{"id":69,"date":"2026-09-21T12:35:46","date_gmt":"2026-09-21T04:35:46","guid":{"rendered":"https:\/\/xbbiz.com\/?p=69"},"modified":"2026-09-21T12:35:46","modified_gmt":"2026-09-21T04:35:46","slug":"net-profit-margin-calculation","status":"publish","type":"post","link":"https:\/\/xbbiz.com\/index.php\/2026\/09\/21\/net-profit-margin-calculation\/","title":{"rendered":"\u6de8\u5229\u7387\u8a08\u7b97\u5168\u89e3\uff1a\u7a05\u524d\u7a05\u5f8c\u5206\u5225\u3001\u516c\u5f0f\u6b65\u9a5f\u8207\u5be6\u969b\u61c9\u7528"},"content":{"rendered":"
\n

\u6253\u958b\u4e00\u4efd\u4f01\u696d\u8ca1\u52d9\u5831\u8868\uff0c\u640d\u76ca\u8868\u6700\u5e95\u90e8\u7684\u6578\u5b57\u901a\u5e38\u70ba\u300c\u9664\u7a05\u5f8c\u6ea2\u5229\u300d\uff08\u6216\u7a31\u5e74\u5ea6\u6ea2\u5229\uff09\u3002\u5c07\u9019\u500b\u6578\u984d\u9664\u4ee5\u540c\u671f\u7684\u71df\u696d\u984d\u518d\u4e58\u4ee5\u767e\u5206\u4e4b\u4e00\u767e\uff0c\u5f97\u51fa\u7684\u5c31\u662f\u6de8\u5229\u7387\uff08Net Profit Margin\uff09<\/strong>\u3002\u770b\u4f3c\u53ea\u9700\u4e00\u6b65\u904b\u7b97\uff0c\u4f46\u5728\u65e5\u5e38\u8a18\u5e33\u3001\u8ca1\u52d9\u5206\u6790\u6216\u5411\u91d1\u878d\u6a5f\u69cb\u7533\u8acb\u878d\u8cc7\u6642\uff0c\u8a08\u7b97\u53e3\u5f91\u7684\u8a2d\u5b9a\u5f80\u5f80\u6c7a\u5b9a\u4e86\u6578\u64da\u7684\u6e96\u78ba\u6027\uff1a\u5206\u5b50\u61c9\u63a1\u7528\u7a05\u524d\u9084\u662f\u7a05\u5f8c\u5229\u6f64\uff1f\u5206\u6bcd\u61c9\u63a1\u7528\u7e3d\u71df\u696d\u984d\u9084\u662f\u6de8\u6536\u5165\uff1f\u5728\u540c\u4e00\u71df\u904b\u5e74\u5ea6\u5167\uff0c\u50c5\u50c5\u5207\u63db\u8a08\u7b97\u53e3\u5f91\uff0c\u6240\u5f97\u6bd4\u7387\u5c31\u53ef\u80fd\u7522\u751f\u6578\u500b\u767e\u5206\u9ede\u7684\u5dee\u8ddd\uff0c\u5f9e\u800c\u76f4\u63a5\u5f71\u97ff\u5c0d\u4f01\u696d\u71df\u904b\u8cea\u7d20\u7684\u5ba2\u89c0\u8a55\u4f30\u3002<\/p>\n

\u5168\u9762\u638c\u63e1\u6de8\u5229\u7387\u8a08\u7b97<\/strong>\u7684\u5e95\u5c64\u908f\u8f2f\uff0c\u5fc5\u9808\u5fb9\u5e95\u91d0\u6e05\u7a05\u524d\u8207\u7a05\u5f8c\u7684\u9069\u7528\u5834\u666f\u3001\u9010\u6b65\u53d6\u6578\u7684\u6838\u7b97\u6d41\u7a0b\u3001\u5e38\u898b\u7684\u6703\u8a08\u5224\u65b7\u9677\u9631\uff0c\u4e26\u5c07\u5176\u929c\u63a5\u81f3\u5b9a\u50f9\u3001\u6210\u672c\u63a7\u5236\u8207\u675c\u90a6\u5206\u6790\u7b49\u7d93\u71df\u6c7a\u7b56\u4e4b\u4e2d\u3002<\/p>\n

\u6de8\u5229\u7387\u5230\u5e95\u5728\u91cf\u5ea6\u4ec0\u9ebc<\/h2>\n

\u6de8\u5229\u7387<\/strong>\uff08\u9999\u6e2f\u696d\u754c\u4ea6\u7a31\u7d14\u5229\u7387\uff09\u8861\u91cf\u7684\u662f\u4f01\u696d\u6bcf\u7522\u751f\u4e00\u767e\u5143\u71df\u696d\u6536\u5165\uff0c\u5728\u6263\u9664\u5168\u90e8\u6210\u672c\u3001\u65e5\u5e38\u71df\u904b\u958b\u652f\u3001\u5229\u606f\u8cbb\u7528\u53ca\u6240\u5f97\u7a05\u9805\u5f8c\uff0c\u6700\u7d42\u8f49\u5316\u70ba\u4f01\u696d\u7d14\u5229\u7684\u767e\u5206\u6bd4\u3002\u5176\u6838\u5fc3\u5206\u6bcd\u70ba\u71df\u696d\u6536\u5165\uff0c\u5206\u5b50\u5247\u70ba\u4f01\u696d\u6700\u7d42\u4fdd\u7559\u7684\u9664\u7a05\u5f8c\u6ea2\u5229\u3002<\/p>\n

