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聯合光伏集團有限公司聯合光伏集團有限公司聯合光伏集團有限公司香港股份代號 00686 二零一五年年報香港干諾道中168-200號信德中心西翼10樓1012室 www.unitedpvgroup.com 二零一五年年報

2015 2 8 9 10 16 2015 18 2015 22 26 38 57 73 75 77 78 80 82 84 163 164

2 2015 2015 2015 EBITDA 4.8 73% 6.31 66% 3.7343% 20152015 12 31 419.8 1 2015 8 4 100

2015 3

4 2015 19.41 23.46 MSCI

2015 5 150

6 2015 領跑者打造中國名片 2015 1 中國第一個 100 領跑者項目 100

2015 7 高原電站 80 華中最大 100 海洋性氣候電站農光互補光伏項目 23.8

8 2015 25 1 PGO App 00686.HK MSCI

2015 9 Appleby Management (Bermuda) Ltd. Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda 168 200 10 1012 www.unitedpvgroup.com

10 2015 Pairing Venture Limited PGOPGO Linchest Technology Ltd. Shun Tai Investment Limited

2015 11

12 2015

2015 13 88

14 聯合光伏集團有限公司 2015年年報 2015 年年報聯合光伏集團有限公司金融巨頭強勢進駐締造新能源與金融結合的跨界平台凝聚綠色價值

聯合光伏集團有限公司年年報聯合光伏集團有限公司 2015 2015年年報合理的融資成本多種多樣的融資渠道長期的合作與共贏 15

16 2015 2015 2015 12 2015 10 100 100 1 40 19.8 30% 2015 9 2015 11 MSCI 100 140 9.3 10 2015 8 6

2015 17 2015 100 2015 5 20 30 2015 7 1 90 4 2015 4 3000 2015 6 1500 5.25 8051% 3 1 3 2015 2 3.8

18 2015 2015 2015 年 12 月, 聯合光伏獲得 ARC 銅獎 ARC 2015 年 11 月, 聯合光伏榮獲第五屆中國證券金紫荊獎之最佳創新上市公司獎

2015 19 2015 2015 年 10 月, 聯合光伏獲得全球新能源企業 500 強 500 5002011

20 2015 尖端科技智造全球光伏電站智能營維雲系統

2015 21 雲計算互聯網 + 大數據全球光伏電站智能營維雲系統物聯網

22 2015 2015 2014 2016 2015

2015 23 4 12 4 14 4 21 5 18 5 20 5 21 5 28 2015 6 4 2015 6 17 CCBIS Corporate Access:Clean Energy & Environmental Services Conference 6 17 2015 7 7 9 2015 7 28 8 31 2015 9 18 2015 9 4 ABCI & Asia Fund Space Investor Seminar 10 23 2015 10 29 11 12 International seminar on the investment in renewable energy How to invite long-term investment in renewable energy 11 18 11 27 12 11 2016

24 聯合光伏集團有限公司 2015年年報 2015 年年報聯合光伏集團有限公司致投資者信綠色能源綠色未來秉承綠色使命同心建設綠色家園年均減排煙塵 430噸年均節約標煤 280,000噸 2015年發電量 859,730兆瓦時

聯合光伏集團有限公司年年報聯合光伏集團有限公司 2015 2015年年報 25 致投資者信相當於一年植樹年均減排二氧化硫 40,000,000棵 7,000噸年均減排二氧化碳年均減排氮氧化合物 740,000噸 7,000噸滿足家庭一年用電量 500,000戶

26 2015 419.8 2513 109% 976

2015 27 1 330 342,434 130 163,851 200 310,434 200 183,227 100 80,756 100 76,092 100 94,486 100 18,799 2 23.8 28,334 23.8 29,474 2.4 2,881 2.4 2,756 2 19.8 3 10.8 11,252 100 976 859,730 467 485,046 (1) 60 (2) (3) 95% 5%

28 2015 40% 36% 109% 200139,319 130 200180 69% 5 100 19%

2015 29 100 % 631 379 66% 134 65 106% 765 444 72% EBITDA 480 277 73% (107) 221 (148%) 373 498 (25%) (238) 373 260 43% 485,046 77% 859,730 12 419.8 238,874 EBITDAEBITDA 238

30 2015 631 379 66% 270 212,826 130 140,043 200 265,328 200 156,604 100 67,872 100 64,926 100 80,757 100 17,675 2.4 2,047 2.4 1,960 772.4 630,674 432.4 379,364 307 290 17 108% 45 28 61% 67% 25 214 25 121

2015 31 76 159 B 3,987 108% 4 12 EBITDA EBITDAEBITDA EBITDA EBITDA3% 76% 0.38 0.97 40%61% 40

32 2015 5,009,599 2,130,689 1,442,416 1,540,317 2,910,959 826,191 9,362,974 4,497,197 (947,154) (212,672) 8,415,820 4,284,525 2,229,954 1,483,750 10,645,774 5,768,275 79.05% 74.28% 516,912 74,697 355,545 947,154 652,911

2015 33 703,821 775,880 1,320,077 1,908,040 236,834 4,944,652 924,023 1,483,937 2,407,960 64,947 502,999 567,946 1,627,844 840,827 3,307,013 1,908,040 236,834 7,920,558 690,000,000 3,747,000 99% 4.8

