(1)
(2)
40%
(3)
100%
(4)
(5)
(6)
1 71
2022 12 30 9
EGM-1 EGM-3
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2022 12 13 http://
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183 17M
9
24
2022 12 13
*
................................................................... ii
............................................................. 1
...................................................... 72
........................................................... 75
......................................... I-1
......................................... II-1
....................................... III-1
....................................... IV-1
................................. V-1
............................................ VI-1
.................................................... VII-1
.................................................... EGM-1
–i–
A
1.00
40%
2021 12
31
H 44.4%
– ii –
H A
1108 600876
100%
2020 12 2
– iii –
H
1.00
571
6
– iv –
(i) (ii)
2022 12 9
60%
40%
2022 11 23
40%
163,868,200
176,977,656
–v–
40%
2022 12 31 2023 12 31
2013
12 11
100%
2022 11 23
326,885,000
353,035,800
100%
– vi –
2020 12 2
571
2022 11 23
2022 11 23
2022 11 23
– vii –
2020 12 2
%
– viii –
(1)
(2)
40%
(3)
100%
(4)
(5)
(6)
(i)
(1)
(2)
–1–
40% (3)
100% (4) (ii)
(1)
(2) (i)
(ii)
(iii)
(3)
(ii)
(4)
(5)
(6)
(7)
(8)
(9)
–2–
I.
A.
(i) (ii)
1.
2020 12 2 2022 11 23
(i)
(ii)
2021
230,000 2022 150,000
2023 200,000
–3–
2021 230,000
2022 330,000 2023
370,000
(i)
(ii)
(iii)
–4–
(i)
(ii)
2022 12 31 2023 12 31
12 31
2022
12 6
2021 2022 2022 2023 2023
200,117 150,000 330,000 200,000 370,000 125,896
–5–
2022 12 31
(i)
(ii)
(iii)
(1)
(2)
–6–
2021 5 71%
90%
650 1,200
500
–7–
18 1,200t/d
18
2022 15
18 15 33
–8–
5,000.00
3,000.00
1,500.00
4.5MW 4,500.00
8MW 9,000.00
8,300.00
4800 20,000.00
20,000.00
110,000.00
10,000.00
8,000.00
47,500.00
5600 m 2 121,800.00
1,000.00
369,600.00
–9–
36.96
20
37
2.
2020 12 2 2022 11 23
(i)
(ii)
2021
60,100 2022
80,000 2023 86,000
2021
60,100 2022 120,000
2023 200,000
– 10 –
1%
2022 12 31 2023 12 31
12 31
2022
12 6
2021 2022 2022 2023 2023
42,147 80,000 120,000 86,000 200,000 79,292
– 11 –
2022 12 31
(i)
(ii)
2022
10
2023 1,200
1,200
191,443.44
– 12 –
B.
(i)
1.
2020 12 2 2022 11 23
(i)
(ii)
2021 4,600 2022
1,800 2023 1,700
2021
4,600 2022 2,100
2023 2,000
– 13 –
(i)
(1)
(2)
(ii)
(1) (2)
(3)
– 14 –
2022 12 31 2023 12 31
12 31
2022
12 6
2021 2022 2022 2023 2023
3,543 1,800 2,100 1,700 2,000 1,542.55
2022 12 31
– 15 –
(i) 246
(ii)
500
20 30
2022 1 1 2022 12 6
1,542.55 1,800
2022
2022 2023
– 16 –
(i)
(ii)
(iii)
500 204,932,781 A
31.74%
– 17 –
204,932,781 A
31.74%
14.07
0.1% 5%
14A
14.07
5%
14A.54(1)
2022
2023
– 18 –
(i) (ii)
A
II. 40%
(i) 2021 4 29 60%
(ii) 2021 6 30 60%
(iii) 2021 7 21
60%
(iv) 2021 8 5
(v) 2022 11 23 40%
2022 11 23
40%
163,868,200 176,977,656
– 19 –
60%
40%
2022 11 23
(1)
(2)
40%
100%
2021 12 31 409,670,500
442,444,140
– 20 –
40% 163,868,200 176,977,656
10% 16,386,820
17,697,766 40%
2022 12 31
40% 50%
2023 6 30
2021 12 31 2022 12 30
– 21 –
(i)
(ii)
(iii)
(iv)
– 22 –
14.61
14.62
(I)
1.
2.
3.
– 23 –
(II)
1.
2.
3.
(III)
1.
2.
3.
4.
5.
6.
14.62
– 24 –
8,179.62
14,015,581.51 7.90%
33,954,994.44
1. 2010–2016
2.
3,522,273.48 5.43%
1.
3.70% 2010 2015
5–10
5.56%
– 25 –
2.
3.53%
1.83%
3.
11.30%
8.81%
7,022,054.18 21.91%
3 430
(2021) 0074617 (2021) 0001563
41,458,525.62 32.03%
– 26 –
2020 2021
2022 2022
(1)
(2)
(3)
(4)
(1)
– 27 –
(2)
(3)
(4)
(5) 2026
(6)
1.
2019 2020 2021
447,173,425.90 463,989,893.73 461,009,036.62
5,886,779.71 5,328,637.72 3,553,635.24
75.76 87.07 129.73
6,234,165.49 21,559,188.97 4,903,396.73
452,240,143.44 485,549,082.70 465,912,433.35
– 28 –
600t/d
(1)
(1)
(2)
(3)
2015
2016 34
2021
2021 12
8,596 3.2% 2021
101,665 8.4%
12 16
3,248 64 1.93%
2021 137,314
6.0% 2019 13.2% 6.4%
103,587 8.1% 2021 959,654
6.3% 679,540 6.5%
– 29 –
182,820 9.1% 135,017
8.4% 68,754 16.2%
49,582 16.2% 2021 183,362
7.2% 2019 14.2% 6.9%
21,640 10.8% 90 41.7%
59,378 4.8% 67,156 17.0%
29,633 9.8%
65%
10% 置
2020
SUV
2021
2022 2023
3 2023
– 30 –
(2)
iFinD 2022 1
90% 2013
2021 7 置
置
置 2013
置
2022 1 31 106 置
31
2021
2021 2022
2022
119
– 31 –
(3)
2022 2023 2024 2025 2026
359,450,204.03 285,445,750.26 444,026,722.63 466,228,058.76 489,539,461.69 489,539,461.69
3,020,589.95 2,398,703.78 3,731,317.00 3,917,882.85 4,113,776.99 4,113,776.99
119.00 119.00 119.00 119.00 119.00 119.00
4,952,430.70 5,001,955.00 5,051,974.55 5,102,494.30 5,153,519.24 5,153,519.24
364,402,634.73 290,447,705.26 449,078,697.18 471,330,553.06 494,692,980.94 494,692,980.94
– 32 –
2.
