1、目目 录录序序号号内内容容页页码码备备注注1编制说明2总平方案3总体规划指标表附：业态规划名明细表4财务运营指标表附：开竣工面积表5项目分期开发节点计划表1公司财务报表表2项目全投资现金流量表表3项目自有资金现金流量表表4项目分业态现金流量表表4-1商办现金流量表表4-2酒店现金流量表表4-3街区商业现金流量表表4-4会所现金流量表表4-5物管现金流量表表4-6代建劳务现金流量表表5全损益表表5-1销售损益表表5-2销售税费表表6持有物业估值表表7项目总投资估算表表7-1建安成本明细表（商业综合体）表7-2建安成本明细表（商业街）表7-3建安成本明细表（高层）表7-4建安成本明细表（小高层）表2、7-5建安成本明细表（普通多层）表7-6建安成本明细表（多层洋房）表7-7建安成本明细表（联排）表7-8建安成本明细表（双拼）表7-9建安成本明细表（独栋）表8项目分期投资估算表表9成本费用分摊表表10项目投资与资金筹措表表11资金来源与运用表表12贷款还本付息表表13盈亏平衡分析表14敏感性分析辅表1租售运营收入表辅表1-1租售单价辅表1-2租售指标辅表2商业租赁分析辅表2-1商业租赁台帐辅表2-2租金调研及租金确定辅表3折旧摊销估算表辅表4产品交付标准表辅表5项目公司组织架构辅表6工作流程图辅表7费项说明编编制制说说明明整整体体预预测测说说明明A1、本表适用于集团新项目（或收购项目）财务测3、算的统一格式。A2、本表填报的主要责任部门为财务部、发展部、业务部、合约部和规划设计部。其中项目节点计划需发展部汇总填报；总体规划指标和业态规划明细需规划设计部填报，产品、业态定位及租售数据由业务部填报，建造标准按业务、设计、合约、工程等相关的部门的讨论结果确定；报批报建费根据发展部提供的房地产前期税费一览表及当地优惠政策进行填写，具体项目可根据当地的政策自行增加或删减。开发间接费中的行政费用、资本化利息和期间费用，请财务部提供。如规划有酒店业态，请酒店管理公司填报运营数据。A3、本表以项目业态定位、总平方案及总体节点计划为预测依据。A4、第一级成本项目及其下的第二级成本项目为集团统一设定，第4、三级以下的成本项目可根据实际情况进行调整。A5、本表各业态面积按建筑面积口径，统计预测期为2010年-2025年（其中运营期15年）。分分类类预预测测说说明明-收收入入预预测测B1、本测算中出租商业收入预测将以-地区-商圈运营数据作为预测依据，同时参考周边其它零售业态（百货、购物中心）运营数据。B2、本测算中酒店收入预测将按-地区酒店平均业绩作为预测依据，同时参考当地商务、旅游市场和其它*星级酒店运营数据。B3、本测算中写字楼收入预测将以_地区写字楼当地平均租金水平、年平均增长率、出租率作为预测依据，同时结合集团招商情况进行调整。B4、本测算中住宅、公寓收入预测将以_地区住宅当地平均售价水平、5、年平均增长率、出租率作为预测依据，同时结合集团招商情况进行调整。B5、本测算中车位收入预测按项目周边车位平均租金水平、平均售价水平、年平均增长率、出租率作为预测依据。B6、本测算中物管收入预测将以地区物管收入调研数据为预测依据，同时参照当地物价部门物价批复等政策材料B7、本测算中代建项目劳务收入预测参照集团以往代建合同估算分分类类预预测测说说明明-成成本本费费用用预预测测C1、开发阶段成本费用C11、本项目开发阶段成本费用应按总平方案进行测算；C12、成本测算时应根据量价分离的原则进行计算，并注明量、价的计算思路。新项目或项目定位时的成本测算如无法细分时，可根据当地已结算的同类工程直接填写总价6、和单价，但应注明参考项目的成本情况。C13、项目规模较大或分期开发时，目标成本测算中的地价宜按各期或各产品类型的占地面积分摊（当期中的公共用地按各产品类型的可售面积比例分摊），以免因后期规划调整对已完工程的成本核算造成影响。C14、商业综合体和可销售的商铺如可独立核算，应作为独立的产品类型计算其开发成本和收益情况。其中开发成本需按各业态建筑面积比例进行分摊。C15、地面车库、地下车库、会所、学校有产权可销售时应作为独立的核算对象，单独计算其主体建安成本，并根据售价决定是否需要分摊其它六类公摊费用。如其不可售时，其建安成本应全部作为配套设施费全部摊销。C16、本表财务费用（资本化利息）将在酒店、7、办公和购物中心间按建筑面积比例进行分摊;资本化利息确认时间节点为项目竣工交付运营时间。C2、运营阶段成本费用C21、本表购物中心运营成本费用将由资产运营管理公司提供C22、本表酒店运营成本费用将由酒店管理公司提供；其中酒店机器设备、运输设备、电子设备按5年计提折旧，残值率5%C23、酒店翻新费用将作为长期待摊费用处理，摊销期5年C24、房产折旧费用、土地摊销费用将按酒店、办公和出租商业建筑面积比例进行分摊，折旧年限30年，平均年限法，残值率5%，年折旧率3%C25、成本分摊中土地费、基础设施工程费按占地面积分摊；其他公摊费用按建筑面积分摊；资本化利息按各业态实际发生额分摊C3、税费C31、本表8、营业税将按运营收入的5%计提C32、本表教育费附加和城市维护建设税将分别按营业税的4%和7%计提C33、本表出租商业办公物业的房产税将按租金收入的12%计提C34、本表印花税按不同物业的征收税率计提C35、本表酒店的房产税收入将按固定资产原值扣除30%后的余值的1.2%计提C36、本表不动产销售的土地增值税按预征率分年预提，待物业销售达到清算条件时进行清缴汇算C37、本项目所得税率为25%，分年预提，待销售物业部分待销售达到清算条件时进行清缴汇算C4、融资费用C41、本项目自有资金与贷款比例将根据集团项目整体投资与融资计划确定C42、本项目开发贷款利率以央行同期贷款基准利率上浮5个点为准总总体9、体规规划划指指标标表表昆昆山山金金鹰鹰天天地地 概概况况项目名称项目区位所属商圈项目定位规划业态商业、办公、酒店、住宅公寓、会所及公建配套项项目目总总体体指指标标用地性质商业居住总用地面积72,623 建设用地面积72,623 总建筑面积416,427建筑物占地面积31,199 代征面积-景观面积21,489建筑密度43%容积率4.20绿地率30%机动车位1,070 个地上机动车位30 个地下机动车位2,245建筑限高150 M综合体层街区商业多层洋房住宅层普通多层住宅层小高层住宅机动车位配建要求公共设施配套要求建筑间距、退红线及其他要求裙楼商业及地下商铺48,000 街区商业及地下商铺19,10、500 住宅底商-写字楼及配套40,000 酒店及配套29,600 住宅153,700裙楼商业-百货(代建)45,000 街区商业-百货(代建)-产权车位1,870 个人防及其他车位405 个可售商业1,200 可售办公-可售住宅153,700可租商业71,780 可租办公39,000 自营酒店28,000可售车位849 个可租车位1,283 个其他车位143地上建筑面积334,580 地下建筑面积81,847 自有商业建筑面积72,980 个非机动车位个层 别墅(独栋/双拼/联排)层层高层住宅层其他商业5,480 公建配套1,100 可售公建配套-不可租售及自营物业17,300 个业业态态规11、规划划明明细细表表序序号号地地块块建建筑筑名名称称地地上上/地地下下部部位位业业态态栋栋数数地地上上层层地地下下层层1S1+S2综合体地上裙楼商业-非百货110-商业-百货大堂-写字楼大堂-酒店大堂-公寓其他地上塔楼写字楼-20-酒店客房酒店配套公寓其他地下-商业-非百货-2商业-百货商业配套酒店配套车库-非百货车库-百货车库-公寓人防、辅房及其他小小计计1-2S1+S2商业街地上-商业-非百货63-商业-百货地下商业-非百货-1商业-百货车库-非百货车库-百货人防、辅房及其他租售中心地上-商业11-小小计计7-3住宅地上-独栋-车库地上-双拼-车库地上-联排-车库地上-多层洋房-地下车库-人12、防、辅房及其他地上-普通多层-底商地下车库-人防、辅房及其他地上-小高层-底商地下车库-人防、辅房及其他地上-高层540-底商地下车库-2人防、辅房及其他小小计计5-4S1+S2公建配套地上-会所14学校幼儿园居委会15消防站垃圾站配电房、变电站人防防护公交场站其他地下-地下车库人防、辅房及其他小小计计2-合合计计15-备注：1、单独建设的租售中心，其面积数据应单独在“租售中心”栏填报；裙楼商业、住宅底商、街区商业中设置租售中心的，其面积数据应归集到上述相关业态中，不单独填列2、单独建设的会所，其面积数据应单独在“会所”栏中填列；裙楼商业、街区商业中设置会所的，其面积数据应归集到上述相关业态中13、，不单独填列地下-铺铺位位数数/户户数数/客客房房数数占占地地面面积积 建建筑筑面面积积可可售售建建筑筑面面积积可可租租建建筑筑面面积积自自营营建建筑筑面面积积不不可可租租售售建建筑筑面面积积可可售售套套内内面面积积可可租租套套内内面面积积10,28046,00046,00027,60040,00040,00024,000-1,0001,000800800-39,00039,00029,25020012,00012,00016,00016,000-2,0002,0001,000-480480-80080026,73426,7349,1665,0005,0001,714-6,1926,1922014、010,280196,00645,000113,73428,0009,27225,71467,0166,50019,50019,50014,625-3,9983,9981,371-7807808001,2001,2001,080-7,30025,4781,20023,498-7801,08015,996-业业态态规规划划明明细细表表-1,0253,600153,700153,700-115,275-29,71529,715-10,1886,148-6,1481,0253,600189,563183,415-6,148125,463-1,0704,2804,280-2,9962501,1001,15、100-1,3205,380-4,280-1,100-2,996-22,500416,427229,615141,51228,00017,300152,25786,008416,427416,427自有物业建筑面积371,427可售物业（除可售车位）面积199,9001、单独建设的租售中心，其面积数据应单独在“租售中心”栏填报；裙楼商业、住宅底商、街区商业中设置租售中心的，其面积数据应归集到上述相关业态中，不单独填列2、单独建设的会所，其面积数据应单独在“会所”栏中填列；裙楼商业、街区商业中设置会所的，其面积数据应归集到上述相关业态中，不单独填列-自自营营套套内内面面积积精精装装修修面面积积车16、车位位（个个）可可售售车车位位（个个）可可租租车车位位（个个）其其他他车车位位（个个）产产权权车车位位（个个）人人防防车车位位（个个）其其他他车车位位（个个）9,200-1,000800-7,800-9,00012,00012,00016,000-4001,084-941143907177-21,00047,2001,084-941143907177-3,900-137-137-11422-1,200-5,100137-137-11422-30,740-1,025849176-849176-30,7401,025849176-849176-1,284303030-1,28430-30-302117、,00084,3242,2758491,2831431,870375302,2752,2752,275-车车位位公公摊摊面面积积（/个个）车车位位配配比比地地上上/地地下下比比例例非非机机动动车车位位(个个)350.007-100.0%350.007-100.0%350.007-350.02100.0%-350.02100.0%-350.02100.0%-350.02100.0%-350.0115.0%-85.0%350.0115.0%-85.0%350.01-100.0%-3585.0%财财务务运运营营指指标标表表项项目目整整体体财财务务指指标标总投资开发成本336201万元293091万元18、1所得税前财务内部收益率(FIRR)动态投资回收期12.95%15.21年所得税后财务内部收益率(FIRR)动态投资回收期7.61%15.75年营业利润率营业净利率40.7%22.2%2销销售售物物业业财财务务指指标标所得税前财务内部收益率(FIRR)动态投资回收期58.5%3.10年所得税后财务内部收益率(FIRR)动态投资回收期47.7%3.17年销售毛利率销售净利率80.9%51.2%3持持有有物物业业估估值值 (评评估估基基准准日日:2025.12.31,收收益益法法)综合体商业综合体写字楼评估值107848万元43525万元评估增值率173.3%30.7%街区商业街区商业车位评估值519、4585万元2814万元评估增值率105.8%67.4%4代代建建物物业业估估值值(成成本本法法)百货-裙楼商业百货-街区商业评估值37844万元0万元5运运营营物物业业财财务务指指标标序序号号指指标标合合计计2010A2011E2012E2013E2014E2015E持持有有物物业业EBITDA 66,075-1911395401,279商业写字楼39,544-47126249739酒店9,857-(143)45156街区商业13,497-143157204321会所3,177-42626公公司司财财务务指指标标序序号号指指标标合合计计2010A2011E2012E2013E2014E20120、5E成成长长指指标标营业收入增长率-3556.8%(93.5%)8.6%7.5%营业利润增长率-10605.5%(104.3%)(181.5%)(179.8%)归属于母公司利润-7954.1%(105.7%)(181.5%)(179.8%)获获利利指指标标毛利率149.8%-157.7%140.9%169.9%167.4%净利率32.2%-(11.8%)26.0%(22.7%)(17.0%)销售现金比率-778.4%23.2%9.6%1.5%ROEROIC偿偿债债能能力力资产负债率69.2%81.0%66.3%16.5%19.1%19.2%净负债率(产权比率)224.9%426.8%196.821、%19.7%23.6%23.8%流动比例-1.72-速动比例-0.83-现金流动负债比-0.69-现金债务总额比-0.311.600.040.01营营运运能能力力总资产周转率-3.5%104.0%7.2%7.7%应收账款周转率应付账款周转率7项项目目开开发发运运营营指指标标序序号号指指标标合合计计2010A2011E2012E2013E2014E2015E开工面积371,427364,847-1,2005,380-在建面积364,847364,847189,5636,580-竣工面积371,427-175,284196,143-累计竣工面积-175,284371,427371,427371,422、27交付管理面积370,947-24,278150,526196,143-累计交付管理面积-24,278174,804370,947370,947370,947物物业业销销售售签签约约面面积积154,900-61,48093,420-商业1,200-1,200-写字楼-住宅153,700-61,48092,220-其他-物物业业已已结结算算面面积积154,900-154,900-商业1,200-1,200-写字楼-住宅153,700-153,700-其他-物物业业招招商商签签约约面面积积97,655-52,35031,87510,0553,375-商业68,405-34,80020,1751023、,0553,375-写字楼29,250-17,55011,700-物物业业运运营营面面积积-76,50084,22594,28097,655商业-49,20054,97565,03068,405写字楼-27,30029,25029,25029,250酒店-车位销售签约数(个)849-509340-车位已结算数(个)849-849-车位出租数(个)-6538309401,0118项项目目收收入入指指标标序序号号指指标标合合计计2010A2011E2012E2013E2014E2015E签签约约金金额额(万万元元)306,7761,265-108,451187,5049,556-预预收收款款(万万24、元元)716,1842532,124108,978211,69532,50422,855结结算算收收入入(万万元元)716,184-8,835323,09221,03922,855营销管理费用(开发)资本化利息22974万元20135万元财务净现值(FNPV)107121万元财务净现值(FNPV)17733万元投资利润率投资净利率96.7%52.7%财务净现值(FNPV)108211万元财务净现值(FNPV)62272万元盈亏平衡均价（元/）盈亏平衡面积（）盈亏平衡比例1078812035365.2%综合体酒店综合体车位79334万元19998万元14.8%17.6%会所会所车位13748万元25、0万元265.1%-2016E2017E2018E2019E2020E2021E2022E2023E2024E1,7802,4653,7945,0905,5316,9947,8578,43310,4491,0371,5052,3173,1163,3394,2484,7155,0286,2272433385347458591,1151,2601,3341,6254075097771,0011,0821,3271,5081,6522,07292113166228251305374419525财财务务运运营营指指标标表表2016E2017E2018E2019E2020E2021E2022E2023E26、2024E6.4%6.6%8.4%7.0%6.6%7.9%6.6%6.7%7.1%(176.2%)(275.5%)(167.8%)(174.7%)(114.4%)299.6%81.1%84.5%45.2%(176.2%)(275.5%)(167.8%)(174.7%)(114.4%)199.7%81.1%84.5%5351.1%165.6%164.0%159.9%156.8%157.1%154.5%153.7%153.7%150.7%(12.6%)(9.0%)(14.9%)(9.3%)(6.5%)(0.9%)2.4%4.1%7.2%4.6%7.3%10.6%14.2%15.5%19.7%21.27、6%22.1%24.0%19.1%18.7%21.4%20.4%19.2%17.2%14.7%15.5%12.3%23.7%23.1%27.2%25.7%23.8%20.8%17.3%18.3%14.0%-0.020.040.050.070.090.140.200.190.298.4%9.1%9.5%10.2%11.2%12.3%13.6%14.2%14.8%2016E2017E2018E2019E2020E2021E2022E2023E2024E-371,427371,427371,427371,427371,427371,427371,427371,427371,427-370,9473728、0,947370,947370,947370,947370,947370,947370,947370,947-97,65597,65597,65597,65597,65597,655125,655125,655125,65568,40568,40568,40568,40568,40568,40568,40568,40568,40529,25029,25029,25029,25029,25029,25029,25029,25029,250-28,00028,00028,000-1,0201,0201,0201,0671,0671,0671,0671,0671,0672016E2017E2018E29、2019E2020E2021E2022E2023E2024E-24,57926,15027,88930,23332,35534,50137,23739,68842,35124,57926,15027,88930,23332,35534,50137,23739,68842,3512025E11,5336,8511,7452,3366022025E2025E-371,427-370,947-125,65568,40529,25028,000-1,0762025E-42,79245,379开开竣竣工工面面积积表表序序号号指指标标合合计计2010A2011E1Q2Q3Q4Q1Q2Q1开开工工面面积积(30、)371,427-189,563175,284-商业-综合体151,006151,006商业-街区商业24,27824,278住宅及底商189,563189,563其他6,5802在在建建面面积积()-189,563364,847364,847364,847364,847商业-综合体151,006151,006151,006151,006商业-街区商业24,27824,27824,27824,278住宅及底商189,563189,563189,563189,563189,563其他3竣竣工工面面积积()371,427-商业-综合体151,006商业-街区商业24,278住宅及底商189,56331、其他6,5804累累计计竣竣工工面面积积()-商业-综合体-商业-街区商业-住宅及底商-其他-5交交付付管管理理面面积积()371,427-综合体151,006街区商业24,278住宅及底商189,563其他6,5806累累计计交交付付管管理理面面积积()-综合体-街区商业-住宅及底商-其他-2012E2013E3Q4Q1Q2Q3Q4Q1Q2Q3Q-1,200-5,380-1,2005,380364,847364,847364,847364,847364,847189,563189,563196,143196,143151,006151,006151,006151,006151,00624,232、7824,27824,27824,27824,278189,563189,563189,563189,563189,563189,563189,563189,563189,5636,5806,580-24,278-151,006-75,825151,00624,27875,825-24,27824,278175,284175,284175,284175,284251,109-151,006151,006151,006151,006151,006-24,27824,27824,27824,27824,27824,27824,278-75,825-24,278-81,72640,00028,80033、-56,86981,72640,00028,80024,27856,869-24,27824,278106,004146,004174,804174,804174,804231,673-81,726121,726150,526150,526150,526150,526-24,27824,27824,27824,27824,27824,27824,27824,278-56,869-2011E2014E2015E4Q1Q2Q3Q4Q1Q2Q3Q4Q-6,580-6,580120,318-113,7386,580371,427371,427371,427371,427371,427371,4273734、1,427371,427371,427151,006151,006151,006151,006151,006151,006151,006151,006151,00624,27824,27824,27824,27824,27824,27824,27824,27824,278189,563189,563189,563189,563189,563189,563189,563189,563189,5636,5806,5806,5806,5806,5806,5806,5806,5806,580139,274-132,6946,580370,947370,947370,947370,947370,947335、70,947370,947370,947370,947150,526150,526150,526150,526150,526150,526150,526150,526150,52624,27824,27824,27824,27824,27824,27824,27824,27824,278189,563189,563189,563189,563189,563189,563189,563189,563189,5636,5806,5806,5806,5806,5806,5806,5806,5806,580开开竣竣工工面面积积表表2016E2017E2018E1Q2Q3Q4Q1Q2Q3Q4Q1Q-3736、1,427371,427371,427371,427371,427371,427371,427371,427371,427151,006151,006151,006151,006151,006151,006151,006151,006151,00624,27824,27824,27824,27824,27824,27824,27824,27824,278189,563189,563189,563189,563189,563189,563189,563189,563189,5636,5806,5806,5806,5806,5806,5806,5806,5806,580-370,947370,9437、7370,947370,947370,947370,947370,947370,947370,947150,526150,526150,526150,526150,526150,526150,526150,526150,52624,27824,27824,27824,27824,27824,27824,27824,27824,278189,563189,563189,563189,563189,563189,563189,563189,563189,5636,5806,5806,5806,5806,5806,5806,5806,5806,5802019E2020E2Q3Q4Q1Q2Q3Q4Q138、Q2Q-371,427371,427371,427371,427371,427371,427371,427371,427371,427151,006151,006151,006151,006151,006151,006151,006151,006151,00624,27824,27824,27824,27824,27824,27824,27824,27824,278189,563189,563189,563189,563189,563189,563189,563189,563189,5636,5806,5806,5806,5806,5806,5806,5806,5806,580-370,94739、370,947370,947370,947370,947370,947370,947370,947370,947150,526150,526150,526150,526150,526150,526150,526150,526150,52624,27824,27824,27824,27824,27824,27824,27824,27824,278189,563189,563189,563189,563189,563189,563189,563189,563189,5636,5806,5806,5806,5806,5806,5806,5806,5806,5802018E2021E2022E3Q4Q40、1Q2Q3Q4Q1Q2Q3Q-371,427371,427371,427371,427371,427371,427371,427371,427371,427151,006151,006151,006151,006151,006151,006151,006151,006151,00624,27824,27824,27824,27824,27824,27824,27824,27824,278189,563189,563189,563189,563189,563189,563189,563189,563189,5636,5806,5806,5806,5806,5806,5806,5806,5806,41、580-370,947370,947370,947370,947370,947370,947370,947370,947370,947150,526150,526150,526150,526150,526150,526150,526150,526150,52624,27824,27824,27824,27824,27824,27824,27824,27824,278189,563189,563189,563189,563189,563189,563189,563189,563189,5636,5806,5806,5806,5806,5806,5806,5806,5806,5802020E20242、3E2024E4Q1Q2Q3Q4Q1Q2Q