\u5728\u8ca1\u52d9\u5c64\u7d1a\u4e0a\uff0c\u6de8\u5229\u7387\u8207\u5176\u4ed6\u5229\u6f64\u6307\u6a19\u6709\u8457\u6e05\u6670\u7684\u5206\u5de5\uff1a<\/p>\n

    \n
  • \u6bdb\u5229\u7387<\/strong>\uff1a\u50c5\u6263\u9664\u92b7\u552e\u6210\u672c\uff08COGS\uff09\uff0c\u53cd\u6620\u7522\u54c1\u6216\u670d\u52d9\u7684\u539f\u59cb\u5b9a\u50f9\u80fd\u529b\u8207\u76f4\u63a5\u88fd\u9020\u6210\u672c\u63a7\u5236\u3002<\/li>\n
  • \u71df\u696d\u5229\u6f64\u7387<\/strong>\uff1a\u9032\u4e00\u6b65\u6263\u9664\u92b7\u552e\u3001\u884c\u653f\u53ca\u7814\u767c\u7b49\u71df\u904b\u8cbb\u7528\uff0c\u53cd\u6620\u65e5\u5e38\u7d93\u71df\u7ba1\u7406\u6548\u7387\u3002<\/li>\n
  • \u6de8\u5229\u7387<\/strong>\uff1a\u6263\u9664\u8ca1\u52d9\u878d\u8cc7\u6210\u672c\u3001\u975e\u7d93\u71df\u6027\u640d\u76ca\u53ca\u7a05\u9805\uff0c\u5c55\u73fe\u4f01\u696d\u6574\u9ad4\u7684\u6700\u7d42\u76c8\u5229\u7d9c\u5408\u80fd\u529b\u3002<\/li>\n<\/ul>\n

    \u6bdb\u5229\u7387\u6aa2\u8996\u7522\u54c1\u7af6\u722d\u529b\uff0c\u71df\u696d\u5229\u6f64\u7387\u6aa2\u8996\u7ba1\u7406\u6548\u80fd\uff0c\u6de8\u5229\u7387\u53cd\u6620\u4f01\u696d\u6700\u7d42\u6c89\u6fb1\u7684\u7d93\u71df\u6548\u76ca\u3002\u4e09\u8005\u5c64\u5c64\u6bd4\u5c0d\uff0c\u65b9\u80fd\u7cbe\u78ba\u9396\u5b9a\u5229\u6f64\u6d41\u5931\u7684\u74b0\u7bc0\u3002<\/p><\/blockquote>\n

    \u5c0d\u4e2d\u5c0f\u4f01\u696d\u800c\u8a00\uff0c\u6de8\u5229\u7387\u662f\u8a55\u4f30\u71df\u904b\u6297\u98a8\u96aa\u80fd\u529b\u7684\u91cd\u8981\u53c3\u8003\u6307\u6a19\u4e4b\u4e00\u3002\u71df\u696d\u898f\u6a21\u9f90\u5927\u4f46\u6de8\u5229\u7387\u504f\u4f4e\u7684\u4f01\u696d\uff0c\u82e5\u9047\u4e0a\u79df\u91d1\u3001\u4eba\u529b\u6210\u672c\u4e0a\u5347\u6216\u5e02\u5834\u9700\u6c42\u6ce2\u52d5\uff0c\u5229\u6f64\u7de9\u885d\u5bb9\u6613\u88ab\u8fc5\u901f\u4fb5\u8755\uff1b\u7dad\u6301\u5408\u7406\u4e14\u7a69\u5b9a\u7684\u6de8\u5229\u7387\uff0c\u6709\u52a9\u4f01\u696d\u5728\u9762\u5c0d\u5916\u5728\u7d93\u6fdf\u6ce2\u52d5\u6642\u4fdd\u7559\u8db3\u5920\u7684\u71df\u904b\u5f48\u6027\u3002<\/p>\n

    \u7a05\u524d\u6de8\u5229\u7387\u8207\u7a05\u5f8c\u6de8\u5229\u7387\u7684\u9069\u7528\u5834\u5408<\/h2>\n

    \u5728\u8ca1\u52d9\u6838\u7b97\u4e2d\uff0c\u6839\u64da\u5206\u5b50\u53d6\u6578\u53e3\u5f91\u7684\u4e0d\u540c\uff0c\u6de8\u5229\u7387\u4e3b\u8981\u5206\u70ba\u5169\u985e\uff1a<\/p>\n

    \u7a05\u524d\u6de8\u5229\u7387<\/strong>\u7684\u5206\u5b50\u63a1\u7528\u300c\u9664\u7a05\u524d\u6ea2\u5229\u300d\uff08Profit Before Tax, PBT\uff09\uff0c\u5373\u71df\u696d\u5229\u6f64\u52a0\u6e1b\u5229\u606f\u6536\u652f\u3001\u975e\u7d93\u71df\u6027\u6536\u652f\u5f8c\u7684\u6578\u5b57\uff1b\u7a05\u5f8c\u6de8\u5229\u7387<\/strong>\u7684\u5206\u5b50\u5247\u63a1\u7528\u6263\u9664\u7576\u671f\u5229\u5f97\u7a05\u5f8c\u7684\u300c\u9664\u7a05\u5f8c\u6ea2\u5229\u300d\uff08Profit After Tax, PAT\uff09\u3002<\/p>\n

