建业地产2012年报

󰿚󰐇2012󰏋12󰋜31󰋚󰋟󰏋󰜓󰙙󰏋󰜓󰸸󱐶󰊮󰑓

󰧌󰨕󰿜󰠅• • • • • •

󰿚󰐇2012󰏋12󰋜31󰋚󰋟󰏋󰜓󰁤󱐄󰸸󱕘󰟒󰞉󰉛󰍏󰿆63.46󱄂󰊩󰁤󰼰2011󰏋󰲯󰋇󰟒4.4%󰁦󰏋󰊫󰋣󰐻󰬟󰞉35.4%󰁤󰏾2011󰏋󰎝󰲂󰞉38.8%󰁦

󰏋󰊫󰍉󰊮󰌡󱛆󰥂󰜵󰏞󰉛󱏐󰐦󰹐󰐻󰟒󰞉󰉛󰍏󰿆8.23󱄂󰊩󰁤󰼰2011󰏋󱄣󰌋󰟒23.2%󰁦󰏋󰊫󰬋󰐻󱆗󰬟󰞉13.7%󰁤󰏾2011󰏋󰞉11.2%󰁦

󰏋󰊫󰓊󰙰󰨿󰍉󰞮󰐻󰞉󰉛󰍏󰿆33.90󰊱󰁤󰼰2011󰏋󱄣󰌋󰟒13.9%󰁦󰻨󰔫󰸶󰜁󰝼󰓊󰙰8.0󰲥󰌀󰂀󰟒󰞴󰺅󰗵󰉛󰍏󰿆6.45󰊱󰂁󰙙󰍋󰲂󰙰󰢹󰁦

* 󰷃󰔶󱗆󰐹– 1 –

報告

󰎢󰐗󰰯󰸫󰙙󰙰󰘇󰁪

󰍉󰉛󱔫󰋾󰚌󰜔󰸸󰎮󰬪󰙰󰎅󰏞󰠢󰊮󰌡󰂀󰂘󰍉󰊮󰌡󰂙󰁥󰂘󰜔󰸸󰂙󰗐󰂘󰒢󰡁󰂙󰂁󰻨󰔫󰂀󰂘󰻨󰔫󰂙󰂁󰸶󰂀󰂘󰻨󰔫󰸶󰂙󰂁󰘚󰳍󰎣󰎢󰐗󰱤󰑏󰿚󰐇2012󰏋12󰋜31󰋚󰙙󰏋󰜓󱁝󰎥󰸸󱐶󰂀󰂘󰏋󰜓󰸸󱐶󰂙󰂁󰁦

2012󰏋󰁤󰘦󰛌󰎌󰠦󰾼󰝄󰜔󰮣󰊕󰡡󰺾󱏶󰨜󰁥󰌋󰒞󰊕󰡡󰩡󰧎󰙙󰘦󰛌󰣈󱌳󱐼󱜗󱊷󰬫󰁤󰎌󰞲󰺾󱏶󰚭󰜵󰌻󱖢󰼰󰒞󱄣󰚗󰁦󱅰󱊽󱜑󰍪󰁤󰘦󰛌󰞲2012󰏋󰍛󰬪󱐼󰠽2.98󰺬󱄂󰊩󰉛󰍏󰿆󰁤󰋢󰉪󰏋󱄣󰚗10.1%󰁤󰧷󰗵󰎌󰨷󰌻󰑩󰋥󰌻2.3󰡈󰏵󰊱󱓃󰁦󰗒󰎮󰬪󰋙󰠦󰁤󰞴󰿁󰗵󰉓󳝬󰛬󰌹󰙙󰗒󰎮󰬪󱄆󰣸󰘪󰨗󰁤󰘦󰛌󰞲󰾼󰬤󰨠󰛜󰗒󱉖󰨯󰑩󱄆3,831󰊩󰉛󰍏󰿆󰅊󰌻󰋙󰏷󰁤󰎝󰋢󱄣󰚗9.4%󰁤󱄣󰮺󰬫󰧷󰗵󰎌󰨷󰌻󰑩󰋥󰌻󰁤󰎎󰏣󱜑󰍪󰌈󰘦󰛌󰗒󰎮󰬪󰌹󰰙󰋸󰐆󰐘󰗌󱃪󰓋󰞉󰋴󰁤󰒳󱋚󰒳󰼟󱃪󰓋󰼰󰋇󰙙󰤤󱓃󰁦

󱔟󰴹󰋚󰥂󰌋󰮺󰙙󰘦󰛌󰸭󰛨󰛬󱕄󰊷󰶆󰳻󰊿󰗒󰎮󰬪󰸸󰙙󱖢󰓉󰳯󰢝󰿒󰷐󰁤󰍉󰊮󰌡2012󰏋󰸸󱐶󰼰󰌘󰏋󰎝󰲂󰏞󱜑󰴹󱄣󰚗󰁦󰍉󰊮󰌡󰎥󰎝󱉖󰨯󰚖󱕘󰼺󰕑103.5󱄂󰊩󰉛󰍏󰿆󰁤󰎝󰋢󱄣󰚗󰼺27.4%󰁩󱉖󰨯󰠦󱌐󰵴󰽀158󰺬󰌻󰋙󰏷󰁤󰐗󰖢󰂘2012󰏋󰊕󰨷󰗒󰎮󰬪󰎆󰸸󱉖󰨯󰠦󱌐󰪰󰐑󰿮󰂙󰭋31󰐗󰁤󰎯󰘦󰛌󰌹󰰙󰍵󱘱󱚃󰚭󰜵󱃯󰎋󰁦󰎝󰣛󰁤󰍉󰊮󰌡󰙙󱁝󰎥󰾼󰉢󰊔󱓙󰱤󰊺󰁤󰎯2012󰊕󰨷󰗒󰎮󰬪󰶚󰳯󰎆󰸸500󰩶󰊕󰪰󰎤󰍟2011󰏋󰙙󰭋33󰐗󰱤󰊺󰐇󰭋31󰐗󰁤󰔨󰎎󰏣󱔤󱑌󰂘󰊕󰨷󰗒󰎮󰬪󰶚󰳯󰎆󰸸󰨜󰨹󰼶󱐄󰉤󰩶󰂙󰭋󰉓󰎤󰁤󰝊󰊕󰡡󰎮󰬪󰞢󰨬󰉓󰉓󰢕󰶆󰉝󰛃30󰩶󰙙󰗒󰎮󰬪󰶚󰳯󰎆󰸸󰁦

2012󰏋󰁤󰍉󰊮󰌡󰨺󰜵󰉙󰐆󰔒󰉓󰮫󰙙󰎆󰸸󰬣󰗂󰁤󰔨󰩶󱈜󰮵󰉓󰬣󰗂󰚌󰬤󰎯󰎆󰸸󰙙󰋚󰩬󰐑󰞉󰊕󰰱󰝊󰧷󰜓󰠠󰵖󰬪󰛜󰕱󰘂󰨕󰁦󰨿󰗵󰏤󰁤󰎯󰪪󰶆󰬪󰛜󰓻󰎐󰊷󰁥󱅺󰹟󰊷󰁥󰬪󰸸󰊷󰙙󱁤󱃯󰉨󰁤󰍉󰊮󰌡󰩚󰏓󰍭󰜔󱌘󰮣󰠇󰊮󰌡󰁤󰔨󰴹󰋓󰞼󰓺󰜔󰸸󰭋󰌬󰋾󰓻󰎐󰬪󰛜󰁤󰪪󰶆󰛬󰌹󱁝󰎥󱜗󰕱󱁠󰐍󰜔󱌘󰙙󰞼󰳯󰶆󰳻󰁤󱌐󰸽󰟧󰉢󰗵󰬪󰛜󰛜󱈯󰙙󰱤󰊺󰕱󰩃󰔃󰸭󰙙󰣨󰋐󱘩󰙆󰉢󰁦󱁾󰏤󰎝󰣛󰁤󰍉󰊮󰌡󰎌󰉢󰿴󰜔󰙙󰎌󰞲󰘂󰨕󱜗󰓻󰍵󰏞󰸭󰙙󰶆󰢝󰁤󰕭󰌣󰊕󰋐󰒻󰎤󰞉󰘂󰨕󰜸󰱨󰊕󰋐󰁤󱁾󰂘󰐇󰰯󰌔󰂙󰞴󰴐󰎥󰙙󱁣󰴖󰕱󰨠󰨕󰌻󰌨󰊊󰮼󰓉󰜔󰍭󰧎󰎢󰸸󰨕󱅼󰷯󰚗󰣖󰹖󰮷󱋚󰕓󰁤󰋸󰚩󰜱󰪢󰡈󰗌󰊷󰊱󱄴󰏣󰘂󰨕󰁤󰩶󰊷󰩂󰐑󱅺󰹟󰁦󰍊󰔸󰉧󰐇󰊞󰏋󰁤󰮵󰩚󰝊󰘦󰛌󰞲󰕉󰋼󰎮󰬪󰊮󰌡󰳌󰘬󱅼󰍷󰙙󰎆󰸸󱋹󰤤󱘩󰙆󱎴󰷐󰁦

2012󰏋󰁤󰍉󰊮󰌡󰭜󱔌󰉙20󰕴󰏋󰓻󰎐󱅅󰕊󰝺󰨗󰁤󱆽󰍭󰉙󰂘󰜔󰸸󰉚󰉤󰏋 󰸊󰢸󰉓󱄂󰉛󰂙󰙙󰋴󱕚󰁤󰔨󱑘󱍬󰉙󰉽󰛨󰰦󱜗󰔈󰠦󰸶󰁥󰂐󰚗󰖼󰭜󱀂󰂑󰸊󰢸󰜄󰋒󱀅󰌈󰁥󰂐󰜔󰸸󰉛󰙙󰚗󰖼󰂑󰉽󰛨󱅅󰕊󰫉󰸶󰴃󰊮󰎍󰝺󰨗󰁩󰋸󰌈󰙈󰟏󰗂󱓉󰣣󰂐󰜔󰸸󰣣󰮛󰂑󰁥󰟏󱍽󰋪󰂐󰜔󰛬󰨿󰸸󰂑󰴃󰒖󰏌󰣰󰬣󰉙󰍉󰊮󰌡󰙙󱋝󰌦󰠐󰼦󰕱󰋖󰊷󰋴󰩵󰁤󰎌󰠦󰱤󰊺󰊮󰌡󰎯󰘦󰛌󰊿󰎌󰨷󰌹󰰙󰙙󰛜󰳐󱅂󱚤󰉢󰊿󰟕󱚑󰜓󰁦

– 2 –

（續）報告

2012󰏋󰁤󰍉󰊮󰌡󰏓󰌌󰳯󰐑󰉙2016󰏋󰕑󰲂1.75󱄂󰸭󰌋󰕽󰊩󱎴󰎋󰭃󱊽󰁩󰔨󰮷󰽀󰜦󰺅󰙙󰚦󰏖󰏄󰪰󰊮󰬺󰷍󰶫󰉛󰍏󰿆7󱄂󰊩󰁤󰲂󰠢5󰏋󰁩2013󰏋1󰋜󰁤󰉦󰏓󰌌󰳯󰐑󰉙2󱄂󰟕󰊩󰏋󰢹󰬟󰞉8.0%󰗵2020󰏋󰕑󰲂󰙙󱎴󰎋󰭃󱊽󰁩󰎆󰸸󰙝󰎤󰜓󰎯󰼟󰍉󰌹󰰙󰶆󰉓󰓉󰱤󰧷󰁦󰍟󰗵󰨷󰊫󰌮󰼟󰍉󰌻󰌨󰙙󰋕󰜵󰕱󰺾󱐄󰦐󰉢󰙙󱜑󰴹󱄣󰚗󰁤󰍉󰊮󰌡󰋸󰞴󰿁󰼰󰐭󰙙󱄆󰣸󰏞󰠇󰾌󰎮󱐏󰕟󰉺󰎮󰁤󰎌󰏋󰸭󱄣󰉺󰎮󱎷󰯪419󰺬󰌻󰋙󰏷󰁦󰠽󰩻󰱤󰊿󰙙󰝊󰁤󰍉󰊮󰌡󰜵󱚃󰌋󰒞󰶆󰉝󱌤󰥴󰛬󰌹󰙙󰓉󰍽󰁤󰮢󰗹󰁥󰨠󰋳󰁥󰳊󰐪󰁥󰌻󰯟󰊆󰁥󱉳󰧵󰖳󰁥󱀙󰘦󰁥󰸭󰶊󰊿󰕴󰉹󰴃󰎮󱌤󰥴󰌹󰰙󰙙󰗟󰢝󰕟󰩻󰉙󱜑󰴹󰏓󰣖󰁤󰞉󰍉󰊮󰌡󱘱󱚃󰬉󰦁󰘦󰛌󰱤󰔶󰉙󱄿󱒪󰙙󰳯󰢝󰙤󰶜󰁦󱁾󰏤󰎝󰣛󰁤󰐜󱎇󰴹󰞲󰨹󰊷󱊷󰬫󰙙󰪪󰶆󰁤󰍉󰊮󰌡󰨠󰸸󰙊󰸸󰁥󰧢󰖳󰙊󰸸󰁥󰙟󰨜󰨠󰸸󰙊󰸸󰴃󰎵󰊩󰊷󰙙󰙊󰸸󰭜󰎥󰜵󱚃󰉝󰌹󰁤󰞉󰍉󰊮󰌡󰞮󰐻󰙙󰜵󱚃󱖢󰖛󱄣󰚗󰰢󰖛󰉙󰨺󰾼󰙙󰨿󱓾󰁦

󰽫󰠇2013󰏋󰁤󰊕󰨷󰒃󱝈󰺾󱏶󰎯󱖢󱄣󰚗󰙙󰎝󰣛󰒻󰴹󰉢󰗵󰌙󰜵󱚃󰳯󰢝󰁤󰏾󰗒󰎮󰬪󰌹󰰙󰩚󱘱󱚃󰎯󰗒󰎮󰬪󱈜󰪛󰊕󰔴󰗒󱄆󱒈󰎣󰌻󱖢󰁦󰒢󰡁󰔱󱔚󰞴󰚦󰁤󰊕󰨷󰧷󰮺󰛬󱕄󰊷󰟠󰱻󰉨󰙙󰗒󰎮󰬪󰸸󰕈󰏞󰳌󰘬󰚜󱊺󰙙󰥆󰾼󱃪󰓋󰁦󰜔󰸸󰉛󰏘󰎯1999󰏋󰕓󰖛󰔨󰗵2002󰏋󴥊󰨗󰙙󰞲󰨹󰊷󰎆󰸸󱊷󰬫󰁤󱁾󰊕󰨷󰙙󰊕󰡡󰺾󱏶󰨜󰜔󰮣󰕱󰘦󰛌󰙙󰸭󰛨󰛬󱕄󰊷󰎯󰊦󰋂󰙙󰣛󱓃󰉪󰊔󱍑󰏾󰎥󰁤󰎯󰠦󰿁󰂘󰛬󱕄󰊷󰟎󰐻󰂙󰮵󰉓󰠠󰉽󰳯󰢝󱋚󰼾󰣛󰁤󰏗󱖡󰔨󰕟󰩻󰉙󰂘󰍊󰚠󱁦󱐷󰂙󰕱󰂘󰎋󰉝󰞉󰋴󰂙󰙙󰎋󰳯󱎴󰷐󰁦󰐪󰞉󰉓󰢕󰭦󰿕󰗵󰍜󰚗󰣛󰝬󰵖󰔉󰒨󱊿󰳯󰢝󱊷󰬫󰙙󰊮󰌡󰁤󰒢󰡁󰩚󱘱󱚃󰋸󰨿󰸸󰚗󰚡󰙙󱅺󰹟󰟒󰒼󰬤󰎯󰁤󰋸󱖢󰨄󰾼󰣖󰙙󰺾󱐄󱉗󰾦󰍊󰔸󰁦󰞉󱈵󰐑󰿁󰌹󰰙󰙙󰗕󱍕󰁤󰍉󰊮󰌡󱌐󰸽󰪪󰨗󱁍󰬣󰯴󰸭󰁤󰜵󱚃󰎣󰯴󰸭󰠅󰣖󰬟󰁥󰎣󰣖󰬟󰠅󰣖󰥂󰁤󰑀󰉢󰾼󰬤󰏋󰜓󰺾󱐄󰍦󱅺󰁦

󰟧󱑽

󱔫󰏤󰦹󰋐󰸊󱑽󱁍󰬣󱄴󰕱󰎌󱜗󰡰󰊈󰙙󰔔󰷏󰑀󰉢󱁾󰋹󰌈󰁦󰎯󰌂󱀐󱜊󰠧󰙙󰏋󰋾󰁤󰙰󰘇󰙙󰚦󱍠󱁾󱂩󰎝󰁤󰝊󰒢󰡁󰙙󰨗󰉢󰊘󰹕󰁦󰒢󰡁󰩚󱘱󱚃󰞉󰙰󰘇󰯴󰮿󰯰󰉽󱄆󰠽󰁤󰨂󰊕󰡡󰛬󱕄󰊷󰶆󰳻󱁾󰙟󰸶󰎌󰠦󰶆󰓉󰙙󰪪󰨗󰙫󰁤󰎯󰊮󰌡󰭋󰉧󰡈󰉤󰏋󰙙󰧎󱓃󰉪󰁤󰞉󰊕󰨷󰗒󰎮󰬪󰸸󰨄󰩰󰜵󱚃󰳯󰢝󰨂󰌈󰒻󰉽󰙙󰧍󱘠󰁦

󰋴󰢩󰟡󰻫󰲌

2013󰏋3󰋜25󰋚

– 3 –

󰏋󰜓󰸸󱐶󰊮󰑓

󰻨󰔫󰸶󱔫󰏤󰜁󰐱󰍉󰶫󰾠󰿚󰐇2012󰏋12󰋜31󰋚󰋟󰏋󰜓󰙙󰏋󰜓󰸸󱐶󰁤󰔨󰮹󰎝󰉪󰉓󰧌󰝁󰏋󰜓󰙙󰋢󰼰󱅰󱊽󰼱󰎐󰎽󰉨󰁪

綜合收益表

󰿚󰐇2012󰏋12󰋜31󰋚󰋟󰏋󰜓

󰂀󰋸󰉛󰍏󰿆󰎐󱈪󰂁󰚝󰵗2012󰏋󰉛󰍏󰿆󰉷󰊩2011󰏋󰉛󰍏󰿆󰉷󰊩6,638,354(4,063,916)󱐄󰸸󱕘󱉖󰨯󰏓󰍉36,345,527(4,099,713)󰋣󰐻󰕉󰋼󰏗󰥂󰕉󰋼󱑦󰸦󰬋󱕘󱉖󰨯󰊿󰌹󰰙󰪪󱄿󰶚󰋕󰉓󰦛󰊿󰐑󰝁󰶚󰋕󰕉󰋼󰺾󱐄󰏗󰉝442,245,814111,226(4,787)(221,765)(398,014)46,9332,574,43871,419(16,573)(162,385)(277,8)13,3382,202,348(4,162)(7,277)(375,059)1,779,407󰊱󰐦󱑌󱐄󰊮󰌡󱑦󰸦󰊱󰐦󰎍󰎝󰪛󰕓󰾼󱜗󰹐󰐻󰲯󱑦󰸦󱍄󰼟󰏓󰍉󰧰󰒳󰼟󰙊󰸸󰊮󰌻󰠽󱜊󰨗󰊿󰗔󰩻󰳼󰛃󰙙󰹐󰐻󰒳󰼟󰙊󰸸󰊮󰌻󰠽󱄣󰌋󰬋󱕘95(a)(1,758)320,595(269,154)1,829,09016,9721,815,8501,9001,817,750(1,074,820)󰧰󰳼󰛃󰹐󰐻󰗔󰩻󰳼󰏋󰜓󰹐󰐻561,846,062(976,268)869,794742,930󱓥󱙮󰁪󰍉󰊮󰌡󱛆󰥂󰜵󰏞󰉛󰚢󰪛󰙰󱛆󰥂823,086,708667,99574,935742,930󰏋󰜓󰹐󰐻869,794733.9030.71󰓊󰙰󰞮󰐻— 󰨿󰍉󰂀󰉛󰍏󰿆󰊱󰂁— 󱛅󱑛󰂀󰉛󰍏󰿆󰊱󰂁29.7729.77– 4 –

綜合全面收益表

󰿚󰐇2012󰏋12󰋜31󰋚󰋟󰏋󰜓

󰂀󰋸󰉛󰍏󰿆󰎐󱈪󰂁󰏋󰜓󰹐󰐻󰏋󰊫󰕉󰋼󰎌󰠦󰏗󰉝󰂀󰰱󰳼󰶰󰊿󰠠󰸭󰊱󱗳󰐪󰌈󱈜󱋆󰜝󰂁󰱬󱁑󰤎󰌮󰚝󱙮󰊮󰌡󰧌󰨕󰰜󰚌󰙙󰷒󰐳󰢨󱕘󰙊󰸸󰁥󱅀󰗒󰊿󰮣󰯪󰠠󰸭󰐟󰠽󰏗󰉝󰬤󰚖󰝴󰶎󰿁󰓙󰁪󰊮󰌻󰠽󱜊󰨗󰊕󰙙󰏞󰣖󰯅󰊱󰍟󱛆󰥂󱔷󰭅󰐇󰸦󰥂󰏋󰊫󰗵󰕉󰋼󰎌󰠦󰏗󰉝󱆽󱂩󰙙󰿁󰓙󱎷󰯪󰊕󰙙󰬋󱜊󰨗󰏋󰊫󰎌󰠦󰏗󰉝󱐼󱕘󱓥󱙮󰁪󰍉󰊮󰌡󱛆󰥂󰜵󰏞󰉛󰚢󰪛󰙰󱛆󰥂󰏋󰊫󰎌󰠦󰏗󰉝󱐼󱕘󰋸󰉪󰕉󰋼󰎌󰠦󰏗󰉝󰙙󰭜󰏓󰯅󰎅󰓚󰏞󰎂󰐞󰳼󰶰󱅂󱚤󰁦

– 5 –

2012󰏋2011󰏋󰉛󰍏󰿆󰉷󰊩󰉛󰍏󰿆󰉷󰊩869,794742,93012,58758,9246,479–17,267–(47,696)–(30,429)–(11,363)58,924858,431801,854809,7726,22948,275,625858,431801,854綜合財務狀況表

2012󰏋12󰋜31󰋚

󰂀󰋸󰉛󰍏󰿆󰎐󱈪󰂁 󰚢󰝴󰨗󰼟󰬪󰙊󰸸󰁥󱅀󰗒󰊿󰮣󰯪󰒳󰼟󰙊󰸸󱑌󱐄󰊮󰌡󱛆󰥂󰎍󰎝󰪛󰕓󰾼󱜗󱛆󰥂󰕉󰋼󰚖󱍄󰼟󰬪󱃈󰖷󰳼󰶰󰼟󰬪󰝴󰨗󰼟󰬪󰍴󰗸󰗌󱗇󰕎󰜙󰨯󰙊󰸸󰵱󰗸󰊿󰕉󰋼󱏐󰏗󰲛󰶰󰜲󰚖󰊿󰽫󰋹󰲛󰽫󰋹󰳼󰶰󰕡󰠢󰕓󱃕󰐑󰏀󰲛󰬤󰚖󰊿󰬤󰚖󰴃󱄆󰙊󰝴󰨗󰠋󰷀󱃕󰐑󰠾󰲛󰕉󰋼󰠾󰲛󰵱󰗸󰊿󰕉󰋼󱏐󰋹󰲛󰶰󱁾󱏐󰠇󰵬󰍜󰽫󰏗󰲛󰶰󰌙󰱬󰙰󰷀󰕎󱎴󰎋󰭃󱊽󱏐󰋹󰳼󰶰󰝴󰨗󰼟󰬪󰬋󰠽󱐼󰼟󰬪󰲯󰝴󰨗󰠋󰷀 󰚝󰵗91011121314151617– 6 –

2012󰏋2011󰏋 󰉛󰍏󰿆󰉷󰊩 󰉛󰍏󰿆󰉷󰊩1,543,351945,421343,600278,80047,91749,6755,027,9933,102,99591,80097,800116,602111,5707,171,2634,586,26195,49874,8787,930,2058,624,403503,375441,5273,608,4231,733,818117,442109,022972,283652,8633,949,7753,255,52817,177,00114,2,039675,0001,110,660739,7021,245,4708,218,3225,078,5952,759,2073,098,425–549,665–1,849,8851,121,817828,65513,514,04813,761,3553,662,9531,130,68410,834,2165,716,945綜合財務狀況表

（續）2012󰏋12󰋜31󰋚

󰂀󰋸󰉛󰍏󰿆󰎐󱈪󰂁 󰚢󰝴󰨗󰠋󰷀󱃕󰐑󰠾󰲛󰕉󰋼󰠾󰲛󰌙󰱬󰙰󰷀󰕎󱎴󰎋󰭃󱊽󱃈󰖷󰳼󰶰󰠋󰷀󰼟󰬪󰬋󰠽󰼟󰍉󰊿󱎷󰯪󰙰󰍉󱎷󰯪󰍉󰊮󰌡󱛆󰥂󰜵󰏞󰉛󱏐󰐦󱛆󰥂󱐼󱕘󰚢󰪛󰙰󱛆󰥂󱛆󰥂󱐼󱕘 󰚝󰵗13141617– 7 –

2012󰏋2011󰏋 󰉛󰍏󰿆󰉷󰊩 󰉛󰍏󰿆󰉷󰊩921,500516,000915,980107,700587,533–2,730,5–55,40451,4935,211,006675,1935,623,2105,041,752215,285215,1854,954,37,427,3035,169,6614,2,488453,549399,25,623,2105,041,752財務報表附註

󰂀󰋸󰉛󰍏󰿆󰎐󱈪󰂁1 󰉓󰦛󰼟󰣘

󰜔󰸸󰎮󰬪󰙰󰎅󰏞󰠢󰊮󰌡󰂀󰂘󰍉󰊮󰌡󰂙󰂁󰞉󰉓󰶜󰗵2007󰏋11󰋜15󰋚󰎯󰶚󰨟󰻊󰢥󰵗󰌅󰏓󰍭󰙙󱐏󱒀󰐵󰏞󰠢󰊮󰌡󰁤󰋴󰠅󱐄󰸸󰎮󱓃󰐗󰗵󰠰󰲥󰉘󱎲󰝚󰉻󰓳󰼸󰐓1󰻮󱐑󰬢󰵱󰗸󱄿󰰙77󱅽7701B–7702A󰜃󰁤󰏾󰵗󰌅󱍬󰔫󰮈󰐗󰗵Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman, KY1-1111, Cayman Islands󰁦󰍉󰊮󰌡󰋴󰠅󰝺󰨗󰞉󰒳󰼟󰪛󰙰󰁤󰕉󰚝󱙮󰊮󰌡󰋴󰠅󰗵󰊕󰴶󰉛󰍏󰎍󰕱󰨷󰂀󰂘󰊕󰨷󰂙󰂁󰘦󰛌󰞲󰩽󰔫󰗒󰎮󰬪󰶚󰳯󰁦.

