53                       65.69%


      4
                                                                     35,719.22             33,183.87
     66,829.89            123,412.04                                              3.89% 5.00%
10.12% 16.54%                                                                      /
                                                                                        2015
                       2014              33,646.02                      101.39%
                                       2016    6                                    2015
56,582.15                     84.67%

    2016      6
                                                                                                 /%



                                       58,408.59           47.33%
                                       14,015.03           11.36%
                                        9,371.81            7.59%
                                        4,869.70            3.95%
                                           1,000            0.81%
                                       73,650.10           71.04%
      5
                                                                                  107,000.00
72,500.00         104,400.00             65,000.00                                           11.64%

                                              1-1-116
10.92% 15.80% 8.71%


    2


                                                                                                          /%

             2016       6    30      2015     12     31          2014      12    31        2013      12      31


               68,250.00     34.89    144,750.00        95.04     171,500.00      95.99        100,648.40      93.13
              119,677.80     61.18          0.00         0.00           0.00       0.00              0.00       0.00
                6,688.84      3.42      6,688.84         4.39       6,688.84       3.74          6,688.84       6.19
                    628.12    0.32          489.01       0.32           421.60      0.24            0.00       0.00
                    369.05    0.19          369.05       0.24            56.88      0.03          163.52       0.15
                      0.00    0.00            0.00       0.00             0.00      0.00          577.04       0.53
              195,613.81 100.00       152,296.90 100.00           178,667.32     100.00        108,077.80 100.00


                                                                        99.31% 99.73% 99.44%
  99.49%
        1
                                                                       100,648.40              171,500.00
         144,750.00           68,250.00                                                          93.13%
95.99%      95.04%      34.89%       2014                                           2013
70,851.60                    70.40%                                              2016      6


    2016     6
                                                                                                          /%


                                                                0.00                                  0.00
                                                        68,250.00                                   100.00
                                                                0.00                                  0.00
                                                                0.00                                  0.00
                                                        68,250.00                                   100.00
        2
                                                                        0.00           0.00           0.00
         119,677.80                                                      0.00%        0.00%       0.00%
61.18% 2016         6
                                              1-1-117
        3
                                                           6,688.84            6,688.84
6,688.84     6,688.84                                             6.19% 3.74% 4.39%
  3.42%




                             2016      1-6         2015            2014             2013
                               385,394.41        533,240.00       307,227.06      259,058.08
                               210,954.22        215,411.51       344,828.43      354,419.99
                               174,440.19        317,828.49       -37,601.37      -95,361.91
                                   57,176.86      45,383.97         2,639.76        1,121.12
                                      601.30     114,625.91            33.15        2,706.73
                                   56,575.56      -69,241.94        2,606.61        -1,585.60
                               353,540.00        453,871.75       507,388.67      387,696.13
                               202,334.87        641,828.44       507,927.58      301,260.04
                               151,205.13        -187,956.69         -538.91       86,436.09
                               382,237.79         61,469.45       -35,534.45       -10,511.42
    1
                                                                          -95,361.91
-37,601.37     317,828.49           174,440.19             2013
                                                                          2014
                            2013
              2015


    2
                                                                           -1,585.60
2,606.61     -69,241.94        56,575.56             2014
                                                          2015




                                       1-1-118
       3
                                                                                                  86,436.09
-538.91             -187,956.69               151,205.13                 2015




                         2016     6       /
                                                      2015        /          2014       /           2013       /

                                      1.77                      1.56                   1.69                    1.41
                                      0.71                      0.26                   0.19                    0.28
                                   63.38%                    68.36%                 70.48%                  77.35%
EBITDA                                4.57                       1.53                  2.24                    3.83
                                                                            77.35% 70.48% 68.36%
63.38%
                                                                            1.41 1.69 1.56            1.77
                  0.28 0.19 0.26       0.71


       2013-2015         2016                                EBITDA                                    3.83 2.09
1.53       4.57   2014                                                                                      2016




                            2016      6          /
                                                          2015          /       2014          /      2013          /

                                              55.29               360.26               781.27              1,249.37
                                               0.46                 0.32                 0.32                 0.17
                                                                                1,249.37          781.27     360.26
  55.29                           2016


