*
YANKUANG ENERGY GROUP COMPANY LIMITED
01171
(1)
(2)
(3)
2022 10 28 949
273500 2022 10 5
H H
183 17M A
949 273500
*
2022 10 12
............................................................. 1
........................................................ 7
................................................ 47
.................................................. 49
............................................ I-1
..................................... II-1
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . III-1
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . IV-1
................................. V-1
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . VI-1
–i–
2023 2022 4 29
2022 9 8
A 1.00
2022 6 30
1997
H A
(01171.HK) (600188.SH)
–1–
2022 10 28
949
273500 2022
2022 8 26
H 1.00
(i)
(ii)
(iii)
–2–
6
(i)
(ii)
(iii)
2022 10 7
–3–
2022 8 26
571
70% 20% 10%
54.92%
66.67%
53.92% 31.67%
A
–4–
B
C
(i) 60% (ii)
30%
(iii)
10%
D
(i)
70% (ii)
20%
(iii) 10%
E
F
–5–
95% 5%
%
–6–
*
YANKUANG ENERGY GROUP COMPANY LIMITED
01171
949
273500
248
40
(1)
(2)
(3)
I.
2022 8 26
2022 9 8
*
–7–
(i) ii
(iii)
II.
2022 9 8
2022 9 8
3,000,000,000 4,000,000,000
7,000,000,000
–8–
54.92%
100% 100% 60% 70% 100% 100%
A C D E
95% 5% 66.67% 10.00% 6.67% 6.67% 3.33% 3.33% 3.33%
66.67%
A 10.00% B 6.67% C
6.67% D 3.33% E 3.33%
F 3.33% A B E F
C D 60% 70%
95% 5%
A B C D E F
山東能源
54.92%
100% 100% 60% 70% 100% 100%
本公司 A C D E
53.92% 31.67% 4.33% 2.88% 2.88% 1.44% 1.44% 1.44%
合併企業
–9–
53.92%
31.67% A 4.33% B 2.88%
C 2.88% D 1.44% E
1.44% F 1.44% A B E
F C D 60% 70%
7,000,000,000
(i)
(ii)
(iii)
(iv)
– 10 –
(i)
(ii) 2022 6 30
4,641.8
6,091.3
2
1
2,000 66.67% 3,094.55 28.83%
3
A 300 10.00% 464.18 4.33%
B 200 6.67% 309.46 2.88%
C 200 6.67% 309.46 2.88%
D 100 3.33% 154.73 1.44%
E 100 3.33% 154.73 1.44%
F 100 3.33% 154.73 1.44%
3,800 95% 5,786.72 53.92%
200 5% 304.56 2.84%
3
7,000 10,733.12 100%
1. 2022 6
30 4,641.8
6,091.3
– 11 –
2. 2022
6 30 10,733.1
3. 31.67%
2020
6
– 12 –
2013 12 30
2021 12 31
2020 2021
12 31 12 31
693,973,644.33 579,981,765.10
403,153,113.63 376,776,520.49
320,517,582.00 253,355,865.04
2021 12 31
31,391,828,369 4,627,023,540
(
[2022] 110165 )
2010 9 13
– 13 –
2021 12 31
2020 2021
12 31 12 31
390,118,253.83 525,371,382.38
272,895,238.39 448,249,241.67
204,425,315.48 336,210,272.64
2021 12 31
43,602,239,400 5,701,866,642
[2022]
0263
5% 25%
14
66.67% 14A.13(1)
14A.04(4)
14A
2022 6
30
14.61
– 14 –
14.62(1)
I.
1.
2.
3.
– 15 –
II.
1.
2.
3.
4.
5.
6.
7.
8.
– 16 –
9.
10.
11.
12.
13.
14.
III.
(a)
1.
(i)
(ii)
– 17 –
(i)
2019 2020
2021 12 31
2022 6 30
(ii) 3.55%
3.34% 2022 6
30
(i)
2019 2020
2021 12 31
2022 6 30
(ii)
2022 6 30
1.62%
2022 6 30
2.29%
– 18 –
2022 6 30
2.
(i)
(ii) (i)
(ii)
2019 2020 2021 12 31
2022 6 30
(iii) 2019 2020 12 31
2021 12 31
2022 6 30
(iv)
2019 2020 2021 12 31
2022 6 30
3.
2.02%
– 19 –
4.
(i) 5%
(ii) (iii)
(iv)
2021
[2022] 3
5.
6%
7% 3% 2%
6.
2.5%
7.
25%
25%
– 20 –
8.
10%
50% 2012 3
[2012]20
1.5%
9.
10.
9.08%
(i) 10
(ii)
(iii) beta
beta (iv)
– 21 –
(i)
(ii)
(iii)
(b)
1.
(i)
(ii) (iii)
(i)
2019 2020
2021 12 31
2022 6 30
(ii) 3.40%
2022 6 30
– 22 –
(i)
2019 2020
2021 12 31
2022 6 30
2022 6 30
(ii) 2019
2020 2021 12 31
2022 6 30
(i)
2019 2020
2021 12 31
2022 6 30
(ii)
2022 6 30
1.62%
2022 6 30
2.29%
– 23 –
(i)
2022 6 30
(ii)
2020 2021 12 31
2022 6 30
2022 6 30
2.
(i)
(ii) (i)
(ii)
2020 2021 12 31
2022 6 30
2021 12 31 2022 6
– 24 –
30 (iii)
2019 2020 2021 12 31
2022 6 30
3.
