2023化工上市公司發(fā)展報(bào)告-聯(lián)合發(fā)布

!"!#$%&'()*+,-.!"#$%&'()*+,-./(012,2023!8"!"#$%&'()*+,-./(012,H

E

J

U

N

G

R

O

U

P!"#$%&'()*+,!

"%-./)012#$%&'(*+,-)創(chuàng)始于2000年春，總部在北京，集團(tuán)實(shí)繳注冊(cè)資本1億元，先后在北京、上海、深圳成立總部，在贛南森林深處建立和君小鎮(zhèn)。和君集團(tuán)三大業(yè)務(wù)為咨詢、資本和商學(xué)，三大業(yè)務(wù)形成一體兩翼的格局：以咨詢業(yè)務(wù)為主體、以資本業(yè)務(wù)和商學(xué)業(yè)務(wù)為兩翼，通過(guò)“咨詢+資本+人才”的綜合服務(wù)實(shí)現(xiàn)客戶價(jià)值倍增。!"#$%&'()*+,-.%/012*+./)是亞洲本土大型規(guī)模的管理咨詢機(jī)構(gòu)之一，咨詢師隊(duì)伍達(dá)到1000多人。持續(xù)經(jīng)營(yíng)二十余年，累計(jì)服務(wù)八千余家企業(yè)和政府客戶，包括央企和民企，跨國(guó)公司、500強(qiáng)和中小企業(yè)，遍布國(guó)內(nèi)和國(guó)外。目前，每年運(yùn)作項(xiàng)目數(shù)量超過(guò)800個(gè)，在數(shù)十個(gè)行業(yè)里積累有豐富的案例和經(jīng)驗(yàn)。和君咨詢是國(guó)內(nèi)首家獲得國(guó)際管理咨詢協(xié)會(huì)理事會(huì)（ICMCI）認(rèn)證的咨詢機(jī)構(gòu)，榮獲CMCFIRM資格證書。345**+01)和君集團(tuán)旗下資產(chǎn)管理和投資平臺(tái)，倡導(dǎo)并踐行賦能式投資的資本品牌，以股權(quán)投資的方式，為企業(yè)提供資金并賦能于企業(yè)，為財(cái)富人士或機(jī)構(gòu)提供財(cái)富管理服務(wù)，累計(jì)管理股權(quán)投資基金100多億元。先后管理過(guò)福建省政府、上海市政府、重慶市政府、江蘇省政府等多個(gè)政府引導(dǎo)基金和產(chǎn)業(yè)基金，累計(jì)投資了100多家創(chuàng)新企業(yè)、擬上市企業(yè)和上市公司，是若干家上市公司的前三大股東。*+23)始于2003

年，旨在為高新技術(shù)企業(yè)，提供大勢(shì)、政策、產(chǎn)業(yè)、經(jīng)營(yíng)、管理、科技、金融、創(chuàng)業(yè)、職業(yè)等方面的培訓(xùn)、課程和師資，以及校企合作服務(wù)。!"#$%&'()*/+,-.%/012*+4567)坐落于江西贛州會(huì)昌，萬(wàn)畝森林與竹海，林泉飛瀑、田園生活、宜居宜業(yè)、天人合一，規(guī)劃總投資50億元，建設(shè)和君集團(tuán)的總部基地、和君商學(xué)院的校園及其附屬幼兒園、附屬中小學(xué)。#$)*+,%-./0123456/789367893:;<=>?@ABC<DEF@!"#$%&'()是中國(guó)石油和化學(xué)工業(yè)聯(lián)合會(huì)正式設(shè)立的分支機(jī)構(gòu)，由中國(guó)化工經(jīng)濟(jì)技術(shù)發(fā)展中心、聯(lián)合會(huì)科技與裝備部共同組建，旨在推動(dòng)建立中國(guó)石油和化工行業(yè)供應(yīng)商誠(chéng)信體系，提升石化企業(yè)供應(yīng)鏈管理水平，為聯(lián)合會(huì)會(huì)員、本工作委員會(huì)成員及石油和化工企業(yè)搭建與優(yōu)秀供應(yīng)商的合作平臺(tái)，提供供應(yīng)鏈優(yōu)化服務(wù)。!

"3456476839:;<=?)@A?)CDEFG&38I)JKMN%OPQRSCTU"V&WX>BBHL434>4>YZ[\]^_B3``````````````````````````4H3>?)ab4c4L9394989>9B9H9c9L83da?)efghda?)efKNda?)efij3Bklabmnabopqiabop]^_rkstuop3Hijavw;ijaxavij]^_B3avijyz]^_93``````````````````````````89ij{z]^_93``````````````````````````883|EF}0~?€?E???E8>8B8B8|8L>4>9N?…?~??‰?~????3c??‘’9398u&(“iefCD”?!13

4INTRODUCTION9398u&(“iefCD”?"S–—?F?S–—????~“???

??????“i￠￡¤&(%#$#&?)￠ef￥|§>>8¨??)aa‘@?????)aa!￥ˉa?t°±2￥9°3±?)aa′43°33±?)aa′8L°333±?)aa?μ?·?F1o??????KN?P??ij?EF}0àá?g?￠μ?·???????g???èé9398u>ê83?￥ì?~“ief9399uu”í??°D???avòóF?1o?av??EF?×?ùú?üC￥‘+%Y×?Tu&(?)×?S–J?￥?àá?!áa°x?@?av;???àáx?￥—&(?)??w;CD<è￥??)ab?klaba°éXüC￥av?ê?kl%ê?&(?)￠:;JKop%ijop￥:;ìA—&(?)￠íá????!áx?￥?EF?XüC￥??ijù%?EF}0ùa°éX—&(da?)%kl￠e?I)ò?S–av?ijave?av?óda?)%e?kl￠??I)?EFi?￠ij??￥EF}0e?av?&(?)

