\]^_7688503.SH`
abc
!"#$%&'()*+,-./01234
defgNO/PQhiNO2023j12k3l
23456789:;<
!"ffi$%57.75&'()%*+
,-./01%S0740522020001
Email%zengbiao@zts.com.cn
'()%23
,-./01%S0740522040004
Email%wupeng@zts.com.cn
=>?@
456(785)166
9:56(785)37
!ffi(&)57.75
!;(78&)9,565
9:!;(78&)2,128
AffiCDE-FGHIfiK
20%
!"#$
%&300
0%
-20%
-40%
-60%
-80%
LMNO
PQRSTUVWX
!"2021A2022A2023E2024E2025E
#$%&'()*+5,0846,50410,83914,93518,650
,M.yoy%103%28%67%38%25%
/01'()*+2473916188451,018
,M.yoy%99%59%58%37%21%
23%4'*+1.492.363.735.106.15
235678-6.39-7.33-5.33-2.53-0.04
/9:%4.20%9%12%14%15%
P/E38.824.415.511.39.4
P/B7.72.11.91.61.4
DE%FG2023H12I1JKLffiMN5OPQRST56UVWffiY
YZ,[
;<=>?@ABCDEFGHIJK$LMNOPQ2015RSTH2021RSUVWXYZ[\BCDE]^H2022R_`abHcdef[\DEghijk*lmE>gnopnq:rs$tHuvDE$t%&wxy95%N2018-2022ROP#
%Õ?R9@AVB:H:ÿÅ3000´/RHCDE]600´ÊcQ11@BF!"HGHE]500´¥IJ>K§H®©Q2024H1B:HL⁄OPMASDNO4100´ZDE:ÿPQHfìRSK$îïNTOHÕŸU°V¸éàHOP˝˛W.XYZ[ÿƒ<\!Z¥µì]Hø0o^_5õQÉKN'4+Î`PQaâDaHf-b5cd]+ˆSû?ÈeDafDNDaffih300-500*/KGHiDajDESûXÖÜkÛHlTÈem—jnoóòNOPŒ3£ÈDaD:úHcdPERCDapq100%D:ú+TOPConrkD:ú.50%HÉ
⁄Sıaâd]stuvwxàH%yz[|DÀ*]:;~´≈ØÄ≈DaÅ:
ÇHÉpÌÑÄOPÖƒ;ÜB912Ç*:;R:3000´ØÄ≈DaÅ:ÊcH®
=24R:ÿá,˙˚HàdÑâäãüëMÈ+,|/0100N
ø0®ë?¶ß®©OP2023-2025Rb5#%108.4/149.3/186.5Ç*HÉÑ,M
67%/38%/25%ç2023-2025Rb5z[/016.2/8.5/10.2Ç*HÉÑ,M
58%/37%/21%Héd3ffifi]PE|]U15.5/11.3/9.4êNOP[\jØDE$tF5K$HëíêéèãîffiïLMHñk:r¡¬+uÆóî+¥µõò+ˆûϘò§$4,8Hôöõ»HúÇ“û&”ü≈N
†°ü¢?[\äãîïäp®=g£=>ffi§•§gb±ŸU°Vgb±…ªfK
$¥µë¶ßhg®©™´¨YOr9>ÆÿØÕK±:y¥(†°N 5678
!"f$%&'()*+,-./.-6-
0123456f$%&'()78fi:;<=>..........................-6-
-?@A4Cf$%&DE-?)FGHI:JKL...................-7-
M?NO401-PQRST)UVWXSY.................................-8-
Z[\]^_`abc)Ndefghijk@.....................................-10-
Z[lmno)%&Spqrst.................................................-10-
Nduvwxyz^)bck@ij[|p]~_........................-11-
IÄÅÇɃÖÜá)Ndàâ+%äI:jãåif...................-14-
çéSèDëíìî)ïñóòjôöõúùûÖ........................-16-
:J+ü†C°¢£§);<+çéfi•¶ßqr................................-21-
:J®©,-'>)lmuvûÖz™Sè...................................-21-
ü†´¨!@)TOPCon°ÆyQRz_......................................-26-
:ØûST±∫)-Pz_'¥¥,..............................................-27-
´ñàâµè%ä)xyVORªº+çAé.................................-29-
+æZ[%&!@8ø)¿¡¬O-?ƒ=q...............................-31-
¶ß∆«»…8 À................................................................................-33-
¶ß∆«.........................................................................................-33-
…8 À.........................................................................................-35-
ÃÕzŒ..................................................................................................-35-
9:78
!"1#$%&Ø().-6-
!"2#$%*+,-./0202311023...............................................-6-
!"3#$%4567....................................................................................-7-
!"4#2018-2023H1$%89,-..............................................................-8-
!"5#2018-2023H1$%:;<,-..........................................................-8-
!"6#$%8=9>A@A.........................................................................-9-
!"7#$%BCD;