????缇??㈠???绗??瀛ｅ害璐㈡???

?????ㄧ???复杩????涓?瀛ｅ害璐㈡?ヤ???锛??惰?′环??缁?蛋寮 锛???????26?ユ?剁??
锛?缇???W锛?03690.HK锛??′环澶ц?5.48% ??姝ゅ??涓??ワ?25?ワ?锛??藉?甯??虹???ｇ????诲???甯?浜?瑙???骞冲?版?惰垂琛?涓虹????缃?缁?浜ゆ??骞冲?版?惰垂琛?涓哄??瑙?????锛?寰?姹???瑙?绋匡??? 锛?甯??哄?缇????缁╄?藉?︽??缁???胯〃绀烘??蹇
??

????5??26?ユ???锛?缇??㈠???2025骞寸?涓?瀛ｅ害涓?缁╂?ュ????绗??瀛ｅ害
锛?缇??㈠??拌?ユ??65.6浜垮??锛?浜烘?甯?锛?涓???锛? 锛?甯??洪?浼?54.4浜垮??浜烘?甯?
锛???姣?澧???8.1% ??绗??瀛ｅ害璋??村?????╂鼎109.5浜垮??浜烘?甯?锛???姣?澧???6.2% 锛?甯??洪?浼?7.3浜垮??浜烘?甯????颁??℃?归?
锛?涓?瀛ｅ害缁??ヤ?????姣??剁???3浜垮??
??浠ヤ?瀛ｅ害90澶╃?璁锛?缇??㈡?ュ?ヨ?ユ??.62浜垮?? 锛??ヨ??╂鼎1.22浜垮????

????浣ｉ??绛??跺?ュ???ㄥ?介?楗??跺??.58%

????浠??稿????板??涓???甯??ョ??
锛?缇???025骞翠?瀛ｅ害?稿????板??涓?瀹??拌?ユ??43.24浜垮??锛???姣?澧???7.75%锛?缁??ユ孩?╄揪?颁汉姘?甯?134.91浜垮?? 锛???姣?澧???9.1% ??

?????朵腑
锛?缇??㈢?涓?瀛ｅ害???????℃?跺??57.23浜垮??锛???姣?澧???1.07%锛?浣ｉ???跺??40.51浜垮?? 锛???姣?澧???0.05%锛??ㄧ嚎?ラ?????℃?跺??18.62浜垮??锛???姣?澧???5.08%锛?涓?椤规?跺?ュ??璁?16.36浜垮??
??

?????规???藉?缁?璁″????版?
锛?2025骞寸?涓?瀛ｅ害锛??ㄥ?介?楗??跺??4027浜垮?? 锛???姣?澧???.7%??浠ユ?璁＄?
锛?缇??㈠????瀹舵?跺???????????¤垂??浣ｉ?????ラ?????¤垂?跺?ュ凡缁????颁??ㄥ?介?楗??涓??ㄩ?ㄦ?跺?ョ??4.58%锛?涓??跺?ョ??澧??胯?杩?杩?楂?浜??ㄥ?介?楗??跺?ュ?? ??

????浠??╂鼎???? 锛?2025骞翠?瀛ｅ害缇??㈤??????╃??涓?7.45%
锛??告??诲勾?ㄥ勾??38.44%涓???杩?1涓??惧???癸????????╂鼎??涓?1.62%
??

?????轰?浠ヤ??版???ョ??锛?缇??㈢??姣??╃??姘村钩杩?杩?楂?浜?琛?涓??朵????革?浠ュ????姝ュ?ュ???琛?涓???浜??涓轰? 锛???025骞寸?涓?瀛ｅ害姣??╃??涓?5.89%
锛????????╂鼎??涓?.75%??

????浠??翠釜琛?涓??ョ??锛?椁?楗????浠锋?兼????????涓ラ?? 锛?琛?涓?宸茶??ュ井?╂?朵唬 ????浜??璁″?姝ゅ????甯????版???剧ず
锛?2024骞村?ㄥ勾锛???浜??妯′互涓?椁?楗???╂鼎?婚?涓?.73浜垮?? 锛??╂鼎??浠?涓?.56%锛?涓?娴风?璁″????版????剧ず锛?2024骞村?ㄥ勾涓?娴峰?板?鸿?妯′互涓?椁?楗???╂鼎?婚?涓?1.32浜垮??
锛??╂鼎??涔?浠?涓?.91%
??

