2024 0182
2024 05 31
2024 0182
..........................................................................................................................................................2
..........................................................................................................................................................3
..........................................................................................................................................................4
............................................4
...............................................................................................................................8
.........................................................................................................8
.............................................................................................................................13
........................................................................................................................13
.............................................................................................................................14
.............................................................................................................................16
..............................................................................................21
.............................................................................................................................22
.............................................................................................................................23
....................................................................................................................25
..........................................................................................26
................................................................................................................27
........................................................................................................................................................29
-1-
2024 0182
-2-
2024 0182
2023 12
31
2023 12 31
21,800.00
2024 12 31
-3-
2024 0182
2023 12 31
603170.SH
433
40,001
1.
2 1102
-4-
2024 0182
500
2.
2020 2
400 350 87.5%
50 12.5%
2020 3
2020 4 1 /
100 500
1 350.00 70.00%
2 100.00 20.00%
3 50.00 10.00%
500.00 100.00%
2022 4 1
2022 10 10% 3,500
2023 12 31
1 400.00 80.00%
2 100.00 20.00%
500.00 100.00%
-5-
2024 0182
3.
Airmeter
15
B2C
950
Ole
8,000 O2O
2019 9 11 618
2020 -2023
4.
-6-
2024 0182
2022 12 100.00 100%
5.
2021 12 31 2022 12 31 2023 12 31
30,320.09
17,825.47
12,494.62
12,494.62
2021 2022 2023
86,635.81
5,293.01
3,961.24
3,961.24
2021 12 31 2022 12 31 2023 12 31
10,934.48 24,322.42 28,102.65
6,703.70 15,789.04 17,378.41
4,230.78 8,533.38 10,724.23
2021 2022 2023
45,824.61 86,550.68 84,467.56
3,802.17 5,741.25 2,932.49
2,854.00 4,302.60 2,190.86
2021 -2022
6.
-7-
2024 0182
281,026,487.67 173,784,141.82
107,242,345.85 303,200,867.46
178,254,714.75 124,946,152.71
124,946,152.71
1
- 615 / / / /
1,763,446.70 973,098.68
1 272,000.00 272,000.00
-8-
2024 0182
- 121 3 3
1 113 1 1 113 1
/
CN202030059334.2 2020/2/25 2020/7/28
/
1 42031711 32 2020/7/28 2030/7/27
2 42021076 30 2020/8/21 2030/8/20
3 42011203 43 2020/7/28 2030/7/27
4 42011201 35 2020/7/21 2030/7/20
5 42007796 29 2020/8/7 2030/8/6
6 37024762 43 2019/11/21 2029/11/20
7 37022936 32 2019/11/21 2029/11/20
8 37018612 30 2019/11/14 2029/11/13
9 37013927 29 2019/11/21 2029/11/20
10 37005677 35 2019/11/21 2029/11/20
11 51437756 41 2021/8/14 2031/8/13
12 47463709 14 2021/2/14 2031/2/13
13 47480728 7 2021/2/14 2031/2/13
