{"id":52,"date":"2026-09-19T12:05:22","date_gmt":"2026-09-19T04:05:22","guid":{"rendered":"https:\/\/xbbiz.com\/?p=52"},"modified":"2026-09-19T12:05:22","modified_gmt":"2026-09-19T04:05:22","slug":"financial-statement-analysis-guide","status":"publish","type":"post","link":"https:\/\/xbbiz.com\/index.php\/2026\/09\/19\/financial-statement-analysis-guide\/","title":{"rendered":"\u8ca1\u52d9\u5831\u8868\u5206\u6790\u6307\u5357\uff1a\u8b80\u61c2\u4e09\u5927\u5831\u8868\u8207\u95dc\u9375\u6bd4\u7387\uff0c\u5224\u65b7\u4f01\u696d\u7d93\u71df\u9ad4\u8cea"},"content":{"rendered":"
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\n\n\n\n\n\n\n\n
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  • \u6295\u8cc7\u6d3b\u52d5\u73fe\u91d1\u6d41\u91cf\uff1a<\/strong>\u8a18\u9304\u8cfc\u7f6e\u6216\u8655\u7f6e\u7269\u696d\u3001\u5ee0\u623f\u3001\u8a2d\u5099\uff08\u8cc7\u672c\u958b\u652f CAPEX\uff09\u4ee5\u53ca\u6536\u8cfc\u80a1\u6b0a\u7b49\u8cc7\u91d1\u914d\u7f6e\u60c5\u6cc1\u3002<\/li>\n
  • \u878d\u8cc7\u6d3b\u52d5\u73fe\u91d1\u6d41\u91cf\uff1a<\/strong>\u8a18\u9304\u9280\u884c\u501f\u8cb8\u7c4c\u96c6\u8207\u511f\u9084\u3001\u767c\u884c\u80a1\u4efd\u3001\u652f\u4ed8\u80a1\u606f\u53ca\u511f\u4ed8\u79df\u8cc3\u672c\u91d1\u7b49\u7c4c\u8cc7\u6d3b\u52d5\u3002<\/li>\n<\/ul>\n

    \u5728\u6703\u8a08\u6e96\u5247\u898f\u7bc4\u4e0b\uff08\u4f9d\u64da IAS 7 \/ HKAS 7 \u8207 IFRS 16 \/ HKFRS 16\uff09\uff0c\u5404\u9805\u73fe\u91d1\u6d41\u5206\u985e\u6709\u56b4\u8b39\u898f\u5b9a\uff1a\u627f\u79df\u4eba\u511f\u9084\u79df\u8cc3\u8ca0\u50b5\u7684\u672c\u91d1\u90e8\u5206\u5fc5\u9808\u5217\u70ba\u878d\u8cc7\u6d3b\u52d5<\/strong>\uff0c\u5229\u606f\u90e8\u5206\u5247\u6839\u64da\u4f01\u696d\u9078\u5b9a\u7684\u6703\u8a08\u653f\u7b56\u6b78\u5165\u7d93\u71df\u6d3b\u52d5\u6216\u878d\u8cc7\u6d3b\u52d5\uff1b\u6536\u5230\u7684\u5229\u606f\u8207\u80a1\u606f\u53ef\u6309\u653f\u7b56\u4e00\u81f4\u5730\u5206\u985e\u70ba\u7d93\u71df\u6216\u6295\u8cc7\u6d3b\u52d5\uff0c\u652f\u4ed8\u7684\u80a1\u606f\u5247\u901a\u5e38\u5206\u985e\u70ba\u878d\u8cc7\u6d3b\u52d5\u6216\u7d93\u71df\u6d3b\u52d5\u3002\u5728\u5c0d\u6bd4\u4e0d\u540c\u516c\u53f8\u7684\u73fe\u91d1\u6d41\u6307\u6a19\u524d\uff0c\u9700\u5148\u884c\u78ba\u8a8d\u5169\u8005\u7684\u5206\u985e\u53e3\u5f91\u3002<\/p>\n

    \u6838\u5fc3\u6aa2\u9a57\u6cd5\u5247\uff1a<\/strong>\u82e5\u4f01\u696d\u9023\u7e8c\u4e09\u81f3\u4e94\u5e74\u7684\u7d93\u71df\u6d3b\u52d5\u73fe\u91d1\u6d41\u91cf\u6de8\u984d\u6301\u7e8c\u986f\u8457\u4f4e\u65bc\u540c\u671f\u7d14\u5229\uff0c\u901a\u5e38\u8868\u660e\u8cec\u9762\u5229\u6f64\u5927\u591a\u6c89\u6fb1\u5728\u61c9\u6536\u8cec\u6b3e\u6216\u5b58\u8ca8\u4e4b\u4e2d\uff0c\u5b58\u5728\u7372\u5229\u542b\u91d1\u91cf\u4e0d\u8db3\u53ca\u6f5b\u5728\u58de\u8cec\u98a8\u96aa\u3002<\/p><\/blockquote>\n<\/section>\n

    \n

    \u4e09\u5f35\u8868\u4e92\u76f8\u727d\u5f15\uff1a\u5546\u696d\u904b\u4f5c\u7684\u8de8\u8868\u806f\u52d5<\/h2>\n

    \u4f01\u696d\u7684\u6bcf\u9805\u5be6\u8cea\u5546\u696d\u6c7a\u7b56\uff0c\u90fd\u6703\u5728\u4e09\u5927\u5831\u8868\u4e4b\u9593\u540c\u6b65\u7559\u4e0b\u9023\u7e8c\u7684\u52fe\u7a3d\u75d5\u8de1\u3002\u7406\u89e3\u8de8\u8868\u806f\u52d5\u6a5f\u5236\uff0c\u6709\u52a9\u65bc\u770b\u900f\u5404\u9805\u8ca1\u52d9\u52d5\u4f5c\u7684\u771f\u5be6\u6548\u679c\u3002<\/p>\n