9399u?EFi?￠e÷?0%EFùú?a°éX?ü&(da?)%kl??I)￠CDyt?9398u&(“iefCD”?#3

49399u?!￥&("#$%&'￥$()*+,ùt￥?)-.Y?&'?99u“/u￥?)-.:;0194u?o￥2g3?-.45ké67′òU>ê￥"#8?rk?9:;o<0=>?$Y@A=>BCμ?DE?1NF￥#$%?1ùG?H/uIJ"V$(￠&'￥&(?K(LJMNOùP?￥?QRSTUzVWNX?Y$￥&(?K?$Z[G￠￡F?H￥Q&\;ùZ￥[&(];yG?^_`$￠aYbj￥!Hc#&d"P?efgP￥>“hijk￠;o%u!lm￥&("?K?“cAFYI%Hc%noG￠pq!re7???hs-H￥%Y—?~&(“iefCDtpò?uvwx￥C?yHz?{4?KN?|}Y_?~~??~??KN“!€￥9393u?9399u￥&(“ief?KN?HB4HB?cL?C?|?43H3>B?Hc?C￥?+?|}…9c?￥?~“iefKN?BB|3>c?c8?C“??|4H>>8?|8?C￥?+?|}?48??9??P??~‰‰???~?“ief?P?“!€￥9393u?9399u￥&(“ief?98L>?9|?C?|?H9Bc?BB?C￥?+?|}?H9?????~?P??>|344?8>?C“??B93LH?3L?C￥?+?|}?B??8?&(“iefij??u?)7t??—9399u?~ijav?C?￥&(???￠#$&(%￡¤&(ija2?>38|H?C?8B4BL?C￥‘’?~ij“?”>?99??8?Hc?????3±84°aa??￥??a2”–L?%–44??y—?&(:°?)￠éX!€￥#$&(%￡¤&(wij…|BB8B?C￥ij‘’|?L?￥??~???)ij????–t??U9398u￥?u?@A?~YI?J?H??R???r?D??

ê?%S?￠￡?1C¤￠"V￥|H￥§"J?}?￠¨?%a?ü???￥ˉ;???°a&(I)ü?KNH±?P?2P?3·?z?′￥z2”òüμ￠ìt??·???—CDa|￥"#1J??o?DE%?1??￠>?'r￥"#%n?àò???á????&(?l￥??_"#—?rdà?)??DE￠ü?￥á?“c&("è`éê-.X?à&???§?939Bu￥&(?)ììA?í?M?QR?d)/‘@bv+D?Y?d"?1òC?ó??uP?￥×￠?Lv￥!"?ì?&(?"ú&(Z"1?ùò?9398u&(“iefCD”?$25678OVERALL

OVERVIEW9398u&(“iefCD”?%ú???)@AüY9398u>ê83?￥?~&(“ief|§>>8¨￥???~“iefB4H>¨￥&(“iefgh‘c?Bc?????ú3±??)aa!€￥&(“ief??9°?)￥a2”￡¤&(8cH¨%#$#&B|¨???ú33±??)aa€T?43°??)￥gh??7t￠?)”&'à"4H9¨?áêH|¨?a&à"Bc¨???{&(“ief??ú33±??)aagh·?{¨#$#&￡¤&'!"*+,-.

+><=@6#7!789:#$&/01;+<=+>?69:##23456+>AB

!$%

&'()CD

#:89:;)<=>?@Aú???)CD4LL9ucêB?￥&(–?¨“iI)ú!?…H33H43?????“??èé￥òê&(?)“i￠M?òW?ìí?Y￥??Tu??°CDe?￥–?e?ú4LL8ò4LLLu?|>L¨I)“i′–?e?ú9333uò933Lu?||4¨I)“i′–te?ú9343uò934Lu?|4|L¨I)“i′–óe?￥9393u??ìí￥??tuèé￥“iI)gh?J…??48>¨?—’?~“iefCDòW￥&(“iefe??|}Y_?~￥?9343ò934Lu÷°e?!€￥&(“ief?|}…8|?HL?￥???~“ief?|}??9L?HL??9398u&(“iefCD”?&??{?~&(“iòW￠e?abEFGH#"""OPIJKEJKLJKMN$!$"!8$!QQQQQQ!R!R9"8#!RRRQ!RR"O!R#RQ!R#"O!R!RQ!R!$S%S$RMN##$7#77#8"#$%%%$9$!%9#8:89:;)<=>?@ABB??{&(“iòWè?~—’·?{¨út?EFG&?“iefKN!€￥9393u?9399u￥&(“ief?KN?HB4HB?cL?C?|?43H3>B?Hc?C￥?+?|}…9c?￥?~“iefKN?BB|3>c?c8?C“??|4H>>8?|8?C￥?+?|}?48???KN?+?|}!€￥&(“ief?Y_?~???{?~è&(“iefKN—’·?{?C89:;)<=>?@A9398u&(“iefCD”?'?“ief?P?!€￥9393u?9399u￥&(“ief?98L>?9|?C?|?H9Bc?BB?C￥?+?|}?H9???~?P??>|344?8>?C“??B93LH?3L?C￥?+?|}?B????{?~è&(“ief?P?—’·?{?C89:;)<=>?@A?“iefij!€￥9393u?9399u￥&(“iefij?B?4>???|?|?BB??￥ij?|}?>H?cL?￥???~ij?|}?L?BB???—9399u?~ijav?C?￥&(???￠#$&(%￡¤&(ija2?>38|H?C?8B4BL?C￥‘’?~ij“?”>?99??8?Hc?????3±84°aa??￥??a2”–L?%–44???&(:°?)￠éX!€￥#$&(%￡¤&(wij…|BB8B?C￥ij‘’|?L?￥??~???)ij????–t???{?~è&(“iefij—’·?{??89:;)<=>?@A!!GHIJKLMNOPQRSTUVWX'JYZWZZGH[\MNPQZWZVSTUVWX]9398u&(“iefCD”?(??{9399u?~ó?)ij‘’·?{?CTUVWXYFZ[!R!$Q%Q$R\]^_`aFZ#bc#R#d#$889d8##8Rd%!%78d%R"7%d$$$7#dR8#%$d8:7%!d8!8%Rd$87$:d%$%$9d#9"$$d9$8$!d:#7$#d%#"!:d!78!$dR9:!!d%99#8d:$:#7d8#$#9d::7#%d"7R#%d79%##d9:%"d9"!#RS98e8S"!e8S$7e8SR9e7S8$e7S$"e%S9:e%S%8e%S!!e%SR!e$S7:e$S9#e$S%$e$S!"e!S"7e!S%#e!S$9e#S:8e#S89e#S77e#S97e#S9$e#S!#e#SRRe#SRReRS"%eRS89eRS78eRS98eRS%9eRS#$e!fghijk$%jlmn2b3op=q6Nrs978:tu"v&v+swmnxy+0z{#R###!#$#%#9#7#8#:#"!R!#!!!$!%!9!7!8!:!"$R$#Jt|}~?€???34?…???‰?0??????j?;‘’“”?–—-???…56?0<???"d998:d""$??8d#88?/?7d$8R￠￡/¤￥|§¨?M9d%$R%d$%%#d!#:9398u&(“iefCD”?)!"#$39):;ENTERPRISEOPERATION9398u&(“iefCD”?!*ú??MN%OPQRNU9:{B|¨#$&(KNc8|>c?93?C￥‘’|c?L|?￥~??¨KN4>HL?9|?C′8cH¨￡¤&(KN999L|?>|?C￥‘’94?38?￥~??¨KNB|?||?C￥ù?#$#&da?)“ief￠MNQR?Y_￡¤&(“ief???{9399u￡¤&(è#$#&KN‘’v&v+

xy+021%79%??{&(“iefK)NU7?TI)·?{?CTU

a?U?