    \u5169\u8005\u7684\u6838\u5fc3\u5206\u6790\u7528\u9014<\/h3>\n

    \u9032\u884c\u8de8\u5730\u5340\u6216\u8de8\u7a05\u5236\u6bd4\u8f03\u6642\uff0c\u63a1\u7528\u7a05\u524d\u6de8\u5229\u7387\u80fd\u6392\u9664\u4e0d\u540c\u53f8\u6cd5\u7ba1\u8f44\u5340\u7a05\u7387\u5dee\u7570\u7684\u5e72\u64fe\uff0c\u66f4\u5ba2\u89c0\u5730\u8a55\u4f30\u696d\u52d9\u672c\u8eab\u7684\u5be6\u969b\u71df\u904b\u80fd\u529b\u3002\u7136\u800c\uff0c\u5728\u8a55\u4f30\u4f01\u696d\u771f\u5be6\u7559\u5b58\u6536\u76ca\u3001\u73fe\u91d1\u6d41\u53ef\u6301\u7e8c\u6027\u53ca\u80a1\u606f\u5206\u914d\u80fd\u529b\u6642\uff0c\u5fc5\u9808\u4ee5\u7a05\u5f8c\u6de8\u5229\u7387\u70ba\u57fa\u6e96\uff0c\u56e0\u70ba\u7a05\u6b3e\u5c6c\u65bc\u525b\u6027\u73fe\u91d1\u6d41\u51fa\u3002<\/p>\n

    \"\u5de6\u53f3\u5c0d\u7167\u4fe1\u606f\u5716\u89e3\u6790\u7a05\u524d\u8207\u7a05\u5f8c\u6de8\u5229\u7387\u8a08\u7b97\u5728\u696d\u52d9\u8a55\u4f30\u53ca\u7559\u5b58\u73fe\u91d1\u6d41\u5206\u6790\u4e2d\u7684\u5dee\u7570\"
    \u7a05\u524d\u6307\u6a19\u4fbf\u65bc\u6392\u9664\u8de8\u5340\u7a05\u5236\u5e72\u64fe\u4ee5\u5ba2\u89c0\u8a55\u4f30\u71df\u904b\u6548\u80fd\uff0c\u7a05\u5f8c\u6307\u6a19\u5247\u76f4\u63a5\u53cd\u6620\u6263\u6e1b\u525b\u6027\u7a05\u8ca0\u5f8c\u7684\u771f\u5be6\u7559\u5b58\u6536\u76ca\u8207\u73fe\u91d1\u6d41\u5065\u5eb7\u5ea6\u3002<\/figcaption><\/figure>\n

    \u7a05\u52d9\u8a08\u7b97\u6ce8\u610f\u4e8b\u9805<\/h3>\n

    \u4ee5\u9999\u6e2f\u5229\u5f97\u7a05\u5169\u7d1a\u5236\u70ba\u4f8b\uff0c\u6cd5\u5718\u9996 200 \u842c\u6e2f\u5143\u61c9\u8a55\u7a05\u5229\u6f64\u7a05\u7387\u70ba 8.25%\uff0c\u8d85\u51fa\u90e8\u5206\u6309 16.5% \u5fb5\u6536\uff1b\u7368\u8cc7\u6216\u5408\u5925\u696d\u52d9\u9996 200 \u842c\u6e2f\u5143\u7a05\u7387\u70ba 7.5%\uff0c\u5176\u5f8c\u70ba 15%\uff08\u6709\u95dc\u7a05\u7387\u53ca\u95dc\u9023\u5be6\u9ad4\u55ae\u4e00\u914d\u984d\u9650\u5236\uff0c\u53ef\u53c3\u95b1\u9999\u6e2f\u7a05\u52d9\u5c40\u5b98\u65b9\u6307\u5f15\uff09\u3002\u82e5\u4f01\u696d\u5229\u6f64\u8de8\u8d8a 200 \u842c\u9580\u6abb\uff0c\u908a\u969b\u7a05\u7387\u8abf\u6574\u5c07\u76f4\u63a5\u5f71\u97ff\u7a05\u5f8c\u6de8\u5229\u7387\u7684\u8b8a\u5316\u5e45\u5ea6\u3002\u6b64\u5916\uff0c\u5404\u5e74\u5ea6\u8ca1\u653f\u9810\u7b97\u6848\u516c\u4f48\u7684\u7a05\u52d9\u5bec\u6e1b\u63aa\u65bd\u4ea6\u6703\u5f71\u97ff\u6700\u7d42\u7a05\u6b3e\u652f\u51fa\uff0c\u6838\u7b97\u6642\u61c9\u4ee5\u7576\u5e74\u5ea6\u7a05\u52d9\u5c40\u6700\u7d42\u8a55\u5b9a\u6216\u6309\u6a19\u6e96\u7a05\u7387\u5be9\u614e\u4f30\u7b97\u3002<\/p>\n

    \u6de8\u5229\u7387\u8a08\u7b97\u516c\u5f0f\u8207\u6a19\u6e96\u6b65\u9a5f<\/h2>\n
    \n