3Q4Q-371,427371,427371,427371,427371,427371,427371,427371,427371,427151,006151,006151,006151,006151,006151,006151,006151,006151,00624,27824,27824,27824,27824,27824,27824,27824,27824,278189,563189,563189,563189,563189,563189,563189,563189,563189,5636,5806,5806,5806,5806,5806,580643、,5806,5806,580-370,947370,947370,947370,947370,947370,947370,947370,947370,947150,526150,526150,526150,526150,526150,526150,526150,526150,52624,27824,27824,27824,27824,27824,27824,27824,27824,278189,563189,563189,563189,563189,563189,563189,563189,563189,5636,5806,5806,5806,5806,5806,5806,5806,5806,44、5802025E1Q2Q3Q4Q-371,427371,427371,427371,427151,006151,006151,006151,00624,27824,27824,27824,278189,563189,563189,563189,5636,5806,5806,5806,580-370,947370,947370,947370,947150,526150,526150,526150,52624,27824,27824,27824,278189,563189,563189,563189,5636,5806,5806,5806,580项项目目分分期期开开发发节节点点计计划划表表序序号号45、计计划划节节点点进展一一期期进展产品高层住宅及公建配套开发面积194,943工期开始时间完成时间1项目取得已结束52009/10/152009/10/19设计报批、四证办理已结束2422009/12/222010/8/20项目开工已结束752010/6/152010/8/28项目出正负零241232010/8/292010/12/29裙楼封顶主楼封顶未开始3982010/12/302012/1/31外幕墙、机电安装未开始2292012/2/152012/9/30室内粗装修未开始1692012/6/152012/11/30室内精装修未开始2452012/5/12012/12/31基础设施未开始146、672012/12/152013/5/30景观绿化预售许可证未开始602012/4/12012/5/30租售中心、样板房接待未开始2132012/1/12012/7/31公建配套未开始1522013/6/12013/10/30竣工验收未开始1242013/5/152013/9/15项目交付未开始1392013/8/152013/12/314.22年3421,5392009/10/152013/12/312住宅销售未开始3652012/9/12013/8/31住宅底商销售可售车位销售未开始2422013/9/12014/4/30会所销售租售中心销售其他物业销售1.66年未开始6072012/9/47、12014/4/303会所招商、开业未开始1192013/9/12013/12/28租售中心招商、开业可租车位出租2013/10/10.33年未开始1192013/9/12013/12/28序序号号计计划划节节点点进展一一期期进展业态商业综合体开发面积196,006工期开始时间完成时间1项目取得已结束52009/10/152009/10/19设计报批、四证办理已结束2732009/12/222010/9/20项目开工52892010/8/12010/10/28项目出正负零未开始1232010/10/292011/2/28裙楼封顶未开始1222011/3/12011/6/30外幕墙、机电安装未开48、始1542011/7/152011/12/15室内粗装修未开始1082011/8/152011/11/30公共部位精装修未开始932011/10/152012/1/15室内精装修主楼封顶未开始1702011/7/152011/12/31外幕墙、机电安装未开始1222012/1/152012/5/15室内粗装修未开始1072012/3/12012/6/15公共部位精装修未开始1072012/4/152012/7/30室内精装修未开始2442012/4/12012/11/30基础设施未开始1232012/1/302012/5/31景观绿化预售许可证未开始592012/1/12012/2/28租售中49、心、样板房接待竣工验收未开始922012/6/12012/8/31项目交付未开始1212012/9/12012/12/303.21年3421,1732009/10/152012/12/302综合体商业招商、开业未开始4552011/4/12012/6/28综合体写字楼招商、开业未开始5492011/4/12012/9/30综合体酒店筹备、开业未开始2012012/6/12012/12/18可租车位出租2012/3/281.72年未开始6282011/4/12012/12/183综合体公寓销售综合体商业销售综合体写字楼销售可售车位销售序序号号计计划划节节点点进展一一期期进展业态街区商业开发面积250、5,478工期开始时间完成时间1项目取得已结束52009/10/152009/10/19设计报批、四证办理已结束2732009/12/222010/9/20项目开工52892010/8/12010/10/28项目出正负零未开始952010/10/292011/1/31主体封顶未开始892011/2/12011/4/30外幕墙、机电安装未开始932011/5/152011/8/15室内粗装修未开始782011/6/152011/8/31公共部位精装修未开始482011/7/152011/8/31基础设施未开始912011/9/12011/11/30景观绿化预售许可证租售中心、样板房接待竣工验收未51、开始1192011/12/12012/3/28项目交付未开始642012/3/292012/5/3112.63年3429602009/10/152012/5/312商业街区招商、开业未开始3842010/11/302011/12/18可租车位出租2011/12/181.05年3842010/11/302011/12/183商业街区销售可售车位销售序序号号计计划划节节点点进展一一期期进展业态单体写字楼开发面积工期开始时间完成时间1项目取得设计报批、四证办理项目开工项目出正负零主体封顶外幕墙、机电安装室内粗装修公共部位精装修基础设施和景观绿化预售许可证租售中心、样板房接待竣工验收项目交付2单体写字52、楼招商、开业可租车位出租3单体写字楼销售可售车位销售序序号号计计划划节节点点进展一一期期进展业态单体酒店开发面积工期开始时间完成时间1项目取得设计报批、四证办理项目开工项目出正负零主体封顶外幕墙、机电安装室内粗装修室内精装修基础设施和景观绿化预售许可证租售中心、样板房接待竣工验收项目交付2单体酒店筹备、开业可租车位出租1二二期期进展三三期期产品产品开发面积开发面积工期开始时间完成时间工期开始时间完成时间二二期期进展三三期期业态业态开发面积开发面积工期开始时间完成时间工期开始时间完成时间项项目目分分期期开开发发节节点点计计划划表表二二期期进展三三期期业态业态开发面积开发面积工期开始时间完成时间工53、期开始时间完成时间二二期期进展三三期期业态业态开发面积开发面积工期开始时间完成时间工期开始时间完成时间二二期期进展三三期期业态业态开发面积开发面积工期开始时间完成时间工期开始时间完成时间进展四四期期进展五五期期产品产品开发面积开发面积工期开始时间完成时间工期开始时间完成时间进展四四期期进展五五期期业态业态开发面积开发面积工期开始时间完成时间工期开始时间完成时间进展四四期期进展五五期期业态业态开发面积开发面积工期开始时间完成时间工期开始时间完成时间进展四四期期进展五五期期业态业态开发面积开发面积工期开始时间完成时间工期开始时间完成时间进展四四期期进展五五期期业态业态开发面积开发面积工期开始时间完54、成时间工期开始时间完成时间进展六六期期产品开发面积工期开始时间完成时间进展六六期期产品开发面积工期开始时间完成时间进展六六期期业态开发面积工期开始时间完成时间进展六六期期业态开发面积工期开始时间完成时间进展六六期期业态开发面积工期开始时间完成时间 公公司司财财务务报报表表损损益益表表序序号号科科目目合合计计2010A2011E2012E2013E2014E2015E1营营业业收收入入716,184-8,835323,09221,03922,8552营营业业成成本本(356,925)-(5,095)(132,271)(14,704)(15,406)销售结算成本(119,806)-(119,80655、)-运营成本及费用(237,119)-(5,095)(12,466)(14,704)(15,406)3营业税金及附加(38,107)-(374)(17,851)(1,072)(1,170)房产税(38,295)-(692)(1,703)(1,964)(2,132)印花税(557)-(6)(103)(14)(15)土地增值税(50,729)-(50,729)-管理费用(79,735)-(1,687)(4,132)(4,235)(4,235)财务费用(51,519)-(2,023)(4,763)(3,823)(3,786)4加加：公公允允价价值值变变动动损损益益-加加：投投资资收收益益-5营营业业56、利利润润100,316-(1,042)111,538(4,772)(3,889)营业利润率14.0%-(11.8%)34.5%(22.7%)(17.0%)加：营业外收入321,854减：营业外损失-6利利润润总总额额422,170-(1,042)111,538(4,772)(3,889)减：所得税(191,857)-(27,624)-7净净利利润润230,313-(1,042)83,914(4,772)(3,889)净利润率32.2%-(11.8%)26.0%(22.7%)(17.0%)少数所有者权益-扣除少数所有者权益后的净利润230,313-(1,042)83,914(4,772)(3,857、89)8盈盈余余公公积积(25,486)-(8,391)-可可供供分分配配利利润润204,828-(1,042)75,523(4,772)(3,889)累累计计未未分分配配利利润润-(1,042)74,48169,70865,819股息支付-少数所有者权益比例-股息支付率-普通股股本（万股）-每股收益（元/股)-市盈率（倍)每股净资产（元/股)-市净率（倍）资资产产负负债债表表序序号号科科目目合合计计2010A2011E2012E2013E2014E2015E现金1,75050,45083,073126,042147,648147,672应收账款-应收内部公司款项(3308.HK）-应收第三方58、商家款项其他流动资产开发产品期初值-31,17557,48089,666(8,806)(0)本期新增开发产品成本31,17526,30632,18521,3358,806-减：本期开发产品结算成本-(119,806)-开发产品期末值31,17557,48089,666(8,806)(0)(0)所得税资产-税务资产小计-流动性资产小计32,924107,930172,739117,236147,648147,672在建工程46,53156,07947,43115,77823-固定资产原值-118,621155,318154,951150,716 减：固定资产折旧-(1,687)(4,132)(459、,235)(4,235)固定资产净值-116,934151,186150,716146,482其他非流动资产非流动性资产小计46,53156,079164,365166,964150,740146,482总总资资产产合合计计79,455164,009337,104284,200298,388294,153短期借款-应付账款-应付内部公司款项(3308.HK）-应付第三方商家款项应付股利-其他流动负债营业税/房产税/印花税负债土地增值税负债所得税负债税务负债小计-预售款期初值-100,317(11,364)0本期预售款305,511-100,317193,83011,364-减：本期确认收入(360、05,511)-(305,511)-预售款期末值-100,317(11,364)00流动性负债小计-100,317(11,364)00长期贷款55,000132,876123,19458,16456,93256,586其他长期负债-非流动性负债小计55,000132,876123,19458,16456,93256,586负负债债合合计计55,000132,876223,51146,80056,93256,586少数股东权益-股东资本24,45531,13331,13331,13331,13331,133资本注入-83,501123,395132,224132,224公积金-8,3918,3961、18,391未分配利润-(1,042)74,48169,70865,819所所有有者者权权益益小小计计24,45531,133113,592237,400241,456237,567负负债债与与所所有有者者权权益益合合计计79,455164,009337,104284,200298,388294,153CHECK TRUETRUETRUETRUETRUETRUE-现现金金流流量量表表序序号号科科目目合合计计2010A2011E2012E2013E2014E2015E净净利利润润-(1,042)83,914(4,772)(3,889)加：折旧-1,2193,3673,4093,409 摊销-4662、8765825825应收帐款及其他流动资产变动-开发产品账面值变动(31,175)(26,306)(32,185)98,471(8,806)-预售款变动-100,317(111,681)11,364-税务资产/负债变动-其它流动负债变动-其它负债变动-运运营营现现金金流流(31,175)(26,306)68,77774,8362,020345借款/（还款）55,00077,876(9,682)(65,030)(1,232)(345)资本金投入24,4556,67883,50139,8938,829-股息所得-股息支付-其他融资成本-融融资资现现金金流流79,45584,55473,819(2563、,137)7,597(345)资本性花费(46,531)(9,548)(109,973)(6,731)11,99023固定资产报废残值处置收益投投资资现现金金流流(46,531)(9,548)(109,973)(6,731)11,99023净净现现金金流流1,75048,70032,62342,96821,60723现金盈余/（资金投入）Ending cash position1,75050,45083,073126,042147,648147,6722783.6%64.7%51.7%17.1%0.0%2016E2017E2018E2019E2020E2021E2022E2023E2024E264、4,57926,15027,88930,23332,35534,50137,23739,68842,351(16,128)(16,740)(16,712)(17,168)(18,490)(18,790)(19,984)(21,312)(21,488)-(16,128)(16,740)(16,712)(17,168)(18,490)(18,790)(19,984)(21,312)(21,488)(1,257)(1,342)(1,437)(1,558)(1,674)(1,791)(1,933)(2,067)(2,212)(2,253)(2,389)(2,659)(2,838)(3,019)(3,265、03)(3,411)(3,757)(4,010)(16)(17)(19)(20)(22)(23)(25)(27)(29)-(4,235)(4,265)(7,115)(7,115)(7,115)(7,115)(7,145)(7,115)(7,115)(3,795)(3,760)(4,098)(4,349)(4,137)(3,883)(3,527)(3,218)(3,453)(3,105)(2,365)(4,151)(2,814)(2,101)(303)1,2112,1934,045(12.6%)(9.0%)(14.9%)(9.3%)(6.5%)(0.9%)3.3%5.5%9.6%(3,105)(66、2,365)(4,151)(2,814)(2,101)(303)1,2112,1934,045-(303)(548)(1,011)(3,105)(2,365)(4,151)(2,814)(2,101)(303)9081,6453,033(12.6%)(9.0%)(14.9%)(9.3%)(6.5%)(0.9%)2.4%4.1%7.2%-(3,105)(2,365)(4,151)(2,814)(2,101)(303)9081,6453,033-(91)(164)(303)(3,105)(2,365)(4,151)(2,814)(2,101)(303)8171,4802,73062,71460,367、4956,19953,38551,28350,98051,79853,27856,008-公公司司财财务务报报表表-2016E2017E2018E2019E2020E2021E2022E2023E2024E147,672147,022153,495153,495153,495153,495152,845164,641164,641(0)(0)(0)(0)(0)(0)(0)(0)(0)-(0)(0)(0)(0)(0)(0)(0)(0)(0)-147,672147,022153,495153,495153,495153,495152,845164,641164,641-146,482142,89768、153,032145,917138,803131,688125,224132,478125,364(4,235)(4,265)(7,115)(7,115)(7,115)(7,115)(7,145)(7,115)(7,115)142,247138,632145,917138,803131,688124,574118,078125,364118,249142,247138,632145,917138,803131,688124,574118,078125,364118,249289,919285,654299,413292,298285,184278,069270,924290,005282,8969、1-000000000-00000000000000000055,45753,55664,06659,76554,75247,94139,88744,92434,776-55,45753,55664,06659,76554,75247,94139,88744,92434,77655,45753,55664,06659,76554,75247,94139,88744,92434,776-31,13331,13332,05932,05932,05932,05932,05932,66332,663132,224132,224138,697138,697138,697138,697138,69715070、,493150,4938,3918,3918,3918,3918,3918,3918,4828,6478,95062,71460,34956,19953,38551,28350,98051,79853,27856,008234,462232,097235,347232,533230,431230,128231,037245,081248,115289,919285,654299,413292,298285,184278,069270,924290,005282,891TRUETRUETRUETRUETRUETRUETRUETRUETRUE-2016E2017E2018E2019E2020E2071、21E2022E2023E2024E(3,105)(2,365)(4,151)(2,814)(2,101)(303)9081,6453,0333,4093,4406,2896,2896,2896,2896,3206,2896,289825825825825825825825825825-1,1291,9012,9644,3015,0136,8118,0548,75910,148(1,129)(1,901)10,510(4,301)(5,013)(6,811)(8,054)5,037(10,148)-7,400-12,400-(1,129)(1,901)17,910(4,301)(5,013)(72、6,811)(8,054)17,437(10,148)-(650)(14,400)-(650)(14,400)-(650)(14,400)-(650)(14,400)-0(650)6,4740(0)(0)(650)11,7960147,672147,022153,495153,495153,495153,495152,845164,641164,641-(0.4%)4.4%-(0.4%)7.7%0.0%2025E45,379(22,636)-(22,636)(2,368)(4,264)(220)-(7,115)(2,904)5,87212.9%321,854327,726(162,371)1673、5,355364.4%-165,355(16,536)148,820204,828-2025E302,335(0)-(0)-302,335-118,249(7,115)111,135111,135413,470-0-00-0-32,663150,49325,486204,828413,470413,470TRUE-2025E165,3556,289825-172,470(34,776)-(34,776)-137,694302,335全全投投资资现现金金流流量量表表租金售价变动系数-土地成本变动系数-其他开发投资成本变动系数-运营成本变动系数-序序号号科科目目合合计计2010A2011E201274、E2013E2014E2015E1 1现现金金流流入入1,038,0382532,124108,978211,69532,50422,855预收款716,1842532,124108,978211,69532,50422,855持有物业转售收入321,8542 2现现金金流流出出(880,829)(78,964)(85,473)(96,427)(141,450)(27,449)(18,724)开发建设投资(含资本化利息)(295,365)(78,964)(85,473)(82,656)(39,443)(8,829)-土地成本(39,913)(39,913)-其他开发投资成本(除土地外)(25575、,452)(39,051)(85,473)(82,656)(39,443)(8,829)-酒店资本性支出(28,800)-运营付现成本费用(237,119)-(5,095)(12,466)(14,704)(15,406)营业税金及附加(38,107)-(5,942)(11,653)(1,703)(1,170)房产税(38,295)-(692)(1,703)(1,964)(2,132)印花税(557)-(36)(70)(17)(15)土地增值税(50,729)-(2,006)(48,492)(231)-所得税(191,857)-(27,624)-3所所得得税税后后净净现现金金流流量量157,2076、9(78,711)(83,349)12,55170,2445,0554,132*折现率6.24%*折现系数1.000.940.890.830.790.744所所得得税税后后折折现现净净现现金金流流量量17,733(78,711)(78,456)11,12058,5853,9693,053*累计所得税后净现金流量(78,711)(162,060)(149,509)(79,265)(74,210)(70,078)*累计所得税后折现净现金流量(78,711)(157,167)(146,046)(87,462)(83,493)(80,440)5所所得得税税前前净净现现金金流流量量349,066(78,77、711)(83,349)12,55197,8685,0554,1326所所得得税税前前折折现现净净现现金金流流量量107,121(78,711)(78,456)11,12081,6233,9693,053*累计所得税前净现金流量(78,711)(162,060)(149,509)(51,641)(46,586)(42,454)*累计所得税前折现净现金流量(78,711)(157,167)(146,046)(64,423)(60,454)(57,401)计算指标：所得税前所得税后 财务内部收益率（FIRR）12.95%7.61%静态投资回收期（年）14.9615.09 动态投资回收期（年）15.78、2115.75 财务净现值（FNPV,万元）107,12117,7332016E2017E2018E2019E2020E2021E2022E2023E2024E24,57926,15027,88930,23332,35534,50137,23739,68842,35124,57926,15027,88930,23332,35534,50137,23739,68842,351(19,654)(20,489)(35,227)(21,584)(23,205)(23,807)(25,656)(42,111)(28,751)-(14,400)-(14,400)-(16,128)(16,740)(16,779、12)(17,168)(18,490)(18,790)(19,984)(21,312)(21,488)(1,257)(1,342)(1,437)(1,558)(1,674)(1,791)(1,933)(2,067)(2,212)(2,253)(2,389)(2,659)(2,838)(3,019)(3,203)(3,411)(3,757)(4,010)(16)(17)(19)(20)(22)(23)(25)(27)(29)-(303)(548)(1,011)4,9255,661(7,338)8,6499,15010,69411,581(2,423)13,6010.700.650.620.58080、.550.510.480.460.433,4253,706(4,522)5,0184,9965,4975,603(1,104)5,830(65,154)(59,493)(66,831)(58,182)(49,032)(38,338)(26,757)(29,180)(15,579)(77,015)(73,309)(77,831)(72,813)(67,817)(62,320)(56,717)(57,820)(51,990)4,9255,661(7,338)8,6499,15010,69411,884(1,875)14,6123,4253,706(4,522)5,0184,9965,4975,7581、0(854)6,264全全投投资资现现金金流流量量表表(37,530)(31,869)(39,207)(30,558)(21,408)(10,714)1,170(705)13,907(53,976)(50,270)(54,792)(49,775)(44,778)(39,281)(33,532)(34,386)(28,122)2025E364,64642,792321,854(191,858)-(22,636)(2,368)(4,264)(220)-(162,371)172,7880.4069,723157,20917,733335,159135,243349,066107,121自自有有资资金82、金现现金金流流量量表表序序号号科科目目合合计计2010A2011E2012E2013E1 1现现金金流流入入1,038,0382532,124108,978211,695预收款716,1842532,124108,978211,695持有物业转售收入321,8542 