(i) 5%
(ii) (iii)
4.
6%
7% 3%
2%
5.
2.5%
6.
25%
25%
– 25 –
7.
10%
50% 2012 3
[2012]20
1.5%
8.
9.
9.08%
(i) 10
(ii)
(iii) beta
beta (iv)
– 26 –
(i)
(ii)
(iii)
2022 9 8
III.
2022 4 29 2022
6 10 2023
2020 2022 12 31
2023
2023
2022 6 30
2022 6 30
– 27 –
2022 8 26
(1)
(2)
(i)
625
(ii)
2023 2025
280 300 320
– 28 –
(iii)
600
(i)
(ii)
2023 1 1
2025 12 31
– 29 –
1.
2.
3.
4.
5.
6.
7.
8.
– 30 –
– 31 –
(i)
(ii)
(iii)
20
(iv)
– 32 –
2020 12 31 2021 12 31
2022 6 30
2020 2021 2022
12 31 12 31 6 30
40.733 62.531 31.029
22.133 24.290 23.504
2.885 1.782 0.811
2021 12 31
2023 12 31 2024 12 31 2025
12 31 625
(i)
(ii) 2023
(iii) 2023 2025
(iv)
2023 12 31 2024 12
31 2025 12 31
280
300 320
2023
12 31 2024 12 31 2025 12 31
600
– 33 –
53.92%
31.67% A 4.33% B 2.88%
C 2.88% D 1.44% E
1.44% F 1.44% A B E
F C D 60% 70%
– 34 –
54.92%
(i)
14A.90
(ii)
25% 100%
14A
14
(iii)
0.1% 14A.76
– 35 –
IV.
2022 8 26
(1)
(2)
(i)
270
(ii)
2023 2025
150
160 170
– 36 –
iii
500
– 37 –
2023 1
1 2025 12 31
1.
2.
3.
4.
5.
6.
7.
– 38 –
(1)
(i)
(ii)
(iii)
(iv)
(2)
(3)
– 39 –
(4)
(5)
2020 12 31 2021 12 31
2022 6 30
2020 2021 2022
12 31 12 31 6 30
12.602 12.974 26.229
12.744 10.354 11.048
2.147 3.270 1.854
2022 6 30
2023 12
31 2024 12 31 2025 12 31 270
– 40 –
(i) 2021 12 31 2022 6 30
(ii)
2023 12 31 2024 12 31 2025 12 31
150 160 170
2023 12 31
2024 12 31 2025 12 31
500
66.67%
A 10.00% B 6.67% C
6.67% D 3.33% E 3.33%
F 3.33% A B E F
C D 60% 70%
– 41 –
53.92%
54.92%
14A
53.92%
31.67% A 4.33% B 2.88%
C 2.88% D 1.44% E
1.44% F 1.44% A B E
F C D 60% 70%
14A
– 42 –
(i)
5% 25% 14A
14
(ii)
14A.90
(iii)
0.1%
14A.76
V.
(i) (ii)
(iii)
– 43 –
i
(ii)
(iii)
VI.
2022 10 5
1.
2.01
2.02
2022 10 5 H
H
183 17M A
949 273500
2,263,047,288 A
454,989,000 H 54.92%
– 44 –
120,000,000 A
(i)
(ii)
(iii)
VII. H
2022 10 20 2022 10 28
H
H
2022 10 19 H
183 17 1712-1716
2022 10 19
H
– 45 –
VIII.
(i) 47 48
(ii) 49 93
(i)
(ii)
(iii) (i)
(ii) (iii)
IX.
2022 10 12
– 46 –
*
YANKUANG ENERGY GROUP COMPANY LIMITED
01171
949
273500
248
40
(1)
(2)
(3)
2022 10 12
(i)
(ii) (iii)
– 47 –
(i)
(ii) (iii)
49
93
7 46
(i) (ii)
(iii)
(a)
(b)
(i)
(ii) (iii)
2022 10 12
– 48 –
18-20
25 2502
(1)
(2)
(3)
(i)
(ii)
(iii)
2022 10 12
– 49 –
(i) 2022 9 8
(ii) 2022 8 26
2025 12 31
(iii) 2022 8 26
2025 12 31
54.92% 66.67%
5% 25% 14A
A 25% 100%
A 14A
14A
– 50 –
53.92%
31.67%
14A
B A
5% 25% B
14A
(i)
(ii)
(iii)
– 51 –
(a)
2020 11 16
(b)
2020 11 16
(c)
2021 1 13
(d) A
2022 1 12
(e) 2022 4 29 2023
2020 12 9
2022 6 10
– 52 –
(i) (ii)
(iii) (iv)
A (v)
i
ii
13.84
13.80(2)
– 53 –
(i) 2021 12 31
2021 2021
(ii) 2021 2022 6
30
(iii) (a) 2022 7 31 (b)
2022 7 31 (c)
2021
(iv) (a) 2022 7 31 (b)
2022 7 31 (c)
2021
(v)
– 54 –
A.
1.
