AA+ AA % % 1.5 9

2014 14 01 124753 2014 6 23

AA+ AA+ 2013 12 31 376.60 231.36 227.85 38.57% 2013 4.36 4.75 4.67 2011-2013 9.18 6.54 4.67 6.80 12 56.64% 1.5 9

2013 12 31 376.60 231.36 227.85 38.57% 2013 4.36 4.75 4.67 2013 12 31 26 20 6 38 % 1 100.00 7,300.00 2 100.00 100,000.00 3 100.00 53,437.00 4 100.00 2,000.00 5 100.00 7,300.00 6 100.00 1,500.00

% 7 100.00 1,000.00 8 100.00 13,500.00 9 100.00 21,000.00 10 100.00 1,000.00 11 100.00 168.00 12 100.00 4,623.00 13 100.00 2,334.00 14 100.00 39,000.00 15 100.00 2,000.00 16 100.00 10,000.00 17 100.00 55,000.00 18 90.00 20,000.00 19 51.77 28,182.30 20 21 22 23 51.00 1,000.00 50.00 300.00 100.00 200.00 100.00 6,000.00 24 100.00 3,000.00 25 67.62 2,218.27 26 66.67 45,376.00 27 43.75 960,000.00 2009 1 10

( ) 233.98 16,413 2013 12 31 719,988.47 674,203.99 2013 6,787.75 37,883.46 2011 6 30 5.5 2012 100% 2013 12 31 206,470.60 165,464.06 2013 8,748.68 1995 2012 53,437 2005 10 17 [2005]182 2012 3 29 2012 12 2013 12 31 381,430.39 303,233.40 2013 8,713.55 4,911.99 2012 6 15

6.57 80 290 11 4 8.54 2013 12 2014 4 2013 12 31 104,991.59 84,104.48 1986 7,300 2009 1 3,793 12 2013 12 31 436,533.56 425,030.88 2013 2,370.94-2,183.27 2008 6 27 7,300 2014 2014 2013 12 31 63,149.78 1,797.11 2013 22,010.07-234.15 2010 10 25 2,000

148.48 141.102 5.587 1.299 2013 12 31 2,062.64 2,056.28 2013 26.16 2012 1 18 1,000 5 304.08 208.07 137.2 2013 12 31 4,366.08 3,200.00 2013 2012 2 1,500 2013 12 31 1,542.16 1,535.09 2013 15.68 2008 6 13 45,376 66.67% 2012 [2012]171

31.3 2013 12 31 95,413.86 55,727.14 2013 4,797.00 2,958.52 2009 8 4 37.58% 14.19% 14.03% 9.35% 6.54% 18.31% 2.81823 26MW 2.85MW 25MW 30MW 3MW 0.5MW 37MW 20MW 2013 12 31 119,780.66 28,870.16 2013 2,310.08 359.11 2006 10 12 55% 35% 10% 2 2009 3

2014 7 2013 12 31 43,835.96 10,482.60 2008 1 30 1,000 49% 2012 2 510 51% 2012 5 29 5 49% 2013 12 31 769.92 753.92 2007 7 27 8 43.75% 2013 12 31 2014 01 12 7 5

6.48% Shibor 1.48% Shibor www.shibor.org Shibor 1Y 5.00% 5 0 100 5 2 5 2 0 100 5 10 5 5 A 100 1,000

1,000 1,000 2014 5 15 1 2014 5 16 3 2014 5 20 3 2014 5 20 5 16 2014 5 16 2021 5 15 2014 5 16 2019 5 15 2015 2021 5 16 1 2015 2019 5 16 1 2021 5 16 1 2019 5 16 1 ) AA+ 1

