449 2015

目錄 2 3 5 12 14 16 19 34 37 46 63 65 66 68 70 72 132 集團架構公司資料 2015 年大事回顧與榮譽財務摘要業務摘要主席報告書管理層討論及分析董事及高級管理層企業管治報告董事會報告獨立核數師報告綜合損益及其他全面收益表綜合財務狀況表綜合權益變動表綜合現金流量表綜合財務報表附註財務摘要

集團架構 51.25% 志高集團控股有限公司 * ( 英屬處女群島 ) 48.75% 公眾股東 449.HK 100% 100% 100% 志高 ( 香港 ) 投資有限公司 ( 香港 ) 志高發展控股有限公司 * ( 英屬處女群島 ) 志高 ( 香港 ) 貿易有限公司 ( 香港 ) 100% 設計及開發空調 廣東志高科創銅業有限公司 ( 中國 ) 零部件 100% 空調銷售 及貿易 生產及銷售銅產品 其他白色家電 廣東志高空調有限公司 ( 中國 ) 製造空調 銷售空調 100% 100% 70% 志高空調 ( 九江 ) 有限公司 ( 中國 ) 廣東志高精密 機械有限公司 ( 中國 ) 廣東志高暖通設備股份有限公司 ( 中國 ) 製造空調 製造及 銷售壓縮機 商用空調業務 * 中文名字僅供識別之用 ( 本公司 ) 及其附屬公司 ( 連同本公司合稱 志高 或 本集團 ) 於 1994 年創立, 為中華人民共和國 ( 中國 ) 頂尖空調品牌之一 本集團主要從事空調產品之設計 開發 製造及銷售業務 02

公司資料 公司 公司 Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 1 19 08 528244 Royal Bank of Canada Trust Company (Cayman) Limited 4th Floor, Royal Bank House 24 Shedden Road, George Town Grand Cayman KY1-1110 Cayman Islands 03 志高控股有限公司 2015 年年報

公司資料 183 22 資料 449 2009 7 13 2,000 2015 12 31 8,434,178,000 10.1 公司 www.china-chigo.com www.irasia.com/listco/hk/chigo/index.htm 資 公司 資料 (852) 2997 7449 (852) 2997 7446 ir@china-chigo.com.hk (86) 757 8878 3289 (86) 757 8562 8012 04

2015 年大事回顧與榮譽 一月 1 1920152015 1 AHR EXPO 二月 2 5 2VI(Visual Identity) VI 05 志高控股有限公司 2015 年年報

2015 年大事回顧與榮譽 三月 3 21 3 28 ELN 3 2014-2015 310 2015 四月 4 15 117 06

2015 年大事回顧與榮譽 五月 5 9 SI Store Identity SI 5 14 MTP Management Training Program/Plan 180 六月 62015 07 志高控股有限公司 2015 年年報

2015 年大事回顧與榮譽 七月 7 10268 2015 7 21 2632 7 24 7 八月 8 8 11& 201630 82015 2015 2016 2015 2016 08

2015 年大事回顧與榮譽 九月 9 10 + 9 222016 + + 58 2016 2020 1000 十月 10 1 2 10 18 118 10 21 O2O O2O 09 志高控股有限公司 2015 年年報

2015 年大事回顧與榮譽 十一月 11 2015 2015 11 20155 500 11 23 Dubai Big 5 Show 10

2015 年大事回顧與榮譽 十二月 12 3 2015 3C + 12 30 10 12 42015 12 31 2015 12 29302015 2016 11 志高控股有限公司 2015 年年報

財務摘要 201515.8% 15.8% 9,390.6 206.9 9,183.7 9,233.2 7,774.2 2013 2014 2015 33.5% 33.5% 17.4%13.7% 1,662.8 18.1% 206.9 1,455.9 1,603.3 17.4% 1,065.7 13.7% 2013 2014 2015 1,001.8% 1,001.8% 8.6% 214.4 2.3% (0.7)% (60.4) (8.6)% (665.5) 2013 2014 2015 12

財務摘要 753.1% 753.1% 2015 12 31 2.37 0 0 (0.96) 0 (8.19) 2.0% 9.8% 8.4% 23.2% 1,872.8 8,922.6 2,012.5 10,176.6 9,149.5 8.4% 1,971.7 8,250.1 2,969.9 2,906.3 2,230.6 2013 2014 2015 13 志高控股有限公司 2015 年年報

業務摘要 25.3% 49.6% 3.8% 50.4% 4.2% 4.3% 0.2% 4.4% 4.1% 0.4% 12.8% 11.9% 2014 2015 22.6% 29.6% 55.9% 49.6% 4.4 2.9% 179,000 10.5% 200,000 4,569,000 179,000 4,438,000 2014 2015 14

業務摘要 要 15.3% 80.7% 3.8%11.5% 業務 38.3% 21.4% 6.5% 3.3% 4.7% 3.1% 10.0% 11.5% 2014 2015 80.2% 80.7% 12.8% 7.6% 4,619 4,970 1,620 1,413 2014 2015 15 志高控股有限公司 2015 年年報

主席報告書 16

主席報告書 2015 12 31 2015 2015 2015 12 3115.8%77 2015 2015 2015 2015 6.6 2.0 17 志高控股有限公司 2015 年年報

