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class=\"wp-block-paragraph\">\u817e\u8baf\u7684\u4e1a\u52a1\u5212\u5206\u4e3a\u51e0\u4e2a\u5173\u952e\u4e1a\u52a1\u7fa4\uff0c\u6bcf\u4e2a\u4e1a\u52a1\u7fa4\u672c\u8eab\u90fd\u662f\u884c\u4e1a\u7fd8\u695a\u3002\u5fae\u4fe1\u4e8b\u4e1a\u7fa4\uff08WXG\uff09\u8d1f\u8d23\u8fd0\u8425\u65e0\u5904\u4e0d\u5728\u7684\u5fae\u4fe1\uff0c\u8fd9\u662f\u4e00\u6b3e\u96c6\u901a\u8baf\u3001\u793e\u4ea4\u5a92\u4f53\u3001\u652f\u4ed8\u548c\u6d77\u91cf\u5c0f\u7a0b\u5e8f\u4e8e\u4e00\u4f53\u7684\u8d85\u7ea7\u5e94\u7528\u3002\u4e92\u52a8\u5a31\u4e50\u4e8b\u4e1a\u7fa4\uff08IEG\uff09\u662f\u5168\u7403\u89c6\u9891\u6e38\u620f\u9886\u57df\u7684\u9886\u5bfc\u8005\uff0c\u8d1f\u8d23\u591a\u6b3e\u5927\u4f5c\u7684\u5f00\u53d1\uff0c\u662f\u516c\u53f8\u6536\u5165\u7684\u91cd\u8981\u9a71\u52a8\u529b\u3002\u4e91\u4e0e\u667a\u6167\u4ea7\u4e1a\u4e8b\u4e1a\u7fa4\uff08CSIG\uff09\u5904\u4e8e\u817e\u8baf\u8fdb\u519b\u4f01\u4e1a\u670d\u52a1\u7684\u524d\u6cbf\uff0c\u63d0\u4f9b\u4e91\u8ba1\u7b97\u3001\u4eba\u5de5\u667a\u80fd\u548c\u5176\u4ed6\u5546\u4e1a\u89e3\u51b3\u65b9\u6848\u3002\u6b64\u5916\uff0c\u8fd8\u6709\u5e73\u53f0\u4e0e\u5185\u5bb9\u4e8b\u4e1a\u7fa4\uff08PCG\uff09\u3001\u6280\u672f\u5de5\u7a0b\u4e8b\u4e1a\u7fa4\uff08TEG\uff09\u548c\u4f01\u4e1a\u53d1\u5c55\u4e8b\u4e1a\u7fa4\uff08CDG\uff09\uff0c\u5b83\u4eec\u5171\u540c\u7ba1\u7406\u7740\u5e9e\u5927\u7684\u6570\u5b57\u5185\u5bb9\u548c\u670d\u52a1\u7ec4\u5408\u3002    <\/p>\n\n<p class=\"wp-block-paragraph\"><strong>\u8d22\u52a1\u8868\u73b0<\/strong><\/p>\n\n<p class=\"wp-block-paragraph\">\u817e\u8baf\u5728 2025 \u8d22\u5e74\u7684\u8d22\u52a1\u8868\u73b0\u5c55\u73b0\u4e86\u97e7\u6027\u4e0e\u6301\u7eed\u589e\u957f\u3002\u516c\u53f8\u62a5\u544a\u7684\u603b\u6536\u5165\u4e3a <strong>7,518 \u4ebf\u4eba\u6c11\u5e01<\/strong>\uff0c\u540c\u6bd4\u589e\u957f <strong>14.0%<\/strong>\uff0c\u8868\u73b0\u5f3a\u52b2\u3002\u8fd9\u4e00\u589e\u957f\u5f97\u76ca\u4e8e\u5176\u6838\u5fc3\u4e1a\u52a1\u677f\u5757\u7684\u7a33\u5065\u8868\u73b0\u3002\u975e\u56fd\u9645\u8d22\u52a1\u62a5\u544a\u51c6\u5219\uff08Non-IFRS\uff09\u5f52\u6bcd\u51c0\u5229\u6da6\u662f\u8861\u91cf\u516c\u53f8\u6838\u5fc3\u76c8\u5229\u80fd\u529b\u7684\u5173\u952e\u6307\u6807\uff0c\u8fbe\u5230\u4e86 <strong>2,596 \u4ebf\u4eba\u6c11\u5e01<\/strong>\u3002\u6b64\u5916\uff0c\u817e\u8baf\u4ea7\u751f\u4e86\u9ad8\u8fbe <strong>1,826 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class=\"wp-block-paragraph\"><strong>\u4f30\u503c<\/strong><\/p>\n\n<p class=\"wp-block-paragraph\">\u622a\u81f3 2026 \u5e74 4 \u6708\uff0c\u817e\u8baf\u80a1\u7968\u7684\u4ea4\u6613\u4ef7\u683c\u4e3a\u6bcf\u80a1 493.40 \u6e2f\u5143\uff0c\u5e02\u503c\u8fbe <strong>4.46 \u4e07\u4ebf\u6e2f\u5143<\/strong>\u3002\u516c\u53f8\u7684\u4f30\u503c\u6307\u6807\u5448\u73b0\u51fa\u590d\u6742\u4f46\u6781\u5177\u5438\u5f15\u529b\u7684\u6001\u52bf\u3002<strong>\u5e02\u76c8\u7387 (P\/E)<\/strong> \u5904\u4e8e <strong>17.80<\/strong> \u7684\u5408\u7406\u6c34\u5e73\uff0c\u8868\u660e\u76f8\u5bf9\u4e8e\u5176\u76c8\u5229\u800c\u8a00\uff0c\u80a1\u4ef7\u5e76\u672a\u88ab\u8fc7\u5ea6\u9ad8\u4f30\u3002\u867d\u7136\u7814\u7a76\u4e2d\u672a\u63d0\u4f9b\u5177\u4f53\u7684\u5e02\u51c0\u7387 (P\/B) \u548c EV\/EBITDA 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class=\"wp-block-paragraph\">\u817e\u8baf\u5728\u9ad8\u5ea6\u7ade\u4e89\u7684\u73af\u5883\u4e2d\u8fd0\u8425\uff0c\u9762\u4e34\u7740\u6765\u81ea<strong>\u963f\u91cc\u5df4\u5df4\u3001\u767e\u5ea6\u3001\u5b57\u8282\u8df3\u52a8<\/strong>\u7b49\u5176\u4ed6\u4e2d\u56fd\u79d1\u6280\u5de8\u5934\u4ee5\u53ca\u5168\u7403\u53c2\u4e0e\u8005\u7684\u6311\u6218\u3002\u7136\u800c\uff0c\u8be5\u516c\u53f8\u62e5\u6709\u591a\u9879\u663e\u8457\u7684\u7ade\u4e89\u4f18\u52bf\u3002\u5176\u5e9e\u5927\u7684\u7528\u6237\u7fa4\uff08\u5c24\u5176\u662f\u5fae\u4fe1\uff09\u4ea7\u751f\u4e86\u7ade\u4e89\u5bf9\u624b\u96be\u4ee5\u590d\u5236\u7684\u5f3a\u5927<strong>\u7f51\u7edc\u6548\u5e94<\/strong>\u3002\u4ece\u793e\u4ea4\u5a92\u4f53\u3001\u6e38\u620f\u5230\u652f\u4ed8\u548c\u4e91\u8ba1\u7b97\uff0c\u8fd9\u4e00\u5e9e\u5927\u7684\u670d\u52a1\u751f\u6001\u7cfb\u7edf\u521b\u9020\u4e86\u6781\u9ad8\u7684\u7528\u6237\u7c98\u6027\u548c\u591a\u5143\u5316\u7684\u53d8\u73b0\u9014\u5f84\u3002\u4f8b\u5982\uff0c\u5728\u97f3\u4e50\u6d41\u5a92\u4f53\u5e02\u573a\uff0c\u817e\u8baf\u97f3\u4e50\u5a31\u4e50\u5728\u4e2d\u56fd\u5927\u9646\u62e5\u6709\u9ad8\u8fbe <strong>70% \u7684\u5e02\u573a\u4efd\u989d<\/strong>\u3002    <\/p>\n\n<p class=\"wp-block-paragraph\"><strong>\u98ce\u9669<\/strong><\/p>\n\n<p class=\"wp-block-paragraph\">\u5c3d\u7ba1\u5b9e\u529b\u96c4\u539a\uff0c\u817e\u8baf\u5e76\u975e\u6ca1\u6709\u98ce\u9669\u3002\u516c\u53f8\u9762\u4e34\u6765\u81ea\u4e2d\u56fd\u653f\u5e9c\u7684\u663e\u8457<strong>\u76d1\u7ba1\u98ce\u9669<\/strong>\uff0c\u653f\u5e9c\u8fc7\u53bb\u66fe\u5bf9\u4e92\u8054\u7f51\u548c\u6e38\u620f\u884c\u4e1a\u5b9e\u65bd\u8fc7\u4e25\u683c\u76d1\u7ba1\u3002<strong>\u5730\u7f18\u653f\u6cbb\u98ce\u9669<\/strong>\uff0c\u7279\u522b\u662f\u4e2d\u7f8e\u4e4b\u95f4\u6301\u7eed\u7684\u7d27\u5f20\u5c40\u52bf\uff0c\u4e5f\u53ef\u80fd\u5f71\u54cd\u817e\u8baf\u7684\u56fd\u9645\u6295\u8d44\u548c\u8fd0\u8425\u3002\u6700\u540e\uff0c\u79d1\u6280\u884c\u4e1a\u6fc0\u70c8\u7684<strong>\u7ade\u4e89<\/strong>\u610f\u5473\u7740\u817e\u8baf\u5fc5\u987b\u4e0d\u65ad\u521b\u65b0\u4ee5\u4fdd\u6301\u5176\u5e02\u573a\u9886\u5bfc\u5730\u4f4d\u3002  <\/p>\n\n<p class=\"wp-block-paragraph\"><strong>\u50ac\u5316\u5242<\/strong><\/p>\n\n<p 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