2010 9 13
95% 5%
2020 12 31 2020
2021 12 31 2021 2021 7 31 2021
2022 7 31 2022
2021 2020 2022 2021
520 387 317 315
336 204 246 216
– 55 –
2022 2021 2020
7 31 12 31 12 31
27,597 43,602 25,513
21,650 37,900 22,160
5,947 5,702 3,353
2020 387
2021 520
2021 315
2022 317
2020 204 2021
336
2021 216 2022
246
2020 12 31 25,513
2021 12 31 43,602
2021 12 31 43,602
2022 7 31 27,597
– 56 –
2020 12 31 22,160
2021 12 31 37,900
2021
2021
2021 12 31 37,900
2022 7 31 21,650 (i)
(ii)
(i)
(ii)
2021 12
31 2022 7 31
2022 2021
7 31 12 31
10% 28.77% 22.45%
100% 8.06%
– 57 –
2022 2021
7 31 12 31
100% 54.31% 73.48%
70% 0.02% 2.50%
20% 0.06% 0.04%
2021 12 31 2022 7 31
2.
2013 12 30
100% 100% 60% 70% 100% 100%
A B C D E F
10% 6.67% 6.67% 66.67% 3.33% 3.33% 3.33%
– 58 –
66.67%
A 10.00% B 6.67% C 6.67%
D 3.33% E 3.33% F 3.33%
A B E F C D
60% 70%
2020 2021 2021 2022
2021 2020 2022 2021
390 503 244 225
253 321 51 146
2022 2021 2020
7 31 12 31 12 31
21,893 31,392 19,584
17,367 26,765 15,025
4,526 4,627 4,559
2020 503
2021 390 2021
2021 225
2022 244
– 59 –
2020 321 2021
253
2021 146 2022
51
2020 12 31 19,584
2021 12 31 31,392
2021 A
2021 12 31 31,392
2022 7 31 21,893
F
2022
2020 12 31 15,025
2021 12 31 26,765
2021
2021 12 31 26,765
2022 7 31 17,367 F
F 2022
– 60 –
(i)
(ii)
2021 12
31 2022 7 31
2022 2021
7 31 12 31
10% 27.98% 26.01%
100%
100% 25.32% 51.91%
70% 0.42% 0.21%
20% 0.19% 0.21%
2021 12 31 2022 7 31
– 61 –
B.
1.
2022 9 8
2.
(1)
14
– 62 –
(2)
(i)
609
222
(ii)
A.
2. 2022
51 2022
20.7%
3.
2022 9 8
(i)
(ii)
– 63 –
3,000 4,000
7,000
7,000,000,000
100% 100% 60% 70% 100% 100%
A B C D E F
10% 6.67% 6.67% 3.33% 3.33% 3.33% 66.67%
54.92%
5% 95%
– 64 –
66.67%
A 10.00% B 6.67% C
6.67% D 3.33% E 3.33%
F 3.33% A B E F
C D 60% 70%
95% 5%
A B C D E
F
100% 100% 60% 70% 100% 100%
A B C D E F
4.33% 2.88% 2.88% 1.44% 1.44% 1.44% 31.67%
54.92%
53.92%
53.92%
31.67% A 4.33%
B 2.88% C 2.88% D
1.44% E 1.44% F
1.44% A B E F
C D 60% 70%
– 65 –
(i)
(ii) 2022 6 30
4,641.8
6,091.3
1) 2)
2,000 66.67% 3,094.55 28.83%
3)
A 300 10.00% 464.18 4.33%
B 200 6.67% 309.46 2.88%
C 200 6.67% 309.46 2.88%
D 100 3.33% 154.73 1.44%
E 100 3.33% 154.73 1.44%
F 100 3.33% 154.73 1.44%
3,000 4,641.84 43.24%
3,800 95% 5,786.72 53.92%
200 5% 304.56 2.84%
3
4,000 6,091.28 56.76%
7,000 10,733.12 100%
1. (i) 2022 6 30
4,641.8 (ii)
– 66 –
(i) 2022 6 30
6,091.3 (ii)
2.
2022 6 30
10,733.1
3. 31.67%
(i)
(ii)
(iii)
(iv)
– 67 –
4.
(1)
(2)
(i)
– 68 –
(ii)
(iii)
(3)
(i)
(ii)
– 69 –
(iii)
(i)
(ii)
(iii)
(iv)
(v)
(vi)
– 70 –
(vii)
(viii)
(ix)
(x)
(xi)
(xii)
(xiii)
(xiv)
– 71 –
(4)
(i)
(ii) (iii)
(i) 2019
2020 2021 12 31
2022 6 30
(ii) 3.40% 2022 6 30
– 72 –
(i) 2019 2020
2021 12 31 2022 6
30 2022 6
30
(ii) 2019 2020 2021 12
31 2022 6 30
(i) 2019
2020 2021 12 31 2022
6 30
(ii) 2022 6 30
(i) 2022 6 30
(ii)
2020 2021 12
31 2022 6 30
– 73 –
2022 6 30
(i)
(ii)
(i)
2020 2021 12 31 2022 6
30
2021 12 31 2022 6
30
(ii) 2019 2020 2021
12 31 2022 6 30
– 74 –
(i) 10
(ii)
(iii) beta
beta
(iv)
(i)
(ii)
a
b
– 75 –
(5)
(i)
(ii)
(i) 2019
2020 2021 12 31
2022 6 30
(ii) 3.55% 3.34%
2022 6 30
– 76 –
(i) 2019
2020 2021 12 31 2022
6 30
(ii) 2022 6 30
2022 6 30
(i)
(ii)
(i)
2019 2020 2021 12 31
2022 6 30
2019 2020 12 31
2021 12 31 2022 6 30
– 77 –
(ii) 2019 2020 2021
12 31 2022 6 30
(i) 10
(ii)
(iii) beta
beta
(iv)
– 78 –
(i)
(ii)
(a)
(b)
(6)
2022 6 30
4,641.8 6,091.3
5.
