A A RMB21,141.4 RMB661.2 () 706.6 A 46.3% 37.3% , 48.8% (60.2%) (2015F) RMB3.79 (2015F) 7.33 (RMB) 12 2014A 2015F 2016F 2017F 1,705 2,209 2,796 3,451 ** 528 702 895 1,095 * 502 651 817 986 () 0.72 0.92 1.16 1.40 (%) (44.1) 28.2 25.6 20.7 () 0.52 0.67 0.84 1.01 () 38.6 30.1 24.0 19.9 (%) 1.9 2.4 3.0 3.6 (%) 21.4 25.4 29.3 32.5 * ** (300146 CH) ++ 34.223.1% 2015/16/1725.1%/22.5%/18.8% 2012(Keylid) 2015(Naturone) (GymMax)2015(A better me)2015/16/17123.2%/73.9%/62.1% 2015 09 01 / 23.1% 2015/08/27 RMB27.76 RMB34.20 RMBN.A. A 3,230.4 ► 34.223.1% ► ► +886 2 3518 7931 juliette.liu@yuanta.com +886 2 3518 7934 tim.y.tsai@yuanta.com : 2015-09-01 (300146 CH) 2 4 12 (RMB ) 2013A 2014A 2015F 2016F 2017F 1,530 1,537 1,611 1,676 1,776 234 229 329 365 479 47 65 80 104 123 48 81 101 129 155 1,859 1,912 2,121 2,273 2,533 1 49 54 59 64 477 579 706 832 958 118 161 150 150 150 597 789 910 1,041 1,173 2,455 2,701 3,030 3,314 3,705 67 67 101 113 152 0 0 0 0 0 147 176 243 288 367 214 243 343 401 519 0 0 0 0 0 8 10 11 12 13 8 10 11 12 13 223 253 354 413 532 328 658 707 707 707 1,163 874 874 874 874 742 916 1,096 1,321 1,593 0 0 0 0 0 2,233 2,448 2,676 2,901 3,173 0 0 0 0 0 2,233 2,448 2,676 2,901 3,173 12 (RMB ) 2013A 2014A 2015F 2016F 2017F 422 502 649 814 983 41 50 100 100 100 87 (18) (34) (30) (41) 0 0 (5) (5) (5) 550 535 710 879 1,037 (113) (139) (201) (201) (201) 0 (48) 0 0 0 (37) (55) (15) (25) (25) (150) (242) (216) (227) (227) (116) (288) (421) (589) (711) 0 2 1 1 1 0 0 0 0 0 (116) (286) (420) (588) (710) 284 7 74 65 100 348 275 445 609 767 12 (RMB ) 2013A 2014A 2015F 2016F 2017F 1,482 1,705 2,209 2,796 3,451 (541) (602) (738) (931) (1,140) 941 1,103 1,443 1,830 2,267 (471) (575) (741) (935) (1,172) 470 528 702 895 1,095 0 0 0 0 0 (34) (44) (58) (58) (58) (34) (44) (58) (58) (58) () 0 0 5 5 5 () 68 107 122 127 127 N.A. N.A. N.A. N.A. N.A. 503 591 772 970 1,170 (82) (90) (123) (155) (187) 0 0 2 3 4 422 502 651 817 986 511 578 802 995 1,195 (RMB) 1.29 0.72 0.92 1.16 1.40 (RMB) 1.29 0.72 0.92 1.16 1.396 12 2013A 2014A 2015F 2016F 2017F (%) 39.0 15.0 29.6 26.6 23.4 57.6 12.4 32.9 27.5 22.4 58.2 13.2 38.7 24.1 20.1 50.4 18.9 29.7 25.6 20.7 0.27 (44.09) 28.16 25.61 20.69 (%) 63.5 64.7 65.3 65.5 65.7 31.7 31.0 31.8 32.0 31.7 34.5 33.9 36.3 35.6 34.6 28.4 29.4 29.5 29.2 28.6 18.5 19.5 22.6 25.7 28.0 20.3 21.4 25.4 29.3 32.5 / (%) 0.0 0.0 0.0 0.0 0.0 ()(%) 68.5 62.8 60.2 57.8 56.0 () 15.6 14.5 14.4 17.8 21.3 () 15.6 14.5 14.4 17.8 21.3 () 16.0 12.2 12.3 15.2 18.0 () 16.0 12.2 12.3 15.2 18.0 () 8.7 7.9 6.2 5.7 4.9 () 7.6 6.9 5.2 4.8 4.0 (RMB ) (1,530) (1,537) (1,611) (1,676) (1,776) (RMB) 6.81 3.51 3.79 4.11 4.49 () 21.6 38.6 30.1 24.0 19.9 26.2 70.5 44.1 32.2 25.6 4.1 7.9 7.3 6.8 6.2 17.8 33.5 24.5 19.7 16.4 6.1 11.4 8.9 7.0 5.7 : 2015-09-01 (300146 CH) 3 4 A (1) (2) (300146 CH) - # (A) (B) (C) 1 2015/09/01 29.79 34.20 34.20 Bloomberg A =B = C = AB C %17943%10826%5814%123%5513%51%417100% July 30, 2014 - - / 1212 : 2015-09-01 (300146 CH) 4 4 © 2015 193415a-6193415()()4() 104 2254 () () 18 123