主席報告書 2015 2016 2016 + 2016 2016 3 31 18

管理層討論及分析 2015 12 31 2015 2015 2015 19 志高控股有限公司 2015 年年報

管理層討論及分析 2015 12 31 2015 2015 12 31 2015 20

管理層討論及分析 12 31 2015 2014 分 % 5,756.1 74.0 7,031.4 76.2-1,275.3-18.1 487.2 6.3 339.3 3.7 +147.9 +43.6 29.2 0.4 30.5 0.3-1.3-4.3 6,272.5 80.7 7,401.2 80.2-1,128.7-15.3 890.3 11.5 925.4 10.0-35.1-3.8 368.8 4.7 598.0 6.5-229.2-38.3 242.6 3.1 308.6 3.3-66.0-21.4 7,774.2 100.0 9,233.2 100.0-1,459.0-15.8 80.7%2015 12 31 15.3% 3.8% 11.5% 38.3% 20152015 12 31 21.4% 2015 12 31 201416.8%11.3% 2014 26.1% 28.8% 21 志高控股有限公司 2015 年年報

管理層討論及分析 12 31 2015 2014 分 % 3,497.9 45.0 4,733.5 51.3-1,235.6-26.1 49.8 0.7 61.5 0.7-11.7-19.0 81.6 1.0 60.3 0.6 +21.3 +35.3 227.3 2.9 306.8 3.3-79.5-25.9 3,856.6 49.6 5,162.1 55.9-1,305.5-25.3 514.2 6.6 523.7 5.7-9.5-1.8 3,100.9 39.9 3,007.9 32.6 +93.0 +3.1 287.2 3.7 537.7 5.8-250.5-46.6 15.3 0.2 1.8 0.0 +13.5 +750.0 3,917.6 50.4 4,071.1 44.1-153.5-3.8 7,774.2 100.0 9,233.2 100.0-1,459.0-15.8 2015 12 31 26.1% 98.7% 2014 35.3%25.9% 1.8% 3.1%2015 20.8% 79.2% 201426.1% 73.9% 22

管理層討論及分析 及分 12 31 2015 2014 分 % 1,342.4 17.3 1,265.1 13.7 +77.3 +6.1 2,514.2 32.3 3,897.0 42.2-1,382.8-35.5 3,856.6 49.6 5,162.1 55.9-1,305.5-25.3 816.7 10.5 1,063.2 11.5-246.5-23.2 3,100.9 39.9 3,007.9 32.6 +93.0 +3.1 3,917.6 50.4 4,071.1 44.1-153.5-3.8 7,774.2 100.0 9,233.2 100.0-1,459.0-15.8 2015 12 316.1% 34.8% 201424.5%35.5% 2015 65.2% 201475.5% 23.2% 20153.1% 2015 12 3179.2% 20.8% 201473.9% 26.1% 23 志高控股有限公司 2015 年年報

管理層討論及分析 12 31 2015 2014 % 4,438 4,569-2.9 179 200-10.5 1,413 1,620-12.8 4,970 4,619 +7.6 2015 12 3120142.9% 2015 10.5%4,617,000 2015 12 31 12.8% 2015 7.6% 24

管理層討論及分析 2015 12 31 12 31 2015 2014 分 % 1,473.7 22.0 1,674.1 21.9-200.4-12.0 1,488.6 22.2 1,777.8 23.3-289.2-16.3 626.7 9.3 680.1 8.9-53.4-7.9 279.5 4.2 371.4 4.9-91.9-24.7 523.0 7.8 770.9 10.1-247.9-32.2 1,464.1 21.8 1,442.2 18.9 +21.9 +1.5 5,855.6 87.3 6,716.5 88.0-860.9-12.8 323.1 4.8 347.8 4.6-24.7-7.1 61.5 0.9 73.7 1.0-12.2-16.6 240.8 3.6 254.5 3.3-13.7-5.4 227.4 3.4 237.4 3.1-10.0-4.2 6,708.4 100.0 7,629.9 100.0-921.5-12.1 2015 12 31 860.912.8%2015 12 317.1% 4.2% 25 志高控股有限公司 2015 年年報

管理層討論及分析 12 31 2015 2014 分 % 3,856.6 49.6 5,162.1 55.9-1,305.5-25.3 2,301.8 29.6 2,088.6 22.6 +213.2 +10.2 922.3 11.9 1,182.8 12.8-260.5-22.0 347.4 4.4 387.6 4.2-40.2-10.4 316.6 4.1 391.7 4.3-75.1-19.2 29.5 0.4 20.4 0.2 +9.1 +44.6 3,917.6 50.4 4,071.1 44.1-153.5-3.8 7,774.2 100.0 9,233.2 100.0-1,459.0-15.8 2015 12 31 7,774.220149,233.2 2014 1,459.015.8% 2015 12 31 1,305.525.3%3,856.6 20145,162.12015 12 3149.6% 201455.9% 2015 12 313,917.620144,071.1 153.53.8% 22.0% 10.4% 19.2% 10.2% 44.6% 2015 12 3129.6% 11.9% 2014 22.6% 12.8% 2015 12 3150.4% 201444.1% 26

管理層討論及分析 201520146,708.42014 7,629.9 921.512.1% 2015 12 31 1,065.72014 1,603.3 537.633.5% 201417.4%2015 12 3113.7% 201513.8% 201421.2% 201513.6% 201412.5% 2015 18.4% 20.4% 69.8201454.215.6 28.8% 2015 12 31841.52014 829.911.61.4% 2015 12 31412.12014 412.0(i)(ii) (iii) 2015 12 312011 7.4201410.32.928.2% 27 志高控股有限公司 2015 年年報

管理層討論及分析 7.0%6.599.7201493.2 2015 12 31 178.4583.0%209.02014 30.6 201536.220144.0 2015 12 313.62014 32.0 2015 12 31 75.828.9% 186.22014262.0 2015 12 3139.375.9% 12.5201451.8 2015 12 31 665.5201460.4 2014605.11,001.8% 2015 12 318.6% 20140.7% 28