2现现金金流流出出(955,476)(27,722)(16,821)(114,968)(214,553)自有资金(183,157)(24,455)(6,678)(83,501)(39,893)运营付现成本费用(237,119)-(5,095)(12,466)营业税金及附加(38,107)-(5,942)(11,653)房产税(3883、,295)-(692)(1,703)印花税(557)-(36)(70)土地增值税(50,729)-(2,006)(48,492)借款本金归还(144,000)-(2,124)(9,682)(65,030)财务费用-资本化利息(20,135)(3,267)(8,019)(5,991)(2,859)财务费用-运营财务费用(51,519)-(2,023)(4,763)所得税(191,857)-(27,624)3所所得得税税后后净净现现金金流流量量82,562(27,469)(14,697)(5,991)(2,859)*折现率6.24%*折现系数1.000.940.890.834所所得得税税后后折折现84、现净净现现金金流流量量4,677(27,469)(13,834)(5,308)(2,384)*累计所得税后净现金流量(27,469)(42,166)(48,156)(51,015)*累计所得税后折现净现金流量(27,469)(41,303)(46,611)(48,995)5所所得得税税前前净净现现金金流流量量274,419(27,469)(14,697)(5,991)24,7656所所得得税税前前折折现现净净现现金金流流量量94,065(27,469)(13,834)(5,308)20,655*累计所得税前净现金流量(27,469)(42,166)(48,156)(23,391)*累计所得税前85、折现净现金流量(27,469)(41,303)(46,611)(25,956)计算指标：所得税前所得税后 财务内部收益率（FIRR）16.79%6.91%静态投资回收期（年）15.0815.39 动态投资回收期（年）15.2215.91 财务净现值（FNPV,万元）94,0654,6772014E2015E2016E2017E2018E2019E2020E2021E2022E32,50422,85524,57926,15027,88930,23332,35534,50137,23732,50422,85524,57926,15027,88930,23332,35534,50137,237(3286、,504)(22,855)(24,579)(26,150)(28,815)(30,233)(32,355)(34,501)(37,237)(8,829)-(7,400)-(14,704)(15,406)(16,128)(16,740)(16,712)(17,168)(18,490)(18,790)(19,984)(1,703)(1,170)(1,257)(1,342)(1,437)(1,558)(1,674)(1,791)(1,933)(1,964)(2,132)(2,253)(2,389)(2,659)(2,838)(3,019)(3,203)(3,411)(17)(15)(16)(17)(87、19)(20)(22)(23)(25)(231)-(1,232)(345)(1,129)(1,901)3,510(4,301)(5,013)(6,811)(8,054)-(3,823)(3,786)(3,795)(3,760)(4,098)(4,349)(4,137)(3,883)(3,527)-(303)-(926)-0.790.740.700.650.620.580.550.510.48-(571)-(51,015)(51,015)(51,015)(51,015)(51,942)(51,942)(51,942)(51,942)(51,942)(48,995)(48,995)(48,995)88、(48,995)(49,566)(49,566)(49,566)(49,566)(49,566)-(926)-303-(571)-146(23,391)(23,391)(23,391)(23,391)(24,317)(24,317)(24,317)(24,317)(24,015)(25,956)(25,956)(25,956)(25,956)(26,527)(26,527)(26,527)(26,527)(26,381)自自有有资资金金现现金金流流量量表表2023E2024E2025E39,68842,351364,64639,68842,35142,792321,854(40,292)(4289、,351)(229,539)(12,400)-(21,312)(21,488)(22,636)(2,067)(2,212)(2,368)(3,757)(4,010)(4,264)(27)(29)(220)-3,037(10,148)(34,776)-(3,218)(3,453)(2,904)(548)(1,011)(162,371)(604)-135,1080.460.430.40(275)-54,518(52,546)(52,546)82,562(49,841)(49,841)4,677(56)1,011297,478(25)433120,038(24,071)(23,059)274,41990、(26,406)(25,973)94,065分分业业态态现现金金流流量量表表现金流量表-销售物业（含可售车位）序序号号科科目目合合计计2010A2011E2012E2013E1现现金金流流入入小小计计305,511-100,317193,8302现现金金流流出出小小计计(223,885)(32,433)(29,394)(46,591)(105,370)开发成本(109,066)(29,133)(24,158)(27,889)(19,080)期间费用-营销/管理(10,740)(2,042)(2,148)(4,296)(2,254)期间费用-资本化利息(9,717)(1,258)(3,088)(91、3,040)(2,330)营业税金及附加-销售(16,956)-(5,568)(10,758)印花税-销售(92)-(30)(58)土地增值税(50,729)-(2,006)(48,492)所得税(26,586)-(3,762)(22,398)3所所得得税税后后净净现现金金流流量量81,625(32,433)(29,394)53,72688,460*折现率6.24%*折现系数1.000.940.890.834所所得得税税后后折折现现净净现现金金流流量量62,272(32,433)(27,669)47,60373,776*累计所得税后净现金流量(32,433)(61,827)(8,101)80,92、359*累计所得税后折现净现金流量(32,433)(60,101)(12,498)61,2785所所得得税税前前净净现现金金流流量量108,211(32,433)(29,394)57,488110,8576所所得得税税前前折折现现净净现现金金流流量量84,620(32,433)(27,669)50,93692,457*累计所得税前净现金流量(32,433)(61,827)(4,339)106,519*累计所得税前折现净现金流量(32,433)(60,101)(9,165)83,291计算指标：所得税前所得税后 财务内部收益率（FIRR）58.52%47.72%静态投资回收期（年）3.083.093、9 动态投资回收期（年）3.103.17 财务净现值（FNPV,万元）108,21162,272年度运营EBITDA-持有物业（含可租车位）、物管/代建劳务序序号号科科目目合合计计2010A2011E2012E2013E1持持有有物物业业EBITDAEBITDA66,075-191139商业写字楼39,544-47126酒店9,857-(143)街区商业13,497-143157会所3,177-2物物业业管管理理净净收收入入33,971-9461,7073代代建建劳劳务务净净收收入入1,138-1,138-合合计计101,184-2,2751,847723,456727,873(4,418)T94、RUE现金流量表-商业综合体（含可租车位）序序号号科科目目合合计计2010A2011E2012E2013E1现现金金流流入入小小计计575,477-5,02214,631商业111,134-1,9464,543写字楼59,783-9383,213酒店75,304-2,712产权车位28,740-5111,259人防车位6,657-118292物管43,154-1,5082,612物业转售250,7062现现金金流流出出小小计计(556,918)(28,206)(47,806)(49,333)(30,037)开发成本(120,012)(25,688)(43,823)(39,113)(11,38695、)期间费用-营销/管理(8,142)(1,559)(1,628)(3,257)(1,698)期间费用-资本化利息(4,893)(959)(2,354)(1,580)-经营成本费用(194,572)-(3,201)(10,507)营业税金及附加-运营(17,042)-(242)(747)房产税(29,854)-(422)(1,407)印花税-运营(282)-(4)(9)土地增值税-财务费用-运营财务费用(46,545)-(1,515)(4,284)所得税(135,576)-3所所得得税税后后净净现现金金流流量量18,559(28,206)(47,806)(44,311)(15,406)*折现率696、.24%*折现系数1.000.940.890.834所所得得税税后后折折现现净净现现金金流流量量(61,615)(28,206)(44,999)(39,261)(12,849)*累计所得税后净现金流量(28,206)(76,012)(120,323)(135,729)*累计所得税后折现净现金流量(28,206)(73,205)(112,466)(125,315)5所所得得税税前前净净现现金金流流量量154,135(28,206)(47,806)(44,311)(15,406)6所所得得税税前前折折现现净净现现金金流流量量(6,205)(28,206)(44,999)(39,261)(12,8497、9)*累计所得税前净现金流量(28,206)(76,012)(120,323)(135,729)*累计所得税前折现净现金流量(28,206)(73,205)(112,466)(125,315)计算指标：所得税前所得税后 财务内部收益率（FIRR）5.83%0.97%静态投资回收期（年）15.4115.86 动态投资回收期（年）16.0617.15 财务净现值（FNPV,万元）154,135(61,615)现金流量表-街区商业（含可租车位）序序号号科科目目合合计计2010A2011E2012E2013E1现现金金流流入入小小计计121,853-2,5492,792商业54,127-2,0422,98、229产权车位4,271-180203人防车位833-3540物管5,222-291320物业转售57,4002现现金金流流出出小小计计(112,054)(15,884)(7,947)(5,696)(4,764)开发成本(26,879)(15,473)(7,294)(2,496)(1,617)期间费用-营销/管理(1,321)(253)(264)(528)(275)期间费用-资本化利息(547)(158)(389)-经营成本费用(36,276)-(1,760)(1,947)营业税金及附加-运营(3,462)-(131)(147)房产税(7,108)-(271)(297)印花税-运营(76)-(99、2)(2)土地增值税-财务费用-运营财务费用(4,339)-(509)(479)所得税(32,044)-3所所得得税税后后净净现现金金流流量量9,799(15,884)(7,947)(3,148)(1,973)*折现率6.24%*折现系数1.000.940.890.834所所得得税税后后折折现现净净现现金金流流量量(11,169)(15,884)(7,481)(2,789)(1,645)*累计所得税后净现金流量(15,884)(23,831)(26,979)(28,951)*累计所得税后折现净现金流量(15,884)(23,365)(26,154)(27,799)5所所得得税税前前净净现现金金100、流流量量41,844(15,884)(7,947)(3,148)(1,973)6所所得得税税前前折折现现净净现现金金流流量量2,092(15,884)(7,481)(2,789)(1,645)*累计所得税前净现金流量(15,884)(23,831)(26,979)(28,951)*累计所得税前折现净现金流量(15,884)(23,365)(26,154)(27,799)计算指标：所得税前所得税后 财务内部收益率（FIRR）6.81%2.20%静态投资回收期（年）15.3015.68 动态投资回收期（年）15.9116.91 财务净现值（FNPV,万元）41,844(11,169)现金流量表-会101、所（含可租车位）序序号号科科目目合合计计2010A2011E2012E2013E1现现金金流流入入小小计计26,125-22商业11,106-产权车位-人防车位-物管1,271-22物业转售13,7482现现金金流流出出小小计计(17,151)(2,441)(326)(466)(816)开发成本(3,524)(2,360)(192)(277)(674)期间费用-营销/管理(241)(46)(48)(96)(50)期间费用-资本化利息(282)(35)(85)(84)(78)经营成本费用(6,144)-(8)(12)营业税金及附加-运营(647)-(1)(2)房产税(1,333)-印花税-运营(102、11)-土地增值税-财务费用-运营财务费用(635)-所得税(4,334)-3所所得得税税后后净净现现金金流流量量8,975(2,441)(326)(466)(794)*折现率6.24%*折现系数1.000.940.890.834所所得得税税后后折折现现净净现现金金流流量量1,690(2,441)(307)(413)(662)*累计所得税后净现金流量(2,441)(2,766)(3,232)(4,026)*累计所得税后折现净现金流量(2,441)(2,747)(3,160)(3,822)5所所得得税税前前净净现现金金流流量量13,308(2,441)(326)(466)(794)6所所得得税税103、前前折折现现净净现现金金流流量量3,528(2,441)(307)(413)(662)*累计所得税前净现金流量(2,441)(2,766)(3,232)(4,026)*累计所得税前折现净现金流量(2,441)(2,747)(3,160)(3,822)计算指标：所得税前所得税后 财务内部收益率（FIRR）11.67%9.23%静态投资回收期（年）15.0815.17 动态投资回收期（年）15.3915.61 财务净现值（FNPV,万元）13,3081,6902014E2015E2016E2017E2018E2019E2020E2021E2022E11,364-(10,097)-(8,806)-(104、631)-(3)-(231)-(426)-1,267-0.790.740.700.650.620.580.550.510.48994-81,62581,62581,62581,62581,62581,62581,62581,62581,62562,27262,27262,27262,27262,27262,27262,27262,27262,2721,693-1,329-108,211108,211108,211108,211108,211108,211108,211108,211108,21184,62084,62084,62084,62084,62084,62084,62084,62084105、,620分分业业态态现现金金流流量量表表现金流量表-销售物业（含可售车位）2014E2015E2016E2017E2018E2019E2020E2021E2022E5401,2791,7802,4653,7945,0905,5316,9947,8572497391,0371,5052,3173,1163,3394,2484,715451562433385347458591,1151,2602043214075097771,0011,0821,3271,5084262921131662282513053741,9022,0112,2502,2892,3672,5962,6452,7322,993106、-2,4423,2914,0294,7546,1617,6868,1759,72610,8502014E2015E2016E2017E2018E2019E2020E2021E2022E16,81418,23319,63220,89322,29124,19025,88527,52129,5755,4186,0626,4446,9407,4958,0958,7669,44210,1973,3743,5433,7663,9814,2194,4734,7544,9785,2273,5633,9134,2994,6855,1345,6386,1936,7507,3611,4751,6551,7981,9107、011,9962,2272,3452,4552,5783423834174404625165435695972,6432,6762,9092,9452,9833,2423,2843,3283,614(18,074)(18,782)(19,607)(20,390)(21,223)(22,380)(23,636)(24,168)(25,332)(2)-(12,111)(12,657)(13,301)(13,792)(13,817)(14,262)(15,348)(15,541)(16,500)(874)(952)(1,024)(1,093)(1,170)(1,270)(1,363)(1,452)(108、1,560)(1,563)(1,687)(1,781)(1,881)(2,111)(2,248)(2,380)(2,504)(2,643)(11)(12)(12)(13)(14)(15)(16)(17)(19)(3,514)(3,475)(3,480)(3,444)(3,754)(3,983)(3,780)(3,536)(3,196)-(8)(167)(356)(603)(750)(1,118)(1,414)年度运营EBITDA-持有物业（含可租车位）、物管/代建劳务现金流量表-商业综合体（含可租车位）(1,260)(549)255021,0681,8102,2493,3534,2430.79109、0.740.700.650.620.580.550.510.48(989)(406)173296581,0501,2281,7242,053(136,989)(137,538)(137,513)(137,011)(135,943)(134,133)(131,884)(128,531)(124,288)(126,304)(126,710)(126,693)(126,364)(125,705)(124,655)(123,427)(121,704)(119,651)(1,260)(549)336701,4242,4132,9984,4715,658(989)(406)234398781,4001,6110、372,2982,737(136,989)(137,538)(137,505)(136,835)(135,411)(132,998)(129,999)(125,529)(119,871)(126,304)(126,710)(126,687)(126,248)(125,371)(123,971)(122,333)(120,035)(117,298)2014E2015E2016E2017E2018E2019E2020E2021E2022E3,0953,4253,6493,8974,1704,5004,8305,2415,7452,5022,7992,9753,2053,4613,7384,0484111、,4414,885228255269284298313330346363445052555861646771320320353353353388388388427(2,960)(3,201)(3,342)(3,514)(3,602)(3,756)(4,019)(4,237)(4,571)(0)-(2,154)(2,304)(2,380)(2,482)(2,436)(2,460)(2,650)(2,741)(2,948)(165)(183)(195)(209)(224)(242)(260)(283)(310)(333)(373)(396)(425)(458)(493)(533)(582)(638112、)现金流量表-街区商业（含可租车位）(3)(3)(3)(4)(4)(4)(4)(5)(5)(260)(263)(266)(267)(290)(309)(301)(292)(278)(45)(75)(103)(128)(189)(248)(270)(335)(391)1352243083835687458111,0041,1740.790.740.700.650.620.580.550.510.48106166214251350432443516568(28,817)(28,593)(28,285)(27,902)(27,334)(26,589)(25,778)(24,774)(23,600)(113、27,693)(27,527)(27,313)(27,063)(26,712)(26,280)(25,837)(25,321)(24,753)1802994105117589931,0821,3391,565141221285334467576591688757(28,772)(28,473)(28,063)(27,552)(26,794)(25,801)(24,720)(23,381)(21,816)(27,658)(27,437)(27,151)(26,817)(26,350)(25,774)(25,183)(24,495)(23,738)2014E2015E2016E2017E2018E114、2019E2020E2021E2022E6546887357848399089911,0771,2045676016396887448038869721,088-8787969696105105105116(622)(623)(642)(676)(694)(713)(778)(822)(889)现金流量表-会所（含可租车位）(21)-(439)(445)(447)(467)(458)(447)(491)(508)(536)(33)(35)(38)(40)(43)(47)(52)(56)(63)(68)(72)(77)(83)(89)(96)(106)(117)(131)(1)(1)(1)(1)115、(1)(1)(1)(1)(1)(49)(49)(49)(50)(54)(57)(56)(55)(53)(11)(22)(31)(36)(48)(65)(71)(85)(105)3365921081451952132553150.790.740.700.650.620.580.550.510.482648647189113117131152(3,993)(3,929)(3,836)(3,728)(3,583)(3,388)(3,175)(2,920)(2,605)(3,796)(3,749)(3,684)(3,614)(3,524)(3,411)(3,295)(3,164)(3,011)4486116、12314419426028434042034648694119151155175203(3,983)(3,896)(3,773)(3,629)(3,436)(3,176)(2,891)(2,551)(2,131)(3,788)(3,724)(3,638)(3,544)(3,425)(3,274)(3,119)(2,944)(2,741)2023E2024E2025E-0.460.430.40-81,62581,62581,62562,27262,27262,272-108,211108,211108,21184,62084,62084,6202023E2024E2025E8,43310,44117、911,5335,0286,2276,8511,3341,6251,7451,6522,0722,3364195256023,0433,0993,392-11,47613,54814,9242023E2024E2025E31,36933,288286,13311,01311,92712,8465,4885,7786,0517,8728,3598,8232,7072,8502,9846276606913,6633,7144,032250,706(26,576)(27,492)(153,875)-(17,490)(17,593)(18,451)(1,658)(1,763)(1,875)(2,912118、)(3,077)(3,240)(20)(21)(98)(2,898)(3,105)(2,582)(1,598)(1,932)(127,629)4,7945,796132,2570.460.430.402,1832,48453,368(119,494)(113,698)18,559(117,468)(114,983)(61,615)6,3927,727259,8872,9113,313104,869(113,479)(105,752)154,135(114,387)(111,074)(6,205)2023E2024E2025E6,2556,83364,8725,3735,9276,5023814119、0142074788242742746957,400(4,965)(5,244)(34,352)-(3,224)(3,279)(3,513)(338)(371)(405)(699)(769)(840)(6)(6)(24)(268)(290)(268)(430)(529)(29,301)1,2901,58830,5210.460.430.4058868112,316(22,310)(20,722)9,799(24,166)(23,485)(11,169)1,7202,11859,82278390824,139(20,096)(17,978)41,844(22,955)(22,047)2,0922120、023E2024E2025E1,3351,48515,4041,2191,3691,529-11611612713,748(985)(1,059)(4,600)-(598)(616)(672)(70)(79)(88)(146)(164)(183)(1)(1)(2)(52)(57)(54)(117)(142)(3,601)35042610,8040.460.430.401591824,360(2,255)(1,830)8,975(2,852)(2,669)1,69046656714,4062122435,813(1,665)(1,097)13,308(2,528)(2,285)3,528综综合合121、体体商商业业写写字字楼楼现现金金流流量量表表序序号号指指标标比比率率%合合计计2010A2011E1Q2Q3Q4Q1Q1营营业业收收入入（万万元元）100.0%206,313-商业53.9%111,134-写字楼29.0%59,783-产权车位13.9%28,740-人防车位3.2%6,657-2经经营营成成本本和和部部门门费费用用（万万元元）(34.7%)(71,582)-商商业业管管理理中中心心-招招商商部部(12.7%)(26,246)-其中：人员费用(5.0%)(10,316)-比例（%）招商费用-商业(2.9%)(5,902)-比例（%）招商费用-写字楼(2.9%)(5,902)-比122、例（%）其他直接费用(2.0%)(4,126)-比例（%）商商业业管管理理中中心心-运运营营部部(22.0%)(45,336)-其中：人员费用(5.0%)(10,316)-比例（%）客户服务费用(15.7%)(32,350)-比例（%）其他直接费用(1.3%)(2,671)-比例（%）3经经营营毛毛利利（万万元元）65.3%134,731-4营业税金及附加（万元）(5.6%)(11,450)-比例（%）5.6%5.6%5.6%5.6%5.6%5房产税（万元）(12.0%)(24,758)-比例（%）12.0%12.0%12.0%12.0%12.0%6印花税（万元）(0.1%)(206)-比例（123、%）0.1%0.1%0.1%0.1%0.1%7财财务务费费用用（万万元元）(20.2%)(41,646)-财务费用-信用卡(4,333)-信用卡付款比例（%）信用卡费率（%）4.2%4.2%4.2%4.2%4.2%财务费用-运营财务费用-贷款利息(37,313)-8未分配经营费用（万元）(28.5%)(58,773)-行政及总务(9.8%)(20,155)-比例（%）广告及市场推广(3.1%)(6,467)-比例（%）动力成本(12.9%)(26,580)-比例（%）工程及维修(2.7%)(5,570)-比例（%）其他-比例（%）9折折旧旧摊摊销销前前利利润润（万万元元）(1.0%)(2,10124、2)-减 