2
3 2017
4
010-85172818
yeww@unitedratings.com.cn
010-85172818
ninglj@unitedratings.com.cn
010-85172818
010-85171273
2
PICC 12 100022
Http //www.unitedratings.com.cn
1993 1993 217
3,750 1997 1997 240 2,000
600079.SH 2013 3
2009 8 128,604.91
2015 3 11,424.73
25.14 1.14 23.99
2017 11
6,765.52 17.65 11.94
2017 135,370.43 29.26%
80.40%
85.71%
28.21% 8.32%
1 2017
2018 3
176 2017 13,873
2017 354.06 188.00
166.06 135.24 2017
154.46 23.18 20.69 0.38 8.92
2018 3 367.40 198.64
168.77 136.72 20181~3 44.38 2.81 1.77 -4.81 -5.35
666
2016 593 2016 4 21 10.00 3 3.83%
2016 5 16 16 136390.SH 2016 10 5.00
4.97
2018 4 23 2017 4 22 2018 4 21
2017
20 70
2017 28,459.60 12.50%
1,114.10 17.80%
2017 2017 RPI 105.38 2016 2.94
2017 4,450 2016 3,700 750 20.27%
40.00% 2006 11,759.50 2017 36,396.00 2017 8.27%
2001 2020 596
3.28% 0.66% 2017
99.5 3.0 94.0
2.2 2016 11,606
2017 6 7,600
2017 2
(2017 ) 2,535 2009
15.4% 1,297 1,238 ( 88 )
45
2017
2017 1 2 1
2017
1
2017 Ansell Ltd.
Lifestyles
2017 154.46
25.26% 23.18 114.62%
2017 112.55 16.81%
33.72
81.38% 6.57 2017
72.87%21.83% 5.27
6.75 2017 0.45
12016~2017 %
2016 2017
96.35 78.14 39.41 112.55 72.87 41.16 18.59 15.08 28.43 33.72 21.83 31.53 8.37 6.79 25.21 0.45 0.29 20.58 123.31 100.00 36.79 154.46 100.00 38.08 2017 38.08% 1.29
2017 41.16% 1.75
31.53%
3.10
2018 1~3 44.38 33.28% 2.813.60% 1.77
2017
Ansell Ltd.
2
2017
13.09%22.55%
45.52% 2017 1~7
22016~2017 %
2016 2017
247,298.63 25.67 279,679.71 24.85 37,972.11 3.94 41,986.11 3.73 34,864.12 3.62 18,995.52 1.69 33,313.70 3.46 37,152.49 3.30 2017 66.22
13.42%
16.95% 71.62%
32016~2017 %
2016 2017
104,800.44 17.95 112,238.40 16.95
15,563.04 2.67 14,164.83 2.14
10,377.34 1.78 13,998.72 2.11
33,796.92 5.79 47,539.46 7.18
419,296.23 71.82 474,261.61 71.62
-- 583,833.97 100.00 662,203.02 100.00
2017
2017
42.17% 31.27% Epic Pharma 2016 6
4 2017
% % % 2ml:0.1mg 4,107.30 3,757.09 1,221.11 24.41 2.43 40.21 1ml:50ug 4,251.97 3,504.44 1,395.28 40.45 16.67 115.35 1,407.79 1,328.39 418.81 17.52 15.00 23.18 1mg
2ml:2mg 857.93 1,094.30 324.11 -31.27 21.90 -42.17 137.86 103.57 47.94 120.22 73.17 248.91 164.59 136.25 41.26 199.80 192.36 212.99 634.28 621.46 45.05 13.30 9.61 39.86 48,735.86 43,654.17 6,721.95 18.77 5.2 309.81 24.00 25.44 2.70 -- -- -- 148.30 142.53 7.98 -9.89 -15.59 261.09 2017 141 316
2017
1,200 66 31
6 2017 60,251.52 19.99%
3.90% 3 1 1
2 3 ANDA
2017
3
2017 33.72 81.38%
2017
1
2
55
2017 11.57 15.12% 2.31
8.71%
20 1
+8 +N
2017 46.81
33.45% 0.94 44.49%
AnsellLtd. 2017 60
Lifestyles Jissbon Manix Unimil Blowtex SKYN
2017 9
2017 9~12 5.22 0.36
20179~12 -3,327.87
2017
4
1
[2017]1436 2017 11
1
2 2000
6,765.52 17.65 11.94
0.32 11.62
2017 10 27
[2017] 2-00080 11.65
2017 8.37
2017 3.28
2
2017 CITIC Capital Cupid Investment Limited AnsellLtd. 40.3960% 76.33%
2017 AGIC-HUMANWELL BLUE RIDGE (US) LIMITED RiteDose100% 6.41
2015 12 22 7.31
2.52%
3
2017
2017 35,180
80% CSLBEHRINGASIA PACIFIC LTD. 2017 8
35,000
100% 2017 12
5
1
2
Puracap Pharmaceutical LLC Epic Pharma AnsellLtd. 2017 101.24 28.59% 2017 18.40 11.91%
3
6
2018
180
35%
2018
1
2017
2018 1~3
2017 16
2017 1 1 2017 1 1
2017
2017 43 17
26 9
2018 3 176
2017 354.06 188.00
166.06 135.24 2017
154.46 23.18 20.69 0.38 8.92
2018 3 367.40 198.64