2014 6 2 14 01 124753 5.8 6.2 2011 2013 2011-2013 2011 2013 2011-2013 2013 / 2012 / 单位 : 万元 2011 / 3,765,994.22 3,364,728.29 3,351,637.25 2,313,550.49 2,177,592.39 2,123,586.52 2,278,454.41 2,147,548.09 2,097,539.57 38.57% 35.28% 36.64% 43,561.54 219,335.37 61,897.07 47,502.85 67,036.54 93,191.60 46,676.87 65,444.53 91,765.54 注 : 资产负债率 = 负债合计 / 资产合计

2011-2013 单位 : 万元 2013 2012 2011 502,362.66 445,764.21 525,484.62 2,087,846.96 1,840,497.43 1,710,595.15 174,122.01 143,289.48 99,217.04 118,602.90 72,081.77 126,408.38 806,382.31 784,188.12 819,337.38 3,765,994.22 3,364,728.29 3,351,637.25 367,011.64 349,362.22 410,328.81 1,085,432.09 837,773.68 817,721.91 1,452,443.73 1,187,135.90 1,228,050.72 2,278,454.41 2,147,548.09 2,097,539.57 2,313,550.49 2,177,592.39 2,123,586.52 3,765,994.22 3,364,728.29 3,351,637.25 2011-2013 单位 : 万元 2013 2012 2011 43,561.54 219,335.37 61,897.07 88,607.95 205,922.60 79,662.62 49,103.01 76,662.48 82,304.18 51,045.29 84,514.24 96,193.26 47,502.85 67,036.54 93,191.60 46,676.87 65,444.53 91,765.54 2011-2013 单位 : 万元 2013 2012 2011 97,330.70 159,210.38 141,280.22 81,789.31 105,339.48 124,608.21 15,541.39 53,870.90 16,672.01

% 2013 2012 2011 97,587.83 112,764.31 70,191.34 300,691.98 152,321.40 233,918.94-203,104.15-39,557.09-163,727.60 395,595.45 111,355.89 276,147.77 135,248.47 144,122.42 110,203.34 260,346.98-32,766.53 165,944.43 72,784.21-18,452.72 18,888.84 2011 2013 2014 010653 2013 12 31 376.60 50.24 13.34% 145.24 36.70 25.27% 231.36 227.85 36.64% 35.28% 38.57% 2011 2013 6.19 21.93 4.36 9.62 8.45 5.10 9.18 6.54 4.67 1 2013 12 31 50.24 13.34% 326.36 86.66% 208.78 80.64 55.44% 21.64%

2013 2012 2011 27.98 7.43 20.70 6.15 25.11 7.49 12.73 3.38 12.67 3.77 6.21 1.85 5.55 1.47 5.32 1.58 17.28 5.16 50.24 13.34 44.58 13.25 52.55 15.68 4.28 1.14 4.28 1.27 - - 208.78 55.44 184.05 54.70 171.06 51.04 17.41 4.62 14.33 4.26 9.92 2.96 11.86 3.15 7.21 2.14 12.64 3.77 80.64 21.64 78.42 23.31 81.93 24.45 326.36 86.66 291.90 86.75 282.62 84.32 376.60 100.00 336.47 100.00 335.16 100.00 1 2013 12 31 27.98 12.73 5.55 7.43% 3.38% 1.47% 2011 2013 25.11 20.70 27.98 7.49% 6.15% 7.43% 2011 2013 2011 15 2013 25 2011 2013 6.21 12.67 12.73 1.85% 3.77% 3.38% 2011 2012 4.44 2011 2013 17.28 5.32 5.55 5.16% 1.58% 1.47% 2011 2011 14.64 2012

2 2013 12 31 208.78 80.64 17.41 11.86 4.28 55.44% 21.64% 4.62% 3.15% 1.14% 2011 2013 171.06 184.05 208.78 51.04% 54.70% 55.44% 2011 2013 81.93 78.42 80.64 24.45% 23.31% 21.64% 2011 11.48 2012 1.84 5.16 2013 43 2.83 2011 2013 9.92 14.33 17.41 2.96% 4.26% 4.62% 2011 3.32 2012 3.34 2013 3.51 2011 2013 12.64 7.21 11.86 3.77% 2.14% 3.15% 2011 5.02 3.31 2011 2012 8.42 2.97 2012 2013 3.62 37MW 2.37 2013 2012 4.28 1.27% 2 2013 12 31 36.70 25.27%