2 󰠠󰠅󰸶󰠇󰝁󰴄

(a) 󰧌󰨕󰰜󰚌󱇜󱂡󰨿󰹟

󰍉󰧌󰨕󰰜󰚌󰉗󰜲󰹫󰠰󰲥󰸶󰠇󰢪󰊮󰸶󰂀󰂘󰠰󰲥󰸶󰠇󰢪󰊮󰸶󰂙󰂁󰽯󰐱󰙙󰗔󰏞󱉇󰍜󰠰󰲥󰧌󰨕󰰜󰑓󰹟󰛆󰂀󰂘󰠰󰲥󰧌󰨕󰰜󰑓󰹟󰛆󰂙󰂀󰌍󰜼󰗔󰏞󱉇󰍜󰙙󰡈󰐹󰠰󰲥󰧌󰨕󰰜󰑓󰹟󰛆󰁥󰠰󰲥󰸶󰠇󰹟󰛆󰂀󰂘󰠰󰲥󰸶󰠇󰹟󰛆󰂙󰂁󰊿󰼕󱙑󰂁󰁥󰠰󰲥󰊮󱂩󰸶󰠇󰡡󰛆󰋸󰊿󰂀󰂘󰉪󰌹󰮝󰛆󰂙󰂁󰙙󰠰󰲥󰊮󰌡󰫢󰔷󰊘󰗞󱚣󰮝󰖛󰏾󱇜󱂡󰁦󰍉󰧌󰨕󰰜󰚌󰍵󰭌󰎥󰠰󰲥󱑌󰎥󰍴󰗸󰗔󰏞󰠢󰊮󰌡󱗇󰕎󰉪󰌹󰮝󰛆󱉇󰍜󰗞󱚣󰫢󰔷󰁦

󰧰󰋸󰉨󰗔󰼱󰬤󰚖󰝴󰶎󰿁󰓙󰁥󰏞󱗫󰧢󰖳󰺾󱐄󰊿󰝁󰖴󰻾󰵨󰙙󰏗󰥂󱆽󱂩󰊿󰸶󰠇󰝁󰴄󱜊󰒻󰌮󰁤󱇜󱂡󰍉󰧌󰨕󰰜󰚌󰗔󰪮󰍜󰊘󰸶󰠇󰝁󰴄󱁾󱇜󱂡2011󰏋󰊘󰏋󰜓󰧌󰨕󰰜󰚌󰗔󰪮󰍜󰙫󰉓󰟧󰁪

(b) 󰬤󰚖󰝴󰶎󰿁󰓙

󰟰󰠃󰍛󰚖󱍄󰊈󰕈󰏙󰎯󰞉󰊊󱆽󱂩󰙙󰼟󰬪󰗐󰠋󰷀󰙙󰬤󰚖󰝴󰶎󰘪󰨗󰁤󰗐󰙫󰝊󰽫󰲻󰶆󰐑󱋚󰸶󰞴󰺅󰉽󰙙󰍴󰗸󰗐󰊊󰗕󱍕󰸶󰶆󰐑󰙙󰍊󰔸󰍴󰗸󰙙󰌮󰷒󰠬󱎈󰶆󰐑󰿁󰓙󰁤󰠃󰍛󰚖󱍄󰊈󰕈󰠠󰸭󰠇󰶎󰜝󰿁󰋢󰕉󰊮󰌻󰠽󰊕󰾼󱃧󰏞󰣖󰙙󰏗󰉝󰗐󱑦󰸦󰯅󰊱󰸶󰗵󰕉󰋼󰎌󰠦󰏗󰉝󰊕󱆽󱂩󰁤󰔨󰗵󰙰󱛆󰊿󰿁󰓙󱎷󰯪󰊕󰊱󰐹󰭝󰠇󰁦󰾼󱃧󰳌󰣖󰙙󰏗󰉝󰗐󱑦󰸦󰯅󰊱󰸶󰗵󰸦󰥂󰊕󰑃󰣛󱆽󱂩󰁦󰟰󰽫󰲻󰊕󰙙󰍴󰗸󰗔󰶆󰐑󰙙󰿁󰓙󰯰󰜝󱃪󰠅󱆽󱂩󰚢󰚖󱍄󰼟󰬪󰗐󰚢󰚖󱍄󰠋󰷀󰁤󰏞󱗫󰙙󰏗󰉝󰗐󱑦󰸦󰸶󰍟󰙰󱛆󰠠󰸭󱓥󰉝󰚢󰚖󱍄󰼟󰬪󰗐󰠋󰷀󰙙󰯰󰚋󰏓󰍉󰗐󰕉󰋼󱈪󰠦󰠽󰁦

󰟰󰽫󰲻󰊕󰙙󰍴󰗸󰗔󰶆󰐑󰙙󰿁󰓙󰯰󰜝󱃪󰠅󱆽󱂩󰚖󱍄󰼟󰬪󰗐󰚖󱍄󰠋󰷀󰁤󰏞󱗫󰙙󰏗󰉝󰗐󱑦󰸦󰸶󰎯󰎝󰲂󰗐󰎯󰗔󰩻󰼟󰬪󰗐󰗔󰠋󰉪󰠋󰷀󱅂󱚤󰸦󰥂󰂀󰔷󰎽󰺅󱆽󱂩󰐻󰢹󰏗󰉝󰗐󰶚󰋕󰣛󰂁󰙙󰲂󰶜󰍟󰙰󱛆󰠠󰸭󱓥󱗳󰞉󰸦󰥂󰁦

󰟰󰞉󰉪󰠑󰕇󰡈󰝁󰴄󰱜󰠑󰋸󰌮󰙙󰬤󰚖󰝴󰶎󰿁󰓙󰁤󰏞󱗫󰙙󰏗󰉝󰗐󱑦󰸦󰸶󰎯󰎝󰲂󰗐󰎯󰏞󰶆󰐑󰿁󰓙󰙙󰽫󰲻󰊕󰍴󰗸󱅂󱚤󰸦󰥂󰙙󰲂󰶜󰍟󰙰󱛆󰠠󰸭󱓥󱗳󰞉󰸦󰥂󰁦

󰿁󰓙󰊈󰕈󰕑󰲂󰗐󰨯󰌈󰁥󱉊󰭞󰋟󰗐󱐏󰐑󰔴󰣛󰁤󰗐󰙫󰼈󰾼󱜗󰊔󰎎󰩚󰊈󰕈󰜸󰗼󰞉󰕈󰿁󰓙󱗫󰚷󰐨󰏞󰶆󰐑󰿁󰓙󰙙󰽫󰲻󰊕󰍴󰗸󰽫󰲂󰊥󰳍󰸶󰶆󰐑󰣛󰁤󰺅󰣛󰭝󰠇󰙙󰏗󰉝󰗐󱑦󰸦󰊥󰗵󰙰󱛆󰊫󱆽󱂩󰁤󰙜󰐇󰍴󰗸󰶆󰐑󰞉󰋟󰁤󰏾󰕉󰍵󰸶󰜲󰉪󰠑󰝁󰴄󱆽󱂩󰁦󰟰󰶆󰐑󰿁󰓙󰙙󰍴󰗸󰽫󰲂󰊔󰸶󰶆󰐑󰁤󰭝󰠇󰙙󰍊󱜊󰬤󰏗󰉝󰗐󱑦󰸦󰸶󰑃󰣛󰍟󰙰󱛆󰠠󰸭󱓥󰉝󰸦󰥂󰁦

– 8 –

財務報表附註（續）󰂀󰋸󰉛󰍏󰿆󰎐󱈪󰂁(c) 󰏗󰥂󱆽󱂩

󰧢󰖳󰺾󱐄󰧢󰖳󰺾󱐄󰗔󰩻󰏗󰥂󰗵󰱤󰔶󰞴󱗫󰘂󰨕󰣛󰜲󰌙󰋀󰝈󰣛󰶜󰁥󰗌󱈯󰊿󱄆󰠽󰙙󰨿󰹟󱆽󱂩󰁦

󰝁󰖴󰻾󰵨󰡊󰌙󰎥󰬣󱆽󰖛󰦐󰩄󰏗󰕟󰝁󰖴󰻾󰵨󰁤󰏾󰍉󰶫󰾠󰩚󰭌󰎥󰝁󰖴󰻾󰵨󰗔󰚝󰩭󰙙󰫢󰎁󰁤󰛆󰝁󰖴󰻾󰵨󰎯󰧌󰨕󰙋󰘱󰚌󰊕󰚋󰖐󱆽󱂩󰁦󰻾󱎵󰍉󰶫󰾠󰗔󰬪󰍛󰶚󰋕󰙙󰻾󰵨󰗵󰬪󰍛󰶚󰋕󰙙󰎝󰉓󰲂󰶜󰏞󰓻󰭕󰎮󰗵󰸦󰥂󰊕󱆽󱂩󰞉󰏗󰉝󰁦󰺅󰻾󰵨󰻾󱎵󰍉󰶫󰾠󰙙󰼟󰬪󰏓󰍉󰣛󰁤󰊮󰌻󰠽󰊊󰠇󰉝󰧌󰨕󰙋󰘱󰚌󰙙󰂘󰵱󰗸󰊿󰕉󰋼󱏐󰋹󰲛󰶰󱁾󱏐󰠇󰵬󰍜󰂙󰊕󰁤󰔨󰎯󰏞󱗫󰼟󰬪󰙙󰽫󰠇󰔴󰍜󰏋󰲂󰊫󱔷󱅡󰐇󰸦󰥂󰚌󰁦

(d) 󰸶󰠇󰝁󰴄󱜊󰒻

󰠰󰲥󰸶󰠇󰢪󰊮󰸶󰊊󰽯󰐱󰎵󰶰󰠰󰲥󰧌󰨕󰰜󰑓󰹟󰛆󰙙󰡌󰠈󰁤󰗵󰍉󰶫󰾠󰊿󰍉󰊮󰌡󰺅󰛃󰸶󰠇󰲂󰶜󰠯󰏣󰍛󰣖󰁦󰕉󰊕󰁤󰋸󰉨󱜊󰨗󱁾󰍉󰶫󰾠󰙙󰧌󰨕󰰜󰚌󰞴󱗫󰁪— —

󰠰󰲥󰧌󰨕󰰜󰑓󰹟󰛆󰭋7󰻮󰡌󰠈󰍉󰁤󰚖󱍄󰊈󰕈󰁪󰗞󱚣 — 󱔷󱜫󰚖󱍄󰊈󰕈󰠰󰲥󰸶󰠇󰹟󰛆󰭋12󰻮󰡌󰠈󰍉󰁤󰗔󰩻󰳼 — 󱃈󰖷󰳼󰶰󰁪󰏗󰎫󰞴󱗫󰼟󰬪

󰍉󰶫󰾠󰔨󰳌󰪮󰥶󰗵󰺅󰛃󰸶󰠇󰲂󰶜󰖠󰍊󰍛󰣖󰙙󰎂󰐞󰸭󰠈󰹟󰛆󰗐󰼕󱙑󰁦

󰠰󰲥󰧌󰨕󰰜󰑓󰹟󰛆󰭋7󰻮󰡌󰠈󰍉󰁤󰚖󱍄󰊈󰕈󰁪󰗞󱚣 — 󱔷󱜫󰚖󱍄󰊈󰕈󰠰󰲥󰧌󰨕󰰜󰑓󰹟󰛆󰭋7󰻮󰡌󰠈󰍉󰮝󰖛󰁤󰏞󱗫󱔷󱜫󰍊󰏞󰒁󰎌󰭞󰋟󱆽󱂩󰙙󰚖󱍄󰼟󰬪󰊿󰎂󰐞󰜵󱚃󰤒󰊿󰎯󰊊󰒁󰎌󰭞󰋟󱆽󱂩󰔨󰊊󱔷󱜫󰙙󰚖󱍄󰼟󰬪󰙙󰟰󰊍󰗞󱚣󰶲󰌍󰜼󰎯󰧌󰨕󰰜󰚌󰊘󰊫󰂀󰊔󱈞󰏞󱗫󱔷󱜫󰍴󰗸󰐞󰣛󰶆󰐑󰂁󰁦󰳍󰏾󰁤󰾼󱜗󰎯󰠯󰏋󰪮󰥶󰣛󰳌󱃪󰱤󰔶󰌙󰔶󰋢󰼰󰲂󰶜󰙙󰗞󱚣󰁦󰍉󰶫󰾠󰗵󰋸󰖻󰲂󰶜󰗐󰍉󰲂󰶜󰔨󰳌󰎂󰐞󱔷󱜫󰠠󰉽󰚖󱍄󰼟󰬪󰁤󱃪󰠅󰜲󰡌󰠈󰍉󰗵󰍉󰸶󰠇󰲂󰶜󰗞󱚣󰁦

󰠰󰲥󰸶󰠇󰹟󰛆󰭋12󰻮󰡌󰠈󰍉󰁤󰗔󰩻󰳼󰣬󱊽󰠰󰲥󰸶󰠇󰹟󰛆󰭋12󰻮󰁤󱃈󰖷󰳼󰶰󰶲󰨞󰹫󰾼󱜗󰽫󰲂󰏗󰎫󰏞󱗫󰼟󰬪󰙙󱈪󰠦󰠽󰗔󰍜󰋙󰏌󰗔󱊬󰟧󰙙󰳼󰨕󰜝󰘈󰠇󰶎󰁦󰎯󰏤󰋙󰠦󰁤󰠰󰲥󰸶󰠇󰹟󰛆󰭋12󰻮󰡌󰠈󰍉󰋏󰉝󰉓󰶰󰌙󰪰󰧰󰙙󰧿󰮣󰁤󰒳󰼟󰙊󰸸󰣬󱊽󰠰󰲥󰸶󰠇󰹟󰛆󰭋40󰻮󰒳󰼟󰙊󰸸󰜲󰊮󰌻󰠽󰗔󰠇󰙙󱈪󰠦󰠽󰧿󰖛󰸶󰯀󰽀󱉖󰨯󰏗󰎫󰁦󰏤󰧿󰮣󰩚󰜲󰓊󰶰󰙊󰸸󰐪󰡈󰐹󰐺󱓙󰁤󰎽󰤒󰊿󰙙󰒳󰼟󰙊󰸸󱃪󰠅󰒱󱔚󰁤󰏾󰋲󰜵󰏞󰣛󰙙󰸸󰨕󱅼󰏌󰉗󰋸󰮼󱀔󰤊󰦃󰒳󰼟󰙊󰸸󰗔󰚝󰚐󰋷󰗔󰏞󰺾󱏶󰐻󰥂󰏾󰚢󰋸󰩚󰊘󰌈󰨯󰞉󰍦󰙙󰁤󰛆󰸶󰪰󰧰󰼈󰧿󰮣󰁦󰪮󰥶󰠰󰲥󰸶󰠇󰹟󰛆󰭋12󰻮󰡌󰠈󰍉󰿁󰧌󰨕󰙋󰘱󰔨󰳌󰠠󰉽󱅂󱚤󰁤󰏤󰉗󰍟󰗵󰼈󰡌󰠈󰍉󱁾󰍉󰶫󰾠󰊊󰪮󰥶󰙙󰝁󰴄󰉓󰟧󰁦

– 9 –

財務報表附註（續）󰂀󰋸󰉛󰍏󰿆󰎐󱈪󰂁3 󱐄󰸸󱕘

󰍉󰶫󰾠󰙙󰋴󰠅󰸸󰨕󰝊󰙊󰸸󰳯󰢝󰁥󰙊󰸸󰥡󰼣󰁥󰗕󱍬󰊈󰳻󰊿󰧢󰖳󰺾󱐄󰁦

󱐄󰸸󱕘󰝊󰜸󰔸󰐆󰙊󰸸󱉖󰨯󰙙󰏗󰉝󰁥󰥡󰚖󰏗󰉝󰁥󰔸󰐆󰊈󰳻󰎥󰟒󰊿󰧢󰖳󰺾󱐄󰙙󰏗󰥂󰁦󰏋󰊫󰗵󱐄󰸸󱕘󰊕󱆽󱂩󰙙󰎢󰠠󰠅󰏗󰥂󰊱󱗳󰚖󱕘󰎽󰉨󰁪

2012󰏋2011󰏋󰉛󰍏󰿆󰉷󰊩󰉛󰍏󰿆󰉷󰊩6,607,50423,6297,221–󰔸󰐆󰙊󰸸󱉖󰨯󰙙󰏗󰉝󰥡󰚖󰏗󰉝󰔸󰐆󰊈󰳻󰎥󰟒󰙙󰏗󰥂󰔸󰐆󰧢󰖳󰺾󱐄󰙙󰏗󰥂6,301,82324,063–19,16,345,5276,638,354󰍉󰶫󰾠󰙙󰜄󰋒󰨿󱓾󰎵󰊩󰊷󰁤󰔨󰳌󰜄󰋒󱁾󰍉󰶫󰾠󰙙󰍴󰗸󰚖󱕘󰵴󰽀󰍉󰶫󰾠󰏗󰥂10%󰁦

4 󰕉󰋼󰏗󰥂󰊿󰕉󰋼󱑦󰸦󰬋󱕘

2012󰏋2011󰏋󰉛󰍏󰿆󰉷󰊩󰉛󰍏󰿆󰉷󰊩󰕉󰋼󰏗󰥂󰐻󰢹󰏗󰉝󰚢󰉪󰌹󰙰󰍉󱗇󰕎󰙙󰙰󰢹󰏗󰉝󰝁󰖴󰻾󰐿󰕉󰋼108,3151,4111,500–69,2512,078–9071,419111,226󰕉󰋼󱑦󰸦󰬋󱕘󰌈󰨯󰙊󰸸󰁥󱅀󰗒󰊿󰮣󰯪󰏗󰥂󰬋󱕘360(33,666)(3,6)13,04121,463(2,296)3,091––47,406(67,070)–(16,573)󰂀󰚝󰵗9󰂁󰵖󰞉󰌈󰨯󰚝󱙮󰊮󰌡󱑦󰸦󰬋󱕘󱄣󱒅󰎍󰎝󰪛󰕓󰾼󱜗󱛆󰥂󰙙󱑦󰸦󰌮󰷒󰏗󰥂󰬋󱕘󰍴󰗸󰗌󱗇󰕎󰙙󰊊󱜊󰬤󰊿󰍊󱜊󰬤󰏗󰥂󰅊󰂀󱑦󰸦󰂁󰬋󱕘󰕉󰋼(4,787)– 10 –

財務報表附註（續）󰂀󰋸󰉛󰍏󰿆󰎐󱈪󰂁5 󰧰󰳼󰛃󰹐󰐻

󰧰󰳼󰛃󰹐󰐻󰊊󰏔󰧰󰅊󰂀󰠇󰉝󰂁󰋸󰉨󰎢󰶰󰁪

2012󰏋2011󰏋󰉛󰍏󰿆󰉷󰊩󰉛󰍏󰿆󰉷󰊩(a) 󱍄󰼟󰏓󰍉 󱃕󰐑󰠾󰲛󰐻󰢹󰕉󰋼󰠾󰲛󰐻󰢹󰌙󰱬󰙰󰷀󰕎󰐻󰢹󱎴󰎋󰭃󱊽󰐻󰢹󰕉󰋼󰚝󱙮󰠾󰵲󰏓󰍉101,119150,35968,987320,8715,93091,920108,153,617243,0815,6917,266󰲯󰁪󰊊󰼟󰍉󰊷󰙙󰠾󰵲󰏓󰍉*502,950(207,137)(294,126)353,140󰌙󰱬󰙰󰷀󰕎󰗔󰚝󰙙󰠃󰍛󰊈󰕈󰙙󰊮󰌻󰠽󱜊󰨗󰬋󰠽(52,286)(1,686)5,498(35,512)295,81376,977––2,269󰂀󰚝󰵗16󰂁󰒻󰒷󰌙󰱬󰙰󰷀󰕎󰙙󰏗󰥂󰬋󰠽󰂀󰚝󰵗16󰂁󰯅󰎅󱛙󰎫󰌙󰱬󰙰󰷀󰕎󰙙󱑦󰸦󰬋󰠽󱎴󰎋󰭃󱊽󰗔󰚝󰙙󰠃󰍛󰊈󰕈󰙙󰊮󰌻󰠽󱜊󰨗󰬋󰠽269,154375,059* 󰠾󰵲󰏓󰍉󰊊󰜲󰓊󰏋5.86%󰐇12.80%󰂀2011󰏋󰁪󰓊󰏋5.12%󰐇14.00%󰂁󰙙󰐻󰬟󰼟󰍉󰊷󰁦

(b) 󰡰󰊈󰏓󰍉

󱑚󰚖󰁥󰊈󰼟󰊿󰕉󰋼󱁅󰐻󰌍󰜼󰁪— —

󰧗󰍾󰠇󰾌󰔶󰲛

󰋸󱛆󰥂󰴐󱁑󰙰󰎅󰞉󰨿󱓾󰐪󰋕󰋹󰙙󰵬󰍜

215,67317,6184,821198,90312,0636,060– 11 –

財務報表附註（續）󰂀󰋸󰉛󰍏󰿆󰎐󱈪󰂁5 󰧰󰳼󰛃󰹐󰐻󰂀󱚃󰂁

2012󰏋2011󰏋󰉛󰍏󰿆󰉷󰊩󰉛󰍏󰿆󰉷󰊩(c) 󰕉󰋼󰶰󰍦󰒱󱔚󰊿󱛅󱉖󰣨󱅰󰢪󰽇󰚖󰊊󰨯󰙊󰸸󰏓󰍉󰏞󱗫󰙊󰸸󰙙󰺾󱐄󰥡󰚖󰵬󰍜󱏐󰏗󰥡󰚖󰲯󰙜󰪟󰶚󰋕󰉛󰍏󰿆2,658,000󰊩 󰂀2011󰏋󰁪󰉛󰍏󰿆1,429,000󰊩󰂁37,2634,2884,0,3843,996(21,405)22,1193,9804,055,6623,992(22,200)6 󱁝󰎥󰏗󰥂󰚌󰊫󰙙󰗔󰩻󰳼

󱁝󰎥󰏗󰥂󰚌󰊫󰙙󰳼󰶰󰞉󰁪

2012󰏋2011󰏋󰉛󰍏󰿆󰉷󰊩󰉛󰍏󰿆󰉷󰊩󰑃󰲂󰳼󰶰󰊕󰨷󰎆󰸸󰗔󰩻󰳼󰊕󰨷󰉺󰎮󱄣󰠽󰳼󰽫󰏔󰳼448,968448,91479,507555,975579,17633,545977,31,168,696󱃈󰖷󰳼󰶰󰙊󰸸󰠠󰐟󰉺󰎮󱄣󰠽󰳼󰕉󰋼󱅲󰣛󰢨󰬮3,911(5,032)–144(93,310)(710)(1,121)(93,876)976,2681,074,820– 12 –

財務報表附註（續）󰂀󰋸󰉛󰍏󰿆󰎐󱈪󰂁6 󱁝󰎥󰏗󰥂󰚌󰊫󰙙󰗔󰩻󰳼󰂀󱚃󰂁

󱁝󰎥󰏗󰥂󰚌󰊫󰙙󰳼󰶰󰞉󰁪󰂀󱚃󰂁

(i) (ii) 󰣬󱊽󰶚󰨟󰻊󰢥󰙙󰮝󰛆󰊿󰘬󰮝󰁤󰍉󰊮󰌡󰋡󰶲󱖮󰥶󰎂󰐞󰶚󰨟󰻊󰢥󰗔󰩻󰳼󰁦

󰍟󰗵󰍉󰶫󰾠󰗵󰠰󰲥󰔨󰳌󰎂󰐞󰐟󰠇󱏐󱈙󰳼󰹐󰐻󰁤󰝂󰔨󰳌󰰱󰠰󰲥󰐻󰩻󰳼󰐪󰌈󱅡󰯪󰁦

(iii) 󰊕󰨷󰎆󰸸󰗔󰩻󰳼󰂀󰂘󰎆󰸸󰗔󰩻󰳼󰂙󰂁󰎆󰸸󰗔󰩻󰳼󱅡󰯪󰝊󰣬󱊽󰊕󰨷󰚝󱙮󰊮󰌡󰐟󰠇󱏐󱈙󰳼󰹐󰐻󰎢󰐆󰙙󱉇󰍜󰳼󰬟󰂀󱍭󰹫󰊕󰨷󰞴󱗫󰙙󰗔󰩻󰳼󰮝󰖛󰊿󰘬󰮝󱔾󰖛󰂁󰠇󱁑󰁦

󰊕󰨷󰚝󱙮󰊮󰌡󰶲󰜲󰏋󰜓󰙙󰐟󰠇󱏐󱈙󰳼󰹐󰐻25%󰂀2011󰏋󰁪25%󰂁󰳼󰬟󱖮󰋹󰎆󰸸󰗔󰩻󰳼󰁦

(iv) 󰉺󰎮󱄣󰠽󰳼󰂀󰂘󰉺󰎮󱄣󰠽󰳼󰂙󰂁󰣬󱊽1994󰏋1󰋜1󰋚󰧎󰍛󰣖󰙙󰂐󰊕󰴶󰉛󰍏󰎍󰕱󰨷󰉺󰎮󱄣󰠽󰳼󱅲󰐑󰫢󰔷󰂑󰊿1995󰏋1󰋜27󰋚󰧎󰍛󰣖󰙙󰂐󰊕󰴶󰉛󰍏󰎍󰕱󰨷󰉺󰎮󱄣󰠽󰳼󱅲󰐑󰫢󰔷󰾼󰝄󰭚󰛆󰂑󰮝󰖛󰁤󰗵󰊕󰨷󱉖󰨯󰗐󱔷󱜫󰨷󰏞󰉺󰎮󰔴󰍜󱛆󰁥󱅽󰏁󰊿󰚝󱙮󰮣󰝄󰙙󰎌󰯅󰏗󰉝󰑩󰶲󰜲󰏞󱗫󱄣󰠽󱕘30%󰐇60%󰙙󰭝󰶆󰳼󰬟󱖮󰥶󰉺󰎮󱄣󰠽󰳼󰁤󰪓󰏞󱗫󱄣󰠽󱕘󰍊󰵴󰽀󰌙󰏔󰳼󰶰󰍦󱐼󱕘20%󰙙󰱷󰮷󱅺󰹟󰐘󰏃󰙙󰙊󰸸󱉖󰨯󱕘󰌙󱐏󱒀󰐵󱖮󰥶󱄣󰠽󰳼󰁦󰟰󰊍󰊕󰨷󰚝󱙮󰊮󰌡󰶲󰣬󱊽󰣨󰖛󱅄󰏗󰘬󰜲󰕉󰏗󰥂1.5%󰐇4.5%󰂀2011󰏋󰁪1.5%󰐇4.5%󰂁󱖮󰥶󰉺󰎮󱄣󰠽󰳼󰁦

(v) 󰽫󰏔󰳼󰍉󰊮󰌡󰗵󰠰󰲥󰙙󰚝󱙮󰊮󰌡󰂀󰂘󰠰󰲥󰚝󱙮󰊮󰌡󰂙󰂁󰶲󰰱󰎯󰊕󰨷󰚝󱙮󰊮󰌡󰗵2008󰏋1󰋜1󰋚󰋸󰜝󱒃󰕟󰊘󰹐󰐻󰏾󰬪󰍛󰊘󰙰󰢹󰋸󰊿󰠰󰲥󰚝󱙮󰊮󰌡󰏗󰕟󰊕󰨷󰚝󱙮󰊮󰌡󰊘󰊫󰯅󰊮󰌡󰖻󰔸󰴐󱉱󰐻󰢹󱖮󰋹5%󰐇12%󰊘󰽫󰏔󰳼󰁦

7 󰓊󰙰󰞮󰐻

(a) 󰓊󰙰󰨿󰍉󰞮󰐻

󰠇󱁑󰓊󰙰󰨿󰍉󰞮󰐻󰉗󰨿󰗵󰍉󰊮󰌡󰱷󰮷󰙰󱛆󰥂󰜵󰏞󰉛󱏐󰐦󰹐󰐻󰉛󰍏󰿆823,086,000󰊩󰂀2011󰏋󰁪󰉛󰍏󰿆667,995,000󰊩󰂁󰊿󰍉󰏋󰜓󰊊󰳯󰐑2,428,060,669󰙰󰂀2011󰏋󰁪2,243,855,342󰙰󰱷󰮷󰙰󰂁󰱷󰮷󰙰󰙙󰌋󱛆󰌻󰑩󱅰󰁤󰠇󱁑󰎽󰉨󰁪

2012󰏋2011󰏋󰉷󰙰󰉷󰙰󰗵1󰋜1󰋚󰊊󰳯󰐑󰱷󰮷󰙰󰐑󰔴󱒅󰙰󱛆󱅂󱚤󰔶󰙰󱅂󱚤2,428,00061–2,000,000–243,855󰱷󰮷󰙰󰌋󱛆󰌻󰑩󱅰2,428,0612,243,855– 13 –

