2 3 7 21 25 36 38 49 50 51 53 54 56 108
2 183 17 1712 1716 1 5610 158 1 www.wumart.com 1025
471,564 9.2% 163.96 15.1% 9.8% 31.512.5% 5.86 6.59 24.3% 84.40 ERP 3
80% 6000 20000 SAP 4
CPI 5
6
17.1 11.6 1 16,395,645 14,246,881 11,782,009 9,749,790 7,865,805 2 3,151,877 2,800,588 2,201,218 1,762,457 1,284,838 3 19.20% 19.70% 18.70% 18.10% 16.30% 586,041 529,837 437,764 361,339 300,078 3.60% 3.70% 3.70% 3.70% 3.60% 0.46 0.42 0.36 0.30 0.25 0.20 0.20 0.18 0.15 0.13 8,439,080 7,448,710 6,411,690 6,366,034 4,697,768 5,094,084 4,453,180 4,030,910 3,729,204 2,467,209 157,999 138,319 118,617 194,616 120,354 3,186,997 2,857,211 2,262,163 2,442,214 2,110,205 19.40% 20.70% 18.60% 15.90% 15.00% 4 7.50% 6.70% 19.20% 23.60% 12.30% 73 73 77 75 89 33 33 30 27 23 1,233,935 681,600 1,105,246 733,130 530,581 1 2 3 4 7
16,395,645 14,246,881 15.1% (1) 9.8% (2) (3) 3,151,8772,800,58812.5% 19.2% 19.7% 9.2% 8.5% 2,427,043 2,153,600 12.7% 14.8% 0.3 (1) (2) 8
15,941 14,5279.73% 586,041529,83710.6% 658,688 24.3% 1,233,935 681,60081.0% 1,350,975 1,133,607 19.2% 3,344,9967.5% 6.7% 4,137,707 1,350,975 1,186,384 1,003,060 4,301,373 2,756,592844,964140,786104,021 5,078,980 4,525,632 250,000 234,844 250,000 5.81% 7.54% 1,562,458 1,266,998 9
250,000 224,039 0.2 10
519492 127 392 667,095.5 10 4 40 20 9103 3 4 122 275 397 80 80 5 37 42 127 392 519 11
75% 12
80% 80% 90% 300% 2 13
1.3 30% 14
12 15
8 17% 98 6% 40% 16
10 3 N WINBOX VRM Vendor Relationship Management AMS (Asset Management System AMS 17
(HRM Human Resource Management) ERP Enterprise Resource PlanningOA Office Automation ELN E-Learning HRM HRM HRM 300 18
176 5132 E Learning E Learning ELN 17 239 19
B2C Mall 20
54 47 LG 55 46 (WINBOX) (WINDC) (OBI) 21
48 48 Simcere Pharmaceutical Group Fiat Industrial S.P.A. 59 77 68 22
55 41 227 170 000513 31 80 48 48 37 IT 23
40 47 36 35 35 44 24
30% 30% 5% 39 25
50 51 52 54 55 536,568,000 H 1025 0.251.00 960,955,5871.00 320,318,529 1,281,274,116 1,281,274,116 H 536,568,000 41.88% 744,706,116 58.12% 26
(%) 497,932,928 38.86 H 1,375,000 0.11 24,982,300 1.95 23,269,228 1.82 160,457,744 12.52 7,306,752 0.57 23,619,364 1.84 7,137,800 0.56 Wealth Retail Holding H 25,000,000 1.95 Fit Sports Limited H 5,000,000 0.39 H 505,193,000 39.43 1,281,274,116 100 (%) (%) 1 497,932,928 66.86 38.86 1 497,932,928 66.86 38.86 1 497,932,928 66.86 38.86 2 497,932,928 66.86 38.86 3 497,932,928 66.86 38.86 160,457,744 21.55 12.52 27
1. 85% 80% 70% XV 2. 29.27% 3. 66.86% H H H (%) (%) JPMorgan Chase & Co. 1 107,410,915 20.02 8.38 T.Rowe Price Associates,Inc. 2 53,882,906 10.04 4.21 Artio Global Management LLC 3 53,625,795 9.99 4.19 Capital Research and Management Company 4 32,559,000 6.07 2.54 Invesco Hong Kong Limited 5 32,539,750 6.06 2.54 1. 1,170,000 H JP Morgan Chase & Co. 55,631,000 H 50,609,915 H 2. 53,882,906 H T.Rowe Price Associates,Inc. 3. 53,625,795 H Artio Global Management LLC 4. 32,559,000 H Capital Research and Management Company 5. 32,539,750 H Invesco Hong Kong Limited 28