108.54 74.73% 59.86 39.81 41.21% 27.41% % 2013 2012 2011 6.62 4.56 7.04 5.93 9.54 7.77 13.75 9.46 12.80 10.78 9.64 7.85 8.01 5.51 6.82 5.74 12.25 9.97 3.98 2.74 3.83 3.23 6.40 5.21 36.70 25.27 34.94 29.43 41.03 33.41 59.86 41.21 62.37 52.53 62.39 50.80 39.81 27.41 14.92 12.57 14.91 12.14 8.12 5.59 6.06 5.11 4.16 3.39 108.54 74.73 83.78 70.57 81.77 66.59 145.24 100.00 118.71 100.00 122.81 100.00 1 2013 12 31 13.75 6.62 8.01 3.98 9.46% 4.56% 5.51% 2.74% 2011 2013 9.64 12.80 13.75 7.85% 10.78% 9.46% 9.11 3.70 2011 2013 9.54 7.04 6.62 7.77% 5.93% 4.56% 9.13 2011 2013 12.25 6.82 8.01 9.97% 5.74% 5.51% 2011 2.95 2012 5.43 2013

0.83 2011 2013 6.40 3.83 3.98 5.21% 3.23% 2.74% 2 2013 12 31 59.86 39.81 8.12 41.21% 27.41% 5.59% 2011 2013 62.39 62.37 59.86 50.80% 52.53% 41.21% 2013 57.58 2011 2013 14.91 14.92 39.81 12.14% 12.57% 27.41% 2011 20 15 11 2013 1 24 25 13 2011 2013 4.16 6.06 8.12 3.39% 5.11% 5.59% 2013 36.64% 35.28% 38.57% 表 : 发行人 2011-2013 年营运能力指标 单位 : 亿元 2013 / 2012 / 2011 / 4.36 21.93 6.19 8.86 20.59 7.97 5.55 5.32 17.28 0.51 1.84 0.23 / 3.71 21.24 15.23 97.05 16.95 23.64

/ 1.63 1.82 0.68 220.90 197.56 527.30 注 : (1) 存货周转率 = 营业成本 / 存货平均余额 (2) 应收账款周转率 = 营业收入 / 应收账款平均余额 (3) 总资产周转率 = 营业收入 / 总资产平均余额 2011 2013 15.23 21.24 3.71 2011 2011 2012 2013 2011 2013 0.68 1.82 1.63 2011 2012 2012 2013 表 : 发行人 2011-2013 年盈利能力指标 单位 : 亿元 2013 2012 2011 4.36 21.93 6.19 4.36 21.93 6.19 8.86 20.59 7.97 2.88 13.73 3.13 9.03 6.49 9.60 4.91 7.67 8.23 5.10 8.45 9.62 4.75 6.70 9.32 4.67 6.54 9.18 2.05% 3.05% 4.37% 1.24% 1.95% 2.74% 注 :(1) 净资产收益率 = 归属于母公司所有者的净利润 / 归属于母公司权益合计

(2) 总资产收益率 = 归属于母公司所有者的净利润 / 资产合计 1 2011 2013 6.19 21.93 4.36 2012 11.41 3.92 2013 2 2011 2013 3.13 13.73 2.88 49.43% 37.39% 33.94% 2012 3 2011 2013 8.23 7.67 4.91 9.32 6.70 4.75 2011 2013 9.60 6.49 9.03 表 : 发行人近三年投资收益情况 单位 : 万元 2013 2012 2011 9,866.60 10,751.25 10,056.48 1,000.00 - - - - 2.27 49,183.83 28,151.69 48,894.84 10,291.35 10,025.56 19,863.06 5,114.07 5,718.51 4,271.18 4,244.93 4,732.63 4,291.07 972.92 1,054.13 863.02