固定资产折旧(10.1%)(20,793)-无形资产摊销(2.0%)(4,165)-10利利润润总总额额（万万元元）(13.1%)(27,059)-息息税税折折旧旧摊摊销销前前利利润润（EBITDA)39,544-息息税税前前利利润润（EBIT)14,586-商商办办运运营营成成本本(130,355)-2012E2013E2Q3Q4Q1Q2Q3Q4Q1Q2Q-1,4772,0362,3202,295-9739731,1331,120-218720801792-232279314310-54657372-(650)(896)(1,021)(1,010)-(251)(346)(394)(125、390)-(74)(102)(116)(115)5.0%5.0%5.0%5.0%-(74)(102)(116)(115)5.0%5.0%5.0%5.0%-(74)(102)(116)(115)5.0%5.0%5.0%5.0%-(30)(41)(46)(46)2.0%2.0%2.0%2.0%-(399)(550)(627)(620)-(74)(102)(116)(115)5.0%5.0%5.0%5.0%-(295)(407)(464)(459)20.0%20.0%20.0%20.0%-(30)(41)(46)(46)2.0%2.0%2.0%2.0%-8271,1401,2991,285-(82)126、(113)(129)(127)5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%-(177)(244)(278)(275)12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%-(1)(2)(2)(2)0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%-(360)(360)(391)(403)(922)(921)-(31)(43)(49)(48)50.0%50.0%50.0%50.0%50.0%50.0%4.2%4.2%4.2%4.2%4.2%4.2%4.2%4.2%4.2%2011E-(360)(360)(360127、)(360)(873)(873)-(547)(753)(859)(849)-(177)(244)(278)(275)12.0%12.0%12.0%12.0%12.0%12.0%-(74)(102)(116)(115)5.0%5.0%5.0%5.0%5.0%5.0%-(222)(305)(348)(344)15.0%15.0%15.0%15.0%15.0%15.0%-(74)(102)(116)(115)5.0%5.0%5.0%5.0%5.0%5.0%-(360)(360)(371)(376)(891)(890)-(210)(388)(388)(388)-(41)(78)(78)(78)-(36128、0)(360)(623)(842)(1,357)(1,357)-20273131-(232)(439)(435)(435)-(1,196)(1,649)(1,880)(1,859)2014E2015E3Q4Q1Q2Q3Q4Q1Q2Q3Q2,3462,3462,6292,6002,6902,6902,8862,8552,9511,1451,1451,3511,3361,3661,3661,5111,4951,5288108108418328508508838748933173173553513843843993954307373828189899291100(1,032)(1,032)(1,15129、7)(1,144)(1,183)(1,183)(1,155)(1,142)(1,180)(399)(399)(447)(442)(457)(457)(433)(428)(443)(117)(117)(131)(130)(134)(134)(144)(143)(148)5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%(117)(117)(131)(130)(134)(134)(115)(114)(118)5.0%5.0%5.0%5.0%5.0%5.0%4.0%4.0%4.0%(117)(117)(131)(130)(134)(134)(115)(114)(118)5.0%130、5.0%5.0%5.0%5.0%5.0%4.0%4.0%4.0%(47)(47)(53)(52)(54)(54)(58)(57)(59)2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%(633)(633)(710)(702)(726)(726)(722)(714)(738)(117)(117)(131)(130)(134)(134)(144)(143)(148)5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%(469)(469)(526)(520)(538)(538)(520)(514)(531)20.0%20.0%20.0%20.0%20.0%131、20.0%18.0%18.0%18.0%(47)(47)(53)(52)(54)(54)(58)(57)(59)2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%1,3141,3141,4721,4561,5061,5061,7321,7131,771(130)(130)(146)(144)(149)(149)(160)(158)(164)5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%(282)(282)(315)(312)(323)(323)(346)(343)(354)12.0%12.0%12.0%12.0%12.0%12.0%12.0%12132、.0%12.0%(2)(2)(3)(3)(3)(3)(3)(3)(3)0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%(922)(922)(796)(795)(797)(797)(785)(785)(787)(49)(49)(55)(55)(56)(56)(61)(60)(62)50.0%50.0%50.0%50.0%50.0%50.0%50.0%50.0%50.0%4.2%4.2%4.2%4.2%4.2%4.2%4.2%4.2%4.2%2013E(873)(873)(741)(741)(741)(741)(725)(725)(725)(868)(868)(946)(9133、36)(968)(968)(1,039)(1,028)(1,062)(282)(282)(315)(312)(323)(323)(346)(343)(354)12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%(117)(117)(131)(130)(134)(134)(144)(143)(148)5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%(352)(352)(394)(390)(403)(403)(433)(428)(443)15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%(117)134、(117)(105)(104)(108)(108)(115)(114)(118)5.0%5.0%4.0%4.0%4.0%4.0%4.0%4.0%4.0%-(891)(891)(734)(734)(734)(734)(602)(604)(599)(388)(388)(388)(388)(388)(388)(388)(388)(388)(78)(78)(78)(78)(78)(78)(78)(78)(78)(1,357)(1,357)(1,200)(1,200)(1,200)(1,200)(1,068)(1,070)(1,066)323262616363183181187(434)(434)(40135、4)(405)(403)(403)(283)(285)(279)(1,900)(1,900)(2,103)(2,080)(2,152)(2,152)(2,194)(2,170)(2,243)2016E2017E4Q1Q2Q3Q4Q1Q2Q3Q4Q2,9513,0893,0893,1233,1233,3063,2703,3433,3431,5281,6021,6021,6201,6201,7301,7111,7491,7498939369369479479929821,0031,003430447447452452474469479479100104104105105110109111111(1136、,180)(1,236)(1,236)(1,249)(1,249)(1,256)(1,243)(1,270)(1,270)(443)(463)(463)(468)(468)(430)(425)(435)(435)(148)(154)(154)(156)(156)(165)(164)(167)(167)5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%(118)(124)(124)(125)(125)(99)(98)(100)(100)4.0%4.0%4.0%4.0%4.0%3.0%3.0%3.0%3.0%(118)(124)(124)(125)(125)(99)(98)(137、100)(100)4.0%4.0%4.0%4.0%4.0%3.0%3.0%3.0%3.0%(59)(62)(62)(62)(62)(66)(65)(67)(67)2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%(738)(772)(772)(781)(781)(827)(818)(836)(836)(148)(154)(154)(156)(156)(165)(164)(167)(167)5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%(531)(556)(556)(562)(562)(595)(589)(602)(602)18.0%18.0%18138、.0%18.0%18.0%18.0%18.0%18.0%18.0%(59)(62)(62)(62)(62)(66)(65)(67)(67)2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%1,7711,8531,8531,8741,8742,0502,0272,0722,072(164)(171)(171)(173)(173)(184)(181)(186)(186)5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%(354)(371)(371)(375)(375)(397)(392)(401)(401)12.0%12.0%12.0%12.0%12.0139、%12.0%12.0%12.0%12.0%(3)(3)(3)(3)(3)(3)(3)(3)(3)0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%(787)(785)(785)(786)(786)(775)(775)(776)(776)(62)(65)(65)(66)(66)(69)(69)(70)(70)50.0%50.0%50.0%50.0%50.0%50.0%50.0%50.0%50.0%4.2%4.2%4.2%4.2%4.2%4.2%4.2%4.2%4.2%综综合合体体商商业业写写字字楼楼现现金金流流量量表表(725)(720)(720)(720)(720)(70140、6)(706)(706)(706)(1,062)(1,050)(1,050)(1,062)(1,062)(1,091)(1,079)(1,103)(1,103)(354)(340)(340)(344)(344)(364)(360)(368)(368)12.0%11.0%11.0%11.0%11.0%11.0%11.0%11.0%11.0%(148)(124)(124)(125)(125)(132)(131)(134)(134)5.0%4.0%4.0%4.0%4.0%4.0%4.0%4.0%4.0%(443)(463)(463)(468)(468)(496)(491)(501)(501)15.0141、%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%(118)(124)(124)(125)(125)(99)(98)(100)(100)4.0%4.0%4.0%4.0%4.0%3.0%3.0%3.0%3.0%-(599)(527)(527)(525)(525)(400)(404)(397)(397)(388)(388)(388)(388)(388)(388)(388)(388)(388)(78)(78)(78)(78)(78)(78)(78)(78)(78)(1,066)(994)(994)(991)(991)(866)(870)(863)(863)187258142、258261261375371379379(279)(208)(208)(205)(205)(91)(95)(87)(87)(2,243)(2,286)(2,286)(2,311)(2,311)(2,348)(2,322)(2,373)(2,373)2018E2019E2020E1Q2Q3Q4Q1Q2Q3Q4Q1Q3,5343,4953,5723,5723,8173,7753,8593,8594,0801,8691,8481,8891,8892,0181,9962,0402,0402,1801,0521,0401,0641,0641,1151,1031,1271,1271,1824984925143、03503555549561561583115114117117129127130130135(1,307)(1,293)(1,322)(1,322)(1,298)(1,284)(1,312)(1,312)(1,387)(459)(454)(464)(464)(496)(491)(502)(502)(530)(177)(175)(179)(179)(191)(189)(193)(193)(204)5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%(106)(105)(107)(107)(115)(113)(116)(116)(122)3.0%3.0%3.0%3.0%3.0144、%3.0%3.0%3.0%3.0%(106)(105)(107)(107)(115)(113)(116)(116)(122)3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%(71)(70)(71)(71)(76)(76)(77)(77)(82)2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%(848)(839)(857)(857)(802)(793)(810)(810)(857)(177)(175)(179)(179)(191)(189)(193)(193)(204)5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%(636145、)(629)(643)(643)(573)(566)(579)(579)(612)18.0%18.0%18.0%18.0%15.0%15.0%15.0%15.0%15.0%(35)(35)(36)(36)(38)(38)(39)(39)(41)1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%2,2262,2022,2512,2512,5192,4922,5472,5472,693(196)(194)(198)(198)(212)(210)(214)(214)(226)5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%(424)(419)(429)(146、429)(458)(453)(463)(463)(490)12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%(4)(3)(4)(4)(4)(4)(4)(4)(4)0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%(845)(844)(846)(846)(896)(895)(897)(897)(847)(74)(73)(75)(75)(80)(79)(81)(81)(86)50.0%50.0%50.0%50.0%50.0%50.0%50.0%50.0%50.0%4.2%4.2%4.2%4.2%4.2%4.2%4.2%4.2%4.2%综147、综合合体体商商业业写写字字楼楼现现金金流流量量表表(771)(771)(771)(771)(816)(816)(816)(816)(761)(1,025)(1,013)(1,036)(1,036)(1,069)(1,057)(1,081)(1,081)(1,142)(353)(349)(357)(357)(382)(378)(386)(386)(408)10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0%(141)(140)(143)(143)(115)(113)(116)(116)(122)4.0%4.0%4.0%4.0%3.0%3.0%3.0%3.0%148、3.0%(424)(419)(429)(429)(458)(453)(463)(463)(490)12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%(106)(105)(107)(107)(115)(113)(116)(116)(122)3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%-(267)(273)(262)(262)(119)(127)(111)(111)(16)(388)(388)(388)(388)(388)(388)(388)(388)(388)(78)(78)(78)(78)(78)(78)(78)(78)(78149、)(734)(739)(728)(728)(585)(593)(578)(578)(483)578571584584777768785785830112105118118311302319319364(2,332)(2,307)(2,358)(2,358)(2,367)(2,341)(2,393)(2,393)(2,529)2021E2022E2Q3Q4Q1Q2Q3Q4Q1Q2Q4,0804,1244,1244,3494,3014,3974,3974,6374,5862,1802,2042,2042,3542,3282,3802,3802,5422,5141,1821,1951,1951,24150、11,2271,2551,2551,3031,289583589589612605619619643636135136136142140143143149147(1,387)(1,402)(1,402)(1,392)(1,376)(1,407)(1,407)(1,484)(1,468)(530)(536)(536)(478)(473)(484)(484)(510)(504)(204)(206)(206)(217)(215)(220)(220)(232)(229)5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%(122)(124)(124)(87)(86)(88)(88)151、(93)(92)3.0%3.0%3.0%2.0%2.0%2.0%2.0%2.0%2.0%(122)(124)(124)(87)(86)(88)(88)(93)(92)3.0%3.0%3.0%2.0%2.0%2.0%2.0%2.0%2.0%(82)(82)(82)(87)(86)(88)(88)(93)(92)2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%(857)(866)(866)(913)(903)(923)(923)(974)(963)(204)(206)(206)(217)(215)(220)(220)(232)(229)5.0%5.0%5.0%5.0%5.0152、%5.0%5.0%5.0%5.0%(612)(619)(619)(652)(645)(660)(660)(696)(688)15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%(41)(41)(41)(43)(43)(44)(44)(46)(46)1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%2,6932,7222,7222,9572,9252,9902,9903,1533,119(226)(229)(229)(241)(239)(244)(244)(257)(255)5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6153、%5.6%(490)(495)(495)(522)(516)(528)(528)(556)(550)12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%(4)(4)(4)(4)(4)(4)(4)(5)(5)0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%(847)(848)(848)(788)(787)(789)(789)(708)(707)(86)(87)(87)(91)(90)(92)(92)(97)(96)50.0%50.0%50.0%50.0%50.0%50.0%50.0%50.0%50.0%4.2%4.2%4.2%4.2%154、4.2%4.2%4.2%4.2%4.2%2020E(761)(761)(761)(697)(697)(697)(697)(610)(610)(1,142)(1,155)(1,155)(1,131)(1,118)(1,143)(1,143)(1,159)(1,147)(408)(412)(412)(391)(387)(396)(396)(417)(413)10.0%10.0%10.0%9.0%9.0%9.0%9.0%9.0%9.0%(122)(124)(124)(130)(129)(132)(132)(93)(92)3.0%3.0%3.0%3.0%3.0%3.0%3.0%2.0%2.0%(490155、)(495)(495)(522)(516)(528)(528)(556)(550)12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%(122)(124)(124)(87)(86)(88)(88)(93)(92)3.0%3.0%3.0%2.0%2.0%2.0%2.0%2.0%2.0%-(16)(8)(8)271260281281468456(388)(388)(388)(388)(388)(388)(388)(388)(388)(78)(78)(78)(78)(78)(78)(78)(78)(78)(483)(474)(474)(196)(206)(185156、)(185)2(10)8308398391,0591,0471,0711,0711,1751,163364373373593581604604709696(2,529)(2,557)(2,557)(2,522)(2,495)(2,550)(2,550)(2,643)(2,614)2023E2024E3Q4Q1Q2Q3Q4Q1Q2Q3Q4,6884,6884,9454,8914,9994,9995,2755,2755,3332,5702,5702,7462,7162,7762,7762,9652,9652,9981,3171,3171,3681,3531,3831,3831,4371,4371,157、453650650675667682682709709716150150156155158158164164166(1,500)(1,500)(1,582)(1,565)(1,600)(1,600)(1,530)(1,530)(1,546)(516)(516)(544)(538)(550)(550)(580)(580)(587)(234)(234)(247)(245)(250)(250)(264)(264)(267)5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%(94)(94)(99)(98)(100)(100)(105)(105)(107)2.0%2.0%2.0%2158、.0%2.0%2.0%2.0%2.0%2.0%(94)(94)(99)(98)(100)(100)(105)(105)(107)2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%(94)(94)(99)(98)(100)(100)(105)(105)(107)2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%(984)(984)(1,038)(1,027)(1,050)(1,050)(949)(949)(960)(234)(234)(247)(245)(250)(250)(264)(264)(267)5.0%5.0%5.0%5.0%5.0%5.0%5159、.0%5.0%5.0%(703)(703)(742)(734)(750)(750)(633)(633)(640)15.0%15.0%15.0%15.0%15.0%15.0%12.0%12.0%12.0%(47)(47)(49)(49)(50)(50)(53)(53)(53)1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%3,1883,1883,3633,3263,4003,4003,7453,7453,786(260)(260)(274)(271)(277)(277)(293)(293)(296)5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%(160、563)(563)(593)(587)(600)(600)(633)(633)(640)12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%(5)(5)(5)(5)(5)(5)(5)(5)(5)0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%(709)(709)(637)(636)(638)(638)(683)(683)(684)(98)(98)(104)(103)(105)(105)(111)(111)(112)50.0%50.0%50.0%50.0%50.0%50.0%50.0%50.0%50.0%4.2%4.2%4.2%4.2161、%4.2%4.2%4.2%4.2%4.2%2022E(610)(610)(533)(533)(533)(533)(572)(572)(572)(1,172)(1,172)(1,236)(1,223)(1,250)(1,250)(1,266)(1,266)(1,280)(422)(422)(445)(440)(450)(450)(422)(422)(427)9.0%9.0%9.0%9.0%9.0%9.0%8.0%8.0%8.0%(94)(94)(99)(98)(100)(100)(105)(105)(107)2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%(563)(56162、3)(593)(587)(600)(600)(633)(633)(640)12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%(94)(94)(99)(98)(100)(100)(105)(105)(107)2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%-480480616604629629865865881(388)(388)(388)(388)(388)(388)(388)(388)(388)(78)(78)(78)(78)(78)(78)(78)(78)(78)13131501381631633993994151,1881,163、1881,2541,2401,2671,2671,5481,5481,5657227227877748018011,0821,0821,099(2,672)(2,672)(2,819)(2,788)(2,850)(2,850)(2,796)(2,796)(2,826)2025E4Q1Q2Q3Q4Q5,3335,6275,5665,6895,6892,9983,2033,1673,2383,2381,4531,5091,4921,5251,525716744736752752166172170174174(1,546)(1,632)(1,614)(1,650)(1,650)(587)(619)(164、612)(626)(626)(267)(281)(278)(284)(284)5.0%5.0%5.0%5.0%5.0%(107)(113)(111)(114)(114)2.0%2.0%2.0%2.0%2.0%(107)(113)(111)(114)(114)2.0%2.0%2.0%2.0%2.0%(107)(113)(111)(114)(114)2.0%2.0%2.0%2.0%2.0%(960)(1,013)(1,002)(1,024)(1,024)(267)(281)(278)(284)(284)5.0%5.0%5.0%5.0%5.0%(640)(675)(668)(683)(683)12.165、0%12.0%12.0%12.0%12.0%(53)(56)(56)(57)(57)1.0%1.0%1.0%1.0%1.0%3,7863,9953,9524,0394,039(296)(312)(309)(316)(316)5.6%5.6%5.6%5.6%5.6%(640)(675)(668)(683)(683)12.0%12.0%12.0%12.0%12.0%(5)(6)(6)(6)(6)0.1%0.1%0.1%0.1%0.1%(684)(561)(560)(562)(562)(112)(118)(117)(119)(119)50.0%50.0%50.0%50.0%50.0%4.2%4.2%166、4.2%4.2%4.2%(572)(443)(443)(443)(443)(1,280)(1,294)(1,280)(1,309)(1,309)(427)(450)(445)(455)(455)8.0%8.0%8.0%8.0%8.0%(107)(113)(111)(114)(114)2.0%2.0%2.0%2.0%2.0%(640)(675)(668)(683)(683)12.0%12.0%12.0%12.0%12.0%(107)(56)(56)(57)(57)2.0%1.0%1.0%1.0%1.0%-8811,1471,1301,1641,164(388)(388)(388)(388)(38167、8)(78)(78)(78)(78)(78)4156816636986981,5651,7081,6891,7271,7271,0991,2421,2231,2611,261(2,826)(2,926)(2,894)(2,958)(2,958)综综合合体体酒酒店店现现金金流流量量表表序序号号科科目目比比率率%合合计计2010A2011E1Q2Q3Q4Q1Q1营营业业收收入入（万万元元）100.0%75,304-1.1 