1、20259,027 18,024 13,318 16,719 9,517 9.2 13.6 13.1 10.4 7.5 5.3%5.5%4.8%5.0%4.6%56,11757,70553,67868,81356,212-16.4%2.5%8.5%-11.8%-21.9%4,373 4,843 4,915 6,585 2,086 2024Q420251-2/2025/1/2227,393.72.53142.625,3252024-32025/1/2721,313.621.01391.004,7572024-72025/1/2797,843.9214.61581.559,617202462025

2、/2/142,582.650.18443.102,305202452025/3/1214,586.841.57161.268,5742025-12025/3/264,877.190.53411.179,3542025-2010%5%10%15%20%25%30%35%(50,000)050,000100,000150,000200,00020122013201420152016201720182019202020212022202320242025Q1020406080100120140201120122013201420152016201720182019202020212022202320

3、242025Q11,049,108067.326.4%3,919-:/1,049,10852.2529.74%64.8913.63%74.5521.60%76.9441.80%2026-TBCT5:0100,000200,000300,000400,00020262027TBCST-1B24%21%19%12%TMT12%7%5%1,120700475316:2025104.93,9194.3%0.426.4%2.6%67.37%20262020%5%10%15%20%25%(100,000)0100,000200,000300,000400,000500,000600,000700,0002

4、,082,4600610.815.77%-1,000580590600610620630640650660670:/2,082,46028.4300-8006%21.0500-1,08016.38%76.7550-1,00023.66%18.0350-6006.00%050,000100,000150,000200,000250,0002025Q2-Q4202620272025Q2-2027:0100,000200,000300,000400,000500,000600,000700,0002012201320142015201620172018201920202021202220232024 2025F 2026F 2027FRG2025208.2610.80.0515.77%RG28.72025 CWKCWKCWKCWKCWK1361601Tel:+86 411 8372 Qiwu FSabrina W,6040052,