2019 2020 2021
442,235,538.57 376,914,306.27 289,582,510.32
181,342,509.20 152,736,748.35 129,038,122.28
187,843,898.41 155,102,528.51 101,738,683.15
24,822,624.52 29,813,779.34 25,323,667.72
48,226,506.44 39,261,250.07 33,482,037.17
5,712,560.68 20,589,670.47 4,623,219.93
447,948,099.25 397,503,976.74 294,205,730.25
– 33 –
2022 2023 2024 2025 2026
280,942,435.74 228,963,083.32 346,954,656.42 363,912,287.65 381,897,483.00 381,897,483.00
129,167,160.40 88,502,377.30 133,114,950.02 145,893,985.22 156,106,564.19 156,106,564.19
101,840,421.83 77,212,894.23 138,629,991.66 141,868,841.85 148,900,850.63 148,900,850.63
26,497,427.49 21,997,941.99 28,184,863.17 28,889,484.75 29,582,832.39 29,582,832.39
23,437,426.02 41,249,869.80 47,024,851.57 47,259,975.83 47,307,235.80 47,307,235.80
4,645,746.21 4,692,203.68 4,739,125.71 4,786,516.97 4,834,382.14 4,834,382.14
285,588,181.95 233,655,287.00 351,693,782.13 368,698,804.62 386,731,865.14 386,731,865.14
3.
– 34 –
2022 2023 2024 2025 2026
906,857.47 1,236,043.90 1,615,889.11 1,671,097.13 1,671,097.13
388,653.20 529,733.10 692,523.90 716,184.48 716,184.48
259,102.14 353,155.40 461,682.60 477,456.32 477,456.32
109,320.79 87,134.31 134,723.61 141,399.17 148,407.89 148,407.89
1,037,182.60 1,037,182.60 1,037,182.60 1,037,182.60 1,037,182.60 1,037,182.60
934,090.64 934,090.64 934,090.64 934,090.64 934,090.64 934,090.64
219,320.00 174,809.36 270,283.28 283,675.82 297,736.77 297,736.77
3,854,526.84 2,233,216.91 4,495,212.52 5,166,443.84 5,282,155.83 5,282,155.83
4.
– 35 –
2022 2023 2024 2025 2026
676,501.87 509,635.75 906,175.33 951,076.33 998,218.30 998,218.30
140,533.63 129,290.94 155,149.13 178,421.50 205,184.72 205,184.72
14,350.42 13,202.39 15,182.75 17,460.16 20,079.18 20,079.18
2,580.46 2,580.46 2,580.46 2,580.46 2,580.46 2,580.46
1,203.60 1,227.67 1,411.82 1,623.60 1,867.14 1,867.14
58,259.80 58,842.40 67,668.76 77,819.07 89,491.93 89,491.93
2,090,000.00 2,918,900.00 3,356,735.00 3,860,245.25 4,439,282.04 4,439,282.04
5,115.58 5,217.89 6,000.57 6,900.66 7,935.75 7,935.75
2,988,545.36 3,638,897.50 4,510,903.81 5,096,127.02 5,764,639.52 5,764,639.52
5.
– 36 –
2022 2023 2024 2025 2026
10,458,360.73 12,021,610.44 13,103,555.38 14,282,875.36 15,568,334.15 15,568,334.15
897.74 942.63 989.76 1,039.24 1,091.21 1,091.21
164,284.31 172,498.52 181,123.45 190,179.62 199,688.60 199,688.60
272,076.93 285,680.78 299,964.82 314,963.06 330,711.21 330,711.21
92,521.31 97,147.38 102,004.75 107,104.98 112,460.23 112,460.23
467,602.47 467,602.47 467,602.47 467,602.47 467,602.47 467,602.47
196,829.44 206,670.92 217,004.46 227,854.68 239,247.42 239,247.42
163,955.36 172,153.12 180,760.78 189,798.82 199,288.76 199,288.76
35,346.53 37,113.86 38,969.55 40,918.03 42,963.93 42,963.93
113,339.76 119,006.75 124,957.09 131,204.94 137,765.19 137,765.19
76,302.84 80,117.99 84,123.89 88,330.08 92,746.58 92,746.58
457,289.50 480,153.97 504,161.67 529,369.75 555,838.24 555,838.24
1,946,641.37 2,043,973.44 2,187,051.58 2,340,145.19 2,503,955.35 2,503,955.35
529,476.34 555,950.16 583,747.67 612,935.05 643,581.81 643,581.81
222,332.21 233,448.82 245,121.26 257,377.32 270,246.19 270,246.19
3,492,889.84 4,363,992.80 4,669,472.30 4,996,335.36 5,346,078.84 5,346,078.84
18,690,146.68 21,338,064.04 22,990,610.87 24,778,033.98 26,711,600.18 26,711,600.18
– 37 –
6.
2022 2023 2024 2025 2026
2,232,506.03 2,332,968.80 2,437,952.40 2,547,660.26 2,662,304.97 2,662,304.97
7.
2022 2023 2024 2025 2026
7,500,000.00 12,495,000.00 7,500,000.00 7,500,000.00 7,500,000.00 7,500,000.00
7,500,000.00 12,495,000.00 7,500,000.00 7,500,000.00 7,500,000.00 7,500,000.00
– 38 –
8.
9.
10.
25%
2021 13
2021 1
1 100%
– 39 –
11.