???ˉ

??]^

°±2

°±2]^

°±23#

′?v+

$$#:#S7:

$#S!"e

898S9:

#!S#Re

!S!:e!

′?v&

$!$"#S78

$RS99e

#7$"S88

!7S!Re

9SR7e$

′?μ&

%!!!S$R

$S":e

#%#7S88

!!S7%e

$$S99e%

?·v+

!:"RS"9

!S8$e9

?lv+

!!!$S!%

!S#Re7$S8R!$S#:#SR!eRS$8e!S!Re#SR%e7

W1+>

#799S79

#S97e

#8RS%!

!S8!e

#RS!"e8

?ov+

#9!RS9R

#S%$eQ"S!%!#S:R8S#:QQ:

′+??

:8%S%""

′&01

:$9S"R#R

Eμv+

:!9S#:##

??+

89$S#$#!

v+&/

8$8S8$#$

??·à

7$:S!!#%

á?`?

7#"S"$#9

????

9"%SR"#7

′è+>

99"S###8

éê?

9R8S:8#:

1ì`?

%"RS7!#"

μ&í?

%88S:%!R

3í?D

%R%S#!RS:!eRS8"eRS$9eRS##eQ!S%"eRS:7eQRS8:e

Q!:S7:RS8#eRS8ReRS7ReRS9:e8RS%7%S7%9S%$#S$7#S#$eRSR8eRSR"eRSR!e"S$7eRS7$eRS:9eRS!!eRS97e

###S97

#S8:e

#:S8:eRS9$eRS%:eRS%7eRS%9eRS$:e#RS"7Q!SR97SR#RS#:eQQQRS#ReRS%ReRS$!e#S!!e9S!$e%S"9e!%S"8!RSRR89:;)<=>?@A9398u&(“iefCD”?!!??{9399u?^ü7?T&(I)?P?{9399u&(“ief!"#&?!"?$?!"#&?P??ú7t￥t¨?P?w%8c4>?49?C￥‘&(“ief?P?H9Bc?BB?Cw%￠H3?L>??UVWXMY

UVWXMYJLJJ

JLJCPQ

RSQTC

Z[\]J

^_`abF

cd\]N

fghiK

_`jklGLHCIONHGKOLHJNEKHJLEFHIOECHCCKKHOFKKHOCEEHKIJOJHEKeCENHCCFIHINeCJOHOLCCNHIOEOHLLFFHKKeCIEHNEKLHEKJEHKJNFHIIJNHCJCFHEJJFHOEFKHOEFCHFOFOHOLJNHKOCEHOI??{&(ú??33±aa??P?7?TI)·?{?C°±2

E

mn\]3I

op\]TU

a?U?

°±2

??#

′?v&!

′?μ&$

′?v+%

?ò`?9

W1+>7

????8

??+KHLEMFFHKKMJHJOMCDEFGHII

FJDFGCHEICDNCEHII

NDJJJHFLIKIHKO

FFDCOCHEOCGEHIO

FLIHNOCILHNJ

CDEKKHEKCCCHKE

KGNHLGILHNE

IKFHCFEIHGE

FLFHCCEFHIL

JDOGLHGKEFHLF

JONHFLEJHOO

FLJHNKKCHNC

JFEHKINNHLE

JIGHFINJHKF

JCNHELFOHCL

CFLHFGFKHFI

JNCHCFFFHJI

JCJHJEFCHGL

CLGHOIFCHKE

FLFHKIFCHJO

GFHKIO

dqrsG

mtuv

KNHFICL

wx\]

KFHOLENHLLM

CC

yz{;CLHJGM

CJ

|}sCOHIOM

CF

~?\]GHFEM

CN

€?\]JJHNJM

CK

???…NKHKFNKHFCFGHLKFOHEKFEHKC:

óí??"

?·v+#R

?×??##

1??ù#!

M·ú?#$

?ühi#%

YT??#9

?àhi#7

áa??#8

??á·#:

?ó??#"

??+0!R

é???JHJLM

CE

??,-

FNHLGCI

?‰?JJHCIMJLHIGMJCHIFMCKHIIMFFHEOFFHFEFJHLIFLHEGCO

??uvCG

??s3JL

??s$CGHOJM

89:;)<=>?@AJGHJJMCNHEIM

?^3&{??9399u”g?'§￥&(CKHEIM“ief?^3&7?T￠I)!￥&'à"JGHLNMH¨￥&'`êB¨￥a&à">¨￥&'CLHNLMFFHNFM

(é9¨￥)Q*éê4¨￥áê4¨￥$+(W4¨????~&(“ief?^3&~89:;)<=>?@A?^ü{??“ief9399ug?D?￥&(“ief?^ü7t￠“ief”?y~n?t?]?!?"#~n￥?^ü?$ac3?￥?Y_&(“ief~??^ü

L?3c?￥%Y_???~“ief?^ü|?cH???j?c?94?￥u°?~?^3&~?j?8?4B??9398u&(“iefCD”?!"??{9399u?^3&7?T&(I)èéXê[e\!R!!TUa?U?VW[XXXY\c??ì#!?ò`??e`??óé5??`???`????D?üé5vy`?!"`?$%`?()?D,-é5./ü34+05‘67??μ+89+>:;+>?u`?/4`?8#S9#

xy+0Q;+<=Qí?99S$8

xy+0Q+>ABQ?ò9%S%!