– 79 –
C.
1.
2022 8 26
2025 12 31
2.
609
222
(i) 609
(ii) 2022 6 10
2023
17
36
2023 A
3.
(a)
2022 8 26
– 80 –
(1)
(2)
2023 1 1 2025 12 31
(i)
(ii)
(iii)
(iv)
(v)
(vi)
(vii)
(viii)
– 81 –
2023 2025
280 300 320
(b)
– 82 –
c
(i) 2022 8 31
(ii) 2022 8 31
(iii)
2022 7 27
(i) 2022 8 31 9,202
2022 8 31 147,645
2025 12 31 A
32,000
(ii) AAA
4.
2020 2021 2022 6 30
2022
2020 2021 2022
22,133 24,290 23,504
– 83 –
(i)2020 2021 2022
2019 8 30 2020 2020 2021
2022 (ii)2023
2025 12 31
12 31
2020 2021 2022 2023 2024 2025
a 9,400 9,800 10,100 15,000 28,000 16,000 30,000 17,000 32,000
3 3 3
b 9,335 9,700 9,852
1
c=b/a 99.3% 99.0% 97.5%
2
1. 9,852 2022
2. 97.5% 2022
3. 2023 2023
A
A
– 84 –
2023 2023
1 15,000
2023 19
2 13,000
2023 28,000
2023 2024 16,000
3
2024 12 31 14,000
2024 4
2024 30,000
2023 2025 17,000
5
2025 12 31 15,000
2025 6
2025 32,000
1. 2022 6 10 2023 2023
(i) 2022 12 31 2022
10,100 (ii) 4,400
(iii) 500
2. 2023 2023 17
19
13,000
1 100
18 12,900
19 13,000
– 85 –
3. 2022 6 10 2023 2024
(i) 1 2023
(ii)2024 700
4. 2024 (i) 2 2023
13,000 (ii)2024 50
(iii) 9 950
5. 2022 6 10 2023 2025
(i) 3 2024
(ii)2025 500
6. 2025 (i) 4 2024
14,000 (ii)2025 50
(iii) 10 950
A
2 4 6
1
2 4 6
2025 12 31 A
5.
2020
– 86 –
(i) 2021 2021
(a)
(b)
(ii) 2021 (a)
(b)
(c)
(iii)
(a) 2021 3 31
2021 6 30 2021 9 30 2021 12 31 2022 3 31
2022 6 30 (b) 2021 3
31 2021 6 30 2021 9 30
2021 2022 3 31 2022 6 30
(c) 2021 3 31 2021 6
30 2021 9 30 2021 12 31 2022 3 31 2022 6
30
(iv) 2022 8 31
(v) 2022 8 31
2022
– 87 –
(vi) 2022 8 31
(a)
(b)
(c)
(d)
(e) 3.7%
(1) 4.35% (2)
3.70%
(i) 2020
2025 12 31
(ii) A
– 88 –
D.
1.
2022 8 26
2025 12 31
2.
(i) (ii)
(i)
(ii) A.
2.
A. 1.
– 89 –
(iii)
3.
(a)
2022 8 26
(i)
(ii)
2023 1 1 2025 12 31
(i)
(ii)
(iii)
(iv)
(v)
(vi)
– 90 –
(vii)
270
(b)
4. B
2025 12 31 B
12 31
2020 2021 2022 2023 2024 2025
B 27,000 27,000 27,000
12,602 12,974 26,229
1
– 91 –
1. 26,229 2022 2021
12,974 2022 26,229
2022 2021 6
30
(a) B
B (i)2022
263 (ii)2022 8
2.7%
(i) 2022
(ii) 2022 8 2.7%
B
(a)
(b)
– 92 –
2022 10 12
6
20
– 93 –
1.
2021 2020 2019 12 31
2021 12 31 193 347
2020 12 31 183 335 2019 12
31 167 311
2021 12 31
https://www1.hkexnews.hk/listedco/listconews/sehk/2022/0422/2022042201323_c.pdf
2020 12 31
https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0328/2021032800564_c.pdf
2019 12 31
https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0422/2020042201329_c.pdf
2022 6 30
2022 6 30 107 144
2022 6 30
https://www1.hkexnews.hk/listedco/listconews/sehk/2022/0826/2022082601313_c.pdf
– I-1 –
2.
2022 8 31
30,073,139
26,886,338
14,588,144
9,974,200
4,140,471
2,197,600
404,813
88,234,705
2022 8 31
42.3
2022 8 31
3.
12
– I-2 –
14.66(12)
500
3000
4.
2022
50 10 DMMn
2023 3
– I-3 –
5%
5%
+ 2,500
200
+
5.
– I-4 –
– I-5 –
6.