34 2015 12 419.8 2 60 4 80 1 20 3 140 1 100 1 19.8 12 419.8 Fortune Arena LimitedFortune Arena 30% Fortune Arena 24912034 215

2015 35 ISO140001 2015 930 500 424 (i) 500 424 (ii) 28 24 (iii)

36 2015 ) 15% 20% 150 20

2015 37 1.5 1.9 + +

38 2015 14 A.2.1

2015 39

40 2015

2015 41 A.2.1

42 2015 3.10(1) (2) 3.10A 3.13 3.13

2015 43

44 2015

2015 45

46 2015 2,415 2,217 1,078 1,361 3,493 3,578

2015 47 1,000,0011,500,000 1 1,500,0012,000,000 2,000,0012,500,000 2,500,0013,000,000 3,000,0013,500,000 1 1 1 16 7

48 2015 10 9 36-45 8 7 2 1 7 46-55 6 5 56-65 4 3 66 2 0 1

2015 49 90.9%20 100% 170 100% 100

50 2015 19 6 2 1 1 5 19/19 5/6 1/1 5/5 (1) 17/19 3/6 4/5 (2) 5/5 1/1 1/1 (3) 19/19 6/6 7/19 1/6 (4) 9/18 2/6 1/2 0/1 4/4 (5) 0/1 0/1 18/19 6/6 2/2 1/1 1/1 5/5 17/19 5/6 2/2 1/1 1/1 4/19 0/6 14/19 4/6 (1) (2) (3) (4) (5)

2015 51 4 2.1.3 124 2.1.3 2.1.3

52 2015

2015 53 EPC 3.1 10

54 2015 3.2915 (www.unitedpvgroup.com) 13.39(4)

2015 55 58 74(3) 85

56 2015 (i) (ii)13.51(2)(iii) 168 20010 12csd@unitedpvgroup.com ird@unitedpvgroup.com 10,000,000,000 2,000,000,000 20,000,000,000

2015 57 163 23 25 4,511,460,000 4,235,731,000 3,800,000 372,000

58 2015 28.3% 88.7% 37.75% 99.93% 48.6% 96.6% 94.95% 100% 5% 83(2) 84 3.13

2015 59 XV 352 (a) 0.10 6,003,000 159,404,314 1&2 3.48 % 2,471,200 3 0.05 % 2,401,200 0.05 % (b) 4,002,000 4 0.08 % 1,600,800 3 0.03 % 1,600,800 5 0.03 %

60 2015 1. 159,404,314141,230,827 Magicgrand Group LimitedMagicgrand 2. 159,404,31418,173,487 Pairing Venture Limited 3. 2,401,200 1,600,800 1,600,800 70,000 4. 4,002,000 4,002,000 5. 1,600,800 1,600,800 XV 352

2015 61 64,500,000 64,500,000 1.00 1.00 1,800,000 1,800,000 1.00 1.00 1,800,000 1,800,000 1.00 1.00 2,400,000 2,400,000 1.00 1.00 600,000 600,000 1.00 1.00 600,000 600,000 1.00 1.00 800,000 800,000 1.00 1.00 600,000 600,000 1.00 1.00 600,000 600,000 1.00 1.00 800,000 800,000 1.00 1.00 900,000 900,000 1.00 1.00 900,000 900,000 1.00 1.00 1,200,000 1,200,000 1.00 1.00 900,000 900,000 1.00 1.00 900,000 900,000 1.00 1.00 1,200,000 1,200,000

62 2015 1.00 1.00 600,000 (600,000) 1.00 1.00 600,000 (600,000) 1.00 1.00 800,000 (800,000) 1.00 1.00 600,000 600,000 1.00 1.00 600,000 600,000 1.00 1.00 800,000 800,000 1.00 1.00 600,000 600,000 1.00 1.00 600,000 600,000 1.00 1.00 800,000 800,000 1.00 1.00 600,000 600,000 1.00 1.00 600,000 600,000 1.00 1.00 800,000 800,000 1.00 1.00 600,000 600,000 1.00 1.00 600,000 600,000 1.00 1.00 800,000 800,000 1.00 1.00 11,550,000 (3,210,000) 8,340,000 1.00 1.00 11,550,000 (3,210,000) 8,340,000 1.00 1.00 15,400,000 (4,280,000) 11,120,000 64,500,000 (12,700,000) 51,800,000 23(c)

2015 63 36,568,319 36,568,319 18,000,000 0.564 18,568,319 0.564 23(d) 336 683,055,686 1,543,622,303 46.86% 1 2 3 Snow Hill Developments Limited 103,111,436 23.64% Snow Hill2 579,944,250 440,036,000 4 579,944,250 440,036,000 21.47% 4 547,731,493 11.53% 5 555,854,810 11.70% 6 Renewable 201,926,000 79,948,000 7.21% Energy Trade Board Corporation NEX7 60,627,621 299,922,000 79,948,000 8.00% 8 Fosun International Limited 9 70,924,000 290,860,132 7.61% 631,376,578 13.29% 10 11 486,564,540 10.24% COAMI ABS No. 1 Limited 12 380,728,155 8.01%

