.......................................................................................................................................................... 2
.......................................................................................................................................................... 3
.......................................................................................................................................................... 4
............................................ 4
............................................................................................................................... 7
......................................................................................................... 7
............................................................................................................................. 12
........................................................................................................................ 12
............................................................................................................................. 12
............................................................................................................................. 15
.............................................................................................. 20
............................................................................................................................. 21
............................................................................................................................. 22
.................................................................................................................... 24
.......................................................................................... 26
................................................................................................................ 26
........................................................................................................................................................ 28
-1-
-2-
2022 3 31
-
2022 3 31
35,100.00
2023 3 30
-3-
2022 3 31
1 1411
500.00
1.
-4-
2 1102
500.00
2.
2020 2
400 350 87.5%
50 12.5%
2020 3
2020 4 1 /
100 500
2022 3 31
1 350.00 70.00%
2 100.00 20.00%
3 50.00 10.00%
500.00 100.00%
2022 4 1
3.
Airmeter
-5-
15
B2C
300
Ole
300
2019 9 11 618
2020 9
2020 2021 2022
4.
5.
2020 12 31 2021 12 31 2022 3 31
2,276.60 10,934.48 11,426.50
1,299.82 6,703.70 6,569.11
976.77 4,230.78 4,857.39
2020 2021 2022 1-3
-6-
2020 12 31 2021 12 31 2022 3 31
6,826.55 45,824.61 15,311.42
1,174.43 3,802.17 836.74
876.77 2,854.00 626.61
2020
6.
-
114,264,989.65 65,691,081.17
48,573,908.48
- 146 1,119,978.66
-7-
941,282.89
272,000.00 1
2
- 111 5 1 104
1 1 104 1
/
CN202030059334.2 2020/2/25 2020/7/28
/
42031711 32 2020/7/28 2030/7/27
42021076 30 2020/8/21 2030/8/20
42011203 43 2020/7/28 2030/7/27
42011201 35 2020/7/21 2030/7/20
42007796 29 2020/8/7 2030/8/6
37024762 43 2019/11/21 2029/11/20
37022936 32 2019/11/21 2029/11/20
37018612 30 2019/11/14 2029/11/13
37013927 29 2019/11/21 2029/11/20
37005677 35 2019/11/21 2029/11/20
51437756 41 2021/8/14 2031/8/13
47463709 14 2021/2/14 2031/2/13
47480728 7 2021/2/14 2031/2/13
47473747 12 2021/2/14 2031/2/13
51437723 11 2021/8/28 2031/8/27
47480734 15 2021/2/14 2031/2/13
51431699 31 2021/8/14 2031/8/13
51433286 18 2021/10/14 2031/10/13
-8-
/
47489784 6 2021/2/21 2031/2/20
51461141 8 2021/8/21 2031/8/20
51430683 10 2021/7/21 2031/7/20
47493182 18 2021/2/14 2031/2/13
51507031 35 2021/8/14 2031/8/13
51458588 42 2021/8/21 2031/8/20
51431081 39 2021/8/14 2031/8/13
51468240 27 2021/8/14 2031/8/13
47493360 28 2021/2/14 2031/8/13
49204467 30 2021/3/28 2031/3/27
51431706 26 2021/7/21 2031/7/20
47473743 13 2021/2/14 2031/2/13
47463726 9 2021/2/14 2031/2/13
36991371 43 2019/11/7 2029/11/6
47463730 8 2021/2/14 2031/2/13
47475598 40 2021/2/14 2031/2/13
47461394 27 2021/2/21 2031/2/20
51451166 3 2021/8/14 2031/8/13
47493348 10 2021/2/21 2031/2/20
