
24672529405759636567686970717375271 1999 6116 www.flatgroup.com.cn H 1617 21,523.7115,460.8439.21%2,759.692,122.7830.00% 216.88GW148.1%32GWGW •• 21,523.7115,460.8439.21%2,759.692,122.7830.00% A AAAH[2022]2742509,068,000AAAHAAA204,429,301A2,146,894,4612,351,323,762A1,696,894,4611,901,323,762H450,000,000 A A a. A b. c. 600A195,0000.31%500A0.26%83.33%100A0.05%16.67% d. A1.00% e. 723241 1. 3. 4.30.6 5. (1)150%6.23(2)2050%5.75 6. (1)150% (2)2050% A14.23370A 20%20% A AA A a.A b.A AA c.A AA594.7858214,689.32540.28%535.3072214,689.32540.25%90%59.4786214,689.32540.03%10% A419.63780.18% d.A A1.00%A10.00%A20.00% e. A f. A AA72A47 h. – – 11–22–Black-ScholesBS (i)42.89 (ii)12345 (iii)14.73%17.44%18.71%17.92%16.55% (iv)1.50%2.10%2.75%123 A 1. 2.44.022021AAA0.2343.79 3.A A 4.12 AA AA A104.90942021A 0.19% 18.6GW6%BCD11.8GW15%11.5GW94%8.2GW646% 90%216.88GW148.1%120.59GW232.2%96.29GW88.4% 20,6009,600 21,523.7115,460.8439.21%2,759.692,122.7830.00% 21,523.7115,460.8439.21%19,676.5313,681.8043.82% 342.20334.992.15%582.71595.582.16% (1)(2) 16,830.7212,048.194,782.5339.70% 4,692.993,412.6537.52%21.80%22.07% 119.75118.880.73% 302.20277.548.88% 596.75523.2314.05% 482.89240.43100.84%A 1.27%6.23%0.79%4.70% 288.7830.10859.40%1.40%9.46%54 5,612.348,071.33 32,381.7242,982.0014,032.4522,290.91 11,027.278,573.53A EBITDA EBITDA3,744.561,640.375,384.93EBITDA25.02%24.22% 2,122.78640.2530.16%2,763.03 100%48.14%56.67%8.53A 9,740.918,244.071,496.8418.16%33.88%66.12%1.67%– 6.23% 2,514.16456.69 8,240852.373.96% AA 2,351,324,2351,901,324,235A450,000,000H 0.38 AH A [2015]10111111150%20%115 A (QFII)QFII2009[47]10%QFII AQFII[2009]3B[2009]39410% [2014]81A10%10% [2016]127A10%10% H [1994]020 H[2008]897H200810% [2014]81HH20%HH12 [2016]127HH20%HH12 62 38 6230 37(Sheffield University) 5228 5721 36(CIA)(CICPA) 61 48 6024 6423 7024 38 49 39(University ofNorthern Virginia) 5531 49 37 33 37 XV23 A.2.1C1 A.2.125 2526 A.1.1A.1.314144 C3 (i)(ii)(iii)(iv)(v) 30 81430 B1.5 500,000500,0001,000,000 D27 (i)(ii)(iii)(iv) 30 8,2405,9192,321 30 30 D.3.1 13.90 (i)(ii) 5962 3.2928 38070.11A 571571 (i) (ii) 10% (iii) 3% (i)(ii)(iii)www.flatgroup.com.cn(iv)1999flat@flatgroup.com.cn 19996116 43 1 6374 6 14 20% 0.38 2,306,135.303,602,826.89 19,676.5391.42% 2-2020-QH1406-2022-ND-CP08-2022-ND-CP01-2022-TT-BTNMT02–2022-TT-BTNMT ISO14001: 2004 11.52%34.38% 2,344,969,332.341,494,010,210.8960.97%51.60%42,748,553.3826,294,579.71 5% HA 202830 36 HHHH 6,250,000H 1.A A40AHAA29.53AAA1004,000A4,000,000,000.0023,078,799.673,976,921,200.3374,0001,680A A3,976.92 2.A AAH[2022]2742509,068,000AAAHA0.25A204,429,30129.355,999,999,984.3534,592,837.655,965,407,146.70AA42.51 A5,965,407,146.70 1.A 2.A 3.A2024 4.A 2528 XV352XV78 (1)1,901,324,235A450,000,000H (2)1,901,324,235A450,000,000H2,351,324,235 (3)398,063,682A485,000H320,481,600A111,000H347,400,912A2,203,000H4,800,000A51,461,500A 5,000,0003,800,55011,842,7299,001,776AA4,850,0002,500,00011,487,4475,921,364AA 1,070,746,194A68,870,311A2,799,000H XV352XV78 XV23336 (1)1,901,324,235A450,000,000H (2)1,901,324,235A450,000,000H2,351,324,235 (3)398,063,682A485,000H320,481,600A111,000H347,400,912A2,203,000H4,800,000A51,461,500A 5,000,0003,800,55011,842,7299,001,776AA4,850,0002,500,00011,487,4475,921,364AA 1,070,746,194A68,870,311A2,799,000H (4)JPMorgan Chase & Co.14,063,0062,177,000 (5)BlackRock, Inc.571,0003,997,000 (6)Bank of America Corporation12,702,000121,000 (7)Xizang Jingning Corporate Management Company LimitedShanghai Greenwoods Asset Management CompanyLimited 100% (8)China International Capital Corporation LimitedCICC Pucheng Investment Co., Ltd.100%ChinaInternational Capital Corporation Limited XV23336 14A.9514A14A.76 14A (i)(ii)(iii) 300074014A.56 25 •• 13 1. 2. 3. 4. 202312312023 202312312023 2023 43202320,929,827,382.91 (1)(2)(3)(4) (1) (2) (3) (4) (5) (6) • 2024326 6374 6374 6374 6374 6374 6374 6374 20231231 6374 6374 20231231 1 19986241999200512 292011323201410 10 2 2024326 15–2023 2023123112 • 1 202312312023 2 111231 3 12 4 5 10%11 6 6 6.1 6.2 7 7.1 7.2 7 7.2 8 9 9.1 9.2 10 14– 10.1 10 10.1 ••• • • 10 10.1 10.1.1 •• 10.1.2 10 10.1 10.1.3 10.2 12 12 10 10.2 10.2.1 (1)(2)(3)(4)(5) 30 10 10.2 10.2.2 (1) (2)(3)(4)(5) 90 10 10.2 10.2.3 •• 10.2.4 10.3 (1)(2)(3) 10 10.3 • • 10 10.4 10.4.1 10.4.1.1 ••• (1)(2)(3) 10 10.4 10.4.1 10.4.1.1 10.4.1.2 10 10.4 10.4.2 10.4.3 10 10.5 10.6 10.7 10.8 10 10.8 11 11.1 11.2 12 12.1 12.2 12.3 12.4 13 13.1 14 14.1 15 15.1 15.1.1 15.1.2 15.1.3 15.1.4 15 15.2 16 (1)(2) 17 17.1 7 17.2 17 17.3 17.3.1 17.3.2 17 17.3 17.3.2 17.4 18 18 19 19.1 19.2 19 19.3 20 21 22 22.1 22 22.2 (1) (2)(3)(4)(5) 23 24 25 26 26.1 26.2 26.3 27 28 28.1 28