財務報表附註（續）󰂀󰋸󰉛󰍏󰿆󰎐󱈪󰂁7 󰓊󰙰󰞮󰐻󰂀󱚃󰂁

(b) 󱛅󱑛󰓊󰙰󰞮󰐻

󰿚󰐇2012󰏋12󰋜31󰋚󰋟󰏋󰜓󰁤󰠇󱁑󱛅󱑛󰓊󰙰󰞮󰐻󰉗󰨿󰗵󰍉󰊮󰌡󰱷󰮷󰙰󱛆󰥂󰜵󰏞󰉛󱏐󰐦󰹐󰐻󰉛󰍏󰿆823,447,000󰊩󰊿2,681,133,680󰙰󰱷󰮷󰙰󰙙󰌋󱛆󰌻󰑩󱅰󰁤󰠇󱁑󰎽󰉨󰁪

(i) 󰍉󰊮󰌡󰱷󰮷󰙰󱛆󰥂󰜵󰏞󰉛󱏐󰐦󰹐󰐻󰂀󱛅󱑛󰂁2012󰏋

󰉛󰍏󰿆󰉷󰊩󱛆󰥂󰜵󰏞󰉛󱏐󰐦󰹐󰐻

󰌙󰱬󰙰󰷀󰕎󰙙󰠋󰷀󰯅󰊱󰙙󰳼󰜝󰾼󱃧󰐻󰢹󰌙󰱬󰙰󰷀󰕎󰗔󰚝󰙙󰠃󰍛󰊈󰕈󰗔󱆽󱂩󰙙󰳼󰜝󰏗󰥂

823,08660,549(60,188)

󱛆󰥂󰜵󰏞󰉛󱏐󰐦󰹐󰐻󰂀󱛅󱑛󰂁

823,447

(ii) 󰱷󰮷󰙰󰙙󰌋󱛆󰌻󰑩󱅰󰂀󱛅󱑛󰂁2012󰏋

󰉷󰙰󰗵12󰋜31󰋚󰙙󰱷󰮷󰙰󰌋󱛆󰌻󰑩󱅰󱔷󰱬󰌙󰱬󰙰󰷀󰕎󰙙󱅂󱚤

2,428,061253,073

󰗵12󰋜31󰋚󰙙󰱷󰮷󰙰󰌋󱛆󰌻󰑩󱅰󰂀󱛅󱑛󰂁

2,681,134

󰍉󰊮󰌡󰗵2012󰏋12󰋜31󰋚󰙙󱒅󰙰󱛆󰊿󱂩󰙰󱛆󱗇󰔨󰍊󰿁󰓊󰙰󰞮󰐻󰬪󰍛󰎂󰐞󱛅󱑛󱅂󱚤󰁦󰍉󰊮󰌡󰗵2011󰏋12󰋜31󰋚󰙙󱒅󰙰󱛆󰁥󱂩󰙰󱛆󱗇󰊿󰌙󰱬󰙰󰷀󰕎󰍊󰿁󰓊󰙰󰞮󰐻󰬪󰍛󰎂󰐞󱛅󱑛󱅂󱚤󰁦

– 14 –

財務報表附註（續）󰂀󰋸󰉛󰍏󰿆󰎐󱈪󰂁8 󰊱󰯅󰰜󰑓

󰰜󰑓󰊱󰯅󱊽󰋸󰬪󰍛󰏗󰉝󰙙󰘂󰨕

󰎯󰎣󰍉󰶫󰾠󰋴󰠅󱐄󰼶󰓔󰴄󰙫󰰱󰼟󰹕󰊱󰧣󰊿󰊱󰯅󱐶󰣖󰵙󰐟󰏾󰑏󰰜󰼟󰣘󰣛󰁤󰨉󰠠󰗵󰩚󰍉󰶫󰾠󰵖󰞉󰉓󱋆󱜗󰁤󰡡󰎪󰝊󰍉󰶫󰾠󰙙󰗔󰏞󰸸󰨕󰑩󰮗󰵖󰞉󰋴󰠅󰠿󱍠󰙊󰸸󰶚󰳯󰙙󱐶󰣖󰁦󰎯󰊱󰧣󰼟󰹕󰣛󰁤󰉗󰔱󱊽󰐞󰙫󰿁󰍉󰶫󰾠󰌋󰩶󱋆󱜗󰙊󰸸󰶚󰳯󰸸󰨕󰏞󰐻󰁤󰏾󰚢󰔱󱊽󰎂󰐞󰤤󰖛󰘂󰨕󰁦󱐶󰣖󰵙󰐟󰍵󰨿󰗵󰍉󰶫󰾠󰙙󱋆󱜗󰸸󱐶󰁦󰝂󱁍󰬣󱄴󱂩󰞉󰁤󰣬󱊽󰠰󰲥󰧌󰨕󰰜󰑓󰹟󰛆󰭋8󰻮󰙙󰮝󰖛󰁤󰍉󰶫󰾠󰷃󰏞󰉓󰡈󰺾󱐄󰊱󰯅󰁦

󰋴󰠅󰘂󰨕󰙙󱐄󰸸󱕘

󰍉󰶫󰾠󰋴󰠅󰘂󰨕󰙙󱐄󰸸󱕘󰼱󰗵󰍉󰧌󰨕󰰜󰚌󰚝󰵗3󰁦

󰎮󰨜󰼟󰣘

󰍟󰗵󰍉󰶫󰾠󰙙󱐄󰸸󱕘󰊿󰹐󰐻󰋴󰠅󰹕󰐆󰊕󰨷󰘦󰛌󰞲󰙙󰸸󰨕󰁤󰝂󰔨󰳌󰑏󰰜󰎮󰨜󰼟󰣘󰁦

9 󰎍󰎝󰪛󰕓󰾼󱜗󱛆󰥂

2012󰏋2011󰏋󰉛󰍏󰿆󰉷󰊩󰉛󰍏󰿆󰉷󰊩󰊱󰐦󰼟󰬪󰬋󰠽󱏐󰏗󰎍󰎝󰪛󰕓󰾼󱜗󰲛󰶰3,650,1351,377,8582,171,116931,8795,027,9933,102,995󰧰󰉓󰴅󰚖󱕘󰞉󰉛󰍏󰿆651,839,000󰊩󰂀2011󰏋󰁪󰉛󰍏󰿆585,226,000󰊩󰂁󰋲󰏋󰐻󰬟󰞉7.56%󰂀2011󰏋󰁪6.67%󰂁󰙙󰲛󰶰󰌮󰁤󱏐󰏗󰎍󰎝󰪛󰕓󰾼󱜗󰲛󰶰󰞉󰳌󰗪󰗥󰁥󰐵󰢹󰊿󰳌󰕸󰖛󱒔󰲛󰲂󰁤󰊿󰽫󰲂󰩚󰗵󰵴󰽀󰉓󰏋󰜝󰏗󰎫󰁦

– 15 –

財務報表附註（續）󰂀󰋸󰉛󰍏󰿆󰎐󱈪󰂁9 󰎍󰎝󰪛󰕓󰾼󱜗󱛆󰥂󰂀󱚃󰂁

󰏋󰊫󰁤󰏵󰹿󰚦󰧄 — 󰜔󰸸󰶫󰾠󰗒󰬪󰚦󰧄󰒳󰼟󰓻󰎐󰨿󰚖2󰻮󰂀󰂘󰏵󰹿󰜔󰸸󰚦󰧄2󰻮󰂙󰂁󰁥󰏵󰹿󰚦󰧄 — 󰜔󰸸󰶫󰾠󰗒󰬪󰚦󰧄󰒳󰼟󰓻󰎐󰨿󰚖3󰻮󰂀󰂘󰏵󰹿󰜔󰸸󰚦󰧄3󰻮󰂙󰂁󰊿󰏵󰹿󰚦󰧄 — 󰜔󰸸󰶫󰾠󰗒󰬪󰚦󰧄󰒳󰼟󰓻󰎐󰨿󰚖4󰻮󰂀󰂘󰏵󰹿󰜔󰸸󰚦󰧄4󰻮󰂙󰂁󰙙󰼟󰚖󰒳󰼟󰗵Henan Yuanda Real Estate Company Limited󰂀󰂘Henan Yuanda󰂙󰂁󰁥Puyang Central China City Development Company Limited󰂀󰂘Puyang Central China󰂙󰂁󰊿Henan Coal Chemical Central China Real Estate Development Investment Company Limited󰂀󰂘CCRE Coal Chemical󰂙󰂁󰁤󰖾󰴃󰑩󰞉󰍉󰊮󰌡󰙙󰛃󰎌󰼟󰚝󱙮󰊮󰌡󰁦󰏤󰌮󰁤󰍉󰶫󰾠󰎣Henan Shanglin Real Estate Company Limited󰂀󰂘Henan Shanglin󰂙󰂁󰌈󰨯󰕉󰗵󰘦󰛌󰜔󰍍󰗒󰎮󰬪󰏞󰠢󰊮󰌡󰂀󰂘󰘦󰛌󰜔󰍍󰂙󰂁󰙙49%󱛆󰥂󰁤󰋾󱄆󰞉󰉛󰍏󰿆10.1󰏵󰺬󰊩󰁦󰎯󰏵󰹿󰜔󰸸󰚦󰧄2󰻮󰁥3󰻮󰊿4󰻮󰙙󰒳󰼟󰋸󰊿󰎣Henan Shanglin󰙙󰌈󰨯󰜝󰁤Henan Yuanda󰁥Puyang Central China󰁥CCRE Coal Chemical󰊿󰘦󰛌󰜔󰍍󰮗󰵖󰞉󰎍󰎝󰪛󰕓󰾼󱜗󰁤󰏤󰉗󰍟󰗵󰣬󱊽󰏞󱗫󰊮󰌡󰯝󰳻󰭚󰛆󰁤󰏵󰹿󰜔󰸸󰚦󰧄2󰻮󰁥3󰻮󰊿4󰻮󰊿Henan Shanglin󰋸󰊿󰍉󰶫󰾠󰿁󰻨󰔫󰸶󰑩󰳌󰪛󰕓󱛆󰁦

󰵖󰞉󰌈󰨯Henan Yuanda󰁥Puyang Central China󰁥CCRE Coal Chemical󰊿󰘦󰛌󰜔󰍍󰿁󰍉󰶫󰾠󰙙󰧌󰨕󰙋󰘱󰏞󰋸󰉨󱅂󱚤󰁦

󰉛󰍏󰿆󰉷󰊩󰎍󰎝󰪛󰕓󰾼󱜗󱛆󰥂󰜙󰨯󰙊󰸸

󰵱󰗸󰊿󰕉󰋼󱏐󰏗󰲛󰶰󰽫󰋹󰲛󰶰󰽫󰋹󰳼󰶰

󰬤󰚖󰊿󰬤󰚖󰴃󱄆󰙊󰕉󰋼󰠾󰲛

󰵱󰗸󰊿󰕉󰋼󱏐󰋹󰲛󰶰󰽫󰏗󰲛󰶰

󰵖󰞉󰌈󰨯󰚝󱙮󰊮󰌡󱑦󰸦󰬋󱕘󰂀󰚝󰵗4󰂁

1,108,4(2,013,007)

(3,710)(445,783)(35,441)(421,349)1,160,000(236,011)853,14633,666

󰬋󰬤󰚖󰝴󰌈󰶎

(421,349)

– 16 –

財務報表附註（續）󰂀󰋸󰉛󰍏󰿆󰎐󱈪󰂁9 󰎍󰎝󰪛󰕓󰾼󱜗󱛆󰥂󰂀󱚃󰂁

󰎍󰎝󰪛󰕓󰾼󱜗󰙙󰧌󰨕󰼟󰣘󰸿󰘱 — 󰍉󰶫󰾠󱏐󰐦󱛆󰥂󰁪

2012󰏋2011󰏋󰉛󰍏󰿆󰉷󰊩󰉛󰍏󰿆󰉷󰊩1,219,9363,516,032(1,129,685)(1,435,167)󰚢󰝴󰨗󰼟󰬪󰝴󰨗󰼟󰬪󰝴󰨗󰠋󰷀󰚢󰝴󰨗󰠋󰷀1,685,7286,799,197(2,933,303)(1,901,487)3,650,1352,171,116321,525(328,802)󰏗󰉝󰋕󰌈1,8,950(1,328,355)320,595󰏋󰜓󰹐󰐻󰅊󰂀󱑦󰸦󰂁(7,277)10 󰜙󰨯󰙊󰸸

2012󰏋2011󰏋󰉛󰍏󰿆󰉷󰊩󰉛󰍏󰿆󰉷󰊩7,294,2841,330,119󰜵󰐪󰍊󰔸󰶚󰳯󰊿󰎯󰜔󰜙󰨯󰙊󰸸󰜵󰐪󰜙󰨯󰙙󰊊󰴂󰊈󰙊󰸸6,320,2071,609,9987,930,2058,624,403(a) 󰜵󰐪󰶚󰳯󰜙󰨯󰙊󰸸󰙙󰥡󰼣󰉺󰎮󱈪󰠦󰠽󰊱󰘓󰎽󰉨󰁪

2012󰏋2011󰏋󰉛󰍏󰿆󰉷󰊩󰉛󰍏󰿆󰉷󰊩󰎯󰊕󰨷— 󰚗󰲂󰥡󰼣— 󰊕󰲂󰥡󰼣4,188,632348,6134,168,361654,7244,823,0854,537,245– 17 –

財務報表附註（續）󰂀󰋸󰉛󰍏󰿆󰎐󱈪󰂁10 󰜙󰨯󰙊󰸸󰂀󱚃󰂁

(b)

󰽫󰠇󰵴󰽀󰉓󰏋󰜝󰏗󰎫󰙙󰜙󰨯󰙊󰸸󰙙󰲛󰶰󰊱󰘓󰎽󰉨󰁪

2012󰏋2011󰏋󰉛󰍏󰿆󰉷󰊩󰉛󰍏󰿆󰉷󰊩󰜵󰐪󰍊󰔸󰶚󰳯󰊿󰎯󰜔󰜙󰨯󰙊󰸸3,134,75,319,034(c) (d)

󰍉󰶫󰾠󰟰󰊍󰜙󰨯󰙊󰸸󰊊󰗪󰗥󰐪󰞉󰍉󰶫󰾠󰙙󱃕󰐑󰊿󰕉󰋼󰠾󰲛󱋄󰚭󰁦󰼉󰪋󰊱󰐹󰼱󰗵󰚝󰵗13󰊿14󰁦

󰍉󰶫󰾠󱅲󰣛󰣬󱊽󰺾󱐄󰥡󰟒󰌈󰥡󰟰󰊍󰜵󰐪󰜙󰨯󰙙󰊊󰴂󰊈󰙊󰸸󰁤󰚋󰖐󰥡󰟒󰲂󰞉󰉚󰉤󰏋󰁦󰥡󰟒󰊔󰑞󰎂󰐞󰗐󰳍󰥡󰚖󰁦󰍉󰶫󰾠󰣬󱊽󰊔󰌙󰿞󱉖󰺾󱐄󰥡󰟒󱏐󰏗󰙙󰍊󰔸󰯰󰐭󰥡󰚖󰏗󰉝󱐼󱕘󰎽󰉨󰁪

2012󰏋2011󰏋󰉛󰍏󰿆󰉷󰊩󰉛󰍏󰿆󰉷󰊩1󰏋󰊫1󰐇5󰏋5󰏋󰜝11,07734,19376,10811,14736,83684,551121,378132,534󰻨󰔫󱆽󱂩󰍉󰶫󰾠󰠇󰾌󰌈󰨯󰼈󰴃󰙊󰸸󰊿󰞴󱗫󰥡󰟒󰁦

– 18 –

財務報表附註（續）󰂀󰋸󰉛󰍏󰿆󰎐󱈪󰂁11 󰵱󰗸󰊿󰕉󰋼󱏐󰏗󰲛󰶰

2012󰏋2011󰏋󰉛󰍏󰿆󰉷󰊩󰉛󰍏󰿆󰉷󰊩󰵱󰗸󱏐󰏗󰲛󰶰󰂀󰚝󰵗(a)󰂁󰕉󰋼󱏐󰏗󰲛󰶰20,134140,423223,053–33,30120,00014,08517,26735,11216,961173,45639,665100,000,90029,99912,951–3,595󰂀󰚝󰵗(b)󰂁󱏐󰏗󱗫󰮹󰊮󰌡󰲛󰶰󰂀󰚝󰵗(c)󰂁󰎣󱗫󰮹󰊮󰌡󰵲󰲛󰂀󰚝󰵗(d)󰂁󱏐󰏗󰚢󰪛󰙰󱛆󰥂󰲛󰶰󰂀󰚝󰵗(e)󰂁󰎣󰚢󰪛󰙰󱛆󰥂󰵲󰲛󱏐󰏗󰎥󰟒󰊈󰳻󰜄󰋒󰲛󰶰󱐼󱕘󰠃󰍛󰚖󱍄󰊈󰕈 — 󰜵󰐪󰬤󰚖󰝴󰶎󰿁󰓙󰊈󰕈 — 󰕉󰋼󰠃󰍛󰊈󰕈503,375441,527󰚝󰵗󰁪(a) 󰔨󰚢󰡈󰐹󰗐󰎍󰎝󰵖󰞉󰲯󰠽󰙙󰵱󰗸󱏐󰏗󰲛󰶰󱈪󱙧󰊱󰘓󰎽󰉨󰁪

2012󰏋2011󰏋󰉛󰍏󰿆󰉷󰊩󰉛󰍏󰿆󰉷󰊩2681661281282,56213,709󰑃󰲂󰽃󰲂1󰡈󰋜󰋸󰉨󰽃󰲂1󰡈󰋜󰐇󰋇󰗵3󰡈󰋜󰽃󰲂3󰡈󰋜󰐇󰋇󰗵6󰡈󰋜󰽃󰲂6󰡈󰋜󰐇󰋇󰗵1󰏋󰽃󰲂1󰏋󰋸󰉪5,14717213038459213,70920,13416,961󰍉󰶫󰾠󰮣󰏞󰝅󰖛󰙙󰚦󰵲󰝁󰴄󰁦󰿁󰗵󰜲󰱧󱉖󰨯󰙙󰵱󰗸󱏐󰏗󰲛󰶰󰁤󰵯󰢕󰊔󰸶󱐏󰪬󰚦󰵲󰲂󰁦󰍉󰶫󰾠󰉓󰦛󰞉󰙊󰸸󰵯󰢕󰏄󰪰󰊔󰵴󰽀󰙊󰸸󱐼󱒅󰵯󱄆70%󰙙󱃕󰐑󱍄󰼟󰔨󰞉󰼈󰵯󰢕󰱤󰔶󱎵󱒔󰮪󰎂󱋄󰚭󰁦󰍉󰶫󰾠󰙙󱋄󰚭󰲂󰐆󰞴󱗫󰜲󰱧󰵲󰲛󰪬󰌈󰋚󰲂󰶚󰖐󰁤󰗵󰶰󰍦󰴂󰊈󰊿󰜲󰱧󰳮󰦾󰋖󰎁󰗵󱐏󰳯󰗒󰜊󰗔󰏞󱛆󱗇󰜝󰧔󰍴󰞴󱗫󱃕󰐑󰜝󰖣󱀐󰁦

󰡊󰵯󰢕󰗮󰋞󰋹󰲛󰁤󰍉󰶫󰾠󰶲󰎣󱃕󰐑󱎵󱒔󰏞󱗫󰵯󰢕󰍊󰋹󰙙󰜲󰱧󰵲󰲛󱁾󰎂󰐞󱏐󰠇󰐻󰢹󰋸󰊿󰵯󰋙󰗮󰋞󱃕󰐑󰙙󰎂󰐞󱁮󰚖󰁦󰎯󰏤󰪋󰘱󰉨󰁤󰍟󰗵󰍉󰶫󰾠󰗵󰪄󱅰󰏗󰕟󰋹󰲛󰛃󰔨󰳌󰞉󰼈󰴃󰵯󰢕󰍡󱈗󰡈󰉛󰙊󰸸󰬪󱛆󱛆󱗇󰁤󰝂󰍉󰶫󰾠󰌙󰚭󰤵󰵯󰢕󰙙󰠈󰚖󰁥󰏗󰎫󰞴󱗫󰙊󰸸󰗔󰏞󱛆󰔨󰌈󰨯󰙊󰸸󰁤󰋸󰏗󰎫󰍉󰶫󰾠󰎣󱃕󰐑󰋕󰋹󰙙󰎂󰐞󰲛󰶰󰁦󰍉󰶫󰾠󰙙󱉖󰨯󰊿󰌹󰰙󰪪󱄿󰉛󰡰󱐏󰪬󱛆󰠋󰮪󱔾󰖛󰚦󰵲󰠢󱕘󰁥󰚦󰵲󱄲󰒭󰊿󰕉󰋼󱀹󰪛󰳻󰒏󰁤󱆽󰚭󰪮󰕟󰼧󰶆󰐑󰨗󰏗󰎫󰽀󰲂󰷀󰶰󰁦󰏤󰌮󰁤󱁍󰬣󰉛󰡰󰸶󰗵󰎢󰰜󰑓󰲂󰍋󱏨󰧀󰎢󰷀󰨕󰉛󰙙󰌙󰏗󰎫󰲛󰶰󰁤󱆽󰚭󰊊󰰱󰊔󰌙󰏗󰎫󰲛󰶰󰂀󰎽󰏞󰂁󰠇󰱤󰔑󰩄󰲯󰠽󱑦󰸦󰁦

󰣬󱊽󰽀󰖻󰺾󱜕󰁤󱁍󰬣󱄴󱂩󰞉󰋡󰶲󰰱󰽃󰲂󰜙󰏗󰙙󰴐󱉱󰐪󰌈󰲯󰠽󱅡󰯪󰁤󰋲󰴐󱉱󰊥󰵖󰞉󰌙󰪄󱅰󰏗󰎫󰁦󰍉󰶫󰾠󰔨󰳌󰩚󰼈󰴃󰴐󱉱󰗪󰗥󰁤󰪓󰚝󰵗20󰗔󰼱󰏞󰗪󰗥󰵲󰲛󰧰󰌮󰁦

– 19 –

財務報表附註（續）󰂀󰋸󰉛󰍏󰿆󰎐󱈪󰂁11 󰵱󰗸󰊿󰕉󰋼󱏐󰏗󰲛󰶰󰂀󱚃󰂁

󰚝󰵗󰁪󰂀󱚃󰂁(b)

󰖻󰏋󱏐󰏗󱗫󰮹󰊮󰌡󰲛󰶰󰌍󰜼󰎣󰍉󰊮󰌡󰋴󰠅󰙰󰘇󰊘󰯰󰭞󰪛󰙰󰊮󰌡󰾗󱅃󰻄󰎮󰏞󰠢󰊮󰌡󰙙󰚝󱙮󰊮󰌡󱉖󰨯󰙊󰸸󰙙󰞴󱗫󰲛󰶰󰉛󰍏󰿆39,015,000󰊩󰂀2011󰏋󰁪󰉛󰍏󰿆39,015,000󰊩󰂁󰁦󰼈󰲛󰶰󰔨󰳌󰗪󰗥󰁤󰐵󰢹󰁤󰋲󰶲󱏐󰠅󰓋󰏗󰎫󰁦

󱏐󰏗󰉓󰢕󱗫󰮹󰊮󰌡󰲛󰶰󰞉󰉛󰍏󰿆101,384,000󰊩󰂀2011󰏋󰁪󰉛󰍏󰿆󰽧󰊩󰂁󰝊󰣬󱊽󰎥󰐪󰕘󱙄󰎣󰎍󰎝󰪛󰕓󰾼󱜗󰊘󰚦󰏖󱁍󰬣󰉛󰏵󰹿󰚦󰧄󰏞󰠢󰮪󰎂󰊮󰌡󰗔󰽫󰋹󰊘󰽫󰲂󰨿󰍉󰎫󰰜󰁦󰼈󰲛󰶰󰔨󰳌󰗪󰗥󰁤󰐵󰢹󰊿󰳌󰕸󰖛󱒔󰲛󰲂󰁦

󱏐󰏗󰉓󰢕󱗫󰮹󰊮󰌡󰲛󰶰󰞉󰉛󰍏󰿆77,700,000󰊩󰂀2011󰏋󰁪󰉛󰍏󰿆󰽧󰊩󰂁󰝊󰋾󰎍󰎝󰪛󰕓󰾼󱜗󰊘󰚦󰏖󱁍󰬣󰉛󰏵󰹿󰚦󰧄󰏞󰠢󰮪󰎂󰊮󰌡󰗔󰋹󰊘󱁍󰬣󰵬󰍜󰁦󰼈󰲛󰶰󰔨󰳌󰗪󰗥󰁤󰐵󰢹󰊿󰳌󰕸󰖛󱒔󰲛󰲂󰁦

󱏐󰏗󱗫󰮹󰊮󰌡󰲛󰶰󱉱󱕘󰔨󰳌󰗪󰗥󰁤󰐵󰢹󰊿󰳌󰕸󰖛󱒔󰲛󰲂󰁦

(c) (d)

󰗵2011󰏋12󰋜31󰋚󰁤󰎣󱗫󰮹󰊮󰌡󰵲󰲛󰞉󰏞󰗪󰗥󰁥󰋸󰏋󰐻󰬟12.25%󰠇󰢹󰔨󰗵󰏋󰊫󱎵󱒔󰁦

󱏐󰏗󰚢󰪛󰙰󱛆󰥂󰲛󰶰󰌍󰜼󰉓󰴅󰉛󰍏󰿆15,300,000󰊩󰂀2011󰏋󰁪󰉛󰍏󰿆15,300,000󰊩󰂁󰙙󰴐󱉱󰁤󰼈󰲛󰶰󰞉󰏞󰗪󰗥󰁥󰐵󰢹󰊿󰗵󰉓󰏋󰊫󰏗󰎫󰁤󰕉󱉱󱏐󰏗󰚢󰪛󰙰󱛆󰥂󰙙󰲛󰶰󰔨󰳌󰗪󰗥󰁤󰐵󰢹󰊿󰳌󰕸󰖛󱒔󰲛󰲂󰁦

(e)

󰗵2012󰏋12󰋜31󰋚󰁤󰎣󰚢󰪛󰙰󱛆󰥂󰵲󰲛󰞉󰳌󰗪󰗥󰁤󰏋󰐻󰬟13.5%󰠇󰢹󰊿󰶲󰗵2013󰏋5󰋜15󰋚󰏗󰎫󰁦󰌘󰏋󰜓󰙙󰴐󱉱󰞉󰳌󰗪󰗥󰁥󰋸󰏋󰢹12%󰠇󰢹󰔨󰗵󰏋󰊫󱎵󱒔󰁦

12 󰜲󰚖󰊿󰽫󰋹󰲛

󰗵2012󰏋12󰋜31󰋚󰁤󰴐󱉱󰌍󰜼󰥡󰼣󰉺󰎮󰠈󰚖󰊿󰽫󰋹󰲛󰶰󰉛󰍏󰿆3,245,434,000󰊩󰂀2011󰏋󰁪󰉛󰍏󰿆1,416,449,000󰊩󰂁󰁦

13 󱃕󰐑󰠾󰲛

(a)

󰗵2012󰏋12󰋜31󰋚󰁤󱃕󰐑󰠾󰲛󰙙󰕑󰲂󰋚󰎽󰉨󰁪

2012󰏋2011󰏋󰉛󰍏󰿆󰉷󰊩󰉛󰍏󰿆󰉷󰊩1󰏋󰊫󰗐󰶲󱏐󰠅󰓋󱎵󱒔675,0001,110,6601󰏋󰜝󰐨2󰏋󰊫2󰏋󰜝󰐨5󰏋󰊫5󰏋󰜝412,000447,50062,000376,000140,000–921,500516,0001,596,5001,626,660– 20 –

財務報表附註（續）󰂀󰋸󰉛󰍏󰿆󰎐󱈪󰂁13 󱃕󰐑󰠾󰲛󰂀󱚃󰂁

(b)

