16 +852 2846 5000 +852 2169 6001 C-030171 34 342015630 2015[][] 34 70.6% [][][] [] (Consulting Services Executive Committee of the American Institute of Certified Public Accountants) 1(Statement on Standards for Valuation Services No. 1)1 1 III-1
342015630 2015[][] 34 70.6% [][][] [] (Consulting Services Executive Committee of the American Institute of Certified Public Accountants) 1(Statement on Standards for Valuation Services No. 1)1 III-2
1 III-3
34 70.6% 1 6.19% 2 4.97% 3 1.69% 4 5.32% 5 9.50% 6 26.96% 7 69.35% 8 29.06% 9 68.42% 10 10.14% 11 45.24% 12 56.90% 13 88.61% 14 36.84% 15 50.46% 16 33.35% 17 16.98% 18 14.55% 19 16.23% 20 7.95% 21 8.31% 22 23.69% 23 18.00% 24 4.65% 25 2.67% 26 24.46% 27 13.24% 28 14.33% 29 10.04% 30 19.49% 31 38.50% 32 7.24% 33 5.64% 34 44.49% III-4
1978 2008314,050 2014636,46012.4% 12.4%200823,708201446,531 2008 2009 2010 2011 2012 2013 2014 2008 2014........................... 1,328 1,335 1,341 1,347 1,354 1,360 1,367 0.50%................ 31,405 34,090 40,151 47,310 51,947 56,885 63,646 12.40% %.......... 9.60% 9.20% 10.40% 9.30% 7.80% 7.70% 7.40%..... 23,708 25,608 30,015 35,198 38,420 41,805 46,531 11.90%..... 17,283 22,460 25,168 31,149 37,469 44,461 51,276 19.90% 200815,781201428,84410.6% 2008 11,243201419,968 10.0% 2008 2009 2010 2011 2012 2013 2014 2008 2014... 15,781 17,175 19,109 21,810 24,565 26,955 28,844 10.60%..... 11,243 12,265 13,471 15,161 16,674 18,023 19,968 10.00%........ 11,483 13,268 15,700 18,392 21,031 23,781 26,239 14.80% 1996(CPI)(PPI) 19981999CPI 1.50%2.50%PPI-3.5%0.10% III-5
20CPIPPI 1994 1995 1996 1997 1998 1999 2000 CPI.................. 25.50% 10.10% 7.00% 0.40% -1.00% -1.00% 1.20% PPI.................. 19.90% 8.80% 0.40% -0.90% -3.80% -0.80% 2.80% 2001 2002 2003 2004 2005 2006 2007 CPI.................. -0.30% -0.40% 3.20% 2.40% 1.60% 2.80% 6.50% PPI.................. -4.00% 0.40% 3.00% 7.10% 3.20% 3.10% 5.40% 2008 2009 2010 2011 2012 2013 2014 CPI.................. 1.20% 1.90% 4.60% 4.10% 2.50% 2.50% 1.50% PPI.................. -1.10% 1.70% 5.90% 1.70% -1.90% -1.40% -3.30% 30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% -5.00% -10.00% 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 105%8%20088%5%6% 2015 III-6
103 2005 2006 2007 2008 2009 2010 1.............................. 5.58% 5.58% 6.39% 7.47% 5.31% 5.31% 5............................ 6.12% 6.12% 6.84% 7.83% 5.94% 5.94% 2011 2012 2013 2014 2015 1......................................... 6.06% 6.56% 6.00% 6.00% 5.35% 5....................................... 6.40% 7.05% 6.55% 6.55% 6.15% 9.00% 8.00% 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2015140,6607.0% 77,51013.5%70,720 10.6%20157% 201620207% 38%60%2020132 ACMR-IBISWorldIBISWorld20142015 20145,2146.5%2013 6.3% 200919.6% 200929.6201437 IBISWorld5.9% III-7
IBISWorld 1.8% 22.9% 20%10.0 70% 40% 8.1% 201032.8% 201444 IBISWorld 201910.5%201973 2014 6.3%6.8%20101372014178 III-8
2014 70.0% 44.1% 201423.5% 201448.5% 2014 7.9%7.3%2019 106 2014 12.7%2007 201446.5% 7.5% 46.5%46.8% 201446.3% 20112015 8,1502006201068.0% III-9
