618
358 20 2004
2020 7


48.69%
2020 2021
2020 2021
15.03GW
97.21%



1.88%2.78% 1.02%

14.3-18.31 /

17.55%7.52% 14.13%
2019



38,411.17 43,868.26 32.89%38.78%
40.00%
2015 2018 2,848.77
760.97 2019
497.35 70.28

23.58%
2019 12 31 2020
3 31 2020
2000719
1,280.97 58.09%2020

935.42 62.16%
2020


9.36% 4,286.60 3.97%
4,700.68 0.45% 2020






“

”


”
..................................................... 5
............................................................................................. 6
............................................................. 6
................................................................................................. 7
........................................................................................... 70
............................................................................... 79


................... 84
........................................................................................... 86
................................................................................................... 90
............................................................................................................. 225

..................................... 424
................................................................................. 454
......................................................................................... 457
..................................................................................... 458
..................................................................................... 459
............................................................................................. 461
..................................................................................... 462
......................................................................................................... 463

Strategic Strategic Capital Holding LimitedSamoa






Swancor IndMSDN. BHD.




SHANG-WEI INVESTMENT CO., LTDSeychelles











A 1

























(kW)(MW)
(GW)
1GW=1,000MW=1,000,000kW






Swancor Advanced Materials
360,000,000
618




28.94 22.24 42.70








“3 ”“3.3 ”“3.3.1
”“3.3.1.3 ”

”“3.5.2.1 ”,




2019



58 1 19
39 11

2


CNAS


88.68%

5,00010






2004


021-52341668
021-52433320
010-85085000
010-85185111
010-85085000
010-85185111

021-63767768
021-63788398
021-58708888
021-58899400

48.69%
2020 2021
2020 2021
15.03GW
97.21%

5% 3.63%

1.88%2.78% 1.02%

14.3-18.31 /





7,381.55 4,245.05
3,557.23 867.12 580.32
135.86 80.68


-AOC

11.26%10.82%10.90%9.71% 26.60%
25.45%25.57%23.01%

2017 2018 2019
26.91%31.65% 46.68%
7.65%15.75% 21.21%





17.55%7.52% 14.13%
2019




40.00%
2015 2018 2,848.77
760.97 2019
497.35 70.28

37,074.90 36,895.26 5,180.31
5,991.61 1,799.10

-32.29 148.84
-118.07


-902.99

15%


846.82 1,438.58 1,459.05

6,199.35 56.88%39.96% 54.32%

SWANCOR
SWANCOR

23.58%
36,000

2000 10 25 2017 8 17
618
“20001510 ”
2000 10 25
“ 027713 ”
102
-117 “
”


2000 11 17 2000060

2000 11 10 159,988.00
15.69%2000 11 29

2001 5 30 2001037
2001529102 2001

102.00 102.00 100.00
2017 6 16
1702576 2017 4 30 674,957,323.03
674,449,846.23 360,000,000.00
314,449,846.23
2017 6 19 2017 1428
2017 4 30
793,125,433.51


201700572
7

3 36,000,000 10.00
4 3,393,570 0.94
5 383,259 0.11
6 391,939 0.11
7 314,110 0.09
360,000,000 100.00

9131000060742212X5“


”
2018 6 12 1800315
2017 12 21
360,000,000 100%

%
1 SWANCOR 175,517,794.05 71.73
2 Strategic 41,657,098.03 17.02
3 24,469,099.00 10.00
4 2,306,600.00 0.94
5 260,500.00 0.11
6 266,400.00 0.11
7 213,500.00 0.09
244,690,991.08 100.00
2017 6 19

2017 6 16
1702576 2017 4 30 674,957,323.03
674,449,846.23 360,000,000
314,449,846.23

3 36,000,000 10.00
4 3,393,570 0.94
5 383,259 0.11
6 391,939 0.11
7 314,110 0.09
360,000,000 100.00
175,517,794.05


2015 11 24 Strategic
528 217,174,892.08
175,517,794.05 SWANCOR 100%
175,517,794.05

2015 11 24
1502829 2015 8 31
175,517,794.05
2015 12 3
2015 1713
2015 8 31
181,556,282.87
2015

2015 12 29
20154605

2
12 31 554,897


19.18%
Strategic

SWANCOR


554,897 100%

2016 3 8 554,897
100%
2016 3 25
201653
2016 3 30
N3100201600306
2015
12 31

2014 4
2015 12 31
3

2014 7 6
5
12%5

100%
2016 6 8

1 76,875,000 62.80
2 38,475,000 31.40
3 7,150,000 5.80
2016 4 30
2
97,895,766
38,475,000
7,492,873.82
2016 6 8
1602827 2016 4 30
97,898,966.75