󰗵2012󰏋12󰋜31󰋚󰁤󱃕󰐑󰠾󰲛󰙙󰗪󰗥󰪋󰘱󰎽󰉨󰁪

2012󰏋2011󰏋󰉛󰍏󰿆󰉷󰊩󰉛󰍏󰿆󰉷󰊩󱃕󰐑󰠾󰲛— 󰏞󰗪󰗥— 󰳌󰗪󰗥1,501,50095,0001,327,000299,6601,596,5001,626,660󰗵2012󰏋12󰋜31󰋚󰁤󰍜󰐪󱃕󰐑󰠾󰲛󰗪󰗥󰙙󰍉󰶫󰾠󰼟󰬪󰊱󰘓󰎽󰉨󰁪

󰍉󰶫󰾠2012󰏋2011󰏋󰉛󰍏󰿆󰉷󰊩󰉛󰍏󰿆󰉷󰊩󰜙󰨯󰙊󰸸󰕡󰠢󰕓󱃕󰐑󰏀󰲛󰙊󰸸󰁥󱅀󰗒󰊿󰮣󰯪2,458,824106,951683,7432,429,52684,000–3,249,5182,513,526(c) (d)

󰗵2012󰏋12󰋜31󰋚󰁤󰍉󰶫󰾠󱃕󰐑󰠾󰲛󰏞󰣖󰏋󰐻󰬟󰊧󰋷2.65%󰐇8.31%󰂀2011󰏋󰁪2.60%󰐇9.18%󰂁󰁦

󰍉󰶫󰾠󰟰󰊍󱃕󰐑󱍄󰼟󰕡󱁾󰍉󰶫󰾠󰟰󰊍󰧌󰨕󰙋󰘱󰚌󰋢󰬟󰏞󱗫󰊘󰛰󱍕󰗔󰮝󰠢󰁦󰼈󰴃󰮝󰠢󰎯󱁾󰚖󱍄󱋚󰿴󰼺󰏓󰊘󰠾󰵲󰏄󰪰󰊕󰉗󱙮󰩬󰔈󰁦󰡊󰍉󰶫󰾠󰼼󰋀󰛰󱍕󰁤󰊊󰨗󰍜󰙙󰚦󰵲󱕘󰶲󰗵󰠅󰓋󰣛󱎵󱒔󰁦󰍉󰶫󰾠󰖛󰲂󱀹󰿀󰝊󰑉󱍭󰏂󰼈󰴃󰛰󱍕󰁦󰗵2012󰏋󰊿2011󰏋12󰋜31󰋚󰁤󰍉󰶫󰾠󰔨󰳌󰼼󰋀󰏞󱗫󰨗󰍜󰚦󰵲󱕘󰙙󰛰󱍕󰁦

– 21 –

財務報表附註（續）󰂀󰋸󰉛󰍏󰿆󰎐󱈪󰂁14 󰕉󰋼󰠾󰲛

(a)

󰗵2012󰏋12󰋜31󰋚󰁤󰕉󰋼󰠾󰲛󰙙󰕑󰲂󰋚󰎽󰉨󰁪

2012󰏋󰉛󰍏󰿆󰉷󰊩2011󰏋󰉛󰍏󰿆󰉷󰊩1,245,4701󰏋󰊫739,702868,98047,0001󰏋󰜝󰐨2󰏋󰊫2󰏋󰜝󰐨5󰏋󰊫107,700–107,700915,9801,655,6821,353,170󰕉󰋼󰠾󰲛󰌍󰜼󰁪(1)

󰔸󰐆󰎍󰎝󰪛󰕓󰾼󱜗󰏵󰹿󰜔󰸸󰚦󰧄1󰻮󰙙󰠾󰲛󰁤󰚖󱕘󰞉󰉛󰍏󰿆80,000,000󰊩󰂀2011󰏋󰁪󰉛󰍏󰿆80,000,000󰊩󰂁󰁤󰼈󰲛󰶰󰞉󰳌󰗪󰗥󰁤󰋸󰏋󰢹7.125%󰂀2011󰏋󰁪7.125%󰂁󰠇󰢹󰊿󰶲󰗵󰉓󰏋󰊫󱎵󱒔󰁩(2)

󰗵2011󰏋12󰋜31󰋚󰔸󰐆󰎍󰎝󰪛󰕓󰾼󱜗󰏵󰹿󰜔󰸸󰚦󰧄2󰻮󰙙󰠾󰲛󰁤󰚖󱕘󰞉󰉛󰍏󰿆477,600,000󰊩󰁤󰼈󰲛󰶰󰞉󰳌󰗪󰗥󰁤󰋸󰏋󰢹7.875%󰠇󰢹󰊿󰗵󰏋󰊫󰎌󱅰󱎵󱒔󰁩(3)

󰔸󰐆󰎍󰎝󰪛󰕓󰾼󱜗󰙙󰠾󰲛󰁤󰚖󱕘󰞉󰉛󰍏󰿆526,942,000󰊩󰂀2011󰏋󰁪󰉛󰍏󰿆󰽧󰊩󰂁󰁤󰼈󰲛󰶰󰞉󰳌󰗪󰗥󰁤󰏋󰢹12.8%󰠇󰢹󰊿󰗵2014󰏋9󰋜23󰋚󰕑󰲂󱎵󱒔󰁩󰊿(4)

󰔸󰐆󰎍󰎝󰪛󰕓󰾼󱜗󰙙󰠾󰲛󰁤󰚖󱕘󰞉󰉛󰍏󰿆39,740,000󰊩󰂀2011󰏋󰁪󰉛󰍏󰿆󰽧󰊩󰂁󰁤󰼈󰲛󰶰󰞉󰳌󰗪󰗥󰁤󰋸󰏋󰢹12%󰠇󰢹󰊿󰳌󰕸󰖛󱒔󰲛󰲂󰁦

– 22 –

財務報表附註（續）󰂀󰋸󰉛󰍏󰿆󰎐󱈪󰂁14 󰕉󰋼󰠾󰲛󰂀󱚃󰂁

(b)

󰗵2012󰏋12󰋜31󰋚󰁤󰕉󰋼󰠾󰲛󰙙󰗪󰗥󰪋󰘱󰎽󰉨󰁪

2012󰏋󰉛󰍏󰿆󰉷󰊩2011󰏋󰉛󰍏󰿆󰉷󰊩󰕉󰋼󰠾󰲛— 󰏞󰗪󰗥— 󰳌󰗪󰗥979,000676,682624,570728,6001,353,1701,655,682󰗵2012󰏋12󰋜31󰋚󰁤󰍜󰐪󰗪󰗥󰕉󰋼󰠾󰲛󰙙󰍉󰶫󰾠󰼟󰬪󰊱󰘓󰎽󰉨󰁪

2012󰏋󰉛󰍏󰿆󰉷󰊩2011󰏋󰉛󰍏󰿆󰉷󰊩394,622106,200–󰜙󰨯󰙊󰸸󰒳󰼟󰙊󰸸󰙊󰸸󰁥󱅀󰗒󰊿󰮣󰯪267,917–285,840553,757500,822󰗵2011󰏋12󰋜31󰋚󰁤󱈪󰠦󰠽󰞉󰉛󰍏󰿆25,000,000󰊩󰙙󰏞󰗪󰗥󰕉󰋼󰠾󰲛󰉗󰋸󰍉󰶫󰾠󰗔󰜵󰟰󰊍󰙊󰸸󰙙󰍊󰔸󰥡󰚖󰏗󰉝󰐪󰗪󰗥󰁦󰽫󰲂󰍊󰔸󰥡󰚖󰏗󰉝󰞉󰉛󰍏󰿆124,877,000󰊩󰁦󰼈󰴅󰕉󰋼󰠾󰲛󰗵󰏋󰊫󰎌󱅰󰫶󱒔󰁦(c)

󰗵2012󰏋12󰋜31󰋚󰁤󰍉󰶫󰾠󰕉󰋼󰠾󰲛󰙙󰏞󰣖󰏋󰐻󰬟󰊧󰋷6.49%󰐇14.95%󰂀2011󰏋󰁪6.92%󰐇14.00%󰂁󰁦

– 23 –

財務報表附註（續）󰂀󰋸󰉛󰍏󰿆󰎐󱈪󰂁15 󰵱󰗸󰊿󰕉󰋼󱏐󰋹󰲛󰶰󱁾󱏐󰠇󰵬󰍜

2012󰏋2011󰏋󰉛󰍏󰿆󰉷󰊩󰉛󰍏󰿆󰉷󰊩󱏐󰋹󰭃󱊽636,2682,575,938755,04,012,191–238,035–394,4231,926,937846,1291,587,61729190,501132,959󰂀󰚝󰵗(a)󰂁󰵱󰗸󱏐󰋹󰲛󰶰󰕉󰋼󱏐󰋹󰲛󰶰󰊿󱏐󰠇󰵬󰍜󰂀󰚝󰵗(b)󰂁󱏐󰋹󰎍󰎝󰪛󰕓󰾼󱜗󰲛󰶰󰂀󰚝󰵗(b)󰂁󱏐󰋹󱗫󰮹󰊮󰌡󰲛󰶰󰂀󰚝󰵗(b)󰂁󱏐󰋹󰚢󰪛󰙰󱛆󰥂󰲛󰶰󰠃󰍛󰚖󱍄󰊈󰕈8,218,3225,078,595󰗵2012󰏋12󰋜31󰋚󰁤󰵱󰗸󰊿󰕉󰋼󱏐󰋹󰲛󰶰󱁾󱏐󰠇󰵬󰍜󰌍󰜼󰽫󰲂󰵴󰽀󰉓󰏋󰜝󱎵󱒔󰙙󱏐󰋹󰚭󰤵󰲛󰶰󰉛󰍏󰿆272,032,000󰊩󰂀2011󰏋󰁪󰉛󰍏󰿆236,959,000󰊩󰂁󰁦

󰚝󰵗󰁪(a) 󰵱󰗸󱏐󰋹󰲛󰶰󱈪󱙧󰊱󰘓󰎽󰉨󰁪

2012󰏋2011󰏋󰉛󰍏󰿆󰉷󰊩󰉛󰍏󰿆󰉷󰊩󰗵1󰡈󰋜󰊫󰕑󰲂󰗐󰶲󱏐󰠅󰓋󱎵󱒔󰗵1󰏋󰜝󰕑󰲂2,291,674284,21,6,978236,9592,575,9381,926,937(b) 󱏐󰋹󰎍󰎝󰪛󰕓󰾼󱜗󰁥󱗫󰮹󰊮󰌡󰊿󰚢󰪛󰙰󱛆󰥂󰲛󰶰󰞉󰳌󰗪󰗥󰁥󰐵󰢹󰊿󰳌󰕸󰖛󱒔󰲛󰲂󰁦

16 󰌙󰱬󰙰󰷀󰕎

󰗵2009󰏋8󰋜31󰋚󰁤󰍉󰊮󰌡󰳯󰐑󰉙󰍉󰚖󱕘󰞉765,000,000󰲥󰊩󰗵2014󰏋󰕑󰲂󰙙󰳌󰗪󰗥󰌙󰱬󰙰󰷀󰕎󰁤󰋸󰊿76,097,561󰎅󱂩󰙰󱛆󱗇󰁦󰌙󰱬󰙰󰷀󰕎󰙙󰏋󰐻󰬟󰞉4.9%󰁤󰓊󰌒󰏋󰗵󰲂󰭞󰝼󰋹󰁦󰌙󰱬󰙰󰷀󰕎󰙙󰕑󰲂󰋚󰞉2014󰏋8󰋜31󰋚󰁦󰗵2010󰏋2󰋜28󰋚󰐇2014󰏋8󰋜31󰋚󰲂󰶜󰁤󰌙󰱬󰙰󰷀󰕎󰌙󰜲󰓊󰙰3.1󰲥󰊩󰙙󱄆󰣸󰐳󰱬󰞉󰍉󰊮󰌡󰙰󰎅󰁤󰔨󰌙󰐪󰋀󱛅󱑛󱈜󱋆󰁦󱂩󰙰󱛆󱗇󱁾󰌙󰱬󰙰󰷀󰕎󰌙󰊱󱕎󰍴󰗸󰁤󰓊󰎅󱂩󰙰󱛆󱗇󰑩󰌙󰗵󰳯󰐑󰋚󰐇2014󰏋8󰋜31󰋚󰲂󰶜󰜲󰓊󰙰4.1󰲥󰊩󰙙󰐑󰔴󱄆󰐑󰔴󰁤󰔨󰌙󰐪󰋀󱛅󱑛󱈜󱋆󰁦

– 24 –

財務報表附註（續）󰂀󰋸󰉛󰍏󰿆󰎐󱈪󰂁16 󰌙󰱬󰙰󰷀󰕎󰂀󱚃󰂁

󰌙󰱬󰙰󰷀󰕎󰊿󱂩󰙰󱛆󱗇󰙙󰱬󰙰󱛆󰑩󰣬󱊽󰍉󰶫󰾠󰙙󰸶󰠇󰝁󰴄󱓥󱗳󰞉󰙰󰍉󰚖󱍄󰊈󰕈󰁦

󰧰󰋸󰉪󰗔󰠑󰌮󰁤󰍉󰊮󰌡󰌙󰍟2012󰏋8󰋜31󰋚󰐇2014󰏋8󰋜31󰋚󰲂󰶜󰱤󰏘󱛙󰎫󰗔󰏞󰌙󰱬󰙰󰷀󰕎󰁤󰔨󰗵󱛙󰎫󰋚󰋕󰋹󰎂󰐞󱏐󰠇󰐨󰍊󰋕󰋹󰙙󰐻󰢹󰁤󰪓󰗵󰎂󰐞󰮹󱚃30󰡈󰍴󰗸󰋚󰂀󰼈30󰋚󰲂󰶜󰯰󰜝󰉓󰋚󰎯󰍉󰊮󰌡󰳯󰌈󱛙󰎫󰮷󰙝󰛃󰊞󰡈󰍴󰗸󰋚󰊘󰊫󰂁󰙙󰙰󰎅󰏗󰌹󱄆󰶲󰯰󰋇󰞉󰱬󰙰󱄆󰓊󰙰3.1󰲥󰊩󰙙130%󰁦󰡊󰟰󰍉󰊮󰌡󰱤󰏘󱛙󰎫󰌙󰱬󰙰󰷀󰕎󰁤󰶲󰚭󱗇󰌙󰱬󰙰󰷀󰕎󰜵󰏞󰉛󰌙󱐏󰩻󰓊󰏋8%󰙙󰋣󰏗󰥂󰂀󰋸󰏋󱈍󰎥󰨿󰹟󰠇󱁑󰂁󰁦

󰗵2012󰏋8󰋜31󰋚󰐇2014󰏋8󰋜31󰋚󰲂󰶜󰙙󰎂󰐞󰣛󰶜󰁤󰌙󰱬󰙰󰷀󰕎󰜵󰏞󰉛󰌙󰠅󰓋󰍉󰊮󰌡󰱤󰏘󱛙󰎫󰗔󰏞󰌙󰱬󰙰󰷀󰕎󰁤󰔨󰗵󱛙󰎫󰋚󰲂󰋕󰋹󰎂󰐞󱏐󰠇󰐨󰍊󰋕󰋹󰙙󰐻󰢹󰁦󰡊󰟰󰍉󰊮󰌡󱏐󰠅󰓋󰱤󰏘󱛙󰎫󰌙󰱬󰙰󰷀󰕎󰁤󰶲󰚭󱗇󰌙󰱬󰙰󰷀󰕎󰜵󰏞󰉛󰌙󱐏󰩻󰓊󰏋8%󰙙󰋣󰏗󰥂󰂀󰋸󰏋󱈍󰎥󰨿󰹟󰠇󱁑󰂁󰁦

󰣬󱊽󰍉󰶫󰾠󰙙󰸶󰠇󰝁󰴄󰁤󱛙󰎫󱂩󱒅󰲂󱛆󰊿󱛙󰎫󱂩󰘧󰲂󱛆󰐪󰞉󰠃󰍛󰚖󱍄󰊈󰕈󰊱󰐹󰋸󰊮󰌻󰠽󰗵󰰜󰑓󰲂󰍋󰎐󱈪󰁦

󰍟󰗵󰍉󰊮󰌡󰗵2011󰏋6󰋜28󰋚󰶆󰐑󰔶󰙰󰁤󰌙󰱬󰙰󰷀󰕎󰙙󰐳󰱬󱄆󰣸󰊿󱂩󰙰󱛆󱗇󰙙󰐑󰔴󱄆󰣸󰊱󰐹󱈜󱋆󰞉2.984󰲥󰊩󰊿3.947󰲥󰊩󰁦

󰏋󰊫󰁤󰕉󰊕󰉓󰎤󰌙󰱬󰙰󰷀󰕎󰜵󰏞󰉛󰐑󰔴󰕉󱛙󰎫󰲂󱛆󰋸󰱤󰏘󱛙󰎫󰌙󰱬󰙰󰷀󰕎󰁤󰍉󰚖󰞉78,000,000󰲥󰊩󰁤󰔨󰗳󰫝󰕉7,758,967󰎅󱂩󰙰󱛆󱗇󰁦󱛙󰎫󱄆󰣸87,592,000󰲥󰊩󰂀󰞴󰺅󰗵󰉛󰍏󰿆70,411,000󰊩󰂁󰊊󰋕󰋹󰊚󰼈󰜵󰏞󰉛󰁤󰏾󱛙󰎫󱑦󰸦󰬋󱕘󰉛󰍏󰿆5,498,000󰊩󰂀󰚝󰵗5(a)󰂁󰗵󰸦󰥂󰊕󱆽󱂩󰁦󰏤󰌮󰁤󰌙󰱬󰙰󰷀󰕎󰙙󰫢󰲛󰡌󰒷󰎽󰉨󰁪— —

󰐼󰧰󰌙󰱬󰙰󰷀󰕎󰜵󰏞󰉛󰊿󰍉󰊮󰌡󰙙󰱤󰏘󱛙󰎫󱛆󰁩

󰺅󰌙󰱬󰙰󰷀󰕎󰕑󰲂󰣛󰁤󰶲󰚭󱗇󰌙󰱬󰙰󰷀󰕎󰜵󰏞󰉛󰌙󱐏󰩻󰓊󰏋󰋸󰏋󱈍󰎥󰨿󰹟󰠇󱁑󰂀󰍟󰳯󰐑󰋚󰲂󰧎󰐇2012󰏋8󰋜31󰋚󰞉󰓊󰏋8%󰊿󰍟2012󰏋9󰋜1󰋚󰧎󰐇󰕑󰲂󰋚󰞉󰓊󰏋10.5%󰂁󰙙󰋣󰏗󰥂󰁩󰊿—

󰟰󰊍󰧌󰨕󰛰󱍕󱈜󱋆󰁦

󰂀󰗵󰎪󰏤󰁤󰡌󰒷󰌙󰱬󰙰󰷀󰕎󰉛󰍏󰿆1,686,000󰊩󰙙󰏗󰥂󰬋󱕘󰂀󰚝󰵗5(a)󰂁󰗵󰏋󰊫󰎯󰸦󰥂󰊕󱆽󱂩󰁦󰌙󰱬󰙰󰷀󰕎󰙙󰠋󰷀󰯅󰎅2014󰏋󰕑󰲂󰂁󰗵2012󰏋12󰋜31󰋚󰙙󰧌󰨕󰰜󰚌󰊕󰊱󱗳󰞉󰚢󰝴󰨗󰠋󰷀󰁦󰍟󰗵󰌙󰱬󰙰󰷀󰕎󰜵󰏞󰉛󰐆2012󰏋8󰋜31󰋚󰧎󰌙󰱤󰏘󱛙󰎫󰎌󰯅󰌙󰱬󰙰󰷀󰕎󰁤󰎪󰏤󰕉󰗵2011󰏋12󰋜31󰋚󱐏󰊱󱗳󰞉󰝴󰨗󰠋󰷀󰁦

– 25 –

財務報表附註（續）󰂀󰋸󰉛󰍏󰿆󰎐󱈪󰂁17 󱎴󰎋󰭃󱊽

(a)

󰗵2010󰏋10󰋜20󰋚󰁤󰍉󰊮󰌡󰳯󰐑󰉙󰍉󰚖󰞉300,000,000󰟕󰊩󰁤󰩚󰗵2015󰏋󰕑󰲂󰙙󰏞󰗪󰗥󱎴󰎋󰭃󱊽󰂀󰂘󰟕󰊩󱎴󰎋󰭃󱊽󰂙󰂁󰁦󰟕󰊩󱎴󰎋󰭃󱊽󰏋󰐻󰬟󰞉12.25%󰁤󰓊󰌒󰏋󰗵󰲂󰍋󰋕󰋹󰐻󰢹󰁦󰟕󰊩󱎴󰎋󰭃󱊽󰕑󰲂󰋚󰞉2015󰏋10󰋜20󰋚󰁦󰗵2013󰏋10󰋜20󰋚󰗐󰊘󰜝󰋚󰲂󰁤󰍉󰊮󰌡󰌙󰐆󰐑󱍯󱊿󰜲󰽫󰎋󱔾󰖛󰊘󱛙󰎫󱄆󰁤󱛙󰎫󰎌󰯅󰗐󰯅󰎅󱎴󰎋󰭃󱊽󰁦󱛙󰎫󱄆󰣸󰼉󰪋󰗵󰞴󱗫󰳯󰨯󰯪󰒙󱍽󰊕󰊚󰋸󰗞󱚣󰁦

󰍉󰊮󰌡󰲀󰼼󰋀󰕉󰟕󰊩󱎴󰎋󰭃󱊽󰛰󰟒󰂀󰗵2015󰏋󰕑󰲂󰂁󰂀󰂘󰛰󰟒󰂙󰂁󰉨󰙙󰟰󰊍󰛰󱍕󰂀󰂘󰼼󰟒󰂙󰂁󰁦󰟕󰊩󱎴󰎋󰭃󱊽󰠋󰷀󰯅󰊱󰉛󰍏󰿆1,849,885,000󰊩󰗵2011󰏋12󰋜31󰋚󰎯󰧌󰨕󰰜󰚌󰠠󰸭󰊱󱗳󰞉󰝴󰨗󰠋󰷀󰁦

󰣬󱊽2012󰏋3󰋜7󰋚󰙙󰊮󰑓󰁤󰍉󰊮󰌡󱏝󰰱󰟰󰊍󰜔󱙄󰡌󰠈󰊿󰼼󰟒󰊘󱒀󰐵󰂀󰭕󱁈󰂘󰜔󱙄󰂙󰂁󰎣󰜵󰏞󰉛󱅄󰓋󰎝󰸈󰂀󰂘󰎝󰸈󰂙󰂁󰁦󰼈󰎝󰸈󱅄󰓋󰊊󰗵󰎝󰋚󰎣󰜵󰏞󰉛󰳯󰌈󰁦󱅄󰓋󰎝󰸈󰐑󰨗󰙙󰋴󰠅󰍦󰙙󰝊󰰱󰏞󱗫󰜔󱙄󰕟󰩻󰊔󰋇󰗵󰽀󰌒󱅰󰳯󰐑󰎯󰌮󱎴󰎋󰭃󱊽󰍉󰚖󱐼󱕘󰙙󰭃󱊽󰜵󰏞󰉛󰏞󰣖󰎮󰪬󰌈󰋲󰔨󰳌󰏞󰣖󰎮󰿞󰎫󰎝󰸈󰁦

󰗵󰥲󰟒󰣛󰶜2012󰏋3󰋜16󰋚󰉨󰊹5󰣛󰍍󰁤󰍉󰊮󰌡󱐏󰳯󰐑󰎯󰌮󰟕󰊩󱎴󰎋󰭃󱊽󰍉󰚖󱐼󱕘󰉽󰎵󱅰󰜵󰏞󰉛󰎝󰸈󰏞󱗫󰜔󱙄󰁤󰔨󰋕󰋹1.4󰏵󰺬󰟕󰊩󰊚󰼈󰴃󰊊󰪬󰌈󰎝󰸈󰙙󰜵󰏞󰉛󰁦󰎪󰏤󰟕󰊩󱎴󰎋󰭃󱊽󰙙󰕑󰲂󰋚󱁪󰜵󰊔󱜊󰁤󰳓󰎽󰔨󰳌󰳯󰍛󰼼󰟒󰁤󰋲󰟕󰊩󱎴󰎋󰭃󱊽󰙙󰠋󰷀󰯅󰊱󰊊󰗵󰿚󰐇2012󰏋12󰋜31󰋚󰙙󰧌󰨕󰰜󰚌󰊕󰮗󰊱󱗳󰞉󰚢󰝴󰨗󰠋󰷀󰁦(b)

󰗵2012󰏋4󰋜11󰋚󰁤󰍉󰊮󰌡󰳯󰐑󰉙󰌤󰉓󰍉󰚖󰞉175,000,000󰸭󰌋󰕽󰊩󰁤󰩚󰗵2016󰏋󰕑󰲂󰙙󱎴󰎋󰭃󱊽󰂀󰂘󰸭󰌋󰕽󰊩󱎴󰎋󰭃󱊽󰂙󰂁󰁦󰸭󰌋󰕽󰊩󱎴󰎋󰭃󱊽󰏋󰐻󰬟󰞉10.75%󰁤󰓊󰌒󰏋󰗵󰲂󰍋󰋕󰋹󰐻󰢹󰁦󰸭󰌋󰕽󰊩󱎴󰎋󰭃󱊽󰕑󰲂󰋚󰞉2016󰏋4󰋜18󰋚󰁦󰗵2016󰏋4󰋜18󰋚󰊘󰛃󰎂󰐞󰣛󰡉󰁤󰍉󰊮󰌡󰌙󰐆󰐑󱍯󱊿󰜲󰽫󰎋󱔾󰖛󰊘󱛙󰎫󱄆󰁤󱛙󰎫󰎌󰯅󰏾󰚢󰯅󰎅󱎴󰎋󰭃󱊽󰁦󱛙󰎫󱄆󰣸󰼉󰪋󰗵󰞴󱗫󰳯󰨯󰯪󰒙󱍽󰊕󰊚󰋸󰗞󱚣󰁦

󰍉󰊮󰌡󰠈󰍭󰌮󰷒󰷒󰬟󰪦󰲂󰎥󰟒󰁤󰯀󰽀󰒪󰸭󰌋󰕽󰊩󱎴󰎋󰭃󱊽󰙙󰍉󰚖175󰏵󰺬󰸭󰌋󰕽󰊩󱈜󰱬󰐪137󰏵󰺬󰟕󰊩󰁤󰋸󱁍󰬣󰸭󰌋󰕽󰊩󱎴󰎋󰭃󱊽󰙙󰌮󰷒󰷒󰬟󰠬󱎈󰁦󰌮󰷒󰷒󰬟󰪦󰲂󰎥󰟒󰙙󰎌󰨷󰍉󰚖󱐼󱕘󰞉175,000,000󰸭󰌋󰕽󰊩󰁤󰎥󰟒󰩚󰗵2016󰏋4󰋜18󰋚󰕑󰲂󰁦󰌮󰷒󰷒󰬟󱈜󰲂󰎥󰟒󰐪󰞉󰠃󰍛󰚖󱍄󰊈󰕈󰉗󰣬󱊽󰚝󰵗2(b)󰗔󰼱󰙙󰸶󰠇󰝁󰴄󰗵󰎢󰰜󰑓󰲂󰍋󰋸󰊮󰌻󰠽󰎐󱈪󰁦