2025 12 31
280 300 320
9.8 10.5
11.2
2023
2024 2025 12 31
– I-6 –
2022 6 30
2022 2684
– II-1 –
........................................................... II-3
........................................................... II-5
.......................... II-7
.............................................. II-13
..................................... II-14
.............................................. II-16
............................................ II-16
.............................................. II-16
.............................................. II-21
................................. II-31
.............................................. II-33
.............................................. II-35
.......................................... II-38
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-41
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-42
................................................. II-44
– II-2 –
– II-3 –
– II-4 –
2022 2684
2022 6 30
2022 6 30
450,556.26 464,183.10 13,626.84
3.02%
– II-5 –
2022 6 30 2023 6 29
– II-6 –
2022 2684
2022 6 30
949
486,000.00
486,000.00
1997 9 25
1997 9 25
91370000166122374N
– II-7 –
– II-8 –
10777 10
300,000.00
9137000008978789X0
2013 12 30
1
2013 12 24
2013 664 2013 12 30
20
– II-9 –
(%) (%)
1 140,000.00 70.00 140,000.00 70.00
2 10,000.00 5.00 10,000.00 5.00
3 10,000.00 5.00 10,000.00 5.00
4 10,000.00 5.00 10,000.00 5.00
5 10,000.00 5.00 10,000.00 5.00
6 10,000.00 5.00 10,000.00 5.00
7 10,000.00 5.00 10,000.00 5.00
200,000.00 100.00 200,000.00 100.00
2019
10
2019 7 5 20 30 2021 3
2021 3 31
– II-10 –
2022 6 30
(%) (%)
1 200,000.00 66.67 200,000.00 66.67
2 30,000.00 10.00 30,000.00 10.00
3 20,000.00 6.67 20,000.00 6.67
4 20,000.00 6.67 20,000.00 6.67
5 10,000.00 3.33 10,000.00 3.33
6 10,000.00 3.33 10,000.00 3.33
7 10,000.00 3.33 10,000.00 3.33
300,000.00 100.00 300,000.00 100.00
2
– II-11 –
3
2022 6 30
2,363,463.97 1,912,907.71 450,556.26
2022 6
2022 1-6 21,316.69
3,451.36 2,577.17
16,117.26
2019 2020 2021 2022
12 31 12 31 12 31 6 30
1,809,384.71 1,958,381.79 3,139,182.85 2,363,463.97
1,366,019.47 1,505,096.20 2,676,045.45 1,912,907.71
443,365.24 453,285.59 463,137.40 450,556.26
2019 2020 2021 2022 1-6
50,676.01 50,383.47 39,025.77 21,316.69
43,099.34 40,314.97 37,677.29 3,451.36
32,369.05 30,090.97 28,363.92 2,577.17
2019 2020 2021 2022 1-6
-362,628.85 200,855.18 1,238,833.76 -971,119.04
-95.15 -1,117.48 -342.66 -1,058.65
134,187.01 -20,170.63 -18,512.10 –
– – – –
590,442.60 770,009.66 1,989,988.65 1,017,810.97
– II-12 –
(2022 18
– II-13 –
2,363,463.97 1,912,907.71 450,556.26
1,141,096.66 1,222,367.31
1,912,907.71
2022 6 30
95,040.67
1,017,810.97
27,930.00
121.37
193.65
1,211,827.50
2,018.11
899.32
65.58
7,556.79
1,894,622.19
154.15
6.88
2,677.13
15,447.35
(2022) 316070
– II-14 –
95,040.67
4.02% 1,017,810.97 43.06%
27,930.00 1.18% 121.37 0.01%
193.65 0.01% 1,211,827.50
51.27% 2,018.11 0.09% 899.32
0.04% 65.58 0.003% 7,556.79
0.32%
4 2 1 1
Windows
899.32
0.04%
1
10777 10 2851.55
2
2022 6 30
4 2 1 1 Windows
– II-15 –
2022 6 30
2022 6 30
1 (2022 18
1 (2016 7 2
– II-16 –
2 (2018 10 26
3 (2020 5 28
4 (2019 12 28
5 (2018 12 29
6 (2008 10 28
7 (2005 9 1
12
8 732 2020
9 709 2019 3 2
10 32
2016
11 [2018]106
2018 4 27
12 691 2017 10
30 191
13 2016 36
– II-17 –
14
2016 46
15
2016 23
16
2016 26
17 (2004 7 27
2004 5 , 2006 12 28
< >
18 (2019 3 20
2019 39
19
2020 2
20
2021 6
21
1 2017 43
2 2017 30
3 2018 36
4 2018 35
– II-18 –
5 2019 35
6 2017 33
7 2018 37
8 2017 35
9 2018 38
10 2017 37
11 2017 39
12 2017 42
13 2017 43
14 2017 46
15 2017 47
16 2017 48
17 2017 47
18
1
2
– II-19 –
1
(LPR)
2 [2012]20
3
2022 3
4
5
6
1 2019-2021
2 iFIND
3 ([ ]Damodaran [ ]
4 3 ([ ]Copeland T.