2022 2023 2024 2025 2026
. 272,076.93 285,680.78 299,964.82 314,963.06 330,711.21 330,711.21
467,602.47 467,602.47 467,602.47 467,602.47 467,602.47 467,602.47
. 2,580.46 2,580.46 2,580.46 2,580.46 2,580.46 2,580.46
–
. 7,960,567.28 17,163,692.28 20,231,400.61 23,395,000.00 23,395,000.00 23,395,000.00
8,702,827.14 17,919,555.99 21,001,548.36 24,180,145.99 24,195,894.14 24,195,894.14
12.
(1)
(2)
2023
2023
– 40 –
2022 2023 2024 2025 2026
2,012,908.00 155,288,260.00 995,000.00 995,000.00 995,000.00 24,195,894.14
13.
– 41 –
2022 2023 2024 2025 2026
90,914,873.74 73,086,854.89 109,461,000.68 114,606,180.18 120,763,987.36 120,763,987.36
-5,358,442.09 -17,828,018.84 36,374,145.79 5,145,179.50 6,157,807.18 –
14.
2022 2023 2024 2025 2026
. 36,440.26 29,044.77 44,907.87 47,133.06 49,469.30 49,469.30
28,558.82 23,365.53 35,169.38 36,869.88 38,673.19 38,673.19
385.45 223.32 449.52 516.64 528.22 528.22
298.85 363.89 451.09 509.61 576.46 576.46
1,869.01 2,133.81 2,299.06 2,477.80 2,671.16 2,671.16
223.25 233.30 243.80 254.77 266.23 266.23
750.00 1,249.50 750.00 750.00 750.00 750.00
. -
4,354.87 1,475.43 5,545.18 5,754.50 6,004.20 6,004.20
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
.
- 4,354.87 1,475.43 5,545.18 5,754.50 6,004.20 6,004.20
719.58 310.53 1,325.35 1,374.93 1,434.49 1,434.49
– 42 –
2022 2023 2024 2025 2026
. -
3,635.29 1,164.89 4,219.83 4,379.57 4,569.71 4,569.71
870.28 1,791.96 2,100.15 2,418.01 2,419.59 2,419.59
562.50 937.13 562.50 562.50 562.50 562.50
201.29 15,528.83 99.50 99.50 99.50 2,419.59
-535.84 -1,782.80 3,637.41 514.52 615.78 0.00
. 5,402.63 -9,852.05 3,145.57 6,746.07 6,836.51 5,132.21
(WACC)
E D
WACC Ke Kd (1-T)
D+E D+E
Ke
Kd
E
D
D E
T
– 43 –
Ke Rf MRP Rc
Rf
MRP
Rc
1. Ke
Ke (CAPM)
(1) Rf
Rf (Yield to Maturate Rate)
10
Rf Wind
10 3.28%
(2)
Wind A
Beta
% BETA U Blum D/E
000012.SZ A 2,249,630.6690 415,023.7702 25.00 1.5772 1.2165 1.3848 0.1845
600586.SH 1,323,041.0200 179,286.3152 15.00 1.5771 1.2417 1.3847 0.1355
600660.SH 11,441,298.8565 1,069,796.3672 25.00 0.9339 0.8933 0.9559 0.0935
601636.SH 4,593,552.5912 280,562.9340 25.00 0.9520 0.9256 0.9680 0.0611
1.0693 0.1186
– 44 –
Wind A Beta
Beta
Beta
U L 1 1 T D/E
L Beta
U Beta
Beta
Beta
L U 1 1 T D/E
D/E
T
L
1.1644
(3) (MRP)
(MRP)
MRP 300 Wind
95%
(MRP) 7.39%
– 45 –
(4) Rc
2%
(5) Ke
Ke Rf MRP Rc
3.28% 1.1644 7.39% 2%
13.89%
2. (K d)
Kd
Kd
3. WACC
D/E Kd
4.65%
WACC Ke E D E Kd D D E 1 T
13.89% 89.39% 4.65% 10.61% 1 25%
12.78%
– 46 –
129,077,086.77
10,000,000.00
119,077,086.77
19,742,293.63
– 47 –
239,812,267.73
239,812,267.73
85,859.16
1,324,309.83
29,074,866.82
24,536,092.96
114,791,138.96
70,000,000.00
31,347,050.24
31,347,050.24
523,893.81
12,210,662.17
18,612,494.26
– 48 –
40,877.77
2022 2023 2024 2025 2026
5,402.63 -9,852.05 3,145.57 6,746.07 6,836.51 5,132.21
12.78% 12.78% 12.78% 12.78% 12.78% 12.78%
0.50 1.50 2.50 3.50 4.50
0.9416 0.8349 0.7403 0.6564 0.5820 4.5531
5,087.11 -8,225.48 2,328.67 4,428.12 3,978.85 23,367.45
30,964.72
23,981.23
3,134.71
1,974.23
12,907.71
40,877.77
– 49 –
2011
100% 322,269,875.12 2021 7 21
2021
60% 182,275,920
218,731,104 2021 8 5
2021 8 4
60% 100%
40% 60%
40% 100%
– 50 –
2020 12 31 2021 12 31
2020 2021 2022 1-9
485,549,082.70 465,912,433.35 246,912,600
73,186,651.53 126,120,648.50 23,139,700
73,186,651.53 126,120,648.50 23,112,000
932,820,892.87 558,383,521.13 515,826,000
201,753,661.92 327,874,310.42 350,986,300
2021
2022
2023
– 51 –
2022
2022 9
30 35,098.63 2021 12 31
32,787.43
8,179.62 24.95%
7.90%
22.55% 31.91%
60% 40%
2021 12 31
– 52 –
14A
14A
5% 25%
14A.36
204,932,781 A
31.74%
– 53 –
III. 100%
2022 11 23
100%
326,885,000 353,035,800
2022 11 23
(1)
(2)
100%
2021 12 31 326,885,000
353,035,800
– 54 –
326,885,000
353,035,800
10%
100%
2022 12 31 40%
50%
2023 6 30
2021 12 31
2020 12 31
2021 12 31
– 55 –
2021 12 31
(1)
(2)
(3)
(4)
– 56 –
(i) 130.28
0.40%
(ii)
(iii)
14.61
14.62
– 57 –
1.