2016 6 15

2016 1481 2016 4 30
149,121,436.45
2016 6 17
20165


4


2016 3 29
2016
712
2016 9 23
9
“


2017 1 1
2017 1
11,699.20 2,507.14 2016
12 31




2016 12 26 2017 1 13


2017 2 27

2017 1472 2016 10 31

73,800 73,728
6,500 6,430
15,070,000 15,065,798
546,090 516,310
1,447,890 1,371,680
621,240 586,180
> 3



2019 12 31 “
”
2


100% 100%100%







51,046,754.76
51,046,754.76


1,2-1,3-[
]2-2-N,N-
[51%≤100%,≤48%]
1,6-2--1-[
]
[4%]2-

[≤60]
[



2019 12 31 /2019 2018 12 31 /2018
65,067.45 41,213.92
25,425.96 22,228.39
3,013.64 136.74
12,250.00
12,250.00
27 A
LED 1.6%


2019 12 31 /2019 2018 12 31 /2018
16,791.14 23,971.30

1-1-52
2019 12 31 /2019 2018 12 31 /2018
15,912.24 16,096.27
-336.20 -562.59
35,650,000


2019 12 31 /2019 2018 12 31 /2018
10,330.44 10,277.15
10,330.47 10,277.14
-7.13 -9.91
2013 10 11
32,656,957
No.41-01, Jalan Mutiara Emas 10/2, Taman Mount Austin, 81100 Johor
Bahru, Johor.


2019 12 31 /2019 2018 12 31 /2018
4,940.25 3,392.89
4,605.05 2,602.11
-406.36 -279.04
220,000,000
219,170,000



2019 12 31 /2019 2018 12 31 /2018
19,123.40 14,973.83
8,983.75 6,520.94

1-1-54
2019 12 31 /2019 2018 12 31 /2018
2,093.29 27.95

10,000,000
7,100,000


2019 12 31 /2019 2018 12 31 /2018
7,278,381 7,278,504
7,278,381 7,205,651
1,689,584 3,692,887
Strategic
2003 12 1
20,000,000
12,510,000




2019 12 31 /2019 2018 12 31 /2018
108,214,676.78 100,913,056.27
108,211,693.58 100,910,073.07
10,268,981.60 591,740.31


2016 8 31 2016 8 31
3708.TW


3,710,206 3.97%
2,862,727 3.06%
2,649,839 2.83%
2,596,149 2.78%
1,170,000 1.25%


2019 12 31 /2019 2018 12 31 /2018
9,683,933 8,697,614
5,572,269 5,284,938
853,777 59,875
0
20
40
60
80
100
120
140
160
180
200

2,000,000,000
908,336,700












2019 12 31 /2019 2018 12 31 /2018
4,314,320 4,565,100
3,562,619 3,557,146
619,260 -96,571

88.75%

3708.TW
2020 3 30 36.44%

1,000,001 12 36,596,144 39.14%
18,707 93,504,604 100.00%
2020 3 30 13.23%

0.00% - 0.00%
0.22% - 0.22%
0.02% - 0.02%
0.72% - 0.72%
22.59% 0.99% 23.58% -




59.92%51.99%58.63%60.77% 60.80%

-
2016.10.19-2019.5.30 2

2016 5 31 2016 10 18



2
Strategic









100,000
100,000


“1
2
5

2019 12 31 /2019 2018 12 31 /2018
2,712,953,100.26 1,914,688,483.61





FRIENDLY
FRIENDLY
2015 11 24
19,167,117

Rm. 2401, 24/F., 101 King’s Road, Fortress Hill, Hong Kong


2019 12 31/2019 2018 12 31 /2018
23,655,007.03 23,518,511.95
23,627,462.17 23,490,967.09
136,495.08 306,412.77

2016 2 25 2036 2 24



1 70,704 2.76
2 2,231,104 87.22
3 88,380 3.45
4 44,190 1.73
5 44,190 1.73
6 26,514 1.04
7 26,514 1.04
8 26,514 1.04
2,558,110 100.00


2019 12 31/2019 2018 12 31 /2018
2,706,844.52 2,688,410.73
2,696,044.52 2,677,610.73
18,433.79 41,847.80

2016 2 29 2036 2 28



1 133,552 5.11
2 2,021,938 77.29
3 107,038 4.09
4 88,380 3.38
5 44,190 1.69
6 44,190 1.69
7 44,190 1.69
8 44,190 1.69
9 29,460 1.13
10 29,460 1.13
11 29,460 1.13
2,616,048 100.00