– 26 –

財務報表附註（續）󰂀󰋸󰉛󰍏󰿆󰎐󱈪󰂁18 󰙰󰢹

󱏐󰋹󰍉󰊮󰌡󱛆󰥂󰜵󰏞󰉛󰙙󰍉󰏋󰜓󰙰󰢹

2012󰏋2011󰏋󰉛󰍏󰿆󰉷󰊩󰉛󰍏󰿆󰉷󰊩󰜁󰝼󰊿󰝼󰋹󰊕󰲂󰙰󰢹󰓊󰙰󰱷󰮷󰙰4.5󰲥󰌀󰂀󰞴󰺅󰗵󰉛󰍏󰿆3.69󰊱󰂁 󰂀2011󰏋󰁪󰉛󰍏󰿆󰽧󰊩󰂁󰰜󰑓󰲂󰍋󰜝󰜔󱙄󰊱󰝼󰙙󰍋󰲂󰙰󰢹󰓊󰙰󰱷󰮷󰙰8.0󰲥󰌀 󰂀󰞴󰺅󰗵󰉛󰍏󰿆6.45󰊱󰂁󰂀2011󰏋󰁪󰓊󰙰󰱷󰮷󰙰10.0󰲥󰌀 󰂀󰞴󰺅󰗵󰉛󰍏󰿆8.25󰊱󰂁󰂁,705–156,970200,400246,675200,400󰗵󰰜󰑓󰲂󰍋󰜝󰜔󱙄󰊱󰝼󰙙󰍋󰲂󰙰󰢹󰖠󰍊󰎯󰰜󰑓󰲂󰍋󱆽󱂩󰞉󰠋󰷀󰁦

19 󰗕󱋄

(a) 󰗵2012󰏋12󰋜31󰋚󰁤󰔨󰳌󰗵󰧌󰨕󰰜󰚌󰊫󱅡󰯪󰙙󰼟󰍉󰗕󱋄󰎽󰉨󰁪󰁪

2012󰏋2011󰏋󰉛󰍏󰿆󰉷󰊩󰉛󰍏󰿆󰉷󰊩󰊊󰪬󱛆󰐨󰖠󰍊󰠈󰟒󰊊󰠈󰟒󰐨󰖠󰍊󱅡󰯪16,155,1142,993,50314,921,6801,277,71819,148,61716,199,398󰼟󰍉󰗕󱋄󰋴󰠅󱁾󰍉󰶫󰾠󰎯󰜔󰙊󰸸󰙙󰉺󰎮󰊿󰶚󰳯󰏓󰍉󰏞󱗫󰁦

2012󰏋2011󰏋󰉛󰍏󰿆󰉷󰊩󰉛󰍏󰿆󰉷󰊩󰍉󰶫󰾠󱏐󰐦󰎍󰎝󰪛󰕓󰾼󱜗󰗕󱋄󰙙󰳯󰢝󰊕󰙊󰸸— 󰊊󰪬󱛆󰐨󰖠󰍊󰠈󰟒— 󰊊󰠈󰟒󰐨󰖠󰍊󱅡󰯪939,209344,3016,866185,6581,283,5171,102,524– 27 –

財務報表附註（續）󰂀󰋸󰉛󰍏󰿆󰎐󱈪󰂁19 󰗕󱋄󰂀󱚃󰂁

(b) 󰺾󱐄󰥡󰟒󰗕󱋄

󰗵2012󰏋12󰋜31󰋚󰁤󰍉󰶫󰾠󰣬󱊽󰊔󰌙󰿞󱉖󰺾󱐄󰥡󰟒󰙙󱏐󰋹󰍊󰔸󰯰󰐭󰥡󰚖󰲛󰶰󱐼󱕘󰎽󰉨󰁪

2012󰏋2011󰏋󰉛󰍏󰿆󰉷󰊩󰉛󰍏󰿆󰉷󰊩󰉓󰏋󰊫󰉓󰏋󰜝󰐨󰊞󰏋󰊫2,1356624,0082,8312,7976,839󰍉󰶫󰾠󰞉󰎵󰶰󰙊󰸸󰙙󰺾󱐄󰥡󰟒󰗕󰥡󰉛󰁦󰼈󰴃󰥡󰟒󰮷󰩬󰚋󰓉󰞉󰲂󰉚󰐇󰊞󰏋󰁤󰺅󰕘󰖛󰗔󰏞󰫢󰲛󰜝󰌙󱍯󱊿󱚃󰥡󰁦󰼈󰴃󰥡󰟒󰸿󰊔󰌍󰜼󰗐󰳍󰥡󰚖󰁦

20 󰗐󰳍󰠋󰷀

󰍉󰶫󰾠󰰱󰟰󰊍󱃕󰐑󰎣󰍉󰶫󰾠󰊿󰎍󰎝󰪛󰕓󰾼󱜗󰙙󰙊󰸸󰵯󰋙󰗔󰱤󰔶󰙙󰜲󰱧󰵲󰲛󰐪󰌈󱋄󰚭󰁦󰣬󱊽󱋄󰚭󰫢󰲛󰁤󰡊󰼈󰴃󰵯󰢕󰗮󰋞󰜲󰱧󰋹󰲛󰁤󰛆󰍉󰶫󰾠󰶲󰎣󱃕󰐑󱎵󱒔󰋞󰋹󰙙󰜲󰱧󰵲󰲛󱁾󰎂󰐞󱏐󰠇󰐻󰢹󰊿󰵯󰢕󰗮󰋞󱃕󰐑󰵲󰲛󰙙󱁮󰚖󰁦󰍉󰶫󰾠󰙙󱋄󰚭󰲂󰐆󰞴󱗫󰜲󰱧󰵲󰲛󰪬󰌈󰋚󰲂󰶚󰖐󰁤󰗵󰵯󰢕󱐏󰳯󰗔󱒅󰻄󰙊󰸸󰙙󰡈󰐹󰬪󱛆󱗇󰣛󰖣󱀐󰁦󰗵2012󰏋12󰋜31󰋚󰁤󰞉󰍉󰶫󰾠󰊿󰎍󰎝󰪛󰕓󰾼󱜗󰙙󰙊󰸸󰵯󰢕󰗔󱐏󰪬󰜲󰱧󰵲󰲛󰏾󰎣󱃕󰐑󰱤󰔶󰙙󱋄󰚭󰚖󱕘󰎽󰉨󰁪

2012󰏋2011󰏋󰉛󰍏󰿆󰉷󰊩󰉛󰍏󰿆󰉷󰊩󰞉󰋸󰉨󰵯󰢕󰗔󱐏󰜲󰱧󰵲󰲛󰎣󱃕󰐑󰐪󰌈󰙙󱋄󰚭󰁪 — 󰍉󰶫󰾠󰙊󰸸 — 󰎍󰎝󰪛󰕓󰾼󱜗󰙊󰸸󰂀󰍉󰶫󰾠󰎍󰔮󰯅󰎅󰂁5,369,372724,3714,697,63370,3626,093,7434,767,995󰍟󰗵󰍉󰶫󰾠󰊿󰎍󰎝󰪛󰕓󰾼󱜗󰔨󰍊󰞉󰼈󰴃󰵯󰢕󰍡󱈗󰡈󰐹󰓷󰏞󰬪󱛆󱗇󰁤󰝂󰌙󰪟󰏗󰔨󰌈󰨯󰞴󱗫󰙊󰸸󰁤󰋸󰏗󰎫󰍉󰶫󰾠󰅊󰎍󰎝󰪛󰕓󰾼󱜗󰎣󱃕󰐑󰋕󰋹󰙙󰎂󰐞󰲛󰶰󰁤󰝂󰻨󰔫󱂩󰞉󰍉󰶫󰾠󰊔󰉽󰌙󰦐󰗵󱋄󰚭󰲂󰶜󰎪󰏞󱗫󱋄󰚭󱉊󰕡󰸦󰌰󰁦󰎪󰻨󰔫󱂩󰞉󰼈󰴃󱋄󰚭󰙙󰊮󰌻󰠽󰸽󰐭󰁤󰝂󰍉󰶫󰾠󰊿󰎍󰎝󰪛󰕓󰾼󱜗󰔨󰳌󱆽󱂩󰏞󱗫󰼈󰴃󱋄󰚭󰙙󰎂󰐞󱃈󰖷󰏗󰉝󰁦󰻨󰔫󰍵󱂩󰞉󰁤󰡊󰵯󰢕󰗮󰋞󱃕󰐑󰋹󰲛󰁤󰞴󱗫󰙊󰸸󰙙󰊮󰌻󰌹󰠽󰔑󰩄󱖮󰫶󰍊󱎵󱒔󰙙󰍉󰶫󰾠󰊿󰎍󰎝󰪛󰕓󰾼󱜗󰜲󰱧󰵲󰲛󰁦

– 28 –

管理層討論與分析

󱐄󰼶󰎫󱚥

󰂀󰉓󰂁 󰌹󰰙󰕱󰊮󰌡󱐄󰼶󰎫󱚥

1. 󰒃󱝈󰺾󱏶2012󰏋󰁤󰠦󰿁󱘌󰢡󰙙󰨷󰊫󰌮󰺾󱏶󰒖󰷐󰁤󰊕󰨷󰝁󰖴󰊿󰣛󰌋󰩶󰕱󰒷󰴛󰒃󱝈󱈜󰪛󰁤󰒪󱖢󱄣󰚗󰗳󰎯󰒻󰌋󰠠󰠅󰙙󰐗󰻄󰁤󰾼󰬤󰨷󰍏󰺾󱏶󰼶󰐑󱐼󱜗󰌻󱖢󰁦2012󰏋󰁤󰊕󰨷󰨷󰊫󰍛󰬪󱐼󰠽󰉛󰍏󰿆51.93󰺬󱄂󰊩󰁤󰎝󰋢󱄣󰚗7.8%󰁦

󰚐󰏋󰁤󰘦󰛌󰞲󱌐󰸽󰗕󰪟󰾤󰊫󰌮󰬪󰸸󱔷󰭅󰁤󰔨󰏓󰌌󰑖󰋏󰉓󰒭󰨷󰊫󰌮󰙝󰎤󰎆󰸸󰶆󱉳󰁤󰩭󰨗󰎮󰨜󰶆󰌈󰉹󱁾󰌮󰨠󰒳󰼟󰚭󰜵󰧷󰮺󱄣󰚗󰁦2012󰏋󰁤󰘦󰛌󰾼󰬤󰍛󰬪󱐼󰠽󰉛󰍏󰿆2.98󰺬󱄂󰊩󰁤󰎝󰋢󱄣󰚗10.1%󰁤󱃯󰎋󰎌󰨷󱄣󰮺2.3󰡈󰏵󰊱󱓃󰁦

2. 󰗒󰎮󰬪󰌹󰰙2012󰏋󰁤󰎯󰋕󰜵󰖢󰍏󰎥󰬣󰐘󰗒󱃪󰓋󰁥󰚦󰵲󱐑󰾤󰒷󰴛󱁾󰗒󰎮󰬪󰎆󰸸󱉇󰣛󱈜󱋆󰺾󱐄󰴄󰬫󰙙󰎍󰎝󰐪󰍜󰉨󰁤󰗒󰎮󰬪󰌹󰰙󰮼󰓉󰎫󰸲󰁦2012󰏋󰁤󰎌󰨷󰗒󰎮󰬪󰌹󰰙󰾼󰬤󰨠󰛜󰗒󱉖󰨯󰑩󱄆󰉛󰍏󰿆5,791󰊩󰅊󰌻󰋙󰏷󰁤󰎝󰋢󱄣󰚗8.1%󰁦󰐪󰞉󰊮󰌡󰸸󰨕󰳯󰢝󰙙󰋴󰠅󰌹󰰙󰁤2012󰏋󰁤󰘦󰛌󰞲󰾼󰬤󰨠󰛜󰗒󱉖󰨯󰑩󱄆󰉛󰍏󰿆3,831󰊩󰅊󰌻󰋙󰏷󰁤󰎝󰋢󱄣󰚗9.4%󰁤󱄣󰮺󰬫󰧷󰗵󰎌󰨷󰌻󰑩󰋥󰌻󰁤󰎎󰏣󱜑󰍪󰌈󰘦󰛌󰗒󰎮󰬪󰌹󰰙󰋸󰐆󰐘󰗌󱃪󰓋󰞉󰋴󰁤󰒳󱋚󰒳󰼟󱃪󰓋󰼰󰋇󰙙󰤤󱓃󰁦

󰂀󰉚󰂁 󰶰󰍦󰳯󰢝

󰰜󰑓󰲂󰊫󰁤󰍉󰊮󰌡󱊯󱔟󰿁󰊕󰨷󰝁󰴄󱁚󰹟󰙙󰞼󰐺󰦐󰉢󰁤󰎯󰨜󰨹󰊫󰊔󱓙󰎣󱌤󰥴󰌹󰰙󱐽󰬉󰔨󱌐󰸽󰶆󰐑󱄣󰣖󰜱󱆑󰁤󰾼󰬤󰉙󱁍󰬣󰦐󰉢󱁾󰺾󱐄󰦐󰉢󰙙󰟉󰥎󰁤󰎝󰣛󰮷󰽀󰶚󰢝󰉚󰉤󰕴󰏋󱅅󰕊󰴃󰉓󰓻󰎐󰝺󰨗󰁤󰔴󰩻󰊮󰌡󰨜󰨹󰌹󰰙󰐦󰏞󰬟󰜵󱚃󰱤󰧷󰁤󰎥󰎝󰚖󱕘󰵴󰽀󰉛󰍏󰿆󰏵󱄂󰊩󰁤󰍉󰊮󰌡󰮝󱅼󰙙󱄣󰚗󰕱󰞮󰐻󰦐󰉢󰙙󰜵󱚃󰱤󰊺󰰢󰖛󰉙󰨺󰾼󰨿󱓾󰁦

– 29 –

（續）管理層討論與分析

󰰜󰑓󰲂󰊫󰁤󰍉󰊮󰌡󰒁󰏓󰸭󰶚󰊈󰠦󱌐󰕱󰴂󰊈󰠦󱌐󰊱󰐹󰞉2,263,217󰌻󰋙󰏷󰊿1,695,970󰌻󰋙󰏷󰁦󰰜󰑓󰲂󰊫󰁤󰍉󰊮󰌡󰎍󱉖󰨯󰅊󰽫󰨯1,580,461󰌻󰋙󰏷󰁤󱉖󰨯󰅊󰽫󰨯󰚖󱕘󰞉󰉛󰍏󰿆103.5󱄂󰊩󰁤󰋢󰌘󰏋󰎝󰲂󱄣󰚗27.4%󰁦

(1) 󰶚󰳯󰶆󰜓󰰜󰑓󰲂󰊫󰁤󰍉󰊮󰌡󰎍󰏞24󰡈󰶰󰍦󰗐󰶰󰍦󰊱󰲂󰨗󰊈󰜔󰮣󰁤󰸭󰶚󰊈󰠦󱌐2,263,217󰌻󰋙󰏷󰁦2012󰏋󰸭󰶰󰍦󰶚󰳯󰎮󰬣󰊱󰐱󰪋󰘱󰎮󰨜

󰸭󰶚󰊈󰜔󱌘󰠦󱌐

󰂀󰌻󰋙󰏷󰂁󱉍󰏈

󰘦󰛌󰞲󰕉󰋼󰛬󰌹

479,7011,783,516

󰎥󰠇

2,263,217

󰿚󰐇2012󰏋12󰋜31󰋚󰁤󰍉󰊮󰌡󰎯󰜔󰶰󰍦36󰡈󰅊󰲂󰁤󰕉󰊕5󰡈󰅊󰲂󰗵󱉍󰏈󰌹󰁤31󰡈󰅊󰲂󰐗󰗵󰘦󰛌󰞲󰕉󰋼󰛬󰌹󰁤󰎯󰜔󰶰󰍦󱐼󰜔󱌘󰠦󱌐󰟒󰞉3,346,606󰌻󰋙󰏷󰁦󰿚󰐇2012󰏋12󰋜31󰋚󰋟󰎯󰜔󰶰󰍦󰎮󰬣󰊱󰐱󰪋󰘱󰎮󰨜

󰎯󰜔󰜔󱌘󰠦󱌐

󰂀󰌻󰋙󰏷󰂁󱉍󰏈

󰘦󰛌󰞲󰕉󰋼󰛬󰌹

504,0142,842,592

󰎥󰠇

3,346,606

󰰜󰑓󰲂󰊫󰁤󰍉󰊮󰌡󰎍󰏞20󰡈󰶰󰍦󰗐󰶰󰍦󰊱󰲂󰴂󰊈󰁤󱐼󰴂󰊈󰠦󱌐1,695,970󰌻󰋙󰏷󰁤󰌙󰨯󰠦󱌐󰼺1,448,200󰌻󰋙󰏷󰁤󰕉󰊕󰊊󱉖󰨯󰜔󱌘󰠦󱌐󰞉1,044,234󰌻󰋙󰏷󰁤󱉖󰨯󰬟󰼺󰕑72.11%󰁦

– 30 –

管理層討論與分析

（續）󰛬󰌹

󰶚󰳯󰶰󰍦

󱉍󰏈󰜔󰸸󱑌󰺑󰸭󰛬󰊞󰲂󰉚󰒭󰜔󰸸󱑌󰺑󰸭󰛬󰊬󰲂󰜔󰸸󰩗󱇁󰨷󱃧󰜔󰸸󰵩󰻮󰛬󰔞󰉓󰲂

󰝾󰶢󰜔󰸸󰧷󱀧󰋃󰉧󰲂󰜔󰸸󰰠󰻮󰛬󰔞󰉚󰲂󰉚󰒭󰜔󰸸󰋰󰟏󰴶󰶢󰊞󰲂

󰸭󰶊󰜔󰸸󰲌󰘍󰌒󰢥󰉓󰲂󰌬󰒭󱀙󰘦󰜔󰸸󰰠󰻮󰛬󰔞󰉚󰲂󱏶󰹕

󰜔󰸸󰰠󰻮󰛬󰔞󰉚󰲂󰜔󰸸󰰠󰻮󰛬󰔞󰉧󰲂

󰳊󰐪󰜔󰸸󰰠󰻮󰛬󰔞󰉓󰲂󰡌󰘛󰜔󰸸󰲌󰘍󰌒󰢥󰉓󰲂

󰨠󰋳󰜔󰸸󱑌󰺑󰸭󰛬󰉧󰲂󰜔󰸸󱑌󰺑󰸭󰛬󰌬󰲂

󰛌󰶢󰜔󰸸󰲌󰘍󰌒󰢥󰧿󰋚󰧢󰖳󰕴󰉹󰜔󰸸󰲌󰘍󰌒󰢥󰉧󰲂󰂀󰎵󱄴󰂁󰌻󰯟󰊆󱂀󱍻󰜔󰸸󰲌󰘍󰌒󰢥󰉓󰲂󰂀󰎵󱄴󰂁󰶚󰜆

󱉍󰶚󰲌󰘍󰌒󰢥󰶰󰍦󰜔󰸸󰘇󰔯󰾬󰴶3–4#󰎥󰠇

– 31 –

󰌙󰨯

󰽫󰨯󰅊󰊊󰨯󱐼󰴂󰊈󰠦󱌐󰜔󱌘󰠦󱌐

󰜔󱌘󰠦󱌐

󰂀󰌻󰋙󰏷󰂁󰂀󰌻󰋙󰏷󰂁󰂀󰌻󰋙󰏷󰂁77,73777,73763,377153,021108,187,29211,49911,4996,60690,45883,88160,952155,982155,982125,612105,6,90180,866276,117197,917148,73250,27850,07028,448104,920104,92081,07077,04177,04133,675186,812160,095127,33399,65377,13242,59725,14025,14010,15820,67420,67412,26561,56561,565

47,820

51,200––23,76522,95522,79713,41013,4107,83392,01992,01941,32918,783

18,07315,472

1,695,9701,448,200

1,044,234

（續）管理層討論與分析

(2) 󱉖󰨯󰶆󰜓󰰜󰑓󰲂󰊫󰁤󰍉󰶫󰾠󱖦󰠈󰎥󰎝󰔨󱉖󰨯󰅊󰽫󰨯󰜔󱌘󰠦󱌐󰎍1,580,461󰌻󰋙󰏷󰁤󱖦󰠈󰎥󰎝󱉖󰨯󰅊󰽫󰨯󰗔󱐏󰚖󱕘󰞉󰉛󰍏󰿆103.5󱄂󰊩󰁤󰋢󰌘󰏋󱄣󰚗27.4%󰁦

󰿚󰐇2012󰏋12󰋜31󰋚󰋟󱉖󰨯󰅊󰽫󰨯󰎮󰬣󰊱󰐱󰪋󰘱

󰊊󰨯󰌈

󰌙󰨯󰠦󱌐󰟒󱅰󱐼󰠽󰟒󱅰󰂀󰌻󰋙󰏷󰂁󰂀󰉛󰍏󰿆󰉷󰊩󰂁󰎮󰨜

󱉍󰏈

󰘦󰛌󰞲󰕉󰋼󰛬󰌹

290,9271,2,534

3,759,7286,592,27710,352,005

󰎥󰠇

1,580,461

󰂀󰉧󰂁 󰉺󰎮󱎷󰯪

2012󰏋󰁤󰍉󰊮󰌡󰮷󰽀󰊮󰶚󱘩󰵯󰋙󰏌󱐏󰕟󰉺󰎮󱎷󰯪󰜔󱌘󰠦󱌐419󰺬󰌻󰋙󰏷󰁤󰿚󰐇2012󰏋12󰋜31󰋚󰁤󰍉󰊮󰌡󱊹󰏞󰉺󰎮󱎷󰯪󰜔󱌘󰠦󱌐1,611󰺬󰌻󰋙󰏷󰁤󰕉󰊕󰊊󱐏󰕟󰨷󰏞󰉺󰎮󰔴󰍜󱛆󱗇󰙙󰉺󰎮󱎷󰯪󰜔󱌘󰠦󱌐󰞉1,155󰺬󰌻󰋙󰏷󰁦

1. 󰊮󰶚󱘩󰵯󰉺󰎮2012󰏋1󰋜10󰋚󰁤󰍉󰊮󰌡󰙙󰎌󰼟󰚝󱙮󰊮󰌡󰬊󰶢󱌤󰜔󰸸󰛬󰌹󰜔󰮣󰏞󰠢󰊮󰌡󰁤󰎯󰬊󰶢󱌤󰨷󰉺󰼟󰹕󰒅󱑘󱍬󰙙󰨷󰏞󰉺󰎮󰔴󰍜󱛆󰪨󰳐󰌈󱜫󰝺󰨗󰊕󰊱󰐹󰋸󰉛󰍏󰿆3,570󰺬󰊩󰊿6,030󰺬󰊩󰏓󰌌󱘩󰩻󰬊󰶢󱌤󱌪󰞬󰉽󰼸󰐓󰁥󰊞󰩹󰼩󰛌󰊿󰸭󰍏󰼩󰘇󰕇󰖚󰎮󰙙󰉺󰎮󰔴󰍜󱛆󰁦2011-019󰻮󰖚󰎮󰠦󱌐33,196󰌻󰋙󰏷󰁤󰐘󰏃󰍜󰎮󰪛󰕓󰗌󰼉󰭚󰮝󰾌󰢙󱌐󰬟󰞉1.5–2.0󰁤󰨠󰸸󰍜󰎮󰪛󰕓󰗌󰼉󰭚󰮝󰾌󰢙󱌐󰬟󰊔󰧷󰗵2.5󰁩2011-018󰻮󰖚󰎮󰠦󱌐57,133󰌻󰋙󰏷󰁤󰐘󰏃󰍜󰎮󰪛󰕓󰗌󰼉󰭚󰮝󰾌󰢙󱌐󰬟󰞉1.5–2.0󰁤󰨠󰸸󰍜󰎮󰪛󰕓󰗌󰼉󰭚󰮝󰾌󰢙󱌐󰬟󰊔󰧷󰗵3.0󰁦

– 32 –

（續）管理層討論與分析

2012󰏋1󰋜20󰋚󰁤󰍉󰊮󰌡󰜵󰙰55%󰙙󰚝󱙮󰊮󰌡󰲷󰯕󰜔󰸸󰛬󰌹󰜔󰮣󰏞󰠢󰊮󰌡󰎯󰲷󰯕󱌤󰨷󰉺󰼟󰹕󰒅󱑘󱍬󰙙󰨷󰏞󰉺󰎮󰔴󰍜󱛆󰪨󰳐󰌈󱜫󰝺󰨗󰊕󰊱󰐹󰋸󰉛󰍏󰿆7,850󰺬󰊩󰊿6,950󰺬󰊩󰏓󰌌󱘩󰩻󰲷󰯕󱌤󰉛󰕱󰼩󰊿󰊕󰴶󰼩󰘇󰛌󰠦󰕇󰖚󰎮󰙙󰉺󰎮󰔴󰍜󱛆󰁦G-11-53󰻮󰖚󰎮󰠦󱌐66,547󰌻󰋙󰏷󰁤󰪛󰕓󰗌󰼉󰭚󰮝󰾌󰢙󱌐󰬟󰞉2.0–3.0󰁩G-11-54󰻮󰖚󰎮󰠦󱌐60,639󰌻󰋙󰏷󰁤󰪛󰕓󰗌󰼉󰭚󰮝󰾌󰢙󱌐󰬟󰞉2.0–3.0󰁦

2012󰏋5󰋜29󰋚󰁤󰍉󰊮󰌡󰙙󰎌󰼟󰚝󱙮󰊮󰌡󰘦󰛌󰜔󰸸󱐑󰬢󰟕󰠮󰛬󰻄󰸸󰏞󰠢󰊮󰌡󰎯󰊕󰏳󱌤󰨷󰉺󰼟󰹕󰒅󱑘󱍬󰙙󰨷󰏞󰉺󰎮󰔴󰍜󱛆󰪨󰳐󰌈󱜫󰝺󰨗󰊕󰋸󰉛󰍏󰿆6,524󰺬󰊩󰏓󰌌󱘩󰩻󰊕󰏳󱌤󰸭󱋲󰼩󰐓󰨉󰁥󰊺󰌻󰼩󰌏󰨉󰖚󰎮󰙙󰉺󰎮󰔴󰍜󱛆󰁦󰼈󰖚󰎮󰠦󱌐63,957󰌻󰋙󰏷󰁤󰪛󰕓󰗌󰼉󰭚󰮝󰾌󰢙󱌐󰬟󰞉1.0–3.0󰁦

2012󰏋5󰋜29󰋚󰁤󰍉󰊮󰌡󰙙󰎌󰼟󰚝󱙮󰊮󰌡󱉍󰏈󰉓󰛜󰋂󰉨󰻄󰸸󰏞󰠢󰊮󰌡󰎯󰊕󰏳󱌤󰨷󰉺󰼟󰹕󰒅󱑘󱍬󰙙󰨷󰏞󰉺󰎮󰔴󰍜󱛆󰪨󰳐󰌈󱜫󰝺󰨗󰊕󰋸󰉛󰍏󰿆8,882󰺬󰊩󰏓󰌌󱘩󰩻󰊕󰏳󱌤󰸭󱋲󰼩󰐓󰨉󰁥󰫐󰘇󰼩󰌏󰨉󰖚󰎮󰙙󰉺󰎮󰔴󰍜󱛆󰁦󰼈󰖚󰎮󰠦󱌐82,237󰌻󰋙󰏷󰁤󰪛󰕓󰗌󰼉󰭚󰮝󰾌󰢙󱌐󰬟󰞉1.0–2.5󰁦

2012󰏋6󰋜6󰋚󰁤󰍉󰊮󰌡󰙙󰎌󰼟󰚝󱙮󰊮󰌡󱐁󰶢󰜔󰸸󰛬󰌹󰜔󰮣󰏞󰠢󰊮󰌡󰎯󱐁󰶢󰌹󰨷󰉺󰼟󰹕󰒅󱑘󱍬󰙙󰨷󰏞󰉺󰎮󰔴󰍜󱛆󰪨󰳐󰌈󱜫󰝺󰨗󰊕󰋸󰉛󰍏󰿆19,140󰺬󰊩󰏓󰌌󱘩󰩻󱐁󰶢󰌹󰊕󰡡󰼩󰛌󰁥󰘇󱐁󰼩󰐓󰖚󰎮󰙙󰉺󰎮󰔴󰍜󱛆󰁦󰼈󰖚󰎮󰠦󱌐58,001󰌻󰋙󰏷󰁤󰪛󰕓󰗌󰼉󰭚󰮝󰾌󰢙󱌐󰬟󰞉2.5–3.0󰁦