49215553 29 2021/3/28 2031/3/27
47483937 16 2021/2/14 2031/2/13
51468146 1 2021/8/14 2031/8/13
47475626 41 2021/2/14 2031/2/13
47486571 20 2021/2/14 2031/2/13
47493368 33 2021/2/14 2031/2/13
47463713 29 2021/5/21 2031/5/20
49228720 35 2021/4/7 2031/4/6
47459408 21 2021/2/14 2031/2/13
51464272 34 2021/8/14 2031/8/13
51458572 16 2021/8/28 2031/8/27
-9-
/
51468407 12 2021/7/21 2031/7/20
47472944 3 2021/2/28 2031/2/27
51439795 19 2021/8/21 2031/8/20
47459412 19 2021/2/14 2031/2/13
51455968 33 2021/8/14 2031/8/13
47475620 34 2021/2/14 2031/2/13
47458980 36 2021/2/14 2031/2/13
47459393 26 2021/2/14 2031/2/13
51515842 32 2021/8/21 2031/8/20
47484228 5 2021/8/28 2031/8/27
47480716 4 2021/2/14 2031/2/13
51452721 25 2021/10/7 2031/10/6
51516427 30 2021/8/21 2031/8/20
51495322 43 2021/8/21 2031/8/20
47458568 35 2021/4/28 2031/4/27
51451173 2 2021/8/21 2031/8/20
51439102 45 2021/8/14 2031/8/13
51454550 13 2021/8/21 2031/8/20
51456053 17 2021/8/14 2031/8/13
47458945 45 2021/2/14 2031/2/13
47483954 11 2021/2/14 2031/2/13
47486559 44 2021/3/14 2031/2/13
51462700 15 2021/8/14 2031/8/13
51454411 7 2021/8/14 2031/8/13
49220902 32 2021/3/28 2031/3/27
51464276 36 2021/8/21 2031/8/20
51442395 38 2021/8/21 2031/8/20
47493218 39 2021/2/14 2031/2/13
-10-
/
51431085 37 2021/7/21 2031/7/20
47484233 2 2021/2/14 2031/2/13
47469404 43 2021/2/14 2031/2/13
51440112 6 2021/8/14 2031/8/13
47459406 22 2021/2/14 2031/2/13
47475988 23 2021/2/14 2031/2/13
49224269 43 2021/4/7 2031/4/6
47480311 37 2021/2/14 2031/2/13
47459792 38 2021/2/14 2031/2/13
51439057 40 2021/8/14 2031/8/13
51442671 24 2021/8/14 2031/8/13
47479509 25 2021/2/14 2031/2/13
47461568 17 2021/2/21 2031/2/20
51440116 5 2021/10/7 2031/10/6
51439087 28 2021/8/21 2031/8/20
51437750 44 2021/8/14 2031/8/13
51498255 29 2021/8/14 2031/8/13
51454433 4 2021/7/21 2031/7/20
51465736 21 2021/8/14 2031/8/13
51468195 23 2021/8/21 2031/8/20
51436542 22 2021/8/21 2031/8/20
47459808 42 2021/2/14 2031/2/13
51462687 20 2021/8/14 2031/8/13
47463552 1 2021/2/14 2031/2/13
47488221 31 2021/2/14 2031/2/13
47463708 30 2021/10/28 2031/10/27
47459399 24 2021/2/14 2031/2/13
51449670 14 2021/8/14 2031/8/13
-11-
airmeter.cn 2019/3/29 2027/3/29
1 104 1
2022 3 31
1.
1. 2016 7 2
2. 1993 12 29
2018 10 26
-12-
3. 1998 12 29
2019 12 28
4. 1984 3 12
2020 10 17
5. 1982 8 23
2019 4 23
6. 2007 3 16
2018 12 29
7. 512
714
8. 134 691
9. 50
65
10. [2016]36
11. 2019
39
12.
1. [2017]43
2. [2017]30
3. [2018]36
4. [2018]35
5. [2017]33
6. [2018]37
7. [2017]35
8. [2018]38
9. [2017]37
10. [2017]39
11. [2019]35
-13-
12. [2017]44
13. [2017]46
14. [2017]47
15. [2017]48
16. [2017]49
17. [2017]51
18. 2020 [2020]31
19.
1.
2.
3.
4.
5.
1.
2.
3.
4.
5.
6.
7.
8.
9.
1.
2.
3.
4.
5.
6.
-14-
7.
8.
-15-
1.
n
Fi Fn 1
V i n
i 1 1 r r g 1 r
V
Fi i
Fn+1
r
n
i i
g
1
2
WACC
D E
WACC Rd (1 T ) Re
D E D E
Re
Rd
E
D
T
CAPM
Re =R f ( Rm Rf )
Re
Rf
β
(Rm Rf)
ε
-16-
3
2026 12 31 2027
2.
3.
4.
1
1
2
3
4
-17-
5
2
1
=
[2008]170
[2009]113
[2016]36
A.
B.
A.
100%
K1 K2 K3 K4 K5
K1 K2
-18-
K3 K4 K5
B.
100%
3
4
1 ——
2 ——
1
3 ——
1
4 ——
-19-
n
Fi K i (1 Ti )
V
i 1 (1 r )i
V
r
n
Fi i
Ki i
Ti i
5
6
7
8
1
2 3 4
5 6
7 8 9
10
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1
2
1.
2.
3.
-21-
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
11,426.50
16,301.97 4,875.47 42.67% 6,569.11
6,569.11 4,857.39
9,732.86 4,875.47 100.37%
-22-
2022 3 31
A B C=B-A D=C/A×100%
10,838.32 11,404.21 565.89 5.22
588.18 4,897.76 4,309.58 732.70
94.13 101.92 7.79 8.28
27.20 27.66 0.46 1.70
353.66 353.66
19.54 4,320.87 4,301.32 22,011.20
79.53 79.53
14.12 14.12
11,426.50 16,301.97 4,875.47 42.67
6,345.72 6,345.72
223.39 223.39
6,569.11 6,569.11
4,857.39 9,732.86 4,875.47 100.37
35,100.00
30,242.61 622.61%
9,732.86
35,100.00 25,367.14
-23-
35,100.00
2022 3 31 2023 3 30
1. 2020
2020 2021 4215
2021 3 14
2021 2022 3 31
2021 2022 1-3
-24-
2022 9423 2022 8 20
2021 2022 1-3
2022 9424 2022 8 20
2.
20200101-20201231 [2021]
ZA50471 2021 3 14
20210101-20211231 [2022] ZA10187
2022 2 10
20220101-20220331 [2022] ZA15615
2022 8 5
1.
2020 3
2021 3
2. 2022 4 1
-25-
2022 08 23
-26-