2019 12 31 /2019 2018 12 31 /2018
2,764,596.20 2,746,162.99
2,753,996.20 2,735,562.99
18,433.21 41,847.23

2016 2 24 2036 2 23



1 312,276 14.89
2 543,046 25.90
3 177,742 8.48
4 177,742 8.48
5 177,742 8.48
6 177,742 8.48
7 88,380 4.22
8 88,380 4.22
9 88,380 4.22
10 88,380 4.22
11 44,190 2.11
12 39,373 1.88
13 29,320 1.40
14 26,514 1.26
15 19,687 0.94
16 17,676 0.84

2,096,570 100.00


2019 12 31/2019 2018 12 31 /2018
2,219,484.62 2,204,580.42
2,208,884.62 2,193,980.42
14,904.20 34,114.79
5,000,000
2,306,600


1 509,100 22.07
2 447,600 19.41
3 224,000 9.71
4 101,800 4.41
5 92,900 4.03
6 92,900 4.03
7 63,600 2.76
8 63,600 2.76
9 61,000 2.64
10 56,000 2.43
11 56,000 2.43
12 56,000 2.43
13 50,800 2.20
14 40,600 1.76
15 40,600 1.76
16 40,600 1.76
17 35,400 1.53
18 33,100 1.44
19 30,400 1.32
20 24,200 1.05
21 22,400 0.97
22 20,200 0.88
23 20,200 0.88
24 20,200 0.88
25 20,200 0.88
26 18,200 0.79
27 16,800 0.73
28 15,200 0.66
29 12,000 0.52
30 7,000 0.30
31 6,000 0.26
32 4,000 0.17
33 4,000 0.17


2019 12 31/2019 2018 12 31/2018
23,667,117.59 23,537,594.65
23,513,091.40 23,383,568.46
129,522.94 824,269.98
150
150



2019 12 31/2019 2018 12 31 /2018
4,947,423.10 4,947,678.13
1,497,423.10 1,497,678.13
-255.03 -849.31
1,900
1,900






295,000,000
50,000,000








36,000,000 10.00 36,000,000 8.93
3,393,570 0.94 3,393,570 0.84
383,259 0.11 383,259 0.10
391,939 0.11 391,939 0.10
314,110 0.09 314,110 0.08
- - 43,200,000 10.71


3 36,000,000 10.00%
4 3,393,570 0.94%
5 383,259 0.11%
6 391,939 0.11%
7 314,110 0.09%
3 3,393,570 0.94%
322,910,692 89.69% -

20001510


87.22%77.29%25.90%

3 383,259 0.11
4 391,939 0.11
5 314,110 0.09

1
2019.10.14-2020.07.03
2017.09.18-2020.07.03
2017.07.04-2020.07.03
2017.09.18-2020.07.03
1960 11 1987
6 1992 3 2020 4
1992 3 2019 11 2000 10 2017
7 2017 7 2018 11

1964 9
1984
2007 1984 2004 4
2004 4 2007 5
2007 5


1971 3 1994
2008 1996
6 2000 8 2000 8 2009 4
2009 2 2011 7
2011 8 2014 3
2014 6 2016 6
2016 6 2016 8 2016 9 2019
9 2019 10 2018
11
1981 12
2004 12 2001 7
2004 3 2004 5 2005 6


2017 7 2018 3
1970 5 2000
7 2000 8

2008 6 2010 6 2012 8
2012 6
2017 7
1960 6 1989 9
1994 4 2004 6 Saint-Gobain
Vetrotex (Thailand) Co19991120063Saint-Gobain RF Pty Ltd
2004 11 2006 3
2006 3 2007 6
2007 7 2008 8 Nidec-Brilliant Manufacturing Limited
2008 1 2013 6 2008 8 JN Technologies
Pte Ltd 2008 8 Newtex Asia Pacific Pte Ltd
2010 2 Jushi Singapore Pte Ltd 2017 9

1976 4
2003 7 1998 9 2000 7
2003 7 2003 12
2003 12 2005 6
2006 1 2008 8
2008 12 2011 3 2011
3 2019 4 2019 4
2017 9


1
.07.03
1965 10 2005
6 1990 9 1994 5
1994 6 1997 9
1997 10 2000 8 2000
9 2005 5 2005 5 2016 8
2016 8
2017 7
1980 6
2018 7 2002 7 2004 6
2004 7 2006 12
2007 1 2010 6 2010
7 2011 4 2011 4
2017 7