xy+0Q+><=Q?sú9$S9#

xy+0Q;+<=Q;g%8S"#

xy+0Q+><=Q÷+0%7S7:

xy+0Q+>?6Qùú%9S8R

xy+0Q+><=Q?sú$8S:%

xy+0Q23456tQ23456?$$S9$

v&v+Q&/01Q&#/¤$$SR$

xy+0Q+>?6Q&'+>?6$!SR7

xy+0Q+><=Q*+<=$#S7#

xy+0Q+><=Q?sú$RS9$

xy+0Q+>?6Q012$RS%8

xy+0Q+>?6Q&'+>?6!"SR!

xy+0Q+>ABQ&'+>AB!:S%%

xy+0Q+>?6Qùú!8S7#

xy+0Q+><=Q&'+><=!8SR%

xy+0Q;+<=Q;g!7S%%

xy+0Q;+<=Q;g!9S::

xy+0Q@6Q&'@6<=$%978:"#R###!#$#%#9#7#8#:#"!R89:;)<=>?@Aa,{??9399u”g?'§￥&(“ief|?84|¨ef-??a,￥.§a,Q/9H|9?HH?C￥?!!"?$a,Q/íYú|HL?9c?C???84|¨?-?a,ef?a0￥~??¨efa,c?>8?C′?>88¨?~&(efgh?a0￥~??¨efa,H?38?C?9399ua,Q/7T￠I)!￥&'`ê|¨￥1&?2?H¨￥&'à"8¨￥a&à"9¨￥&'(é4¨￥$.ò34¨?9398u&(“iefCD”?!#??{&(?~“iefa,7?TI)·?{?C<3?=3>!R!!TU

a?U?VW[XXXY\c??ì#!′?μ&′?v+′?v&W1+>?lv+??+0?×??áa??????1??ùM·ú?CD+>?·v+1)+>YT??LF???ühi?KL9Eμv+??`?87"S!:

v&v+Q&'()tQ&'()?97"SR$

v&v+Q*+,-.Q*&+09%7S:8

v&v+Q*+,-.Q*&+0$%8:S%"8#SR"$:S$"$RS8!!:S9"!7S!%#7S":#7S!!#9S7$#9SR8#%S:"#$S78#!S7%#!S#8##S7:#RS:!"S#7xy+0Q+><=Q?@Av&v+Q*+,-.Q*&+0xy+0Q+>?6Q?+0xy+0Q+>?6Q?+0xy+0Q+>?6Q012v&v+Q*+,-.Q&=v+-.xy+0Q;+<=QB?978:"#R###!#$#%#9#7#8#:#"!Rxy+0Q+><=Q?súxy+0Q+>?6Q&'+>?6v&v+Q*+,-.Q*&+0xy+0Q+>ABQ@òxy+0Q+>?6QEúxy+0Q+>?6QEúxy+0Q+><=Qp=,G6HIJxy+0Q+>?6Q?+0v&v+Q*+,-.Q*&+0xy+0Q;+<=Q;g89:;)<=>?@A~4}{??9399u”g?'§￥?~&(“ief~?~4}?4?HB?￥u°?~~?~4}4?34?￥&(~4}??7T￠I)?÷?)ab?{a&à">¨￥&'à"9¨￥1&?2?4¨￥564¨￥&'`ê4¨￥áê4¨???{&(?~“ief~4}7TI)`M3[e\!R!!TU

a?U?VW[XXXY\c??ì#!$B`???`?????NO->é.`?QB?D??+0:;+>??+#RS8%:S7$:S7#7S9!7SRR9S9%9S%$9S%R9S!$9SR"xy+0QCDQ&'CD<=xy+0Q+><=Q&'+><=v&v+Q*+,-.Q&=v+-.xy+0Q@6QP56$%9xy+0Q;+<=Q;g7xy+0Q+><=Q&'+><=xy+0Q+>?6Q?+0xy+0Q;+<=Q;g8:"xy+0Q;+<=QR?,R+0xy+0Q;+<=Qí?#R???S89:;)<=>?@A9398u&(“iefCD”?!$ú??SCTU9399uD?SC78￠&(“ief?8Lc¨￥‘’cL?c>?￥SCTU+§ccH?4H?C￥~??¨SCTU9?98?C′SCKN’úSCTUw/èK)NUw/?’??8?9B?￥SCP?’úSCTUw/è?P??’??>?4c??u°?~SCTU4?H>??C￥~??¨ef8?4|?C￥SCNU’9?9L?￥SCP?’84?>>??—’u°?~~??¨SCTU￥&(“iefSCTU9P_?~?!"#$?:;#&??8&'?#&$+?<=~nSCTU?>7?￥:;SC?ü…?849@L|?C￥A‘&(u°“iefSCTU￠8B?89??SCTU$a43?C￠I)|4B¨′SCTU$aB?C￠I)|89¨′TU$a4?C￠I)|4>9¨??￠“iefBC?P??r￥DE×?gY￠SCTU?~￥y?FG?HI#&àef???{&(?~“iefSCTU7TI)·?{?CTUa?U?

TíUV[!R!!\

Tí??^

Tí±2^#!′?v&?·v+W1+>v+&/á?`?3í?D′&01μ&í?CD+>óí??RS7!e#S9#e!SR8e!S%"e!S78e$S7Re#S7!e!S8:e$S$%e%SR8e#!S!#e7:S97e!RSR8e$"7S%"e#!#!S"%e8!S78e#::S!8e9$S!%e%RS!%e#:S#$e!RRS#7%$S78$%S!R#:S$"#7S99#%S9%#$S9!#$S$R#!S$:#!S$!$%978:"#R89:;)<=>?@Aút?"V&WX|$NU{9399u?8B9¨“iefD??|$NUop￥‘’|L?>H?￥|$NU’e…?H3?￠I)?83¨′|$NU’e…83?￠I)?49B¨￥?’Ju?′c¨′|$NU’e…43?￠I)?9>|¨?|$KN??7t￠!"#&?!"?$??8&'|$KN‘8B9¨??$KN“ief￠>4?HB?￥ZKLZ￥M¨@N￥ê~O`P€??9398u&(“iefCD”?!%??{?~&(“ief9399u"V&JKopò|$)QNU7T?·?{?C?‘’“

?‘’“”RSQT

”?–—

?–—????JLJJ

JLJCPQ?–??

?–??

JLJJ”?–—

JLJC”?–JLJJ

JLJC

????

—????C

??€s

JDEFLHOI

JDIOLHJN

FFDCOCHEO

JIDNLOHON

IHGFMJ

???