客客房房收收入入（万万元元）64.5%48,592-房间数（间）200 天数（天）可出租房数（间）18,262-住房率（%）62.9%-住房率增长率（%）出租房数（间）11,49168、1-平均房价（元/间/天）732500500525 平均房价增长率（%）5.0%协议散客60.0%29,155-渠道分销12.0%5,831-旅游会议团队20.0%9,718-前台散客8.0%3,887-1.2 餐餐饮饮收收入入（万万元元）33.5%25,254-食品收入14.1%10,631-烟酒收入14.7%11,066-服务费收入4.3%3,255-MINI吧0.1%76-场租收入0.3%227-酒廊收入1,006-餐位数（桌）50 翻台数（台/桌/天）3 天数（天）91-上座率（%）16.0%-上座率增长率（%）人均消费（元/天/人）868080808081 人均消费增长率（%）1.0169、%酒店西餐厅收入9,899-餐位数（桌）120 翻台数（台/桌/天）3 天数（天）91-上座率（%）49.2%-上座率增长率（%）人均消费（元/天/人）113100100100100100 人均消费增长率（%）酒店中餐厅收入10,792-餐位数（桌）100 翻台数（台/桌/天）3 天数（天）91-上座率（%）54.8%-上座率增长率（%）人均消费（元/天.人）110110110110112 人均消费增长率（%）2.0%房内送餐收入（万元）98-平均入住人次（人/间/天）房间数（间）200 天数（天）91-点餐率（%）3.5%人均消费（元/人)979090909091 人均消费增长率（%）1.0170、%MINI吧收入（万元）760000 MINI吧收入增长率（%）会议场租收入（万元）2270000 会议场租收入增长率（%）1.3 其其他他收收入入（万万元元）1.9%1,458-健身中心2.0%972-商务中心0.2%97-车队收入0.4%194-洗涤收入0.4%194-2经经营营成成本本和和部部门门费费用用（万万元元）(49.3%)(37,149)-客客房房部部(20.6%)(15,507)-其中：人员费用(14.0%)(10,543)-比例（%）物料消耗(3.3%)(2,514)-比例（%）洗涤费(2.0%)(1,506)-比例（%）其他直接费用(1.3%)(945)-比例（%）餐餐饮饮171、部部(26.9%)(20,238)-其中：人员费用(14.0%)(10,543)-比例（%）食品(10.5%)(7,919)-比例（%）烟酒(1.0%)(780)-比例（%）其他直接费用(1.3%)(996)-比例（%）其其他他成成本本(1.9%)(1,404)-其中：健身中心(0.6%)(488)-比例（%）商务中心(0.2%)(113)-比例（%）车队(0.2%)(133)-比例（%）洗涤(0.9%)(670)-比例（%）-3经经营营毛毛利利（万万元元）50.7%38,155-客房43.9%33,085-餐饮6.7%5,016-其他0.1%54-4营业税金及附加（万元）(5.6%)(4,1172、79)-比例（%）5.6%5.6%5.6%5.6%5.6%5房产税（万元）(6.8%)(5,097)-固定资产原值（万元）-比例（%）30.0%30.0%30.0%30.0%30.0%月份6财财务务费费用用（万万元元）(6.5%)(4,899)-财务费用-信用卡(1,581)-信用卡付款比例（%）信用卡费率（%）4.2%4.2%4.2%4.2%4.2%财务费用-运营财务费用-贷款利息(3,318)-7未分配经营费用（万元）(25.3%)(19,022)-行政及总务(7.0%)(5,236)-比例（%）广告及市场推广(1.9%)(1,447)-比例（%）动力成本(12.3%)(9,228)-比例173、（%）工程及维修(4.1%)(3,111)-比例（%）基本管理费-比例（%）激励费用-比例（%）8折折旧旧摊摊销销前前利利润润（万万元元）6.6%4,958-减：固定资产折旧(48.1%)(36,250)-无形资产摊销(1.8%)(1,369)-9利利润润总总额额（万万元元）(43.4%)(32,661)-息息税税折折旧旧摊摊销销前前利利润润（EBITDA)9,857-息息税税前前利利润润（EBIT)(27,762)-酒酒店店运运营营成成本本(56,171)-2012E2013E2Q3Q4Q1Q2Q3Q4Q1Q2Q-676669-3693652002002009190-18,20018,000174、-35.0%35.0%35.0%-6,3706,3005255255255515515515515795795.0%5.0%-221219-4444-7473-2929-296293-123122-130129-3838-11-44-1111505050333-9190-10.0%10.0%10.0%8181818282828282821.0%1.0%-115113120120120333-9190-25.0%35.0%35.0%1001001001001001001001001002011E-127126100100100133-9190-30.0%40.0%40.0%11211211211175、41141141141171172.0%2.0%-22000200200200-91903.5%3.5%3.5%9191919292929293931.0%1.0%000000011000000044-1111-77-11-11-11-(372)(368)-(156)(154)-(95)(94)14.0%14.0%-(34)(33)5.0%5.0%-(14)(13)2.0%2.0%-(14)(13)2.0%2.0%-(203)(201)-(95)(94)14.0%14.0%-(81)(80)12.0%12.0%-(14)(13)2.0%2.0%-(14)(13)2.0%2.0%-(14)(14176、)-(5)(5)0.7%0.7%-(1)(1)0.2%0.2%-(1)(1)0.2%0.2%-(7)(7)1.0%1.0%-304301-213211-9493-(3)(3)-(38)(37)5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%-(72)(72)-34,48834,48830.0%30.0%30.0%30.0%30.0%30.0%30.0%30.0%30.0%333-149-149-(14)(14)50.0%50.0%50.0%50.0%4.2%4.2%4.2%4.2%4.2%4.2%4.2%4.2%4.2%-(135)(135)-(230)(227)-(8177、1)(80)12.0%12.0%-(20)(20)3.0%3.0%-(88)(87)13.0%13.0%-(41)(40)6.0%6.0%-(185)(185)-(31)(252)(252)-(26)(26)-(31)(463)(464)-(36)(36)-(31)(314)(315)-(602)(596)2014E2015E3Q4Q1Q2Q3Q4Q1Q2Q3Q68468488887989889897696598637337355354755955961660962220020020020020020020020020092929190929291909218,40018,40018,2001178、8,00018,40018,40018,20018,00018,40035.0%35.0%50.0%50.0%50.0%50.0%53.0%53.0%53.0%15.0%3.0%6,4406,4409,1009,0009,2009,2009,6469,5409,7525795796086086086086386386385.0%5.0%22422433232833533536936537345456666676774737575751111091121121231221243030444445454949503003003193153223223423383451251251331321351179、3514314214513113114013814114114914815138384140414144434411111111144444444411111212131314141450505050505050505033333333392929190929291909210.0%10.0%11.0%11.0%11.0%11.0%12.0%12.0%12.0%1.0%1.0%8282838383838484841.0%1.0%11611612412212512513313113412012012012012012012012012033333333392929190929291909235.180、0%35.0%37.0%37.0%37.0%37.0%39.0%39.0%39.0%2.0%2.0%1001001021021021021041041042.0%2.0%2013E12912913713513813814614414710010010010010010010010010033333333392929190929291909240.0%40.0%42.0%42.0%42.0%42.0%44.0%44.0%44.0%2.0%2.0%1171171191191191191211211212.0%2.0%22222222200000000020020020020020020020020181、02009292919092929190923.5%3.5%3.5%3.5%3.5%3.5%3.5%3.5%3.5%9393949494949595951.0%1.0%1111111112.0%2.0%4444444442.0%2.0%1111171617171818197711111111121212111111111112222222112222222(376)(376)(471)(466)(476)(476)(508)(502)(513)(157)(157)(204)(202)(207)(207)(215)(212)(217)(96)(96)(124)(123)(126)(126)(13182、7)(135)(138)14.0%14.0%14.0%14.0%14.0%14.0%14.0%14.0%14.0%(34)(34)(44)(44)(45)(45)(39)(39)(39)5.0%5.0%5.0%5.0%5.0%5.0%4.0%4.0%4.0%(14)(14)(18)(18)(18)(18)(20)(19)(20)2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%(14)(14)(18)(18)(18)(18)(20)(19)(20)2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%(205)(205)(249)(246)(251)(2183、51)(273)(270)(276)(96)(96)(124)(123)(126)(126)(137)(135)(138)14.0%14.0%14.0%14.0%14.0%14.0%14.0%14.0%14.0%(82)(82)(98)(97)(99)(99)(107)(106)(108)12.0%12.0%11.0%11.0%11.0%11.0%11.0%11.0%11.0%(14)(14)(9)(9)(9)(9)(10)(10)(10)2.0%2.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%(14)(14)(18)(18)(18)(18)(20)(19)(20)2.0%2.184、0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%(14)(14)(18)(18)(18)(18)(20)(20)(20)(5)(5)(6)(6)(6)(6)(7)(7)(7)0.7%0.7%0.7%0.7%0.7%0.7%0.7%0.7%0.7%(1)(1)(1)(1)(1)(1)(1)(1)(1)0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%(1)(1)(2)(2)(2)(2)(2)(2)(2)0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%(7)(7)(9)(9)(9)(9)(10)(10)(10)1.0%1.0%1.0%1.0185、%1.0%1.0%1.0%1.0%1.0%307307417413422422468463473216216349345353353401396405959570697171686869(3)(3)(2)(2)(2)(2)(2)(2)(2)(38)(38)(49)(49)(50)(50)(54)(54)(55)5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%(72)(72)(72)(72)(72)(72)(72)(72)(72)34,48834,48834,48834,48834,48834,48834,48834,48834,48830.0%30.0%30.0%30.186、0%30.0%30.0%30.0%30.0%30.0%333333333-149-149-82-82-82-82-83-82-83(14)(14)(19)(18)(19)(19)(20)(20)(21)50.0%50.0%50.0%50.0%50.0%50.0%50.0%50.0%50.0%4.2%4.2%4.2%4.2%4.2%4.2%4.2%4.2%4.2%(135)(135)(64)(64)(64)(64)(62)(62)(62)(232)(232)(284)(281)(287)(287)(302)(299)(306)(82)(82)(98)(97)(99)(99)(98)(97)(99187、)12.0%12.0%11.0%11.0%11.0%11.0%10.0%10.0%10.0%(21)(21)(27)(26)(27)(27)(29)(29)(30)3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%(89)(89)(115)(114)(117)(117)(127)(125)(128)13.0%13.0%13.0%13.0%13.0%13.0%13.0%13.0%13.0%(41)(41)(44)(44)(45)(45)(49)(48)(49)6.0%6.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%-(185)(185)(71)(72)(70188、)(70)(44)(45)(43)(252)(252)(252)(252)(252)(252)(252)(252)(252)(26)(26)(26)(26)(26)(26)(26)(26)(26)(463)(463)(350)(350)(349)(349)(322)(323)(321)(36)(36)11101212393840(314)(314)(268)(268)(267)(267)(240)(241)(239)(609)(609)(756)(747)(764)(764)(810)(801)(819)2016E2017E4Q1Q2Q3Q4Q1Q2Q3Q4Q9861,0691,0691,08189、11,0811,1681,1551,1811,18162268368369069075574776476420020020020020020020020020092919192929190929218,40018,20018,20018,40018,40018,20018,00018,40018,40053.0%56.0%56.0%56.0%56.0%59.0%59.0%59.0%59.0%3.0%3.0%9,75210,19210,19210,30410,30410,73810,62010,85610,8566386706706706707047047047045.0%5.0%3734104190、1041441445344845845875828283839190929212413713713813815114915315350555555556060616134536536536936939038639439414515315315515516416216616615116016016116117016817217244474747475050515111111111144444444414151515151616171750505050505050505033333333392919192929190929212.0%13.0%13.0%13.0%13.0%14.0%14.0%14191、.0%14.0%1.0%1.0%8485858585868686861.0%1.0%13414314314414415215115415412012012012012012012012012033333333392919192929190929239.0%41.0%41.0%41.0%41.0%43.0%43.0%43.0%43.0%2.0%2.0%1041061061061061081081081082.0%2.0%综综合合体体酒酒店店现现金金流流量量表表147156156157157166164167167100100100100100100100100100333333333929191192、92929190929244.0%46.0%46.0%46.0%46.0%48.0%48.0%48.0%48.0%2.0%2.0%1211241241241241261261261262.0%2.0%2222222220000000002002002002002002002002002009291919292919092923.5%3.5%3.5%3.5%3.5%3.5%3.5%3.5%3.5%9596969696969696961.0%1.0%1111111112.0%2.0%4444444442.0%2.0%19202021212322232312141414141515151511111193、2122233333333233333333(513)(556)(556)(562)(562)(608)(601)(615)(615)(217)(235)(235)(238)(238)(257)(254)(260)(260)(138)(150)(150)(151)(151)(164)(162)(165)(165)14.0%14.0%14.0%14.0%14.0%14.0%14.0%14.0%14.0%(39)(43)(43)(43)(43)(47)(46)(47)(47)4.0%4.0%4.0%4.0%4.0%4.0%4.0%4.0%4.0%(20)(21)(21)(22)(22)(23)(2194、3)(24)(24)2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%(20)(21)(21)(22)(22)(23)(23)(24)(24)2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%(276)(299)(299)(303)(303)(327)(324)(331)(331)(138)(150)(150)(151)(151)(164)(162)(165)(165)14.0%14.0%14.0%14.0%14.0%14.0%14.0%14.0%14.0%(108)(118)(118)(119)(119)(128)(127)(130)(130)11195、.0%11.0%11.0%11.0%11.0%11.0%11.0%11.0%11.0%(10)(11)(11)(11)(11)(12)(12)(12)(12)1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%(20)(21)(21)(22)(22)(23)(23)(24)(24)2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%(20)(22)(22)(22)(22)(24)(24)(24)(24)(7)(7)(7)(8)(8)(8)(8)(8)(8)0.7%0.7%0.7%0.7%0.7%0.7%0.7%0.7%0.7%(1)(2)(2)(2)(2196、)(2)(2)(2)(2)0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%(2)(2)(2)(2)(2)(2)(2)(2)(2)0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%(10)(11)(11)(11)(11)(12)(12)(12)(12)1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%473513513518518560554566566405448448453453498493504504696666676763626464(2)(1)(1)(1)(1)(1)(1)(1)(1)(55)(59)(59)(60)(197、60)(65)(64)(66)(66)5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%(72)(72)(72)(72)(72)(72)(72)(72)(72)34,48834,48834,48834,48834,48834,48834,48834,48834,48830.0%30.0%30.0%30.0%30.0%30.0%30.0%30.0%30.0%333333333-83-84-84-85-85-85-85-85-85(21)(22)(22)(23)(23)(25)(24)(25)(25)50.0%50.0%50.0%50.0%50.0%50.0%50.0%50.198、0%50.0%4.2%4.2%4.2%4.2%4.2%4.2%4.2%4.2%4.2%(62)(62)(62)(62)(62)(61)(61)(61)(61)(306)(321)(321)(324)(324)(339)(335)(342)(342)(99)(96)(96)(97)(97)(93)(92)(94)(94)10.0%9.0%9.0%9.0%9.0%8.0%8.0%8.0%8.0%(30)(32)(32)(32)(32)(35)(35)(35)(35)3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%(128)(139)(139)(140)(140)(152)(199、150)(154)(154)13.0%13.0%13.0%13.0%13.0%13.0%13.0%13.0%13.0%(49)(53)(53)(54)(54)(58)(58)(59)(59)5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%-(43)(24)(24)(23)(23)(1)(2)00(252)(252)(252)(252)(252)(252)(252)(252)(283)(26)(26)(26)(26)(26)(26)(26)(26)(26)(321)(303)(303)(302)(302)(280)(281)(278)(309)40606062628482200、8686(239)(218)(218)(217)(217)(194)(196)(193)(224)(819)(877)(877)(887)(887)(947)(936)(957)(957)2018E2019E2020E1Q2Q3Q4Q1Q2Q3Q4Q1Q1,2801,2661,2941,2941,4061,3901,4211,4211,5408348248438439189089289281,00820020020020020020020020020091909292919092929118,20018,00018,40018,40018,20018,00018,40018,40018,200201、62.0%62.0%62.0%62.0%65.0%65.0%65.0%65.0%68.0%3.0%3.0%3.0%11,28411,16011,40811,40811,83011,70011,96011,96012,3767397397397397767767767768145.0%5.0%5.0%500495506506551545557557605100991011011101091111111211671651691691841821861862026766676773737474814224174264264614564664665