20141231 1211 20151000 1452015AAA 201212312014123130.4%2015930 10,043.152014123149.9% 2012123120141231 201412312015930 2012201428.9% 33.1%2012 201412.6% 201593056.372014 26.8% 201593018.66% 70 2015930 1.22% 227.61%2.78% 201593011 130 159

2015 1000145 2015 2015 2015 2015 2015 2014 2014 2014 2014 2014 2014 2014 160

2014 2013 2012 2013 2013 2013 2013 2013 2012 2012 2012 2012 2012 2012 2012 12 2004 161

2012123120141231 30.4%19.2%16.7% 201593010,043.15 3,391.385,003.452014123149.9%30.9%37.7% 2012123120141231 28.9%33.1% 2015930175.41 56.37201493040.4%26.8% 201593018.66% 70 20141231 2014GDP40,153.5020102014 9.7%GDP72,967 GDP56.5%40,393 40.0%2014 GDP53.1% 2015500 17 2015 93012128351 9225 410 162

2015930 114724 201258.8%2014 61.1% 2014 12312,1413,0022014 148201212312014123151 563540 2.192.78 SOA 201593024.82% 1.87 163

2015930 4,723 1,075 2014431.6820159301,684.03 2012123159.6%201593050.8% 164

+ B2B 2015930 3,093352 148,9791,206.10 402.80 165

P2P 20092006 620074 20135 10201411 2015930 30.0% 2012201320141231 587.81722.47 894.0923.3%2015930 1,017.68201413.8%20141231 7 166

20141231 2.4%12 40 2012 500 2015930 89,494201416.5% 4,621201491.7% 12 2012201320141231 2015930 30.81%26.05%27.67% 167

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T+0 20159307 813.4664.6354.2 P2P P2P 20158 201593096.3% 53 2014B2B B2B 169

2015930 18,344 2015 20159301.22% 227.61%2.78% 20141231 2015930 11.3%0.07% 1.7%6.8% 170

30 32 4 20 20159303483.9% 201526 19.96%2510%[] 28.6%71.4% 171

+ 172

+ B2BERP 100 50075 + APP 173

IT 174

175

176

O2O 177

178

1231 2012 2013 2014 2015930............ 7,843 74.9% 10,031 74.3% 12,329 70.9% 9,693 55.3%............ 1,345 12.9% 1,567 11.6% 1,994 11.5% 1,693 9.7%................. 1,254 12.0% 1,865 13.8% 3,039 17.5% 6,128 34.9% (1)............... 24 0.2% 32 0.2% 35 0.2% 27 0.2%..................... 10,466 100.0% 13,496 100.0% 17,397 100.0% 17,541 100.0% (1) 20159308,6342,795.14 44,6764,726.63 201212311,473.8420141231 2,069.5218.5%201212 312,379.44201412313,369.21 19.0% 20122013201412312015930 78.43100.31123.29 96.9374.9%74.3%70.9%55.3% 179

38.7345.7840.08 19.2872.3%70.2%59.0%25.7% 20122013201412312015930 1,473.841,742.062,069.52 2,795.1480.8%80.2%79.9%82.4% 1231 2012 2013 2014 2015930................. 51,712 35.1% 63,767 36.6% 73,811 35.7% 94,637 33.9%................. 64,620 43.8% 75,438 43.3% 81,517 39.4% 100,798 36.1%................. 25,212 17.1% 31,485 18.1% 38,820 18.8% 39,785 14.2%................. 5,840 4.0% 3,516 2.0% 12,803 6.2% 44,294 15.8%............ 147,384 100.0% 174,206 100.0% 206,952 100.0% 279,514 100.0% 201593090 1511 20122013201412312015930 517.12637.67738.11946.372012 12312014123119.5%2015930 33.9% 20122013201412312015 9 30646.20754.38 815.171,007.982012123120141231 12.3%201593036.1% 180

2006 20159301895 75% 2012201320141231252.12 314.85388.202012123120141231 24.1%2015930397.85201412 312.5%14.2% 12 20122013 20141231201593058.40 35.16128.03442.944.0%2.0% 6.2%15.8% 5 17 e 20122013201412312,379.44 2,899.473,369.212012123120141231 181

19.0%20159304,726.63 97.5%2.5% 1231 2012 2013 2014 2015930................. 99,255 41.7% 116,860 40.3% 125,004 37.1% 164,485 34.8%................. 138,689 58.3% 173,086 59.7% 211,917 62.9% 308,178 65.2%............ 237,944 100.0% 289,947 100.0% 336,921 100.0% 472,663 100.0% 20122013201412312015930 4.0314.2420.1612.58 5.1%14.2%16.4%13.0%2012123120141231 123.6% 20102011 2012201320142015 20102011 201120122013 201420152015 182

2005 2008920122013201412 312015930 213.77306.40535.47471.012012 12312014123158.3% 2014 362015930 22 201261711.27 15.4%13.4% 2012111 201330 2010 20122013201412312015930 201.72708.50 462.951,252.50 183

200811 2015 2015718.21 20159304.962012 2013201412312015930 44,77751,30451,41549,430 201311201412 2015 20159304 107.6420159301,891.89 20122013201412312015 930452.53 377.89697.561,590.782012123120141231 24.2%20122013201412312015930 506.73428.04282.971,262.03 184

20122013201412312015930 10.0219.7527.7961.6620121231 2014123166.5% 20122013201412312015930 108.9989.43133.42211.33 5,8986,616 8,47514,954201212312014123119.9% 20122013201412312015930 37.5838.9739.5752.24 185