64 2015 1. 317 24.05% 59.02% 4,741,266,325 2. 683,055,686 Snow Hill 3. Snow Hill 4. 579,944,250 Snow Hill Magicgrand 79.36% 20.64% Magicgrand 5. 55% 45%47.8% 547,731,493 6. 52% 7. 317 NEX 8. 74.81% 46.94% 299,922,000 79,948,000 9. Fosun International Limited Fosun International Holdings Limited 79.53% 58% 70,924,000 290,860,132 10. Driven Innovation Limited 11. 12. Walkers Fiduciary LimitedCOAMI ABS No.1 Limited 380,728,155 13. Sino Arena Magicgrand Pairing Venture Limited 317 2,205,62136,633,860141,230,82718,173,487 Sino Arena 40,020,000 B 40,020,000 XV2 3XV336 5%

2015 65 (1) (a) (b)magicgrand 1.0 100,000,000 Magicgrand Magicgrand (2) 51% (a)(b) 49% 51% 49% 51% (3) 529,000,0007.5 30% 524,803,198.80

66 2015 (A) 300 25 14A 245,000 (B) 2.1 0.715

2015 67 14A 1,924,000 (C) 25 14A (D)

68 2015 0.10 0.300.50 1 1,000,000 14A (E) (i) (ii) ( 2.006.00 ) (a) 1.00 (b) 1.50 (c) 2.00

2015 69 A 245,000 2,078,000 B 1,924,000 20,784,000 C 103,920,000 D 13,860,000 E 2,300,000 (i)(ii) (iii) 3000 740 14A.56

70 2015 A.2.1 23(c) 23(d) 950,253,265

2015 71 180,000,000 1. 100,000,000 2. Magicgrand 100,000,000 1.00 1.00 0.89 0.89 179.8 199.2 0.999 0.996 85% EPC 15% 7.5 524,803,198.80 1.03 1.01 522.8 1.026 80 100% 30,000,000 232,500,000 1.03 1.03 232 1.028 100,000,000 775,000,000 1.3134 1.17 759 1.286 73% 27% 15,000,000 116,250,000 1.03 1.00 115.75 1.026 20 100,000,000 775,000,000 1.5928 0.78 774.5 1.592 50% 50%

72 2015 34 //

2015 73 75 162 90 22 +852 2289 8888+852 2810 9888

74 2015 2.1.3 124 2.1.3

2015 75 5 175,256 124,846 5 455,418 254,518 630,674 379,364 27 1,950 8,382 7 (69,736) (53,217) (7,618) (3,516) (47,652) (37,922) 8 (43,873) (15,939) 6 306,615 35,500 (289,998) (35,195) EBITDA # 480,362 277,457 31 (4,822) (2,401) 14 (242,176) (144,801) (i) 31 204,506 35,520 (ii) 17 9,634 (i) 19 120,890 (ii) 19 (76,356) 101,146 (i) 26 159,362 286,221 (ii) 17 34,541 72,967 1,617 9 288,122 162,466 10 (637,534) (306,769) 17 32,840 17 3,893 15,127 373,262 498,550 11 30 373,262 498,580 (238,420) 373,262 260,160

76 2015 360,670 251,864 12,592 8,296 373,262 260,160 360,670 490,284 (238,420) 360,670 251,864 13 7.96 12.00 (5.83) 7.96 6.17 13 0.75 2.90 (4.63) 0.75 (1.73) # EBITDA EBITDA 84162

2015 77 373,262 260,160 (107,520) (1,702) (107,520) (1,702) 265,742 258,458 253,150 250,162 12,592 8,296 265,742 258,458 253,150 488,582 (238,420) 253,150 250,162 84162

78 2015 440 451 111,218 14 7,419,750 4,581,055 2,013,240 15 949,781 989,424 1,297,222 17 305,040 290,627 227,864 38,120 18 741,123 453,979 442,269 19 120,890 9,537,024 6,315,536 4,129,933 20 1,314 1,314 6,896 17 279,277 18,341 19 76,356 74,000 18 770,031 100,990 227,958 21 1,228,359 363,284 27,449 22 61,000 118,514 22 206,150 18,341 18,280 22 947,154 212,672 108,038 3,432,285 852,298 581,135 12,969,309 7,167,834 4,711,068 23 385,804 354,915 284,416 1,739,519 1,084,586 71,654 2,125,323 1,439,501 356,070 104,631 44,249 1,425 2,229,954 1,483,750 357,495

2015 79 24 4,305,778 1,626,676 660,000 25 1,986,936 826,191 971,711 26 580,691 696,536 978,433 23(d) 23,570 16,073 27,868 27 4,210 4,160 87,629 28 281,532 246,278 259,982 7,182,717 3,415,914 2,985,623 29 89,638 186 263,852 29 1,792,566 1,677,969 644,005 17 25,328 30,199 14,500 30 20,599 24 703,821 504,013 296,194 25 924,023 17 21,262 55,803 128,770 3,556,638 2,268,170 1,367,950 10,739,355 5,684,084 4,353,573 12,969,309 7,167,834 4,711,068 84162