                                                                        0.17 0.32 0.32              0.46




                                                      1-1-119
                                2016     1-6             2015            2014               2013
                                    214,526.40           347,411.52      490,687.28         280,805.64
                                    181,517.75           300,158.38      411,516.92         205,714.43
                                      32,456.07           46,018.20          79,359.84       75,158.69
                                      31,819.68           44,392.88          78,441.94       74,848.31
                                      23,493.82           32,688.44          58,450.85       60,983.75
                                      23,530.21           32,688.44          58,450.85       60,983.75
                                                                280,805.64         490,687.28
347,411.52            214,526.40

    1
                                                                                                    /%
               2016      1-6              2015                        2014                  2013

             211,996.85     98.82     343,105.49     98.76 490,165.38           99.89 280,285.39     99.81
               2,529.55      1.18       4,306.03      1.24     521.90            0.11     520.25      0.19
             214,526.40    100.00     347,411.52    100.00 490,687.28          100.00 280,805.64    100.00
    2013-2015                                                   280,285.39          490,165.38
  343,105.49                                               99.81%        99.89% 98.76% 2016
  1-6                                 211,996.85                                         98.82% 2014


                               2015


        1
                                                                                                    /%
               2016      1-6              2015                        2014                   2013

            209,426.09     98.79 338,887.81         98.77 486,845.54           99.32 277,902.39      99.15
              2,570.76      1.21   4,217.68          1.23   3,319.84            0.68   2,383.00       0.85
            211,996.85    100.00 343,105.49        100.00 490,165.38          100.00 280,285.39     100.00
    2013-2015


        2
                                                                                                    /%

                                               1-1-120
               2016     1-6                  2015                     2014                   2013

         207,761.69        98.00 320,240.88          94.59 467,858.39         95.45 267,227.69        95.34
           1,035.16         0.49   9,644.81           2.81   8,732.73          1.78 13,057.70          4.66
              3,200         1.51 13,219.80            3.85 13,574.26           2.77       0.00         0.00
         211,996.85       100.00 343,105.49         100.00 490,165.38        100.00 280,285.39       100.00




    2
    2013-2015             2016                                                  110,490.97
163,741.90            89,132.55              57,795.27                                   39.35%
33.37% 25.66% 26.94%                                                   32.79%


    3


                                                                                                     /%

        2016     1-6                2015                    2014                      2013




        3,786.26       1.76      10,221.53      2.94       7,653.24      1.56       5,262.39        1.87

        2,398.66       1.12       4,879.30      1.40       3,900.27      0.79       3,336.09        1.19

        1,501.92       0.70        779.51       0.22       5,996.28      1.22       2,078.89        0.74

        7,686.84       3.58      15,880.34      4.57      17,549.79      3.58      10,677.37        3.80


                      5,262.39             7,653.24          10,221.53              3,786.26
2014-2015




                          3,336.09             3,900.27         4,879.30            2,398.66


             2,078.89             5,996.28             779.51           1,501.92


                                                1-1-121
                     3,028.08       7,327.08            1,989.64             2,853.17
                       17,477.84          33,889.79          29,455.32              4,947.30
           2014
2015


       4
                                                   67.49       189.48               -1,234.94
           -552.58
                       2015


       2013-2015


                                          2015               2014                2013
                                            -1,234.94                    -                  -
                                                    -               189.48                  -
                                                    -                    -              67.49
                                            -1,234.94               189.48              67.49
       5
       2013-2015                               342.34          639.39               1,322.72
                                            0.00           182.13            0.00
                                   0.00% 28.48% 0.00% 2014
                     2012          2013

2016       1-6                     245.66                                                0




       1




       2


                                    1-1-122
          2016   6   30                       252,927.80



                                                                     %

                                            65,000.00                        25.67
                                            68,250.00                        26.94
                                           119,677.80                        47.39
                                           252,927.80                    100.00
          2016   6   30


                                    %                                    %
1                         0.00             0.00          65,000.00           25.67
    1-2                   0.00             0.00           5,000.00            1.97
    2-3                   0.00             0.00         124,677.80           49.36
    3-4                   0.00             0.00          32,000.00           12.64
    4-5                   0.00             0.00           5,000.00            1.97


                                 1-1-123
                                            %                                          %
 5                        0.00                    0.00             21,250.00                8.39
                          0.00               100.00               252,927.80            100.00
                                                                       25.67%
                74.33%                  2