021761741781781931911951952202、1118518318818820220020520522054545555595960606511111111144444444418181818191919192150505050505050505033333333391909292919092929115.0%15.0%15.0%15.0%16.0%16.0%16.0%16.0%17.0%1.0%1.0%1.0%8787878787878787881.0%1.0%1.0%16316116516517917718118119612012012012012012012012012033333333391909292919092929145.0203、%45.0%45.0%45.0%48.0%48.0%48.0%48.0%51.0%2.0%3.0%3.0%1101101101101141141141141172.0%3.0%3.0%18117918318319819520020021510010010010010010010010010033333333391909292919092929151.0%51.0%51.0%51.0%54.0%54.0%54.0%54.0%57.0%3.0%3.0%3.0%1301301301301341341341341383.0%3.0%3.0%2222222220000000002002002002002204、002002002002009190929291909292913.5%3.5%3.5%3.5%3.5%3.5%3.5%3.5%3.5%9797979798989898991.0%1.0%1.0%1111111113.0%3.0%3.0%4444444443.0%3.0%3.0%252525252827282830171617171818191920222222222333344444333344444(641)(634)(648)(648)(688)(681)(696)(696)(754)(256)(253)(259)(259)(281)(278)(284)(284)(308)(179)(1205、77)(181)(181)(197)(195)(199)(199)(216)14.0%14.0%14.0%14.0%14.0%14.0%14.0%14.0%14.0%(38)(38)(39)(39)(42)(42)(43)(43)(46)3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%(26)(25)(26)(26)(28)(28)(28)(28)(31)2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%(13)(13)(13)(13)(14)(14)(14)(14)(15)1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%(206、358)(355)(362)(362)(380)(375)(384)(384)(416)(179)(177)(181)(181)(197)(195)(199)(199)(216)14.0%14.0%14.0%14.0%14.0%14.0%14.0%14.0%14.0%(141)(139)(142)(142)(155)(153)(156)(156)(169)11.0%11.0%11.0%11.0%11.0%11.0%11.0%11.0%11.0%(13)(13)(13)(13)(14)(14)(14)(14)(15)1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%(26)207、(25)(26)(26)(14)(14)(14)(14)(15)2.0%2.0%2.0%2.0%1.0%1.0%1.0%1.0%1.0%(26)(26)(27)(27)(27)(27)(28)(28)(30)(9)(9)(9)(9)(10)(10)(10)(10)(11)0.7%0.7%0.7%0.7%0.7%0.7%0.7%0.7%0.7%(2)(2)(2)(2)(2)(2)(2)(2)(2)0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%(3)(3)(3)(3)(3)(3)(3)(3)(3)0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%(1208、3)(13)(13)(13)(13)(13)(13)(13)(14)1.0%1.0%1.0%1.0%0.9%0.9%0.9%0.9%0.9%639632646646718710725725786578571584584636629643643700636264648180828286(1)(1)(1)(1)00000(71)(70)(72)(72)(78)(77)(79)(79)(85)5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%(103)(103)(103)(103)(103)(103)(103)(103)(103)48,88848,88848,88848,888209、48,88848,88848,88848,88848,88830.0%30.0%30.0%30.0%30.0%30.0%30.0%30.0%30.0%333333333-93-93-93-93-100-99-100-100-98(27)(27)(27)(27)(30)(29)(30)(30)(32)50.0%50.0%50.0%50.0%50.0%50.0%50.0%50.0%50.0%4.2%4.2%4.2%4.2%4.2%4.2%4.2%4.2%4.2%(66)(66)(66)(66)(70)(70)(70)(70)(65)(333)(329)(336)(336)(351)(348)(35210、5)(355)(385)(90)(89)(91)(91)(98)(97)(99)(99)(108)7.0%7.0%7.0%7.0%7.0%7.0%7.0%7.0%7.0%(26)(25)(26)(26)(28)(28)(28)(28)(31)2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%(154)(152)(155)(155)(169)(167)(171)(171)(185)12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%(64)(63)(65)(65)(56)(56)(57)(57)(62)5.0%5.0%5.0%5.0%4211、.0%4.0%4.0%4.0%4.0%-4038424286838989115(972)(972)(972)(972)(972)(972)(972)(972)(972)(26)(26)(26)(26)(26)(26)(26)(26)(26)(959)(961)(956)(956)(913)(915)(910)(910)(883)133130135135186182189189213(866)(868)(863)(863)(813)(816)(810)(810)(786)(974)(963)(984)(984)(1,040)(1,028)(1,051)(1,051)(1,139)2021E202212、2E2Q3Q4Q1Q2Q3Q4Q1Q2Q1,5401,5571,5571,6831,6641,7011,7011,8351,8151,0081,0191,0191,1051,0931,1171,1171,2091,19620020020020020020020020020091929291909292919018,20018,40018,40018,20018,00018,40018,40018,20018,00068.0%68.0%68.0%71.0%71.0%71.0%71.0%74.0%74.0%3.0%3.0%12,37612,51212,51212,92212,78013,06413213、,06413,46813,3208148148148558558558558988985.0%5.0%605611611663656670670726718121122122133131134134145144202204204221219223223242239818282888789899796502507507545539551551590583211213213229227232232249246220223223239236242242258256656565706971717675111222222444555555212121222222222323505050505050505214、05033333333391929291909292919017.0%17.0%17.0%18.0%18.0%18.0%18.0%19.0%19.0%1.0%1.0%8888888989898990901.0%1.0%19619819821321121621623222912012012012012012012012012033333333391929291909292919051.0%51.0%51.0%54.0%54.0%54.0%54.0%57.0%57.0%3.0%3.0%1171171171211211211211241243.0%3.0%2020E21521721723323023215、623625224910010010010010010010010010033333333391929291909292919057.0%57.0%57.0%60.0%60.0%60.0%60.0%63.0%63.0%3.0%3.0%1381381381421421421421461463.0%3.0%2222222220000000002002002002002002002002002009192929190929291903.5%3.5%3.5%3.5%3.5%3.5%3.5%3.5%3.5%9999991001001001001011011.0%1.0%1112222223.0%3.0%216、4445555553.0%3.0%303131333334343636202020222222222424222222222444444455444444455(754)(762)(762)(805)(796)(814)(814)(876)(867)(308)(311)(311)(337)(333)(340)(340)(367)(363)(216)(218)(218)(236)(233)(238)(238)(257)(254)14.0%14.0%14.0%14.0%14.0%14.0%14.0%14.0%14.0%(46)(47)(47)(50)(50)(51)(51)(55)(54)3.0%217、3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%(31)(31)(31)(34)(33)(34)(34)(37)(36)2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%(15)(16)(16)(17)(17)(17)(17)(18)(18)1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%(416)(420)(420)(438)(433)(442)(442)(477)(472)(216)(218)(218)(236)(233)(238)(238)(257)(254)14.0%14.0%14.0%14.0%14.0%14.0%14.0218、%14.0%14.0%(169)(171)(171)(168)(166)(170)(170)(184)(182)11.0%11.0%11.0%10.0%10.0%10.0%10.0%10.0%10.0%(15)(16)(16)(17)(17)(17)(17)(18)(18)1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%(15)(16)(16)(17)(17)(17)(17)(18)(18)1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%(30)(30)(30)(31)(31)(31)(31)(32)(32)(11)(11)(11)(10)(10219、)(10)(10)(11)(11)0.7%0.7%0.7%0.6%0.6%0.6%0.6%0.6%0.6%(2)(2)(2)(3)(2)(3)(3)(3)(3)0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%(3)(3)(3)(3)(3)(3)(3)(4)(4)0.2%0.2%0.2%0.2%0.2%0.2%0.2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8009901,0391,0391,0391,0395.0%820851842861861164170168172172273284281287287109114112115115694738730746746294313310317317304323319327327909594969622222555552728282828505050505033333929190929221.0%22.0%22.0%22.0%22.0%1.0%92939393931.0%27529429029729712012012012012033333929190929263.0%66.0%66.0%66.0%237、66.0%3.0%1321361361361363.0%29631531131831810010010010010033333929190929269.0%72.0%72.0%72.0%72.0%3.0%1551601601601603.0%222220000020020020020020092919092923.5%3.5%3.5%3.5%3.5%1031041041041041.0%222223.0%555553.0%41434243432728282929333335666656666(1,001)(1,048)(1,037)(1,060)(1,060)(420)(440)(435)(4238、45)(445)(294)(308)(305)(311)(311)14.0%14.0%14.0%14.0%14.0%(63)(66)(65)(67)(67)3.0%3.0%3.0%3.0%3.0%(42)(44)(44)(44)(44)2.0%2.0%2.0%2.0%2.0%(21)(22)(22)(22)(22)1.0%1.0%1.0%1.0%1.0%(546)(572)(566)(578)(578)(294)(308)(305)(311)(311)14.0%14.0%14.0%14.0%14.0%(210)(220)(218)(222)(222)10.0%10.0%10.0%10.0%10239、.0%(21)(22)(22)(22)(22)1.0%1.0%1.0%1.0%1.0%(21)(22)(22)(22)(22)1.0%1.0%1.0%1.0%1.0%(35)(36)(36)(37)(37)(13)(13)(13)(13)(13)0.6%0.6%0.6%0.6%0.6%(3)(3)(3)(3)(3)0.2%0.2%0.2%0.2%0.2%(2)(2)(2)(2)(2)0.1%0.1%0.1%0.1%0.1%(17)(18)(17)(18)(18)0.8%0.8%0.8%0.8%0.8%1,1001,1521,1391,1641,1649469799689909901481661240、6516816866666(117)(122)(121)(123)(123)5.6%5.6%5.6%5.6%5.6%(133)(133)(133)(133)(133)63,28863,28863,28863,28863,28830.0%30.0%30.0%30.0%30.0%33333-93-84-84-85-85(44)(46)(46)(47)(47)50.0%50.0%50.0%50.0%50.0%4.2%4.2%4.2%4.2%4.2%(49)(38)(38)(38)(38)(441)(462)(457)(467)(467)(105)(110)(109)(111)(111)5.0%5.0241、%5.0%5.0%5.0%(21)(22)(22)(22)(22)1.0%1.0%1.0%1.0%1.0%(252)(264)(261)(267)(267)12.0%12.0%12.0%12.0%12.0%(63)(66)(65)(67)(67)3.0%3.0%3.0%3.0%3.0%-316350345356356(972)(972)(972)(972)(972)(26)(26)(26)(26)(26)(683)(648)(654)(642)(642)409435428441441(589)(564)(570)(558)(558)(1,442)(1,510)(1,494)(1,527)(1,242、527)街街区区商商业业现现金金流流量量表表序序号号指指标标比比率率%合合计计2010A2011E1Q2Q3Q4Q1Q1营营业业收收入入（万万元元）100.0%59,231-街区商业91.4%54,127-产权车位7.2%4,271-人防车位1.4%833-2经经营营成成本本和和部部门门费费用用（万万元元）(31.1%)(18,424)-商商业业管管理理中中心心-招招商商部部(9.2%)(5,425)-其中：人员费用(5.0%)(2,962)-比例（%）招商费用-商业(2.9%)(1,697)-比例（%）其他直接费用(1.3%)(767)-比例（%）商商业业管管理理中中心心-运运营营部部(21243、.9%)(12,999)-其中：人员费用(5.0%)(2,962)-比例（%）客户服务费用(15.7%)(9,270)-比例（%）其他直接费用(1.3%)(767)-比例（%）3经经营营毛毛利利（EBITDA,EBITDA,万万元元）68.9%40,807-4营业税金及附加（万元）(5.6%)(3,287)-比例（%）5.6%5.6%5.6%5.6%5.6%5房产税（万元）(12.0%)(7,108)-比例（%）12.0%12.0%12.0%12.0%12.0%6印花税（万元）(0.1%)(59)-比例（%）0.1%0.1%0.1%0.1%0.1%7财财务务费费用用（万万元元）(7.3%)(4244、,339)-财务费用-信用卡(1,244)-信用卡付款比例（%）信用卡费率（%）4.2%4.2%4.2%4.2%4.2%财务费用-运营财务费用-贷款利息(3,095)-8未分配经营费用（万元）(28.5%)(16,856)-行政及总务(9.8%)(5,775)-比例（%）广告及市场推广(3.1%)(1,850)-比例（%）动力成本(12.9%)(7,631)-比例（%）工程及维修(2.7%)(1,599)-比例（%）其他-比例（%）9折折旧旧摊摊销销前前利利润润（万万元元）15.5%9,158-减 固定资产折旧(7.8%)(4,647)-无形资产摊销(8.2%)(4,878)-10利利润润总总245、额额（万万元元）(0.6%)(368)-息息税税折折旧旧摊摊销销前前利利润润（EBITDA)13,497-息息税税前前利利润润（EBIT)3,971-街街区区商商业业经经营营成成本本(18,424)-2012E2013E2Q3Q4Q1Q2Q3Q4Q1Q2Q-561561567567616609-508508513513556550-454545455150-99991010-(219)(219)(221)(221)(240)(238)-(67)(67)(68)(68)(74)(73)-(28)(28)(28)(28)(31)(30)5.0%5.0%5.0%5.0%5.0%5.0%-(28)(2246、8)(28)(28)(31)(30)5.0%5.0%5.0%5.0%5.0%5.0%-(11)(11)(11)(11)(12)(12)2.0%2.0%2.0%2.0%2.0%2.0%-(152)(152)(153)(153)(166)(165)-(28)(28)(28)(28)(31)(30)5.0%5.0%5.0%5.0%5.0%5.0%-(112)(112)(113)(113)(123)(122)20.0%20.0%20.0%20.0%20.0%20.0%-(11)(11)(11)(11)(12)(12)2.0%2.0%2.0%2.0%2.0%2.0%-342342346346376372247、-(31)(31)(31)(31)(34)(34)5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%-(67)(67)(68)(68)(74)(73)12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%-(1)(1)(1)(1)(1)(1)0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%-(127)(127)(127)(127)(120)(120)-(12)(12)(12)(12)(13)(13)50.0%50.0%50.0%50.0%50.0%50.0%4.2%4.2%4.2%4.2%4.2%4.2%4.2%248、4.2%4.2%2011E-(115)(115)(115)(115)(107)(107)-(208)(208)(210)(210)(228)(225)-(67)(67)(68)(68)(74)(73)12.0%12.0%12.0%12.0%12.0%12.0%-(28)(28)(28)(28)(31)(30)5.0%5.0%5.0%5.0%5.0%5.0%-(84)(84)(85)(85)(92)(91)15.0%15.0%15.0%15.0%15.0%15.0%-(28)(28)(28)(28)(31)(30)5.0%5.0%5.0%5.0%5.0%5.0%-(91)(91)(91)(91)249、(81)(81)-(83)(83)(83)(83)(83)(83)-(87)(87)(87)(87)(87)(87)-(262)(262)(261)(261)(251)(251)-363636363939-(134)(134)(134)(134)(131)(131)-(219)(219)(221)(221)(240)(238)2014E2015E3Q4Q1Q2Q3Q4Q1Q2Q3Q623623692684699699774766783562562624617631631698690706515157565757646364101011111111121213(243)(243)(270)(26250、7)(273)(273)(279)(276)(282)(75)(75)(83)(82)(84)(84)(85)(84)(86)(31)(31)(35)(34)(35)(35)(39)(38)(39)5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%(31)(31)(35)(34)(35)(35)(31)(31)(31)5.0%5.0%5.0%5.0%5.0%5.0%4.0%4.0%4.0%(12)(12)(14)(14)(14)(14)(15)(15)(16)2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%(168)(168)(187)(185)(251、189)(189)(194)(191)(196)(31)(31)(35)(34)(35)(35)(39)(38)(39)5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%(125)(125)(138)(137)(140)(140)(139)(138)(141)20.0%20.0%20.0%20.0%20.0%20.0%18.0%18.0%18.0%(12)(12)(14)(14)(14)(14)(15)(15)(16)2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%380380422417427427495490501(35)(35)(38)(38252、)(39)(39)(43)(42)(43)5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%(75)(75)(83)(82)(84)(84)(93)(92)(94)12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%(1)(1)(1)(1)(1)(1)(1)(1)(1)0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%(120)(120)(65)(65)(65)(65)(66)(65)(66)(13)(13)(15)(14)(15)(15)(16)(16)(16)50.0%50.0%50.0%50.0%50.0%253、50.0%50.0%50.0%50.0%4.2%4.2%4.2%4.2%4.2%4.2%4.2%4.2%4.2%2013E(107)(107)(50)(50)(50)(50)(49)(49)(49)(230)(230)(249)(246)(252)(252)(279)(276)(282)(75)(75)(83)(82)(84)(84)(93)(92)(94)12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%(31)(31)(35)(34)(35)(35)(39)(38)(39)5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%(93254、)(93)(104)(103)(105)(105)(116)(115)(117)15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%(31)(31)(28)(27)(28)(28)(31)(31)(31)5.0%5.0%4.0%4.0%4.0%4.0%4.0%4.0%4.0%-(80)(80)(14)(15)(14)(14)141415(83)(83)(83)(83)(83)(83)(83)(83)(83)(87)(87)(87)(87)(87)(87)(87)(87)(87)(251)(251)(184)(185)(184)(184)(156)(156)255、(155)404051505151807981(131)(131)(119)(120)(119)(119)(90)(91)(89)(243)(243)(270)(267)(273)(273)(279)(276)(282)2016E2017E4Q1Q2Q3Q4Q1Q2Q3Q4Q783820820829829884874893893706740740748748799790808808646767686871707272131313131314141414(282)(295)(295)(298)(298)(309)(306)(313)(313)(86)(90)(90)(91)(91)(88)(87256、)(89)(89)(39)(41)(41)(41)(41)(44)(44)(45)(45)5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%(31)(33)(33)(33)(33)(27)(26)(27)(27)4.0%4.0%4.0%4.0%4.0%3.0%3.0%3.0%3.0%(16)(16)(16)(17)(17)(18)(17)(18)(18)2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%(196)(205)(205)(207)(207)(221)(218)(223)(223)(39)(41)(41)(41)(41)(44)(44)(4257、5)(45)5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%(141)(148)(148)(149)(149)(159)(157)(161