2.
3.
1.
2.
3.
4.
– 58 –
5.
1.
2.
3.
4.
5.
6.
14.62
– 59 –
2022 2023 2024 2025 2026 2026
37,113.35 37,842.53 38,571.71 38,814.77 39,106.44 37,603.77
28,095.27 28,323.11 28,554.84 28,645.79 28,751.72 27,665.97
621.38 551.59 637.11 639.73 642.87 642.87
43.96 44.97 45.99 46.46 47.01 47.01
931.88 952.04 971.30 984.39 996.46 996.46
1,989.66 2,034.75 2,080.52 2,103.85 2,129.03 2,129.03
1,475.83 1,475.83 1,475.83 1,475.83 1,475.83 1,475.83
0.00 0.00 0.00 0.00 0.00 0.00
3,955.37 4,460.23 4,806.13 4,918.71 5,063.52 4,646.59
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
3,955.37 4,460.23 4,806.13 4,918.71 5,063.52 4,646.59
94.18 363.82 408.84 422.23 440.17 440.17
3,861.19 4,096.41 4,397.28 4,496.48 4,623.34 4,206.42
3,454.45 3,456.98 3,456.98 3,456.98 3,456.98 3,462.43
1,254.46 1,254.46 1,254.46 1,254.46 1,254.46 1,254.46
40.00 0.00 0.00 0.00 0.00 2,330.25
25.12 218.66 218.66 72.89 87.46 87.46
8,504.98 8,589.19 8,890.06 9,135.03 9,247.32 6,505.60
– 60 –
– 61 –
2020 12 31 2021 12 31
2020 2021 2022 1-9
96,121,361.06 311,575,441.28 232,699,400
10,636,627.74 33,855,625.44 -26,310,200
7,972,218.52 33,791,348.23 -26,640,400
742,276,550.97 777,426,600 720,969,700
247,203,582.97 280,994,900 254,354,500
400t/d 2020
2022 2 2022 4 2mm
2021 12 31
2021 12 31
5.4
2021 12 31
– 62 –
39,190,100
100%
– 63 –
5%
25% 14 100%
204,932,781 31.74%
14A
5% 14A
– 64 –
IV.
2022 11 23
Luoyang Glass Company Limited Triumph New Energy
Company Limited
2022
2022
(a)
(b)
– 65 –
V.
2022 11 23
– 66 –
VI.
2022 10 27
2022 10 26
2022 10 27
52
– 67 –
XV 571
13.51(2)(h) 13.51(2)(v)
VII.
(1)
(2) (3)
(4) (5)
(6) (7)
(8)
14A.36
– 68 –
204,932,781 A
31.74%
2022 12 30
2022 12 13
EGM-1 EGM-3
2022 12 13
http://www.hkexnews.hk
H
183 17M
9
24
VIII.
2022 2023
– 69 –
(i) (ii) (iii)
(i) (ii)
(iii)
IX.
– 70 –
X.
72 74 75 110
– 71 –
(1)
(2) 40%
(3) 100%
– 72 –
2022 12 13
(1)
(2) 40%
(3) 100%
(i) (ii)
(iii)
75 110
– 73 –
75 110
– 74 –
173
88
12 1209
(A)
(B) 40%
(C) 100%
(ii) (iii)
2022 12 13
– 75 –
2020 12 2
2023 12 31
2022 2023
2022 11 23
2021 6 30 60%
2021 8 4
2022 11 23
40% 163,868,200
2022 11 23
100%
326,885,000
– 76 –
(i) 14A.54(1)
(ii) 14A
(iii) 14A
(i)
(ii)
(iii)
2021 6 30
– 77 –
13.80
2021 12
31
– 78 –
– 79 –
2021 12 31
2021 12 31 2021
2021 2020
12 31 12 31
% % %
3,605,601,992.64 3,381,105,357.02 6.64
– 390,317,126.62 10.83 397,141,767.24 11.75 (1.72)
– 2,741,774,527.87 76.04 2,558,869,152.90 75.68 7.15
– 464,605,625.19 12.89 372,553,613.42 11.02 24.71
– 8,904,712.96 0.24 52,540,823.46 1.55 (83.05)
362,605,339.31 537,951,539.16 (32.60)
264,595,142.78 372,861,545.19 (29.04)
2021 12 31 2021 2020 12
31 2020 6.64% 2021 2020
76.04% 75.68% 2021 (i)
(ii)
2020 2021 29.04% 2021
– 80 –
2022 6 30
2022 6 30 2022
2022 2021
6 30 6 30
% % %
2,356,478,561.97 1,812,458,050.62 30.02
– 22,320,590.62 0.95 197,844,499.85 10.92 (88.72)
– 2,156,904,513.52 91.53 1,380,281,060.03 76.16 56.27
– 172,131,630.57 7.30 217,641,023.12 12.01 (20.91)
– 5,121,827.26 0.22 16,691,467.62 0.91 (69.31)
281,297,181.10 314,279,640.64 (10.49)
247,885,774.91 228,703,892.76 8.39
2022 6 30 2022 23.6 2021
30.02% 2022
2021 2022 8.39%
2022 2022
500
204,932,781 A 31.74%
– 81 –
60%
2021 8 4 60%
100% 40% 60%
40%
2021 12 31 2022 9 30
2022 2021 2020
9 30 12 31 12 31
246,912,600 465,912,433.35 485,549,082.70
23,139,700 33,855,625.44 73,186,651.53
23,112,000 33,791,348.23 73,186,651.53
2022 2021 2020
9 30 12 31 12 31
350,986,300 327,874,310.42 201,753,661.92
– 82 –
2021 12 31 2022 9 30
2022 2021 2020
9 30 12 31 12 31
232,699,400 311,575,441.28 96,121,361.06
(26,310,200) 33,855,625.44 10,636,627.74
(26,640,400) 33,791,348.23 7,972,218.52
2022 2021 2020
9 30 12 31 12 31
254,354,500 280,994,931.20 247,203,582.97
A.