    \u7a05\u5f8c\u6de8\u5229\u7387<\/strong> \uff1d \u9664\u7a05\u5f8c\u6ea2\u5229 \u00f7 \u71df\u696d\u6536\u5165 \u00d7 100%<\/p>\n

    \u7a05\u524d\u6de8\u5229\u7387<\/strong> \uff1d \u9664\u7a05\u524d\u6ea2\u5229 \u00f7 \u71df\u696d\u6536\u5165 \u00d7 100%<\/p>\n<\/blockquote>\n

    \u8a08\u7b97\u6642\u9808\u78ba\u4fdd\u5206\u5b50\u8207\u5206\u6bcd\u53d6\u81ea\u540c\u4e00\u6703\u8a08\u671f\u9593\u7684\u5df2\u5be9\u8a08\u6216\u6a19\u6e96\u5831\u8868\u3002\u6a19\u6e96\u516d\u6b65\u8a08\u7b97\u6d41\u7a0b\u5982\u4e0b\uff1a<\/p>\n

      \n
    1. \u78ba\u8a8d\u71df\u696d\u6536\u5165<\/strong>\uff1a\u53d6\u81ea\u640d\u76ca\u8868\u9996\u884c\uff0c\u6263\u9664\u92b7\u552e\u6298\u6263\u3001\u6298\u8b93\u53ca\u9000\u8ca8\u5f8c\u7684\u71df\u696d\u6de8\u984d\u3002<\/li>\n
    2. \u6263\u9664\u92b7\u552e\u6210\u672c<\/strong>\uff1a\u6e1b\u53bb\u63a1\u8cfc\u6210\u672c\u3001\u76f4\u63a5\u4eba\u5de5\u53ca\u76f4\u63a5\u751f\u7522\u6216\u4ea4\u4ed8\u8cbb\u7528\uff0c\u5f97\u51fa\u6bdb\u5229<\/strong>\u3002<\/li>\n
    3. \u6263\u9664\u71df\u904b\u8cbb\u7528<\/strong>\uff1a\u6e1b\u53bb\u54e1\u5de5\u85aa\u916c\u3001\u79df\u91d1\u3001\u516c\u7528\u4e8b\u696d\u958b\u652f\u3001\u5e02\u5834\u63a8\u5ee3\u3001\u5c08\u696d\u670d\u52d9\u8cbb\u53ca\u6298\u820a\u6524\u92b7\uff0c\u5f97\u51fa\u71df\u696d\u5229\u6f64<\/strong>\u3002<\/li>\n
    4. \u8abf\u6574\u975e\u7d93\u71df\u6536\u652f<\/strong>\uff1a\u8a08\u5165\u5229\u606f\u6536\u5165\u3001\u8cc7\u7522\u8655\u7f6e\u6536\u76ca\uff0c\u6263\u9664\u8ca1\u52d9\u8cbb\u7528\u53ca\u975e\u7d93\u5e38\u6027\u640d\u5931\uff0c\u5f97\u51fa\u9664\u7a05\u524d\u6ea2\u5229<\/strong>\u3002<\/li>\n
    5. \u8a08\u63d0\u5229\u5f97\u7a05\u9805<\/strong>\uff1a\u6839\u64da\u9069\u7528\u7a05\u7387\u53ca\u7533\u5831\u53e3\u5f91\u8a08\u63d0\u7576\u671f\u7a05\u6b3e\uff0c\u5f97\u51fa\u9664\u7a05\u5f8c\u6ea2\u5229<\/strong>\u3002<\/li>\n
    6. \u8a08\u7b97\u6bd4\u7387<\/strong>\uff1a\u4ee5\u9664\u7a05\u5f8c\u6ea2\u5229\u9664\u4ee5\u71df\u696d\u6536\u5165\uff0c\u5f97\u51fa\u767e\u5206\u6bd4\u7d50\u679c\u3002<\/li>\n<\/ol>\n