管理層討論及分析 12 31 2015 2014 % 1,971.7 2,012.5-40.8-2.0 8,250.1 9,149.5-899.4-9.8 7,787.8 7,979.2-191.4-2.4 203.4 276.6-73.2-26.5 2,230.6 2,906.3-675.7-23.2 2015 12 31940.38.4%10,221.72014 11,162.0808.7 180.9 54.52015 12 31 7,991.22014 12 318,255.8264.6 3.2% 434.6 538.7141.5 680.9162.6 201523.2%675.72,230.6 20142,906.3 29 志高控股有限公司 2015 年年報

管理層討論及分析 2015 12 318,250.120149,149.5 7,787.820147,979.22014 1,170.3 2015 462.4707.960.5% 2015 12 311.1 20141.1 20152015 12 31 1,402.2 20141,940.9 6.3538.76.3 207.62014207.0 2015 12 31 2015 162.62014 2015 12 3117.4% 2014 20.6%523.2 2015 12 31201428.9%75.9 2015 20141.0 2015 33.120147.2 30

管理層討論及分析 2015 12 31 71.98,434,178,000 2015 12 312,230.62014 2,906.3 2015 12 31 2015 2014 (208.7) 499.2 1,347.0 631.4 1,138.3 1,130.6 (22.5) (260.8) (1,162.1) (1,161.8) (46.3) (292.0) 12 31 及 418.2 464.5 2015 12 31208.72014499.2 1,347.0 2015 12 311,138.32014 1,130.6 22.5 120.951.6 180.97.92015 22.52014260.8 1,162.120141,161.8 2015 12 3146.3 2015 418.22014464.5 31 志高控股有限公司 2015 年年報

管理層討論及分析 2015 12 31 2015 12 31910.420141,091.6 2015 12 3150.4% 2015 12 31 98.62014 77.1 2015 12 31 32

管理層討論及分析 2015 12 3113,084201413,511 及 2016 2016 2016 1. 2. 3. 33 志高控股有限公司 2015 年年報

董事及高級管理層 612006 4 24 1994 2220002004 7 60 2005 10 12012 1 4 1994 12 1996 5 1996 62001 8 2001 92005 9 2005 10 512008 2 151998 1 1985 19881992 1992 111995 5 382010 9 62004 7 2006 102008 11 (MBA)2002 5 1420002002 5 34

董事及高級管理層 董事 492008 8 262005 12005 12 1999 7 622008 8 261992 8 37 2003 2005 562008 8 261986 7 19991991 19941997 20022000 112006 5 2006 52012 11 35 志高控股有限公司 2015 年年報

董事及高級管理層 高級管理層 432001 1995 442005 10 1994 6 1999 6 2002 7 2011 3 2005 512005 9 2013 1999 122004 5 2004 52005 9 492007 12 18 2008 8 26 17 19901996 199919901994 1994 52000 8 (878)2000 1543) 36

企業管治報告 企業管治 企業管治 14 2015 12 31A.2.1 A.6.7 A.2.1 A.2.1 2015 12 31 22 A.6.7 A.6.7 2015 6 52015 E.1.2 20152015 37 志高控股有限公司 2015 年年報

企業管治報告 34 36 2012 3 29 (a) (b) (c) (d) (e) 38

企業管治報告 2015 12 314,322,234,21051.25% XV23 2015 12 312015 6 5 4/4 1/1 4/4 0/1 4/4 0/1 4/4 0/1 4/4 1/2 1/1 0/0 1/1 4/4 2/2 1/1 0/0 0/1 4/4 2/2 1/1 0/0 1/1 39 志高控股有限公司 2015 年年報

企業管治報告 1 3 3 3 3 4 2,3 1. 2. 3. 4. 2015 12 31A.2.1 2015 6 5 2015 12 31 384,000 40

企業管治報告 10 2009 6 192012 3 29 2015 12 31 2014 12 31 2015 6 30 41 志高控股有限公司 2015 年年報

企業管治報告 2009 6 192012 3 29 2015 12 31 2009 6 192012 3 29 2015 12 31 A.5.6 2013 8 28 2015 12 3115 42

企業管治報告 63 2015 12 31 iii iii 43 志高控股有限公司 2015 年年報

企業管治報告 (2)(21) (i) (ii) (i) 13.51(2)(ii) (7) 44

企業管治報告 1 19 08 (852) 2997 7449 (852) 2997 7446 ir@china-chigo.com.hk 528244 (86) 757 8878 3289 (86) 757 8562 8012 Royal Bank of Canada Trust Company (Cayman) Limited 4th Floor, Royal Bank House 24 Shedden Road, George Town Grand Cayman KY1-1110 Cayman Islands 183 22 2015 12 31 2,860,000 1,162,000 45 志高控股有限公司 2015 年年報

董事會報告 2015 12 31 39 2015 12 3165 2015 12 31 2014 12 31 16 18 19 33 33 1. 2. 6 46

董事會報告 3. 6 4. 6 5. 6 6. 47 志高控股有限公司 2015 年年報

董事會報告 1. 2. 48

董事會報告 1. 2. 6 3. 24 49 志高控股有限公司 2015 年年報

董事會報告 4. 1. 2013 8 28 2. 3. 50

董事會報告 37 45 132 2015 12 31 2015 12 3171,900,0008,434,178,000 32 2015207,600,000 155,500,000 2015 12 3168 69 51 志高控股有限公司 2015 年年報