336 21 24 29
80 81 13 3.13 30
352 XV (%) (%) 1 160,457,744 21.55 12.52 2 48,251,528 6.48 3.77 1. 70% 160,457,744 XV 2. 40% 23,269,228 50% 24,982,300 XV 352 31
(2010) (2011) (2011) (2010) (2011) 32
(2010) 2011 189,000 5,670 380 (2010) (2011) 60,162 1,805 131 (2011) 194,000 5,820 190 127,620 3,828 106 (2010) (2010) 10,441,920 10,441,920 (2010) (2011) (2010) 14A.38 (1) (2) (2010) (2011) (2010) (3) 33
(2011) (2011) 26,36722,273 34
12 8.08 35
36
37
1 2 1 2 38
16 39
16 16 16 100% 16 15 2 15 100% 16 15 2 15 100% 16 9 3 9 100% 16 16 16 100% 16 16 16 100% 16 16 16 100% 16 16 16 100% 16 16 16 100% 16 16 16 100% 16 10 3 10 100% 1. 2. 16 3. 10 40
14 41
42
4 4 4 100% 4 4 4 100% 4 4 4 100% 43
1 1 1 100% 1 1 1 100% 1 1 1 100% 44
45
HKFRS 46
4,750 12 (http://www.hkex.com/ (http://www.wumart.com) 47
H 16.22 8,703,133 48
50 107 49
5 14,562,642 12,571,524 (13,243,768) (11,446,293) 1,318,874 1,125,231 5 1,833,003 1,675,357 7 228,148 143,568 (2,104,200) (1,839,130) (322,843) (314,470) 8 (68,236) (9,175) 9 (14,648) 21 5,353 7,061 22 4,071 3,334 10 (15,941) (14,527) 863,581 777,249 11 (245,071) (217,712) 12 618,510 559,537 586,041 529,837 32,469 29,700 618,510 559,537 16 0.46 0.42 50
17 2,756,592 2,459,556 200,000 181,588 62,841 18 88,683 65,213 19 844,964 844,964 20 94,713 103,711 21 140,786 144,268 22 104,021 99,950 32 90,026 65,194 4,301,373 4,045,697 23 1,186,384 1,211,467 24 317,240 25 1,003,060 769,952 26 132,718 203,463 18 57,407 58,419 27 23,592 10,105 28 66,331 16,000 28 1,350,975 1,133,607 4,137,707 3,403,013 29 4,525,632 3,993,801 26 68,504 73,320 234,844 165,371 30 250,000 201,500 5,078,980 4,433,992 (941,273) (1,030,979) 3,360,100 3,014,718 51
31 1,281,274 320,319 1,905,723 2,536,892 3,186,997 2,857,211 157,999 138,319 3,344,996 2,995,530 32 15,104 19,188 3,360,100 3,014,718 50 107 52
i 312,819 1,423,131 (733,253) 239,473 1,019,993 2,262,163 118,617 2,380,780 529,837 529,837 29,700 559,537 31 7,500 282,842 290,342 290,342 15 (225,131) (225,131) (225,131) (9,998) (9,998) i 57,701 (57,701) 320,319 1,705,973 (733,253) 297,174 1,266,998 2,857,211 138,319 2,995,530 586,041 586,041 32,469 618,510 31 960,955 (960,955) 12,000 12,000 15 (256,255) (256,255) (256,255) (24,789) (24,789) i 34,326 (34,326) 1,281,274 745,018 (733,253) 331,500 1,562,458 3,186,997 157,999 3,344,996 (i) 10% 50% 25% 53
863,581 777,249 15,941 14,527 (5,353) (7,061) (4,071) (3,334) 320,941 256,928 58,419 63,933 6,615 3,512 61,065 2,262 (28,040) (11,663) 12,265 2,383 1,303,746 1,096,353 25,083 (369,486) (233,108) (177,254) 70,745 (107,941) (118,747) (62,841) (80,877) (47,089) (13,487) (10,105) 476,473 551,786 (4,816) 5,419 1,425,012 878,842 13,437 11,663 (204,514) (208,905) 1,233,935 681,600 54
(426,535) (384,057) 16,000 (66,331) (16,000) (200,000) 2,851 7,541 200 (36,583) (4,900) 120,000 (309,000) 6,363 1,470 2,146 1,593 (780,082) (505,160) 250,000 201,500 (201,500) (456,086) (15,941) (14,527) 12,000 291,942 (1,600) (508) (256,255) (225,131) (24,789) (9,998) (236,485) (214,408) 217,368 (37,968) 1,133,607 1,171,575 1,350,975 1,133,607 55