(i)
500
– 83 –
2022 2023
2020 12 2 2022 11 23
– 84 –
2022 2023
(i)
(ii)
(iii)
(i)
(ii)
2021 2021
(i)
(ii)
(iii)
– 85 –
3101
740
14A.56 2021
(1) (2)
(3) (4)
(i) 2023
12 31 (ii) 2022 12 31
(iii) 2023 12 31
2020 2021 2022 2023
12 31 12 31 12 31 12 31
580.56 2,001 1,259 –
685 2,300 1,500 2,000
84.75 87.01 83.93
– 86 –
2022 2023
12 31 12 31
3,300 3,700
2022 1 1 2022 12 6 2022
(i) 2020
(ii) 2023
(iii) (1)
(2)
2023 12 31
2020 2021
84.75% 87.01% 2022 2022 12 31
2022 83.93%
– 87 –
2022 (i) 2022 8 31
2022 1,143 (ii)2022 9 1
2022 12 31 2022
2022 2023 12 31
2023 2022
2023
2022 2022
2022 10 8
2,093 2022
1,830
2022 2,054
(i)2022 2,054 (ii)2022
1,143 3,197
2022 3,300
2022
2023
2023 3,696 2023
3,700
2023 12 31
2023 12 31
2023 12 31
– 88 –
(ii)
2022
2022 10
2022 58,168.62 2022
9 12 47,127.8 2023 1,200
1,200 191,443.44
– 89 –
2020 12 2 2022 11 23
1%
2021
– 90 –
(i) 2023 12 31
(ii) 2022 12 31
(iii) 2023 12 31
2020 2021 2022 2023
12 31 12 31 12 31 12 31
215.04 421.47 792.92 –
580.23 601 800 860
37.06 70.13 99.12
2022 2023
12 31 12 31
1,200 2,000
2022
(i)
(ii)
2020 2021
37.06% 70.13% 2022 2022
99.12% 2022 12 31
– 91 –
2021 2022
2022 2023
(i)
(ii)2022
2023 2022
(i)2022 (ii)2022
1,053 2022
1,200
2023 1,914 2023
2,000
2023 12 31
2023 12 31
2023 12 31
– 92 –
14A.53 14A.59 (i)
(ii)
(iii)
(i) (ii) (iii)
(iv)
(i)
(ii)
– 93 –
B.
2021
76.04% 2021
(i) (ii)
2022 11 23
(1)
(2)
40%
100%
– 94 –
2021 12 31 409,670,500
2021 12 31
40% 163,868,200
2021 12 31
2022 12 30
2021 12 31
2021 12 31 409,670,500
– 95 –
(i) (ii)
(iii)
(i) (ii)
(i)
(1)
(2)
(ii)
– 96 –
(iii)
2021
(i) (ii)
(iii)
(1) (2)
(3) (4) (5) (6)
(7)
(1) 1.775
1.915
(i)
(ii)
– 97 –
60% 40%
(iii)
(2)
8,590 1.199 3,400
(3) 6,490
6,130 360
– 98 –
(4) 3,200
2,500 700
(5) 1.294
1.709 4,150
(6)
7,100
(i)
(ii)
(7) 2.305
– 99 –
(i)
(ii)
163,868,200
2021 12 31 40%
(i)
10% 16,386,820
40%
(ii) 2022 12 31
40% 50%
(iii) 2023 6 30
– 100 –
2022 9 30 2022 9 30
40.96
(i)
(ii)
C.
– 101 –
(i) (ii)
2022 11 23
(1)
(2)
100%
326,885,000
2021 12 31
326,885,000
326,885,000
– 102 –
2021 12 31
2021 12 31
2021 12 31
2021 12 31
2021 12 31 326,885,000
(i) (ii)
(iii)
– 103 –
(i)
(ii)
(i)
(1)
(2)
(ii)
(iii)
– 104 –
2021
(i) (ii)
(iii)
(1) (2)
(3) (4) (5) (6)
(7)
(1) 1.764
1.935 1,710
(i)
(ii)
60% 40%
(iii)
– 105 –
(2) 3.230
3.235 50
(3)
1.576 1.598 220
(4) 250
– 106 –
(5) 1.174
1.436 2,620
(6)
60 50 10
(i) (ii)
(7) 4.964
– 107 –
(i)
(ii)
326,885,000
2021 12 31
(i)
10%
100%
(ii) 2022 12 31 40%
50%
(iii) 2023 6 30
– 108 –
2021 12 31
2022 9 30 2022 9 30
40.96
3,900
– 109 –
(i)
(ii)
2022 12 13
6
25
– 110 –
(2022) 197
.
127,608.06
61
1988-09-21 2031-06-26
– I-1 –
64,390.37
61
1996-12-20
1.
500t/d 600t/d 500t/d
2018 12 600t/d 340
3.2mm-10mm 3,660*2,440 3,660*2,140 2,140*1,650
3,300*2,140 3,300*2,440 2,440*1,830
– I-2 –
1996 3,000
2008 8
28,287.37 31,287.37
(%)
3,000.00 9.59
28,287.37 90.41
31,287.37 100.00
– I-3 –
2011 9
(%)
31,287.37 100.00
31,287.37 100.00
2015 3
2016 6
2017 4
2017 8 64,390.37
2018 1
2020 9
– I-4 –
2021 8
60%
(%)
25,756.15 40.00
38,634.22 60.00
64,390.37 100.00
2.
總經理
副總經理 副總經理 副總經理
總經理助理
生產部 品控部 營銷部 財務部 採購部 綜合管理部 安全環保部 設備動力部
來 訂 生
辦 特
料 原 單 職 產
加 售 化 綜 成 公 人 檔 審 黨 體 紀 種 脫 污 餘 設 電 公
原 熔 成 冷 出 片 和 業 叉 硫 類
工 後 驗 內 外 融 預 成 資 採 合 品 物 行 後 用 力 案 計 工 系 檢 土 環 安 工 證 水 熱 備 氣 用
料 化 型 端 貨 質 發 病 車 脫 固
質 客 室 銷 銷 資 算 本 金 購 庫 庫 流 政 勤 品 資 管 法 團 管 監 建 保 全 傷 件 處 發 維 維 工
質 檢 貨 危 定
檢 服 管 源 理 務 理 寰 管 硝 理 電 修 修 程
檢 計 害 資
理 理
劃 產
3.