      \u5b8c\u6574\u6578\u503c\u7bc4\u4f8b\u62c6\u89e3<\/h2>\n

      \u4ee5\u4e0b\u70ba\u6a21\u64ec\u4f01\u696d\u300c\u5275\u9060\u8cbf\u6613\u6709\u9650\u516c\u53f8\u300d2025 \u5e74\u5ea6\u7684\u640d\u76ca\u6578\u64da\uff08\u5e63\u503c\uff1a\u6e2f\u5143\uff09\uff1a<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
      \u5275\u9060\u8cbf\u6613\u6709\u9650\u516c\u53f8 2025 \u5e74\u5ea6\u6a21\u64ec\u640d\u76ca\u8868<\/caption>\n
      \u6703\u8a08\u9805\u76ee<\/th>\n\u91d1\u984d\uff08HKD\uff09<\/th>\n<\/tr>\n<\/thead>\n
      \u71df\u696d\u6536\u5165<\/td>\n12,000,000<\/td>\n<\/tr>\n
      \u92b7\u552e\u6210\u672c<\/td>\n(7,800,000)<\/td>\n<\/tr>\n
      \u6bdb\u5229<\/td>\n4,200,000<\/td>\n<\/tr>\n
      \u54e1\u5de5\u85aa\u916c\u53ca\u5f37\u7a4d\u91d1<\/td>\n(1,500,000)<\/td>\n<\/tr>\n
      \u79df\u91d1\u53ca\u7ba1\u7406\u8cbb<\/td>\n(600,000)<\/td>\n<\/tr>\n
      \u5e02\u5834\u63a8\u5ee3\u53ca\u92b7\u552e\u8cbb\u7528<\/td>\n(300,000)<\/td>\n<\/tr>\n
      \u5009\u5132\u53ca\u7269\u6d41\u8cbb<\/td>\n(250,000)<\/td>\n<\/tr>\n
      \u56fa\u5b9a\u8cc7\u7522\u6298\u820a<\/td>\n(120,000)<\/td>\n<\/tr>\n
      \u884c\u653f\u53ca\u5176\u4ed6\u96dc\u9805\u958b\u652f<\/td>\n(180,000)<\/td>\n<\/tr>\n
      \u71df\u696d\u5229\u6f64<\/td>\n1,250,000<\/td>\n<\/tr>\n
      \u8ca1\u52d9\u8cbb\u7528\uff08\u9280\u884c\u5229\u606f\uff09<\/td>\n(150,000)<\/td>\n<\/tr>\n
      \u5229\u606f\u6536\u5165<\/td>\n20,000<\/td>\n<\/tr>\n
      \u9664\u7a05\u524d\u6ea2\u5229<\/td>\n1,120,000<\/td>\n<\/tr>\n
      \u5229\u5f97\u7a05\uff08\u6309\u5169\u7d1a\u5236\u9996\u6a94 8.25% \u4f30\u7b97\uff09<\/td>\n(92,400)<\/td>\n<\/tr>\n
      \u9664\u7a05\u5f8c\u6ea2\u5229\uff08\u5e74\u5ea6\u6ea2\u5229\uff09<\/td>\n1,027,600<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

      \u4f9d\u64da\u4e0a\u8ff0\u6578\u64da\u9032\u884c\u5404\u5c64\u7d1a\u8ca1\u52d9\u6bd4\u7387\u6838\u7b97\uff1a<\/p>\n

        \n
      • \u7a05\u5f8c\u6de8\u5229\u7387<\/strong> \uff1d 1,027,600 \u00f7 12,000,000 \u00d7 100% \uff1d 8.56%<\/strong><\/li>\n
      • \u7a05\u524d\u6de8\u5229\u7387<\/strong> \uff1d 1,120,000 \u00f7 12,000,000 \u00d7 100% \uff1d 9.33%<\/strong><\/li>\n
      • \u6bdb\u5229\u7387<\/strong> \uff1d 4,200,000 \u00f7 12,000,000 \u00d7 100% \uff1d 35.00%<\/li>\n
      • \u71df\u696d\u5229\u6f64\u7387<\/strong> \uff1d 1,250,000 \u00f7 12,000,000 \u00d7 100% \uff1d 10.42%<\/li>\n<\/ul>\n

        \u591a\u5e74\u5ea6\u8da8\u52e2\u5206\u6790<\/h3>\n\n\n\n\n\n\n\n
        \u4e09\u5e74\u71df\u904b\u8da8\u52e2\u6bd4\u5c0d\u8868<\/caption>\n
        \u5e74\u5ea6<\/th>\n\u71df\u696d\u6536\u5165\uff08HKD\uff09<\/th>\n\u9664\u7a05\u5f8c\u6ea2\u5229\uff08HKD\uff09<\/th>\n\u7a05\u5f8c\u6de8\u5229\u7387<\/th>\n<\/tr>\n<\/thead>\n
        2023<\/td>\n9,800,000<\/td>\n660,000<\/td>\n6.73%<\/td>\n<\/tr>\n
        2024<\/td>\n11,000,000<\/td>\n880,000<\/td>\n8.00%<\/td>\n<\/tr>\n
        2025<\/td>\n12,000,000<\/td>\n1,027,600<\/td>\n8.56%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

        \u4e09\u5e74\u6578\u64da\u986f\u793a\uff0c\u6de8\u5229\u7387\u7531 6.73% \u9010\u6b65\u63d0\u5347\u81f3 8.56%\u3002\u5206\u6790\u6642\u61c9\u9032\u4e00\u6b65\u78ba\u8a8d\u5229\u6f64\u7387\u63d0\u5347\u662f\u6e90\u65bc\u7522\u54c1\u63d0\u50f9\u80fd\u529b\u3001\u63a1\u8cfc\u8b70\u50f9\u80fd\u529b\uff0c\u6291\u6216\u662f\u56fa\u5b9a\u958b\u652f\u96a8\u898f\u6a21\u64f4\u5927\u7522\u751f\u7684\u7d93\u71df\u69d3\u687f\u6548\u61c9\u3002<\/p>\n

        \u516d\u500b\u5e38\u898b\u7684\u8a08\u7b97\u8207\u6838\u7b97\u9677\u9631<\/h2>\n

        1. \u5206\u6bcd\u8aa4\u7528\u672a\u6263\u6298\u6263\u7684\u7e3d\u984d<\/h3>\n

        \u5206\u6bcd\u61c9\u63a1\u7528\u5df2\u6263\u9664\u92b7\u552e\u56de\u8d08\u3001\u5546\u696d\u6298\u6263\u53ca\u9000\u8ca8\u5f8c\u7684\u71df\u696d\u6536\u5165\u6de8\u984d\u3002\u82e5\u76f4\u63a5\u4f7f\u7528\u767c\u7968\u958b\u7acb\u7e3d\u984d\u4f5c\u5206\u6bcd\uff0c\u6703\u5c0e\u81f4\u6de8\u5229\u7387\u88ab\u4f4e\u4f30\uff1b\u82e5\u5e74\u5ea6\u9593\u5165\u5e33\u65b9\u5f0f\u4e0d\u4e00\u81f4\uff0c\u5c07\u7834\u58de\u6578\u64da\u7684\u53ef\u6bd4\u6027\u3002<\/p>\n