5 2011
6 33 2006 2 15
2014 7
7 1
[2015]62
8 3
[2015]64
– II-20 –
9 8 2019 39
10 12
2020 38
11
12
– II-21 –
3
– II-22 –
1
(1)
(2)
(3)
2022 3
– II-23 –
2.5% 3%
30%
60%
100%
2022 2 28 2 2022
3 7 2022 3 2 2 2022 3 9
100
3.99
30%
(4)
(5)
– II-24 –
2
(1)
2022 3
2.5%
3%
30% 60%
100%
2.5%
– II-25 –
(2)
(3)
=
1)
– II-26 –
=
2)
= [ +
] 100%
3)
=
(4)
(5)
– II-27 –
3
1
(1)
– II-28 –
(2)
(3)
2
(1)
E = P + C (1)
E
P
C
P=∑ + 2
1+ 1+ ×
Ri i
r
g
n
– II-29 –
C
C = C1 + C2 (3)
C1
C2
(2)
R= +
(3)
(CAPM) re
re = rf + e (rm – rf) + (4)
rf
rm
e
– II-30 –
(4)
2030 2030
1 2022 7
2
2022 7 21 2022 8 2
1
– II-31 –
2
3
4
5
6
7
2022 8 3 2022 8 8
– II-32 –
90
1
2
3
– II-33 –
1
2
3
4
5
6
7
8
9
10
– II-34 –
11
12
13
14
2022 6
30
2,363,463.97 2,364,295.59 831.62
0.04%
1,912,907.71 1,912,907.71
– II-35 –
450,556.26 451,387.88 831.62
0.18%
2022 6 30
B C D=C–B E=D/B 100%
1 1,141,096.66 1,141,078.76 –17.90 –0.00
2 1,222,367.31 1,223,216.83 849.52 0.07
3 – – –
4 – – –
5 899.32 1,734.04 834.72 92.82
6 – – –
7 65.58 78.70 13.12 20.01
8 – – –
9 – – –
10 2,363,463.97 2,364,295.59 831.62 0.04
11 1,912,907.71 1,912,907.71 – –
12 – – –
13 1,912,907.71 1,912,907.71 – –
14 450,556.26 451,387.88 831.62 0.18
831.62 0.18%
834.72 92.82% 13.12
20.01%
– II-36 –
(DCF)
2022 6 30 450,556.26
464,183.10 13,626.84 3.02%
1
464,183.10
451,387.88 12,795.22
(1)
(2)
2
– II-37 –
464,183.10
(2022) 0102 3308
1 2022 6 25
3.99
2 2022 6 25
3.99
24%
1) 2022 2 28 2 15.94
2022 3 8 1 3.42 2022 3 9
1.99 6.15%
– II-38 –
2) 2022 3 2 2 15.94
2022 3 10 2.00
6.15%
3
2022 6 30
1
2
3
– II-39 –
4
(1)
(2)
(3)
5
6
7
– II-40 –
8
10777 10 2851.55
1
2
3
4
5
6
7
– II-41 –
8
2022 6 30
2023 6 29
– II-42 –
– II-43 –
1
2
3
4
5
6
7
8
9
10
– II-44 –
2022
7 12 2023 2024 2025 2026 2027 2028 2029 2030
I. 224,920.3 498,583.3 541,942.8 579,699.5 611,843.9 638,366.1 659,601.3 675,119.2 684,885.9
224,670.6 498,287.4 541,640.9 579,392.1 611,531.5 638,049.7 659,281.7 674,797.4 684,562.9
315,202.5 706,510.8 773,828.6 832,348.9 882,062.2 922,958.9 955,374.3 978,878.1 993,436.5
(90,531.9) (208,223.4) (232,187.7) (252,956.8) (270,530.6) (284,909.2) (296,092.6) (304,080.7) (308,873.6)
39.8 86.1 92.1 97.6 102.5 106.6 109.8 112.0 113.1
56.6 122.3 130.8 138.7 145.6 151.4 156.0 159.1 160.7
(16.8) (36.2) (38.7) (41.0) (43.1) (44.8) (46.2) (47.1) (47.6)
209.8 209.8 209.8 209.8 209.8 209.8 209.8 209.8 209.8
II. 5,176.8 71,481.8 68,731.3 65,914.0 63,032.2 60,087.8 57,086.5 54,026.6 50,911.4
1,746.7 3,942.4 4,338.5 4,681.6 4,971.7 5,208.8 5,392.9 5,524.0 5,602.1
14,155.2 29,289.4 30,642.8 31,982.5 33,310.5 34,629.0 35,943.7 37,252.6 38,559.3
(10,725.0) 38,250.0 33,750.0 29,250.0 24,750.0 20,250.0 15,750.0 11,250.0 6,750.0
III. 219,743.5 427,101.5 473,211.5 513,785.5 548,811.7 578,278.3 602,514.8 621,092.6 633,974.5
54,883.4 106,722.9 118,250.4 128,393.9 137,150.5 144,517.1 150,576.2 155,220.7 158,441.2
IV. 164,860.1 320,378.6 354,961.1 385,391.6 411,661.3 433,761.2 451,938.5 465,871.9 475,533.3
V. 148,379.9 288,331.4 319,455.7 346,843.1 370,485.8 390,375.8 391,720.0 407,587.1 420,659.1
VI. 0.25 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00
9.08%
VII. 0.9785 0.9168 0.8404 0.7705 0.7063 0.6476 0.5936 0.5442 0.4989
VIII.
145,190.7 264,330.2 268,485.2 267,237.7 261,692.4 252,788.4 232,543.9 221,821.9 2,879,407.8
IX. 4,793,498.3
X. (15,166.73)
XI.