– I-5 –
4.
500t/d
600t/d
3.2mm-10mm
2019 5,886,779.71 45,224.01
2020 5,328,637.72 48,554.91
2021 3,553,635.24 46,591.24
5.
2021 2020 2019
12 31 12 31 12 31
177,457,151.64 613,319,666.17 532,498,585.39
– 109,873,531.00 91,161,490.42
147,877,848.98 156,116,637.78 151,899,856.68
32,049,226.14 29,437,896.38 57,867,036.34
129,915,960.89 20,389,828.08 20,936,461.08
1,083,333.48 3,683,333.08 6,283,333.38
70,000,000.00 – 2,000,850.76
380,926,369.49 319,501,226.70 330,149,028.66
558,383,521.13 932,820,892.87 862,647,614.05
211,896,716.45 478,680,110.73 702,418,659.31
18,612,494.26 252,387,120.22 68,829,498.26
230,509,210.71 731,067,230.95 771,248,157.57
327,874,310.42 201,753,661.92 91,399,456.48
558,383,521.13 932,820,892.87 862,647,614.05
– I-6 –
2021 2020 2019
465,912,433.35 485,549,082.70 452,240,143.44
294,205,730.25 397,503,976.74 447,948,099.25
7,543,678.16 6,003,129.77 4,741,941.75
704,778.26 9,134,114.02 14,669,860.62
22,160,012.46 14,623,814.90 6,165,280.94
2,136,369.41 – 882,972.17
18,554,192.18 27,188,686.56 12,724,003.58
- 126,464,558.06 39,225,310.64 -184,745,408.37
57,784.82 36,743,160.19 28,739,539.63
401,694.38 2,781,819.30 80,000.00
- 126,120,648.50 73,186,651.53 -156,085,868.74
– – –
- 126,120,648.50 73,186,651.53 -156,085,868.74
2019 12 31 2019
[2020] 2-00468 2020 12
31 2020
[2021] 2-00525 2021 12 31
2021
[2022] 2-00510
– I-7 –
1.
2.
.
– I-8 –
.
55,838.35 23,050.92
32,787.43
17,745.72
38,092.64
14,787.78
3,204.92
12,991.60
108.33
7,000.00
55,838.35
21,189.67
1,861.25
23,050.92
32,787.43
[2022] 2-00510
– I-9 –
1.
735,306.81
242,895.83 22,678,362.02
492,410.98 21,429,319.21
LKC
– I-10 –
2.
600T/D
3.
61
(1)
600T/d
600T/d 2010 10
50 7
16,305.38
– I-11 –
74.9 *39
20.625 39
1 6 240
50
C30
0.96
1 66.5 *(6.5+24+9)
11.2
14 2.8 6.5 24 9 1 6
240 50
0.96
– I-12 –
1 174 *35
9.75 9.75
35 15 1 6 240
50
0.96
500T/d
500T/d 600T/d
600T/d
500T/d 600T/d
32,247.06
(2)
60 囪
2056 9 29
– I-13 –
4.
500t/d 186
3
397,714.69
(2021) 0074617 133,441.52
2020 1 8
10,409.11
123,032.40
1.
430
– I-14 –
2.
3.
(2021) 0074617 2056 9 29 34.77
430 2061 2 8 39.16
(2021) 2071 4 1 49.25
0001563
4.
– I-15 –
.
.
2021 12 31
.
(2022)15
.
2016 7 2
2019 1 2
2
97
2018 10 26
– I-16 –
2018 12 29
65 2011 10 28
691 2017
11 19
[2016]36
[2018]32
2019 39
2018 12 29
2019 26
– I-17 –
2012 8 24 68
2008 10 28
709
91 732
32
12
[2006]274
[2009]941
[2013]64
[2021]30
2019 12 28
1
– I-18 –
2020 5 28
2019 8 26
2019 8 26
709
.
[2017]43
[2017]30
[2018]36
[2018]35
[2017]33
[2018]37
[2017]35
[2018]38
[2017]38
[2017]39
– I-19 –
[2017]42
[2017]46
[2017]47
[2017]48
[2019]35
8 [2019]39
12
[2020]38
GB/T50291-2015
GB/T18508-2014
.
.
2021 2021
– I-20 –
ZOL IT IT168-IT
[2017]3
2021 12
2021
[2021]7
WIND
(LPR)
.
– I-21 –
[2006]274
– I-22 –
.
– I-23 –
1.
2.
= [1– + +
]
3.
– I-24 –
.
GB/
T50291-2015 GB/T50899-2013
=
= + +
1.
– I-25 –
2.
[2015]299
3.
(LPR)
– I-26 –
1.
=
2.
1– 100%
3.
0.5 0.5
0.5 0.5
– I-27 –
.
=
– I-28 –
1.
= + + + + + +
(1)
2022
– I-29 –
(2)
=
(3)
=
(4)
(5)
=
– I-30 –
(6)
= + + +
(7)
= + + + + +
2
(8)
[2018]32
= 1.13 13% + 1.09 9%
+ 1.09 9% + 1.09 9% +
1.09 9% + 1.06 6%
– I-31 –
=
2.
ZOL IT IT168-
IT
=
=
3.
–
10%
– I-32 –
=
1.
= 40%+ 60%
40% 60%
100%
100%
– I-33 –
2.
100%
100%
3.
100%
10%
– I-34 –
4.
(1)
2012 12
2
= 100%
(2)
(3)
+
60% 40%
– I-35 –
= 100 100
100 100
= A+ B+ C 3
= 1.13
.
500t/d
=
– I-36 –
n
=[1– ] 100%
n n 0.6-0.7
=
.
GB/T50291-2015
GB/T50899-2013
– I-37 –
1.
K1 K2 K3 1+∑K
K1
K2
K3
∑K
– I-38 –
2.