        2. \u6df7\u6dc6\u975e\u7d93\u5e38\u6027\u6536\u652f\u8207\u6838\u5fc3\u696d\u52d9\u5229\u6f64<\/h3>\n

        \u51fa\u552e\u56fa\u5b9a\u8cc7\u7522\u6536\u76ca\u3001\u4e00\u6b21\u6027\u653f\u5e9c\u88dc\u8cbc\u6216\u8a34\u8a1f\u8ce0\u511f\u6703\u5927\u5e45\u63a8\u9ad8\u7576\u671f\u9664\u7a05\u5f8c\u6ea2\u5229\u3002\u5728\u9032\u884c\u53ef\u6301\u7e8c\u7d93\u71df\u80fd\u529b\u8a55\u4f30\u6642\uff0c\u61c9\u8a08\u7b97\u5254\u9664\u975e\u7d93\u5e38\u6027\u9805\u76ee\u5f8c\u7684\u7d93\u8abf\u6574\u6de8\u5229\u7387\u3002<\/p>\n

        3. \u6771\u4e3b\u6216\u80a1\u6771\u85aa\u916c\u672a\u5165\u5e33<\/h3>\n

        \u5728\u7368\u8cc7\u6216\u5c0f\u578b\u5408\u5925\u4f01\u696d\u4e2d\uff0c\u7d93\u71df\u8005\u82e5\u672a\u652f\u53d6\u5e02\u5834\u6c34\u5e73\u7684\u85aa\u916c\uff0c\u800c\u662f\u76f4\u63a5\u4ee5\u5229\u6f64\u5206\u914d\u5f62\u5f0f\u63d0\u53d6\u56de\u5831\uff0c\u6703\u4eba\u70ba\u58d3\u4f4e\u71df\u904b\u8cbb\u7528\u4e26\u865b\u589e\u6de8\u5229\u7387\u3002\u505a\u540c\u696d\u6bd4\u5c0d\u6642\u61c9\u5148\u9032\u884c\u85aa\u916c\u5e38\u614b\u5316\u8abf\u6574\u3002<\/p>\n

        4. \u905e\u5ef6\u7a05\u9805\u8207\u5be6\u969b\u61c9\u7e73\u7a05\u6b3e\u7684\u5dee\u7570<\/h3>\n

        \u640d\u76ca\u8868\u4e2d\u7684\u7a05\u9805\u652f\u51fa\u5305\u542b\u7576\u671f\u61c9\u8ab2\u7a05\u6b3e\u8207\u905e\u5ef6\u7a05\u9805\u8b8a\u52d5\u3002\u905e\u5ef6\u7a05\u9805\u5c6c\u65bc\u6703\u8a08\u66ab\u6642\u6027\u5dee\u7570\u8abf\u6574\uff0c\u82e5\u8981\u8a55\u4f30\u7d14\u7cb9\u7684\u73fe\u91d1\u7a05\u8ca0\u6c34\u5e73\uff0c\u9700\u7d50\u5408\u7a05\u52d9\u7533\u5831\u8868\u8207\u73fe\u91d1\u6d41\u91cf\u8868\u9032\u884c\u4ea4\u53c9\u9a57\u8b49\u3002<\/p>\n

        5. \u4ee3\u7406\u696d\u52d9\u7684\u7e3d\u984d\u8207\u6de8\u984d\u5165\u5e33\u53e3\u5f91<\/h3>\n

        \u6839\u64da\u570b\u969b\u8ca1\u52d9\u5831\u544a\u6e96\u5247\u7b2c 15 \u865f\uff08IFRS 15 \/ HKFRS 15\uff09\u95dc\u65bc\u300c\u4e3b\u7406\u4eba\u8207\u4ee3\u7406\u4eba\u300d\uff08Principal vs. Agent\uff09\u7684\u898f\u5b9a\uff0c\u4ee3\u7406\u696d\u52d9\uff08\u5982\u4f63\u91d1\u670d\u52d9\u3001\u5e73\u53f0\u4fc3\u6210\uff09\u82e5\u6309\u4ea4\u6613\u7e3d\u6d41\u6c34\u5206\u6bcd\u5165\u5e33\uff0c\u6de8\u5229\u7387\u6578\u503c\u6703\u986f\u8457\u504f\u4f4e\uff1b\u82e5\u6309\u4f63\u91d1\u6de8\u984d\u5165\u5e33\uff0c\u6de8\u5229\u7387\u6578\u503c\u5247\u986f\u8457\u504f\u9ad8\u3002\u5169\u8005\u5728\u696d\u52d9\u5be6\u8cea\u4e0a\u5747\u5c6c\u5408\u898f\uff0c\u4f46 cross-check \u6bd4\u8f03\u6642\u5fc5\u9808\u7d71\u4e00\u57fa\u6e96\u3002<\/p>\n

        6. \u5ffd\u7565\u6703\u8a08\u5e74\u7d50\u65e5\u8207\u5b63\u7bc0\u6027\u56e0\u7d20<\/h3>\n