1. H 2. 2010 24 2009 32 14 19 56
2. 7 1 2 9 3 9 3 10 2 11 2 12 2 13 2 1 5 12 4 19 2011 2 27 2011 2 28 2011 2 32 6 20 2 1 2 3 4 5 6 9 9 9 9 39 9 57
2. 9 9 39 9 9 10 11 1227 28 10 27 12 10 (a) (b) (c) 10 11 31 1311 11 31 11 31 58
2. 12 12 13 13 137 13 13 13 59
3. 60
3. (i) (ii) (iii) 39 12 19 2 5 61
3. 62
3. 39 36 36 63
3. 39 36 36 64
3. 65
3. 66
3. 67
3. 68
3. 69
3. 70
3. 71
3. 72
3. 73
3. 4. 3 74
4. 844,964 844,964 19 140,786 144,268 12,265 9 90,026 65,194 75
4. 871,662 18,328 292,830 18,328 5. 14,562,642 12,571,524 440,728 365,313 1,392,275 1,310,044 1,833,003 1,675,357 16,395,645 14,246,881 6. 10% 8 76
7. 41,133 11,764 22,255 14,719 2,674 19,599 79,392 43,195 10,444 13,010 28,040 11,663 699 1,640 43,511 27,978 228,148 143,568 41,133 11,764 8. 7,171 9,175 61,065 68,236 9,175 61,065 77
9. ( ) 12,265 2,383 14,648 104,430 5% 8%12.41% 10.06% 12,265 12,265 10. 15,941 14,527 78
11. 273,987 239,539 32 (28,916) (21,827) 245,071 217,712 25% 863,581 777,249 25% 25% 215,895 194,312 (2,356) (2,599) 3,928 673 27,734 27,233 (130) (1,805) (102) 245,071 217,712 79
12. 320,941 256,928 58,419 63,933 6,615 3,512 385,975 324,373 665,773 543,284 4,750 4,750 3,547 2,377 665,669 603,266 69,131 63,911 738,347 669,554 4,469 4,768 61,065 2,262 13,243,768 11,446,293 13. (ii) (i) (i) 69 69 69 39 246 651 696 739 955 3,041 66 66 64 64 260 717 762 803 1,019 69 69 69 39 3,547 80
13. (ii) (i) (i) 60 60 60 180 651 696 719 2,066 44 44 43 131 695 740 762 60 60 60 2,377 (i) (ii) 246 180 14. 13 739 1,704 64 87 803 1,791 1,000,000 1 2 81
15. 0.20 0.18 256,255 225,131 0.20 256,255 0.20 256,255 16. 586,041 529,837 1,281,274 1,268,607 31(c) 82
17. 1,362,947 824,591 484,742 161,722 29,280 2,863,282 218,870 93,781 38,505 4,559 55,551 411,266 35 59,356 16,235 1,638 254 77,483 4,085 (4,085) (3,921) (11,847) (28,063) (2,564) (46,395) 1,362,947 1,102,981 582,911 173,802 31,529 51,466 3,305,636 358,379 180,600 68,107 12,106 15,173 47,528 681,893 74,161 6,135 402 2,235 (82,933) (105,532) (66,556) (12,732) (4,419) (189,239) 1,721,326 1,252,210 590,597 173,578 44,518 16,061 3,798,290 (139,699) (228,622) (197,888) (56,486) (3,049) (625,744) (44,529) (122,291) (56,037) (30,007) (4,064) (256,928) 1,869 9,332 23,655 1,736 36,592 (184,228) (349,044) (244,593) (62,838) (5,377) (846,080) (41,267) (153,979) (91,702) (22,245) (11,748) (320,941) 43,771 64,574 12,657 4,321 125,323 (225,495) (459,252) (271,721) (72,426) (12,804) (1,041,698) 1,495,831 792,958 318,876 101,152 31,714 16,061 2,756,592 1,178,719 753,937 338,318 110,964 26,152 51,466 2,459,556 25 40 10%-20% 6.44%-19% 19% 9.5% 224,039 5,549 7,894 8,096 83
18. 29,706 30,187 116,384 93,445 146,090 123,632 57,407 58,419 88,683 65,213 146,090 123,632 1 19 19. 844,964 84
19. 350,386 350,386 260,148 260,148 143,560 143,560 88,611 88,611 1,256 1,256 698 698 255 255 50 50 844,964 844,964 5% 8% 12.41% 10.06% 85