??????澶???澶ф?? ??寮???

????浜??????澶???楂?浣ｉ??

????浠?骞???锛?澶???琛?涓?楂??戒剑??娆¤??ㄥ?伴??ｆ氮灏? 锛?琚??ㄧぞ浼????虫敞??浜????濮?浜哄??寮轰?涓?娈靛?充?缁?浜??澶???绔?瑙??????ㄨ?璇?瑙?棰?娴??
锛?寮?璧锋?翠釜璐㈢??? ??椁?楗???骞挎?璁ㄨ? ??

??????寮轰??ㄨ?棰?涓?〃绀猴???澶???骞冲?版?戒剑楂?杈?5%~30%锛??煎?椁???涓虹??瀛???浣???璐 锛????崇?虹?查???瀹??
??
??浠?瀹ｅ?浜??澶????????╂鼎????姘歌?涓?瓒?杩?5%??
锛?骞剁О?ヨ?棰?灏??存?ュ???璐ｄ换浜????寮轰????猴?????浠??瀹?瑕??ㄨ?涓????锛????т?姣?浜?????璁 锛??ョ害????繁??璧??辫?藉??
??璧??辨??? ?? ??

????澶???琛?涓?楂??戒剑涓??磋?绀句???璇?????姝ゅ??
锛?甯??烘??浼?瑷???缇??㈠????跺??????0%楂?棰?浣ｉ????
??瀵规?锛?缇??㈠??逛?2025骞???9?ュ?????搴?绉 锛?璇ユ?版??弗??澶卞?
锛?骞跺己璋??跺???骞冲?板????跺???????锋???????¤垂锛??充剑??锛?浠?涓?%~8%锛?涓?浠??ㄥ??瀹堕???╃??㈤???????℃?舵??浼?浜х??棰?澶???灞ョ害???¤垂??

????涓?杩? 锛?缇??㈡??瀹ｇО??浣ｉ??璐圭??锛?????瀹跺????藉????璐圭??
锛???涓?涓??风??璇存? ????璐㈢???姝ゅ???炬?ラ??锛???瀹剁?瀵逛剑???跺??澶?灏???璇存?涓?涓?
??涓?灏???瀹惰〃绀 锛?缇??㈠???浼??芥??20%浠ヤ?
锛???????琛ㄧず??涓?????璐逛?杈惧??0%锛??朵腑?????借蛋??浣ｉ?????ㄥ箍璐 ??淇??╄垂绛???

?????や??藉????浣ｉ?? 锛???浜???瀹朵负浜?淇?杩?椤惧?涓???
锛?浼?璁剧疆??绉?浼???娲诲?锛?姣?濡?澶╁ぉ绁????浠ｉ???
??浼???绾㈠??绛? ??杩?浜?浼???娲诲?ㄧ?卞??瀹舵?挎?? 锛?褰?浼???杩?澶??剁???充?瀵艰?磋??跺?
??

????????P?╂?瑰??ㄧ??澶???琛?涓????ュ??娴?绠?
锛?缇??㈠???宸茬?杩?缁???骞存???ㄧ????璧??辩?????锛??跺??024骞寸???跺?ユ??668浜垮?? 锛?EBITDA缁??ュ?╂鼎??90浜垮??
锛?缁??ュ?╂鼎????7%?????规????㈡???板?????2025骞翠?瀛ｅ害涓?缁锛??跺???????涓??″?ㄥ?????稿????板??涓?缁??ュ?╂鼎??杈惧?颁?21% ??

????楂?浣ｉ?????卞????捐????瑙??? 锛???瀹朵负浜?璧????╂鼎锛??ㄦ?跺?ヤ????????典?
锛?杩??寰?宸插??缂╂???锛?瀵艰?撮???瀹??ㄩ???
???ュ?? 锛?娴峰????灞变? ??姹?瑗
?????????璐靛?绛?浜??版?垮??ㄩ?ㄧ?哥户绾﹁?缇??
锛?瑕?姹??存?瑰钩?颁?瀛??ㄧ??椋???瀹?? ?????风??ヨ??ц?璐ㄧ????锛?骞舵????澶?璧烽???瀹??ㄧ?稿?冲?稿??妗?渚???