201017.8%25.62014 42.3 50.5%432013 201451.9%41.2% 25% 15.0% IBISWorld 9.0% 2014 99.5%62.5%2008 19983.32014 46.8 19992.6201423.720092014 11.4%774 IBISWorld201420197%1,086 III-10
60% 21.0% 20.0% 15.2% 14.2% 10.8% 8.3% 8.3% 2.2% IBISWorld 26.1%2014 165 201431.0% 2007 38.5% 15.6% 15.0% 12.9% 8.0% 7.0% 3.0% IBISWorld III-11
2019 49.6% IBISWorld 6.6%2014 987 3.3% 58.6% 14.6% 8.4% 7.5% 6.3% 3.4% 1.2% IBISWorld 51.2% IBISWorld 3.2% IBISWorld 3.9% IBISWorld2.2% III-12
440.9611.7 38.74%IBISWorld5.0%2019781 (32.5%) (18.9%) IBISWorld 32.5% 18.9% 12.9% 12.7% 9.8% 9.5% 3.7% IBISWorld IBISWorld 20148.3% 3% 46.8%2012 IBISWorld 1.7%2019 Handel Jones of International Business Strategies, Inc 91% 1 1 http://usa.chinadaily.com.cn/epaper/201410/07/content_18701860.htm III-13
201468.1% 10.7%201414 20141,8628.6% 11.1%IBISWorld7.6%2019 40.5% 25.7% 2014187 IBISWorld5.5%6.5% 49.5%69.0% 14.6%IBISWorld 65.4% 20065.9%20144.0% IBISWorld III-14
201320145,59811.3% 14.2% 8.8%IBISWorld 20198,523 2014610 10.1%18.4% 20144.8% 15.2% 10,00030,0002009 76201463363342 201410.8% 2005 (MPV)(SUV) 54.6%MPVSUV 54.6% 7.4% 12.4% 5.9% 2.7% 2.2% 1.2% 13.6% IBISWorld III-15
78.5% 16.0%5.5% 78.5% 16.0% 5.5% IBISWorld 200512IPO IVA (10,000 2005...... 110,484.5 24,869.8 257 80 508,813 3,594.3 8,456.1 2,661.1 102,981.5 574 2006...... 148,726.7 32,335.5 265 80 573,102 5,841.4 12,212.9 3,631.5 127,483.7 728 2007...... 185,828.0 43,483.1 285 80 633,163 10,513.5 16,516.8 4,497.9 151,735.0 888 2008...... 213,983.9 49,136.4 372 78 644,541 12,009.8 21,450.3 5,300.3 176,500.8 935 2009...... 288,504.8 62,176.1 363 76 771,925 7,612.7 26,206.8 10,914.1 229,798.8 1,391 2010...... 372,287.7 78,420.3 355 75 858,849 8,220.0 36,052.1 12,157.1 285,038.5 1,830 2011...... 412,824.0 86,566.7 348 73 994,976 11,999.4 47,213.0 11,967.8 321,689.6 1,840 2012...... 422,089.3 88,200.8 321 67 1,070,072 14,502.8 50,309.2 14,412.4 353,711.3 1,927 2013...... 502,886.1 104,801.5 332 65 1,118,626 14,728.0 56,002.3 16,324.0 384,716.7 2,212 2014...... 559,797.3 116,213.9 342 63 1,164,882 15,435.5 60,978.8 18,092.0 418,904.2 2,407 2015...... 621,375.0 128,935.3 352 62 1,210,226 16,515.9 66,771.8 19,763.7 463,308.0 2016...... 681,026.9 141,245.0 361 61 1,256,034 17,771.1 74,116.7 21,443.7 501,762.6 2017...... 742,319.4 154,105.5 370 60 1,298,934 19,210.6 83,307.2 23,030.5 538,893.0 2018...... 796,508.7 165,116.3 379 59 1,341,328 20,613.0 92,554.3 24,734.8 576,615.5 2019...... 852,264.3 176,589.2 387 58 1,384,700 22,055.9 102,087.4 26,466.2 614,544.6 III-16
201436520138.4% 11.4%2014 558.7IBISWorld 7.5% 2019524 2014108.4%2.8%IBISWorld 20197.6% 20140.1%39.7IBISWorld2019 6.7% 30.7% 21.4%188.6 IBISWorld 2.6% 22.5% 30.7% 14.4% 2.6% 26.2% 3.6% IBISWorld III-17