.
= 1
= +
.
– I-39 –
.
.
– I-40 –
n
Rt
P= ∑
t=1 (1+ r)t
P:
N:
Rt: t
r:
.
=
– I-41 –
.
2026
– I-42 –
n
P = [ ∑ F i ( 1+ r ) -i + F n / r (1 + r ) -n ]
i=1
P
Fi i
Fn
r
n
–
+ + –
(WACC)
E D
WACC = Ke Kd (1 – T)
D+ E D+ E
– I-43 –
K e:
K d:
E:
D:
T:
(CAPM)
Ke Rf MRP Rc
R f:
MRP:
:
R c:
.
.
– I-44 –
.
.
.
.
– I-45 –
.
1.
2.
3.
4.
5.
– I-46 –
.
.
– I-47 –
.
.
– I-48 –
.
1.
2.
3.
– I-49 –
1.
2.
3.
1.
2.
3.
4.
5.
6.
– I-50 –
.
.
55,838.35 64,017.97
8,179.62 14.65% 23,050.92
23,050.92 32,787.43
40,967.05 8,179.62 24.95 %
%
A B C=B-A D=C/A 100%
17,745.72 19,147.27 1,401.56 7.90
38,092.64 44,870.70 6,778.06 17.79
14,787.78 18,122.20 3,334.42 22.55
3,204.92 2,502.72 -702.21 -21.91
12,991.60 17,137.45 4,145.85 31.91
108.33 108.33
7,000.00 7,000.00
55,838.35 64,017.97 8,179.62 14.65
21,189.67 21,189.67
1,861.25 1,861.25
23,050.92 23,050.92
32,787.43 40,967.05 8,179.62 24.95
– I-51 –
55,838.35
23,050.92 32,787.43
40,877.77
8,090.34 24.68%
.
89.28 0.22%
500t/d 600t/d
– I-52 –
2021
.
2021 12 31
40,967.05 8,179.62 24.95 %
.
(2021) 0074617 133,441.51
2020 1
8
10,409.11
123,032.40
– I-53 –
2021 4 16
430 26,650
1999 12 13 (1998) 196
2001
12 30
2022 6
15,800 10,850
– I-54 –
53
.
[2022]
2-00510
– I-55 –
.
2012 5
2013 6 30
2,142.93 2020 8
(2020) 21
15,673,546.23
2021 5 21 2021 6
29 2022 1 18 2022 4 24
2,142.93
0
– I-56 –
.
[2016]36 2016 5 1
– I-57 –
.
.
.
.
.
.
.
– I-58 –
.
.
– I-59 –
.
.
.
.
.
.
.
.
.
.
– I-60 –
(2022) 240
.
914103006148088992
1996 8 7
9
– II-1 –
9141030308685759XG
2013 12 11 2033 12 10
24,000
1.
2013 12 11
100%
2017 2 23,950.00
– II-2 –
2021 12 31
(%)
24,000.00 100
24,000.00 100
2.
400t/d
2020 2021
96,121,361.06 311,575,441.28
3.
2018 2019 2020 2021
12 31 12 31 12 31 12 31
134,839,317.73 239,621,300.52 108,303,459.53 176,383,394.55
342,953,883.92 561,496,340.49 633,973,091.44 601,043,200.66
477,793,201.65 801,117,641.01 742,276,550.97 777,426,595.21
– II-3 –
2018 2019 2020 2021
12 31 12 31 12 31 12 31
196,061,696.09 311,886,276.56 117,984,301.36 158,076,997.45
100,000,000.00 250,000,000.00 377,088,666.64 338,354,666.56
296,061,696.09 561,886,276.56 495,072,968.00 496,431,664.01
181,731,505.56 239,231,364.45 247,203,582.97 280,994,931.20
2018 2019 2020 2021
226,915.78 191,008.73 96,121,361.06 311,575,441.28
161,252.70 137,473.49 76,211,294.42 246,771,262.13
506,079.68 1,404,890.12 2,937,182.30 3,713,623.40
– – 107,426.84 383,316.74
4,539,207.42 2,428,981.06 7,211,571.41 10,331,079.40
455,671.71 541,118.52 5,629,167.42 17,873,306.12
-4,833,590.24 -3,524,861.60 1,446,588.08 16,365,929.29
39,719.90 -794,821.11 10,641,627.74 33,930,977.89
539,719.90 194,878.89 10,636,627.74 33,855,625.44
539,719.90 194,878.89 7,972,218.52 33,791,348.23
2018 2019
[2020] 2-00517 2020
[2021] 2-10113 2021
[2022] 2-00512
– II-4 –
1.
2.
.
.
77,742.66 49,643.17
28,099.49
– II-5 –
17,638.34
60,104.32
48,063.48
246.13
11,737.25
44.16
13.30
77,742.66
15,807.70
33,835.47
49,643.17
28,099.49
[2022] 2-00512
– II-6 –
1.
92,990,342.33
2.
323,010,139.97
1
3.
134,647,041.70 69,804.10
22,977,571.53 囪
4.
2,461,289.97
– II-7 –
117,372,534.98
117,312,735.27 299,339.17
(2019) 0008239
7,355.60
(2019) 0016773
102,672.39
(2018) 0003922
102,796.28
23,267.10
63,247.80
– II-8 –
2
59,799.71
20,000.00 19,894.18
13
9
.
– II-9 –
.
2021 12 31
.
.
2016 7 2
2019 1 2
2
97
2018 10 26
2020 5 28
2018 12 29
– II-10 –
65 2011 10 28
691 2017
11 19
[2016]36
[2018]32
2019 39
2019 12 28
2020 10 17
2018 12 29
2019 26
– II-11 –
2008 10 28
709
91 732
32
12
[2006]274
[2009]941
[2013]64
5 [2013]6
2019 8 26
2019 8 26
709
– II-12 –
.
[2017]43
[2017]30
2020 [2020]31
[2018]36
[2018]35
[2017]33
[2018]37
[2017]35
[2018]38
[2017]37
[2017]38
[2017]39
[2017]42
[2017]46
[2017]47
[2017]48
[2019]35
– II-13 –
[2017]49
8 [2019]39
12
[2020]38
GB/T50291-2015
GB/T 18508-2014
.