1980 5
2006 6 2006 7
2007 9 2007 9 2017
8 2017
7 2019 5


1973 2 2001
6 2001 7 2006 6
2006 8 2007 3
2007 3 2008 4
2008 4 2016 12
2017 7 2019 8 2017
7

1977 11 1999 6
2000 1 2008 9
KPMG2009 5 2012 5
2012 5 2013 12
2014 11 2015 10
2015 12 2016 5 2016 5
2017 7 2017 7
2019 8

1982 12 2005

2008 2008
7 2009 5 2009 6 2016
12 2017 1

1976 9
2006 3 2000 7
2003 9 2006 5 2006 9
2006 10 2017 7
2017 7









4
JN Technologies Pte
7








2017











200 25% -



FRIENDLY 56,000 2.43%











SWANCOR
IND.CO.,LTD.
FRIENDLY CAPITAL



FRIENDLY
0.88% 0.94% 0.008%



619.21 477.11 477.80
10,017.04 2,878.42 6,854.10
6.18% 16.58% 6.97%

182.52

5 98.45
6 12.00
7 12.00
8 12.00
9 6.00
10 6.00
11 40.23
12 119.40
13 40.98
14 46.07
15 31.55
1 2019 10 2 2019 10

Capital Co., Ltd. ()
() ()4
2020 7 5 SWANCOR


2017 12
31 2018 12 31 2019 6 30
190.25 254.08 349.82

2

“”





2019 12 31
1

8,704,128.47 9,310,642.44 9,518,185.51
3,452,200.00 3,472,818.00 3,473,489.00
1 9

2019 7 24 2020 1 10


2019 7 10 2020 1 14
2020 1 14

3
2019 7 4 2020 1 15



2019 7 4 2020 4 2

4 2












UL1316UL1746



2





55,122.82 40.88% 69,165.65 55.87% 57,579.01 56.25%
65,667.23 48.70% 41,892.20 33.84% 29,945.59 29.26%
4,570.51 3.39% 3,196.78 2.58% 2,734.30 2.67%
9,493.02 7.04% 9,543.12 7.71% 12,098.66 11.82%
134,853.58 100% 123,797.76 100% 102,357.57 100%

114,254.63 125,360.56 88.18%92.29%
92.96%






ISO 9001:2015/GB/T 19001-2016 ISO 14001:2015 OHSAS 18001
2007



-









A
2006 A SWANCOR901
SWANCOR CHEMPULSE 901



PM2.5
PM2.5



A














TG








500
SW901-352013
VOC

901-LSE SF901
SF905
90
2015-2016

2017

SWANCOR 9601
UL 1316 UL 1746 ZCL
2018
VOC

4
3.6
2018
SWANCOR 8511



2018




3

GB12348-90
(mg/L) 129 300
(mg/L) 196 400
(mg/L) 2.84 8
(mg/L) 52.2 70





(mg/L) 86 300
(mg/L) 63 400
(mg/L) 1.82 8


mg/m³ 174 /
mg/m³ 0.08 80






dB dB




PARTNERS

900-041-49”
SACHDEV, MOHAMMAD RADZI & PARTNERS


4 + 1 70000m 3 /h
5 + 1 30000m 3 /h


27
540.50 662.17 577.84
517.59 483.74 229.33
1,058.08 1,145.91 807.17


2019 8 15
2016 1 1 2019 6 30
2020 3 24 2019
7 1 2019 12 31
2019 7 2
2016 1 1

2020
3 2 2019 7 1 2019 12 31



2017 1 1

PARTNERS
“”“C26”
GB/T 4754-2017“--
”“”
”“3.3.1.3 ”




1





3
1
2019 “”“
”“

2016



ABS HIPS



1-1-118

2017 1 23
“ 5MW ”
“



2020

2016 10 18 2016—2020




2015 5 8 2025

[2012]28 “/


”“
”
2012 1 4 “”
“”
“
”“

”

≥120 MPa≥70
2019 2 14 2019



2019 5 28 2019
[2019]49 12
34
2019
2018
2020 2019 I
0.34 0.39 0.43 0.52 2020
0.29 0.34 0.38 0.47 2021
2018
2021
2022 2019
0.8 2020
0.75
2018-2020 [2018]1575 2018
2020
2018 88% 90%
12% 10%)2019
90% 92% 10%( 8%)2020
95%
5%
[2017]1942

2017 7 19 “”
([2017]31 )1
23

67
8 2019
2016 12 26
2018 1 1
2018 2
2018
2018 2018 2018 1 1
2018
2016 11 16 “”
[2016]314 2020
2.1 500
4200 6%1
2“”
3(
)4