CDKJJHIN

IKLHJF

NDJJJHFL

JDNECHCC

FEHLEMF

?￠s3

OCJHFJ

ILOHFJ

CDEKKHEK

CDNKKHFO

NGHLEMN

￡¤€s

KFGHFC

FFJHOJ

CDKJLHKL

CDJOGHOL

FKHNIMK

￥|€s

KLLHNL

FJLHEC

JDOGLHGK

CDIILHJN

CIHFCMCLHCNMFLHNOMNOHEIMJKHOLMCOHCCMFNHOIME

?s?§

NFOHCE

JOCHJC

OINHNG

OLEHNOKLHCCMI

¨?a?

FIFHOJ

FCLHFG

FIFHOJ

FCLHFG

CLLHLLM

CLLHLLMO

yz{;

JJEHIN

CKHIN

KGNHLG

JNOHEKG

?

$?

JCKHCJ

JCFHCJ

OFKHGL

IGOHFJFOHCIMJKHINMEHFFMJEHILMCCHLIMCL

￡?€s

CICHOG

JCGHJN

JDJJFHJN

CDGIGHIL

IHIFM89:;)<=>?@A5ò$E%$E?~{IJ!"~i￠ê?òR￥$E?!"~i!￠TEn/ê??>￥9399u?~>>8¨&(“ief!?cH¨$E?~￥$EeS4c¨&(“ief￥?~gh?$a4333?~￥+§?~4c?H>?~??~&(“ief$E?~7t￠”“T?é?UA~n?VWXY￥?~?$93?~???{?~&(“ief$E?~7T23\]

?0′\?μX?\Y

XMYPQ?SQTˉ°±–CJ?·uv

?1s$eo?e????à?\]

?1s$eá?e??FCDGKCHICJNDIOFHIEIGHOOKGHFIFKHNFNCHENòòF???…

?1s$es3?èeéês3?è

JJDKEIHGO?ìuv

?1s$es3?èeéês3?è

CODCILHEKNKí?\]

?1s$e?s?èeD??ó|?–

?1s$es3??e??×??ù

?1s$eo?eúv?CIDGLGHGJCEDGJOHLLCCDICFHNCIDIOIHCEIDCLOHFLEDCCGHCOENLHJNELHIGCHCIIO????

?1s$es3??e??×??uv

?1s$es3?èeüYT?à\]

?1s$e?s?èe?áGJGHKGJFHIOCL89:;)<=>?@A9398u&(“iefCD”?!&úó?YZ[\]^_B3??9399u”D?￠Z4￥?~&(“iefYZ[\]^_B3yHú'§[\?[\Z4D?]:￠ó°^?{_`|?wJD?_a?bQwc??d??“u[K>?￥B33ò4333?u[KL?￥833òB33?u[K49??9399u[\>7t?￠”e&XYwJD?fg?éwJD??háwJD￥a2?9@49|?33?C?4@8H9?BB?C?4@8H9?33?C???{?~&(“iefYZ[\]^_`B3`·?{?C~W

X¤

YZ

TU

~W

X¤

YZ#

?ühi

a[¨!

a×é5

a[¨$

.3K

a[¨%

?óé5

_€`9

d???

a[¨7

1)+>

_€`8

è??D

a[¨:

Ltí?

_€`"

f÷f

_€`#R

hi??

_€`##

?×??

a[¨#!

?né5

_€`#$

p1é5

a[¨#%

?·v+

_€`#9

?u`?

a[¨#7

1)xA

_€`#8

???y

a[¨#:

á?`?

a[¨#"

??á·

a[¨!R

1??ù

a[¨!#

~?hi

a[¨!7

\]^1

_€`!8

bá^?

a[¨!:

?chi

a[¨!"

W1+>

a[¨$R

3í?D

a[¨$#

é3e

_€`$!

CD+>

a[¨$$

YT??

a[¨$%

g;+0

a[¨$9

′jkl

_€`$7

$m+0

_€`$8

y?oh

a[¨$:

?áq/

a[¨$"

rsOt

_€`%R

víáw

a[¨%#

é.`?

_€`%!

$”z

_€`%$

B?`?

_€`%%

{1`?

a[¨%9

|}é5

a[¨%7

1?`?

a[¨!d#!8SRR#d$7!S99#d$7!SRR#d!8RS"$:#7S7:$%%S$$$%#S8!$$#SR:$#%S88$##S%8$#RS98$R%SR9!:!S9R87:S#:7:"S9%7RRSRR9"#S:999RS!!9!9S8:9#%S8"9RRS!#%8!S8#%!!S8:%#7S7#%#%S$7%#$S#8%#!S%$%R8S9%%R!S!7!78S$R!9:SRR!%:S$$!%7SR9!%!S#8!$:S88!$RS%$!$RSRR!!"S!8!!8SR8!!9S$$!#%S9"!R8S9%9398u&(“iefCD”?!'TU

~W

X¤

YZ

TU

~W

X¤

YZ!!

1256

_€`!$

ێ`?

_€`!%

??ú5

a[¨!9

?D`?

a[¨%8

34+0

a[¨%:

?+`?

a[¨%"

??`?

a[¨9R

??·à

a[¨$""S#%$":S8R$8!S$R$9#S::!R7S!R#"8S%9#"7S8R#"9S"R89:;)<=>?@A9398u&(“iefCD”?!(4<)=>INDUSTRIAL

DISTRIBUTION9398u&(“iefCD”?!)ú??da?)efgh???ú333±??)aa!€￥?i&'à"?aj?k"?lêm>n?“iefgh?o7t￥a2?HL¨?84¨?99¨??i&'à"BC“iefghgT￥Dw;9:4U￥HL¨!?c¨ij$a433?￥93¨ij?_B3ò433?ké￥>4¨ijU_B3???i&'à"???,XY￡éê?!é;??éê?p+Ym>nà???{&(“iefghú??333±aa?xy+0Q+>ABQ@òxy+0QCDQCD‘Jxy+0Q;+<=Qí?223xy+0Q+>ABQìòxy+0Q+>ABQ?D33v&v+Q&'()tQ&'()?xy+0Q+><=QD?J,D?xy+0Q+>?6Qùú455xy+0QCDQ??6v&v+Q&/01Q&',*+01xy+0Q+>?6Q012xy+0Q+>ABQ&'+>ABxy+0Q;+<=QB?6667v&v+Q&/01Q&#/¤v&v+Q*+,-.Q&=v+-.xy+0Q+>?6Q?+0xy+0Q;+<=QjM?xy+0Q+><=Q÷+0xy+0Q;+<=QR?,R+0xy+0Q+>ABQ?ò77889999xy+0Q+><=Q?@Axy+0Q+><=Q?súxy+0Q+>?6Q?s?xy+0Q@6QM‰??1010101010xy+0QCDQ&'CD<=v&v+Q*+,-.Q*&+0xy+0Q23456tQ23456?xy+0Q+><=Q