董事會報告 2015 12 31 938,187,000 2014938,187,000 34 36 84(1) 11 52

董事會報告 2015 12 31352 0.01 2015 12 31 1 2 4,322,234,210 51.25 4,632,000 0.05 6,530,750 0.08 161,000 0.00 4,333,557,960 51.38 1. 2015 12 318,434,178,000 2. 99.46% 4,322,234,210 2015 12 31 9,946.1036 99.46 53 志高控股有限公司 2015 年年報

董事會報告 33 2015 12 31 8,000,000 8,000,000 50,000,000 50,000,000 10,000,000 10,000,000 25,000,000 25,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 96,000,000 96,000,000 2015 12 31 54

` 董事會報告 38 14A.76 1 14A 2009 6 19 33 1 2013.9.23 2018.9.22 0.45 2,400,000 2,400,000 2016.9.23 2018.9.22 0.45 5,600,000 5,600,000 8,000,000 8,000,000 2013.9.23 2018.9.22 0.45 15,000,000 15,000,000 2016.9.23 2018.9.22 0.45 35,000,000 35,000,000 50,000,000 50,000,000 2013.9.23 2018.9.22 0.45 3,000,000 3,000,000 2016.9.23 2018.9.22 0.45 7,000,000 7,000,000 10,000,000 10,000,000 55 志高控股有限公司 2015 年年報

` 董事會報告 2013.9.23 2018.9.22 0.45 7,500,000 7,500,000 2016.9.23 2018.9.22 0.45 17,500,000 17,500,000 25,000,000 25,000,000 2013.9.23 2018.9.22 0.45 300,000 300,000 2016.9.23 2018.9.22 0.45 700,000 700,000 1,000,000 1,000,000 2013.9.23 2018.9.22 0.45 300,000 300,000 2016.9.23 2018.9.22 0.45 700,000 700,000 1,000,000 1,000,000 2013.9.23 2018.9.22 0.45 300,000 300,000 2016.9.23 2018.9.22 0.45 700,000 700,000 1,000,000 1,000,000 96,000,000 96,000,000 2 2013.9.23 2018.9.22 0.45 173,958,000 (10,380,000) 163,578,000 2016.9.23 2018.9.22 0.45 405,992,000 (24,220,000) 381,772,000 579,950,000 (34,600,000) 545,350,000 3 2013.9.23 2018.9.22 0.45 3,466,000 (534,000) 2,932,000 2016.9.23 2018.9.22 0.45 8,184,000 (1,266,000) 6,918,000 11,650,000 (1,800,000) 9,850,000 687,600,000 (36,400,000) 651,200,000 56

董事會報告 2015 12 31336 0.01 1 2 4,322,234,210 51.25 Skyworth TV Holdings Limited 425,000,000 5.04 1. 2015 12 318,434,178,000 2. 99.46%0.54% 2015 12 31 3.13 33 57 志高控股有限公司 2015 年年報

董事會報告 30,000 2014 6 1 25,000 66,941,000 201470,244,000 37 2015 12 31 58

董事會報告 2015 12 31 2015 12 31 14 2015 12 3128 30 2014 2015 12 31 622D 6 2015 6 22Chigo BVI Chance Talent Management Limited 30,000,000232,554,0007 Chigo BVI 51.25% Chigo BVI 99.46% 59 志高控股有限公司 2015 年年報

董事會報告 2015 6 22 1. 2. 30,000,000232,554,000 3. 4. 7 5. 6. (a) (b) (c) (d) 60

董事會報告 (e) (f) (g) (h) (i) (j) (k) (l) (m) (i) (ii) (iii) (i) (ii) Chigo BVI (i) (ii) (iii)(i) (iii) (iv) 2,700,000,000 1,000,000 2015 8 24 2015 8 21 61 志高控股有限公司 2015 年年報

董事會報告 2,762,000 30% 30% 2016 6 72016 6 8 2016 6 6 18322 20142015 12 31 2016 6 8 331 2016 3 31 62

65 131 2015 12 31 63 志高控股有限公司 2015 年年報

2015 12 31 2016 3 31 64

2015 12 31 2015 2014 7,774,156 9,233,191 (6,708,438) (7,629,877) 1,065,718 1,603,314 69,751 54,227 (1,620) (2,262) (841,549) (829,922) (5,794) (7,994) (412,094) (412,030) (99,723) (93,217) 8 (209,030) (30,575) (36,177) 3,975 3,638 (32,046) 9 (186,169) (262,042) 10 (653,049) (8,572) 12 (12,483) (51,807) (665,532) (60,379) (690,473) (81,039) 24,941 20,660 (665,532) (60,379) 13 (8.19) (0.96) 65 志高控股有限公司 2015 年年報

2015 12 31 2015 2014 14 1,469,012 1,498,581 15 210,016 215,394 16 733 1,083 17 213,598 226,624 51,551 37,726 18 20,000 20,000 19 6,756 13,085 1,971,666 2,012,493 20 1,835,328 1,780,851 21 4,983,817 5,792,561 15 5,378 5,378 17 16,700 16,653 8,792 9,021 22 2,818 23 40,000 24 45,000 24 896,853 1,077,745 24 418,197 464,502 8,250,065 9,149,529 25 4,809,187 4,128,367 26 17,078 25,641 155,518 156,450 22 23,723 6,091 27 1,139,440 1,574,021 28 155,500 29 1,402,183 1,940,861 29 6,250 147,736 30 78,822 7,787,701 7,979,167 462,364 1,170,362 2,434,030 3,182,855 66

2015 12 31 2015 2014 31 36,192 37,480 28 52,121 207,021 29 6,250 30 83,753 22 9,405 3,877 19 21,937 21,937 203,408 276,565 2,230,622 2,906,290 32 71,906 71,906 2,099,327 2,782,386 2,171,233 2,854,292 59,389 51,998 2,230,622 2,906,290 2016 3 3165131 67 志高控股有限公司 2015 年年報