2012 2013 2012 2011 1,386.06 864.82 11.01-223.62 300.73 51.00-210.47 142.67 - - 49.31 265.14 31.77 15.99 2.09-33.21 14.78 30.84-0.08 1.33 - - 1,540.79 - - -6.74 - - -92.68-23.84-25.97-4.64-88.05-80.94-15.14 812.55-400.91 14.42 1,170.46 23.31 -- -124.10 - - 213.66 - - -20.45 - - 6,489.20 3,435.93 5,984.44 195.66 8.67-221.61 97.61 156.84 234.65 2012 140,013.52 2011 114,085.16 2012 10,362.18 2012 85,696.83 60,024.70 2011 39,231.05 2012 16,036.27 17,477.70 2011 11,311.23 14,476.04 2012 2012 196,560.00 7.21% 4.89% 2012 25,413.94

2013 1,649.74 58,619.73-47.98 25,000 27,559.48 39.13% 6.49 9.03 表 : 发行人 2011-2013 年偿债能力指标 2013 / 2012 / 单位 : 亿元 2011 / 5.10 8.45 9.62 EBIT 7.79 11.77 12.39 103.69 82.12 85.70 % 30.95 27.38 28.75 EBIT 2.90 3.55 4.47 EBIT 13.32 6.98 6.92 1.37 1.28 1.28 1.22 1.12 0.86 注 :(1)EBIT= 利润总额 + 计入财务费用的利息支出 (2) 总债务 = 短期借款 + 长期借款 + 应付债券 + 一年内到期的非流动负债 (3) 债务资本比 = 总债务 /( 总债务 + 股东权益 ) (4)EBIT 利息保障倍数 =EBIT/ 计入财务费用的利息支出 (5) 债务 EBIT 比 = 总债务 /EBIT (6) 流动比率 = 流动资产 / 流动负债 (7) 速动比率 =( 流动资产 存货 )/ 流动负债 2011 2013 28.75% 27.38% 30.95% 2011 2013 1.28 1.28 1.37 0.86 1.12 1.22 2011

2011 2013 EBIT 4.16 3.37 2.90 EBIT 6.92 6.98 13.32 表 : 发行人 2011-2013 年现金流量情况 单位 : 亿元 2013 2012 2011 1.55 5.39 1.67-20.31-3.96-16.37 26.03-3.28 16.59 7.28-1.85 1.89 2011 2013 5.39 1.55 2011 3.48 2012 14.62 2013 5.66 2011 2013 3.96 20.31 2011 11.16 2013 20.80 2011 2013-3.28 26.03

201115 2013 25 13 AA+ 1 3,146.46 9.90% 2,725.40 27.00% 2 3

1 2 12 表 : 本期债券募集资金用途一览表 单位 : 亿元 271.00 12.00 118.56 4.43% 10.12%

9 9 0898-36620830 0898-36620901 570204 66 4 2 B 2 010-65608354 010-65608440 100010 1 178 5 6 35 A 17 021-20281112 010-88091448 010-88091796 100033 2 1138

28 D 7 010-63210782 010-63210784 100033 3 101 32 B 1506 010-82206322 010-82206309 100082 10 10 010-88170733 010-88170752 100033 166 166 34 021-68870172 021-68875802-8245 200120

528 528 021-68809228 021-68807177 200120 47 22-23 47 22-23 010-51716869 010-51716790 100036 156 D 12 156 D 7 010-66428877 010-66426100 100031 39 A 39 A 301 010-82255588

010-82255600 100025 / 45 0898-68550347 0898-68568312 570125 2014 2014 2011 2013 1 9 0898-36620830 0898-36620901 570204 http://www.hnhold.cn

2 2 B 2 010-65608354 010-65608440 100010 http://www.csc108.com 1 http://cjs.ndrc.gov.cn 2 http://www.chinabond.com.cn 20 2014