2015930 9015 11 201220132014 12312015930 13.4515.6719.9416.93 12.9%11.6%11.5%9.7%2015930142.45 82,343 186

1231 2012 2013 2014 2015930............ 33,910 97.1% 42,050 97.9% 51,264 98.4% 57,415 96.3%............ 665 1.9% 595 1.4% 660 1.3% 1,822 3.1% (1).................... 347 1.0% 286 0.7% 148 0.3% 387 0.6%............ 34,922 100.0% 42,931 100.0% 52,071 100.0% 59,624 100.0% (1) 20122013201412312015930 6.655.956.6018.22 1.9%1.4%1.3%3.1% 20122013201412312015930 3.472.861.48 3.871.0%0.7%0.3%0.6% 2015930192.47 187

3.9%2012123120141231220.09 227.43 1231 2012 2013 2014 2015930................. 4,732 21.5% 5,218 22.6% 5,297 23.3% 3,526 18.3%................. 17,277 78.5% 17,890 77.4% 17,447 76.7% 15,721 81.7%............ 22,009 100.0% 23,108 100.0% 22,743 100.0% 19,247 100.0% 201220132014123132.05 149.71214.922012123120141231159.0% 2015930271.72012201320141231 201593069.98 86.3691.0778.05 20154 2015930102,907 103,9296.42 188

20054 20122013201412312015930 50.2893.20622.83 806.762012123120141231252.0%2012 20132014123120159309.86 32.64148.71422.002012123120141231 288.4%201220132014123120159 3022 1.042.522012123120141231621.1% 2015930118,747 20158 189

2015930 96.3%53 20122013201412312015 9306,600 6,8217,4747,505 200832015930139 4 200810201593019 44620122013201412312015930 5,8136,1636,6861,138,788 0.571.172.44837.01 201372015930 49240.62 2,117.87 190

2015 20159307813.46 64.6354.2 48.2 20122013201412312015930 45.383.387.2142.52012123120141231 39.0%47,09259,40572,55182,343 201212312014123124.1% 201212312015930 1052,058116,7152012 12312014123127.5% 191

1231 930 2012 2013 2014 2015.............. 13,438 28.4% 14,850 26.1% 15,717 23.5% 16,140 21.9%.............. 33,910 71.6% 42,050 73.9% 51,264 76.5% 57,415 78.1%...... 47,347 100.0% 56,900 100.0% 66,981 100.0% 73,555 100.0% 2012201320141231 2015930 30.81%26.05%27.67%37.61% 2015930 1.11% 192

201412310.35% 20092011 20135 7520159 3010 10.802014123164.6% 2013201412312015930 100%201385.70% 2015115.83%2013201412312015930 0.00%0.02%0.38% 20141231 7 2006 2015930 18 9575% 193

500 201320141231 20159306412,411 4,621201593028.08 201220132014 12312015930 12.5418.6530.3961.2820121231 2014123155.7% (i) (ii) (iii) 20122013201412312015930 126.18175.7397.26 315.201,051.07 1,409.48839.59792.9129.9% 194

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(iii) 20122013201412312015930 10,43519,159156,849 387,1702.6%3.9%23.4% 38.6% 20122013201412312015930 248609 4,35413,3221.3%2.6% 13.5%38.8%6.0%5.9%6.8%6.4% 2015930............................ 34,863 26,173.......................... 24,260 2,445................... 13,460 76,822 198,061................... 5,205 590................................ 77,788 106,030 198,061..................... 97.0% 97.4% 100.0%.............................. 2,405 2,886..................... 3.0% 2.6%................................ 80,193 108,916 198,061 196

2015930 2015930............ 39,644 5,687 45,331 24.0%............................... 15,328 12,073 27,401 14.5%...................... 11,694 5,550 17,244 9.1%................................. 2,710 2,890 5,600 3.0%.......................... 2,237 1,294 3,531 1.9%................................. 514 76,201 76,715 40.6%................................. 4,319 1,071 5,390 2.9%................................... 3,747 4,150 7,897 4.0%................................... 80,193 108,916 189,109 100.0% 2015930 2015930 3................. 64 38,558 35,708 74,330 19.2% 31........... 13,565 64,021 153,998 231,584 59.8% 15................ 65,064 5,597 8,355 79,016 20.4% 5................. 1,500 740 0 2,240 0.6%........................ 80,193 108,916 198,061 387,170 100.0% 20144 127 127 127 127 127 201220132014123120159 197

3039.83 63.70259.85801.93 198

199

2015930 2015930 396.0449.4% 20 2013 200

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(i) (ii) (iii)aa 2011[2011] 520122013 2014 2015930 79.59828.87 1,489.08 3.3%34.6%62.1% 2015930 14.18%20143.57%20122013 203

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2004 1070% 20137 70% 20151024 2004 205

300 20159303,140 1,573941265 109252 206

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2015930 230.2394.03 20148 7242012201320141231 2015930214.51 337.36311.74258.8763.37146.70 178.64181.55 20122013201412312015930 85.7077.77 135.7054.21 209

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220

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20122014 222

223

224

2014 (i) 201411 225

(ii) (iii) (iv) 2014122005 2006 20052006 (1) 200010 226

(2) 2%200 20134 (i) (i) (ii) (ii) (i) (ii) (iii) 227

(i) (ii) (iii) (iv) 228