    \"\u8ca1\u52d9\u5831\u8868\u5206\u6790\u4e2d\u640d\u76ca\u8868\u3001\u8cc7\u7522\u8ca0\u50b5\u8868\u8207\u73fe\u91d1\u6d41\u91cf\u8868\u7684\u4e09\u65b9\u806f\u52d5\u7d50\u69cb\u4fe1\u606f\u5716\"
    \u640d\u76ca\u8868\u3001\u8cc7\u7522\u8ca0\u50b5\u8868\u8207\u73fe\u91d1\u6d41\u91cf\u8868\u76f8\u4e92\u727d\u5f15\uff0c\u5404\u9805\u5546\u696d\u6c7a\u7b56\u540c\u6b65\u5728\u7372\u5229\u8868\u73fe\u3001\u8cc7\u672c\u7d50\u69cb\u8207\u73fe\u91d1\u6c34\u4f4d\u7559\u4e0b\u52fe\u7a3d\u75d5\u8de1\u3002<\/figcaption><\/figure>\n
    \n\n\n\n\n\n\n\n\n
    \u65e5\u5e38\u696d\u52d9\u6c7a\u7b56<\/th>\n\u640d\u76ca\u8868\u53cd\u61c9<\/th>\n\u8cc7\u7522\u8ca0\u50b5\u8868\u53cd\u61c9<\/th>\n\u73fe\u91d1\u6d41\u91cf\u8868\u53cd\u61c9<\/th>\n<\/tr>\n<\/thead>\n
    \u8cd2\u92b7\u51fa\u8ca8\u4e00\u6279\u5546\u54c1<\/strong><\/td>\n\u78ba\u8a8d\u71df\u696d\u984d\u8207\u92b7\u552e\u6bdb\u5229<\/td>\n\u61c9\u6536\u8cec\u6b3e\u589e\u52a0\u3001\u5b58\u8ca8\u6e1b\u5c11<\/td>\n\u7121\u5373\u6642\u73fe\u91d1\u6d41\u5165\uff0c\u7d93\u71df\u73fe\u91d1\u6d41\u71df\u904b\u8cc7\u91d1\u9805\u6263\u6e1b<\/td>\n<\/tr>\n
    \u63a1\u8cfc\u5927\u578b\u751f\u7522\u8a2d\u5099<\/strong><\/td>\n\u6309\u5e74\u671f\u8a08\u63d0\u6298\u820a\u8cbb\u7528<\/td>\n\u56fa\u5b9a\u8cc7\u7522\u589e\u52a0\u3001\u73fe\u91d1\u6e1b\u5c11<\/td>\n\u6295\u8cc7\u6d3b\u52d5\u7522\u751f\u73fe\u91d1\u6d41\u51fa\uff08\u8cc7\u672c\u958b\u652f\uff09<\/td>\n<\/tr>\n
    \u767c\u884c\u4e94\u5e74\u671f\u516c\u53f8\u50b5\u5238<\/strong><\/td>\n\u6309\u671f\u8a08\u63d0\u5229\u606f\u652f\u51fa<\/td>\n\u8ca8\u5e63\u8cc7\u91d1\u8207\u975e\u6d41\u52d5\u8ca0\u50b5\u540c\u6b65\u589e\u52a0<\/td>\n\u878d\u8cc7\u6d3b\u52d5\u7522\u751f\u73fe\u91d1\u6d41\u5165<\/td>\n<\/tr>\n
    \u8a08\u63d0\u9644\u5c6c\u516c\u53f8\u5546\u8b7d\u6e1b\u503c<\/strong><\/td>\n\u78ba\u8a8d\u8cc7\u7522\u6e1b\u503c\u640d\u5931\uff08\u6e1b\u5c11\u7d14\u5229\uff09<\/td>\n\u5546\u8b7d\u8cec\u9762\u503c\u8207\u4fdd\u7559\u6ea2\u5229\u540c\u6b65\u8abf\u6e1b<\/td>\n\u7121\u5be6\u8cea\u73fe\u91d1\u6d41\u51fa\uff0c\u5728\u9593\u63a5\u6cd5\u4e2d\u8abf\u56de\u52a0\u8f49<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

    \u81ea\u7531\u73fe\u91d1\u6d41\uff08Free Cash Flow, FCF\uff09<\/strong>\u662f\u4e32\u806f\u4e09\u8868\u7684\u4ee3\u8868\u6027\u6307\u6a19\uff0c\u5176\u6a19\u6e96\u5b9a\u7fa9\u70ba\uff1a\u7d93\u71df\u6d3b\u52d5\u73fe\u91d1\u6d41\u91cf\u6de8\u984d \uff0d \u8cc7\u672c\u958b\u652f\uff08CAPEX\uff09<\/strong>\u3002\u5b83\u8861\u91cf\u4f01\u696d\u5728\u7dad\u7e6b\u73fe\u6709\u71df\u904b\u898f\u6a21\u8207\u5fc5\u8981\u7522\u80fd\u66f4\u65b0\u5f8c\uff0c\u6240\u5269\u9918\u53ef\u4f9b\u81ea\u4e3b\u652f\u914d\u7684\u771f\u91d1\u767d\u9280\u3002\u9019\u7b46\u8cc7\u91d1\u53ef\u7528\u65bc\u511f\u9084\u9280\u884c\u8cb8\u6b3e\u3001\u6d3e\u767c\u80a1\u606f\u3001\u56de\u8cfc\u80a1\u4efd\u6216\u9032\u884c\u6230\u7565\u4f75\u8cfc\uff0c\u662f\u5224\u65b7\u4f01\u696d\u5167\u751f\u9020\u8840\u80fd\u529b\u7684\u91cd\u8981\u4f9d\u64da\u3002<\/p>\n<\/section>\n

    \n

    \u95dc\u9375\u6bd4\u7387\u8a08\u7b97\u8207\u5224\u8b80\u908f\u8f2f<\/h2>\n

    \u8ca1\u52d9\u6bd4\u7387\u5206\u6790\u65e8\u5728\u6d88\u9664\u898f\u6a21\u7dad\u5ea6\u7684\u5dee\u7570\uff0c\u4f7f\u4e0d\u540c\u9ad4\u91cf\u7684\u516c\u53f8\u5177\u5099\u6a6b\u5411\u53ef\u6bd4\u6027\u3002\u6bd4\u7387\u5224\u8b80\u9700\u7d50\u5408\u884c\u696d\u7279\u6027\u8207\u5546\u696d\u6a21\u5f0f\uff0c\u4e0d\u53ef\u55ae\u7d14\u4f9d\u8cf4\u6a5f\u68b0\u5316\u7684\u6578\u503c\u6a19\u6e96\u3002<\/p>\n

    1. \u76c8\u5229\u80fd\u529b\u8207\u56de\u5831\u8cea\u7d20<\/h3>\n
    \n\n\n\n\n\n\n\n\n
    \u6307\u6a19\u540d\u7a31<\/th>\n\u8a08\u7b97\u516c\u5f0f<\/th>\n\u5be6\u52d9\u5224\u8b80\u8981\u9ede<\/th>\n<\/tr>\n<\/thead>\n
    \u6bdb\u5229\u7387<\/strong><\/td>\n\u6bdb\u5229 \u00f7 \u71df\u696d\u984d<\/td>\n\u53cd\u6620\u7522\u54c1\u5b9a\u50f9\u6b0a\u8207\u4f9b\u61c9\u93c8\u6210\u672c\u512a\u52e2\uff0c\u9700\u9023\u7e8c\u89c0\u5bdf\u591a\u671f\u8d70\u52e2<\/td>\n<\/tr>\n
    \u7d14\u5229\u7387<\/strong><\/td>\n\u7d14\u5229 \u00f7 \u71df\u696d\u984d<\/td>\n\u7d9c\u5408\u53cd\u6620\u7d93\u71df\u6548\u7387\u8207\u63a7\u8cbb\u80fd\u529b\uff0c\u61c9\u4ee5\u7d93\u5e38\u6027\u7d14\u5229\u70ba\u8a08\u7b97\u57fa\u790e<\/td>\n<\/tr>\n
    \u8cc7\u7522\u56de\u5831\u7387 (ROA)<\/strong><\/td>\n\u7d14\u5229 \u00f7 \u5e73\u5747\u7e3d\u8cc7\u7522<\/td>\n\u8861\u91cf\u6bcf\u55ae\u4f4d\u8cc7\u7522\u7522\u51fa\u5229\u6f64\u7684\u6548\u7387\uff0c\u91cd\u8cc7\u7522\u88fd\u9020\u696d\u5929\u7136\u4f4e\u65bc\u8f15\u8cc7\u7522\u8edf\u9ad4\u696d<\/td>\n<\/tr>\n
    \u80a1\u6771\u6b0a\u76ca\u56de\u5831\u7387 (ROE)<\/strong><\/td>\n\u80a1\u6771\u61c9\u4f54\u6ea2\u5229 \u00f7 \u5e73\u5747\u80a1\u6771\u6b0a\u76ca<\/td>\n\u8861\u91cf\u80a1\u6771\u8cc7\u91d1\u6295\u5165\u56de\u5831\uff0c\u9700\u900f\u904e\u675c\u90a6\u5206\u6790\u62c6\u89e3\u56de\u5831\u4f86\u6e90<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