14 47473747 12 2021/2/14 2031/2/13
15 51437723 11 2021/8/28 2031/8/27
16 47480734 15 2021/2/14 2031/2/13
17 51431699 31 2021/8/14 2031/8/13
18 51433286 18 2021/10/14 2031/10/13
19 47489784 6 2021/2/21 2031/2/20
20 51461141 8 2021/8/21 2031/8/20
21 51430683 10 2021/7/21 2031/7/20
22 47493182 18 2021/2/14 2031/2/13
-9-
2024 0182
/
23 51507031 35 2021/8/14 2031/8/13
24 51458588 42 2021/8/21 2031/8/20
25 51431081 39 2021/8/14 2031/8/13
26 51468240 27 2021/8/14 2031/8/13
27 47493360 28 2021/2/14 2031/8/13
28 49204467 30 2021/3/28 2031/3/27
29 51431706 26 2021/7/21 2031/7/20
30 47473743 13 2021/2/14 2031/2/13
31 47463726 9 2021/2/14 2031/2/13
32 36991371 43 2019/11/7 2029/11/6
33 47463730 8 2021/2/14 2031/2/13
34 47475598 40 2021/2/14 2031/2/13
35 47461394 27 2021/2/21 2031/2/20
36 51451166 3 2021/8/14 2031/8/13
37 47493348 10 2021/2/21 2031/2/20
38 49215553 29 2021/3/28 2031/3/27
39 47483937 16 2021/2/14 2031/2/13
40 51468146 1 2021/8/14 2031/8/13
41 47475626 41 2021/2/14 2031/2/13
42 47486571 20 2021/2/14 2031/2/13
43 47493368 33 2021/2/14 2031/2/13
44 47463713 29 2021/5/21 2031/5/20
45 49228720 35 2021/4/7 2031/4/6
46 47459408 21 2021/2/14 2031/2/13
47 51464272 34 2021/8/14 2031/8/13
48 51458572 16 2021/8/28 2031/8/27
49 51468407 12 2021/7/21 2031/7/20
50 47472944 3 2021/2/28 2031/2/27
51 51439795 19 2021/8/21 2031/8/20
-10-
2024 0182
/
52 47459412 19 2021/2/14 2031/2/13
53 51455968 33 2021/8/14 2031/8/13
54 47475620 34 2021/2/14 2031/2/13
55 47458980 36 2021/2/14 2031/2/13
56 47459393 26 2021/2/14 2031/2/13
57 51515842 32 2021/8/21 2031/8/20
58 47484228 5 2021/8/28 2031/8/27
59 47480716 4 2021/2/14 2031/2/13
60 51452721 25 2021/10/7 2031/10/6
61 51516427 30 2021/8/21 2031/8/20
62 51495322 43 2021/8/21 2031/8/20
63 47458568 35 2021/4/28 2031/4/27
64 51451173 2 2021/8/21 2031/8/20
65 51439102 45 2021/8/14 2031/8/13
66 51454550 13 2021/8/21 2031/8/20
67 51456053 17 2021/8/14 2031/8/13
68 47458945 45 2021/2/14 2031/2/13
69 47483954 11 2021/2/14 2031/2/13
70 47486559 44 2021/3/14 2031/2/13
71 51462700 15 2021/8/14 2031/8/13
72 51454411 7 2021/8/14 2031/8/13
73 49220902 32 2021/3/28 2031/3/27
74 51464276 36 2021/8/21 2031/8/20
75 51442395 38 2021/8/21 2031/8/20
76 47493218 39 2021/2/14 2031/2/13
77 51431085 37 2021/7/21 2031/7/20
78 47484233 2 2021/2/14 2031/2/13
79 47469404 43 2021/2/14 2031/2/13
80 51440112 6 2021/8/14 2031/8/13
-11-
2024 0182
/
81 47459406 22 2021/2/14 2031/2/13
82 47475988 23 2021/2/14 2031/2/13
83 49224269 43 2021/4/7 2031/4/6
84 47480311 37 2021/2/14 2031/2/13
85 47459792 38 2021/2/14 2031/2/13
86 51439057 40 2021/8/14 2031/8/13
87 51442671 24 2021/8/14 2031/8/13
88 47479509 25 2021/2/14 2031/2/13
89 47461568 17 2021/2/21 2031/2/20
90 51440116 5 2021/10/7 2031/10/6
91 51439087 28 2021/8/21 2031/8/20
92 51437750 44 2021/8/14 2031/8/13
93 51498255 29 2021/8/14 2031/8/13
94 51454433 4 2021/7/21 2031/7/20
95 51465736 21 2021/8/14 2031/8/13
96 51468195 23 2021/8/21 2031/8/20
97 51436542 22 2021/8/21 2031/8/20
98 47459808 42 2021/2/14 2031/2/13
99 51462687 20 2021/8/14 2031/8/13
100 47463552 1 2021/2/14 2031/2/13
101 47488221 31 2021/2/14 2031/2/13
102 47463708 30 2021/10/28 2031/10/27
103 47459399 24 2021/2/14 2031/2/13
104 51449670 14 2021/8/14 2031/8/13
105 72847947 43 2024/1/21 2034/1/20
106 72836510 30 2024/1/21 2034/1/20
107 72851494 35 2024/3/28 2034/3/27
108 73046210 BLING CURRY 35 2024/1/28 2034/1/27
109 73742385 35 2024/3/14 2034/3/13
-12-
2024 0182
/
110 73735016 32 2024/3/14 2034/3/13
111 73723780 29 2024/3/21 2034/3/20
112 73736870 30 2024/3/14 2034/3/13
113 73730546 43 2024/3/14 2034/3/13
airmeter.cn 2019/3/29 2027/3/29
128 13 1303-1306 704.21 10 1001 1006-1010
1,047.32
1 113 1
2023 12 31
-13-
2024 0182
1.