20. i 90,727 15,476 106,203 35 12,314 12,314 90,727 27,790 118,517 (6,571) (4,723) (11,294) (2,705) (807) (3,512) (9,276) (5,530) (14,806) (2,705) (3,910) (6,615) (2,383) (2,383) (11,981) (11,823) (23,804) 78,746 15,967 94,713 81,451 22,260 103,711 (i) 3% (ii) 40 1 24 86
21. 108,089 103,189 44,962 41,079 i (12,265) 140,786 144,268 (i) 25.03% 25.03% 49% 49% 25% 25% 49% 87
21. (i) 45,260 57,525 57,525 12,265 9 (ii) 1,338,937 1,283,667 (1,052,912) (1,015,185) 286,025 268,482 95,526 86,743 2,668,185 2,465,867 11,363 14,594 5,353 7,061 22. 100,000 100,000 4,021 (50) 104,021 99,950 200,000 50% 50% 50% 50% 88
22. 54,165 46,282 95,480 98,100 (45,624) (44,432) 104,021 99,950 151,806 136,126 147,735 132,792 4,071 3,334 23. 1,184,760 1,203,953 1,624 7,514 1,186,384 1,211,467 24. 309,000 8,240 317,240 3.09 6.1% 89
24. 14.1% 25. 143,769 77,737 230,248 212,158 399,978 327,805 44,649 39,744 184,416 112,508 1,003,060 769,952 30 60 181,588 62,841 0 30 65,688 33,350 31 60 78,081 44,387 143,769 77,737 90
26. a 20,198 74,428 a 33,284 67,660 a 79,236 61,375 132,718 203,463 b 26,266 17,748 42,238 55,572 68,504 73,320 (a) 30 60 0 30 60,472 92,707 31 60 39,708 60,875 61 90 23,656 36,266 91 180 8,882 13,615 132,718 203,463 32,538 49,881 (b) 60 91
27. 4,634 18,958 10,105 23,592 10,105 28. 0.36% 3.1% 0.36% 2.25% 88,077 284,291 325 3,058 66,331 16,000 0.36% 0.50% 0.36% 92
29. 155,774 16,000 2,803,483 2,485,814 782,137 767,303 210,025 211,976 220,797 181,364 353,416 331,344 4,525,632 3,993,801 0 30 1,790,932 1,608,620 31 60 615,197 409,861 61 90 349,033 326,245 90 204,095 157,088 2,959,257 2,501,814 60 60 30. 250,000 1,500 200,000 250,000 201,500 5.81% 7.54% 5.56% 6.13% 250,000 1,500 224,039 5,549 93
31. H a 744,706 506,568 1,251,274 312,819 H b 30,000 30,000 7,500 744,706 536,568 1,281,274 320,319 c (558,530) (402,425) (960,955) c 558,530 402,425 960,955 960,955 744,706 536,568 1,281,274 1,281,274 (a) H H H H (b) TPG Asia V L.P TPG Fit Sports Limited FS Hony Capital RMBI, L.P. TPG FS H TPG FS TPG FS 100,000,000 H H 11.00H TPG Wealth Retail Holdings Limited WR FS HTPG H WR WR FS 25,000,000 5,000,000 H 30,000,000 H WR FS 25,000,000 5,000,000 H 1,600 290,342 1,251,274,116 1,281,274,116 (c) H 0.25 1.00 960,955,587 960,955,587 1.00 H 94
32. 4,582 37,847 14,037 453 (2,541) (27,120) 27,258 35 (3,079) (3,079) 12,005 8,285 523 (182) 1,196 21,827 4,582 49,852 22,322 976 (2,723) (29,003) 46,006 21,011 (3,799) (542) 6,612 2,568 3,066 28,916 4,582 70,863 18,523 434 3,889 (26,435) 3,066 74,922 90,026 65,194 (15,104) (19,188) 74,922 46,006 298,471 203,265 74,094 89,288 224,377 113,977 95
33. 34. (a) 23,592 10,105 317,240 143,769 77,737 3,519 9,075 7,261 184,416 112,508 132,718 203,463 66,331 16,000 1,350,975 1,133,607 2,229,821 1,562,495 155,774 16,000 2,803,483 2,485,814 210,025 211,976 220,797 181,364 236,054 183,551 26,266 17,748 250,000 201,500 3,902,399 3,297,953 96
34. (b) 24 30 28 97
34. (b) 88,077 284,291 325 3,058 5% 5% 5% 5% 5% 4,404 14,215 16 153 98
34. (b) 132,718 203,463 941,273 1,030,979 250,000 201,500 1,233,935 681,600 99