?+><=xy+0Q+><=Q*+<=v&v+Q*+,-.Q&'v+xy+0Q+>?6Q&'+>?6xy+0Q+><=Q?6&?xy+0Q+>?6QEúxy+0Q@6QP56xy+0Q@6Q…?@6xy+0Q@6Q&'@6<=xy+0Q+><=Qp=,G6HIJxy+0Q;+<=Q;g111212121314161719212231xy+0Q+><=Q&'+><=6902040608089:;)<=>?@A9398u&(“iefCD”?"*ú??da?)efKN?&(ú??33±?aa!€￥1&?2?KN‘’|9?94?@?P?‘’>4?34?￥Y>K)NU%?P?–??￥D?P?}q??8?9B?@rY_$+(W9?cc??1&?2?%$+(Wda&(Ws?í”!"#&?!"#$?!"?$￠t?￥su!"V$(u???)dQav?￥×?R—÷wx°I)yA??z￠{|?9399u￥?àá?r?%-%}~àT?}~—`$i?￠{|￥€?u#$(ü????￠u?￥7/u￥$()?“yyt￥?…???>?“y￥DI?ü??H{￥???/uJM??Y&'%?z67?^_?)#I)XdQRav￥€?i?‰???￥(L???￥??!#&￠??(LH2￥P?‘é?’?h$￥￥|ד￠?Rê??>￥Y”??·÷n￠cZDE—#&I)÷nL!LY￥!#&%÷TU?T￠EQ%?R!–—￥×÷n￥÷?,?>ef￠AF￥?′P????{&(ú??33±?da?)K)NUop·?{?CTU

VW[XXY\c??ì

???ˉ

°±2

°±23

°±2]^#!*+,-.+><=;+<=+>?6&'()&/01@68798#S8:

!977S8:

$S$9e8$7%S89

7:$S"#

"S!"e%#SR#e#RS"$e$9%%"S:

87RS#$

#$S"9e

#!S#9e9R!7S#8

%87S:$

"S%"e

8S7!e%$7"S!9

#%%7S!:

$$S#Re

!$S##e%97!:R8S#8

:RS"#!R8%S$%

#R!S88#7::S#!

:RS!"%$RSR!

!8S#%!7%S!8

$$S9#!S::e%S"9e%S87e7S$#e#!S7:e#S!"e#S7%e#S!:eRS%$eRS9%e8:+>ABCD"#R2345689:;)<=>?@A??{&(da?)KN‘’?$?DB

èé°vJHEKM

?DBLHJKMs3?èDBEHGNMê?ìDBNHCJMá?DBLHNCMo?DBCHGEM?s?èDBKHCNMs3??DBNHINMs3??DBCHKGMas“??DBIJHJCM89:;)<=>?@A9398u&(“iefCD”?"!út?da?)ijav1&?2??&'à"?$.ò3?_ij7t￥ij+§B?9??￥&(?)wij|?BB??￥‘’Hc?c|??ij‘’?t?”56?)Q*éê?$+(W￥ij“??433>??43HL??9>9|?￥?tKij‘’B?LH????{&(da?)ú??33±aa?ij??‘’·?{?CVW[XXY\c??ìF(xiàn)ZFZ]^*+,-.+><=!:%$RS"$#%R:%S8:"9#:S#:788:S##78%8S9%$$"#S!"!%!8SR%!R:$S8!#R7"$8S7%e#:S79e#!S7Re:S"8e:S"$e%S%"e$S!#e!S87e#S%!e#S$$e&'()+>?6;+<=@6&/01+>AB23456CD#RR%S%889:;)<=>?@A??{&(da?)ú??33±aa?ijop1069.00,

1%2083.72,

3%6778.11,

9%opqrs2427.04,

3%9518.18,13%:;tu:;vs:;wxy:wxzs14084.78,

19%28430.93,

38%{|6747.54,9%}:~?€9?<?9??…3391.29,

4%1004.47,

1%89:;)<=>?@A!GHIJKLMNOPQRSTUVWX'JYZWZZGH[\MNPQZWZVSTUVWX]^GH_`abQcdefghijklmH6LnGH]9398u&(“iefCD”?""??iO}bj?￥?P?èij)?á?￥?àáx?!€&'à"?$+(Wi?bjgY￥$.ò3i?bjgP??$+(W?)!€￥"#i?\!XY￥cB?￠i?n/?"I‘?￥:;bj?~á—gY???{&(da?)ú??33±aa??P?‘’%ij‘’PQí?X???Y±–e?òó???????CJas“??s3?è?s?ès3??ê?ìNCHLCMCLHGFMCJHCKMIHEJMJFHCCMCHJGMCHENMCHJOMLHNFMLHKNMFIHENMCOHEKMCJHELMOHGIMOHGFMNHNGMFHJCMJHIEMCHNJMCHFFMFNKE?$?Io?Os3??á?GCLèé°v?89:;)<=>?@A9398u&(“iefCD”?"#5?@=>REGIONALDISTRIBUTION9398u&(“iefCD”?"$ú??mnabop?mnab“!€￥!">>8¨?~&(“ief￥?????

??￠$￥ab_84°m±?Dk%í￡i￥?¤?rk￥′??¨?~&(“ief??~&(“iefíT￠?_|t?rk￥|§¨?a?~&(“iefgh‘’$aB3?￥ij‘’$a83??|á?§|???????“?&(“iefgh?$a93¨?&(“iefíT￠”|ám|3¨￥wij>L>8?cc?C′??–?￠”§|m￥|?H|¨￥wij|8L>?|H?C′??–t￠”??m￥|?>c¨￥wijHcB3?9c?C′??–ó￠”??m￥|?>9¨￥wij9384?H3?C′??–?￠”“?i￥|?9L¨￥wij9849?49?C?—’??7?￠kl￥~?ijíY￠”??m￥?4>9?|4????{&(“ief<=??mn?ab?EF~W?–!R!!OFZ[—F\’“

”??–]^FZ]^

??FZ#

?K!