    \u675c\u90a6\u5206\u6790\u6cd5\uff08DuPont Analysis\uff09<\/strong>\u5c07 ROE \u62c6\u89e3\u70ba\u4e09\u5927\u9a45\u52d5\u56e0\u5b50\uff1a
    \nROE \uff1d \u7d14\u5229\u7387\uff08\u7372\u5229\u80fd\u529b\uff09 \u00d7 \u7e3d\u8cc7\u7522\u9031\u8f49\u7387\uff08\u71df\u904b\u6548\u7387\uff09 \u00d7 \u6b0a\u76ca\u4e58\u6578\uff08\u8ca1\u52d9\u69d3\u687f\uff09<\/strong>
    \n\u82e5\u4e00\u5bb6\u516c\u53f8\u7684 ROE \u4e0a\u5347\u4e3b\u8981\u4f9d\u8cf4\u63d0\u9ad8\u6b0a\u76ca\u4e58\u6578\uff08\u8209\u50b5\uff09\uff0c\u800c\u975e\u7d14\u5229\u7387\u6216\u9031\u8f49\u7387\u7684\u6539\u5584\uff0c\u610f\u5473\u8457\u80a1\u6771\u56de\u5831\u7684\u589e\u9577\u4f34\u96a8\u8457\u66f4\u9ad8\u7684\u8ca1\u52d9\u8106\u5f31\u6027\u3002<\/p>\n

    2. \u77ed\u671f\u511f\u50b5\u80fd\u529b\u8207\u6d41\u52d5\u6027<\/h3>\n

    \u6d41\u52d5\u6bd4\u7387<\/strong>\uff08\u6d41\u52d5\u8cc7\u7522 \u00f7 \u6d41\u52d5\u8ca0\u50b5\uff09\u8861\u91cf\u77ed\u671f\u8cc7\u6e90\u5c0d\u4e00\u5e74\u5167\u5230\u671f\u50b5\u52d9\u7684\u8986\u84cb\u7a0b\u5ea6\uff1b\u901f\u52d5\u6bd4\u7387<\/strong>\uff08(\u6d41\u52d5\u8cc7\u7522 \uff0d \u5b58\u8ca8 \uff0d \u9810\u4ed8\u6b3e\u9805) \u00f7 \u6d41\u52d5\u8ca0\u50b5\uff09\u5247\u5254\u9664\u8b8a\u73fe\u9031\u671f\u9577\u7684\u5b58\u8ca8\uff0c\u63d0\u4f9b\u66f4\u56b4\u8b39\u7684\u511f\u50b5\u6307\u6a19\u3002<\/p>\n

    \u5e02\u5834\u5e38\u4ee5\u300c\u6d41\u52d5\u6bd4\u7387 2:1\u3001\u901f\u52d5\u6bd4\u7387 1:1\u300d\u4f5c\u70ba\u7d93\u9a57\u53c3\u8003\u7dda\uff0c\u4f46\u6b64\u6578\u64da\u4e26\u975e\u76e3\u7ba1\u6e96\u5247\uff0c\u5fc5\u9808\u56e0\u61c9\u5546\u696d\u6a21\u5f0f\u9748\u6d3b\u8a55\u4f30\u3002\u4f8b\u5982\u9023\u9396\u9910\u98f2\u6216\u96f6\u552e\u8d85\u5e02\uff0c\u6bcf\u65e5\u64c1\u6709\u5145\u6c9b\u73fe\u91d1\u6d41\u5165\u4e14\u7121\u5927\u984d\u61c9\u6536\u8cec\u6b3e\uff0c\u6d41\u52d5\u6bd4\u7387\u4f4e\u65bc 1 \u4ecd\u53ef\u7dad\u6301\u7a69\u5065\u904b\u4f5c\uff1b\u76f8\u53cd\u5730\uff0c\u5927\u578b\u57fa\u5efa\u627f\u5305\u5546\u5373\u4f7f\u6d41\u52d5\u6bd4\u7387\u9054 2.2\uff0c\u82e5\u8cc7\u7522\u591a\u70ba\u672a\u7d50\u7b97\u7684\u5de5\u7a0b\u5408\u7d04\u6b3e\uff0c\u4ecd\u53ef\u80fd\u9762\u81e8\u5be6\u8cea\u9031\u8f49\u58d3\u529b\u3002<\/p>\n

    3. \u71df\u904b\u6548\u7387\u8207\u73fe\u91d1\u8f49\u63db\u9031\u671f<\/h3>\n

    \u71df\u904b\u6548\u7387\u6307\u6a19\u7528\u65bc\u8a3a\u65b7\u4f01\u696d\u71df\u904b\u8cc7\u91d1\u7684\u6d41\u8f49\u901f\u5ea6\uff1a<\/p>\n

      \n
    • \u5b58\u8ca8\u9031\u8f49\u5929\u6578\uff1a<\/strong>(\u5e73\u5747\u5b58\u8ca8 \u00f7 \u92b7\u552e\u6210\u672c) \u00d7 365 \u5929\uff08\u8861\u91cf\u5b58\u8ca8\u5f9e\u5165\u5eab\u5230\u552e\u51fa\u6240\u9700\u6642\u9593\uff09<\/li>\n
    • \u61c9\u6536\u8cec\u6b3e\u9031\u8f49\u5929\u6578\uff1a<\/strong>(\u5e73\u5747\u61c9\u6536\u8cec\u6b3e \u00f7 \u71df\u696d\u984d) \u00d7 365 \u5929\uff08\u8861\u91cf\u8cd2\u92b7\u552e\u51fa\u5230\u6b3e\u9805\u6536\u56de\u6240\u9700\u6642\u9593\uff09<\/li>\n
    • \u61c9\u4ed8\u8cec\u6b3e\u9031\u8f49\u5929\u6578\uff1a<\/strong>(\u5e73\u5747\u61c9\u4ed8\u8cec\u6b3e \u00f7 \u92b7\u552e\u6210\u672c) \u00d7 365 \u5929\uff08\u8861\u91cf\u63a1\u8cfc\u9032\u8ca8\u5230\u652f\u4ed8\u4f9b\u61c9\u5546\u8ca8\u6b3e\u7684\u6642\u9593\uff09<\/li>\n<\/ul>\n

      \u5c07\u4e0a\u8ff0\u6307\u6a19\u6574\u5408\u5373\u53ef\u5f97\u51fa\u73fe\u91d1\u8f49\u63db\u9031\u671f\uff08Cash Conversion Cycle, CCC\uff09<\/strong>\uff1a
      \nCCC \uff1d \u5b58\u8ca8\u9031\u8f49\u5929\u6578 \uff0b \u61c9\u6536\u8cec\u6b3e\u9031\u8f49\u5929\u6578 \uff0d \u61c9\u4ed8\u8cec\u6b3e\u9031\u8f49\u5929\u6578<\/strong>
      \nCCC \u4ee3\u8868\u4f01\u696d\u5f9e\u6295\u5165\u63a1\u8cfc\u73fe\u91d1\u5230\u6700\u7d42\u6536\u56de\u92b7\u552e\u56de\u6b3e\u7684\u6642\u9593\u5dee\u3002\u9031\u671f\u8d8a\u77ed\uff0c\u71df\u904b\u8cc7\u91d1\u4f54\u7528\u8d8a\u5c11\uff1b\u82e5\u70ba\u8ca0\u503c\uff0c\u4ee3\u8868\u4f01\u696d\u80fd\u5145\u5206\u5229\u7528\u4f9b\u61c9\u5546\u8cec\u671f\u7d93\u71df\u81ea\u8eab\u696d\u52d9\u3002<\/p>\n