4,641,831.0
(i)
– II-45 –
(ii)
– II-46 –
2022 6 30
[2022] 2685
– III-1 –
........................................................... III-3
........................................................... III-5
............................. III-7
.............................................. III-13
..................................... III-14
....................................... III-16
............................................ III-16
.............................................. III-16
.............................................. III-21
................................. III-30
.............................................. III-32
.............................................. III-34
.......................................... III-37
................................... III-39
............................................ III-40
............................................................ III-42
– III-2 –
– III-3 –
– III-4 –
[2022] 2685
2022 6 30
2022 6 30
590,463.23 609,128.82 18,665.58
3.16%
– III-5 –
2022 6 30 2023 6 29
– III-6 –
[2022] 2685
2022 6 30
( )
949
486,000
486,000
1997 9 25
1997 9 25
91370000166122374N
– III-7 –
– III-8 –
– III-9 –
1.
329
400,000
2010 09 13
2010 09 13
91370000562509626T
2.
2010 8 25
(2010)400
2010 11 12 5 1000
70% 25% 5%
2014 6 5
2017 9 65%
5% 90% 5%
– III-10 –
2019 7
5%
5% 95%
2019 8 25
1000
2021
2021 8 40
1000
%
380,000.00 380,000.00 95%
20,000.00 20,000.00 5%
400,000.00 400,000.00 100%
– III-11 –
3.
2022 6 30
4,152,976.62 3,562,513.39 590,463.23
2022 1-6 27,878.47 27,004.84
20,209.18
2019 2020 2021 2022
12 31 12 31 12 31 6 30
2,469,438.48 2,552,506.17 4,360,223.94 4,152,976.62
2,154,525.37 2,217,150.54 3,790,037.28 3,562,513.39
314,913.11 335,355.64 570,186.66 590,463.23
2019 2020 2021 2022 1-6
33,796.26 39,011.83 52,537.14 27,878.47
23,013.31 27,289.52 44,824.92 27,004.84
17,231.66 20,442.53 33,621.03 20,209.18
2019 2020 2021 2022 1-6
-172,441.40 1,425,640.03 -324,045.44 -306,495.41
15,096.90 -10,216.79 -1,764.46 -3,510.27
-56.20 201,091.94 -125.62 148,770.37
231.47 -94.39 -274.99 68.19
-157,169.23 1,616,420.81 -326,210.51 -161,167.12
– III-12 –
95%
2022 18
– III-13 –
2022 6 30
4,152,976.62 3,562,513.39 590,463.23
2022 6 30
174,256.99
2,424,834.60
100.43
0.39
1,547,051.00
393.22
261.48
128.23
5,950.28
20.98
10.53
4,343.64
1,045.38
98.42
3,556,945.22
49.21
(2022) 316071
– III-14 –
4,152,976.62
174,256.99 4.2%
2,424,834.60
58.39%
100.43 0.002%
1,547,051.00
37.25%
39,668.52 393.22
261.48 0.01%
5,950.28 0.14%
654.70
0.02%
1
2
3
2022
– III-15 –
(2022) 316071
2022 6 30
1. (2022) 18
– III-16 –
1. 2016 7 2
2. 2018 10 26
3. 2020 5 28
4. 2018 12 29
5. 2008 10 28
6. 2019 12 28
7.
12
8. 732 2020
9. 709 2019 3 2
10. 2005 9 1
32
11. 2020 3 20 166
– III-17 –
12.
[2020]2
13.
[2021]6
14. [2018]106
2018 4 27
15. 691 2017 10
30 191
16.
2019 39
17.
[2016]46
18.
[2016]36
19.
2016 23
20.
2016 26
21. 2004 7 27
2004 5 2006 12 28
< >
22.
– III-18 –
1. [2017]43
2. [2017]30
3. [2018]36
4. [2019]35
5. [2017]47
6. [2018]35
7. [2018]38
8. [2017]39
9. [2017]37
10. [2017]42
11. [2017]43
12. [2017]33
13. [2018]37
14. [2017]46
15. [2017]48
16. [2017]35
– III-19 –
17. [2017]47
18.
1.
2.
1.
2.
(LPR)
3. [2012]20
4.
5.
6.
1.
2.
(2022) 316071
3. [ ]Damodanran [ ]
4. 3 [ ]Copeland T.
5. 2011
– III-20 –
6. 33 2006 2 15
2014 7 1 41
7. 1
[2015]62
8. 3
[2015]64
9. 8 [2019]39
10. 12
[2020]38
11.
12.
[2018]38
[2019]35
– III-21 –
3
– III-22 –
1
(1)
(2)
(3)
– III-23 –
(4)
2
(1)
– III-24 –
2.5%
3% 30%
60%
100%
2.5%
(2)
1)
= 1 + 13%
– III-25 –
= +
100%
=
2)
(3)
(4)
– III-26 –
(5)
3
1.
1)
– III-27 –
2)
3)
2.
1)
2)
3)
4)
– III-28 –
3.
1)
E = P + C (1)
E
P
C
P=∑ + 2
1+ 1+ ×
Ri i
r
g
n
2)
R= +
– III-29 –
3)
(CAPM) re
re = rf + e (rm – rf) + (3)
rf
rm
e
4)
2030 2030
1 2022 7
2
– III-30 –
2022 7 21 2022 8 2
1
2
3
4
5
6
7
– III-31 –
2022 8 3 2022 8 8
90
1.
2.