2015 12 31 a b c 2014 1 1 71,906 938,187 (26,408) 63,535 49,742 218,520 1,609,593 2,925,075 44,838 2,969,913 10,256 10,256 10,256 d (13,500) (13,500) 5,050 (5,050) 10,256 5,050 (5,050) 10,256 (13,500) (3,244) (81,039) (81,039) 20,660 (60,379) 2014 12 31 71,906 938,187 (26,408) 63,535 59,998 223,570 1,523,504 2,854,292 51,998 2,906,290 450 450 7,414 7,414 7,414 d (18,000) (18,000) 12,738 (12,738) 7,414 12,738 (12,738) 7,414 (17,550) (10,136) (690,473) (690,473) 24,941 (665,532) 2015 12 31 71,906 938,187 (26,408) 63,535 67,412 236,308 820,293 2,171,233 59,389 2,230,622 68

2015 12 31 (a) 2006 (b) (i) (ii) (c) (d) 69 志高控股有限公司 2015 年年報

2015 12 31 2015 2014 (653,049) (8,572) (50,419) (30,847) 186,169 262,042 175,714 149,396 9,857 350 345 (1,288) (1,288) 5,378 5,378 17,251 16,872 4,582 216 (3,638) 32,046 29,939 29,967 10,814 20,752 88,259 36,277 (26,171) (33,475) 7,414 10,256 (208,695) 499,222 (65,291) 493,134 746,656 130,719 29,616 34,581 681,421 31,031 (38,502) (31,188) 1,145,205 1,157,499 (16,863) (30,872) 10,005 3,949 1,138,347 1,130,576 70

2015 12 31 2015 2014 (2,343,453) (2,187,888) (120,936) (198,393) (4,272) (64,711) (51,551) (37,726) (20,000) (40,000) 34 (9,836) (236) (45,000) 2,524,345 2,222,024 50,419 30,847 7,935 5,067 (22,513) (260,852) 3,441,232 4,816,681 50,000 450 199,990 (186,169) (259,256) (18,000) (13,500) (363) 2,706,915 4,089,561 (3,141,496) (3,932,396) (4,127,646) (5,912,457) (37,415) (1,162,139) (1,161,730) (46,305) (292,006) 1 1 464,502 756,508 12 31 418,197 464,502 71 志高控股有限公司 2015 年年報

2015 12 31 1. 2. 19 20102012 20112013 8 8812 812 7 72

2015 12 31 2. 9 2 15 2 11 1 1 1 1638 1 1641 1 10 28 10 1228 3 1 20122014 1 27 1 1 2016 1 1 2 2018 1 1 3 9 92009 9 20102013 92014a)b) 73 志高控股有限公司 2015 年年報

2015 12 31 2. 9 9 39 9 9 15 15 151811 15 1 2 3 4 5 15 15 15 74

2015 12 31 2. 15 15 15 9 15 3. 622 2015 12 31 2014 12 31 217 236 75 志高控股有限公司 2015 年年報

2015 12 31 3. 76

2015 12 31 3. 12 19 2 5 77 志高控股有限公司 2015 年年報

2015 12 31 3. 39 78

2015 12 31 3. 8 30 3 6 5 5 10 79 志高控股有限公司 2015 年年報

2015 12 31 3. 80

2015 12 31 3. 81 志高控股有限公司 2015 年年報

2015 12 31 3. 30180 82

2015 12 31 3. 83 志高控股有限公司 2015 年年報

2015 12 31 3. 84

2015 12 31 3. 85 志高控股有限公司 2015 年年報

2015 12 31 3. 86

2015 12 31 3. 87 志高控股有限公司 2015 年年報

2015 12 31 3. 88

2015 12 31 4. 3 3 6 2015 12 3117,078,000 201425,641,00026 2015 12 313,060,534,000 96,679,000 2014 3,425,207,000 34,591,000 89 志高控股有限公司 2015 年年報

2015 12 31 4. 2015 12 31 19 5. 90

2015 12 31 6. 2015 2014 6,097,700 7,097,119 20,000 20,000 2,818 40,000 6,157,700 7,119,937 6,859,194 7,552,847 33,128 9,968 162,575 7,054,897 7,562,815 2015 12 31 91 志高控股有限公司 2015 年年報

2015 12 31 6. 50% 201444% 20142015 12 31 2015 2014 1,246,460 128,183 1,477,980 642,397 2,978 1,887 39,119 40,291 2 92

2015 12 31 6. 5% 5% 2015 12 31 2014 12 31 2015 12 312014 12 31 2015 2014 (54,236) (40,629) (151) (87) (2,229) (2,021) 93 志高控股有限公司 2015 年年報

2015 12 31 6. 50 2015 2014 6,575 7,712 (641) (3,212) (755) (643) 502015 12 312014 12 31 22 5% 5% 2015 12 312014 12 31 2015 2014 37,832 92,968 94

2015 12 31 6. 5% 2015 12 312014 12 31 22 95 志高控股有限公司 2015 年年報

2015 12 31 6. 3 6 6 1 3 1 % 2015 12 31 2,360,347 1,743,353 4,103,700 4,103,700 * 725,759 413,681 1,139,440 1,139,440 6.88 163,267 53,556 216,823 207,621 5.57 6,327 6,327 6,250 4.93 767,042 400,098 254,048 1,421,188 1,402,183 7.43 22,004 22,034 44,161 87,112 175,311 162,575 3,881,479 2,742,433 298,209 140,668 7,062,789 7,021,769 2015 12 31 (444,224) (367,068) (240,004) (1,051,296) 449,381 378,389 246,379 1,074,149 5,157 11,321 6,375 22,853 2015 12 31 1,100 1,100 1,097 96