80 2015 284,416 3,178,238 63,871 (24,028) 408,347 1,894 (48,339) (3,508,329) 356,070 1,425 357,495 251,864 251,864 8,296 260,160 (1,702) (1,702) (1,702) (1,702) 251,864 250,162 8,296 258,458 (1,894) (1,894) (1,894) 37,762 598,433 636,195 636,195 29,560 432,375 (300,034) 161,901 161,901 23,854 23,854 23,854 (1,184) 1,184 3,177 26,685 13,213 (29,862) 13,213 13,213 34,528 34,528 70,499 1,057,493 35,883 (29,862) (300,034) (1,894) 1,184 833,269 34,528 867,797 354,915 4,235,731 99,754 (53,890) 108,313 (50,041) (3,255,281) 1,439,501 44,249 1,483,750

2015 81 23(e) 23(f) 354,915 4,235,731 99,754 (53,890) 108,313 (50,041) (3,255,281) 1,439,501 44,249 1,483,750 360,670 360,670 12,592 373,262 (107,520) (107,520) (107,520) (107,520) 360,670 253,150 12,592 265,742 (17,326) (17,326) 31 65,067 65,067 23(b) 30,041 269,962 300,003 300,003 25 113,680 113,680 113,680 23(c) (d) 19,038 19,038 19,038 16(c) 848 5,767 (6,664) (49) 49 30,889 275,729 19,038 113,680 (6,664) 432,672 47,790 480,462 385,804 4,511,460 118,792 (53,890) 221,993 (157,561) (6,664) (2,894,611) 2,125,323 104,631 2,229,954 84162

82 2015 30 111,536 147,715 111,536 147,715 73,751 111,536 221,466 (31,747) (4,500) 31 (545,068) (149,190) (75,000) (8,747) (284,148) 7,027 705 17 67,448 169,150 2,000 2,460 (423,872) (79,590) (44,226) (1,874,747) (879,486) 31(iii) 70,000 (3,167,697) (913,834) (16,391) (3,167,697) (930,225)

2015 83 (232,603) (130,799) 61,000 (10,917) (186,440) (64,000) (25,500) 1,941,323 1,402,229 872,023 (132,000) (650,000) 580,660 203,396 (23,422) 24(c) 62,726 23(b) 300,003 636,194 5,500 (10,000) (40,000) (16,639) 29,500 3,699,476 872,758 (63,337) 3,699,476 809,421 643,315 100,662 212,672 108,038 91,167 3,972 22 947,154 212,672 84162

84 2015 1 Clarendon House, 2 Church Street, Hamilton, HM11, Bermuda 168 200 10 1012 2 2.1 4 2.1.1 Fortune Arena LimitedFortune Arena 70% Fortune Arena 30%

2015 85 2 2.1 2.1.2 2.1.3 124 690 100 32(a) 356 EPC 80 18(a)276 20 34EPC 12 35 30 EPC 284

86 2015 2 2.1 2.1.3 50% 225 8%50% 50% 17 15 (i) 600 EPC 54555 24 (ii) 587 EPC 24

2015 87 2 2.1 2.1.3 (iii) 79.36% (iv) EPC (v) 21 (iii) (v)

88 2015 2 2.1 2.1.4 (a) 19 (b) 622 622 9 (c) 10 28 10 12 28 11 14 1 16 38 27

2015 89 2 2.1 2.1.4 (c) 9 15 2.2 2.2.1 (a)

90 2015 2 2.2 2.2.1 (a) 39 (b) 2.2.2

2015 91 2 2.3 20% 50% 2.4

92 2015 2 2.5 (a) 2.1.2 (b) (c) (i) (ii) (iii)

2015 93 2 2.5 (d) 2.6 2.7 20 3 25 5 8 5 4 5

94 2015 2 2.7 2.8 2.9

2015 95 2 2.10 2.11 2.11.1 (a) 12 (b) 12 (c)

96 2015 2 2.11 2.11.2 2.12 2.13

2015 97 2 2.13 2.14 2.15 2.16 2.17

98 2015 2 2.18 2.19 12 2.20 2.21

2015 99 2 2.21 12 2.22 (a) (b)

100 2015 2 2.22 (b) (c) 2.23 (a) 5%1,500

2015 101 2 2.23 (b) (c) (a) (b) 37 12 2.24 (a)

102 2015 2 2.24 (a) (b) (c) 2.25

2015 103 2 2.26 (a) (b) (c) (d)

104 2015 2 2.27 2.28

2015 105 2 2.29 (a) (i) (ii) (iii) (b) (i) (ii) (iii) (iv) (v) (vi) (a) (vii)

106 2015 2 2.30 18 3 3.1 (a) (i)

2015 107 3 3.1 (a) (i) 5%5% 1,479,000 4,372,000 (ii) 50 50 22,968,0008,975,000

108 2015 3 3.1 (b) 73%99% (c)

2015 109 3 3.1 (c) 89,638 89,638 1,792,566 1,792,566 25,328 25,328 903,483 1,044,604 1,759,468 2,477,708 6,185,263 1,249,643 145,879 2,719,855 4,115,377 4,060,658 1,190,483 4,479,323 2,477,708 12,208,172 186 186 1,677,969 1,677,969 30,199 30,199 562,672 303,512 865,099 950,554 2,681,837 36,682 1,027,109 183,774 1,247,565 2,307,708 1,330,621 1,048,873 950,554 5,637,756

110 2015 3 3.2 5,009,599 2,130,689 1,442,416 1,540,317 2,910,959 826,191 9,362,974 4,497,197 (947,154) (212,672) 8,415,820 4,284,525 2,229,954 1,483,750 10,645,774 5,768,275 79.05% 74.28%