2








Epocrygl
AOC
1963-1970

1970-1980




1995

2008




3.3%



6.62 Lucintel 2019
2024
839.9 874.7
908.6 945
980.1 1016.2
1052.8
0
200
400
600
800
1000
1200
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024


2018 4.407 2024
5.54
5.54 2018
564.6 586.5 588.5 593.9 630 661.9 689.3 715.9 744.6 772.2 800.7 829.5
81.8 84 85.4 87.5 92
97 101.4 105.8 110.4 114.9 119.6 124.4
67.6 69.6 70.9 72.9 77.4
81 84
86.9 90
92.9 95.9
98.9
2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 2 0 1 7 2 0 1 8 2 0 1 9 2 0 2 0 2 0 2 1 2 0 2 2 2 0 2 3 2 0 2 4



172.6 182.2 178.9 174 192.9 203.3 212 220.1 229 237.6 246.9 256.3
102.2 104.6 105 106.2 108 109.8 113.6 117.5 121.5 125.4 129.5 133.6
364.7 375.8 382.6 396 416.1 440.7 459.5 477.8 497.5 515.9 534.9 554 74.5 77.6 78.3 77.9 82.4
86.1 89.6 93.2 97.1 101.1
105 108.9
0
200
400
600
800
1000
1200
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024


3.951
22%

1%
-3%
7%

261.8

MW
10-20GW
“——


50MW 70% 94%
80%17%
51% 11%


“”
100
→→

;
1 [J]2017 2 Vol.45 No.2.
2 [J]/1003
0999( 2011) 06 0068 05.





2~5

Tg Tg




50GW2018
591GW 2017 9%2018
51.3GW 2017 4%

2012 2018 13%
2018 211.39GW
35.72%
44.83%
159 198
238 283
319 370
433 488
540 591
6.5 7.3 8.1 8.2 11.5 14.7 20.3 26.9 38.5 39.1 40.6 45 36 51.7 63.8 54.9 53.5 51.3
0
100
200
300
400
500
600
700
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

2.7% 55GW
20GW
9.7%2018 3,660
5.23%
591.70 657.10
723.90 785.30
850.40 909.10

-
2,1 4,200
6%“”


2018 30%







977-S






1 1 0.5%


VOC VOC

SF905
6













2024 2,460 3.8%



8MW
8MW





Lucintel 2024
3,520 3.5%

PCB PCB

75.9%
11.9%


4 Swancor 11.9%
5 Showa Denko 10.1%
LucintelGrowth Opportunities in the Global Vinyl Ester Resin Market
2019-2024:Trends,Forecast,and Opportunity Analysis

Polynt Reichhold 22.60% 22.28% 22.29% 21.42%
INEOS Enterprises 20.37% 20.17% 20.08% 21.67%
AOC Aliancys 13.72% 13.61% 13.69% 13.36%
Swancor 9.71% 10.90% 10.82% 11.26%
5.16% 5.11% 5.23% 5.15%
71.56% 72.07% 72.11% 72.86%
2016 -2019

Swancor 23.01% 25.57% 25.45% 26.60%
12.31% 11.99% 12.30% 12.16%
INEOS Enterprises 8.87% 8.66% 8.49% 8.99%
Polynt Reichhold 6.92% 6.69% 6.85% 6.60%
6.85% 6.57% 6.50% 6.20%
57.96% 59.48% 59.59% 60.55%
2020














23.67% 23.08% 25.79% 26.72%
20.07% 20.51% 20.86% 20.12%
8.51% 7.77% 5.51% 3.53%
7.88% 7.35% 5.59% 7.75%
6.30% 7.37% 7.82% 8.24%
4.23% 4.14% 3.61% 3.61%
70.66% 70.22% 69.18% 69.97%
2016 -2019
18.02% 16.01% 20.94% 23.75%
14.45% 13.99% 10.69% 6.27%
13.40% 13.23% 10.84% 13.75%
9.79% 9.15% 8.95% 9.60%
7.19% 7.45% 7.00% 6.41%
4.20% 5.64% 5.50% 6.30%
67.05% 65.47% 63.92% 66.08%
2020
961963900907977-S905-2



160


250


≥35 35-38 ≥40 40-46 ≥35 35-40
(1.82MPa) 100±5 101±1 125±5 150±3 105±5 105±3
- - FH-1FV-0 UL-VO


SW2532SW2535



/cps

-1 175 - 174 - 200 -
100 30±2 100 30±2 100 28±2

10030999(2018) 04007406.