)(161)18.0%18.0%18.0%18.0%18.0%18.0%18.0%18.0%18.0%(16)(16)(16)(17)(17)(18)(17)(18)(18)2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%501525525530530574568581581(43)(45)(45)(46)(46)(49)(49)(50)(50)5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%5258、.6%(94)(98)(98)(99)(99)(106)(105)(107)(107)12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%(1)(1)(1)(1)(1)(1)(1)(1)(1)0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%(66)(66)(66)(66)(66)(67)(66)(67)(67)(16)(17)(17)(17)(17)(19)(18)(19)(19)50.0%50.0%50.0%50.0%50.0%50.0%50.0%50.0%50.0%4.2%4.2%4.2%4.2%4.2%4.2%4.2%4.2%259、4.2%街街区区商商业业现现金金流流量量表表(49)(49)(49)(49)(49)(48)(48)(48)(48)(282)(279)(279)(282)(282)(292)(288)(295)(295)(94)(90)(90)(91)(91)(97)(96)(98)(98)12.0%11.0%11.0%11.0%11.0%11.0%11.0%11.0%11.0%(39)(33)(33)(33)(33)(35)(35)(36)(36)5.0%4.0%4.0%4.0%4.0%4.0%4.0%4.0%4.0%(117)(123)(123)(124)(124)(133)(131)(134)(134260、)15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%(31)(33)(33)(33)(33)(27)(26)(27)(27)4.0%4.0%4.0%4.0%4.0%3.0%3.0%3.0%3.0%-153535363660596161(83)(83)(83)(83)(83)(83)(83)(83)(83)(87)(87)(87)(87)(87)(87)(87)(87)(87)(155)(135)(135)(134)(134)(110)(111)(109)(109)81101101102102127125128128(89)(69)(69)(68)(68)261、(43)(45)(42)(42)(282)(295)(295)(298)(298)(309)(306)(313)(313)2018E2019E2020E1Q2Q3Q4Q1Q2Q3Q4Q1Q9529419629621,0251,0141,0371,0371,1058638538728729329229429421,006747475757877797982151415151515151516(314)(311)(318)(318)(308)(304)(311)(311)(331)(86)(85)(87)(87)(92)(91)(93)(93)(99)(48)(47)(48)(48)(51)(51262、)(52)(52)(55)5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%(29)(28)(29)(29)(31)(30)(31)(31)(33)3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%(10)(9)(10)(10)(10)(10)(10)(10)(11)1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%(228)(226)(231)(231)(215)(213)(218)(218)(232)(48)(47)(48)(48)(51)(51)(52)(52)(55)5.0%5.0%5.0%5.0%5.0%5.0%5.0263、%5.0%5.0%(171)(169)(173)(173)(154)(152)(155)(155)(166)18.0%18.0%18.0%18.0%15.0%15.0%15.0%15.0%15.0%(10)(9)(10)(10)(10)(10)(10)(10)(11)1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%638631645645718710726726773(53)(52)(53)(53)(57)(56)(58)(58)(61)5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%(114)(113)(115)(115)(123)(122)(264、124)(124)(133)12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%(1)(1)(1)(1)(1)(1)(1)(1)(1)0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%(73)(72)(73)(73)(77)(77)(77)(77)(75)(20)(20)(20)(20)(22)(21)(22)(22)(23)50.0%50.0%50.0%50.0%50.0%50.0%50.0%50.0%50.0%4.2%4.2%4.2%4.2%4.2%4.2%4.2%4.2%4.2%(53)(53)(53)(53)(56)(56)(265、56)(56)(52)(276)(273)(279)(279)(287)(284)(290)(290)(309)(95)(94)(96)(96)(103)(101)(104)(104)(110)10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0%(38)(38)(38)(38)(31)(30)(31)(31)(33)4.0%4.0%4.0%4.0%3.0%3.0%3.0%3.0%3.0%(114)(113)(115)(115)(123)(122)(124)(124)(133)12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%1266、2.0%(29)(28)(29)(29)(31)(30)(31)(31)(33)3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%-121119123123173170175175194(83)(83)(83)(83)(83)(83)(83)(83)(83)(87)(87)(87)(87)(87)(87)(87)(87)(87)(49)(51)(47)(47)2(0)5524194192196196250247252252269242126268077828299(314)(311)(318)(318)(308)(304)(311)(311)(331)2021E2022E267、2Q3Q4Q1Q2Q3Q4Q1Q2Q1,1051,1171,1171,2101,1971,2231,2231,3261,3111,0061,0181,0181,1071,0951,1191,1191,2181,204828383868587879089161616171717171817(331)(335)(335)(351)(347)(355)(355)(385)(380)(99)(100)(100)(97)(96)(98)(98)(106)(105)(55)(56)(56)(61)(60)(61)(61)(66)(66)5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0268、%(33)(33)(33)(24)(24)(24)(24)(27)(26)3.0%3.0%3.0%2.0%2.0%2.0%2.0%2.0%2.0%(11)(11)(11)(12)(12)(12)(12)(13)(13)1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%(232)(234)(234)(254)(251)(257)(257)(278)(275)(55)(56)(56)(61)(60)(61)(61)(66)(66)5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%(166)(167)(167)(182)(180)(184)(184)(19269、9)(197)15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%(11)(11)(11)(12)(12)(12)(12)(13)(13)1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%773782782859850869869941931(61)(62)(62)(67)(66)(68)(68)(74)(73)5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%(133)(134)(134)(145)(144)(147)(147)(159)(157)12.0%12.0%12.0%12.0%12.0%12.0%12270、.0%12.0%12.0%(1)(1)(1)(1)(1)(1)(1)(1)(1)0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%(75)(75)(75)(73)(73)(73)(73)(69)(69)(23)(23)(23)(25)(25)(26)(26)(28)(28)50.0%50.0%50.0%50.0%50.0%50.0%50.0%50.0%50.0%4.2%4.2%4.2%4.2%4.2%4.2%4.2%4.2%4.2%2020E(52)(52)(52)(48)(48)(48)(48)(42)(42)(309)(313)(313)(315)(311)(318)271、(318)(331)(328)(110)(112)(112)(109)(108)(110)(110)(119)(118)10.0%10.0%10.0%9.0%9.0%9.0%9.0%9.0%9.0%(33)(33)(33)(36)(36)(37)(37)(27)(26)3.0%3.0%3.0%3.0%3.0%3.0%3.0%2.0%2.0%(133)(134)(134)(145)(144)(147)(147)(159)(157)12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%(33)(33)(33)(24)(24)(24)(24)(27)(26)3.0272、%3.0%3.0%2.0%2.0%2.0%2.0%2.0%2.0%-194197197258255261261306303(83)(83)(83)(83)(83)(83)(83)(83)(83)(87)(87)(87)(87)(87)(87)(87)(87)(87)2427278885919113613326927227233132733533537637299102102161157164164206202(331)(335)(335)(351)(347)(355)(355)(385)(380)2023E2024E3Q4Q1Q2Q3Q4Q1Q2Q3Q1,3401,3401,4531,4371273、,4691,4691,5931,5931,6101,2311,2311,3401,3251,3541,3541,4741,4741,490919195949696100100101181819181919191920(389)(389)(421)(417)(426)(426)(414)(414)(419)(107)(107)(116)(115)(118)(118)(127)(127)(129)(67)(67)(73)(72)(73)(73)(80)(80)(81)5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%(27)(27)(29)(29)(29)(29)(32)(3274、2)(32)2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%(13)(13)(15)(14)(15)(15)(16)(16)(16)1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%(282)(282)(305)(302)(309)(309)(287)(287)(290)(67)(67)(73)(72)(73)(73)(80)(80)(81)5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%(201)(201)(218)(216)(220)(220)(191)(191)(193)15.0%15.0%15.0%15.0%15.0275、%15.0%12.0%12.0%12.0%(13)(13)(15)(14)(15)(15)(16)(16)(16)1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%9529521,0321,0201,0431,0431,1791,1791,192(74)(74)(81)(80)(82)(82)(88)(88)(89)5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%(161)(161)(174)(172)(176)(176)(191)(191)(193)12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%(1)(276、1)(1)(1)(1)(1)(2)(2)(2)0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%(70)(70)(67)(67)(67)(67)(72)(72)(73)(28)(28)(31)(30)(31)(31)(33)(33)(34)50.0%50.0%50.0%50.0%50.0%50.0%50.0%50.0%50.0%4.2%4.2%4.2%4.2%4.2%4.2%4.2%4.2%4.2%2022E(42)(42)(36)(36)(36)(36)(39)(39)(39)(335)(335)(363)(359)(367)(367)(382)(382)(386)(1277、21)(121)(131)(129)(132)(132)(127)(127)(129)9.0%9.0%9.0%9.0%9.0%9.0%8.0%8.0%8.0%(27)(27)(29)(29)(29)(29)(32)(32)(32)2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%(161)(161)(174)(172)(176)(176)(191)(191)(193)12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%(27)(27)(29)(29)(29)(29)(32)(32)(32)2.0%2.0%2.0%2.0%2.0%2.0278、%2.0%2.0%2.0%-310310345341349349443443448(83)(83)(83)(83)(83)(83)(83)(83)(83)(87)(87)(87)(87)(87)(87)(87)(87)(87)140140175171179179273273278380380412407416416515515521210210242237246246345345351(389)(389)(421)(417)(426)(426)(414)(414)(419)2025E4Q1Q2Q3Q4Q1,6101,7461,7271,7651,7651,4901,6211,6031,6391279、,6391011051041061062020202121(419)(454)(449)(459)(459)(129)(140)(138)(141)(141)(81)(87)(86)(88)(88)5.0%5.0%5.0%5.0%5.0%(32)(35)(35)(35)(35)2.0%2.0%2.0%2.0%2.0%(16)(17)(17)(18)(18)1.0%1.0%1.0%1.0%1.0%(290)(314)(311)(318)(318)(81)(87)(86)(88)(88)5.0%5.0%5.0%5.0%5.0%(193)(210)(207)(212)(212)12.0%12.0%1280、2.0%12.0%12.0%(16)(17)(17)(18)(18)1.0%1.0%1.0%1.0%1.0%1,1921,2921,2781,3061,306(89)(97)(96)(98)(98)5.6%5.6%5.6%5.6%5.6%(193)(210)(207)(212)(212)12.0%12.0%12.0%12.0%12.0%(2)(2)(2)(2)(2)0.1%0.1%0.1%0.1%0.1%(73)(67)(66)(67)(67)(34)(37)(36)(37)(37)50.0%50.0%50.0%50.0%50.0%4.2%4.2%4.2%4.2%4.2%(39)(30)(30281、)(30)(30)(386)(402)(397)(406)(406)(129)(140)(138)(141)(141)8.0%8.0%8.0%8.0%8.0%(32)(35)(35)(35)(35)2.0%2.0%2.0%2.0%2.0%(193)(210)(207)(212)(212)12.0%12.0%12.0%12.0%12.0%(32)(17)(17)(18)(18)2.0%1.0%1.0%1.0%1.0%-448515509521521(83)(83)(83)(83)(83)(87)(87)(87)(87)(87)27834533935135152158257658958935141282、2406419419(419)(454)(449)(459)(459)会会所所现现金金流流量量表表序序号号指指标标比比率率%合合计计2010A2011E1Q2Q3Q4Q1Q1营营业业收收入入（万万元元）100.0%11,106-会所100.0%11,106-产权车位-人防车位-2经经营营成成本本和和部部门门费费用用（万万元元）(26.2%)(2,905)-商商业业管管理理中中心心-招招商商部部(6.8%)(756)-其中：人员费用(2.9%)(325)-比例（%）招商费用-商业(2.7%)(295)-比例（%）其他直接费用(1.2%)(136)-比例（%）商商业业管管理理中中心心-运运营营部部283、(19.3%)(2,149)-其中：人员费用(2.9%)(325)-比例（%）客户服务费用(15.2%)(1,687)-比例（%）其他直接费用(1.2%)(136)-比例（%）3经经营营毛毛利利（EBITDA,EBITDA,万万元元）73.8%8,201-4营业税金及附加（万元）(5.6%)(616)-比例（%）5.6%5.6%5.6%5.6%5.6%5房产税（万元）(12.0%)(1,333)-比例（%）12.0%12.0%12.0%12.0%12.0%6印花税（万元）(0.1%)(11)-比例（%）0.1%0.1%0.1%0.1%0.1%7财财务务费费用用（万万元元）(5.7%)(635)284、-财务费用-信用卡(233)-信用卡付款比例（%）信用卡费率（%）4.2%4.2%4.2%4.2%4.2%财务费用-运营财务费用-贷款利息(402)-8未分配经营费用（万元）(27.6%)(3,063)-行政及总务(9.5%)(1,056)-比例（%）广告及市场推广(2.9%)(325)-比例（%）动力成本(12.7%)(1,408)-比例（%）工程及维修(2.5%)(274)-比例（%）其他-比例（%）9折折旧旧摊摊销销前前利利润润（万万元元）22.9%2,542-减 固定资产折旧(4.5%)(502)-无形资产摊销(6.5%)(727)-10利利润润总总额额（万万元元）11.8%1,313285、-息息税税折折旧旧摊摊销销前前利利润润（EBITDA)3,177-息息税税前前利利润润（EBIT)1,948-会会所所运运营营成成本本(5,969)-2012E2013E2Q3Q4Q1Q2Q3Q4Q1Q2Q-5.0%5.0%5.0%5.0%5.0%5.0%-5.0%5.0%5.0%5.0%5.0%5.0%-2.0%2.0%2.0%2.0%2.0%2.0%-5.0%5.0%5.0%5.0%5.0%5.0%-20.0%20.0%20.0%20.0%20.0%20.0%-2.0%2.0%2.0%2.0%2.0%2.0%-5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%-12.286、0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%-0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%-50.0%50.0%50.0%50.0%50.0%50.0%4.2%4.2%4.2%4.2%4.2%4.2%4.2%4.2%4.2%2011E-12.0%12.0%12.0%12.0%12.0%12.0%-5.0%5.0%5.0%5.0%5.0%5.0%-15.0%15.0%15.0%15.0%15.0%15.0%-5.0%5.0%5.0%5.0%5.0%5.0%-2014E2015E3Q4Q1Q2Q3Q4Q1Q2Q3Q-1411401287、43143150148152-141140143143150148152-(55)(55)(56)(56)(54)(53)(55)-(17)(17)(17)(17)(16)(16)(17)-(7)(7)(7)(7)(7)(7)(8)5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%-(7)(7)(7)(7)(6)(6)(6)5.0%5.0%5.0%5.0%5.0%5.0%4.0%4.0%4.0%-(3)(3)(3)(3)(3)(3)(3)2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%-(38)(38)(39)(39)(37)(37)(38)-(7288、)(7)(7)(7)(7)(7)(8)5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%-(28)(28)(29)(29)(27)(27)(27)20.0%20.0%20.0%20.0%20.0%20.0%18.0%18.0%18.0%-(3)(3)(3)(3)(3)(3)(3)2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%-86858787969597-(8)(8)(8)(8)(8)(8)(8)5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%-(17)(17)(17)(17)(18)(18)(18)12.0%12.0%1289、2.0%12.0%12.0%12.0%12.0%12.0%12.0%-(0)(0)(0)(0)(0)(0)(0)0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%-(12)(12)(12)(12)(12)(12)(12)-(3)(3)(3)(3)(3)(3)(3)50.0%50.0%50.0%50.0%50.0%50.0%50.0%50.0%50.0%4.2%4.2%4.2%4.2%4.2%4.2%4.2%4.2%4.2%2013E-(9)(9)(9)(9)(9)(9)(9)-(51)(50)(51)(51)(54)(53)(55)-(17)(17)(17)(17)(18290、)(18)(18)12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%-(7)(7)(7)(7)(7)(7)(8)5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%-(21)(21)(21)(21)(22)(22)(23)15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%-(6)(6)(6)(6)(6)(6)(6)5.0%5.0%4.0%4.0%4.0%4.0%4.0%4.0%4.0%-(2)(2)(2)(2)334-(10)(10)(10)(10)(10)(10)(10)-(15)(15)(1291、5)(15)(15)(15)(15)-(27)(27)(27)(27)(22)(22)(22)-10101111161516-(15)(15)(15)(15)(10)(10)(10)-(106)(105)(107)(107)(108)(107)(109)2016E2017E4Q1Q2Q3Q4Q1Q2Q3Q4Q152159159161161172170174174152159159161161172170174174-(55)(54)(54)(55)(55)(57)(56)(57)(57)(17)(16)(16)(16)(16)(15)(15)(16)(16)(8)(6)(6)(6)(6)(7)292、(7)(7)(7)5.0%4.0%4.0%4.0%4.0%4.0%4.0%4.0%4.0%(6)(6)(6)(6)(6)(5)(5)(5)(5)4.0%4.0%4.0%4.0%4.0%3.0%3.0%3.0%3.0%(3)(3)(3)(3)(3)(3)(3)(3)(3)2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%(38)(38)(38)(39)(39)(41)(41)(42)(42)(8)(6)(6)(6)(6)(7)(7)(7)(7)5.0%4.0%4.0%4.0%4.0%4.0%4.0%4.0%4.0%(27)(29)(29)(29)(29)(31)(31)(3293、1)(31)18.0%18.0%18.0%18.0%18.0%18.0%18.0%18.0%18.0%(3)(3)(3)(3)(3)(3)(3)(3)(3)2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%97105105106106115114116116(8)(9)(9)(9)(9)(10)(9)(10)(10)5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%(18)(19)(19)(19)(19)(21)(20)(21)(21)12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%(0)(0)(0)(0)(294、0)(0)(0)(0)(0)0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%(12)(12)(12)(12)(12)(12)(12)(12)(12)(3)(3)(3)(3)(3)(4)(4)(4)(4)50.0%50.0%50.0%50.0%50.0%50.0%50.0%50.0%50.0%4.2%4.2%4.2%4.2%4.2%4.2%4.2%4.2%4.2%会会所所现现金金流流量量表表(9)(9)(9)(9)(9)(9)(9)(9)(9)(55)(54)(54)(55)(55)(57)(56)(57)(57)(18)(17)(17)(18)(18)(19)(19)(295、19)(19)12.0%11.0%11.0%11.0%11.0%11.0%11.0%11.0%11.0%(8)(6)(6)(6)(6)(7)(7)(7)(7)5.0%4.0%4.0%4.0%4.0%4.0%4.