      4. \u8cc7\u672c\u7d50\u69cb\u8207\u511f\u50b5\u4fdd\u969c<\/h3>\n

      \u8a55\u4f30\u9577\u671f\u511f\u50b5\u80fd\u529b\uff0c\u4e3b\u8981\u95dc\u6ce8\u6de8\u8ca0\u50b5\u6b0a\u76ca\u6bd4<\/strong>\uff08(\u6709\u606f\u8ca0\u50b5 \uff0d \u8ca8\u5e63\u8cc7\u91d1) \u00f7 \u80a1\u6771\u6b0a\u76ca\uff09\u8207\u5229\u606f\u4fdd\u969c\u500d\u6578<\/strong>\uff08\u606f\u7a05\u524d\u5229\u6f64 EBIT \u00f7 \u7e3d\u5229\u606f\u652f\u51fa\uff0c\u542b\u8cc7\u672c\u5316\u5229\u606f\uff09\u3002<\/p>\n

      \u5728\u606f\u53e3\u9ad8\u4f01\u6216\u6ce2\u52d5\u9031\u671f\u4e2d\uff0c\u5229\u606f\u4fdd\u969c\u500d\u6578\u4f4e\u65bc 2 \u81f3 3 \u500d\u7684\u4f01\u696d\uff0c\u5176\u5229\u6f64\u7a7a\u9593\u6975\u6613\u88ab\u878d\u8cc7\u6210\u672c\u6240\u4fb5\u8755\u3002\u5206\u6790\u6642\u61c9\u5c07\u5e74\u5831\u9644\u8a3b\u4e2d\u7684\u300c\u50b5\u52d9\u5230\u671f\u5206\u4f48\u8868\u300d\u8abf\u51fa\uff0c\u5c0d\u6bd4\u4e00\u5e74\u5167\u5230\u671f\u7684\u6709\u606f\u50b5\u52d9\u8207\u624b\u982d\u975e\u53d7\u9650\u73fe\u91d1\u52a0\u53ef\u52d5\u7528\u9280\u884c\u4fe1\u8cb8\u984d\u5ea6\uff0c\u78ba\u8a8d\u77ed\u671f\u518d\u878d\u8cc7\u7f3a\u53e3\u3002<\/p>\n<\/section>\n

      \n

      \u5be6\u6230\u793a\u7bc4\uff1a\u4e09\u500b\u4ea4\u53c9\u6aa2\u67e5\u63ea\u51fa\u6f5b\u5728\u96b1\u60a3<\/h2>\n

      \u5b64\u7acb\u7684\u8ca1\u52d9\u6578\u64da\u5bb9\u6613\u7522\u751f\u8aa4\u5c0e\uff0c\u900f\u904e\u4e0d\u540c\u5831\u8868\u6578\u64da\u7684\u4ea4\u53c9\u5370\u8b49\uff0c\u80fd\u6709\u6548\u8b58\u5225\u7d93\u71df\u7570\u52d5\u3002<\/p>\n

      \u6aa2\u67e5\u4e00\uff1a\u71df\u6536\u589e\u9577\u7387 vs \u61c9\u6536\u8cec\u6b3e\u589e\u9577\u7387<\/h3>\n

      \u5c07\u4f01\u696d\u9023\u7e8c\u4e09\u5e74\u7684\u71df\u696d\u984d\u589e\u901f\u8207\u61c9\u6536\u8cec\u6b3e\u589e\u901f\u9032\u884c\u6a6b\u5411\u6bd4\u5c0d\u3002\u82e5\u61c9\u6536\u8cec\u6b3e\u589e\u901f\u9577\u671f\u9060\u9ad8\u65bc\u71df\u696d\u984d\u589e\u901f\uff0c\u9700\u9ad8\u5ea6\u8b66\u60d5\u516c\u53f8\u662f\u5426\u900f\u904e\u653e\u5bec\u4fe1\u7528\u689d\u6b3e\u50ac\u8c37\u6536\u5165\u3002<\/p>\n

      \n

      \u3010\u5047\u8a2d\u6578\u5b57\u7bc4\u4f8b\u3011A \u516c\u53f8\u71df\u6536\u8207\u61c9\u6536\u8cec\u6b3e\u6bd4\u5c0d\uff1a<\/p>\n

        \n
      • \u7b2c 1 \u5e74\uff1a<\/strong>\u71df\u696d\u984d 10.0 \u5104\u5143\uff08+8%\uff09\uff0c\u61c9\u6536\u8cec\u6b3e 1.5 \u5104\u5143\uff08+7%\uff09\uff0c\u61c9\u6536\u9031\u8f49\u5929\u6578 54.8 \u5929<\/li>\n
      • \u7b2c 2 \u5e74\uff1a<\/strong>\u71df\u696d\u984d 11.2 \u5104\u5143\uff08+12%\uff09\uff0c\u61c9\u6536\u8cec\u6b3e 2.1 \u5104\u5143\uff08+40%\uff09\uff0c\u61c9\u6536\u9031\u8f49\u5929\u6578 68.4 \u5929<\/li>\n
      • \u7b2c 3 \u5e74\uff1a<\/strong>\u71df\u696d\u984d 12.0 \u5104\u5143\uff08+7%\uff09\uff0c\u61c9\u6536\u8cec\u6b3e 3.2 \u5104\u5143\uff08+52%\uff09\uff0c\u61c9\u6536\u9031\u8f49\u5929\u6578 97.3 \u5929<\/li>\n<\/ul>\n

        \u8a3a\u65b7\u5206\u6790\uff1a<\/strong>A \u516c\u53f8\u7b2c 3 \u5e74\u71df\u6536\u50c5\u589e\u9577 7%\uff0c\u4f46\u61c9\u6536\u8cec\u6b3e\u5728\u5169\u5e74\u9593\u81ea 1.5 \u5104\u5143\u6fc0\u589e\u81f3 3.2 \u5104\u5143\uff0c\u9031\u8f49\u5929\u6578\u7531 54.8 \u5929\u62d6\u9577\u81f3 97.3 \u5929\u3002\u6b64\u73fe\u8c61\u986f\u793a\u4f01\u696d\u92b7\u552e\u56de\u6b3e\u653e\u7de9\uff0c\u82e5\u8cec\u9f61\u7d50\u69cb\u6301\u7e8c\u8001\u5316\uff0c\u672a\u4f86\u6050\u9762\u81e8\u5927\u984d\u4fe1\u7528\u6e1b\u503c\u640d\u5931\u3002<\/p>\n<\/div>\n

        \u6aa2\u67e5\u4e8c\uff1a\u7d14\u5229 vs \u7d93\u71df\u6d3b\u52d5\u73fe\u91d1\u6d41\u91cf\u6de8\u984d<\/h3>\n