        \u96f6\u552e\u3001\u9910\u98f2\u7b49\u5177\u6709\u5f37\u70c8\u5b63\u7bc0\u6027\u9031\u671f\u7684\u884c\u696d\uff0c\u82e5\u5e74\u7d50\u65e5\u8a2d\u5b9a\u5728\u4e0d\u540c\u6708\u4efd\uff08\u5982 3 \u6708\u8207 12 \u6708\uff09\uff0c\u5404\u5b63\u5ea6\u7684\u5229\u6f64\u6b0a\u91cd\u5dee\u7570\u986f\u8457\uff0c\u4e0d\u61c9\u76f4\u63a5\u5c07\u4e0d\u540c\u5e74\u7d50\u65e5\u7684\u55ae\u4e00\u5e74\u5ea6\u6de8\u5229\u7387\u9032\u884c\u6a6b\u5411\u5c0d\u6bd4\u3002<\/p>\n

        \u900f\u904e\u675c\u90a6\u5206\u6790\u6cd5\u62c6\u89e3\u7372\u5229\u67b6\u69cb<\/h2>\n

        \u6de8\u5229\u7387\u662f\u4f01\u696d\u6574\u9ad4\u56de\u5831\u7387\u7684\u6838\u5fc3\u69cb\u6210\u4e4b\u4e00\u3002\u5728\u675c\u90a6\u5206\u6790\u9ad4\u7cfb\u4e2d\uff0c\u80a1\u6771\u6b0a\u76ca\u56de\u5831\u7387\uff08ROE\uff09\u88ab\u5206\u89e3\u70ba\u4e09\u500b\u95dc\u9375\u7dad\u5ea6\u7684\u4e58\u7a4d\uff1a<\/p>\n

        \n\u80a1\u6771\u6b0a\u76ca\u56de\u5831\u7387\uff08ROE\uff09<\/strong> \uff1d \u6de8\u5229\u7387 \u00d7 \u7e3d\u8cc7\u7522\u5468\u8f49\u7387 \u00d7 \u6b0a\u76ca\u4e58\u6578\n<\/p><\/blockquote>\n

        \u6cbf\u7528\u524d\u8ff0\u5be6\u4f8b\u6578\u64da\uff0c\u5047\u8a2d\u4f01\u696d\u7e3d\u8cc7\u7522\u70ba 8,000,000 \u6e2f\u5143\uff0c\u80a1\u6771\u6b0a\u76ca\u70ba 3,200,000 \u6e2f\u5143\uff1a<\/p>\n

          \n
        • \u7a05\u5f8c\u6de8\u5229\u7387<\/strong> \uff1d 8.56%<\/li>\n
        • \u7e3d\u8cc7\u7522\u5468\u8f49\u7387<\/strong> \uff1d 12,000,000 \u00f7 8,000,000 \uff1d 1.5 \u6b21<\/li>\n
        • \u6b0a\u76ca\u4e58\u6578\uff08\u8ca1\u52d9\u69d3\u687f\uff09<\/strong> \uff1d 8,000,000 \u00f7 3,200,000 \uff1d 2.5 \u500d<\/li>\n
        • ROE<\/strong> \uff1d 8.56% \u00d7 1.5 \u00d7 2.5 \uff1d 32.1%<\/strong><\/li>\n<\/ul>\n

          \u6b64\u9805\u62c6\u89e3\u8868\u660e\uff0c\u4f01\u696d\u56de\u5831\u7531\u300c\u5229\u6f64\u7387\uff08\u7522\u54c1\u7ba1\u7406\u6548\u80fd\uff09\u300d\u3001\u300c\u8cc7\u7522\u5468\u8f49\u7387\uff08\u71df\u904b\u6548\u7387\uff09\u300d\u8207\u300c\u8ca1\u52d9\u69d3\u687f\uff08\u8cc7\u672c\u7d50\u69cb\uff09\u300d\u5171\u540c\u9a45\u52d5\u3002\u82e5\u6de8\u5229\u7387\u7dad\u6301\u5728 8.56%\uff0c\u4f46\u8cc7\u7522\u5468\u8f49\u7387\u4e0b\u6ed1\u81f3 1.2 \u6b21\uff0cROE \u5c07\u964d\u81f3\u7d04 25.68%\u3002\u9019\u63d0\u9192\u7ba1\u7406\u8005\u5728\u95dc\u6ce8\u6de8\u5229\u7387\u7684\u540c\u6642\uff0c\u4ea6\u9700\u76e3\u63a7\u5b58\u8ca8\u8207\u61c9\u6536\u5e33\u6b3e\u7684\u5468\u8f49\u901f\u5ea6\u3002<\/p>\n

          \"\u5de6\u4e2d\u53f3\u4e09\u7dad\u5ea6\u7d50\u69cb\u5716\u5206\u89e3\u6de8\u5229\u7387\u8a08\u7b97\u8207\u8cc7\u7522\u9031\u8f49\u7387\u53ca\u8ca1\u52d9\u69d3\u687f\u7684\u9a45\u52d5\u67b6\u69cb\"
          \u4f01\u696d\u80a1\u6771\u6b0a\u76ca\u56de\u5831\u7531\u7522\u54c1\u7372\u5229\u80fd\u529b\u3001\u8cc7\u7522\u9031\u8f49\u6548\u7387\u53ca\u8cc7\u672c\u69d3\u687f\u5171\u540c\u9a45\u52d5\uff0c\u76e3\u63a7\u5229\u6f64\u7387\u7684\u540c\u6642\u9808\u540c\u6b65\u7dad\u6301\u71df\u904b\u9031\u8f49\u901f\u5ea6\u3002<\/figcaption><\/figure>\n