168.77 136.72 20181~3 44.38 2.81 1.77 -4.81 -5.35
2
2017 354.06 33.97%
42.23% 57.77%
1
2017 149.53 28.83%
26.88%
37.02% 5.10% 9.86% 17.67%
2017 40.20 25.27%
89.45% 4.1310.26%
2017 55.35 21.79%
1 93.44%1~2 4.39% 2
2.13 3.71%
17.47%
2017 7.63 21.66%
1 84.60% 1
15.40%
2017 14.74 106.29%
6.41% 11.72%81.86% 1 74.06%1~2 16.06% 2 9.89% 0.94 6.02% 2017 40.86% 2017 26.43 20.28%
68.39%19.02% 0.31 1.18%
2
2017 204.54 38.00%
15.54%
20.45% 5.04% 14.69% 31.66%
5.14%
2017 31.79 136.91% 2017 6.40 AGIC-HUMANWELLBLUERIDGE(US)LIMITED24.63% 3.9039.8% 3.05
100% 2.18%
2017 41.83 10.92%
59.93% 32.00%1.14% 6.93% 2017
12.36 137.57 79.15%
3.25 7.77%
2017 10.30 119.10%
2.37
0.87 0.59
2017 30.59 77.33% Ansell Ltd.31.83% 18.62% 29.21%
11.60% 3.23 10.57%
2017 64.75 43.97%
Ansell Ltd. 23.37 0.52
2017 10.50 9.19%
2017 9.49
2.68%
2018 3 367.40 3.77% 43.94%56.06%
3
1
2017 188.00 30.15%
69.37% 30.63%
2017 130.42 29.64%
33.17% 15.41%
10.26% 24.54%
2017 43.26 34.03%
65.04%
15.99% 2.04% 16.92%
2017 20.09 8.61%
2017 13.39 80.25%
48.13% 36.28% 13.69%
2017 32.00 45.45% 10.00 2
2017 57.58 31.32%
70.65% 17.32%
5.78% 5.93%
2017 40.68 35.99%
69.17%1~2 10.31%2~3 5.63% 3 84.06% 2017 9.97 2016 16
2017 3.33 10.76% 3.41 3.39 2016 2017
Ansell Ltd.
2017 137.85 26.92%
87.04 26.99%
50.81 26.79%
63.14%
53.10%45.36% 23.43% 1.56 2.19 1.63
2018 3 198.64 5.66% 71.03%28.97%
146.51 6.28%
54.07%46.47%23.22%
3
2017 166.06 38.59%
135.24 81.44%
10.01% 36.54% 36.19%
14.74% 5.26%
26.42% 2017 6,765.52 13.54
10.95
2018 3 168.77 1.63%
2017
4
2017 154.46 25.26%
29.47 115.83%
23.18 114.62% 20.69
148.52%
2017 46.60 38.23%
55.93%31.89%12.18% 2017 26.06 40.47%
14.86 25.35%
5.6871.91% 2017
30.17% 2.83
2017 19.45 17.06
64.21%
2017 0.14 1.29
2017 16
2017 1.31
4.32%
2017 37.16% 1.19
10.77%11.30% 16.22% 2.88 3.53 6.01
2018 1~3 44.38 33.28% 2.81
3.60% 1.77
2017
5
2017 174.16 27.27%
173.78 32.07%
37.34 43.15%
2017 0.38 92.75% 2017 2.52 108.77%
2017 26.96 22.65
68.36
12.33% Ansell Ltd. RiteDose
2017 -41.39
26.78%
2017 156.69 14.61%
11.62 106.01
35.12% 2017
50.68 13.02%
2018 1~3 -4.81
-4.01 3.94
2017
6
2017 1.15 0.94
2017 0.51 2017 EBITDA 40.27 85.98%
73.16% 13.59% 9.75% 3.50% 2017 EBITDA EBITDA 7.18 0.29
EBITDA
2018 3 176.58 98.11 78.47 G10420111004407907 2018 4 10 27 2
6
2017 9,210.00 0.62%
2017
2017
2018 3
41.93 16 10.00 4.19
168.77 10.00 16.88
16
2017 EBITDA 40.27 10.00 4.03 EBITDA
2017 174.16 10.00 17.42
16
2017 11
AA+ 16AA+
1
|||
|-|-|
|2016|2017|
|264.28|354.06|
|119.83|166.06|
|68.54|87.04|
|40.08|50.81|
|108.62|137.85|
|123.31|154.46|
|10.80|23.18|
|21.65|40.27|
|5.26|0.38|
|2.85|2.95|
|3.96|3.92|
|0.55|0.50|
|106.24|108.77|
|7.88|10.77|
|7.77|11.30|
|10.21|16.22|
|35.97|37.16|
|27.34|30.17|
|54.66|53.10|
|47.55|45.36|
|25.06|23.43|
|5.62|7.18|
|0.20|0.29|
|1.15|1.15|
|0.94|0.94|
|0.51|0.51|
|5.23|0.29|
|2.17|4.03|

EBITDA/ =EBITDA/
2
1 2 = - / ×100%
2 n =[( / n)^ 1/(n-1)-1]×100%
/[( + )/2]
/[( + )/2]
/[( + )/2]
+ /[ +
+ + /2]×100%
+ /[ +
/2]×100%
/[ + /2]×100%
- / ×100%
- - / ×100%
+ + / ×100%
/ ×100%
/ + + ×100%
/ + ×100%
/ ×100%
EBITDA EBITDA/ +
EBITDA EBITDA/
/
/
/
/ ×100%
/ +
/ +
EBITDA EBITDA/
/
/
= + +
= +
= + + +
= +
EBITDA= + + +
3
9 AAA AA A BBB BB B CCC CC C AAA CCC
+ -
AAA
AA
A
BBB
BB
B
CCC
CC
C