         2016   6   30

                                                                                   %
                                                          0.00                             0.00
                                                  133,250.00                            52.62
                                                          0.00                             0.00
                                                  119,677.80                            47.38
                                                  252,927.80                           100.00

         2016   6   30                                                133,250.00
119,677.80                                                 52.62% 47.38%




     1                                            2016     6     30
     2                                                            12


     3                              12                   2016     6    30                     4
                             8




                         1,321,142.38                      1,401,142.38                80,000.00


                                        1-1-124
                                     164,826.81                 164,826.81                      0.00
                                    1,485,969.19               1,565,969.19                80,000.00
                                     746,119.45                 746,119.45                      0.00
                                     195,613.81                 275,613.81                 80,000.00
                                     941,733.27                1,021,733.27                80,000.00
             %                             63.38                      65.25                     1.87




                                     155,490.86                 235,490.86                 80,000.00
                                     444,945.06                 444,945.06                      0.00
                                     600,435.92                 680,435.92                 80,000.00
                                        2,362.61                    2,362.61                    0.00
                                     128,677.80                 208,677.80                 80,000.00
                                     131,040.41                 211,040.41                 80,000.00

             %                             21.82                      31.02                    10.70




    1       2016    4   6                                                               2015
                             2015                                              11,417,102.69
    10%                         1,141,710.27                                     851,804,127.31
                                      862,079,519.73         2015


        2015       12   31                1,463,713,654                          10
    1                               3.8                                               10
1
    2




    1

        1



                                                   1-1-125
    2016      6    30                                          118,245.50


        2
            2016    6       30                                                          0.90




1                                                                           9,000        2019-09-12

    2




            2016        6        30




                                                        46,547.10                          50,352.64




                                                                                  263,749.90
            2016   6                                  17.75%



                                                   283.77

                                             229,263.45

                                                 34,202.68

                                             263,749.90                       -




                                      7,217.79                                          2019-09-12


                                                     1-1-126
196,200.00                 2017-03-30

25,210.00                  2019-04-12
                           2016-11-12
34,838.34
                            2025-08-11
263,466.13             -        -




             1-1-127
       12                 12
                     2016       3   15                                                [2016]518

                                                            12              12




                                           12          12                            5
                     7              7
                            7




       1
                                                       4


                                                                                                    /%



                                                 2015.3.30              2016.9.29    6.98          3.00

                                                 2015.3.30              2017.3.30    6.98   3.00
                                                                    1            2




 2016           9    29                  6.98%                   3.00
2017        3   30                  6.98%                    3.00             1.00
 2.00

       2

                                                  1-1-128
                              4




2016   6    30                         12
           4                  8


                 79.23%       73.02%


                      1.77             1.88




                    1-1-129
1-1-130
1




2
    2016
                     2016




           1-1-131
3




4




5


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             1-1-132
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2016


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       7
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                   1-1-133
    7


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                                     15




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                    1-1-134
1


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3                              10




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                     1-1-135
              5




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    1-1-136
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3




        1-1-137
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6


7




1
                      100




2




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            1-1-138
5




6


7




8


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11




12

           1-1-139
 1
 2
 3




13


14


     1
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     5
     6
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15


16




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         1-1-140
                            989                  45




                                  989       45
             021-33389831
       021-33389955


2015    12     16




1

                                  1-1-141
2




3




1




2


3




4




    1
    2
    3
    4
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    6

        1-1-142
    7
    8
    9
    10
    11
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    13
    14
    15


    16

    17
    18


    19
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         1-1-143
8


     1
     2
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9




10




11




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13




1

         1-1-144
2


    1       4


    2


    3
    4
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8

                1-1-145
9
           3.7




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         1-1-146
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    1


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         1   2


                           3


1
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    1
    2
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    5
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    8             4            1   12

                 1-1-147
    9
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2




3


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1


    1


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            1-1-148
3


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1
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        1-1-149
1


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    1
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    4


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        30




    1



                  1-1-150
    2




    3
4                 30




5




6


7




8




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        1-1-151
10


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11             /




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1
2




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     1-1-152
3




    1-1-153
1-1-154
1       3
2

3
4
5
6
7




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                     1-1-169