2015 111 3 3.3 19 120,890 19 76,356 26 580,691 696,536 17 21,262 55,803 25 108,527 42,773 19 2617 25

112 2015 3 3.3 76,356 (696,536) (55,803) (42,773) (331,495) 111,388 9,502 (76,356) 159,362 34,541 278,876 (43,517) (13,135) 120,890 (580,691) (21,262) (108,527) 120,890 (76,356) 159,362 34,541 278,876 120,890 (76,356) 159,362 34,541 278,876

2015 113 3 3.3 74,000 (978,433) (128,770) (203,241) 101,146 286,221 72,967 161,739 (98,790) (4,324) (1,271) 76,356 (696,536) (55,803) (42,773) 101,146 286,221 72,967 161,739 101,146 286,221 72,967 161,739

114 2015 3 3.3 76,356 120,890 +5% 11,162-5% (11,325) (580,691) (696,536) +5% (2,328) (8,647) -5% 11,184 8,735 +0.10 (34,056) (56,350) -0.10 37,373 53,558 (21,262) (55,803) +5% (1,525) (4,611) -5% 1,440 4,709 +0.10 (1,125) (7,489) -0.10 404 6,355 (108,527) (42,773) +5% (22,496) (10,049) -5% 23,527 7,894 +0.10 (42,455) (14,201) -0.10 35,774 12,015

2015 115 3 3.3 2,802,432 3,053,378 783,418 918,219 4 (a)

116 2015 4 (b) (i) (ii) (iii) (c) (d)

2015 117 5 8,733,918 5,917,981 435 544 8,734,353 5,918,525 10% A 265,328 156,604 B 194,809 140,043 C 80,757 D 102,523 E 204,092 6

118 2015 7 (a) 41,172 27,047 3,547 1,070 23 25,017 25,100 69,736 53,217 (b) 7(c) 3,839 1,756 24 21 2,387 2,468 6,250 4,245 1,000,001 1,500,000 1,500,001 2,000,000 1 3 2,000,001 2,500,000 2,500,001 3,000,000 1 3,000,001 3,500,000 1

2015 119 7 (c) 161 1,932 14 2,718 4,825 (i) (iii) 52 332 5 398 787 (iv) 52 332 5 323 712 161 161 (v) (vi) 3 3 (iii) 109 632 1,207 9 797 2,754 161 161 161 161 161 161 161 161 1,182 3,228 1,207 33 4,236 9,886

120 2015 7 (c) 622 158 1,900 13 2,284 4,355 (i) 158 158 (i) 158 950 24 13 914 2,059 (ii) 78 78 158 158 (ii) 47 47 158 158 158 158 158 158 1,231 2,850 24 26 3,198 7,329

2015 121 7 (c) (i) (ii) (iii) (iv) (v) (vi) (vii) (d) (e) (f) (g) (h)

122 2015 8 2,415 2,217 64 1,361 4,072 (1,427) 6,331 1,921 11,223 5,643 19,768 6,224 43,873 15,939 9 2,219 22 7,027 705 25 278,876 161,739 288,122 162,466 10 25,854 591 196,145 93,983 25 49,743 64,549 63,488 301,243 148,707 637,534 306,769

2015 123 11 25% 50% 0%0% (30) 373,262 498,550 (3,893) (15,127) 369,369 483,423 16.5%16.5% 60,946 79,765 39,076 18,467 (50,528) (49,696) 76,308 99,748 (80,144) (89,361) (51,453) (62,462) 5,795 3,539 (30) (30)

124 2015 12 13 (a) 360,670 490,284 (238,420) 360,670 251,864 4,533,192 4,084,966 7.96 12.00 (5.83) 7.96 6.17 (b) 25 23(c) 23(d)17 26

2015 125 13 (b) 360,670 490,284 102,163 (236,385) (159,362) (286,221) (34,541) (73,667) 13,112 18,991 45,657 149,387 (238,420) 45,657 (89,033) 4,533,192 4,084,966 558,848 807,944 807,944 179,334 178,457 11,416 84,223 6,090,734 5,155,590 0.75 2.90 (4.63) 0.75 (1.73)

126 2015 14 149,869 1,513,464 300,229 7,645 2,968 211,851 2,186,026 (21,943) (28,836) (115,734) (4,810) (1,463) (172,786) 127,926 1,484,628 184,495 2,835 1,505 211,851 2,013,240 127,926 1,484,628 184,495 2,835 1,505 211,851 2,013,240 3,384,008 528 1,639 3,386,175 34,122 3,405 109 33,638 71,274 (6,353) (147,437) (26,173) (1,370) (759) (182,092) (101,997) (254,906) (10,527) (731) (443) (169,571) (538,175) (1) (1) 48,929 24,088 (73,017) 195 195 (169,564) (169,564) 1 2 3 19,576 4,549,539 2,319 4,667 2,053 2,901 4,581,055 26,991 4,716,737 4,217 6,516 2,842 2,901 4,760,204 (7,415) (167,198) (1,898) (1,849) (789) (179,149) 19,576 4,549,539 2,319 4,667 2,053 2,901 4,581,055