        \u8a08\u7b97\u300c\u7d93\u71df\u6d3b\u52d5\u73fe\u91d1\u6d41\u91cf\u6de8\u984d \u00f7 \u7d14\u5229\u300d\u7684\u73fe\u91d1\u8f49\u5316\u6bd4\u4f8b\u3002\u5728\u6b63\u5e38\u71df\u904b\u9031\u671f\u4e0b\uff0c\u7531\u65bc\u6298\u820a\u6524\u92b7\u7b49\u975e\u73fe\u91d1\u8cbb\u7528\u7684\u52a0\u56de\uff0c\u8a72\u6bd4\u7387\u5728\u591a\u6578\u884c\u696d\u61c9\u7dad\u6301\u5728 0.8 \u81f3 1.2 \u4e4b\u9593\u3002\u82e5\u6307\u6a19\u9577\u671f\u4f4e\u65bc 0.6\uff0c\u610f\u5473\u8457\u8cec\u9762\u5229\u6f64\u4e26\u672a\u5be6\u8cea\u8f49\u5316\u70ba\u73fe\u91d1\u3002<\/p>\n

        \"\u8ca1\u52d9\u5831\u8868\u5206\u6790\u4e2d\u7d14\u5229\u8207\u7d93\u71df\u6d3b\u52d5\u73fe\u91d1\u6d41\u91cf\u6de8\u984d\u7684\u5de6\u53f3\u5c0d\u7167\u5716\"
        \u6bd4\u5c0d\u8cec\u9762\u7d14\u5229\u8207\u7d93\u71df\u6d3b\u52d5\u73fe\u91d1\u6d41\u53ef\u6aa2\u9a57\u5229\u6f64\u542b\u91d1\u91cf\uff0c\u9632\u7bc4\u76c8\u5229\u904e\u5ea6\u6c89\u6fb1\u65bc\u61c9\u6536\u8cec\u6b3e\u8207\u5b58\u8ca8\u6240\u5f15\u767c\u7684\u6d41\u52d5\u6027\u65b7\u88c2\u3002<\/figcaption><\/figure>\n
        \n

        \u3010\u5047\u8a2d\u6578\u5b57\u7bc4\u4f8b\u3011B \u88fd\u9020\u516c\u53f8\u76c8\u5229\u8207\u73fe\u91d1\u6d41\u5c0d\u6bd4\uff1a<\/p>\n

          \n
        • \u4e09\u5e74\u7d2f\u8a08\u7d14\u5229\u7e3d\u984d\uff1a<\/strong>4.5 \u5104\u5143\uff08\u8cec\u9762\u5448\u73fe\u7a69\u5b9a\u76c8\u5229\u589e\u9577\uff09<\/li>\n
        • \u4e09\u5e74\u7d2f\u8a08\u7d93\u71df\u73fe\u91d1\u6d41\u91cf\u6de8\u984d\uff1a<\/strong>1.1 \u5104\u5143\uff08\u6de8\u73fe\u6bd4\u50c5 0.24\uff09<\/li>\n
        • \u8cc7\u7522\u8ca0\u50b5\u8868\u8b8a\u5316\uff1a<\/strong>\u540c\u671f\u5b58\u8ca8\u7531 2.0 \u5104\u5143\u6500\u5347\u81f3 4.2 \u5104\u5143\uff0c\u61c9\u6536\u8cec\u6b3e\u589e\u52a0 1.8 \u5104\u5143<\/li>\n<\/ul>\n

          \u8a3a\u65b7\u5206\u6790\uff1a<\/strong>B \u516c\u53f8\u8cec\u9762\u7372\u5229\u8d85\u904e\u4e03\u6210\u88ab\u5b58\u8ca8\u7a4d\u58d3\u8207\u61c9\u6536\u8cec\u6b3e\u4f54\u7528\uff0c\u4f01\u696d\u5be6\u8cea\u8655\u65bc\u300c\u8cfa\u8cec\u9762\u6578\u5b57\u3001\u8667\u771f\u5be6\u6d41\u52d5\u6027\u300d\u7684\u72c0\u614b\uff0c\u71df\u904b\u8cc7\u91d1\u6975\u5ea6\u4f9d\u8cf4\u5916\u90e8\u878d\u8cc7\u652f\u6490\u3002<\/p>\n<\/div>\n

          \u6aa2\u67e5\u4e09\uff1aROE \u8b8a\u52d5\u4f86\u6e90\uff08\u675c\u90a6\u62c6\u89e3\uff09<\/h3>\n

          \u7576\u4f01\u696d ROE \u51fa\u73fe\u660e\u986f\u4e0a\u5347\u6642\uff0c\u5fc5\u9808\u5229\u7528\u675c\u90a6\u5206\u6790\u91d0\u6e05\u9a45\u52d5\u56e0\u5b50\u3002\u82e5\u6de8\u5229\u7387\u8207\u8cc7\u7522\u9031\u8f49\u7387\u4e26\u672a\u6539\u5584\uff0cROE \u63d0\u5347\u5b8c\u5168\u7531\u6b0a\u76ca\u4e58\u6578\u64f4\u5927\u6240\u63a8\u52d5\uff0c\u5247\u5c6c\u65bc\u9ad8\u98a8\u96aa\u7684\u69d3\u687f\u9a45\u52d5\u578b\u56de\u5831\uff0c\u4e00\u65e6\u5e02\u5834\u5229\u7387\u4e0a\u5347\u6216\u71df\u6536\u4e0b\u6ed1\uff0c\u8ca1\u52d9\u6297\u98a8\u96aa\u80fd\u529b\u5c07\u53d7\u5230\u56b4\u5cfb\u8003\u9a57\u3002<\/p>\n<\/section>\n

          \n

          \u5e74\u5831\u9644\u8a3b\u8207\u5be9\u8a08\u5831\u544a\u4e2d\u7684\u95dc\u9375\u4fe1\u865f<\/h2>\n

          \u4e3b\u8868\u6578\u64da\u5c55\u793a\u7d50\u679c\uff0c\u800c\u8a73\u7d30\u7684\u98a8\u96aa\u7d30\u7bc0\u5f80\u5f80\u96b1\u85cf\u5728\u5f8c\u65b9\u7684\u8ca1\u52d9\u5831\u8868\u9644\u8a3b\u4e4b\u4e2d\uff1a<\/p>\n

          1. \u6703\u8a08\u653f\u7b56\u8207\u6703\u8a08\u4f30\u8a08\u8b8a\u66f4\uff1a<\/strong>\u9700\u7559\u610f\u6536\u5165\u78ba\u8a8d\u539f\u5247\u3001\u56fa\u5b9a\u8cc7\u7522\u6298\u820a\u5e74\u9650\u53ca\u91d1\u878d\u8cc7\u7522\u6e1b\u503c\u6a21\u578b\u662f\u5426\u5728\u5e74\u5167\u88ab\u4fee\u6539\u3002\u653f\u7b56\u8abf\u6574\u53ef\u80fd\u4eba\u70ba\u63a8\u9ad8\u6216\u5e73\u6ed1\u7576\u671f\u696d\u7e3e\u3002<\/p>\n

          2. \u95dc\u806f\u65b9\u4ea4\u6613\u8207\u8cc7\u91d1\u5f80\u4f86\uff1a<\/strong>\u6aa2\u8996\u95dc\u806f\u63a1\u8cfc\u8207\u92b7\u552e\u7684\u5b9a\u50f9\u516c\u5141\u6027\uff0c\u7279\u5225\u662f\u4f01\u696d\u662f\u5426\u5411\u63a7\u80a1\u80a1\u6771\u6216\u5176\u95dc\u806f\u65b9\u63d0\u4f9b\u5927\u984d\u514d\u606f\u501f\u6b3e\u3001\u8cc7\u91d1\u62c6\u501f\u6216\u5c0d\u5916\u64d4\u4fdd\uff0c\u6b64\u985e\u884c\u70ba\u5e38\u70ba\u6f5b\u5728\u7684\u6cbb\u7406\u98a8\u96aa\u8a0a\u865f\u3002<\/p>\n