????涓轰?瑙???缃?缁?浜ゆ??骞冲?板??骞冲?板??缁??ヨ???跺??浣ｉ??
???芥????浼???璐 ?????????¤垂
??淇℃?????¤垂???ラ???ㄥ箍璐圭??惰垂琛?涓 锛?缁存?ゅ钩?板??缁??ヨ????娉?????
锛?淇?杩?骞冲?扮?娴??ュ悍??搴???灞?锛?5??25? 锛??藉?甯??虹??绠℃?诲???甯???缃?缁?浜ゆ??骞冲?版?惰垂琛?涓哄??瑙?????锛?寰?姹???瑙?绋匡???
锛????硅???︽?存不楂?浣ｉ?? ??楂??惰垂??骞冲?板??浼?涓?锛?寰?姹???瑙?绋夸腑???规?存不?????芥??
??
????淇℃?????¤垂??绛?璇?姹? 锛?涓昏?涓哄???琛?涓???浣跨? ??

????楠??????????
锛?灏???浣??╂鼎??

????楠????????琛?涓????虹?锛?涔????涓??澶х??灏变?缇や?
??姝ゅ?? 锛?涓轰?淇???杈?楂????╂鼎??锛?缇??㈤??甯哥????娉?????杩?澶??????瑰?
锛?瑙??跨?楠???浜ょぞ淇???缇??㈤?????甯稿??涓轰???楠?????浼???楠???锛?浼???楠??????绉??艰???ц川????????? 锛?涓?缇??㈢???崇郴涓?灞?浜??冲?ㄥ?崇郴?????冲?″?崇郴 ??

????楠???娌℃??绀句?
锛?娓哥??ㄥ??甯?绀句?浣?绯讳?澶?锛??ㄥ?虹?伴??澶х?剧??涓? 锛???娲绘??娉?寰??颁???
锛???姝ょ?????垮??浜?寰?澶х????璁哄??????

????浠?骞???19?锛?缇??㈢?浜?瀹ｅ?涓哄?ㄨ????绋冲??艰??楠???缂寸撼?昏??淇??╄ˉ璐
??缇??㈣〃绀 锛??诲勾浠ユ?ュ氨楠???缂寸撼?昏??淇??╃?绀句??规???浜?璁ょ????绌
锛????╀?涓????哄??涓?????甯?杩?琛?娣卞?ヨ???锛?骞跺?ㄦ???抽?ㄩ?ㄧ????瀵间?褰㈡??浜???姝ヨ??规?规? 锛?????姝ｅ?ㄦ??缓楠???绀句??稿?崇??淇℃??郴缁?
锛?棰?璁?025骞翠?瀛ｅ害寮?濮?瀹??锛???姝ヤ负?ㄨ????绋冲??艰??楠?????渚??昏??淇??╄ˉ璐??

????涓?杩? 锛?缂寸撼绀句??垮?灏???浣?缇??㈢???╂鼎?? ??浠?骞???锛?缇??㈢??绌堕?㈡???茬???版???剧ず
锛?2024骞村?ㄥ勾锛?缇??㈠?ㄥ?借???村??????????楠????伴??涓?36涓?
????涓???浜哄＋娴?绠? 锛?姣?浣?楠???姣???绀句?缂寸撼??棰?????浣?????璁＄?
锛?绾︿负800??锛??????涓??挎???ㄥ??锛?锛?骞村害绀句??????瓒?杩?320浜垮????

????缇??㈤???缂寸撼?昏??淇??╄ˉ璐翠?浜?瀛ｅ害寮?濮?瀹?? 锛??稿?充?缁╀?灏??ㄤ?瀛ｅ害寮?濮?浣?? ??浣?浠??烘????璇?绾ф?ョ??
锛?宸叉??澶?瀹跺?稿??涓?璋?浜?瀵圭??㈢??涓?缁╅???
??

?????朵腑涓??硅??歌〃绀锛??????板?瑙?缁?娴???缁?奖????楠???绀句?璇??规?ㄨ? 锛?浠ュ??娴峰???缁???澶ф???
锛??????璋?????024骞粹??2026骞存??℃?剁????.86?? ??6.79????7.9??锛???棰?娴?姣??℃?剁??????负6.42??
??7.65????9.26??锛???