IVA 2005........................ 10,107.5 2,646.5 539 462 201,023 910.1 5.0 523.5 7,899.6 207 2006........................ 12,551.5 2,876.2 632 534 230,140 1,037.0 6.5 761.8 8,249.0 268 2007........................ 15,914.1 3,976.6 700 620 251,192 698.1 5.7 945.4 10,057.8 348 2008........................ 21,167.8 4,826.8 916 814 298,992 733.0 6.4 1,605.8 12,341.2 369 2009........................ 21,240.8 4,889.5 962 840 273,761 659.6 6.2 1,602.6 13,363.5 376 2010........................ 24,969.7 5,864.8 982 842 308,563 772.5 8.1 2,121.7 15,088.1 427 2011........................ 28,086.7 6,508.0 1,050 863 310,538 844.4 11.5 2,457.6 16,941.4 437 2012........................ 29,131.6 6,704.9 1,093 883 308,333 853.7 34.0 2,618.6 18,525.4 460 2013........................ 33,647.0 7,671.5 1,155 932 312,958 927.9 36.8 2,957.3 19,213.9 508 2014........................ 36,473.3 8,233.6 1,219 981 317,339 1,005.8 39.7 3,306.3 19,886.4 559 2015........................ 39,427.7 8,851.1 1,283 1,031 321,465 1,087.3 42.6 3,656.7 20,542.6 611 2016........................ 42,503.0 9,488.4 1,349 1,082 325,322 1,173.2 45.7 4,004.1 21,200.0 664 2017........................ 45,690.8 10,133.6 1,415 1,133 329,226 1,262.4 48.7 4,356.5 21,857.2 719 2018........................ 48,980.5 10,792.3 1,481 1,184 332,848 1,354.5 51.8 4,700.6 22,491.0 774 2019........................ 52,360.2 11,461.5 1,548 1,235 336,176 1,450.7 55.0 5,039.1 23,098.3 829 16.0% 12.9%576IBISWorld6.5% 2019790 IBISWorld 4.2%2019324.0% 2019106.50.1% 100150 200 III-18
IBISWorld 20.0% 83.0%49.0% 11.5% 5.5% 34.0% 11.5% 49.0% 5.5% IBISWorld IVA 2005........................ 10,610.2 2,339.4 589 155 83,886 1,606.6 27.9 245.5 10,055.1 30 2006........................ 19,338.2 3,937.8 692 182 105,998 2,317.3 23.1 402.7 14,330.2 35 2007........................ 23,345.3 5,382.4 815 209 116,590 2,447.4 25.4 589.4 14,584.0 44 2008........................ 27,078.1 6,227.9 874 264 154,293 1,850.6 25.9 1,057.6 18,021.2 48 2009........................ 31,412.1 7,143.1 891 280 166,387 1,632.9 29.7 1,554.5 20,208.0 61 2010........................ 38,264.4 8,224.6 925 291 201,470 2,038.6 29.4 1,758.6 26,470.9 76 2011........................ 42,702.5 9,540.2 958 301 220,695 2,009.5 36.5 2,469.7 29,084.9 106 2012........................ 46,169.9 10,470.5 990 312 238,862 2,362.2 59.9 2,811.4 32,837.8 114 2013........................ 53,009.8 11,724.0 1,033 327 260,694 2,437.3 68.8 3,150.4 38,362.3 123 2014........................ 57,597.3 12,825.7 1,075 341 279,595 2,566.8 75.7 3,469.8 42,388.4 2015........................ 61,890.7 13,870.2 1,113 355 297,476 2,701.2 82.9 3,804.2 46,775.9 2016........................ 66,323.3 14,979.0 1,149 369 314,262 2,826.3 90.1 4,156.1 50,349.4 2017........................ 70,615.5 16,204.3 1,179 382 328,676 2,946.4 97.1 4,485.7 53,307.8 2018........................ 74,694.6 17,466.1 1,204 392 341,377 3,052.1 102.0 4,773.1 55,388.3 2019........................ 78,981.3 18,766.3 1,226 401 350,257 3,150.5 106.5 4,992.1 57,369.8 2014 III-19
13.6%75IBISWorld8.1% 2019110.5 6.0% IBISWorld 2014 40.6%2014 34.5% 18.7% 200911.9% 2014105.1IBISWorld9.2% 2019163.0 2014 52.2% III-20
30.2% 25.6%21.0% 17.6% III-21
201520142013 EBITDA III-22
1. 2. 3. 4. DLOM DLOM DLOM40% III-23
201520142013 III-24