2012󰏋6󰋜13󰋚󰁤󰍉󰊮󰌡󰙙󰎌󰼟󰚝󱙮󰊮󰌡󰼹󰌻󰜔󰸸󰛬󰌹󰜔󰮣󰏞󰠢󰊮󰌡󰎯󰼹󰌻󱌤󰎮󰬪󰍴󰗸󰊕󰋐󱑘󱍬󰙙󰨷󰏞󰉺󰎮󰔴󰍜󱛆󰪨󰳐󰌈󱜫󰝺󰨗󰊕󰊱󰐹󰋸󰉛󰍏󰿆4,025󰺬󰊩󰊿4,262󰺬󰊩󰏓󰌌󱘩󰩻󰼹󰌻󱌤󰕱󰖱󰼩󰌏󰁥󰡡󰋥󰘥󱅀󰘇󰨉󰕇󰖚󰎮󰙙󰉺󰎮󰔴󰍜󱛆󰁦SP-2012-20A󰻮󰖚󰎮󰠦󱌐57,078󰌻󰋙󰏷󰁤󰪛󰕓󰗌󰼉󰭚󰮝󰾌󰢙󱌐󰬟󰞉1.0–2.0󰁩SP-2012-20B󰻮󰖚󰎮󰠦󱌐60,442󰌻󰋙󰏷󰁤󰪛󰕓󰗌󰼉󰭚󰮝󰾌󰢙󱌐󰬟󰞉1.0–2.0󰁦

– 33 –

（續）管理層討論與分析

2012󰏋7󰋜5󰋚󰁤󰍉󰊮󰌡󰙙󰎌󰼟󰚝󱙮󰊮󰌡󰮢󰗹󰉓󰻮󰛬󰔞󰜔󰮣󰶚󰳯󰏞󰠢󰊮󰌡󰎯󰮢󰗹󰌹󰨷󰉺󰼟󰹕󰒅󱑘󱍬󰙙󰨷󰏞󰉺󰎮󰔴󰍜󱛆󰪨󰳐󰌈󱜫󰝺󰨗󰊕󰋸󰉛󰍏󰿆17,271󰺬󰊩󰏓󰌌󱘩󰩻󰮢󰗹󰌹󱕧󰋖󰼩󰐓󰨉󰖚󰎮󰙙󰉺󰎮󰔴󰍜󱛆󰁦󰼈󰖚󰎮󰠦󱌐105,357󰌻󰋙󰏷󰂀󰑞󰧣󰜔󰚭󱃦󰗌󰐘󰗒󰉺󰎮󰠦󱌐5,268󰌻󰋙󰏷󰂁󰁤󰪛󰕓󰗌󰼉󰭚󰮝󰾌󰢙󱌐󰬟󰊔󰧷󰗵3.0󰁦

2012󰏋7󰋜16󰋚󰁤󰍉󰊮󰌡󰜵󰙰51%󰙙󰚝󱙮󰊮󰌡󰜔󰸸󰐘󰏃󰶫󰾠󰛌󰶢󰻄󰸸󰏞󰠢󰊮󰌡󰎯󰛌󰶢󰌹󰨷󰉺󰼟󰹕󰒅󱑘󱍬󰙙󰨷󰏞󰉺󰎮󰔴󰍜󱛆󰪨󰳐󰌈󱜫󰝺󰨗󰊕󰊱󰐹󰋸󰉛󰍏󰿆6,746󰺬󰊩󰁥6,168󰺬󰊩󰁥9,2󰺬󰊩󰁥9,048󰺬󰊩󰏓󰌌󱘩󰩻󰛌󰶢󰌹󰨄󰩰󰼩󰐓󰨉󰁥󰸭󰘇󰼩󰘇󰨉󰌬󰖚󰎮󰙙󰉺󰎮󰔴󰍜󱛆󰁦G2012-01󰻮󰖚󰎮󰠦󱌐19,385󰌻󰋙󰏷󰁤󰪛󰕓󰗌󰼉󰭚󰮝󰾌󰢙󱌐󰬟󰊔󰧷󰗵3.3󰁩G2012-02󰻮󰖚󰎮󰠦󱌐17,722󰌻󰋙󰏷󰁤󰪛󰕓󰗌󰼉󰭚󰮝󰾌󰢙󱌐󰬟󰊔󰧷󰗵3.3󰁩G2012-03󰻮󰖚󰎮󰠦󱌐26,621󰌻󰋙󰏷󰁤󰪛󰕓󰗌󰼉󰭚󰮝󰾌󰢙󱌐󰬟󰊔󰧷󰗵3.3󰁩G2012-04󰻮󰖚󰎮󰠦󱌐26,001󰌻󰋙󰏷󰁤󰪛󰕓󰗌󰼉󰭚󰮝󰾌󰢙󱌐󰬟󰊔󰧷󰗵3.3󰁦

2012󰏋7󰋜25󰋚󰁤󰍉󰊮󰌡󰙙󰎌󰼟󰚝󱙮󰊮󰌡󰚗󰛪󰜔󰸸󰛬󰌹󰜔󰮣󰏞󰠢󰊮󰌡󰎯󰚗󰛪󱌤󰨷󰉺󰼟󰹕󰒅󱑘󱍬󰙙󰨷󰏞󰉺󰎮󰔴󰍜󱛆󰪨󰳐󰌈󱜫󰝺󰨗󰊕󰊱󰐹󰋸󰉛󰍏󰿆6,526󰺬󰊩󰁥5,902󰺬󰊩󰁥5,291󰺬󰊩󰁥4,932󰺬󰊩󰏓󰌌󱘩󰩻󰚗󰛪󱌤󱇗󰉓󰼩󰋸󰛌󰁥󰮝󰾌󰼩󰋸󰘇󰁥󱇗󰉚󰼩󰋸󰌏󰌬󰖚󰎮󰙙󰉺󰎮󰔴󰍜󱛆󰁦G2012-27󰻮󰖚󰎮󰠦󱌐32,225󰌻󰋙󰏷󰁤󰪛󰕓󰗌󰼉󰭚󰮝󰾌󰢙󱌐󰬟󰞉1.5-2.5󰁩G2012-28󰻮󰖚󰎮󰠦󱌐30,266󰌻󰋙󰏷󰁤󰪛󰕓󰗌󰼉󰭚󰮝󰾌󰢙󱌐󰬟󰞉1.5–2.5󰁩G2012-29󰻮󰖚󰎮󰠦󱌐30,675󰌻󰋙󰏷󰁤󰪛󰕓󰗌󰼉󰭚󰮝󰾌󰢙󱌐󰬟󰞉1.5–2.5󰁩G2012-30󰻮󰖚󰎮󰠦󱌐28,596󰌻󰋙󰏷󰁤󰪛󰕓󰗌󰼉󰭚󰮝󰾌󰢙󱌐󰬟󰞉1.5–2.5󰁦

2012󰏋10󰋜22󰋚󰁤󰍉󰊮󰌡󰙙󰎌󰼟󰚝󱙮󰊮󰌡󱂀󱍻󰜔󰸸󰛬󰌹󰜔󰮣󰏞󰠢󰊮󰌡󰎯󱂀󱍻󰌹󰨷󰉺󰼟󰹕󰒅󱑘󱍬󰙙󰨷󰏞󰉺󰎮󰔴󰍜󱛆󰪨󰳐󰌈󱜫󰝺󰨗󰊕󰋸󰉛󰍏󰿆8,147󰺬󰊩󰏓󰌌󱘩󰩻󱂀󱍻󰌹󰹝󰏈󰌏󰼩󰐓󰨉󰁥󱚛󰊆󰉽󰼸󰌏󰨉󰖚󰎮󰙙󰉺󰎮󰔴󰍜󱛆󰁦󰼈󰖚󰎮󰠦󱌐108,598󰌻󰋙󰏷󰁤󰪛󰕓󰗌󰼉󰭚󰮝󰾌󰢙󱌐󰬟󰊔󰧷󰗵1.5󰁦

– 34 –

（續）管理層討論與分析

2012󰏋11󰋜1󰋚󰁤󰍉󰊮󰌡󰙙󰎌󰼟󰚝󱙮󰊮󰌡󰡌󰘛󰜔󰸸󰗒󰎮󰬪󰶚󰳯󰏞󰠢󰊮󰌡󰎯󰡌󰘛󱌤󰨷󰉺󰼟󰹕󰒅󱑘󱍬󰙙󰨷󰏞󰉺󰎮󰔴󰍜󱛆󰪨󰳐󰌈󱜫󰝺󰨗󰊕󰋸󰉛󰍏󰿆4,195󰺬󰊩󰏓󰌌󱘩󰩻󰡌󰘛󱌤󰚡󱎲󰉽󰼸󰛌󰝬󰘇󰨉󰖚󰎮󰙙󰉺󰎮󰔴󰍜󱛆󰁦󰼈󰖚󰎮󰠦󱌐55,928󰌻󰋙󰏷󰁤󰪛󰕓󰗌󰼉󰭚󰮝󰾌󰢙󱌐󰬟󰞉1.0–2.5󰁦

2012󰏋11󰋜23󰋚󰁤󰍉󰊮󰌡󰜵󰙰80%󰙙󰚝󱙮󰊮󰌡󱘒󱔮󰜔󰸸󰤇󰕱󰛬󰌹󰜔󰮣󰏞󰠢󰊮󰌡󰎯󱘒󱔮󱌤󰨷󰉺󰼟󰹕󰒅󱑘󱍬󰙙󰨷󰏞󰉺󰎮󰔴󰍜󱛆󰪨󰳐󰌈󱜫󰝺󰨗󰊕󰋸󰉛󰍏󰿆8,650󰺬󰊩󰏓󰌌󱘩󰩻󱘒󱔮󱌤󰋖󰢤󰼩󰊕󰝬󰛌󰨉󰖚󰎮󰙙󰉺󰎮󰔴󰍜󱛆󰁦󰼈󰖚󰎮󰠦󱌐85,1󰌻󰋙󰏷󰁤󰪛󰕓󰗌󰼉󰭚󰮝󰾌󰢙󱌐󰬟󰞉1.2–2.0󰁦

2012󰏋11󰋜23󰋚󰁤󰍉󰊮󰌡󰜵󰙰60%󰙙󰚝󱙮󰊮󰌡󲠤󰯒󰜔󰸸󰗸󰏓󰣚󰼷󰎮󰬪󰶚󰳯󰏞󰠢󰊮󰌡󰎯󲠤󰯒󱌤󰨷󰉺󰼟󰹕󰒅󱑘󱍬󰙙󰨷󰏞󰉺󰎮󰔴󰍜󱛆󰪨󰳐󰌈󱜫󰝺󰨗󰊕󰋸󰉛󰍏󰿆17,040󰺬󰊩󰏓󰌌󱘩󰩻󲠤󰯒󱌤311󰨷󰼸󰯓󰊷󰖳󱕄󰌏󰝬󰖚󰎮󰙙󰉺󰎮󰔴󰍜󱛆󰁦󰼈󰖚󰎮󰠦󱌐255,4󰌻󰋙󰏷󰁤󰐘󰏃󰍜󰎮󰪛󰕓󰗌󰼉󰭚󰮝󰾌󰢙󱌐󰬟󰞉1.0–2.0󰁤󰨠󰸸󰍜󰎮󰪛󰕓󰗌󰼉󰭚󰮝󰾌󰢙󱌐󰬟󰊔󰧷󰗵2.5󰁦

2012󰏋11󰋜28󰋚󰁤󰍉󰊮󰌡󰙙󰎌󰼟󰚝󱙮󰊮󰌡󱬜󰛬󰜔󰸸󰛬󰌹󰜔󰮣󰏞󰠢󰊮󰌡󰎯󱬜󰛬󱌤󰨷󰉺󰼟󰹕󰒅󱑘󱍬󰙙󰨷󰏞󰉺󰎮󰔴󰍜󱛆󰪨󰳐󰌈󱜫󰝺󰨗󰊕󰊱󰐹󰋸󰉛󰍏󰿆2,5󰺬󰊩󰁥3,781󰺬󰊩󰁥4,339󰺬󰊩󰏓󰌌󱘩󰩻󱬜󰛬󱌤󱊪󰟹󰼩󰛌󰁥󰬊󰤎󰼩󰐓󰉧󰖚󰎮󰙙󰉺󰎮󰔴󰍜󱛆󰁦ZG2012-118󰻮󰖚󰎮󰠦󱌐41,223󰌻󰋙󰏷󰁤󰪛󰕓󰗌󰼉󰭚󰮝󰾌󰢙󱌐󰬟󰊔󰧷󰗵1.8󰁩ZG2012-119󰻮󰖚󰎮󰠦󱌐63,023󰌻󰋙󰏷󰁤󰪛󰕓󰗌󰼉󰭚󰮝󰾌󰢙󱌐󰬟󰊔󰧷󰗵1.8󰁩ZG2012-121󰻮󰖚󰎮󰠦󱌐45,103󰌻󰋙󰏷󰁤󰪛󰕓󰗌󰼉󰭚󰮝󰾌󰢙󱌐󰬟󰊔󰧷󰗵3.0󰁦

2012󰏋11󰋜30󰋚󰁤󰍉󰊮󰌡󰙙󰎌󰼟󰚝󱙮󰊮󰌡󰘦󰛌󰜔󰸸󱑌󰺑󰻄󰸸󰏞󰠢󰊮󰌡󰎯󰉪󰵑󰨜󰨷󰉺󰼟󰹕󰒅󱑘󱍬󰙙󰨷󰏞󰉺󰎮󰔴󰍜󱛆󰪨󰳐󰌈󱜫󰝺󰨗󰊕󰊱󰐹󰋸󰉛󰍏󰿆5,665󰺬󰊩󰁥6,988󰺬󰊩󰏓󰌌󱘩󰩻󰉪󰵑󰨜󰊗󰏪󰼩󰋸󰛌󰁥󰚖󰜈󰼩󰐓󰨉󰕇󰖚󰎮󰙙󰉺󰎮󰔴󰍜󱛆󰁦GPCR2012024󰻮󰖚󰎮󰠦󱌐52,818󰌻󰋙󰏷󰁤󰪛󰕓󰗌󰼉󰭚󰮝󰾌󰢙󱌐󰬟󰞉1.0–1.3󰁩GPCR2012025󰻮󰖚󰎮󰠦󱌐65,154󰌻󰋙󰏷󰁤󰪛󰕓󰗌󰼉󰭚󰮝󰾌󰢙󱌐󰬟󰞉1.0–1.3󰁦

– 35 –

（續）管理層討論與分析

2012󰏋11󰋜30󰋚󰁤󰍉󰊮󰌡󰙙󰎌󰼟󰚝󱙮󰊮󰌡󱑗󲤭󰜔󰸸󰛬󰌹󰜔󰮣󰏞󰠢󰊮󰌡󰎯󱑗󲤭󱌤󰨷󰉺󰼟󰹕󰒅󱑘󱍬󰙙󰨷󰏞󰉺󰎮󰔴󰍜󱛆󰪨󰳐󰌈󱜫󰝺󰨗󰊕󰋸󰉛󰍏󰿆5,715󰺬󰊩󰏓󰌌󱘩󰩻󱑗󲤭󱌤󱇗󰉚󰼩󰛌󰨉󰁥󰸭󰛬󰼩󰐓󰨉󰖚󰎮󰙙󰉺󰎮󰔴󰍜󱛆󰁦󰼈󰖚󰎮󰠦󱌐49,805󰌻󰋙󰏷󰁤󰪛󰕓󰗌󰼉󰭚󰮝󰾌󰢙󱌐󰬟󰞉2.0–3.0󰁦

2012󰏋12󰋜21󰋚󰁤󰍉󰊮󰌡󰙙󰎌󰼟󰚝󱙮󰊮󰌡󰘦󰛌󰜔󰸸󱑌󰺑󰻄󰸸󰏞󰠢󰊮󰌡󰎯󰉪󰵑󰨜󰨷󰉺󰼟󰹕󰒅󱑘󱍬󰙙󰨷󰏞󰉺󰎮󰔴󰍜󱛆󰪨󰳐󰌈󱜫󰝺󰨗󰊕󰊱󰐹󰋸󰉛󰍏󰿆7,099󰺬󰊩󰁥4,610󰺬󰊩󰁥4,411󰺬󰊩󰁥4,825󰺬󰊩󰁥6,057󰺬󰊩󰏓󰌌󱘩󰩻󱉍󰏈󰉪󰵑󰨜󱎀󰏪󰼩󰌏󰨉󰁥󰚖󰜈󰼩󰐓󰨉󰊞󰖚󰎮󰙙󰉺󰎮󰔴󰍜󱛆󰁦GPCR2012035󰻮󰖚󰎮󰠦󱌐66,191󰌻󰋙󰏷󰁤󰪛󰕓󰗌󰼉󰭚󰮝󰾌󰢙󱌐󰬟󰞉1.0–1.3󰁩GPCR2012036󰻮󰖚󰎮󰠦󱌐42,982󰌻󰋙󰏷󰁤󰪛󰕓󰗌󰼉󰭚󰮝󰾌󰢙󱌐󰬟󰞉1.0–2.0󰁩GPCR2012037󰻮󰖚󰎮󰠦󱌐44,984󰌻󰋙󰏷󰁤󰪛󰕓󰗌󰼉󰭚󰮝󰾌󰢙󱌐󰬟󰞉1.0–3.0󰁩GPCR2012038󰻮󰖚󰎮󰠦󱌐41,124󰌻󰋙󰏷󰁤󰪛󰕓󰗌󰼉󰭚󰮝󰾌󰢙󱌐󰬟󰞉1.0–2.0󰁩GPCR2012039󰻮󰖚󰎮󰠦󱌐56,468󰌻󰋙󰏷󰁤󰪛󰕓󰗌󰼉󰭚󰮝󰾌󰢙󱌐󰬟󰞉1.0–2.0󰁦

2012󰏋12󰋜24󰋚󰁤󰍉󰊮󰌡󰙙󰎌󰼟󰚝󱙮󰊮󰌡󰘦󰛌󰜔󰸸󱑌󰺑󰻄󰸸󰏞󰠢󰊮󰌡󰎯󰉪󰵑󰨜󰨷󰉺󰼟󰹕󰒅󱑘󱍬󰙙󰨷󰏞󰉺󰎮󰔴󰍜󱛆󰪨󰳐󰌈󱜫󰝺󰨗󰊕󰋸󰉛󰍏󰿆6,670󰺬󰊩󰏓󰌌󱘩󰩻󱉍󰏈󰉪󰵑󰨜󰬊󰶢󰼩󰐓󰨉󰁥󱎀󰏪󰼩󰌏󰨉󰖚󰎮󰙙󰉺󰎮󰔴󰍜󱛆󰁦󰼈󰖚󰎮󰠦󱌐62,187󰌻󰋙󰏷󰁤󰪛󰕓󰗌󰼉󰭚󰮝󰾌󰢙󱌐󰬟󰞉1.0–2.0󰁦

– 36 –

（續）管理層討論與分析

󰂀󰌬󰂁 󰬪󰛜󰞼󰳯

󰍉󰊮󰌡󰙙󰬪󰛜󱊷󰬫󰝊󰂨󰷂󰭕󰌹󰰙󰨂󰸭󰬪󰛜󰁤󰸭󰌹󰰙󰨂󰷂󰭕󰬪󰛜󰂩󰁦󰎯󰷂󰭕󰌹󰰙󰮷󰽀󰜵󱚃󰯴󰸭󰕱󰱤󰔶󱎴󱈯󰘂󰨕󰁤󰱤󰊺󰬪󰛜󰌹󰰙󱘩󰙆󰉢󰁩󰎯󰸭󰌹󰰙󱊯󱘬󰂨󰓻󰎐󰊷󰁥󱅺󰹟󰊷󰂩󰋓󰝬󰁤󰒞󰮺󱈍󱂡󰁤󱐵󰳵󰶰󰍦󰶚󰳯󰕴󰲂󰁤󰱤󰧷󰶚󰳯󰣖󰬟󰁦󰍉󰊮󰌡󰗵2012󰏋󰋴󰠅󰶫󰊕󰗵󰓻󰎐󰊷󰁥󱅺󰹟󰊷󰁥󱁠󰐍󰜔󱌘󰾼󱈵󰕱󰶚󰢝󰎌󰼀󰡌󰙙󱏐󰍜󰊈󰐪󰁦

1. 󰜔󱌘󰮣󰠇󱎇󰴹󰍉󰊮󰌡󰞲󰨹󰊷󰶆󰳻󰙙󰬉󰉝󰶚󰢝󰁤󰶚󰳯󰩙󰣩󰮼󱀔󱜗󰬤󰌈󰕉󱈍󱕏󰗌󰊿󰎵󱅵󰗌󰙙󰤤󱓃󰁦󰍦󰛃󰁤󰍉󰊮󰌡󰊊󰺾󰒁󰴛󰉙󰂘󰲌󰘍󰌒󰢥󰂙󰁥󰂘󱑌󰺑󰸭󰛬󰂙󰁥󰂘󰰠󰻮󰛬󰔞󰂙󰊿󰂘󰣭󰷤󰂙󰴃󰌬󰡈󰬪󰛜󰓻󰎐󰙙󰜔󱌘󰮣󰠇󰊈󰐪󰁤󰔨󱘱󱚃󰪪󰶆󱐑󰚭󰁥󱁠󰐍󰺷󰦐󰒦󰮔󰎯󰜔󰸸󱁠󰐍󰜔󱌘󰬪󰛜󰊕󰙙󱏐󰍜󰁤󱉇󰣛󰋏󰉝󱈍󱄴󱁠󰊷󰁥󰊕󰋥󰁥󰕹󰑫󰍛󰊷󰮈󰬣󰴃󱐑󰚭󰒦󰮔󰕱󰎌󰼀󰡌󱅺󰹟󰁤󰩽󰣬󰍉󰉪󰱤󰊺󰬪󰛜󰛜󱈯󰁦󰏤󰌮󰁤󱉇󱏐󰞲󰨹󰊷󱊷󰬫󰪪󰶆󰙙󱃪󰠅󰁤󰤒󰊿󱁝󰎥󱜗󰩙󰣩󰕱󱉮󰏼󰎮󰬪󰩙󰣩󰙙󰼟󰹕󱋆󰎥󰁥󰬪󰛜󰮣󰠇󰴃󰞴󱗫󰞼󰓺󰊈󰐪󰍵󰎯󱖢󰓉󰪪󰶆󰁦

󰍉󰊮󰌡󰍵󰩚󰗵2014󰏋󰎯󱉍󰏈󰗔󰏞󰐘󰏃󰶰󰍦󰊕󰾼󰝄󰎌󰼀󰡌󱅺󰹟󰁤󰋸󰽼󱎸󰯰󰭞󰍜󰋒󰲯󰋇󰜔󱌘󰒿󰣘󰙙󰸦󰦃󰊿󰤈󰵬󰁦

2. 󰓻󰎐󰊷󰊈󰐪󱎇󰴹󰍉󰊮󰌡󰬪󰛜󰓻󰎐󰊷󰊈󰐪󰙙󰶆󰉓󰓉󰪪󰶆󰁤󰜔󰸸󰬪󰛜󱇞󰩻󰕑󰉙󱔮󰰬󰕱󰭚󰊷󰁤󰎯󰮣󰠇󰙙󰎢󰡈󱐑󰺷󰑩󰧎󰕑󰉙󰉓󰖛󰏓󰣖󰁤󰮣󰠇󰁥󰝄󰊈󰕴󰲂󰶆󰉓󰓉󱐵󰳵󰁤󰓻󰎐󰊷󱊷󰬫󰏓󰣖󱜑󰴹󰁦

2012󰏋󰜔󰸸󰭋󰌬󰋾󰓻󰎐󰬪󰛜󰙙󰞼󰳯󰮣󰠇󰊈󰐪󰐜󱎇󰴹󰂨󱉍󰏈󰋂󱌘󰶰󰍦󰂩󰙙󰮣󰠇󰊊󰺾󰢝󰶚󰁦

3. 󱅺󰹟󰊷󰊈󰐪2012󰏋󰒁󰏓󰉙󰓻󰎐󰬪󰛜󰙙󱉖󰨯󰍪󱇍󰨜󰁥󰰊󱜗󰋒󰛨󰁥󰉽󰚘󰊿󰎌󰼀󰡌󰴃󰩙󰶰󱅺󰹟󰊷󰮣󰠇󰁤󰿁󰍉󰊮󰌡󰶫󰊕󰪮󱒅󱅺󰹟󰊷󰋖󰎁󰶆󰐑󰉙󰡌󰠈󰁤󰬪󰛜󱅺󰹟󰊷󰙙󰶆󰉓󰓉󰒁󰴛󰞉󰍉󰊮󰌡󰉽󰮝󱅼󰾼󰬤󰯅󰛜󰊿󰯅󰎁󱊷󰬫󰪮󱒅󰱤󰔶󰉙󰎌󰋙󰐗󰙙󰒦󰮔󰋕󰜵󰁦

– 37 –

（續）管理層討論與分析

4. 󱁠󰐍󰜔󱌘󰙙󰾼󱈵󰐪󰞉󰘦󰛌󰗒󰎮󰬪󰐑󰸸󰙙󱃯󰵺󰙫󰁤󰍉󰶫󰾠󰉓󰙜󱘌󰣸󱍭󰏂󱐑󰚭󰡡󰛆󰁤󰨺󰜵󱁠󰐍󰙙󰶚󰳯󰬣󰗂󰁤󰒪󱐑󰚭󰊩󰥯󱍄󰉝󰙊󰸸󰶚󰳯󰙙󰎢󰡈󱐑󰺷󰁦2012󰏋󰂨󱐁󰶢󰜔󰸸󰰠󰻮󰛬󰔞󰶰󰍦󰂩󰬟󰎋󰕟󰩻󰉙󰜔󰮣󰯅󱁠󰐍󰜔󱌘󰵙󱄆󱅺󱗆󰙙󱂩󱗇󰁤󰂨󱉍󰏈󰋂󱌘󰶰󰍦󰂩󰍵󰎯󰶆󰐑󱁠󰐍󰜔󱌘󰙙󰮣󰠇󰊈󰐪󰁦

󰂀󰊞󰂁 󰜄󰋒󰘂󰨕󰊿󰜄󰋒󱗫󰚷

2012󰏋󰁤󰍉󰊮󰌡󰰖󱔎󰉽󰘂󰨕󱜗󰓻󰜔󰮣󰙙󱊷󰬫󰍦󱅺󰁤󰩽󰬪󰛜󰕱󰘂󰨕󰕇󰡈󰨿󰍉󰠦󰉝󰋓󰁤󰾼󰬤󰿁󰬪󰛜󰛜󱈯󰁥󰘂󰨕󰛜󱈯󰁥󰪛󰕓󰳻󰒏󰁥󰼟󰹕󱋆󰎥󰙙󰎌󱇞󰊺󰥴󰁤󰔨󰴹󰉢󰌋󰩶9617777󰘂󰨕󱆠󱇞󰿁󰗵󰎢󰶰󰊈󰐪󰙙󱀹󱁍󰕱󰏽󰣨󰁤󰋸󰨿󱓾󰘂󰨕󰙙󱋆󱜗󰊺󰥴󰔸󰚮󰨗󰔄󰎻󰙙󱚥󰜄󱗫󰚷󰁦

󰎯󰬪󰛜󰛜󱈯󰋙󰠦󰁤󰍉󰊮󰌡󰮷󰽀󰬪󰛜󱁾󰘂󰨕󰥹󰯘󰋀󳉿󰊈󰐪󰪪󰨗󰬪󰛜󰛜󱈯󰊿󰘂󰨕󰋥󰌻󰙙󱋆󱜗󰱤󰊺󰁤󰜔󰮿󰭌󰎥󰜄󰋒󰊿󰌹󰰙󱃪󰓋󰙙󰉛󰗌󰊷󰬪󰛜󰁤󰶚󰳯󰬉󰕡󰸸󰋴󰰃󰸌󰞟󰐇󰒖󰏓󰔱󱍠󰙙󰬉󱄴󰏣󰘂󰨕󰁤󰲯󰋇󰹽󰬲󰕱󰊔󰔑󰁤󰿁󰎆󰸸󰣨󰋐󱘩󰙆󰉢󰙙󰱤󰊺󰧎󰕑󰸽󰉽󰪪󰨗󰐪󰍜󰁦