[J]/10030999(2018) 04007406.

25,1000g( 60 mins - 293

60


Showa Denko K.K.
HexionOlinHuntsman

1
1-Polynt Reichhold
Polynt Reichhold 2017 44


Ineos Enterprises


3AOC Aliancys
4Showa Denko K.K.
27
Compound 2002 VEVinylester Resin
2003 EM,Synthetic resin emulsion
BMC

6


(Borden Chemical, Inc.) (Bakelite AG)
RPP, RSM
7,000



2Olin


2015
Olin

12,000
2015

HP-RTM

12








14001:2015





A
17,500 /
A
2015 -2016 2018
28,250/12,100/
2016 10,000 /2016
2018 4 24,775 / 148%

15 7,000-11,000 /
0.00
5,000.00
10,000.00
15,000.00
20,000.00
25,000.00
30,000.00
2016


0.00
5,000.00
10,000.00
15,000.00
20,000.00
25,000.00
30,000.00




Lucintel 2019 2024
3.3% 2024 402 2024
1,147
23%
52%31% 17%
,
1000
GE TPI LM LM 2017 GE

2011 10% 2018 50% 2018
2018 5,587MW 2MW
93% 33.8 25%

22 2114
671 31.7%
5
2013 54.1%
2018 75% 20.9%
2013 77.8% 2018 90% 12.2%
2018
CWEA
31.70%
19.80%
12.40%
3.80%
2.60%
Vestas 2.60%
1.80%
1.40%
1.40%
1.30%
1,000 68%
4,900 24.34%
9.31%
2018

3



















2







3






VOCs
VOCs 2019 3


GB37824-2019 2019 7 1 2019 2
“

3000
Polynt-Reichhold
2019
AOC



(Borden








12



-
648,021.00 517,015.00
5,809,101.10 6,140,032.06 4,517,114.07

939,656.18 875,529.13 912,878.04
134,872.21 123,807.56 102,363.03
2,353,769.88 2,605,957.04 2,346,431.22
4,262,458.20 4,767,247.35 4,095,897.93
4,741,723.14 6,436,995.28 5,461,284.36
54,943.44 44,666.37 35,816.21

134,872.21 123,807.56 102,363.03
ASH.N2019830
ASH.N101930
5



4 Swancor 11.9%
5 Showa Denko 10.1%
Lucintel Growth Opportunities in the Global Vinyl Ester Resin Market
2019-2024:Trends,Forecast,and Opportunity Analysis

Polynt Reichhold 22.60% 22.28% 22.29% 21.42%
INEOS Enterprises 20.37% 20.17% 20.08% 21.67%
AOC Aliancys 13.72% 13.61% 13.69% 13.36%
Swancor 9.71% 10.90% 10.82% 11.26%
5.16% 5.11% 5.23% 5.15%
71.56% 72.07% 72.11% 72.86%
2016 -2019

12.31% 11.99% 12.30% 12.16%
INEOS Enterprises 8.87% 8.66% 8.49% 8.99%
Polynt Reichhold 6.92% 6.69% 6.85% 6.60%
6.85% 6.57% 6.50% 6.20%
57.96% 59.48% 59.59% 60.55%
2020

Hexion 23.67% 23.08% 25.79% 26.72%
Olin 20.07% 20.51% 20.86% 20.12%
8.51% 7.77% 5.51% 3.53%
Swancor 7.88% 7.35% 5.59% 7.75%
Huntsman 6.30% 7.37% 7.82% 8.24%
4.23% 4.14% 3.61% 3.61%
70.66% 70.22% 69.18% 69.97%
2016 -2019
Hexion 18.02% 16.01% 20.94% 23.75%
14.45% 13.99% 10.69% 6.27%
Swancor 13.40% 13.23% 10.84% 13.75%
Olin 9.79% 9.15% 8.95% 9.60%
7.19% 7.45% 7.00% 6.41%

67.05% 65.47% 63.92% 66.08%
2020

2019 12 31 30 20
10
400
58 19 39


2018 12 31 750

1-1-175
2019 12 31 2830
2019 12 31 52 10
42
2019 12 31 22 6
16
58 19 39
12
20 10
6 19





1Wind2-
AOC
112,490.37 102,363.03 123,807.56
134,872.21 2016 -2019 34,588.36
35,816.21 44,666.37 54,943.44
3



4
-
28.72 27.24
25.96 28.94 22.76

19.47 16.81 17.90
22.72 24.82 22.63
26.55 20.00 22.23
16.69 15.04 14.01
10.98 16.18 11.63
20.33 21.59 21.68
21.15 19.25 27.50