.............................................................. 1,067.............................................................. 1,377............................................................ 11,872.......................................................... 2,420.............................................................. 3,348.............................................................. 20,084 8A 2015[][] (IACVA) 15 III-25
1088 HK 000157 CH 002532 CH 601727 CH 1898 HK 000425 CH 600765 CH 600875 CH 1171 HK 000528 CH 601100 CH 002531 CH 601699 CH 1133 HK 000983 CH 1072 HK 600348 CH 2727 HK 000937 CH 200771 CH 600395 CH 002630 CH 601001 CH 002074 CH 002128 CH 1393 HK 3948 HK 000159 CH 000552 CH 000723 CH 000780 CH 000933 CH 000968 CH 600121 CH 600123 CH 600157 CH 600188 CH 600397 CH 600403 CH 600508 CH 600546 CH 600652 CH 600714 CH 600740 CH 600971 CH 600997 CH 601011 CH 601088 CH 601101 CH 601666 CH 601699 CH 601898 CH 601918 CH III-26
2014 2013 2014 2014 2015 2014 90.8 43.1 24.3 71.0 45.4 54.9 5.6 5.3 20.7 37.5 9.8 9.0 18.5 13.2 23.2 42.2 13.6 9.9 23.4 16.2 22.8 50.3 19.0 18.9 15.3 21.3 1.5 6.0 12.6 6.0 0.6 0.6 1.5 3.3 0.5 0.5 2.1 2.1 1.5 5.8 2.9 2.1 3.0 3.0 1.5 5.1 4.1 3.0 III-27
000612 CH 600078 CH 000960 CH 600227 CH 601600 CH 600141 CH 600961 CH 600426 CH 600595 CH 600470 CH 000751 CH *ST 000422 CH 600219 CH 002170 CH 600338 CH 000830 CH 600888 CH 600727 CH 000060 CH 000912 CH 002540 CH 002538 CH 002114 CH 002274 CH 000807 CH 000422 CH 601168 CH 600423 CH 002501 CH 600096 CH 600096 CH 600673 CH 002470 CH 600230 CH 300337 CH 000830 CH 002109 CH 601677 CH 600596 CH 000822 CH 2600 HK 600227 CH 000950 CH 486 HK 600470 CH 1378 HK 3983 HK 1333 HK 297 HK 1208 HK 546 HK 1220 HK 827 HK 98 HK 746 HK 408 HK 2198 HK 1866 HK 509 HK 850 HK 8189 HK 640 HK 1329 HK 1047 HK 2014 2015 2014 2014 2013 118.5 97.5 111.9 67.6 54.3 7.9 10.3 26.6 4.0 3.3 30.2 30.5 36.0 13.3 15.3 44.2 37.4 46.8 21.6 20.4 7.5 12.7 9.9 6.6 6.6 0.7 1.4 2.3 0.8 0.8 2.7 3.5 6.6 2.5 2.3 3.4 4.2 6.0 2.5 2.3 III-28
600019 CH 300150 CH 600060 CH 3355 HK 600010 CH 300044 CH 200016 CH 85 HK 000898 CH 300270 CH 002429 CH 002185 CH 000709 CH 002312 CH 000909 CH 601012 CH 600005 CH 002528 CH 300389 CH 600584 CH 000825 CH 1708 HK 300256 CH 1385 HK 600808 CH 8051 HK 903 HK 000778 CH 002052 CH 1070 HK TCL 600022 CH 300211 CH 751 HK 200761 CH 002519 CH 710 HK 600399 CH 482 HK 259 HK 000932 CH 002236 CH 2358 HK 601003 CH 1149 HK 167 HK 002318 CH 600782 CH 2014 2014 2014 2014 15.0 250.7 28.5 45.9 6.1 34.2 1.9 7.1 9.5 60.9 18.1 20.2 10.0 97.9 15.8 23.3 2.0 17.6 9.4 7.9 0.7 0.6 0.3 1.7 1.4 6.9 3.2 5.7 1.4 7.8 3.8 5.6 III-29
600166 CH 000988 CH 200521CH 000726 CH 1812 HK 600418 CH 000917 CH 600336 CH 601339 CH 2314 HK 200625 CH 000016 CH 002668 CH 600851 CH 2689 HK 000550 CH 000100 CH TCL 921 HK 600177 CH 600966 CH 3808 HK 600207 CH 000921 CH 002269 CH 600308 CH 1122 HK 002238 CH 002503 CH 600832 CH 002563 CH 600839 CH 601566 CH 002052 CH 603555 CH 600100 CH 002293 CH 600076 CH 2313 HK 600690 CH 002369 CH 000727 CH 000909 CH 600122 CH 600060 CH 600747 CH 2015 2014 2014 2014 2015 114 60.0 22.8 94.5 15.0 2.3 3.3 10.2 8.3 9.6 18.5 26.2 12.0 28.0 10.4 33.4 33.9 13.9 35.7 11.7 3.1 15.2 6.3 11.5 1.9 0.7 2.5 1.2 1.2 0.7 2.1 5.6 3.2 3.1 1.3 2.0 6.2 3.5 4.8 1.3 III-30