󰂐󰜔󰸸󰶫󰾠󰜄󰎯󰘂󰨕󰛜󱈯󰋙󰠦󰁤󰍉󰊮󰌡󰟧󰉢󰗵󰍂󰮿󰊞󰝋󰥴󰘂󰨕󰁤󰴹󰋓󰞼󰓺󰜄󰋒󰙙󰖢󰐘󰋸󰊿󰘂󰨕󰸊󰕡󰁤󰒖󰏓󱅺󰹟󰊷󰙙

󰋒󰘂󰨕󰋓󰌅󰂑󰁤󰮷󰽀󰘂󰨕󰋓󰌅󰎣󰸸󰋴󰷂󱃈󰍉󰊮󰌡󰎯󱉖󰨯󱄴󰠦󰁥󰏗󰗒󱄴󰠦󰁥󰙊󰸸󱄴󰠦󰋸󰊿󰚝󰌋󰘂󰨕󱄴󰠦󰗔󰦐󰩄󰱤󰔶󰙙󰎢󰶰󰘂󰨕󰁤󰎌󰋙󰐗󱀐󰔑󰜄󰋒󱃪󰓋󰁦

󰎯󰽀󰳻󰪛󰕓󰋙󰠦󰁤󰍉󰊮󰌡󰋸󰜄󰋒󱀐󰸈󰜓󰞉󰊲󰉝󱓃󰁤󰩽󰮣󰠇󰁥󱉖󰨯󰁥󰊈󰳻󰁥󰙊󰸸󰴃󰜄󰋒󰪽󰸊󱓃󰌈󰳯󰁤󰕓󰖛󰞴󱏐󰙙󰘂󰨕󰱤󰊺󰠇󰾌󰁤󰔨󰜲󰹫󰠇󰾌󰮼󰉓󰻝󰾼󰕱󰪪󰶆󰁦󰎯2012󰏋󰍟󰭋󰉧󰋙󱈜󰞼󱋚󰿴󰭜󱔌󰙙󰜄󰋒󱀐󰸈󰜓󱈜󰝟󰊕󰁤󰜔󰸸󰶫󰾠󱐼󱜗󰜄󰋒󱀐󰸈󰜓󰼰2011󰏋󰱤󰊺6󰡈󰏵󰊱󱓃󰁦

󰎯󰼟󰹕󱋆󰎥󰋙󰠦󰁤󰍉󰊮󰌡󰎯󰊔󱓙󰒁󰴛󰬤󰏞󰜄󰋒󰼟󰹕󰙙󰨿󱓾󰉪󰁤󰮷󰽀󰎵󱁍󰼸󱐏󰕟󰒻󰎵󰧷󱁌󰜄󰋒󰼟󰹕󰁤󰎝󰣛󰐻󰍜󱕼󰉽󰙙󱅰󱊽󰼟󰹕󰢝󰶚󰜄󰋒󰼟󰹕󰞼󰓺󰊈󰐪󰁤󰩶󰊷󰜄󰋒󰻊󱜗󰊱󱗳󰞼󰓺󰕱󱏐󰍜󰁤󰬉󰉝󰶚󰢝󱌤󰥴󰛬󰌹󰍦󱅺󰜄󰋒󰻊󱜗󰊱󰘓󰁤󰜱󰪢󰜄󰋒󱃪󰓋󰤤󱅄󰁦

󰏤󰌮󰁤󰍉󰊮󰌡󱒔󰮷󰽀9617777󰘂󰨕󱆠󱇞󰔸󱀹󰪛󰎢󱐑󰺷󰁥󰎢󰝴󰳻󰙙󰘂󰨕󰊈󰐪󰁤󰔨󰩚󰘂󰨕󰗟󰢝󰕑󰜔󰸸󰪺󰔃󰁥󰔑󰬢󰁥󰧢󰖳󰁥󰐇󰰯󰌔󰁥󰨠󰸸󰁥󰙊󰸸󰴃󰊫󰯅󰼟󰹕󱃯󰨹󱁾󰙟󰸶󰼟󰹕󰰊󰐗󰁤󰩶󰊷󱁍󰬣󱔖󰦐󰁤󰔴󰸸󰋴󰥆󰍍󱜗󱜕󰕑󰘂󰨕󰊈󰐪󰙙󰳌󱐻󱗡󰪟󰁤󰩽󰏾󰱤󰊺󰜄󰋒󱎴󰵳󰸊󰁥󱓥󱙮󰸊󰁦

– 38 –

（續）管理層討論與分析

󰸸󰨕󰢝󰫐

󰂀󰉓󰂁 󰌹󰰙󰢝󰫐

1. 󰒃󱝈󰺾󱏶󰋙󰠦󱊋󱁍󰋴󰠅󰳯󰼺󰺾󱏶󱜗󰊊󰪮󰕟󰪣󰝄󰕐󱋧󰺾󱏶󱄣󰚗󰁤󰐨󰋰󰞢󰺾󱏶󱐑󰾤󰔱󰳍󰏀󰎯󰼰󰎵󰙙󰊔󱆽󰖛󰗌󰎪󰥯󰁦󰚐󰲂󰁤󰊕󰨷󰝁󰖴󰚌󰿒󰩚󱘱󱚃󰌋󰩶󰕱󰒷󰴛󰒃󱝈󱈜󰪛󰁤󱓒󰉽󰨷󰊫󱃪󰓋󰁤󰌋󰉽󰨿󱓾󰮣󰝄󱃯󰨹󰙙󰊮󰎍󰒳󰼟󰉢󰜓󰁦󰍉󰊮󰌡󰽫󰠇2013󰏋󰊕󰨷󰺾󱏶󰩚󰚭󰜵󰌻󱖢󱄣󰚗󰁦

󱎇󰴹󰊕󰡡󰺾󱏶󰨜󰜔󰮣󰜵󱚃󰪪󰶆󰁤󰩚󰏞󰐿󰗵󰶆󰉓󰓉󰱤󰊺󰘦󰛌󰞲󰙙󰨜󰨹󰺾󱏶󱘩󰙆󰉢󰕱󰬪󰸸󰗕󰼱󰉢󰁦󰍉󰊮󰌡󰽫󰠇2013󰏋󰘦󰛌󰞲󰺾󱏶󰊥󰩚󰌻󱖢󰼰󰒞󰳯󰢝󰁦

2. 󰗒󰎮󰬪󰌹󰰙󰞉󱉩󰕸󱈜󰪛󰏓󰘈󰁤󰊕󰨷󰝁󰖴󰊊󰚌󰿒󰩚󱘱󱚃󰌋󰩶󰗒󰎮󰬪󱈜󰪛󰁦󱛡󰗵󰍉󱉃󱈜󰪛󰐇󰊦󰙙󰌹󰰙󰚌󰬤󰁤2013󰏋󰗒󰎮󰬪󱈜󰪛󰩚󰋸󰻝󰾼󰊊󰌈󰌨󰝁󰴄󰞉󰋴󰁦󰍉󰊮󰌡󰽫󰠇2013󰏋󰎌󰨷󰗒󰎮󰬪󰌹󰰙󰩚󱐼󱜗󰌻󱖢󰁦

󱔟󰴹󰊕󰡡󰺾󱏶󰨜󰜔󰮣󰂨󰨷󰴄󰂩󱁾󰘦󰛌󰸭󰛨󰛬󱕄󰊷󰂨󰞲󰠇󰂩󰙙󰪪󰨗󰁤󰘦󰛌󰛬󱕄󰊷󰶆󰳻󰩚󰎎󰏣󰌋󰮺󰁤󰋕󱅟󰗒󰎮󰬪󰌹󰰙󰚗󰲂󰎣󰎻󰁦󰍉󰊮󰌡󰽫󰠇2013󰏋󰘦󰛌󰞲󰗒󰎮󰬪󰌹󰰙󰩚󱘱󱚃󰌻󱖢󰳯󰢝󰁦

󰂀󰉚󰂁 󰸸󰨕󰮝󰾌

2013󰏋󰁤󰍉󰊮󰌡󰩚󱘱󱚃󰑀󰉢󰱤󰧷󰬪󰛜󰞼󰓺󰊱󰘓󰦐󰉢󰊿󰘂󰨕󰋥󰌻󰁤󰎌󰠦󰱤󰊺󰬪󰛜󰛜󱈯󰁤󰒁󰴛󱋧󱎸󰟒󰒼󱋚󰕓󰁤󰌋󰩶󰉛󰊑󰩃󱉮󰁤󰌋󰒞󰸠󰜔󰉧󰥴󰌹󰰙󰝖󰿴󰁤󰾼󰬤󰠬󱎈󰐻󰥂󰑩󱍅󰐱󰒅󰁤󱆽󰚭󰸸󱐶󰜵󱚃󱖢󰨄󰳯󰢝󰁦

(1) 2013󰏋󰁤󰽫󰠇󰍉󰊮󰌡󰎍󰏞33󰡈󰶰󰍦󰗐󰶰󰍦󰊱󰲂󰨗󰊈󰜔󰮣󰁤󰜔󱌘󰠦󱌐3,344,611󰌻󰋙󰏷󰁦2013󰏋󰜓󰩙󰣩󰶚󰳯󰎮󰬣󰊱󰐱󰪋󰘱󰎮󰨜

󱐼󰜔󱌘󰠦󱌐󰏵󰊱󰋢

󰂀󰌻󰋙󰏷󰂁(%)25%75%

󱉍󰏈

󰘦󰛌󰞲󰕉󰋼󰛬󰌹

842,9602,501,6513,344,611

󰎥󰠇100%

– 39 –

（續）管理層討論與分析

(2) 󰕈󱜗󰴂󰊈󰍴󰋹󰠇󰾌󰍉󰶫󰾠󰽫󰠇2013󰏋󰴂󰊈󰍴󰋹29󰡈󰂀󰲂󰂁󰩙󰣩󰁤󰜔󱌘󰠦󱌐2,361,525󰌻󰋙󰏷󰁦2013󰏋󰴂󰊈󰩙󰣩󰪋󰘱󰛬󰌹

󰶰󰍦

󰽫󰠇󱐼󰜔󱌘󰠦󱌐

󰂀󰌻󰋙󰏷󰂁49,335159,721161,24865,43628,093180,510202,45090,00075,11287,23730,511186,786,88433,29325,16541,17388,60043,50497,204105,49040,44191,21340,72167,77547,82795,81838,605,00956,360

󱉍󰏈

󰉪󰵑󰜔󰸸󰲌󰘍󰌒󰢥󰉧󰲂󰜔󰸸󰵩󰻮󰛬󰔞󰜔󰸸󰊞󰲊󰉽󱅽󰜔󰸸󰐎󰟕󰧢󰖳󰜔󰸸󰋰󰟏󰴶󰶢󰊞󰲂󰜔󰸸󰋰󰟏󰴶󰶢󰊬󰲂󰜔󰸸󰯱󰫅󱄿󰰙󰜔󰸸󰘇󰔯󰾬󰴶󰜔󰸸󰣭󰷤󰉚󰲂󰉓󰒭󰲷󰯕󰜔󰸸󰲌󰘍󰌒󰢥󰉓󰲂󰜔󰸸󰲌󰘍󰌒󰢥󰉧󰲂󰜔󰸸󰰠󰻮󰛬󰔞󰉓󰲂󰜔󰸸󱑌󰺑󰸭󰛬󰉓󰲂

󰚗󰛪󰜔󰸸󰲌󰘍󰌒󰢥󰉓󰲂󰜔󰸸󰲌󰘍󰌒󰢥󰌬󰲂

󰡌󰘛󰜔󰸸󰲌󰘍󰌒󰢥󰉓󰲂󰜔󰸸󰛬󰊬󰲂

󰜔󰸸󰰠󰻮󰛬󰔞󰉓󰲂󰜔󰸸󰲌󰘍󰌒󰢥󰉚󰲂󰜔󰸸󰰠󰻮󰛬󰔞󰉧󰲂󰜔󰸸󱁅󰘃󰧢󰖳󰜔󰸸󰰠󰻮󰛬󰔞󰉓󰲂󰜔󰸸󱑌󰺑󰸭󰛬󰊞󰲂󰜔󰸸󰲌󰘍󰌒󰢥󰉧󰲂󰬊󰶢󰜔󰸸󰣭󰷤󰉓󰲂󰜔󰸸󰲌󰘍󰌒󰢥󰉚󰲂󰜔󰸸󰉤󰉞󰛬󰉓󰲂

󰼹󰌻󰜔󰸸󰲌󰘍󰌒󰢥󰉓󰲂󰜔󰸸󰛌󰲳󰰠󰻮󰎥󰠇

󰝾󰶢

󰶚󰜆󰌻󰯟󰊆󰏄󰶢󱚲󱊣󰸭󰶊

󰳊󰐪󱐁󰶢󰮢󰗹󱀙󰘦󰉧󰚘󰢠󰨠󰋳󰕴󰉹󰛌󰶢󱉳󰧵󰖳󰚦󰶢

2,361,525

– 40 –

（續）管理層討論與分析

󰧌󰨕󰎫󱚥

󱐄󰸸󱕘󰁪󰒢󰡁󰙙󱐄󰸸󱕘󰍟2011󰏋󰟒󰉛󰍏󰿆66.38󱄂󰊩󰲯󰋇4.4%󰐇2012󰏋󰟒󰉛󰍏󰿆63.46󱄂󰊩󰁤󰋴󰠅󰍟󰗵󰌻󰑩󰨯󱄆󰍟2011󰏋󰟒󰓊󰌻󰋙󰏷󰉛󰍏󰿆6,323󰊩󰉨󰠥󰐇2012󰏋󰟒󰓊󰌻󰋙󰏷󰉛󰍏󰿆5,667󰊩󰁦󰌻󰑩󰨯󱄆󰙙󰲯󰋇󰋴󰠅󰍟󰗵󰬪󰛜󰭜󰎥󱜊󰊷󰗔󰟧󰁦•

󰔸󰐆󰙊󰸸󱉖󰨯󰙙󰏗󰉝󰁪󰙊󰸸󱉖󰨯󱐄󰸸󱕘󰍟2011󰏋󰟒󰉛󰍏󰿆66.08󱄂󰊩󰲯󰋇4.6%󰐇2012󰏋󰟒󰉛󰍏󰿆63.02󱄂󰊩󰁤󰡡󰎪󰎽󰉪󰠑󰞉󰌻󰑩󰨯󱄆󰉨󰠥󰁦• • •

󰥡󰚖󰏗󰉝󰁪2012󰏋󰙊󰸸󰥡󰼣󱐄󰸸󱕘󱁪󰜵󰗵󰟒󰉛󰍏󰿆2,400󰺬󰊩󰁦

󰔸󰐆󰊈󰳻󰎥󰎝󰙙󰏗󰥂󰁪2012󰏋󰊈󰳻󰎥󰎝󱐄󰸸󱕘󰞉󰽧󰁤󰍟󰗵󰊈󰳻󰊊󰗵2011󰏋󰖵󰴂󰊈󰁦󰔸󰐆󰧢󰖳󰺾󱐄󰙙󰏗󰥂󰁪󰧢󰖳󰺾󱐄󰙙󱐄󰸸󱕘󰟒󰉛󰍏󰿆2,000󰺬󰊩󰁦

󱉖󰨯󰏓󰍉󰁪󰒢󰡁󰙙󱉖󰨯󰏓󰍉󰍟2011󰏋󰟒󰉛󰍏󰿆40.󱄂󰊩󱄣󰌋0.9%󰐇2012󰏋󰉛󰍏󰿆41󱄂󰊩󰁤󱉖󰨯󰏓󰍉󱃀󰸆󰉪󰊺󰉗󰭌󰎥󰨯󰌈󰠦󱌐󰍟2011󰏋1,060,982󰌻󰋙󰏷󱄣󰌋6.8%󰐇2012󰏋1,133,485󰌻󰋙󰏷󰁦

󰋣󰐻󰁪󰎪󰉪󰠑󱐄󰸸󱕘󰊿󱉖󰨯󰏓󰍉󱜊󰊷󰡡󰎪󰁤󰋣󰐻󰍟2011󰏋󰟒󰉛󰍏󰿆25.74󱄂󰊩󰲯󰋇12.8%󰐇2012󰏋󰟒󰉛󰍏󰿆22.46󱄂󰊩󰁩󰋣󰐻󰬟󰛆󰍟2011󰏋38.8%󰉨󰠥󰐇2012󰏋35.4%󰁦

󰕉󰋼󰏗󰥂󰁪󰕉󰋼󰏗󰥂󰍟2011󰏋󰟒󰉛󰍏󰿆7,100󰺬󰊩󱄣󰌋55.7%󰐇2012󰏋󰟒󰉛󰍏󰿆1.11󱄂󰊩󰁤󰋴󰠅󰍟󰗵󰎣󰎍󰎝󰪛󰕓󰾼󱜗󰁥󱗫󰮹󰉛󰉻󰊿󰭋󰉧󰋙󰾦󰲛󰙙󰐻󰢹󰏗󰉝󱄣󰌋󰁤󰋸󰊿󰌻󰑩󱃕󰐑󰴐󱉱󱄣󰌋󰗔󰟧󰁦

󰕉󰋼󱑦󰸦󰬋󱕘󰁪2012󰏋󰕉󰋼󱑦󰸦󰬋󱕘󰟒󰞉󰉛󰍏󰿆500󰺬󰊩󰁤2011󰏋󰛆󱍽󰩻󰕉󰋼󱑦󰸦󰬋󱕘󰟒󰉛󰍏󰿆1,700󰺬󰊩󰁦2012󰏋󱑦󰸦󰬋󱕘󰋴󰠅󰍟󰗵󰍴󰗸󱗇󰕎󰬪󰍛󰍊󱜊󰬤󰏗󰥂󰉛󰍏󰿆2,100󰺬󰊩󰁤󰏾󰕉󰗵2011󰏋󰛆󰞉󱑦󰸦󰉛󰍏󰿆8,300󰺬󰊩󰁤󰯅󰊱󰍟󰵖󰞉󰌈󰨯󰚝󱙮󰊮󰌡󱑦󰸦󰉛󰍏󰿆3,400󰺬󰊩󰗔󰗪󱉖󰁦

󱉖󰨯󰊿󰌹󰰙󰪪󱄿󰶚󰋕󰁪󱉖󰨯󰊿󰌹󰰙󰪪󱄿󰶚󰋕󰍟2011󰏋󰟒󰉛󰍏󰿆1.62󱄂󰺬󰊩󱄣󰌋36.5%󰐇2012󰏋󰟒󰉛󰍏󰿆2.22󱄂󰊩󰁤󰋴󰠅󰍟󰗵󰰱󰸸󰨕󰼶󰐪󰁥󰧢󰖳󰼶󰐪󱓒󰩵󰏞󱗫󰙙󱄿󰑓󰊿󰪪󱄿󰶚󰋕󱄣󰌋󰁤󰋸󰊿󰎣󱉖󰨯󰊿󰌹󰰙󰪪󱄿󰡰󰊈󰋕󰋹󰙙󱑚󰽇󰁥󰕉󰋼󱁅󰐻󰊿󰐩󰚖󱄣󰌋󰁦

󰉓󰦛󰊿󰐑󰝁󰶚󰋕󰁪󰉓󰦛󰊿󰐑󰝁󰶚󰋕󰍟2011󰏋󰟒󰉛󰍏󰿆2.78󱄂󰊩󱄣󰌋43.2%󰐇2012󰏋󰟒󰉛󰍏󰿆3.98󱄂󰊩󰁤󰋴󰠅󰍟󰗵󰎣󰐑󰝁󰡰󰊈󰋕󰋹󰙙󱑚󰽇󰊿󰕉󰋼󱁅󰐻󱄣󰌋󰁥󰧢󰖳󰶚󰖐󰼶󰐪󰏾󱊬󰟧󰒢󰡁󰙙󰕸󰖛󰼟󰬪󰒱󱔚󰁤󰋸󰊿2012󰏋󰍉󰶫󰾠󰰱󰏞󱗫󰗵2015󰏋󰕑󰲂󰙙300,000,000󰟕󰊩󱎴󰎋󰭃󱊽󰗔󰐪󰌈󰙙󱅄󰓋󰎝󰸈󰬪󰍛󰙙󰵬󰍜󰗔󰟧󰁦

– 41 –

（續）管理層討論與分析

󰕉󰋼󰺾󱐄󰏗󰉝󰁪2012󰏋󰕉󰋼󰺾󱐄󰏗󰉝󰟒󰞉󰉛󰍏󰿆4,700󰺬󰊩󰁤󰏾2011󰏋󰛆󱍽󰩻󰕉󰋼󰺾󱐄󰏗󰉝󰟒󰉛󰍏󰿆1,300󰺬󰊩󰁦2012󰏋󰙙󰕉󰋼󰺾󱐄󰏗󰉝󰋴󰠅󰔸󰐆󰒢󰡁󰰱󱁍󰬣󰎍󰎝󰪛󰕓󰾼󱜗󰙙󰙊󰸸󰶰󰍦󰎣󰕉󰏗󰕟󰙙󱚥󰨪󰵬󰁤󰯅󰊱󰍟󰎣󰕡󰧄󰉛󰏵󰹿󰚦󰧄󰏞󰠢󰮪󰎂󰊮󰌡󰰱󰕉󰗔󰜔󰍭󰙙󰚦󰧄󰗔󰋕󰋹󰙙󰚦󰧄󱁍󰬣󰵬󰗔󰗪󱉖󰁤󰏾󱚥󰨪󰵬󰍜󱄣󰌋󰝊󰍟󰗵2012󰏋󰎍󰎝󰪛󰕓󰾼󱜗󰶚󰳯󰙙󰠦󱌐󰼰2011󰏋󱄣󰌋󰁦󰊱󰐦󱑌󱐄󰊮󰌡󱑦󰸦󰁪󰊱󰐦󱑌󱐄󰊮󰌡󱑦󰸦󰍟2011󰏋󰟒󰉛󰍏󰿆400󰺬󰊩󰲯󰋇57.8%󰐇2012󰏋󰟒󰉛󰍏󰿆200󰺬󰊩󰁦󰊱󰐦󱑌󱐄󰊮󰌡󱑦󰸦󰋴󰠅󰜸󰒢󰡁󰊱󰐦󰕉󰊕󰉓󰶜󱑌󱐄󰊮󰌡󰻋󰏄󱅃󱊁󰱶󰧷󱀧󰋃󰡆󱆀󰯅󰂀󱉍󰏈󰂁󰏞󰠢󰊮󰌡󰙙󰺾󱐄󰶚󰋕󰗔󰬪󰍛󰙙󱑦󰸦󰁦󱑦󰸦󰲯󰋇󰋴󰠅󰍟󰗵󰧷󱀧󰋃󰬢󰡆󱆀󰯅󰙙󰚌󰬤󰱤󰊺󰁦

󰊱󰐦󰎍󰎝󰪛󰕓󰾼󱜗󰹐󰐻󰲯󱑦󰸦󰁪󰊱󰐦󰎍󰎝󰪛󰕓󰾼󱜗󰹐󰐻󰲯󱑦󰸦󰗵2012󰏋󰟒󰞉󰉛󰍏󰿆3.21󱄂󰊩󰏗󰥂󰁤󰗵2011󰏋󰛆󰟒󰞉󰉛󰍏󰿆700󰺬󰊩󱑦󰸦󰁤󰋴󰠅󰍟󰗵󱆽󱂩󰎍󰎝󰪛󰕓󰾼󱜗󰂀󱑌󰺑󰸭󰛬󰊬󰲂󰂁󰙙󰏗󰥂󰗔󰟧󰁦2012󰏋󰎍󰎝󰪛󰕓󰾼󱜗󰙙󱉖󰨯󰞉󰟒󰉛󰍏󰿆25.75󱄂󰊩󰁤󱉖󰨯󰠦󱌐󰞉209,721󰌻󰋙󰏷󰁤󰺅󰊕󱓥󱙮󰍉󰶫󰾠󰙙󱉖󰨯󰞉󰟒󰉛󰍏󰿆16.49󱄂󰊩󰁤󰏾󱓥󱙮󰍉󰶫󰾠󰙙󱉖󰨯󰠦󱌐󰞉123,801󰌻󰋙󰏷󰁦

󱍄󰼟󰏓󰍉󰁪󱍄󰼟󰏓󰍉󰍟2011󰏋󰟒󰉛󰍏󰿆3.75󱄂󰊩󰲯󰋇28.2%󰐇2012󰏋󰟒󰉛󰍏󰿆2.96󱄂󰊩󰁤󰲯󰋇󰋴󰠅󰍟󰗵󰌙󰱬󰙰󰷀󰕎󰊿󰗵2015󰏋󰕑󰲂󰙙300,000,000󰟕󰊩󱎴󰎋󰭃󱊽󰚝󰩭󰙙󰧌󰨕󰠃󰍛󰊈󰕈󰊮󰌻󰠽󰏗󰥂󰗔󰟧󰁦

󰒳󰼟󰙊󰸸󰊮󰌻󰠽󱄣󰌋󰬋󱕘󰁪󰒢󰡁󰗵2012󰏋󱍽󰩻󰒳󰼟󰙊󰸸󰊮󰌻󰠽󱄣󰌋󰟒󰉛󰍏󰿆1,700󰺬󰊩󰁤󰏾2011󰏋󰛆󰞉󱄣󰌋󰟒󰉛󰍏󰿆200󰺬󰊩󰁦

󰗔󰩻󰳼󰁪󰗔󰩻󰳼󰌍󰜼󰎆󰸸󰗔󰩻󰳼󰁥󰉺󰎮󱄣󰠽󰳼󰊿󰊕󰨷󰎆󰸸󰎣󰚢󰊕󰨷󰖢󰍏󰎆󰸸󰜁󰝼󰙰󰢹󰙙󱏐󰋹󰽫󰏔󰳼󰁦󰒢󰡁󰙙󰗔󰩻󰳼󰍟2011󰏋󰉛󰍏󰿆10.74󱄂󰊩󰲯󰋇9.2%󰐇2012󰏋󰉛󰍏󰿆9.76󱄂󰊩󰁦󰏤󰲂󰶜󰙙󰗔󰩻󰳼󰲯󰰷󰋴󰠅󰍟󰗵󰋣󰐻󰬟󰉨󰠥󰗔󰟧󰁦󰏋󰜓󰹐󰐻󰁪󰨿󰗵󰉪󰠑󰡡󰎪󰁤󰏋󰜓󰹐󰐻󰍟2011󰏋󰟒󰉛󰍏󰿆7.43󱄂󰊩󱄣󰌋17.1%󰐇2012󰏋󰟒󰉛󰍏󰿆8.70󱄂󰊩󰁦

󰧌󰨕󰼟󰹕󰊿󰼶󰍜󰁪󰗵2012󰏋12󰋜31󰋚󰁤󰍉󰶫󰾠󰙙󰬤󰚖󰊿󰬤󰚖󰴃󱄆󰙊󰞉󰟒󰉛󰍏󰿆39.50󱄂󰊩󰂀2011󰏋12󰋜31󰋚󰁪󰟒󰉛󰍏󰿆32.56󱄂󰊩󰂁󰁦󰏋󰊫󰁤󰍉󰶫󰾠󰰱󰿚󰐇2011󰏋12󰋜31󰋚󰋟󰏋󰜓󰙙󱏐󰐦󰹐󰐻󰎣󰍉󰊮󰌡󰙙󰙰󰘇󰝼󰳯󰍋󰲂󰙰󰢹󰉛󰍏󰿆1.99󱄂󰊩󰁤󰋸󰊿󰰱󰿚󰐇2012󰏋6󰋜30󰋚󰋟󰊬󰡈󰋜󰙙󱏐󰐦󰹐󰐻󰝼󰳯󰊕󰲂󰙰󰢹󰟒󰉛󰍏󰿆9,000󰺬󰊩󰁦