2015 127 14 19,576 4,549,539 2,319 4,667 2,053 2,901 4,581,055 31 2,997,988 77 1,464 2,999,529 1,009 1,761 14,116 997 63,425 81,308 (1,210) (168) (236,185) (495) (3,303) (815) (242,176) 13 21 34 18,366 841 7,311,342 3,585 15,570 3,720 66,326 7,419,750 26,991 1,009 7,714,725 5,978 20,745 5,353 66,326 7,841,127 (8,625) (168) (403,383) (2,393) (5,175) (1,633) (421,377) 18,366 841 7,311,342 3,585 15,570 3,720 66,326 7,419,750 4,002,233,000 2,808,280,000 2,867,000,000 1,880,000,000 2,542,519,000 492,461,000 1,726,578,000 220,000,000 24

128 2015 15 1,949,950 (652,728) 1,297,222 1,297,222 (136,500) (171,103) (195) 989,424 1,642,152 (652,728) 989,424 989,424 31 (39,643) 949,781 1,602,509 (652,728) 949,781 (i) New Energy Exchange Limited Renewable Energy Trade Board Corporation NEX 950617 NEX 333 (ii) NEX NEX

2015 129 15 (iii) 25 (a) 1.9 2.0 1,244 1,936 1,370 1,680 0.8% 0.8% 0.8 1.26 0.7 3.7 8.5% 8.5% 10.0% (b) 99.7 10 810.7 910.2 (a) (b)

130 2015 16 (a) 5,750,000 100% 1 100% New Light Technology Limited 10,000 100% 4,000,000,000 2,621,446,731 100% 300,000,000 162,000,000 100% 100% 271,785,558 200,000,000 86,000,000 100% 351,000,000 100%

2015 131 16 (a) 342,000,000 100% 92.7% 112,000,000 80,000,000 90.07% 133,000,000 100,000,000 94% 129,000,000 80,000,000 405,000,000 310,000,000 51% 370,000,000 50,000,000 51% 150,000,000 90.9% 99% 102,000,000 49,558,000

132 2015 16 (a) 99.4% 169,700,000 34,000,000 147,170,000 80,402,000 99.31% 250,000,000 100% (i) (ii) 711,679,000 174,352,000 (b) 104,631,000 34,106 23,670 19,875 14,016 12,430

2015 133 16 (b) 233,200 164,832 290,292 776,426 490,615 401,276 (547,574) (112,474) (260,426) (92,348) (363,375) (294,887) 58,605 67,749 51,674 12,543 29,145 14,584 12,543 29,145 14,584 6,146 3,796 1,586 17,326 19,903 37,521 56,951 (300,403) (417,584) (138,415) 288,721 374,406 79,765 8,221 (5,657) (1,699)

134 2015 16 (b) 93,678 71,293 70,900 522,467 403,632 423,064 (462,317) (350,846) (371,603) (3,375) (2,408) (1,518) 53,561 42,606 43,877 31,559 25,638 27,656 31,559 25,638 27,656 4,169 2,619 2,674 3,380 4,717 4,149 (3,353) (2,967) (11,080) 27 1,750 (6,931) (c) 2.92% 3.28% 3.67% 32,000,000 33,000,000 49,000,000 8.4% 15,000,00010,000,0005,000,000 6,664,000

2015 135 17 290,627 227,864 35,494 4,500 9,634 15 136,500 28 (27,983) 51,592 Fortune Arena (34,608) (114,178) 3,893 15,127 (2,795) 305,040 290,627 35,494,000 3,747,000 9,634,000 Fortune Arena30% 80,000,000 67,448,00032,840,000 50%50% 225 8% 50% 21,262,000 55,803,000 2.52% 3.40% 8% 8% 0% 0% 0.99 1.99 55% 50%

136 2015 17 % 50% 172,242 114,976 384,997 411,661 (25,294) (20,323) (17,604) (18,195) 58,397 60,880 26,225 37,981 26,225 37,981 (9,219) (5,024) (9,219) (5,024) 47,868 46,567

2015 137 17 197,468,000 68,385,000 15,000,000 14,500,000 18 59,342 56,968 a 80,000 8,747 134,084 18,202 467,697 370,062 741,123 453,979 264,998 73,418 81,161 27,572 b 423,872 770,031 100,990 1,511,154 554,969 (a) 356 EPC 80 (b) 930 500 424 (i)500 424(ii) 28 24(iii)

138 2015 19 (a) 120,890 (b) 76,356 120,890 76,356 (120,890) 76,356 (a) 8% 96.68% 3.47% 2.61% 0% 0% 3.25 2.26 45% 50% (b) 20 996 996 318 318 1,314 1,314

2015 139 21 212,290 23,635 (149) (149) 212,141 23,486 1,009,380 304,896 1,221,521 328,382 6,838 34,902 1,228,359 363,284 5 339665

140 2015 21 1,063,295 328,382 1 30 158,226 1,221,521 328,382 149,000 149,000 22 61,000 (b) 206,150 18,341 947,154 212,672 1,153,304 292,013 (a) 711,679,000 174,352,000 (b) 186,440,00019,710,000 18,341,000 25

2015 141 23 0.1 10,000,000 10,000,000 848,178 848,178 (a) 10,000,000 788,990 20,000,000 10,000,000 1,637,168 848,178 4,361,266 3,468,782 354,915 284,416 (b) 380,000 480,000 30,041 37,762 372,464 29,560 16(c) 10,000 848 40,020 3,177 4,751,266 4,361,266 385,804 354,915 (a) 1,000 789 (b) 1.0 380,000,000 418,000 300