          3. \u6216\u6709\u8ca0\u50b5\u8207\u627f\u8afe\u4e8b\u9805\uff1a<\/strong>\u672a\u6c7a\u8a34\u8a1f\u3001\u7a05\u52d9\u722d\u8b70\u53ca\u5c0d\u5916\u64d4\u4fdd\u91d1\u984d\u4e0d\u6703\u76f4\u63a5\u53cd\u6620\u5728\u8cc7\u7522\u8ca0\u50b5\u8868\u8ca0\u50b5\u9805\uff0c\u4f46\u5c6c\u65bc\u53ef\u80fd\u5728\u672a\u4f86\u5f15\u767c\u5927\u984d\u73fe\u91d1\u6d41\u51fa\u7684\u5be6\u8cea\u98a8\u96aa\u655e\u53e3\u3002<\/p>\n

          4. \u6838\u6578\u5e2b\u5831\u544a\u8207\u95dc\u9375\u5be9\u8a08\u4e8b\u9805\uff08KAM\uff09\uff1a<\/strong>\u6a19\u6e96\u7121\u4fdd\u7559\u610f\u898b\u662f\u57fa\u790e\u524d\u63d0\u3002\u82e5\u51fa\u73fe\u300c\u5f37\u8abf\u4e8b\u9805\u6bb5\u843d\u300d\u3001\u4fdd\u7559\u610f\u898b\u6216\u300c\u6301\u7e8c\u7d93\u71df\u80fd\u529b\u5b58\u5728\u91cd\u5927\u4e0d\u78ba\u5b9a\u6027\u300d\u8868\u8ff0\uff0c\u9700\u6df1\u5165\u95b1\u8b80\u6838\u6578\u5e2b\u95dc\u6ce8\u7684\u95dc\u9375\u5be9\u8a08\u4e8b\u9805\u53ca\u7ba1\u7406\u5c64\u5c0d\u61c9\u7684\u7de9\u89e3\u63aa\u65bd\u3002\u9999\u6e2f\u4ea4\u6613\u6240\uff08HKEX\uff09\u6b77\u5e74\u767c\u884c\u4eba\u5e74\u5831\u5be9\u95b1\u6307\u5f15\u4e2d\u4ea6\u6301\u7e8c\u5f37\u8abf\uff0c\u7ba1\u7406\u5c64\u5c0d\u6301\u7e8c\u7d93\u71df\u5047\u8a2d\u6240\u4f5c\u51fa\u7684\u8a55\u4f30\u4f9d\u64da\u8207\u76f8\u95dc\u7de9\u89e3\u878d\u8cc7\u5b89\u6392\uff0c\u5fc5\u9808\u5177\u5099\u5145\u5206\u7684\u5408\u7406\u6027\u8207\u62ab\u9732\u900f\u660e\u5ea6\u3002<\/p>\n<\/section>\n

          \n

          \u5831\u8868\u6578\u64da\u80cc\u5f8c\u7684\u516d\u5927\u7c89\u98fe\u9677\u9631<\/h2>\n

          \u5728\u9032\u884c\u8ca1\u52d9\u5831\u8868\u5206\u6790<\/strong>\u6642\uff0c\u9700\u5c0d\u4ee5\u4e0b\u5408\u898f\u7bc4\u570d\u5167\u4f46\u6613\u4f7f\u5229\u6f64\u5931\u771f\u7684\u6703\u8a08\u8655\u7406\u4fdd\u6301\u8b66\u89ba\uff1a<\/p>\n

            \n
          • \u8cc7\u7522\u8655\u7f6e\u652f\u6490\u5229\u6f64\uff1a<\/strong>\u4e3b\u71df\u696d\u52d9\u75b2\u5f31\uff0c\u900f\u904e\u51fa\u552e\u7269\u696d\u3001\u5ee0\u623f\u6216\u9644\u5c6c\u516c\u53f8\u80a1\u6b0a\u7522\u751f\u4e00\u6b21\u6027\u6295\u8cc7\u6536\u76ca\uff0c\u71df\u9020\u7d14\u5229\u589e\u9577\u5047\u8c61\u3002<\/li>\n
          • \u7814\u767c\u8207\u501f\u8cb8\u6210\u672c\u904e\u5ea6\u8cc7\u672c\u5316\uff1a<\/strong>\u653e\u5bec\u8cc7\u672c\u5316\u6a19\u6e96\uff0c\u5c07\u672c\u61c9\u8a08\u5165\u7576\u671f\u8cbb\u7528\u7684\u7814\u767c\u652f\u51fa\u6216\u501f\u6b3e\u5229\u606f\u8a08\u5165\u7121\u5f62\u8cc7\u7522\u6216\u5728\u5efa\u5de5\u7a0b\uff0c\u865b\u589e\u7576\u671f\u5229\u6f64\uff0c\u63a8\u9072\u6298\u820a\u6524\u92b7\u58d3\u529b\u3002<\/li>\n
          • \u9577\u671f\u5408\u7d04\u5b8c\u5de5\u9032\u5ea6\u4e3b\u89c0\u4f30\u8a08\uff1a<\/strong>\u4f9d\u64da\u5b8c\u5de5\u767e\u5206\u6bd4\u6cd5\u78ba\u8a8d\u6536\u5165\u7684\u5de5\u7a0b\u6216\u5c08\u6848\u578b\u696d\u52d9\uff0c\u900f\u904e\u8abf\u9ad8\u5b8c\u5de5\u6bd4\u4f8b\u9810\u4f30\u503c\uff0c\u63d0\u524d\u78ba\u8a8d\u672a\u5be6\u73fe\u6536\u76ca\u3002<\/li>\n
          • \u8cc7\u7522\u6e1b\u503c\u8a08\u63d0\u8abf\u7bc0\uff08\u6d17\u5927\u6fa1\uff09\uff1a<\/strong>\u5728\u884c\u696d\u4f4e\u8c37\u671f\u6216\u7ba1\u7406\u5c64\u4ea4\u63a5\u5e74\u5ea6\u5927\u5e45\u8a08\u63d0\u5546\u8b7d\u8207\u5b58\u8ca8\u6e1b\u503c\uff0c\u58d3\u4f4e\u57fa\u6578\uff0c\u4ee5\u4fbf\u5728\u6b21\u5e74\u8f15\u88dd\u4e0a\u9663\u5be6\u73fe\u696d\u7e3e\u53cd\u5f48\u3002<\/li>\n
          • \u7121\u8ffd\u7d22\u6b0a\u61c9\u6536\u8cec\u6b3e\u4fdd\u7406\uff1a<\/strong>\u5728\u7d50\u7b97\u65e5\u524d\u900f\u904e\u91d1\u878d\u6a5f\u69cb\u9032\u884c\u7121\u8ffd\u7d22\u6b0a\u61c9\u6536\u8cec\u6b3e\u8cbc\u73fe\uff0c\u58d3\u4f4e\u5e74\u672b\u61c9\u6536\u8cec\u6b3e\u9918\u984d\u4e26\u77ed\u66ab\u63a8\u5347\u7d93\u71df\u73fe\u91d1\u6d41\u3002<\/li>\n
          • \u696d\u52d9\u5206\u90e8\u5283\u5206\u53e3\u5f91\u91cd\u5217\uff1a<\/strong>\u983b\u7e41\u8abf\u6574\u5831\u544a\u5206\u90e8\u5283\u5206\u6a19\u6e96\uff0c\u63a9\u84cb\u6838\u5fc3\u8667\u640d\u677f\u584a\u7684\u771f\u5be6\u696d\u7e3e\u60e1\u5316\u8da8\u52e2\u3002<\/li>\n<\/ul>\n<\/section>\n
            \n