.
(LPR)
– II-14 –
ZOL IT IT168-IT
(WWW.ZJTCN.COM)
(WWW.ZJTCN.COM)
WIND
.
– II-15 –
.
– II-16 –
[1 /
]
– II-17 –
.
– II-18 –
1.
– II-19 –
(1)
2021
(2)
(3)
– II-20 –
(4)
(5)
(6)
– II-21 –
(7)
/2
(8)
[2019]39
/1.13 13% /1.09 9%
/1.09 9% /1.09 9%
/1.06 6%
– II-22 –
2.
3.
ZOL IT IT168-
IT
1.
40% 60%
– II-23 –
40% 60%
100%
100%
2.
100%
100%
– II-24 –
3.
100%
4.
(1)
[2000]1202
[2001]2
2012 12
100%
100%
– II-25 –
(2)
(3)
40% 60%
.
GB/T 50291-2015 GB/
T 50899-2013
– II-26 –
– II-27 –
1.
(1)
1
2
– II-28 –
3
(2)
(3)
(LPR)
– II-29 –
(4)
[2016]36
2019 39
2.
(1)
– II-30 –
(2)
1 / 100%
3.
0.5 0.5
0.5 0.5
.
– II-31 –
.
1.
2.
2020 11
[2020]76
– II-32 –
3.
4.
5.
– II-33 –
P (Ea +Ed +T +R1+R2 +R3) (1+Q) K
P
Ea
Ed
T
R1
R2
R3
Q
K
– II-34 –
.
13 10
n
V = ∑αFt /(1+ Ri)t
t=1
V
Ft
t
n
Ri
– II-35 –
.
.
.
– II-36 –
n
Rt
P=∑
t-1 (1+ r)t
P
n
Rt t
r
– II-37 –
.
(Rt)
.
2013 12 400t/d
2026
– II-38 –
1
(r) (WACC)
E D
WACC K6 Kd (1 T)
D+E D+E
Ke
Kd
E
D
D E
T
.
.
– II-39 –
.
.
.
.
– II-40 –
.
1.
2.
3.
– II-41 –
4.
5.
– II-42 –
.
.
.
– II-43 –
.
.
1.
2.
– II-44 –
3.
1.
2.
3.
4.
5.
1.
2.
3.
– II-45 –
4.
5.
6.
.
.
2021 12 31
77,742.66 82,331.67 4,589.01
5.90% 49,643.17 49,643.17
28,099.49 32,688.50
4,589.01 16.33%
– II-46 –
%
A B C=B-A D=C/A 100%
17,638.34 19,350.23 1,711.89 9.71
60,104.32 62,981.44 2,877.12 4.79
48,063.48 48,327.42 263.95 0.55
246.13 246.13
11,737.25 14,360.82 2,623.57 22.35
44.16 33.77 -10.40 -23.54
13.30 13.30
77,742.66 82,331.67 4,589.01 5.90
15,807.70 15,807.70
33,835.47 33,835.47
49,643.17 49,643.17
28,099.49 32,688.50 4,589.01 16.33
77,742.66
49,643.17 28,099.49
32,818.78 4,719.29
16.79%
– II-47 –
.
130.28 0.40%
.
2021 12
31
77,742.66 82,331.67 4,589.01
5.90 %
49,643.17 49,643.17
28,099.49 32,688.50
4,589.01 16.33%
– II-48 –
.
.
.
.
2022 4 30
[2022] 2-00512
– II-49 –
.
.
.
[2016]36 2016 5
1
– II-50 –
– II-51 –
– II-52 –
.
.
.
.
.
.
.
– II-53 –
.
.
– II-54 –
.
.
.
.
.
.
.
.
.
.
.
– II-55 –
2022 9 23
2021 12 31 ( )
14.61
1
14.62(2)
– III-1 –
3000
14.62(2)
2022 12 7
– III-2 –
2022 9 20
2021 12 31
14.61
1
14.62(2)
– IV-1 –
3000
14.62(2)
2022 12 7
– IV-2 –
(1) 40%
(2)
(1) 2022 9 23
2021 12 31
– V-1 –
(2) 2022 9 20
2021 12 31
14.61
14.62(3)
2022 12 13
– V-2 –
(1994)56
1994 4 6
(1994)64
1995 4 19
17111122
1996 2 28
1996 8 7
000327
2016 1 22
914103006148088992
– VI-1 –
1996 12 25
(1994)56
1996 12 25
1994 4 6
(1994)64
1995 4 19
17111122
1996 8 7
000327
2016 1 22
914103006148088992
Luoyang Glass Company Limited
Triumph New Energy Company Limited
– VI-2 –
1.
2.
(a)
XV (i)
XV 7 8
(ii) 352
(iii)
XV 2 3
8.10
2021 12 31
– VII-1 –
(b)
XV 2 3
324
10%
1 1 1
(%) (%)
2
204,932,781(L) / 204,932,781 51.79 31.74 A
2
19,583,123(L) / 19,583,123 4.95 3.03 A
70,290,049(L) / 70,290,049(L) 17.76 10.89 A
111,195,912(L) / 111,195,912(L) 28.10 17.22 A
1 (L)–
2
– VII-2 –
XV 2 3
3.
4.
2021 12 31
5.
6
– VII-3 –
6.
7.
2021
12 31
8.
(a)
(b) 9
(c) H 183 17M
– VII-4 –
9.
(www.hkex.com.hk)
(http://www.zhglb.com/)
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
(j)
(k)
(l)
– VII-5 –
2022 12 30 9
2022
2022 11 23
40%
100%
2022 10 27
1.
2.
1. 1
– EGM-1 –
2. 2
3. 3
4. 4
5. 5
6.
2022 12 13
*
– EGM-2 –
1. H
H
H
H H H
H
H 183
M
2.
3.
183
17M
4.
5.
6.
7.
471009
86-379-6390 8961
86-379-6325 1984
8.
– EGM-3 –