??$

??%

??9

Eμ7

?v8

.?:

òL"

ò?#R

L?##

??8R78%:%!!"#:#:#%#$#!#!###R"#9S:Re

%"%$S::#9S#!e

8$"%S87#RS:%e

7:9RS!:7S99e

8RS7$"S8"e

##RS$8"SR8e

#%!S8#!S7"e

%:S$8$SR7e

8"S8$!S$7e

""S#!#S8$e

8!S9##S98e

:%S88#SRRe

98S"$"S%:e7S99e%SR7e%SR7e$S#7e!S"$e!R$#S7R!$#!S#!#8:%S!%#$R9S#:##:7S:989$S#R!S8#e

!$:#%S7"

$#S9$e

#":%S97!S8#e!S%:e!S!7e!SR$e#S:#e#S:#e#S9:e#S$9e#S$9e#S#$eRS"ReRS"Re#"RRS8R#!%$S8#7%!S"99#%S"89$9S"$#!8%S7:8!9S$"#!8!SRR%!$S:#!%8S9%"$7S":98:S77!S9!e

#9:S$"#S79e

##$SR7RS:9e

7%S$RRS7:e

98S!!RS8#e

77S""#S7"e

#9"S$%RS"7e

#R$S7$#S7:e

!#!SRRRS97e

8RS7$RS$$e

%"S9##S!%e

!$%S!9RS88e

#%%S78#!#$

??#%?L#9

|?#7

é?#8

￠?#:

?￡#"

¤s!R

??!#

￥|§!!

??::8779%%!_`??V?‰?'??q????L?_`‘’'n“”3nGH?????/–]9398u&(“iefCD”?"%EF~W?–!R!!OFZ[—F\’“

”??–]^FZ]^

??FZ!$

?¨!%

5‘!9

?a!7

??!8

??!:

?μ!"

??$R

μ?$#

?á?89:;)<=>?@A$$$$$!!##RS7:eRS7:eRS7:eRS7:eRS7:eRS%9eRS%9eRS!$eRS!$e#R!$S:8!7!SR98"S8:#S$7e

$%#S!"RS$9e

:8S$9RS##e

!7S9"RS%"e

#!$S8!RS7#e

#9$S#$#S9Re

978S!$RS$%e

#!"SRRRSR8e

97S9"RSR$e

!#SR8$8#S#9%9"S%R##$%S%7!9:SRR97S9"!#SR8ú??qiabop?qiab!€￥!"|?

9L8°r±i?|°rk?83

°í?ˉ?8°°￥+§

888

°r±kˉ?H'±?r±i?￥2?“ief￠r±i?

4>4°‘’>9?8>??L°qi2?

43

¨?“&(“i￥“?”“?i9L¨?3ˉi4|¨?′μi4|¨??·i48¨?áˉi48¨???i49¨??ˉi44¨?

1i44¨?o?i43¨??klij“!€￥“??3ˉ?′μBC&(“iefgh?>7t?￥D”ijw/á—gU￥a2”9849?49??93c4?|>??98B9?Lc??klijíY￠?*??i￥?98c4>?HL?C???{r±i&(“iefghú?43¨?35302520151057.00%6.00%5.00%4.00%3.00%2.00%1.00%0.00%a????V??T??¨V??a??TZ§Z?§V?Z?§V??V

?VZ?¨???ZZ?T??Z?T????

??Z?Za??W0—?G

??G

??G

??G

??G

?G

￠?G

￡¤G

￥|GZ§

?¨

?T

?V

?V

?Z

??

??

?W“”“”?J

a????

V??T?

V??a?

Z?§V?

Z?§V?

Z?¨??

Z?T??

Z?T??

Z?Za?89:;)<=>?@A9398u&(“iefCD”?"&út?]^_rkstuop??&(“iefgh?&(“iefwija°éX￥??|á?§|???????“??mi0?S–—?￥avstuij?P?￠G&op??ij“!€￥|á?§|??????&(“iefstuwij)“yyt?|á&(“iefij“y9c?HB?￥r*|á￠#à~nyzBHL?38?￥

?

9393

u

H>?4?“y?9399u>9c?c>?￥??”?]á??8???￥yz“?”BHL?38??48|?L4??“?&(“iefij?UzXH{￥{zò9?4L?￥?_“?￠&(“ief?9L

¨￥?!4>¨JtuijH{￥{zí?￠QR!{z…òHB?H9?￥9393uijcc?B?￥9399uij83?>8?￥??”??è?à…?é￥{z“??òB4?BH??ò8H?|????{]^_`Bmi&(“iefwijstuG&op·?{?C?WWW?WW¨WWW?WWaWWW?WW?WWW?WWTWWW?WWVWWW?WWZWWW?WW?WWW?WWW?WWV??WW?VW?WW?Z??WW?ZW?WW????WW??W?WW???WW?W?WW?ˉ??WW?m?÷mn?y???JLJL??

FONJHGN

IJGCHGK

ECLEHLC

CIOEHFE

JFEFHOOJLJC??

NIFCHFF

IJCOHKE

EKNKHGG

CENNHOK

JCJNHGLJLJJ??

NGNFHOO

IFGNHIE

EOKLHJO

JLFCHEL

JFCJHCJù~ú?üy

JOHEKM

CHNCM

CJHCGM

CFHIFM

eJHCGM89:;)<=>?@A??P?!€￥???|á????§|&(“ief?P?ef“?￥?!??&(“ief?P?“?íT￥…4BL?4>??“?&(“ief?P?UzH{￥?ò3?cL??r*??￠Hé?ê?P?“yB4H?cc?￥??”?@CD?ìí8!￥yz“?”844?34??83L?|>??“?&(“ief?P?H2íT￠”“?#&?òB>c?BB?￥??”QR!?!?#$￥“?H2?ò94|?>H??ò938?9??9398u&(“iefCD”?"'??{]^_`Bmi&(“ief?P?stuG&op·?{?C800.00700.00600.00500.00400.00300.00200.00100.00180.00%160.00%140.00%120.00%100.00%80.00%60.00%40.00%20.00%0.00%0.00-20.00%m?

÷m

n?

y?