142 2015 23 (c) 1.00 7,800,000 (600,000) 7,200,000 1.00 7,800,000 (600,000) 7,200,000 1.00 10,400,000 (800,000) 9,600,000 26,000,000 (2,000,000) 24,000,000 1.00 11,550,000 (3,210,000) 8,340,000 1.00 11,550,000 (3,210,000) 8,340,000 1.00 15,400,000 (4,280,000) 11,120,000 38,500,000 (10,700,000) 27,800,000 64,500,000 (12,700,000) 51,800,000 17.8 8,567,000 1.257% 45% 0% 5 1.0

2015 143 23 (d) 25,000,0000.01Sino Arena Investments LimitedSino ArenaSino Arena 30% 30% 40% 20,010,000 40,020,000A 40,020,000 B A 16,450,000 25,100,000 (e) (f) 10% 50% 25% 50,848,000 21,653,000

144 2015 24 646,875 2,617,125 3,264,000 424,000 1,456,000 1,880,000 32,007 1,694,571 1,726,578 20,994 199,006 220,000 64,947 64,947 55,500 55,500 65,500 65,500 734,382 4,376,643 5,111,025 510,494 1,655,006 2,165,500 (30,561) (70,865) (101,426) (6,481) (28,330) (34,811) 703,821 4,305,778 5,009,599 504,013 1,626,676 2,130,689 646,875 32,007 55,500 734,382 424,000 20,994 65,500 510,494 291,625 493,201 64,947 849,773 176,500 22,587 199,087 902,000 444,914 1,346,914 556,500 78,571 635,071 1,423,500 756,456 2,179,956 723,000 97,848 820,848 3,264,000 1,726,578 64,947 55,500 5,111,025 1,880,000 220,000 65,500 2,165,500

2015 145 24 (a) (i) (ii) (iii) (iv) 18 14 (b) 600,000,000 220,000,000 10 (c) 7.5%80,000,000 67,820,000 (d) (e) 2,867,000 1,575,000 1,726,578 220,000 4,593,578 1,795,000 (f) 600 EPC 545 55 (g) 587 EPC

146 2015 25 120,000 5% 1.60 10 232,959 0% 1.60 524,803 7.5% 1.03 30,000 7.5% 1.03 100,000 7.0% 1.3134 15,000 7.5% 1.03 100,000 6.75% 1.5928

2015 147 25 50 65 18 14 2.60 5 10 1.70 65% 5 10 1.50 45.63% 1.80 74.76% 2.20 113.59%

148 2015 25 5 10 1.80 37.05% 2.20 67.50% 2.50 90.35% 5 10 1.50 45.63% 1.80 74.76% 2.20 113.59%

2015 149 25 5 10 2.07 29.96% 2.50 56.96% 3.0 88.35% 1,941,323,000

150 2015 25 768,470 203,241 971,711 148,707 148,707 63,488 63,488 (161,739) (161,739) (161,901) (161,901) (36,816) (36,816) 1,470 1,271 2,741 783,418 42,773 826,191 1,609,828 331,495 1,941,323 (113,680) (113,680) 49,743 49,743 301,243 301,243 64,549 64,549 (278,876) (278,876) (37,431) (37,431) 144,762 13,135 157,897 2,802,432 108,527 2,910,959 1,986,936 826,191 924,023 2,910,959 826,191

2015 151 25 (a) 15.9% 16.5% 17.8% 17.0% 16.9% 17.2% 1.86 1.90 1.19 1.51 1.33 0.76 1.60 1.03 1.3134 1.03 1.5928 5% 7.5% 7.0% 7.5% 6.75% 135% 120% 120% 120% 120% 0.57% 0.67% 0.9805% 1.1673% 1.1773% 1.4808% 3.00 3.00 3.00 3.00 3.00 50% 40% 40% 40% 50% 0% 0% 0% 0% 0% 16.1% 16.8% 16.9% 16.9% 17.2% 0.75 0.75 0.75 0.75 0.75 1.60 1.03 1.3134 1.03 1.5928 5% 7.5% 7.0% 7.5% 6.75% 135% 120% 120% 120% 120% 0.6379% 1.2229% 1.2528% 1.2727% 1.4808% 0.77 2.33 2.42 2.48 3.00 55% 50% 50% 50% 50% 0% 0% 0% 0% 0% 16.3% 1.03 1.60 5% 135% 0.6303% 1.77 50% 0% (b) 22

152 2015 26 696,536 978,433 (159,362) (286,221) 43,517 4,324 580,691 696,536 BB 495,000,000 419,634,000 B 847,964,000718,857,000 B 16.1% 17.3% 0.75 1.03 1.00 1.00 100% 100% 0.5263% 1.1471% 2.44 3.44 50% 50% 0% 0% 27 4,160 87,629 2,000 2,460 (1,950) (2,460) (83,469) 4,210 4,160

