2018




BEIJING SHANGHAI SHENZHEN HANGZHOU GUANGZHOU KUNMING TIANJIN CHENGDU NINGBO FUZHOU     XI’AN NANJING
                                    NANNING HONG KONG PARIS


                                         B    2    15                                310008
The Building of Grandall, No.2&NO.15 Block B Baita Park, Old Fuxing Road Hangzhou, Zhejiang, China
                      /Tel: (+86)(571) 8578 2593        /Fax: (+86)(571) 8577 5643
                                  /Website: http://www.grandall.com.cn
 2018




   2018
2018      3
              2018


                2018
               2018     4   12
                                                 2018




                10.56
10.56




      1   1                             17.60      60%   10.56
  /
      2   20                         16.72   /     60%   10.03
  /




      1                          1
  60%
      2                          20              60
120                        60%




                11.97
11.97




                                         17.60        68%   11.97


          20                          16.72           68%   11.37




  68%
                                 20              60
120                        68%




      1
               22   ——
                              Black-Scholes


A                                                   1                          1
                    /     1                             17.60   /       60%
    10.56
B
        17.70
C                                              48                             12


                              40%     30%     30%
D                  40.03%
E                                              1        2           3
    3.3059%     3.4572%       3.5357%
2
    1




    2




    3




1
                                 22
                                                               224.1
           (                    2018         3    14      )
    (1)                                                                         11.97
    (2)                                  26.06
    (3)              : 0.68      /
    (4)                                           1       2        3
    (5)                                           40%     30%      30%
                                                                                17.72           /
                                              =                                             -
         =5.75   /   (                                    0    /   )
                                         =                                      *                          =
1,288.58




                                                      280.1                         224.1




                         2018        3       14
881.32

                                                  2018             2019             2020            2021



    224.1                  881.32                     455.05           285.19        124.03          17.04

           1

                                                                                        2
                                     280.1             224.1




                  2018    3   14
1,288.58

                              2018           2019      2020    2021




  224.1        1,288.58       558.38         493.95   193.29   42.96

           1

                                                          2
  2018




2018




  2018
2018   4   12