??JLJLòó?JLJCòó?JLJJòó?OCHFL

FELHGJ

CICHKK

KFHGL

KCHCNJLOHOL

INIHNF

KKIHEC

NCHKE

CKGHLLCEIHNC

FOGHFE

NNNHKK

EJHJL

KLHEGù~úòó??üy

CLKHGFM

IHOOM

CKGHCNM

CKHNLM

eLHOGM89:;)<=>?@A9398u&(“iefCD”?"(6AB=CMARKET

VALUE

ANALYSIS9398u&(“iefCD”?")??{>>8¨?~&(“iefaAB°?×h±·?{?Cet8?JLJJ?–??

JLJJú??JLJJúòó?"#$

"#

"#$–òó

$–

–&'??%

8?

??8?????????

òó

òó???

?

??!??

8?????LeFL(

CFK

FLHNIM

CGJG

CHOJM

JCOI

JHGLM

IG

CHJFM

eNO

FL

JJHJJMFLeCLL(

CGE

NNHJNM

EKEE

EHCGM

CLNJK

CFHOLM

NGF

IHEIM

eOJ

CG

GHEGMCLLeKLL(GG

JJHFKM

COJEE

CIHJJM

CGNNI

JKHIKM

CJIL

CGHIEM

eNJ

N

NHLNMKLLeCLLL(CLLL()E

CHFKM

JNCJ

JHJIM

NIJI

EHJEM

FCG

NHGEM

òò

òò

òòI

CHKOM

IEOIF

IJHNGM

FOCFN

KLHNGM

NJEO

EEHFIM

òò

òò

òò?89:;)<=>?@Aú??w;ijaxavj3ò83??é￠?48B¨￥gh‘’83?>|?￥KN‘’4?c9?￥ij‘’9?L3???48B¨“ief!￥43B¨?P?w%?|L?9c?￥83¨I)3_?Dt?￥‘3ò83?ijefgh￠99?99?￥+§ò>|?c???!òó~n?Dí?￥?P??ò|?Hc?￥??”t?]?!ú?P?ò|?>B?C??àRzú?P?ò8?cL?C??ij83ò433??é￠?4LH¨￥gh‘’>>?9>?￥KN‘’H?4L?￥ij‘’48?c3???4LH¨“ief!￥4c3¨?P?w%?>L8?￥4L¨I)3_?Dt?￥‘83ò433?ijefgh￠L(zhǎng)?HL?￥+§òc9?8c???!?ì&(?Dí?￥?P??ò4|?|9?￥??”???éú?P?ò49?8L?C???]Q?ú?P?òL?cH?C??ij433òB33??é￠?LL¨￥gh‘’99?|B?￥KN‘’4|?99?￥ij‘’9B?|B???LL¨“ief!￥LB¨?P?w%?4L>>|?￥>¨I)3_?Dt?￥‘433òB33?ijefgh￠>?3>?￥+§ò>4?cB???!“?#&?DíT￥?P??ò9c?Hc?￥??”HI#&ú?P?òL?9>?C???FGú?P?ò9?3B?C??ijB33ò4333??é￠?H¨￥gh‘’4?8B?￥KN‘’9?9|?￥ij‘’H?9H?￥?P?‘’>?LH??ij4333??“￠?|¨￥gh‘’4?Bc?￥KN‘’|9?>L?￥ij‘’B3?>L?￥?P?‘’HH?8|??°±23?J`′±23QμL—G/–'±23n3`′V§W?±23QμL—G/–]9398u&(“iefCD”?#*ú??ij]^_B3av9398u>ê83?￥!"#$ij4>@>>3?8H?C￥‘?~&(wij￠4L?48?′x°t¨efijú!"#$?!"?$?!"#&?‘?~&(wij>4?L>?′x°43Zij+§>3c3>?8B?C￥‘?~&(wij￠B>?39?′]^_

B3ú44?9L??￠ef‘?A|4?>B?￠ij′X°cc?|4?￠ef‘wij￠A9c?BB????{?~ij]^_B3&(“ief?)ab12

??108§§?6?4ZZZ2??089:;)<=>?@A??{?~&(“iefij?]^_`B3VW[XXY\c??ì’“

a?ˉ°

a?U?

”?

±íEF2

aFZ[—F\#

7R#:98S\3

′?v&

L?

!RR8Q##QR9

#%d%%RS$7

*+,-.!

7RR"$:S\3

′?μ&

′μ

!R!!QR%Q!#

"d#"%S77

&'()t$

7RRR!:S\3

′?v+

L?

!RR#QR:QR:

:dR%9SR9

*+,-.%

7RR$R"S\3

W1+>

??

!RR#QR#QR9

!d:"%S!!

+><=9

RR!%"$S\?

?·v+

??

!R#RQ##QR!

#d$$:S9"

*+,-.7

7RR$%7S\3

?lv+

??

!RR#QR:Q!R

#d##!S#:

*+,-.8

RRR8"!S\?

?ò`?

?μ

#""8QR"QR%

#d#R"S$"

;+<=:

7RR":"S\3

?×??

?¨

!R#"QR9Q#7

"77S9%"

7R$!7RS\3

M·ú?

??

!R#8Q#RQ$R

:79S8$+>?6+><=#R

RRR$R#S\?

??·à

?K

!RRRQR9Q!"

:$8S7%

*+,-.##

7R#:R:S\3

′μ&/

?￡

!RR8QR"Q!:

88RS#$#!

7RR%!7S\3

1??ù

??

!RR!QR7Q!R

787S"#&/01;+<=#$

7RR!97S\3

????

é?

!RRRQR9Q!7

7R"S"7

*+,-.#%

RR!7%:S\?

CD+>

??

!R##Q#!Q!:

%8:SR$

+>?6#9

7R$7::S\3

vy`?

?K

!R#%Q#RQ$#

%!:S:%

23456t!GH_`OPZWZVSTUVWX]9398u&(“iefCD”?#!VW[XXY\c??ì’“

a?ˉ°

a?U?

”?

±íEF2

aFZ#7

7RR:8#S\3

v+&/

L?

#""9QR%Q##

%!8S#9#8

RR!7R#S\?

áa??

?

!R##QR8Q#9

%#$S:!#:

7RR#7RS\3

·+`?

??

#"":QR7Q!7

%R"SR##"

7RR"7:S\3

μ&í?

L?

!R#"QR7Q!7

$89SR"&/01+>?6+><=&/01!R

7RR7::S\3

Eμv+