          \u63d0\u5347\u6de8\u5229\u7387\u7684\u5be6\u52d9\u843d\u5be6\u8def\u5f91<\/h2>\n

          \u512a\u5316\u7522\u54c1\u7d44\u5408\u8207\u50f9\u683c\u7b56\u7565<\/h3>\n

          \u5728\u92b7\u552e\u91cf\u7dad\u6301\u4e0d\u8b8a\u3001\u76f4\u63a5\u92b7\u552e\u6210\u672c\u8207\u56fa\u5b9a\u71df\u904b\u8cbb\u7528\u4fdd\u6301\u7a69\u5b9a\u7684\u524d\u63d0\u4e0b\uff0c\u50f9\u683c\u6bcf\u63d0\u5347 1% \u81f3 3%\uff0c\u65b0\u589e\u6536\u5165\u5c07\u7d55\u5927\u90e8\u5206\u76f4\u63a5\u8f49\u5316\u70ba\u5229\u6f64\u589e\u91cf\u3002\u6b64\u5916\uff0c\u4e3b\u52d5\u7e2e\u6e1b\u908a\u969b\u8ca2\u737b\u4f4e\u7684\u7522\u54c1\u7dda\u3001\u63d0\u9ad8\u9ad8\u9644\u52a0\u503c\u696d\u52d9\u6bd4\u91cd\uff0c\u80fd\u76f4\u63a5\u512a\u5316\u6574\u9ad4\u6de8\u5229\u7387\u3002<\/p>\n

          \u7ba1\u63a7\u525b\u6027\u8207\u8b8a\u52d5\u71df\u904b\u8cbb\u7528<\/h3>\n

          \u5b9a\u671f\u6aa2\u8996\u5404\u9805\u958b\u652f\u4f54\u71df\u696d\u984d\u7684\u6bd4\u4f8b\u8da8\u52e2\uff0c\u91cd\u9ede\u8b58\u5225\u589e\u9577\u901f\u5ea6\u5feb\u65bc\u6536\u5165\u589e\u9577\u7387\u7684\u9805\u76ee\u3002\u5c0d\u65bc\u79df\u91d1\u3001\u56fa\u5b9a\u4eba\u529b\u7b49\u525b\u6027\u958b\u652f\uff0c\u53ef\u900f\u904e\u91cd\u7d44\u6d41\u7a0b\u3001\u90e8\u5206\u975e\u6838\u5fc3\u5de5\u5e8f\u5916\u5224\u6216\u5354\u5546\u514d\u79df\u671f\u7b49\u65b9\u5f0f\u63a7\u5236\u8cbb\u7528\u7e3d\u984d\u3002<\/p>\n

          \u898f\u7bc4\u7a05\u52d9\u5408\u898f\u8207\u6263\u9664\u7533\u5831<\/h3>\n

          \u5145\u4efd\u5229\u7528\u6cd5\u5b9a\u7a05\u52d9\u5bec\u6e1b\u8207\u6263\u9664\u653f\u7b56\uff0c\u5305\u62ec\u5408\u8cc7\u683c\u7814\u767c\u958b\u652f\u52a0\u8a08\u6263\u9664\u3001\u56fa\u5b9a\u8cc7\u7522\u6298\u820a\u514d\u7a05\u984d\u7b49\u4e8b\u524d\u5408\u898f\u7533\u5831\uff0c\u78ba\u4fdd\u4f01\u696d\u5728\u5408\u898f\u6846\u67b6\u4e0b\u5be6\u73fe\u7a05\u52d9\u6210\u672c\u6700\u9069\u5316\u3002<\/p>\n

          \u7ba1\u7406\u50b5\u52d9\u8207\u878d\u8cc7\u6210\u672c<\/h3>\n

          \u5728\u4e0d\u540c\u5229\u7387\u9031\u671f\u5167\uff0c\u5b9a\u671f\u6aa2\u8996\u9280\u884c\u501f\u8cb8\u7d50\u69cb\u8207\u606f\u7387\u6c34\u5e73\uff0c\u9069\u5ea6\u5229\u7528\u653f\u5e9c\u64d4\u4fdd\u8cb8\u6b3e\u6216\u5c07\u9ad8\u606f\u77ed\u671f\u4fe1\u8cb8\u91cd\u7d44\u70ba\u7d50\u69cb\u66f4\u512a\u7684\u5b9a\u671f\u8cb8\u6b3e\uff0c\u80fd\u76f4\u63a5\u6e1b\u5c11\u5229\u606f\u958b\u652f\u5c0d\u6700\u7d42\u5229\u6f64\u7684\u4fb5\u8755\u3002<\/p>\n

          \u5e38\u554f\u554f\u984c\uff08FAQ\uff09<\/h2>\n
          \n

          Q1\uff1a\u6de8\u5229\u7387\u8a08\u7b97\u53ef\u4ee5\u5f97\u51fa\u8ca0\u6578\u55ce\uff1f<\/h3>\n

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