0%4.0%4.0%(23)(24)(24)(24)(24)(26)(25)(26)(26)15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%(6)(6)(6)(6)(6)(5)(5)(5)(5)4.0%4.0%4.0%4.0%4.0%3.0%3.0%3.0%3.0%-41111111116151616(10)(10)(10)(10)(10)(10296、)(10)(10)(10)(15)(15)(15)(15)(15)(15)(15)(15)(15)(22)(15)(15)(15)(15)(10)(10)(10)(10)162323232328282828(10)(3)(3)(3)(3)2233(109)(108)(108)(109)(109)(113)(112)(115)(115)2018E2019E2020E1Q2Q3Q4Q1Q2Q3Q4Q1Q185183187187200198202202220185183187187200198202202220-(57)(57)(58)(58)(52)(51)(53)(53)(57)(15)(15)297、(15)(15)(14)(14)(14)(14)(15)(7)(7)(7)(7)(6)(6)(6)(6)(7)4.0%4.0%4.0%4.0%3.0%3.0%3.0%3.0%3.0%(6)(6)(6)(6)(6)(6)(6)(6)(7)3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%(2)(2)(2)(2)(2)(2)(2)(2)(2)1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%(43)(42)(43)(43)(38)(38)(38)(38)(42)(7)(7)(7)(7)(6)(6)(6)(6)(7)4.0%4.0%4.0%4.0%3.0%298、3.0%3.0%3.0%3.0%(33)(33)(34)(34)(30)(30)(30)(30)(33)18.0%18.0%18.0%18.0%15.0%15.0%15.0%15.0%15.0%(2)(2)(2)(2)(2)(2)(2)(2)(2)1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%128127129129148147150150163(10)(10)(10)(10)(11)(11)(11)(11)(12)5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%(22)(22)(22)(22)(24)(24)(24)(24)(26)12.0%299、12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%(0)(0)(0)(0)(0)(0)(0)(0)(0)0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%(13)(13)(14)(14)(14)(14)(14)(14)(14)(4)(4)(4)(4)(4)(4)(4)(4)(5)50.0%50.0%50.0%50.0%50.0%50.0%50.0%50.0%50.0%4.2%4.2%4.2%4.2%4.2%4.2%4.2%4.2%4.2%(10)(10)(10)(10)(10)(10)(10)(10)(9)(54)(53)(54)(54)(5300、6)(55)(57)(57)(62)(19)(18)(19)(19)(20)(20)(20)(20)(22)10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0%(7)(7)(7)(7)(6)(6)(6)(6)(7)4.0%4.0%4.0%4.0%3.0%3.0%3.0%3.0%3.0%(22)(22)(22)(22)(24)(24)(24)(24)(26)12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%(6)(6)(6)(6)(6)(6)(6)(6)(7)3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.301、0%3.0%-282828284242434348(10)(10)(10)(10)(10)(10)(10)(10)(10)(15)(15)(15)(15)(15)(15)(15)(15)(15)22331716171723414142425756575762161516163131323237(111)(110)(112)(112)(108)(107)(109)(109)(119)2021E2022E2Q3Q4Q1Q2Q3Q4Q1Q2Q220223223242240245245271268220223223242240245245271268-(57)(58)(58)(61)(60)(61)(302、61)(62)(62)(15)(16)(16)(15)(14)(15)(15)(14)(13)(7)(7)(7)(7)(7)(7)(7)(5)(5)3.0%3.0%3.0%3.0%3.0%3.0%3.0%2.0%2.0%(7)(7)(7)(5)(5)(5)(5)(5)(5)3.0%3.0%3.0%2.0%2.0%2.0%2.0%2.0%2.0%(2)(2)(2)(2)(2)(2)(2)(3)(3)1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%(42)(42)(42)(46)(46)(47)(47)(49)(48)(7)(7)(7)(7)(7)(7)(7)(5)(5)3303、.0%3.0%3.0%3.0%3.0%3.0%3.0%2.0%2.0%(33)(33)(33)(36)(36)(37)(37)(41)(40)15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%(2)(2)(2)(2)(2)(2)(2)(3)(3)1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%163165165182180184184209207(12)(12)(12)(13)(13)(14)(14)(15)(15)5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%(26)(27)(27)(29)(29)(2304、9)(29)(33)(32)12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%(0)(0)(0)(0)(0)(0)(0)(0)(0)0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%(14)(14)(14)(14)(14)(14)(14)(13)(13)(5)(5)(5)(5)(5)(5)(5)(6)(6)50.0%50.0%50.0%50.0%50.0%50.0%50.0%50.0%50.0%4.2%4.2%4.2%4.2%4.2%4.2%4.2%4.2%4.2%2020E(9)(9)(9)(9)(9)(9)(9)(8)(8)(6305、2)(62)(62)(63)(62)(64)(64)(68)(67)(22)(22)(22)(22)(22)(22)(22)(24)(24)10.0%10.0%10.0%9.0%9.0%9.0%9.0%9.0%9.0%(7)(7)(7)(7)(7)(7)(7)(5)(5)3.0%3.0%3.0%3.0%3.0%3.0%3.0%2.0%2.0%(26)(27)(27)(29)(29)(29)(29)(33)(32)12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%(7)(7)(7)(5)(5)(5)(5)(5)(5)3.0%3.0%3.0%2.0%2.0%306、2.0%2.0%2.0%2.0%-484949626163638079(10)(10)(10)(10)(10)(10)(10)(10)(10)(15)(15)(15)(15)(15)(15)(15)(15)(15)232323373637375453626363767577779392373838505051516867(119)(120)(120)(124)(122)(125)(125)(130)(129)2023E2024E3Q4Q1Q2Q3Q4Q1Q2Q3Q274274304301307307340340344274274304301307307340340344-(63)(63)(70307、)(69)(71)(71)(68)(68)(69)(14)(14)(15)(15)(15)(15)(17)(17)(17)(5)(5)(6)(6)(6)(6)(7)(7)(7)2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%(5)(5)(6)(6)(6)(6)(7)(7)(7)2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%(3)(3)(3)(3)(3)(3)(3)(3)(3)1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%(49)(49)(55)(54)(55)(55)(51)(51)(52)(5)(5)(6)(6)(6308、)(6)(7)(7)(7)2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%(41)(41)(46)(45)(46)(46)(41)(41)(41)15.0%15.0%15.0%15.0%15.0%15.0%12.0%12.0%12.0%(3)(3)(3)(3)(3)(3)(3)(3)(3)1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%211211234231237237272272275(15)(15)(17)(17)(17)(17)(19)(19)(19)5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%(33)(33)309、(36)(36)(37)(37)(41)(41)(41)12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%(0)(0)(0)(0)(0)(0)(0)(0)(0)0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%(13)(13)(13)(13)(13)(13)(14)(14)(14)(6)(6)(6)(6)(6)(6)(7)(7)(7)50.0%50.0%50.0%50.0%50.0%50.0%50.0%50.0%50.0%4.2%4.2%4.2%4.2%4.2%4.2%4.2%4.2%4.2%2022E(8)(8)(7)(7)(7)310、(7)(7)(7)(7)(69)(69)(76)(75)(77)(77)(82)(82)(83)(25)(25)(27)(27)(28)(28)(27)(27)(28)9.0%9.0%9.0%9.0%9.0%9.0%8.0%8.0%8.0%(5)(5)(6)(6)(6)(6)(7)(7)(7)2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%(33)(33)(36)(36)(37)(37)(41)(41)(41)12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%12.0%(5)(5)(6)(6)(6)(6)(7)(7)(7)2.0%2.0%2311、.0%2.0%2.0%2.0%2.0%2.0%2.0%-818191909292116116118(10)(10)(10)(10)(10)(10)(10)(10)(10)(15)(15)(15)(15)(15)(15)(15)(15)(15)5555666567679191929494104103106106131131132696979788080105105106(132)(132)(146)(144)(147)(147)(150)(150)(151)2025E4Q1Q2Q3Q4Q344381377385385344381377385385-(69)(76)(75)(77)(77)(17)312、(19)(19)(19)(19)(7)(8)(8)(8)(8)2.0%2.0%2.0%2.0%2.0%(7)(8)(8)(8)(8)2.0%2.0%2.0%2.0%2.0%(3)(4)(4)(4)(4)1.0%1.0%1.0%1.0%1.0%(52)(57)(57)(58)(58)(7)(8)(8)(8)(8)2.0%2.0%2.0%2.0%2.0%(41)(46)(45)(46)(46)12.0%12.0%12.0%12.0%12.0%(3)(4)(4)(4)(4)1.0%1.0%1.0%1.0%1.0%275305302308308(19)(21)(21)(21)(21)5.6%5.6%5313、.6%5.6%5.6%(41)(46)(45)(46)(46)12.0%12.0%12.0%12.0%12.0%(0)(0)(0)(0)(0)0.1%0.1%0.1%0.1%0.1%(14)(14)(13)(14)(14)(7)(8)(8)(8)(8)50.0%50.0%50.0%50.0%50.0%4.2%4.2%4.2%4.2%4.2%(7)(5)(5)(5)(5)(83)(88)(87)(89)(89)(28)(30)(30)(31)(31)8.0%8.0%8.0%8.0%8.0%(7)(8)(8)(8)(8)2.0%2.0%2.0%2.0%2.0%(41)(46)(45)(46)(46314、)12.0%12.0%12.0%12.0%12.0%(7)(4)(4)(4)(4)2.0%1.0%1.0%1.0%1.0%-118137135138138(10)(10)(10)(10)(10)(15)(15)(15)(15)(15)92111109112112132150148152152106124123126126(151)(164)(162)(166)(166)物物管管现现金金流流量量表表序序号号指指标标比比率率%合合计计2010A2011E1Q2Q3Q4Q1Q1营营业业收收入入（万万元元）100.0%54,066-1.1 大大物物管管收收入入（万万元元）78.7%42,546-综合体315、收入58.5%31,635-累计交付建筑面积（）-月份（月）-物管单价（元/月）1010101010物管单价增长率（%）商业街区收入9.7%5,222-累计交付建筑面积（）-月份（月）物管单价（元/月）1010101010物管单价增长率（%）住宅及底商收入8.2%4,418-累计交付建筑面积（）-月份（月）物管单价（元/月）11111物管单价增长率（%）其他收入2.4%1,271-累计交付建筑面积（）-月份（月）物管单价（元/月）1010101010物管单价增长率（%）1.2 小小物物管管收收入入（万万元元）21.3%11,519-综合体（百货）收入21.3%11,519-累计交付建筑面积（）316、-月份（月）-物管单价（元/月）1010101011物管单价增长率（%）5.0%街区商业（百货）收入-累计交付建筑面积（）月份（月）-物管单价（元/月）1010101011物管单价增长率（%）5.0%1.3 其其他他收收入入-2经经营营成成本本和和部部门门费费用用（万万元元）(31.6%)(17,094)-其中：人员费用(8.5%)(4,600)-比例（%）办公管理费(0.9%)(496)-比例（%）清洁绿化费(10.0%)(5,409)-比例（%）设备设施维修维保(6.2%)(3,345)-比例（%）材料费用(3.0%)(1,622)-比例（%）其他费用(3.0%)(1,622)-比例（%）317、3经经营营毛毛利利（EBITDA,EBITDA,万万元元）68.4%36,971-4营业税金及附加（万元）(5.6%)(3,001)-比例（%）5.6%5.6%5.6%5.6%5.6%5财务费用-运营财务费用-贷款利息-6折折旧旧摊摊销销前前利利润润（万万元元）62.8%33,971-减 固定资产折旧-无形资产摊销-7利利润润总总额额（万万元元）62.8%33,971-说明：1、以上所称大物业：指整体项目的公共区域的物业管理服务；2、以上所称小物业：指项目的内部物业管理服务；3、以上多业态项目的各业态总建筑面积计算公式：某业态总建筑面积=该业态地上建筑面积+（该项目地下总建筑面积-车位数*35318、）*（该业态地上建筑面积/该项目地上总建筑面积*100%）；4、以上小物业物业管理服务费中均不含秩序维护费用；5、以上所有物业管理费单价均为2010年物价水平基础上的预测价，必要时，需进行调整，比如：CPI调整，基本公式为：原2012E2013E2Q3Q4Q1Q2Q3Q4Q1Q2Q-73467587673733733-73318438524577577-245365452497497-81,726121,726150,526150,526150,526-3333310101010101010111110.0%-737373738080-24,27824,27824,27824,27824,27319、824,27824,27833333310101010101010111110.0%-11111111110.0%-33333310101010101010111110.0%-149149149156156-14914914915615645,00045,00045,00045,00045,000-333331111111111111112125.0%5.0%-333331111111111111112125.0%5.0%2011E-(31)(196)(246)(282)(282)(282)-(10)(65)(82)(94)(88)(88)14.0%14.0%14.0%14.0%14.0%12320、.0%12.0%-(1)(8)(10)(11)(11)(11)1.7%1.7%1.7%1.7%1.7%1.5%1.5%-(9)(61)(76)(88)(88)(88)13.0%13.0%13.0%13.0%13.0%12.0%12.0%-(5)(34)(42)(48)(51)(51)7.2%7.2%7.2%7.2%7.2%7.0%7.0%-(2)(14)(18)(20)(22)(22)3.0%3.0%3.0%3.0%3.0%3.0%3.0%-(2)(14)(18)(20)(22)(22)3.0%3.0%3.0%3.0%3.0%3.0%3.0%-42271341391451451-(4)(26)321、(33)(37)(41)(41)5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%-38245308354410410-38245308354410410说明：1、以上所称大物业：指整体项目的公共区域的物业管理服务；2、以上所称小物业：指项目的内部物业管理服务；3、以上多业态项目的各业态总建筑面积计算公式：某业态总建筑面积=该业态地上建筑面积+（该项目地下总建筑面积-车位数*35）*（该业态地上建筑面积/该项目地上总建筑面积*100%）；4、以上小物业物业管理服务费中均不含秩序维护费用；5、以上所有物业管理费单价均为2010年物价水平基础上的预测价，必要时，需进行调整，比322、如：CPI调整，基本公式为：原2014E2015E3Q4Q1Q2Q3Q4Q1Q2Q3Q756830838838838838846846846599674674674674674674674674497497497497497497497497497150,526150,526150,526150,526150,526150,526150,526150,526150,52633333333311111111111111111180808080808080808024,27824,27824,27824,27824,27824,27824,27824,27824,27833333333311111323、111111111111123757575757575757556,869189,563189,563189,563189,563189,563189,563189,563189,563333333333111111111-2222222222222222-6,5806,5806,5806,5806,5806,5806,5806,58033333333311111111111111111115615616416416416417217217215615616416416416417217217245,00045,00045,00045,00045,00045,00045,00045,00045324、,0003333333331212121212121313135.0%5.0%-3333333331212121212121313135.0%5.0%2013E(291)(320)(316)(316)(316)(316)(296)(296)(296)(91)(100)(101)(101)(101)(101)(85)(85)(85)12.0%12.0%12.0%12.0%12.0%12.0%10.0%10.0%10.0%(11)(12)(10)(10)(10)(10)(8)(8)(8)1.5%1.5%1.2%1.2%1.2%1.2%1.0%1.0%1.0%(91)(100)(98)(98)(98325、)(98)(96)(96)(96)12.0%12.0%11.6%11.6%11.6%11.6%11.3%11.3%11.3%(53)(58)(57)(57)(57)(57)(57)(57)(57)7.0%7.0%6.9%6.9%6.9%6.9%6.7%6.7%6.7%(23)(25)(25)(25)(25)(25)(25)(25)(25)3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%(23)(25)(25)(25)(25)(25)(25)(25)(25)3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%4655105225225225225505326、50550(42)(46)(46)(46)(46)(46)(47)(47)(47)5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%4234644754754754755035035034234644754754754755035035032016E2017E4Q1Q2Q3Q4Q1Q2Q3Q4Q846922922922922931931931931674741741741741741741741741497546546546546546546546546150,526150,526150,526150,526150,526150,526150,526150,526150,327、52633333333311121212121212121210.0%80888888888888888824,27824,27824,27824,27824,27824,27824,27824,27824,27833333333311121212121212121210.0%758383838383838383189,563189,563189,563189,563189,563189,563189,563189,563189,56333333333311111111110.0%2224242424242424246,5806,5806,5806,5806,5806,5806,5806,58328、06,58033333333311121212121212121210.0%17218118118118119019019019017218118118118119019019019045,00045,00045,00045,00045,00045,00045,00045,00045,0003333333331313131313141414145.0%5.0%-3333333331313131313141414145.0%5.0%物物管管现现金金流流量量表表(296)(308)(308)(308)(308)(307)(307)(307)(307)(85)(83)(83)(83)(83)(84)329、(84)(84)(84)10.0%9.0%9.0%9.0%9.0%9.0%9.0%9.0%9.0%(8)(8)(8)(8)(8)(8)(8)(8)(8)1.0%0.9%0.9%0.9%0.9%0.9%0.9%0.9%0.9%(96)(101)(101)(101)(101)(99)(99)(99)(99)11.3%11.0%11.0%11.0%11.0%10.6%10.6%10.6%10.6%(57)(61)(61)(61)(61)(60)(60)(60)(60)6.7%6.6%6.6%6.6%6.6%6.5%6.5%6.5%6.5%(25)(28)(28)(28)(28)(28)(28)(28330、)(28)3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%(25)(28)(28)(28)(28)(28)(28)(28)(28)3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%550614614614614624624624624(47)(51)(51)(51)(51)(52)(52)(52)(52)5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%5035625625625625725725725725035625625625625725725725722018E2019E2020E1Q2Q3Q4Q1Q2Q3Q4Q1Q9331、409409409401,0251,0251,0251,0251,035741741741741815815815815815546546546546601601601601601150,526150,526150,526150,526150,526150,526150,526150,526150,52633333333312121212131313131310.0%88888888979797979724,27824,27824,27824,27824,27824,27824,27824,27824,27833333333312121212131313131310.0%83838383919332、1919191189,563189,563189,563189,563189,563189,563189,563189,563189,56333333333311112222210.0%2424242426262626266,5806,5806,5806,5806,5806,5806,5806,5806,58033333333312121212131313131310.0%19919919919920920920920922019919919919920920920920922045,00045,00045,00045,00045,00045,00045,00045,00045,0003333333、333331515151516161616165.0%5.0%5.0%-3333333331515151516161616165.0%5.0%5.0%(297)(297)(297)(297)(319)(319)(319)(319)(316)(75)(75)(75)(75)(82)(82)(82)(82)(83)8.0%8.0%8.0%8.0%8.0%8.0%8.0%8.0%8.0%(8)(8)(8)(8)(9)(9)(9)(9)(8)0.9%0.9%0.9%0.9%0.9%0.9%0.9%0.9%0.8%(97)(97)(97)(97)(102)(102)(102)(102)(100)10.3%10.3%10.3%10.3%10.0%10.0%10.0%10.0%9.7%(60)(60)(60)(60)(64)(64)(64)(64)(63)6.3%6.3%6.3%6.3%6.2%6.2%