2015 153 28 259,982 72,440 (27,983) (35,077) (23,084) 246,278 31 43,381 31 (8,127) 281,532 281,532 281,532 10% 10% 43,054,000 17,888,000 430,544,000 178,875,000 56,241,000 33,060,000 14,060,000 8,265,000 108,000 108,000 5,644,000 5,644,000 13,149,000 13,149,000 14,160,000 14,159,000 23,180,000

154 2015 29 89,638 186 11 1,442,416 1,540,317 350,150 137,641 1,792,566 1,677,969 1,882,204 1,678,155 30 90 30 90 26,928 1 30 62,300 31 60 410 18 61 90 168 89,638 186

2015 155 30 (a) 373,262 498,550 (1,950) 11 10 (i) (204,506) (35,520) (ii) (9,634) 242,176 144,801 (i) (120,890) (ii) 76,356 (101,146) (i) (159,362) (286,221) (ii) (34,541) (72,967) (1,617) (288,122) (162,466) 637,534 306,769 (32,840) 149 (8,382) 25,017 25,100 (3,893) (15,127) 498,618 291,933 1,691 98,790 10,320 (63,453) (588,431) (215,579) 89,452 101,577 34,333 111,536 147,715 (b) 17,524,000

156 2015 31 (i) NEX 51% 22 31,981,000 15 6,556,000 28 80 (ii) 90.9% 136 7,662,00015 1,571,000 28 20 (iii) 170 100%212 30 70 (iv) 100% 200 100

2015 157 31 21,711 136,350 212,238 200,000 570,299 15 31,981 7,662 39,643 28 (6,556) (1,571) (8,127) 47,136 142,441 212,238 200,000 601,815 14 762,466 189,094 1,292,306 755,663 2,999,529 71,113 19,944 136,885 85,496 313,438 70,000 70,000 (b) 83,418 4,876 217,730 61,058 367,082 823,980 823,980 13,250 65 7,051 4,865 25,231 (731,475) (47,069) (1,243,763) (672,112) (2,694,419) (94,000) (896,072) (990,072) (c) (12,348) (2,927) (24,780) (3,326) (43,381) 92,424 163,983 383,337 231,644 871,388 (e) (45,288) (17,552) (2,227) (65,067) (d) (3,990) (168,872) (31,644) (204,506) 47,136 142,441 212,238 200,000 601,815 945 308 3,317 252 4,822 (21,711) (136,350) (212,238) (200,000) (570,299) 13,250 65 7,051 4,865 25,231 (8,461) (136,285) (205,187) (195,135) (545,068)

158 2015 31 (a) 58,605 9,267 39,224 17,675 124,771 14,350 2,727 12,539 9,086 38,702 857,712,000497,185,000 (b) 367,082,000 81,639 4,826 136,335 53,844 276,644 276,644,000 (c) 43,381,000 (d) 204,506,000 25 (e)

2015 159 32 (a) 690,000,000 3,747,000 (b) 7,117 3,466 10,927 5,906 584 615 18,628 9,987 33 (a) (b) 5,006 3,452 4,236 3,198 9,242 6,650 34 19.8 20 35

160 2015 36 1,242,673 1,126,724 51,592 1,242,673 1,178,316 424,431 719 3,748,386 1,641,773 19,710 18,341 224 2,268 4,192,751 1,663,101 5,435,424 2,841,417 385,804 354,915 (a) 1,444,422 887,370 1,830,226 1,242,285 1,986,936 826,191 580,691 696,536 23,570 16,073 64,947 2,656,144 1,538,800 3,769 4,529 924,023 21,262 55,803 949,054 60,332 3,605,198 1,599,132 5,435,424 2,841,417

2015 161 36 (a) 3,178,238 63,871 (24,028) 408,347 34,032 (81,432) (3,504,776) 74,252 58,119 58,119 (9,665) (9,665) (9,665) 58,119 48,454 598,433 598,433 432,375 (300,034) 132,341 23,854 23,854 (1,184) 1,184 26,685 13,213 (29,862) 10,036 1,057,493 35,883 (29,862) (300,034) 1,184 764,664 4,235,731 99,754 (53,890) 108,313 34,032 (91,097) (3,445,473) 887,370

162 2015 36 (a) 4,235,731 99,754 (53,890) 108,313 34,032 (91,097) (3,445,473) 887,370 18,310 18,310 126,988 126,988 126,988 18,310 145,298 23(b) 269,962 269,962 25 113,680 113,680 23(d) 19,038 19,038 16(c) 5,767 3,307 9,074 275,729 19,038 113,680 3,307 411,754 4,511,460 118,792 (53,890) 221,993 34,032 35,891 3,307 (3,427,163) 1,444,422 1981 (1) (2)

2015 163 175,256 124,846 10,572 455,418 254,518 19,074 630,674 379,364 29,646 EBITDA 480,362 277,457 (87,719) 373,262 498,580 (1,737,078) (238,420) (88,660) (663,651) (953,799) 373,262 260,160 (1,825,738) (663,651) (953,799) 12,969,309 7,167,834 4,711,068 1,301,760 1,651,818 (10,739,355) (5,684,084) (4,353,573) (1,120,153) (977,637) 2,229,954 1,483,750 357,495 181,607 674,181 EBITDA

164 2015 2,000 4,751,266,325 4,751,266,325 00686 686 HK 0686.HK +852 3112 8461 +852 3112 8410 ird@unitedpvgroup.com 168 20010 1012 unitedpvgroup