17.29 18.02 18.71
14.13 7.52 17.55
-
3.05 0.86
7.82 10.71 3.99

6.02 3.45 4.49
6.92 5.74 3.11
5.80 1.97 5.04

-0.18 4.72 8.77
-
3.35 0.03
15.46 28.07 10.38

11.63 7.47 9.27
13.55 12.96 6.56
9.5 3.1 6

-0.43 11.74 21.86
21.59 13.11 32.56
4.98 1.81 4.57

8.71 8.89 19.66
9.5 3.1 6
-
429.15 332.87
537.23 586.10 415.79

183.47 189.71
588.44 651.49 545.68
655.76 733.42 639.98
474.17 643.70 546.13
203.49 154.55 108.53

480.47 545.79 460.08
426.81 357.83 259.15
-
5.79 4.33
4.87 5.28 4.93

2.68 2.91 2.98
3.78 4.66 4.08
3.01 3.18 2.62

7.95 9.2 8.9
6.11 7.34 6.15
1.94 1.65 1.79

5.33 6.06 5.61
3.01 3.18 2.62

4.11 5.27 5.84

4.31 4.58 4.73
4.21 4.65 4.74
10.14 9.91 8.78

7.73 8.35 8.44
5.29 6.66 5.42
8.77 8.26 6.88

7.26 7.76 6.91
10.14 9.91 8.78
ASH.N2019830
ASH.N1019303Olin
1112314
6-AOC




2



106,687.68 79.11% 92,998.49 75.12% 77,143.25 75.37%
10,835.13 8.03% 11,635.62 9.40% 13,212.65 12.91%
17,330.77 12.85% 19,163.65 15.48% 12,001.66 11.72%
134,853.58 100% 123,797.76 100% 102,357.57 100%
3

99,003.48 73.42% 87,300.95 70.52% 71,171.27 69.53%
35,850.11 26.58% 36,496.81 29.48% 31,186.30 30.47%
134,853.58 100% 123,797.76 100% 102,357.57 100%

2019

17,219.81 13.74% 3,833.14 14.95% 22.26%
15,491.17 12.36% 3,282.22 12.80% 21.19%
125,360.56 100.00% 25,642.80 100.00
%
14,645.70 12.82% 2,725.51 15.35% 18.61%
18,219.93 15.95% 4,210.29 23.72% 23.11%
114,254.64 100.00% 17,752.25 100.00
%
12,596.04 13.96% 2,271.45 12.06% 18.03%
13,169.89 14.59% 2,471.83 13.13% 18.77%
90,258.90 100.00% 18,826.82 100.00
%
2
2
20.00% 13.29% 21.84%
21.75% 21.10% 18.41%
21.19% 23.11% 18.77%
20.46% 15.54% 20.86%
2017

2018 2019

2017
2018



6.58% 6.62% 22.19%




2018
2019



74,201.50 85,509.00 79,090.80
61,339.02 57,924.83 50,264.96
60,600.12 54,443.62 48,431.67
82.67% 67.74% 63.55%
98.80% 93.99% 96.35%


2017 8 2017 8
9 5 2018 2
10 2019 3 3 5

4,436.70 19,965.00 6,098.40
3,792.60 12,892.56 4,030.81
85.48% 64.58% 66.10%
1
2017 8 2017 8
9 ,2017 5
2018 2 2018 10 2019 3 2019
3






2 14,085.13 10.44%
3 9,262.14 6.87%
4 6,613.28 4.90%
5 4,420.86 3.28%
5%







62,957.00 46.68%
4




41,820.07 33.78%
4














/KG 16.37 18.31 14.30
31,781.35 23,845.46 25,709.48
/KG 7.34 9.49 8.89
11,466.67 12,719.46 12,168.40
/KG 22.98 23.15 24.37
6,811.35 4,069.16 2,995.64
/KG 13.95 23.06 19.73
2,337.08 2,681.79 2,553.85


16.37 -10.61% 18.31 28.04% 14.3 36.84%
7.34 -22.64% 9.49 6.75% 8.89 18.22%
13.95 -39.50% 23.06 16.88% 19.73 59.11%
22.98 -0.73% 23.15 -5.01% 24.37 -9.10%


A
A


2









3,

1,635,597,484.38 1,802,049,651.33 1,235,686,758.10
92,669.64 96,159.54 78,021.03
/ 17,649.77 18,740.21 15,837.87
/KG 17.65 18.74 15.84
16.37 18.31 14.3