– 42 –

（續）管理層討論與分析

󰠾󰵲󰊿󰏀󰲛󰴐󰿴

󰒢󰡁󱘱󱚃󰨺󰜵󱄲󰸐󰬣󰧌󰡡󰛆󰁤󰶫󰊕󰼟󰚖󰕱󰧌󰨕󱁍󰬣󰁤󰎪󰏤󰩻󰋸󱁪󰜵󰧷󰬤󰚖󰜵󰏞󰋢󰔷󰁤󰋸󰊿󰚭󰜵󰎥󰬣󰙙󰠾󰵲󰋥󰌻󰁦󰏋󰜓󰊫󰁤

󰒢󰡁󰏓󰌌󰜲󰏋󰢹󰬟10.75%󰳯󰐑󰉙󰗵2016󰏋󰕑󰲂󰙙175,000,000󰸭󰌋󰕽󰊩󱎴󰎋󰭃󱊽󰁦󰿚󰐇2012󰏋12󰋜31󰋚󰁤󰍉󰶫󰾠󰙙󱒔󰲛󰏋󰲂󰎽󰉨󰁪󱒔󰲛󰏋󰲂

2012󰏋󰉛󰍏󰿆󰉷󰊩2011󰏋󰉛󰍏󰿆󰉷󰊩󱃕󰐑󰠾󰲛󰉓󰏋󰊫

󰉓󰏋󰋸󰉪󰐨󰍊󰵴󰽀󰕇󰏋󰕇󰏋󰋸󰉪󰐨󰍊󰵴󰽀󰊞󰏋󰵴󰽀󰊞󰏋

675,000412,000447,50062,000

1,110,660376,000140,000

–1,626,660

1,596,500

󰕉󰋼󰠾󰲛󰉓󰏋󰊫

󰉓󰏋󰋸󰉪󰐨󰍊󰵴󰽀󰕇󰏋󰕇󰏋󰋸󰉪󰐨󰍊󰵴󰽀󰊞󰏋

739,702868,98047,000

1,245,470107,700

–1,353,170

1,655,682

󰌙󰱬󰙰󰷀󰕎󰉓󰏋󰊫

󰉓󰏋󰋸󰉪󰐨󰍊󰵴󰽀󰕇󰏋

–587,533

549,665

–549,665

587,533

󱎴󰎋󰭃󱊽

󰉓󰏋󰊫󰗐󰶲󱏐󰠅󰓋󱎵󱒔󰕇󰏋󰋸󰉪󰐨󰍊󰵴󰽀󰊞󰏋

–

2,730,5

1,849,885

–1,849,885

2,730,5

󰠾󰵲󱐼󱕘

󰲯󰁪

󰬤󰚖󰊿󰬤󰚖󰴃󱄆󰙊

󰍜󰐪󱃕󰐑󰠾󰲛󰗪󰗥󰙙󰕡󰠢󰕓󱃕󰐑󰏀󰲛

6,570,3045,379,380

(3,949,775)(106,951)

(3,255,528)(84,000)2,039,852

󰬋󰠾󰵲

2,513,5785,623,210

󱛆󰥂󱐼󱕘󰬋󰠾󰵲󰋢󰬟(%)

5,041,75240.5%

44.7%

– 43 –

（續）管理層討論與分析

󰼟󰬪󰗪󰗥󰁪󰗵2012󰏋12󰋜31󰋚󰁤󰒢󰡁󰊊󰗪󰗥󱈪󰠦󱐼󰠽󰟒󰉛󰍏󰿆38.03󱄂󰊩󰂀2011󰏋󰁪󰟒󰉛󰍏󰿆30.14󱄂󰊩󰂁󰙙󰊊󰴂󰊈󰙊󰸸󰁥󰳯󰢝󰊕󰙊󰸸󰁤󰌙󰔶󰳯󰢝󰙊󰸸󰊿󱃕󰐑󰏀󰲛󰁤󰐪󰞉󰒢󰡁󱐏󰪬󰉓󰦛󱃕󰐑󰚦󰵲󱍄󰼟󰊿󰕉󰋼󰵲󰲛󰙙󰗪󰗥󰁦

󰧌󰨕󰚭󱗇󰁪󰒢󰡁󰗵2012󰏋12󰋜31󰋚󰰱󱃕󰐑󰎣󱒅󰵯󰍉󰶫󰾠󰊿󰒢󰡁󰙙󰎍󰎝󰪛󰕓󰾼󱜗󰙙󰊊󰳯󰢝󰙊󰸸󰙙󰜄󰋒󰱤󰔶󰙙󰜲󰱧󰵲󰲛󰁤󰎣󱃕󰐑󰱤󰔶󰟒󰉛󰍏󰿆60.94󱄂󰊩󰂀2011󰏋󰁪󰟒󰉛󰍏󰿆47.68󱄂󰊩󰂁󰙙󱋄󰚭󰁦

󰼟󰍉󰗕󱋄󰁪󰗵2012󰏋12󰋜31󰋚󰁤󰒢󰡁󰰱󰙊󰸸󰶚󰳯󰊊󱖦󰠈󰗕󱋄󰁤󰍟󰍉󰶫󰾠󰚝󱙮󰊮󰌡󰊿󰎍󰎝󰪛󰕓󰾼󱜗󱋄󰚭󰊿󰍟󰍉󰶫󰾠󱏐󰐦󰁤󰼈󰗕󱋄󰞉󰍍󰎯󰗐󰹟󰯪󱄵󰐑󰁤󰚖󱕘󰟒󰞉󰉛󰍏󰿆33.38󱄂󰊩󰂀2011󰏋󰁪󰟒󰉛󰍏󰿆14.63󱄂󰊩󰂁󰁤󰏾󰒢󰡁󰰱󰙊󰸸󰶚󰳯󰊊󰪬󱛆󰐨󰖠󰍊󰠈󰟒󰙙󰕉󰋼󰶚󰋕󰟒󰞉󰉛󰍏󰿆170.94󱄂󰊩󰂀2011󰏋󰁪󰟒󰉛󰍏󰿆158.39󱄂󰊩󰂁󰁦

󰷒󰬟󰠬󱎈󰁪󰒢󰡁󰙙󰸸󰨕󰋴󰠅󰋸󰉛󰍏󰿆󰺾󱐄󰁦󰒢󰡁󰙙󰼟󰬪󰉽󰯅󰊱󰋸󰉛󰍏󰿆󰠇󰠽󰁦󰗵2012󰏋12󰋜31󰋚󰁤󰒢󰡁󰙙󰋴󰠅󰚢󰉛󰍏󰿆󰼟󰬪󰊿󰠋󰷀󰞉(i)󰋸󰲥󰊩󰂀󰂘󰲥󰊩󰂙󰗐󰂘HK$󰂙󰂁󰠇󰠽󰙙󱃕󰐑󰏀󰲛󰊿󰠾󰲛󰊿󰌙󰱬󰙰󰷀󰕎󰋸󰊿(ii)󰋸󰟕󰊩󰂀󰂘󰟕󰊩󰂙󰗐󰂘US$󰂙󰂁󰊿󰸭󰌋󰕽󰊩󰂀󰂘S$󰂙󰗐󰂘󰸭󰌋󰕽󰊩󰂙󰂁󰠇󰠽󰙙󱎴󰎋󰭃󱊽󰁦󰒢󰡁󰠦󰿁󰋚󰜝󰨠󰸸󰍴󰗸󰊿󰔨󰚢󰋸󰉛󰍏󰿆󰠇󰠽󰙙󰊊󱆽󱂩󰙙󰼟󰬪󰊿󰠋󰷀󰬪󰍛󰙙󰌮󰷒󰠬󱎈󰁦󰒢󰡁󰙙󰌮󰷒󰍴󰗸󰊿󰴐󱉱󰉽󰯅󰊱󰋸󰲥󰊩󰁥󰟕󰊩󰊿󰸭󰌋󰕽󰊩󰠇󰠽󰁦󰒢󰡁󰙙󰌮󰿆󰿁󰓙󰝁󰴄󰎐󰗵󰧌󰨕󰰜󰚌󰚝󰵗2󰁦󰐻󰬟󰠬󱎈󰁪󰒢󰡁󰯅󰊱󰠾󰲛󰙙󰐻󰬟󰞉󰌙󱜊󰨗󰙙󰁦󰐻󰬟󰎣󰉪󰙙󰠬󱎈󰩚󱄣󰌋󰸭󰠾󰲛󰊿󰬤󰏞󰠾󰲛󰙙󰐻󰢹󰏓󰍉󰁦󰒢󰡁󰍦󰛃󰔨󰳌󰔴󰍜󰠃󰍛󰊈󰕈󰁤󰋸󰿁󰓙󰕉󰐻󰬟󰠬󱎈󰁦

󰉛󰉢󰼟󰹕󰊿󱑚󰽇󰝁󰴄󰁪󰗵2012󰏋12󰋜31󰋚󰁤󰒢󰡁󰾇󰍜󰡰󰊈1,4󰉛󰂀2011󰏋12󰋜31󰋚󰁪1,487󰉛󰂁󰁦󰡰󰊈󱑚󰽇󰉗󰔱󱊽󰡈󰉛󰚌󰬤󰁥󰺾󱜕󰊿󰺅󰣛󰸸󰊫󰿕󰔷󰊚󰋸󱔾󰖛󰁦󰒢󰡁󰖛󰲂󱏨󰧀󰒢󰡁󰙙󱑚󰽇󰝁󰴄󰊿󰏄󰪰󰁤󰏾󰡰󰊈󰵖󰋷󰕉󰡈󰉛󰚌󰬤󰵙󰣨󱐏󰩻󰚀󰟎󰊿󰬤󰚖󰋹󰲛󰙙󱆤󱎸󰁦󰒢󰡁󰙙󰚭󱎈󰊿󰧗󰍾󰚖󰝁󰴄󰉗󱍭󰏂󰨷󰢕󰕱󰎮󰋙󰎯󰯶󰨗󰔫󰨕󰊿󰙟󰸶󱁅󰐻󰋙󰠦󰙙󰘬󰜛󰕱󰘬󰮝󰁦󰗵󰍉󰊮󰑓󰋚󰲂󰁤󰸿󰳌󰊊󰿁󰗐󰌙󰦐󰸶󰿁󰍉󰶫󰾠󰸸󰨕󰼶󱐄󰿴󰏓󰊔󰐻󱅂󱚤󰙙󰠠󰉽󰯶󰨗󰙧󰥸󰁦

󰰜󰑓󰲂󰜝󰠠󰠅󰔫󰎁

󰗵2013󰏋1󰋜22󰋚󰁤󰍉󰊮󰌡󰮹󰎝󰕉󰟰󰊍󰚝󱙮󰊮󰌡󰰱󰍉󰊮󰌡󰗵2020󰏋󰕑󰲂󰁥󰍉󰚖󰞉200,000,000󰟕󰊩󰊿󰋸󰏋󰢹󰬟8.00%󰠇󰢹󰙙󱎴󰎋󰭃󱊽󰁤󱁾󰠰󰲥󰉪󰤎󴁩󱔮󱃕󰐑󰏞󰠢󰊮󰌡󰁥󱅙󰣬󰉽󰮷󱗇󰕎󰏞󰠢󰊮󰌡󰁥󱅙󰣬󰉻󰊗󰐻󰨷󱃧󰶫󰾠󰏞󰠢󰊮󰌡󰊿󰹿󰉻󱃕󰐑󰠰󰲥󰊱󰐑󰠈󰍭󱒅󰵯󰕘󱙄󰁦󰳯󰐑2020󰏋󰕑󰲂200,000,000󰟕󰊩󱎴󰎋󰭃󱊽󰙙󰏗󰥂󰩚󰍜󰐪󱎵󱒔󰬤󰏞󰷀󰨕󰊿󰍜󰗵󰉓󰦛󰎆󰸸󰍜󰯄󰁦󰏞󱗫󰳯󰐑2020󰏋󰕑󰲂200,000,000󰟕󰊩󱎴󰎋󰭃󱊽󰙙󰶆󰉓󰓉󰼉󰪋󰁤󱈗󰨞󱉡󰋚󰲂󰞉2013󰏋1󰋜21󰋚󰊿22󰋚󰙙󰍉󰊮󰌡󰊮󰑓󰁦

– 44 –

（續）管理層討論與分析

󱎴󰎋󰭃󱊽

󰗵2012󰏋3󰋜󰁤󰍉󰊮󰌡󰒁󰏓󱅄󰓋󰎝󰸈󰂀󰂘󱅄󰓋󰎝󰸈󰂙󰂁󰁤󰔨󱐏󰩻󰗵2015󰏋󰕑󰲂12.25%󱎴󰎋󰭃󱊽󰙙300,000,000󰟕󰊩󰍉󰚖󱐼󱕘󰊕󰜵󰏞󰟒94.22%󰙙󰜵󰏞󰉛󰰱󰿴󰏓2015󰏋󰕑󰲂300,000,000󰟕󰊩󱎴󰎋󰭃󱊽󰙙󰛰󰟒󰙙󰟰󰊍󰡌󰠈󰊿󰽀󰖻󰼼󰟒󰙙󰟰󰊍󱒀󰐵󰙙󰎝󰸈󰁦󰏞󱗫󱅄󰓋󰎝󰸈󰊿󰕉󰴐󰘈󰙙󰼉󰪋󰁤󱈗󰨞󱉡󰋚󰲂󰞉2012󰏋3󰋜7󰋚󰊿20󰋚󰙙󰍉󰊮󰌡󰊮󰑓󰁦

󰗵2012󰏋4󰋜12󰋚󰁤󰍉󰊮󰌡󰮹󰎝󰕉󰟰󰊍󰚝󱙮󰊮󰌡󰰱󰍉󰊮󰌡󰳯󰐑󰗵2016󰏋󰕑󰲂󰁥󰍉󰚖󰞉175,000,000󰸭󰌋󰕽󰊩󰊿󰋸󰏋󰢹󰬟10.75%󰠇󰢹󰙙󱎴󰎋󰭃󱊽󰁤󱁾󱅙󰣬󰉻󰊗󰐻󰨷󱃧󰶫󰾠󰏞󰠢󰊮󰌡󰁥󱅃󰸈󰒛󱃕󰐑󰸭󰌋󰕽󰊱󰐑󰊿󰴶󰾆󱃕󰐑󰏞󰠢󰊮󰌡󰠈󰍭󱒅󰵯󰕘󱙄󰁦󰳯󰐑2016󰏋󰕑󰲂175,000,000󰸭󰌋󰕽󰊩󱎴󰎋󰭃󱊽󰙙󰏗󰥂󰩚󰍜󰐪󱎵󱒔󰬤󰏞󰷀󰨕󰊿󰍜󰗵󰉓󰦛󰎆󰸸󰍜󰯄󰁦󰏞󱗫󰜔󱙄󰳯󰐑2016󰏋󰕑󰲂175,000,000󰸭󰌋󰕽󰊩󱎴󰎋󰭃󱊽󰙙󰶆󰉓󰓉󰼉󰪋󰁤󱈗󰨞󱉡󰗵󰋚󰲂󰞉2012󰏋4󰋜10󰋚󰊿12󰋚󰙙󰍉󰊮󰌡󰊮󰑓󰁦

󰍋󰲂󰙰󰢹

󰻨󰔫󰸶󰜔󱙄󰝼󰳯󰓊󰙰8.0󰲥󰌀󰂀󰟒󰞴󰺅󰗵󰉛󰍏󰿆6.45󰊱󰂁󰂀2011󰏋󰁪10.0󰲥󰌀󰂁󰙙󰍋󰲂󰙰󰢹󰊚󰗵2013󰏋5󰋜30󰋚󰂀󰝋󰲂󰌬󰂁󰎤󰎐󰙰󰘇󰎤󰌅󰊫󰙙󰙰󰘇󰂀󰡊󱐏󰙰󰘇󰗵󰍉󰊮󰌡󰗵2013󰏋5󰋜24󰋚󰂀󰝋󰲂󰊞󰂁󱑘󰐑󰊘󰙰󰘇󰶄󰏋󰉽󰸶󰂀󰂘2013󰏋󰙰󰘇󰶄󰏋󰉽󰸶󰂙󰂁󰉪󰒭󰡘󰂁󰁦󰙰󰢹󰊘󰚝󱛆󰋚󰊿󰧰󱛆󰋚󰩚󰊱󰐹󰞉2013󰏋5󰋜28󰋚󰂀󰝋󰲂󰉚󰂁󰊿2013󰏋5󰋜29󰋚󰂀󰝋󰲂󰉧󰂁󰁦󰍋󰲂󰙰󰢹󰩚󰗵2013󰏋6󰋜6󰋚󰂀󰝋󰲂󰌬󰂁󰗐󰺅󰋚󰛃󰜝󰝼󰳯󰁦󰜔󱙄󰍋󰲂󰙰󰢹󰔨󰍊󰗵󰿚󰐇2012󰏋12󰋜31󰋚󰋟󰙙󰧌󰨕󰰜󰚌󰊕󰋀󰝈󰁦

󱅲󰧾󱍬󰬣󰙰󰎅󰽀󰋒󰳮󰦾

󰞉󱔾󰖛󰙰󰘇󰌈󰢩2013󰏋󰙰󰘇󰶄󰏋󰉽󰸶󰔨󰗵󰸶󰉪󰒳󰭃󰊘󰼟󰣸󰁤󰍉󰊮󰌡󰩚󰍟2013󰏋5󰋜22󰋚󰂀󰝋󰲂󰉧󰂁󰐇2013󰏋5󰋜24󰋚󰂀󰝋󰲂󰊞󰂁󰂀󰌍󰜼󰠯󰒈󰕇󰋂󰂁󰲂󰶜󱅲󰧾󱍬󰬣󰙰󰎅󰽀󰋒󰳮󰦾󰁤󰲂󰶜󰸿󰊔󰸶󰮈󰬣󰙰󰎅󰽀󰋒󰳮󰦾󰋓󱚃󰁦󰗔󰏞󰷬󰑼󰙙󰙰󰎅󰽀󰋒󰚌󰣸󰮹󰎝󰏞󱗫󰙰󰭃󰯰󱍰󰶲󰗵2013󰏋5󰋜21󰋚󰂀󰝋󰲂󰉚󰂁󰉨󰊹4󰣛30󰊱󰛃󰧔󰼺󰍉󰊮󰌡󰠰󰲥󰙰󰎅󰽀󰋒󰳮󰦾󰮈󰊱󰮈󰠰󰲥󰊕󰌯󱗇󰕎󰳮󰦾󰏞󰠢󰊮󰌡󱍬󰬣󰳮󰦾󰁤󰎮󰑧󰞉󰠰󰲥󱝄󰋺󰞬󰎧󰉽󰼸󰘇183󰻮󰎥󰕱󰊕󰋐17󱅽1712–1716󰜃󰁦

󰞉󱔾󰖛󰎥󰼟󰣸󰕟󰩻󱏝󰝼󰍋󰲂󰙰󰢹󰙙󰙰󰘇󰔒󰎅󰁤󰍉󰊮󰌡󰩚󰍟2013󰏋5󰋜30󰋚󰂀󰝋󰲂󰌬󰂁󱅲󰧾󱍬󰬣󰙰󰎅󰽀󰋒󰳮󰦾󰁤󰺅󰋂󰊔󰸶󰮈󰬣󰙰󰎅󰽀󰋒󰳮󰦾󰋓󱚃󰁦󰗔󰏞󰷬󰑼󰙙󰽀󰋒󰚌󰣸󰮹󰎝󰏞󱗫󰙰󰭃󰯰󱍰󰶲󰗵2013󰏋5󰋜29󰋚󰂀󰝋󰲂󰉧󰂁󰉨󰊹4󰣛30󰊱󰛃󰧔󰼺󰍉󰊮󰌡󰠰󰲥󰙰󰎅󰽀󰋒󰳮󰦾󰮈󰊱󰮈󰠰󰲥󰊕󰌯󱗇󰕎󰳮󰦾󰏞󰠢󰊮󰌡󰁤󰎮󰑧󰞉󰠰󰲥󱝄󰋺󰞬󰎧󰉽󰼸󰘇183󰻮󰎥󰕱󰊕󰋐17󱅽1712–1716󰜃󰁦

– 45 –

（續）管理層討論與分析

󰎆󰸸󱁍󰘷

󰍉󰊮󰌡󰉓󰎣󰚢󰩬󰠠󰵖󰧷󱈯󰁥󱖢󰖛󰊿󰎥󰬣󰙙󱖢󰨄󰎆󰸸󱁍󰘷󰓻󰭕󰁤󰔨󰟧󰉢󰜵󱚃󰒷󰴛󰕉󰎆󱁍󰘷󰊿󰗞󱚣󰩬󰮝󰁦

󰗵2012󰏋4󰋜1󰋚󰁤󰛃󰂐󰎆󰸸󱁍󰘷󰩬󰮝󰏂󰛆󰂑󰂀󰂐󰉪󰌹󰮝󰛆󰂑󰚝󱍽14󰂁󰙙󰎵󰶰󰡌󰠈󰶚󰖐󰍛󰣖󰁤󰛃󰏂󰛆󰙙󰎤󱁈󰒻󰒷󰞉󰂐󰎆󰸸󱁍󰘷󰏂󰛆󰂑󰁦󰿚󰐇2012󰏋12󰋜31󰋚󰋟󰏋󰜓󰊫󰁤󰍉󰊮󰌡󰉓󰙜󱍭󰏂󰸭󰂐󰎆󰸸󱁍󰘷󰏂󰛆󰂑󰂀󱉇󰍜󰗵󰬄󱂊2012󰏋4󰋜1󰋚󰜝󰲂󰶜󰙙󰧌󰨕󰰜󰑓󰂁󰊿󰛃󰂐󰎆󰸸󱁍󰘷󰩬󰮝󰏂󰛆󰂑󰗔󰼱󰙙󰗔󰏞󰏂󰛆󰫢󰋖󰁤󰔨󰎯󱉇󰺅󰙙󰪋󰘱󰉨󰪮󰥶󰕉󰊕󰗔󰼱󰙙󰜔󱙄󰯰󰔳󰩬󰮝󰁤󰪓󰉨󰋖󰗔󰠑󰙙󰏂󰛆󰫢󰋖󰭋A.4.1󰊿A.6.7󰫢󰧰󰌮󰁦1.

󰏂󰛆󰫢󰋖󰭋A.4.1󰫢 — 󰏤󰏂󰛆󰫢󰋖󰮝󰖛󰗔󰏞󰚢󰩂󰐑󰻨󰔫󰊘󰖉󰎂󱏐󰏞󰜸󰖛󰎂󰲂󰁤󰔨󰶲󰪟󰕡󰠠󰸭󱍯󱑘

󰚢󰩂󰐑󰻨󰔫󰟡󰛇󰪽󰎋󰍛󰂀󰂘󰟡󰎋󰍛󰂙󰂁󰊘󰖉󰎂󰔨󰳌󰜸󰖛󰎂󰲂󰁦󰟡󰎋󰍛󰉗󰍟󱂩󱒅󰍉󰊮󰌡󰗵2009󰏋8󰋜31󰋚󰳯󰐑󰙙󰌙󰱬󰙰󰷀󰕎󰊿󱂩󰙰󱛆󱗇󰊘󰒳󰼟󰙫󰎣󰻨󰔫󰸶󰱤󰎤󰁤󰔨󰗵2009󰏋9󰋜3󰋚󱐏󰖉󰎂󰞉󰚢󰩂󰐑󰻨󰔫󰁦󰟡󰎋󰍛󱁾󰍉󰊮󰌡󰔨󰳌󰠈󰍭󰎂󰐞󰘂󰨕󰎥󰟒󰁤󰏾󰟡󰎋󰍛󰌈󰎂󰚢󰩂󰐑󰻨󰔫󰣛󰔨󰳌󰍵󰩚󰊔󰸶󰎣󰍉󰊮󰌡󰋕󰕟󰽇󰚖󰁦󰌥󰠅󰉪󰠑󰒳󰼟󰙫󰊥󰜵󰏞󰍉󰊮󰌡󰞴󰺅󰗵󰗐󰎵󰗵5%󰊊󰳯󰐑󰙰󰍉󰁤󰕉󰩚󱘱󱚃󰏞󱛆󰱤󰎤󰉛󰉻󰌈󰎂󰚢󰩂󰐑󰻨󰔫󰁦

󰧰󰟡󰎋󰍛󰋸󰌮󰁤󰎌󰯅󰕉󰋼󰚢󰩂󰐑󰻨󰔫󰊿󱋹󰍭󰚢󰩂󰐑󰻨󰔫󰙙󰖉󰎂󰑩󰏞󰜸󰖛󰎂󰲂󰁦󰍟󰗵󰜲󰹫󰍉󰊮󰌡󰯝󰳻󰭚󰛆󰁤󰗔󰏞󰻨󰔫󰌍󰜼󰟡󰎋󰍛󰑩󰶲󰗵󰙰󰘇󰶄󰏋󰉽󰸶󰊿󰪟󰕡󰙰󰘇󰠠󱍯󰊿󰐇󰋇󰓊󰉧󰏋󱉃󰢩󰧗󰎂󰁤󰍉󰊮󰌡󱂩󰞉󰊊󰏞󰌂󰊱󰪣󰝄󱆽󰚭󰍉󰊮󰌡󰙙󰎆󰸸󱁍󰘷󰭌󰎥󰂐󰎆󰸸󱁍󰘷󰏂󰛆󰂑󰗔󰠅󰓋󰋥󰌻󰁦2.

󰏂󰛆󰫢󰋖󰭋A.6.7󰫢 — 󰏤󰏂󰛆󰫢󰋖󰮝󰖛󱋹󰍭󰚢󰩂󰐑󰻨󰔫󰊿󰕉󰋼󰚢󰩂󰐑󰻨󰔫󰐪󰞉󱁾󰕉󰋼󰻨󰔫󱊹󰏞󰎝󰴃󰎮󰐗󰙙󰻨󰔫󰸶󰏓󰡰󰁤󱏐󰖛󰲂󰌈󰢩󰻨󰔫󰸶󰊿󰕉󰎝󰣛󰌈󰎂󰖉󰡰󰸶󰏓󰡰󰙙󰖉󰡰󰸶󰙙󰸶󱙄󰔨󱌐󰸽󰨞󱁾󰸶󰨕󰁤󰋸󰕉󰒦󰦐󰁥󰩙󰸸󰙝󱗆󰊿󰊔󰎝󰙙󰟠󰱻󰊿󰼟󰣸󰐪󰌈󰧍󱘠󰁦󰖾󰴃󰔨󱏐󰌈󰢩󰙰󰘇󰉽󰸶󰁤󰿁󰊮󰌡󰙰󰘇󰙙󰸈󰔈󰏞󰊮󰍍󰙙󰉙󰼆󰁦

󰗔󰏞󰻨󰔫󰊊󰏞󰖛󰲂󰌈󰢩󰊿󱌐󰸽󰨞󱁾󰸶󱙄󰁤󰎣󰻨󰔫󰸶󰊿󰎢󰐆󰗔󱙮󰙙󰖉󰡰󰸶󰧍󱘠󰕉󰒦󰦐󰁥󰩙󰸸󰙝󱗆󰊿󰊔󰎝󰙙󰟠󰱻󰊿󰼟󰣸󰁦󰚢󰩂󰐑󰻨󰔫󰘍󰗼󰜗󰎋󰍛󰁥󰿋󰦡󰣶󰎋󰍛󰁥󰟡󰛇󰪽󰎋󰍛󰊿󰒽󱋏󰉾󰉻󰁤󱁾󰊿󱋹󰍭󰚢󰩂󰐑󰻨󰔫󰋮󰍩󰎋󰍛󰎪󰌈󰨽󰊮󰸀󰳌󰘬󰌈󰢩󰍉󰊮󰌡󰗵2012󰏋5󰋜24󰋚󱑘󰐑󰙙󰙰󰘇󰶄󰏋󰉽󰸶󰁦

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（續）管理層討論與分析

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