銆€銆€銆婃姇璩囬爡鐩彲琛屾€х爺绌舵寚鍗椼€嬪皪鍏�(n猫i)閮ㄦ敹鐩婄巼鎸囨鐨勮ō(sh猫)缃�

銆€銆€2002骞寸敱鍦嬪瑷堝杈﹀叕寤崇櫦(f膩)鏂囪│琛岀殑銆婃姇璩囬爡鐩彲琛屾€х爺绌舵寚鍗椼€�(浠ヤ笅绨＄ū銆婂彲琛屾€х爺绌舵寚鍗椼€�)灏囩従(xi脿n)閲戞祦閲忓垎鏋愭槑纰哄垎鐐轰笁鍊嬪堡娆★紝瑕佹眰绶ㄥ埗闋呯洰璨″嫏(w霉)鐝�(xi脿n)閲戞祦閲忚〃銆侀爡鐩硣鏈噾鐝�(xi脿n)閲戞祦閲忚〃鍜屾姇璩囧悇鏂圭従(xi脿n)閲戞祦閲忚〃锛屽苟鍒嗗垾瑷堢畻鐩告噳(y墨ng)鐨勫収(n猫i)閮ㄦ敹鐩婄巼鎸囨锛屽嵆闋呯洰璨″嫏(w霉)鍏�(n猫i)閮ㄦ敹鐩婄巼銆佽硣鏈噾鍏�(n猫i)閮ㄦ敹鐩婄巼鍜屾姇璩囧悇鏂瑰収(n猫i)閮ㄦ敹鐩婄巼鎸囨锛岄€茶闋呯洰鐝�(xi脿n)閲戞祦閲忓垎鏋�銆侀爡鐩硣鏈噾鐝�(xi脿n)閲戞祦閲忓垎鏋愬拰鎶曡硣鍚勬柟鐝�(xi脿n)閲戞祦閲忓垎鏋�銆傝€岄爡鐩病鍕�(w霉)鍏�(n猫i)閮ㄦ敹鐩婄巼鍙▓绠楀埌鎵€寰楃▍鍓嶃€�

銆€銆€闋呯洰鐝�(xi脿n)閲戞祦閲忓垎鏋愭槸閲濆皪鐮旂┒瑷�(sh猫)瀹氱殑闋呯洰鍩烘湰寤鸿ō(sh猫)鏂规閫茶鐨勪竴绋従(xi脿n)閲戞祦閲忓垎鏋�锛屼篃鍗炽€婃柟娉曡垏鍙冩暩(sh霉)銆嬩腑鎵€绋辩殑鍏ㄩ儴鎶曡硣鐝�(xi脿n)閲戞祦閲忓垎鏋�锛屽璩�(zh矛)涓婇爡鐩病鍕�(w霉)鐝�(xi脿n)閲戞祦閲忚〃鑸囧叏閮ㄦ姇璩囩従(xi脿n)閲戞祦閲忚〃鐨勮ō(sh猫)缃兘鏄缓绔嬪湪铻嶈硣鍓嶅垎鏋�(鍦嬪绋盉efore funding)鐨勫熀绀�(ch菙)涔嬩笂锛屻€傜浉姣斾箣涓嬭瀺璩囧墠鍒嗘瀽鐨勭ū鍛兼洿鐐烘簴纰�锛岃€�"鍏ㄩ儴鎶曡硣"鐨勬彁娉曟湁浜涜涓嶉仈鎰�?锛佺妸灏氳鍖濊姱鎭愭敼绋€绌�?quot;鍏ㄩ儴鎶曡硣"鐨勬彁娉曞仛浜嗕慨鏀癸紝绋变箣鐐洪爡鐩従(xi脿n)閲戞祦閲忓垎鏋�銆傚悓鏅傛敼璁婁簡銆婃柟娉曡垏鍙冩暩(sh霉)銆嬪悓鏅傝ō(sh猫)缃墍寰楃▍鍓嶅拰鎵€寰楃▍鍚庢寚妯欑殑鍋氭硶锛屽彧閬告搰浜嗘墍寰楃▍鍓嶅噲鐝�(xi脿n)閲戞祦閲�锛岃▓绠楁墍寰楃▍鍓嶆寚妯欍€傜洰鐨勬槸鑰冨療闋呯洰鐨勫熀鏈潰锛屽嵆闋呯洰鏂规瑷�(sh猫)瑷堟湰韬殑璨″嫏(w霉)鍙鎬э紝瀹冧笉鍙楄瀺璩囨柟妗堝拰鎵€寰楃▍鍎�(y艒u)鎯犳斂绛栨敼璁婄殑褰遍熆锛屽彲浠ヤ緵姹虹瓥鑰呭皪闋呯洰鐨勫彲琛屾€у仛鍑哄熀鏈垽鏂凤紝骞朵綔鐐烘柟妗�(鎴栭爡鐩�)姣旈伕鐨勪緷鎿�(j霉)锛屽悓鏅備篃鍙偤鍌垫瑠(qu谩n)浜洪€茶淇¤哺姹虹瓥鎻愪緵鍙冭€�銆傚彧鏈夐爡鐩病鍕�(w霉)鍏�(n猫i)閮ㄦ敹鐩婄巼婊胯冻瑕佹眰锛屾墠鏈夊繀瑕侀€茶绗簩灞ゆ鐨勯爡鐩硣鏈噾鐝�(xi脿n)閲戞祦閲忓垎鏋�銆�

銆€銆€銆婂彲琛屾€х爺绌舵寚鍗椼€嬮伕鎿囨墍寰楃▍鍓嶆寚妯欏彲鑳芥湁绨″寲闋呯洰瑭曞児鐨勭洰鐨�銆傞€欑ó鍋氭硶鏄缓绔嬪湪灏嶉爡鐩従(xi脿n)閲戞祦閲忓垎鏋愶紝涔熷嵆铻嶈硣鍓嶅垎鏋愯獚鍙殑鍩虹(ch菙)涔嬩笂銆傛墍寰楃▍鍓嶅噲鐝�(xi脿n)閲戞祦閲忓彲浠ヨ鐪嬩綔涓€濉婂ぇ铔嬬硶锛屽叾缍�(j墨ng)婵熷惈缇╂噳(y墨ng)鏄姇璩囩嵅鍒╄兘鍔涚殑瀹屾暣楂旂従(xi脿n)锛屽畠瀵﹂殯涓婃槸鎭▍鍓嶅埄娼よ垏鎶樿垔鍜屾敜閵蜂箣鍜�(EBITDA)锛屽湅瀹�銆侀妧琛�銆佷紒妤�(y猫)鍜�/鎴栨姇璩囪€�(浠ヤ笅绋遍爡鐩湁闂�(gu膩n)鍚勬柟)鐨勫叡鍚屽埄鐩婇兘楂旂従(xi脿n)鍏朵腑锛屽湅瀹跺緸涓嬁璧颁簡鎵€寰楃▍锛岄妧琛屽緱鍒颁簡鍒╂伅骞舵敹鍥炰簡璨告鏈噾锛屾姇璩囪€呭垎寰椾簡鑲″埄锛屼紒妤�(y猫)寰楀埌浜嗕繚鐣欏埄娼よ垏鎶樿垔鍜屾敜閵�锛岄€欓兘鏄疎BITDA鐨勫叿楂斿垎閰嶅晱椤�銆傛墍寰楃▍鍚庡噲鐝�(xi脿n)閲戞祦閲忔槸寰濫BITDA涓墸闄や簡鎵€寰楃▍锛屼篃灏辨槸寰為€欏澶ц泲绯曚腑鍒囦笅浜嗕竴瑙�銆傚叾瀵�锛岀劇璜栨墍寰楃▍鍓嶉倓鏄墍寰楃▍鍚庡噲鐝�(xi脿n)閲戞祦閲忛珨鐝�(xi脿n)鐨勯兘涓嶆槸浼佹キ(y猫)鐨勬敹鐩婏紝鑰屾槸闋呯洰绲︽湁闂�(gu膩n)鍚勬柟甯朵締鐨勫叡鍚屾敹鐩�锛屽彧涓嶉亷鎵€寰楃▍鍓嶅噲鐝�(xi脿n)閲戞祦閲忓弽鏄犵殑鏇村叏闈簺锛岄€欏铔嬬硶鏇村ぇ浜�;鑰屾墍寰楃▍鍚庡噲鐝�(xi脿n)閲戞祦閲忔槸鐢遍€欏澶ц泲绯曚笂鍒囨帀浜嗕竴濉�(鎵€寰楃▍)鍚庣殑浣欓銆傚洜姝ゅ彧瑕佸ぇ瀹跺彇寰楀叡璀�锛屽師鍓囦笂鎸夋暣濉婅泲绯曠殑澶у皬(鎵€寰楃▍鍓嶅噲鐝�(xi脿n)閲戞祦閲�)閭勬槸鎸夊垏涓嬩竴濉婂悗鐨勮泲绯曞ぇ灏�(鎵€寰楃▍鍚庡噲鐝�(xi脿n)閲戞祦閲�)渚嗛€茶瑭曞児锛岄兘鎳�(y墨ng)鏄彲浠ョ殑銆傞€欐ǎ鐪嬩締锛屻€婂彲琛屾€х爺绌舵寚鍗椼€嬮伕鎿囨墍寰楃▍鍓嶆寚妯�锛屾棦閬垮厤鍑虹従(xi脿n)鍏╁€嬫墍寰楃▍鍙兘甯朵締鐨勯夯鐓╋紝鍙堝洖閬夸簡鎵€寰楃▍鍎�(y艒u)鎯犳斂绛栧皪鍏�(n猫i)閮ㄦ敹鐩婄巼鎸囨鐨勫奖闊�锛岄€欑ó鍋氭硶鍦ㄦ煇绋▼搴︿笂楂旂従(xi脿n)浜嗛爡鐩⿻鍍圭殑绨″寲銆備笘鐣岄妧琛屽拰浜炴床闁嬬櫦(f膩)閵€琛岄兘閬告搰浜嗘墍寰楃▍鍓嶆寚妯�銆�

銆€銆€闋呯洰鐝�(xi脿n)閲戞祦閲忓垎鏋愮祼(ji茅)鏋滄噳(y墨ng)鏄姇璩囨焙绛栫殑棣栬渚濇摎(j霉)銆傜暥(d膩ng)闋呯洰鍏�(n猫i)閮ㄦ敹鐩婄巼婊胯冻瑕佹眰鍚�锛屾墠闇€瑕侀€茶涓嬩竴姝ョ殑鑷湁璩囬噾鐝�(xi脿n)閲戞祦閲忓垎鏋�?锛佺妸灏氳鍖濊姱鎭愭敼绋€绌尖叞鏂楁銊卌鍙冩暩(sh霉)銆嬫墍瑷�(sh猫)缃殑鑷湁璩囬噾鐝�(xi脿n)閲戞祦閲忚〃鏀瑰悕鐐洪爡鐩硣鏈噾鐝�(xi脿n)閲戞祦閲忚〃銆傞€欐槸銆婂彲琛屾€х爺绌舵寚鍗椼€嬫湁鍒ヤ簬銆婃柟娉曡垏鍙冩暩(sh霉)銆嬬殑绗簩榛�锛屼絾鍙槸鍚嶇ū璁婂寲锛岀劇瀵﹁唱(zh矛)鎬х殑鏀硅畩銆傞爡鐩硣鏈噾鐝�(xi脿n)閲戞祦閲忓垎鏋愭槸铻嶈硣鍚庡垎鏋�锛屽叾绲�(ji茅)鏋滄噳(y墨ng)鏄瀺璩囨焙绛栫殑渚濇摎(j霉)銆�

銆€銆€銆婂彲琛屾€х爺绌舵寚鍗椼€嬫墍鍋氱殑绗笁榛炴敼鍕曟槸鎻愬嚭浜嗘姇璩囧悇鏂圭従(xi脿n)閲戞祦閲忚〃鐨勬蹇�锛屼笉鍚屼簬銆婃柟娉曡垏鍙冩暩(sh霉)銆嬪彧瑕�(gu墨)瀹氬皪浜庝腑澶栧悎璩囬爡鐩法鍒朵腑澶栭洐鏂规姇璩囩従(xi脿n)閲戞祦閲忚〃鐨勫仛娉�锛岄€欑鍚堟姇璩囦富楂斿鍏冨寲锛屽湅鍏�(n猫i)鍚堣硣鍚堜綔闋呯洰鏃ョ泭澧炲鐨勫闅涙儏娉併€備絾瀵﹂殯涓婅┎闋呮寚妯欐噳(y墨ng)鏄竴闋呮瑕佹寚妯�锛屽彧鏈夊湪鍚堜綔鍚勬柟涓嶆槸鎸夎偂鏈瘮渚嬮€茶鍒嗛厤锛屽悇鏂规湁涓嶅皪绛夋敹鐩婃檪锛屾墠鏈夊闅涙剰缇�銆傛鏅傝┎鎸囨鍙敤浜庡悎浣滃悇鏂圭殑璜囧垽锛屼簡瑙ｆ湁鍔╀簬淇冩垚鍚勬柟鐨勫钩绛夊悎浣溿€傝▓绠楁姇璩囧悇鏂圭殑鍏�(n猫i)閮ㄦ敹鐩婄巼鍙互鐪嬪嚭鍚勬柟鏀剁泭鐨勯潪鍧囪　鎬ф槸鍚﹀湪涓€鍊嬪悎鐞嗙殑姘村钩涓�锛屾湁鍔╀簬淇冩垚鎶曡硣鍚勬柟鍦ㄥ悎浣滆珖鍒や腑閬旀垚骞崇瓑浜掑埄鐨勫崝(xi茅)璀�銆�

銆€銆€閮ㄥ垎浜哄＋涓诲嫉灏嶅叏閮ㄦ姇璩囩従(xi脿n)閲戞祦閲忚〃閫茶鎵€寰楃▍瑾�(di脿o)鏁�

銆€銆€涓嶅皯浜哄＋瑾嶅彲鍏ㄩ儴鎶曡硣鐝�(xi脿n)閲戞祦閲忚〃鐨勮瀺璩囧墠鍒嗘瀽锛屼絾鍋忔剾鎵€寰楃▍鍚庢寚妯�銆傝獚鐐烘棦鐒舵墍寰楃▍鍙楄瀺璩囨柟妗堣畩鍖栫殑褰遍熆锛岄€茶€屾湁鎮栦簬铻嶈硣鍓嶅垎鏋愮殑鍓嶆彁锛屽氨鎻愬嚭浜嗚(di脿o)鏁村叏閮ㄦ姇璩囩従(xi脿n)閲戞祦閲忚〃涓墍寰楃▍锛屾敼鎸夊叏閮ㄨ硣閲戦兘鏄嚜鏈夎硣閲戠殑鎯呮硜鑰冩叜锛屽皣鍒╂伅瑷�(sh猫)鐐洪浂渚嗚▓绠楁墍寰楃▍锛屼娇瑭叉墍寰楃▍鑸囪瀺璩囨柟妗堢劇闂�(gu膩n)锛屽緸鑰屼笉閬曡儗铻嶈硣鍓嶅垎鏋愮殑鍓嶆彁銆備絾鏄€欐ǎ鍋氱殑绲�(ji茅)鏋滄槸鍦ㄨ病鍕�(w霉)鍒嗘瀽涓嚭鐝�(xi脿n)浜嗗叐鍊嬫墍寰楃▍锛屼竴鏄埄娼よ〃涓殑浼佹キ(y猫)鎳�(y墨ng)绻崇殑鎵€寰楃▍锛屼簩鏄(di脿o)鏁村悗鐨�锛屼笉鍙楄瀺璩囨柟妗堣畩鍖栧奖闊跨殑鎵€寰楃▍銆傛湁鐨勫晢妤�(y猫)鍖栬病鍕�(w霉)鍒嗘瀽杌熶欢宸插寘鍚簡瑭查爡鍏�(n猫i)瀹广€備絾涔熸湁浜烘摂(d膩n)蹇冮€欐ǎ鍋氬彲鑳戒笉鏈冭姹虹瓥鑰呯悊瑙�锛屽弽鑰岄€犳垚娣蜂簜锛屽洜姝ら€欑ó鍋氭硶瀵﹂殯涓婂苟鏈緱浠ュ唬娉涙噳(y墨ng)鐢ㄣ€�

绶ㄨ集鎺ㄨ枽

   2013骞村叕璺€犲児甯€冨悗瑭﹂鍙婄瓟妗堜氦娴�  

   2013骞村叕璺€犲児甯嫑鐢熺啊绔�

   2012骞村叕璺€犲児甯垚绺炬煡瑭�    

   2012骞村叕璺€犲児甯€冨悗浜ゆ祦

   鏇村淇℃伅璜嬭í鍟忥細