1. 2016 7 2
2. 1993 12 29
2018 10 26
3. 1998 12 29
2019 12 28
4. 1984 3 12
2020 10 17
5. 1982 8 23
2019 4 23
6.
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
12. [2023]14
13. [2017]46
-14-
2024 0182
14. [2017]47
15. [2017]48
16. [2017]49
17. [2017]51
18.
1.
2.
3.
4.
5.
1.
2.
3.
4.
5.
6.
7.
8.
1.
2.
3.
4.
5.
6.
7.
8.
-15-
2024 0182
1.
-16-
2024 0182
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
(Rm Rf)
3
-17-
2024 0182
2028 12 31 2029
4
2.
3.
4.
1
1
2
3
4
-18-
2024 0182
5
6
2
1
[2008]170
[2009]113
[2016]36
A.
B.
A.
100%
-19-
2024 0182
K1 K2 K3 K4 K5
K1 K2
K3 K4 K5
B.
100%
3
4
1 ——
2 ——
1
3 ——
n
Fi K i (1 Ti )
V
i 1 (1 r )i
V
r
n
Fi i
Ki i
Ti i
-20-
2024 0182
4 ——
1
5
6
7
8
1
2 3 4
5 6 7
8 9
10
-21-
2024 0182
1
2
1.
2.
-22-
2024 0182
3.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
28,102.65
36,936.39 8,833.74 31.43% 17,378.41
17,378.41 10,724.23
19,557.97 8,833.74 82.37%
-23-
2024 0182
2023 12 31
A B C=B-A D=C/A×100%
27,537.69 28,675.10 1,137.42 4.13
564.96 8,261.28 7,696.32 1,362.27
0.00 1,777.96 1,777.96
97.31 142.57 45.26 46.51
27.20 0.00 -27.20 -100.00
353.22 353.22
15.96 5,916.26 5,900.30 36,967.89
28.28 28.28
42.99 42.99
28,102.65 36,936.39 8,833.74 31.43
17,208.28 17,208.28
170.13 170.13
17,378.41 17,378.41
10,724.23 19,557.97 8,833.74 82.37
21,800.00
11,075.77 103.28%
9,305.38 74.48%
19,557.97
21,800.00 2,242.03
-24-
2024 0182
21,800.00
2023 12 31 2024 12 31
1. 2021
2021 2022 7672
2022 3 7
-25-
2024 0182
2022
2022 2023 1606
2023 4 10
2023
2023 2024 3883
2024 4 25
2.
20210101-20211231 [2022] ZA10187
2022 2 10
20220101-20221231 [2023] ZA10366
2023 2 24
20230101-20231231 [2024] ZA50226
2024 3 13
1 272,000.00 272,000.00
-
-26-
2024 0182
2024 05 31
-27-