1、1 600004 2019 026 100%100%51%1 85%15%100%2018 15%11,925.42 2 4%2018 5%2018 0.5457 0.5717 2 一、关联交易概述 1 100%51%100%75,355.99 22,802.98 3,950.01 51%85,681.41 16,427.57 3 100%49%51%2 2007 8 3 15%85%2006 12 6 2006-011 100%2018 15%11,925.42 T2 T3 15%3 4%2018 4%2,536.07 4 15%4 2018 15%11,925.42 4%75,355.99
2、 22,802.98 3,950.01 102,108.98 51%85,681.41 85,681.41-16,427.57 102,108.98 43.26%85,681.41 268.52%2018 2019 ZC10167 2018 2019 21454 2018 5,394.59 2018 2018 116,192.89 121,587.48 4.64%112,917.10 118,311.68 4.78%1,574,231.07 1,644,418.74 4.46%1,561,571.96 1,631,759.64 4.49%/0.5457 0.5717 4.77%2016 1 1
3、 2018 5 2019 11 26 12 3,000 5%二、关联方介绍 1,056,346,783 51.05%10.1.3 1 282 350,000,6)2 51%49%3 2018 12 31 536.77 353.30 2018 99.40 12.76 4 2004 2 25 2013 4 18 6 7 三、关联交易标的资产基本情况 1 1 91440000338345030N 7 66 5-6 900 2015 5 18 2 100%3 100%4 1 2 3 8 5 2019 21448 2019 6 30 2018 12 31 69,097.12 70,892.55 4,26
4、5.47 3,761.04 64,831.65 67,131.51 2019 1-6 2018 18,451.97 44,741.46 183.58 4,341.59 196.80 3,338.21 2019 1-6 18,451.97 196.80 6 2019 3-0056 2019 6 30 64,831.65 75,355.99 10,524.34 16.23%7 9 2 1 91440000782972380G 1 2005 11 17 2 3 4 1 SKYTRAX 2 10 3 85%5 2016 1 1 T2 2019 11198 2019 6 30 2018 12 31 47
5、,562.55 45,282.86 41,781.51 38,814.45 5,781.04 6,468.41 2019 1-6 2018 10,740.51 21,087.19 1,862.27 3,968.50 1,393.17 2,946.50 6 11 2019 11198 2019 3-0057 2019 6 30 5,781.04 22,802.98 17,021.94 294.44%1 84%88%85%4.25%3%3.5%1%4%12 90%98%90%2018 1%2 3%44%46%3 13-9%-6%-13%-9%7%3%2%12%*70%1.2%4 3%14 5 25
6、%6 WACC E/(D+E)Re D/(D+E)(1-T)Rd WACC E/(D+E)Re D/(D+E)Rd T 0 Re CAMP Re Rf Ru Rf Rc Re Ru Rf Ru-Rf 15 Rc i.Rf 10 3.97%ii.Ru-Rf MRP)ERP)=+=+(/)500 6.26%Moody s Investors Service A1 0.79%/1.23 MRP)=6.26%+0.79%1.23=7.23%MRP)7.23%iii.Beta CSRC beta U U 0.6540 U L L u 1+1-T D/E L=0.6540 iv.Rc 16 2.00%v.