            \u6a19\u6e96\u5316\u8ca1\u52d9\u5831\u8868\u5206\u6790\u516b\u6b65\u4f5c\u696d\u6d41\u7a0b<\/h2>\n

            \u70ba\u63d0\u5347\u5206\u6790\u6548\u7387\u8207\u7d50\u8ad6\u53ef\u9760\u5ea6\uff0c\u5efa\u8b70\u9075\u5faa\u6a19\u6e96\u5316\u7684\u516b\u6b65\u4f5c\u696d\u6846\u67b6\uff1a<\/p>\n

              \n
            1. \u78ba\u7acb\u5206\u6790\u76ee\u7684\uff1a<\/strong>\u660e\u78ba\u662f\u9032\u884c\u80a1\u6b0a\u6295\u8cc7\u4f30\u503c\u3001\u9280\u884c\u4fe1\u8cb8\u6388\u4fe1\u8a55\u4f30\uff0c\u9084\u662f\u4f9b\u61c9\u5546\u8cec\u671f\u5be9\u67e5\uff0c\u78ba\u7acb\u6838\u5fc3\u8a55\u4f30\u6307\u6a19\u3002<\/li>\n
            2. \u6536\u96c6\u6b77\u5e74\u6578\u64da\uff1a<\/strong>\u6574\u7406\u76ee\u6a19\u4f01\u696d\u9023\u7e8c\u4e09\u81f3\u4e94\u5e74\u7684\u5e74\u5831\u3001\u4e2d\u5831\u53ca\u540c\u884c\u696d\u53ef\u6bd4\u516c\u53f8\u8ca1\u52d9\u6578\u64da\uff0c\u5efa\u7acb\u6642\u9593\u5e8f\u5217\u57fa\u6e96\u3002<\/li>\n
            3. \u8abf\u6574\u975e\u7d93\u5e38\u6027\u9805\u76ee\uff1a<\/strong>\u5254\u9664\u516c\u5141\u50f9\u503c\u8b8a\u52d5\u640d\u76ca\u3001\u653f\u5e9c\u88dc\u52a9\u3001\u8cc7\u7522\u8655\u7f6e\u6536\u76ca\u7b49\u975e\u6838\u5fc3\u9805\u76ee\uff0c\u8a08\u7b97\u7d93\u5e38\u6027\u7d93\u71df\u696d\u52d9\u5229\u6f64\u3002<\/li>\n
            4. \u8a08\u7b97\u6838\u5fc3\u8ca1\u52d9\u6bd4\u7387\uff1a<\/strong>\u5168\u9762\u8a08\u7b97\u6bdb\u5229\u7387\u3001\u7d14\u5229\u7387\u3001ROE\u3001\u6d41\u52d5\u6bd4\u7387\u3001\u73fe\u91d1\u8f49\u63db\u9031\u671f\uff08CCC\uff09\u3001\u6de8\u8ca0\u50b5\u6b0a\u76ca\u6bd4\u7b49\u6307\u6a19\u3002<\/li>\n
            5. \u9032\u884c\u73fe\u91d1\u6d41\u8cea\u7d20\u6aa2\u9a57\uff1a<\/strong>\u5c0d\u6bd4\u7d93\u71df\u6d3b\u52d5\u73fe\u91d1\u6d41\u91cf\u8207\u7d14\u5229\u5dee\u7570\uff0c\u8a08\u7b97\u81ea\u7531\u73fe\u91d1\u6d41\uff08FCF\uff09\uff0c\u4e26\u6821\u6e96\u5404\u9805\u73fe\u91d1\u6d41\u5206\u985e\u53e3\u5f91\u3002<\/li>\n
            6. \u540c\u884c\u696d\u6a6b\u5411\u5c0d\u6a19\uff1a<\/strong>\u9078\u53d6\u4e8c\u81f3\u4e09\u5bb6\u5546\u696d\u6a21\u5f0f\u3001\u8cc7\u7522\u9ad4\u91cf\u76f8\u8fd1\u7684\u540c\u696d\u516c\u53f8\u9032\u884c\u5404\u9805\u6307\u6a19\u5c0d\u6bd4\uff0c\u5b9a\u4f4d\u7af6\u722d\u512a\u52e2\u8207\u904b\u71df\u77ed\u677f\u3002<\/li>\n
            7. \u6df1\u5ea6\u6383\u63cf\u9644\u8a3b\u98a8\u96aa\uff1a<\/strong>\u67e5\u95b1\u95dc\u806f\u4ea4\u6613\u3001\u6216\u6709\u8ca0\u50b5\u3001\u6709\u606f\u50b5\u52d9\u5230\u671f\u5206\u4f48\u3001\u5546\u8b7d\u6e1b\u503c\u6e2c\u8a66\u5047\u8a2d\u53ca\u95dc\u9375\u5be9\u8a08\u4e8b\u9805\u3002<\/li>\n
            8. \u7522\u51fa\u7d50\u8ad6\u8207\u8a2d\u5b9a\u8b66\u6212\u7dda\uff1a<\/strong>\u7d9c\u5408\u5b9a\u6027\u8207\u5b9a\u91cf\u5206\u6790\u5f62\u6210\u8a3a\u65b7\u7d50\u8ad6\uff0c\u4e26\u8a2d\u5b9a\u95dc\u9375\u76e3\u63a7\u8b66\u6212\u7dda\uff08\u5982\u6de8\u8ca0\u50b5\/EBITDA \u4e0a\u9650\u6216\u61c9\u6536\u9031\u8f49\u5929\u6578\u9810\u8b66\u503c\uff09\u3002<\/li>\n<\/ol>\n<\/section>\n
              \n

              \u5e38\u898b\u554f\u984c\u89e3\u7b54\uff08FAQ\uff09<\/h2>\n
              \n
              \n

              Q1\uff1a\u70ba\u4ec0\u9ebc\u6709\u4e9b\u4f01\u696d\u5e74\u5831\u986f\u793a\u76c8\u5229\u53ef\u89c0\uff0c\u537b\u4f9d\u7136\u6703\u9762\u81e8\u8cc7\u91d1\u93c8\u65b7\u88c2\u7684\u5371\u6a5f\uff1f<\/h4>\n

              A\uff1a\u640d\u76ca\u8868\u9075\u5faa\u6b0a\u8cac\u767c\u751f\u5236\uff0c\u8cd2\u92b7\u51fa\u8ca8\u5373\u53ef\u78ba\u8a8d\u6536\u5165\u4e26\u7522\u751f\u8cec\u9762\u5229\u6f64\uff1b\u4f46\u73fe\u91d1\u6d41\u91cf\u8868\u9075\u5faa\u6536\u4ed8\u5be6\u73fe\u5236\u3002\u82e5\u4f01\u696d\u5927\u91cf\u76c8\u5229\u6c89\u6fb1\u5728\u61c9\u6536\u8cec\u6b3e\u8207\u5b58\u8ca8\u4e2d\u7121\u6cd5\u8b8a\u73fe\uff0c\u800c\u540c\u6642\u9762\u81e8\u77ed\u671f\u9280\u884c\u501f\u6b3e\u5230\u671f\u6216\u4f9b\u61c9\u5546\u50ac\u6536\u8ca8\u6b3e\uff0c\u5728\u7121\u6cd5\u7372\u5f97\u5916\u90e8\u518d\u878d\u8cc7\u7684\u60c5\u6cc1\u4e0b\uff0c\u6975\u6613\u5f15\u767c\u6d41\u52d5\u6027\u67af\u7aed\u5371\u6a5f\u3002<\/p>\n<\/div>\n