2015 12 31 6. 3 6 6 1 3 1 % 2014 12 31 3,060,366 616,592 3,676,958 3,676,958 * 1,049,061 524,960 1,574,021 1,574,021 6.88 229,973 229,973 207,021 6.46 7,306 7,033 135,543 6,743 156,625 153,986 4.73 1,210,267 190,121 572,750 1,973,138 1,940,861 5,327,000 1,338,706 708,293 236,716 7,610,715 7,552,847 2014 12 31 (491,221) (725,630) (515,640) (1,732,491) 492,622 724,752 518,458 1,735,832 1,401 (878) 2,818 3,341 2014 12 31 (164) (78) 251 9 4 * 97 志高控股有限公司 2015 年年報

2015 12 31 6. 13 1 21 3 2015 12 31 2014 12 31 2,927,000 324,000 1,047,000 2 (1) 20,796,000 2,494,000 5,044,000 (2) 98

2015 12 31 6. 2015 12 31 2014 12 31 9,405,000 3,877,000 2 (3) 12 42,855 (42,855) (205,430) 42,855 (162,575) 99 志高控股有限公司 2015 年年報

2015 12 31 7. 2015 2014 2015 2014 3,856,611 5,162,050 534,014 1,094,773 2,301,759 2,088,574 271,634 177,793 922,343 1,182,835 169,204 190,821 347,398 387,663 33,812 67,535 316,561 391,677 51,032 68,149 29,484 20,392 6,022 4,243 7,774,156 9,233,191 1,065,718 1,603,314 69,751 54,227 (1,035,206) (847,075) (479,760) (487,994) (2,762) (679) (88,259) (36,277) 3,638 (32,046) (186,169) (262,042) (653,049) (8,572) 100

2015 12 31 7. 2015 2014 5,756,030 7,031,397 487,197 339,347 29,217 30,479 6,272,444 7,401,223 890,313 925,416 368,762 597,941 242,637 308,611 7,774,156 9,233,191 2015 12 312014 12 3110% 2015 12 312014 12 31 101 志高控股有限公司 2015 年年報

2015 12 31 8. 199,190,00025 9. 2015 2014 96,320 132,080 13,750 12,084 12,042 64,057 117,878 186,169 262,042 102

2015 12 31 10. 2015 2014 11 2,580 2,661 66,932 70,230 6,608 9,451 774,989 794,370 851,109 876,712 (59,123) (56,984) 791,986 819,728 88,259 36,277 350 345 2,262 2,272 10,814,000 201420,752,000 6,708,438 7,629,877 175,714 149,396 9,857 5,378 5,378 29,590 46,468 29,939 29,967 17,251 16,872 4,582 216 264,651 231,999 141,445 132,329 1,288 1,288 * 3,906 4,812 50,419 30,847 30,494 6,993 26,171 33,475 1 7,453 * 103 志高控股有限公司 2015 年年報

2015 12 31 11. 2015 2014 385 67 452 362 4 67 433 620 5 420 1,045 620 5 420 1,045 84 84 84 84 401 4 210 615 500 5 210 715 120 8 128 120 8 128 120 8 128 120 8 128 120 8 128 120 8 128 360 1,406 9 805 2,580 360 1,482 14 805 2,661 1 201424 20143 2015 2014 2,826 2,101 13 5 277 709 3,116 2,815 104

2015 12 31 11. 2015 2014 1,000,000 3 2 1,000,0011,500,000 1 1 12. 2015 2014 (15,199) (53,751) 9,045 3,523 19 (6,329) (1,579) (12,483) (51,807) 25% 2014201615% [2008]12008 1 1 10% 3 2791 30% 10% 105 志高控股有限公司 2015 年年報

2015 12 31 12. 2015 2014 (653,049) (8,572) 25% 163,262 2,143 (i) (79,972) (86,293) (ii) 322 17,914 (27,610) (12,925) (88,439) (11,536) 10,127 34,739 9,045 3,523 2,385 782 (1,757) (12,483) (51,807) (i) (ii) 13. 690,473,000 201481,039,000 8,434,178,000 20148,434,178,000 2015 12 312014 12 31 106

2015 12 31 14. 2014 1 1 430,701 158,370 51,780 772,092 453,276 1,866,219 20,707 52,079 4,440 139,763 19,375 236,364 (4,670) (4,016) (12,820) (21,506) 172 172 211,496 6,993 158,149 (376,638) 2014 12 31 662,904 212,944 52,204 1,057,184 96,013 2,081,249 7,464 80,830 999 218,353 51,006 358,652 (5,423) (3,413) (239,107) (247,943) 70,418 1,473 12,329 (84,220) 2015 12 31 740,786 289,824 49,790 1,048,759 62,799 2,191,958 2014 1 1 34,957 91,833 26,911 295,794 449,495 20,360 22,477 4,242 102,317 149,396 (4,286) (3,766) (8,171) (16,223) 2014 12 31 55,317 110,024 27,387 389,940 582,668 25,493 33,477 4,287 112,457 175,714 (4,852) (3,213) (27,371) (35,436) 2015 12 31 80,810 138,649 28,461 475,026 722,946 2015 12 31 659,976 151,175 21,329 573,733 62,799 1,469,012 2014 12 31 607,587 102,920 24,817 667,244 96,013 1,498,581 203,538,000 2014 107 志高控股有限公司 2015 年年報