7、Re Re Rf Rm Rf Rc Re 3.97%0.6540 7.23%2.00%10.70%WACC D/E=1 25%WACC Re E/D+E Rd D/D+E 1 T 10.70%10.70%7 3 1 9144012908821618X7 8 A 17 2014 1 6 2 3 4 2 120 5 2016 1 1 2019 21452 2019 6 30 2018 12 31 3,583.49 3,430.60 2,919.40 2,758.37 18 664.09 672.23 2019 1-6 2018 1,072.91 2,281.64 383.07 829.45 287
8、.29 622.00 6 2019 3-0058 2019 6 30 664.09 3,950.01 3,285.92 494.80%1 2 2018 90%2019 1-6 92.60%2019 92.60%19 3%2016 3%2 i.3%ii.2018 20 50%60%58%60%3 6%5%13%9%6%7%3%2%12%*1-30%*1.2%2018 4 i.3%21 ii.iii.iv.v.5 25%6 WACC WACC E/(D+E)*Re D/(D+E)*(1-T)Rd Re Rf Ru Rf Rc Re Ru Rf 22 Ru-Rf Rc Rf 10 3.97%Ru-R
9、f MRP)ERP)=+=+(/)500 6.26%Moody s Investors Service A1 0.79%/1.23 MRP)=6.26%+0.79%1.23=7.23%MRP)7.23%Beta:CSRC beta U U 0.6540 U L(L u 1+(1-T)D/E)L=0.6540 23 Rc 2.00%Re Re Rf Ru Rf Rc Re 3.97%0.6540 7.23%2.00%10.70%WACC D/E=1 25%WACC Re E/D+E Rd D/D+E 1 T 10.70%7 1 91440101MA5CYQLR8D 113 1,000 24 20
10、19 9 25 2 100%3 100%4 12 10,000 5 1 80%2 25 3 6 2016 1 1 1,000 2019 11193 2019 6 30 2018 12 31 54,156.11 47,505.17 8,567.20 8,174.46 45,588.91 39,330.72 2019 1-6 2018 33,273.16 63,401.77 11,258.45 17,433.91 8,388.24 12,999.49 7 2019 3-0055 2019 6 30 45,588.91 168,002.76 122,413.85 26 268.52%1 i.2016
11、-2018 2%2%ii.2019 2019 i.2018 27 ii.A 201718 10 30/10 34/2019 33 20%20%+20 B iii.iv.28 2021 2 3%2021 i.ii.29 4%4%168/2 336 25%30%30%-31%3 6%5%13%9%6%7%3%2%2018 12%*1-30%*1.2%4 30 8%10%10%12%5 25%6 WACC WACC E/(D+E)*Re D/(D+E)*(1-T)Rd Re Rf Ru Rf Rc Re Ru Rf Ru-Rf Rc Rf 10 31 3.97%Ru-Rf MRP)ERP)=+=+(
12、/)500 6.26%Moody s Investors Service A1 0.79%/1.23 MRP)=6.26%+0.79%1.23=7.23%MRP)7.23%Beta:CSRC beta U U 0.6516 U L(L u 1+(1-T)D/E)L=0.6516 Rc 2.5%32 Re Re Rf Ru Rf Rc Re 3.97%0.6516 7.23%2.5%11.2%WACC D/E=1 25%WACC Re E/D+E Rd D/D+E 1 T 11.2%8.四、本次交易的定价政策、定价依据及合理性分析 五、资产置换协议的主要内容 2.33 51%100%100%49
13、%51%2019 6 30 51%85,681.41 100%75,355.99 22,802.98 3,950.01 85,681.41 102,108.98 100%75,355.99 22,802.98 3,950.01 51%85,681.41 16,427.57 34/100%51%1 2 35 5 5 5 36 3 60 3 1 2 六、涉及本次交易的其他安排 1 37 85%15%100%2018 15%11,925.42 2 51%49%4%3 2019 2019 42,000 4 38 1 2 3/七、本次交易的目的和对公司的影响 39 1 2018 2019 ZC10167
14、 2018 2019 21454 2018 5,394.59 2018 2018 116,192.89 121,587.48 4.64%112,917.10 118,311.68 4.78%1,574,231.07 1,644,418.74 4.46%1,561,571.96 1,631,759.64 4.49%/0.5457 0.5717 4.77%2016 1 1 2016 1 1 51%100%2018 15%2 100%40 T2 T3 15%3 80%41 八、本次关联交易履行的审议程序 2019 11 26 8 7 4 0 0 7 0 0 九、独立董事意见 1 100%51%85%
15、15%100%4%42 2 3 4 5 十、溢价100%购买资产的特殊情况 2019 6 30 5,781.04 664.09 22,802.98 3,950.01 294.44%494.80%2019 7 1 2022 12 31 2019 21455 43 2019 7 1 2022 12 31 2019 21456 十一、关联人补偿承诺函 100%1 2020 2020 2021 2022 2 2020 2021 2022 2,461.68 2,587.04 2,779.74 565.67 593.66 643.37 4 44 3 4 1=-2=-十二、上网公告附件 45 2019 21448 2019 11198 2019 21452 2019 11193 2019 3-0056 2019 3-0058 2019 3-0057 2019 3-0055 2019 7 1 2022 12 31 2019 21455 2019 7 1 2022 12 31 2019 21456 46 2019 11 28