              \n

              Q2\uff1aIFRS 16 \/ HKFRS 16 \u79df\u8cc3\u6e96\u5247\u5c0d\u4e3b\u8981\u8ca1\u52d9\u6bd4\u7387\u5e36\u4f86\u54ea\u4e9b\u5be6\u8cea\u5f71\u97ff\uff1f<\/h4>\n

              A\uff1a\u65b0\u79df\u8cc3\u6e96\u5247\u8981\u6c42\u627f\u79df\u4eba\u5c07\u539f\u7d93\u71df\u79df\u8cc3\u5408\u7d04\u78ba\u8a8d\u70ba\u300c\u4f7f\u7528\u6b0a\u8cc7\u7522\u300d\u8207\u300c\u79df\u8cc3\u8ca0\u50b5\u300d\u3002\u9019\u5c0e\u81f4\u7e3d\u8cc7\u7522\u8207\u6709\u606f\u8ca0\u50b5\u540c\u6b65\u64f4\u5927\uff0c\u63a8\u9ad8\u8cc7\u7522\u8ca0\u50b5\u7387\u4e26\u58d3\u4f4e\u8cc7\u7522\u9031\u8f49\u7387\uff1b\u5728\u640d\u76ca\u8868\u4e2d\uff0c\u79df\u91d1\u958b\u652f\u8f49\u5316\u70ba\u6298\u820a\u8cbb\u7528\u8207\u5229\u606f\u652f\u51fa\uff0c\u4f7f\u5f97 EBITDA \u8207\u7d93\u71df\u5229\u6f64\u7387\u5728\u6578\u503c\u4e0a\u6709\u6240\u63d0\u5347\uff1b\u5728\u73fe\u91d1\u6d41\u91cf\u8868\u4e2d\uff0c\u79df\u8cc3\u672c\u91d1\u511f\u9084\u79fb\u81f3\u878d\u8cc7\u6d3b\u52d5\uff0c\u4f7f\u7d93\u71df\u73fe\u91d1\u6d41\u770b\u4f3c\u589e\u52a0\u3002\u56e0\u6b64\u5728\u9032\u884c\u8de8\u671f\u6216\u8de8\u516c\u53f8\u6bd4\u8f03\u6642\u9700\u4fdd\u6301\u53e3\u5f91\u4e00\u81f4\u3002<\/p>\n<\/div>\n

              \n

              Q3\uff1a\u975e\u8ca1\u6703\u5c08\u696d\u80cc\u666f\u4eba\u54e1\uff0c\u61c9\u5982\u4f55\u5feb\u901f\u5224\u65b7\u4e00\u5bb6\u516c\u53f8\u7684\u57fa\u672c\u8ca1\u52d9\u9ad4\u8cea\uff1f<\/h4>\n

              A\uff1a\u53ef\u5148\u805a\u7126\u56db\u500b\u6838\u5fc3\u7dad\u5ea6\u9032\u884c\u5feb\u901f\u7be9\u9078\uff1a\u7b2c\u4e00\u770b\u300c\u71df\u696d\u984d\u8207\u6bdb\u5229\u7387\u8d70\u52e2\u300d\u78ba\u8a8d\u6210\u9577\u8207\u7af6\u722d\u529b\uff1b\u7b2c\u4e8c\u770b\u300c\u7d93\u71df\u73fe\u91d1\u6d41\u91cf\u6de8\u984d\u662f\u5426\u6301\u7e8c\u70ba\u6b63\u4e14\u8207\u7d14\u5229\u5339\u914d\u300d\u78ba\u8a8d\u5229\u6f64\u542b\u91d1\u91cf\uff1b\u7b2c\u4e09\u770b\u300c\u81ea\u7531\u73fe\u91d1\u6d41\uff08FCF\uff09\u662f\u5426\u5145\u88d5\u300d\u78ba\u8a8d\u9020\u8840\u80fd\u529b\uff1b\u7b2c\u56db\u770b\u300c\u624b\u982d\u975e\u53d7\u9650\u73fe\u91d1\u80fd\u5426\u8986\u84cb\u4e00\u5e74\u5167\u5230\u671f\u7684\u6709\u606f\u50b5\u52d9\u300d\u78ba\u8a8d\u77ed\u671f\u751f\u5b58\u5e95\u7dda\u3002<\/p>\n<\/div>\n

              \n

              Q4\uff1a\u8a08\u7b97 ROE \u6642\uff0c\u70ba\u4ec0\u9ebc\u5fc5\u9808\u4f7f\u7528\u300c\u6bcd\u516c\u53f8\u80a1\u6771\u61c9\u4f54\u6ea2\u5229\u300d\u800c\u975e\u300c\u7d14\u5229\u7e3d\u984d\u300d\uff1f<\/h4>\n

              A\uff1a\u7576\u4f01\u696d\u64c1\u6709\u975e\u5168\u8cc7\u9644\u5c6c\u516c\u53f8\u6642\uff0c\u5408\u4f75\u640d\u76ca\u8868\u4e2d\u7684\u7d14\u5229\u7e3d\u984d\u5305\u542b\u5c6c\u65bc\u975e\u63a7\u80a1\u80a1\u6771\u7684\u4efd\u984d\u3002\u8a08\u7b97\u6bcd\u516c\u53f8\u666e\u901a\u80a1\u80a1\u6771\u7684\u6295\u5165\u56de\u5831\u6642\uff0c\u5206\u5b50\u7684\u6536\u76ca\u5fc5\u9808\u8207\u5206\u6bcd\u7684\u6bcd\u516c\u53f8\u80a1\u6771\u6b0a\u76ca\u4fdd\u6301\u53e3\u5f91\u5339\u914d\uff0c\u56e0\u6b64\u5fc5\u9808\u63a1\u7528\u300c\u6bcd\u516c\u53f8\u64c1\u6709\u4eba\u61c9\u4f54\u6ea2\u5229\u300d\uff0c\u907f\u514d\u865b\u589e\u80a1\u6771\u56de\u5831\u6307\u6a19\u3002<\/p>\n<\/div>\n<\/div>\n

              \u98a8\u96aa\u63d0\u793a\u8207\u8aaa\u660e\uff1a\u5404\u9805\u8ca1\u52d9\u6307\u6a19\u8207\u8a08\u7b97\u65b9\u5f0f\u50c5\u4f9b\u7814\u7a76\u53c3\u8003\uff0c\u4e0d\u69cb\u6210\u4efb\u4f55\u6295\u8cc7\u6c7a\u7b56\u5efa\u8b70\u6216\u6388\u4fe1\u64d4\u4fdd\u3002\u5be6\u52d9\u5206\u6790\u6642\u61c9\u7d50\u5408\u5b8f\u89c0\u7d93\u6fdf\u74b0\u5883\u3001\u5177\u9ad4\u884c\u696d\u7d93\u71df\u9031\u671f\u3001\u76e3\u7ba1\u6cd5\u898f\u53ca\u4f01\u696d\u5b98\u65b9\u62ab\u9732\u4e4b\u6700\u65b0\u5be9\u8a08\u5e74\u5831\u9032\u884c\u7d9c\u5408\u7368\u7acb\u5224\u65b7\u3002<\/em><\/p>\n<\/section>\n<\/article>\n","protected":false},"excerpt":{"rendered":"

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