2015 12 31 15. 2015 2014 210,016 215,394 5,378 5,378 215,394 220,772 445013,530,000 201413,816,00029 16. 2015 2014 1 1 1,083 1,192 236 (350) (345) 12 31 733 1,083 10 17. 2015 2014 213,598 226,624 16,700 16,653 230,298 243,277 20 108

2015 12 31 18. 20152014 12 31 10% 19. 2014 1 1 3,131 9,776 (20,180) (7,273) 3,048 (2,870) (1,757) (1,579) 2014 12 31 6,179 6,906 (21,937) (8,852) (5,045) (1,284) (6,329) 2015 12 31 1,134 5,622 (21,937) (15,181) 2015 2014 6,756 13,085 (21,937) (21,937) (15,181) (8,852) 2015 12 31372,707,000 2014768,906,000 37,271,000 201476,891,000 109 志高控股有限公司 2015 年年報

2015 12 31 19. 2015 12 31 396,770,000 201446,142,000 2015 12 31 110,440,000 201451,700,000 20. 2015 2014 315,201 355,811 59,255 47,815 1,460,872 1,377,225 1,835,328 1,780,851 21. 2015 2014 3,060,534 3,425,207 1,633,957 2,106,058 4,694,491 5,531,265 101,558 165,049 20,420 18,273 6,275 4,711 1 75,625 37,932 2 41,269 17,180 44,179 18,151 4,983,817 5,792,561 1 2 110

2015 12 31 21. 1,139,440,000 ( 20141,574,021,000 30 180 210 2015 2014 0 30 563,226 831,044 31 60 267,919 782,837 61 90 456,846 760,012 91 180 2,684,189 2,731,926 181 365 709,115 407,236 13,196 18,210 4,694,491 5,531,265 581,869,000 2014562,930,000 2015 2014 31 60 61 90 32,609 35,425 91 180 351,373 337,340 181 365 190,685 171,955 7,202 18,210 581,869 562,930 111 志高控股有限公司 2015 年年報

2015 12 31 21. 184 2014178 2015 2014 1 1 34,591 35,338 88,259 36,277 (3,549) (26,171) (33,475) 12 31 96,679 34,591 96,679,000 2014 34,591,000 2015 2014 1,158,287 1,355,388 38,868 39,284 112

2015 12 31 21. 20152014 12 31 2015 2014 1,158,266 1,611,880 1,139,440 1,574,021 22. 2015 2014 2015 2014 2,818 23,723 6,091 9,405 3,877 113 志高控股有限公司 2015 年年報

2015 12 31 22. 2015 12 31(i)(ii) (i) 145,330,000 2016 1 4 1 6.3032 65 2016 12 30 1 6.5000 30,000,000 2016 1 28 1 6.4306 9 2016 9 26 1 6.5037 (ii) 10,000,000 2015 1 29 1 5.7000 1 2016 5 19 1 6.4000 2014 12 31(i) (ii) (i) 257,390,293 2015 1 1 1 6.1457 63 2015 12 31 1 6.3823 43,000,000 2015 1 20 1 6.1900 20 2015 12 24 1 6.3822 114

2015 12 31 22. (ii) 10,000,000 2015 1 29 1 5.7000 1 2016 5 19 1 6.4000 2015 2014 7.0575% 3.4700% 2.5229% 3.3842% 0.7185% 0.2514% 6.4937 6.2055 1 6.3032 1 6.1457 1 6.5000 1 6.3823 2015 2014 2.5229% 3.3842% 1 6.4306 1 6.1900 1 6.5037 1 6.3822 115 志高控股有限公司 2015 年年報

2015 12 31 23. 2015 12 31 1.72% 2015 12 31 2015 12 31 40,000,0002016 1 24. 15 90 2015 12 313.54 0.350.42 20140.350.42 2015 12 313,101,776,000 20142,935,873,0002.63.0 20142.63.0 1,268,648,000 20141,416,755,000 2015 2014 88,173 122,592 2,978 1,887 251 1,007 116

2015 12 31 25. 2015 2014 580,174 540,577 3,101,776 2,935,873 3,681,950 3,476,450 275,760 257,445 72,583 67,651 54,634 54,712 68,162 62,067 84,000 46,000 157,042 66,055 25,999 22,888 7,586 199,190 126,923 130,457 4,809,187 4,128,367 30180 2015 2014 0 90 2,124,862 2,155,368 91 180 1,439,028 1,246,853 181 365 83,759 69,509 1 2 34,301 4,720 3,681,950 3,476,450 117 志高控股有限公司 2015 年年報

2015 12 31 26. 2015 2014 1 1 25,641 26,862 29,939 29,967 (38,502) (31,188) 12 31 17,078 25,641 3 6 27. 2.385.69 20141.087.08 2015 12 312,706,915,000 2014 4,089,561,0002015 12 311,139,440,000 2014 1,574,021,000 28. 2014 5 1250,000,0002014 20148.0% 100 2013 5 23 150,000,0002013 2013 6.50% 100 118

2015 12 31 28. 2015 2014 1 1 207,021 154,600 (13,750) (9,750) 50,000 (363) 193,271 194,487 14,350 12,534 12 31 207,621 207,021 155,500 52,121 207,021 29. 2015 12 31 2014 12 31 976,303 1,561,168 425,880 429,829 6,250 89,250 14,600 1,408,433 2,094,847 6,250,000 2014 89,250,000 13,530,000 201413,816,000 119 志高控股有限公司 2015 年年報