– III-32 –
3
1
2
3
4
5
6
7
8
9
– III-33 –
10
11
12
13
14
2022 6 30
4,152,976.62 4,153,341.37 364.75
0.01%
3,562,513.39 3,562,513.39
– III-34 –
590,463.23 590,827.98 364.75
0.06%
2022 6 30
%
B C D=C–B E=D/B 100%
1 2,599,192.41 2,599,192.41 – –
2 1,553,784.21 1,554,148.96 364.75 0.02
3 – – –
4 – – –
5 393.22 754.27 361.06 91.82
6 261.48 265.17 3.69 1.41
7 – – –
8 – – –
9 5,950.28 5,950.28 – –
10 4,152,976.62 4,153,341.37 364.75 0.01
11 3,562,464.18 3,562,464.18 – –
12 49.21 49.21 – –
13 3,562,513.39 3,562,513.39 – –
14 590,463.23 590,827.98 364.75 0.06
2022 6 30
590,827.98 364.75 0.06%
– III-35 –
(DCF)
2022 6 30 590,463.23
609,128.82 18,665.58
3.16%
1
609,128.82
590,827.98 18,300.84
(1)
(2)
2
– III-36 –
609,128.82
(2022) 316071
– III-37 –
1.
2.
3.
4.
5.
(1)
(2)
(3)
– III-38 –
6.
7.
8.
329 2 16 3
1 20 376
– III-39 –
2022 6 30
2023 6 29
– III-40 –
– III-41 –
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
– III-42 –
2022
7 12 2023 2024 2025 2026 2027 2028 2029 2030
I. 298,742.0 647,346.3 692,309.1 732,234.3 767,739.9 799,404.3 828,325.3 854,898.3 878,744.1
295,416.3 640,788.1 685,751.0 725,676.2 761,181.7 792,846.2 821,767.2 848,340.1 872,186.0
429,681.6 943,802.7 1,019,804.8 1,087,356.2 1,147,034.7 1,199,418.8 1,246,757.3 1,289,445.5 1,327,104.4
(134,265.3) (303,014.6) (334,053.8) (361,680.0) (385,853.0) (406,572.6) (424,990.1) (441,105.4) (454,918.5)
2,698.4 5,303.5 5,303.5 5,303.5 5,303.5 5,303.5 5,303.5 5,303.5 5,303.5
2,811.5 5,525.7 5,525.7 5,525.7 5,525.7 5,525.7 5,525.7 5,525.7 5,525.7
(113.1) (222.2) (222.2) (222.2) (222.2) (222.2) (222.2) (222.2) (222.2)
627.3 1,254.6 1,254.6 1,254.6 1,254.6 1,254.6 1,254.6 1,254.6 1,254.6
II. 53,051.9 76,870.6 74,055.6 72,048.9 71,275.0 71,756.2 72,252.4 72,833.3 73,733.6
2,779.8 6,008.2 6,399.8 6,742.3 7,052.1 7,345.6 7,622.7 7,945.0 8,190.0
20,136.9 37,112.4 37,655,8 39,056.7 40,472.9 41,910.6 43,379.7 44,888.3 46,437.6
30,135.2 33,750.0 30,000.0 26,250.0 23,750.0 22,500.0 21,250.0 20,000.0 18,750.0
III. 245,690.1 570,475.7 618,253.6 660,185.4 696,464.9 727,648.1 756,072.9 782,065.0 805,366.5
61,265.7 142,305.3 154,249.7 164,732.7 173,802.6 181,598.4 188,704.6 195,202.6 201,028.0
IV. 184,424.4 428,170.4 464,003.8 495,452.7 522,662.3 546,049.7 567,368.4 586,862.4 604,338.6
V. 165,982.0 385,353.4 417,603.4 445,907.4 470,396.1 491,444.7 510,631.5 510,709.0 525,338.4
VI. 0.25 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00
9.08%
VII. 0.9785 0.9168 0.8404 0.7705 0.7063 0.6476 0.5936 0.5442 0.4989
VIII.
162,414.4 353,275.9 350,973.1 343,565.3 332,263.9 318,235.8 303,135.5 277,944.2 3,649,480.0
IX.
6,091,288.2
2021 12 31 2022 6 30
– III-43 –
2022 9 8
2022 9 8
949
2022 9 8
2022 8 15
– IV-1 –
1
14.62
3000
3000
500
– IV-2 –
P06623
– IV-3 –
2022 9 8
8
2 12
2022 9 8
(i)
2022 8 15 (ii)
2022 8 15
14.61
2022 9 8
– V-1 –
1.
2.
XV
(i) XV 7 8
(ii) 352
(iii)
A
10,000
85,800
299,000(1)
331,600(2)
160,000(3)
A
– VI-1 –
(1) A 200,000 A
(2) A 160,000 A
(3) A 160,000 A
51,000
88,400
XV 2 3
3.
2021 12 31
4.
6
– VI-2 –
2021 12
31
5.
6.
2021
12 31
7.
8.10
– VI-3 –
8.
2022 64 68
2022
64 68
9.
(i) 2020 10 23
(ii) 2020 10 28
(iii) 2020 11 19
(iv) 2021 8 27
– VI-4 –
(v) 2021 11 15
62% 5.9598
(vi) 2021 11 18
2024 300,000,000
2.90%
(vii) 2022 6 30
861
75%
(viii)
(ix)
(x)
10.
(i)
(ii)
273500 949
(iii) H
183 17 1712-1716
(iv)
– VI-5 –
2021 7 30
(v)
(vi)
11.
14 (http://www.hkexnews.hk)
(https://www.yanzhoucoal.com.cn/)
(i)
(ii)
(iii)
(iv)
(v)
(vi)
(vii)
– VI-6 –
(viii)
– VI-7 –