34. (b) % 1,237,236 1,889,277 499,620 3,626,133 3,626,133 26,266 26,266 26,266 6.85 1,072 101,828 156,755 259,655 250,000 1,264,574 1,991,105 656,375 3,912,054 3,902,399 1,005,569 1,573,130 500,006 3,078,705 3,078,705 17,748 17,748 17,748 5.56 1,519 209,353 210,872 201,500 1,023,317 1,574,649 709,359 3,307,325 3,297,953 100
34. (c) 23,592 10,105 101
35. C.P. Holding (BVI) Investment Company Limited CPH 100% 36,738 243 (a) 77,483 77,483 12,314 12,314 3,178 3,178 6,213 6,213 155 155 (59,526) (59,526) (3,079) (3,079) 27,503 9,235 36,738 36,738 (b) 36,738 (155) 36,583 (c) 79,610,213 198,084,758 102
36. 720,422 579,402 2,777,505 2,402,014 6,837,798 6,590,909 10,335,725 9,572,325 365,278 289,276 37. 374,401 113,060 258,147 145,053 103
38. (a) 26 107,976 99,305 236,696 197,365 187,782 151,041 97,828 96,632 5,633 4,531 5,170 5,096 237 128 10,442 3,655 200,000 (b) 6,382 6,509 588 350 6,970 6,859 104
39. % % % % 10,000,000 80 80 10,000,000 80 80 16 16 1,000,000 70 70 1,000,000 55 55 1,000,000 60 60 1,000,000 100 100 1,000,000 75 75 10,000,000 65 65 50,000,000 80 80 10,000,000 80 80 14.4 14.4 100,000,000 99.80 99.80 0.19 0.19 197,855,900.00 100 100 97,639,384 100 100 1,000,000 80 80 19.2 19.2 10,000,000 95 95 4.8 4.8 20,000,000 95 95 4.8 4.8 8,000,000 80 80 20 20 105
39. % % % % 20,000,000 100 100 52,480,000 100 100 50,000,000 100 100 21,000,000 54.09 54.09 i 5,000,000 27.59 27.59 68,269,000 100 100 68,272,000 100 100 (i) 51% 106
40. 329,104 313,340 50,981 35,445 2,279,596 2,215,382 95,824 103,189 100,000 100,000 11,512 5,955 2,867,017 2,773,311 197,312 236,798 317,240 307,841 205,879 43,094 84,269 3,102,339 1,698,322 4,472 14,479 10,105 66,006 16,000 510,681 295,470 4,558,992 2,551,315 1,411,763 862,237 28,177 17,065 3,188,557 1,626,387 78,727 70,857 250,000 200,000 4,957,224 2,776,546 (398,232) (225,231) 2,468,785 2,548,080 1,281,274 320,319 1,187,511 2,227,761 2,468,785 2,548,080 107
14,562,642 12,571,524 10,511,410 8,759,263 7,118,755 (13,243,768) (11,446,293) (9,580,791) (7,987,333) (6,580,967) 1,318,874 1,125,231 930,619 771,930 537,788 1,833,003 1,675,357 1,270,599 990,527 747,050 228,148 143,568 94,306 253,061 121,901 (2,104,200) (1,839,130) (1,369,093) (1,003,014) (754,420) (322,843) (314,470) (252,078) (272,873) (219,065) (68,236) (9,175) (14,648) 5,353 7,061 5,072 27,731 43,332 4,071 3,334 610 25 (2,426) (15,941) (14,527) (32,473) (20,406) (16,589) 863,581 777,249 647,562 746,981 457,571 (245,071) (217,712) (156,202) (190,013) (131,992) 618,510 559,537 491,360 556,968 325,579 586,041 529,837 437,764 490,343 300,078 32,469 29,700 53,596 66,625 25,501 618,510 559,537 491,360 556,968 325,579 0.46 0.42 0.36 0.40 0.25 8,439,080 7,448,710 6,411,690 6,366,034 4,697,768 (5,094,084) (4,453,180) (4,030,910) (3,729,204) (2,467,209) 3,344,996 2,995,530 2,380,780 2,636,830 2,230,559 3,186,997 2,857,211 2,262,163 2,442,214 2,110,205 157,999 138,319 118,617 194,616 120,354 3,344,996 2,995,530 2,380,780 2,636,830 2,230,559 108