2015 12 31 29. 31.12.2015 31.12.2014 1,408,433 2,088,597 6,250 1,408,433 2,094,847 (1,408,433) (2,088,597) 6,250 1,386,281,000 20144,942,616,000 2015 2014 128,183 642,397 2015 2014 4.61% 6.30% 2015 12 31140,000,000 201417,407,000 2015 12 31 2015 12 31 120

2015 12 31 30. 2015 2014 78,822 83,753 162,575 2015 12 31 36 2015 12 31162,575,000 7.4% 2015 2014 2015 2014 88,199 78,822 84,711 81,369 2,401 2,384 175,311 162,575 (12,736) 162,575 12 78,822 12 83,753 121 志高控股有限公司 2015 年年報

2015 12 31 31. 20062007 65,400,00065,400,000 20109,440,000 4,600,000 2011 24,000,000 2015 12 31864,000 2014864,000 944,000 2014944,000 828,000 2014828,000 460,000 2014460,000 2015 12 31 36,192,000 201437,480,000 32. 2014 1 12014 2015 12 31 50,000,000 500,000 8,434,178 84,341 20152014 12 31 71,906 122

2015 12 31 33. 2009 6 19 2015 12 31651,200,000 2014 687,600,0007.7% 20148.2%)2011 5 13 10% 30% 1% 0.1%5,000,000 (i) (ii)(iii) 123 志高控股有限公司 2015 年年報

2015 12 31 33. 2014 1 1 2014 12 31 2015 12 31 23.9.2011 23.9.2011 23.9.2013 0.45 28,800,000 28,800,000 28,800,000 22.9.2013 22.9.2018 23.9.2011 23.9.2016 0.45 67,200,000 67,200,000 67,200,000 22.9.2016 22.9.2018 23.9.2011 23.9.2011 23.9.2013 0.45 178,536,000 (4,578,000) 173,958,000 (10,380,000) 163,578,000 22.9.2013 22.9.2018 23.9.2011 23.9.2016 0.45 416,684,000 (10,692,000) 405,992,000 (24,220,000) 381,772,000 22.9.2016 22.9.2018 # 23.9.2011 23.9.2011 23.9.2013 0.45 3,466,000 3,466,000 (534,000) 2,932,000 22.9.2013 22.9.2018 23.9.2011 23.9.2016 0.45 8,184,000 8,184,000 (1,266,000) 6,918,000 22.9.2016 22.9.2018 702,870,000 (15,270,000) 687,600,000 (36,400,000) 651,200,000 206,224,000 195,310,000 # 2015 12 31 805,000 2014805,000 6,609,000 20149,451,000 124

2015 12 31 34. (a) 2014 12 31 10,000,000 10,000 172 108 164 (301) 143 108,000 108,000 10,000 (143) 9,857 125 志高控股有限公司 2015 年年報

2015 12 31 34. 10,000 (164) 9,836 2014 12 3156,000106,000 2014 1 1 2014 1 12014 12 31 9,233,559,00063,130,000 2014 1 1 2014 2014 1 1 9,857 (9,857) 2014 12 31 126

2015 12 31 35. 2015 2014 24,966 26,073 20,405 39,120 944 45,371 66,137 1 20 36. 2015 2014 98,645 77,082 37. 38. 648,000 2014939,000 11 127 志高控股有限公司 2015 年年報

2015 12 31 39. (a) 2015 2014 2006 9 1 50 996,140,000 100% 100% 2007 6 1 10 45,000,000 100% 100% 100,000,000 70% 70% 200,000,000 100% 100% 2011 5 11 50 100,000,000 100% 100% 28 128

2015 12 31 39. (b) 2015 12 31 2014 12 31 526,712 522,563 85,594 82,721 415,993 431,957 136,924 121,329 59,389 51,998 2015 2014 937,778 972,191 853,681 903,324 84,097 68,867 59,156 48,207 24,941 20,660 84,097 68,867 187,462 16,517 (128,103) 2,655 18,036 (21,533) 77,395 (2,361) 129 志高控股有限公司 2015 年年報

2015 12 31 39. (b) 40. 2015 2014 603,057 607,661 504,219 520,722 1,107,276 1,128,383 84 80 10,799 2,472 1,768 2,556 12,647 29,174 19,716 95 90 29,269 19,806 (26,713) (7,159) 1,080,563 1,121,224 71,906 71,906 1,008,657 1,049,318 1,080,563 1,121,224 130

2015 12 31 40. 2014 1 1 938,187 61,568 49,742 (93,738) 955,759 - - - 83,303 83,303 - - 10,256-10,256 2014 12 31 938,187 61,568 59,998 (10,435) 1,049,318 - - - (48,075) (48,075) - - 7,414-7,414 2015 12 31 938,187 61,568 67,412 (58,510) 1,008,657 131 志高控股有限公司 2015 年年報

12 31 2011 2012 2013 2014 2015 9,342,025 8,801,814 9,183,678 9,233,191 7,774,156 (136,148) 136,166 257,702 (8,572) (653,049) (7,875) (37,712) (43,283) (51,807) (12,483) (144,023) 98,454 214,419 (60,379) (665,532) (137,914) 92,055 199,871 (81,039) (690,473) (6,109) 6,399 14,548 20,660 24,941 (144,023) 98,454 214,419 (60,379) (665,532) 12 31 2011 2012 2013 2014 2015 9,522,239 10,395,717 12,049,404 11,162,022 10,221,731 (6,910,543) (7,659,500) (9,079,491) (8,255,732) (7,991,109) 2,611,696 2,736,217 2,969,913 2,906,290 2,230,622 2,587,805 2,705,927 2,925,075 2,854,292 2,171,233 23,891 30,290 44,838 51,998 59,389 2,611,696 2,736,217 2,969,913 2,906,290 2,230,622 132