+ 225.24 333.63 284.92
365.93 345.74 348.21
2019
2019

2019
5
3
5
3

50%



4

2019 12 31 50

2

1 2009
3

1




39





4
2011 4
6
9
2016 8
3
15
2012 1
18
10
2016 6
8





7
2017 5
24
30
2018 7
24
30





10
2020 3
31





1












1
12 20
2
12 20
3
12 20
4
12 20
5
06 27

6
06 27
7
06 27
8
08 13
9
06 27
10
06 27
11
06 27
12
08 14
13
02 13
14
02 13
15
02 13
16
01 20
17
01 20
18
12 27
19
12 27
20
11 20

21
11 20
22
12 20
23
12 20
24
03 20
25
03 20
26
03 20
27
03 06
28
03 20
29
03 20
30
03 06
31
03 06
32
11 27
33
11 27
34
04 13
35
03 06
36
02 20
13

1
12


2015 7 8





1


[2017]0088

[J00482]




2017.08.04-20
20.08.03

/

1



2017.07.22-202
0.07.22
3






2019.04.04-202
2.04




2016.12.30-201
9.12*




2019.04.29-202
2.04

202013
1
3
4

1
2




9








11






119,603.38 110,377.42 89,474.97
134,872.21 123,807.56 102,363.03
88.68% 89.15% 87.41%



1



HG/T


1






2
3
-2019 12 31



2,543.93 2,588.65 2,242.54
134,872.21 123,807.56 102,363.03
1.89% 2.09% 2.19%
1
2019 12 31 48
15.19% 4
“ ”

4 :
SW901SW907SW909
“”“
” 9

“”“








CIPP
12




2
3
4
5 2010101074837

7
8 I421269













2016 “





2
3
5
6
7

4

34
56
7
1011
12
10%
50% 70%
12
30%
13
16


1/3 10%


2

2

2/3



1 2017 7 4
17

3 2018 2 27 2018

2018
6
4 2018 5 10 2017 < 2017 >
6


2019
11
7 2019 5 10 2018 < 2018 >
7

2

20
10 2020 3 26 2019 2020
11
23
45
6
8
10
15








3 2017 11 8



6 2018 3 14

7 2018 3 19








14 2019 4 25








21 2020 4 29

1
1

23


8

9







3 2018 4 25





8 2019 4 25







15 2020 4 29


2017 7 4 2017 9
18 2017
3 4

2017 9 18 2017






2




2

5
6
9














2000064 2019 12 31



:

2020 4 8 10

[2020]20
2020 5 7
[2020]19

“” V-0801A

“
”GB2894



GB30077-2013

25,500
3
2019 3 14 0000852 2019
3 14 10 30 17 00 10

1-1-238
40 2019 2 25
0000844 2019 2 25 8 30 20 30
2019 2 25 8


“
1 3

”
2020 5 12

1 1





2018 11

2019 11









SWANCOR




1
2 Strategic 17.02%
SWANCOR 100%
2
3 5%
4

3 7.5%
4 100%
5
82% 18%
6
61.2%



30%

19 100%
20 100%
5%

9 12 12
1-7

1
2
3
4
5





2020 4
10
1

2013 7 2020 3 30
3.97%


7


- - - - 500.57 0.61%
2


- - - - 107.36 0.10%
- - - - 0.98 0.001%
/

438.45 0.40% 444.07 0.36% 434.86 0.42%
3.01 0.00% 2.93 0.003% - -

335.09 0.31% 359.98 0.29% 330.77 0.32%
4
2017 2018 2019 426.29
412.14 541.59



400 2017.02.20 2018.02.20

1%
16.89

Strategic

20172018 7.76 1.46
3


2017 1 25,071,392 2017 3
17,620,126
4
2019 10.7 2019 6 30
2018 7 3,127.45

2




97%

2017 1 1


2017 1
8%2017
2018 2019
10.64%8.60%7.14%2019



- - - - 107.36 0.10%









”2018


2017 107.36 2017 1
















40.5 1,700
/
5-11 8,960
5 1,669,200 / 38.5 /


156 39 113.08

3 11,000 / 2,540 /


10,000 /

” 27.66 SAP

426.29 412.14 541.59
FRIENDLY 4
2017 2018 2019
49.38 42.14 47.43

9 4



FRIENDLY
“ ”“ 5%”“
”“5FRIENDLY ”
3
1




400 2017.02.20 2018.02.20

1%
16.89


Strategic
20172018 7.76 1.46


25,071,392
17,620,126

10.70 2019 6 30

3,127.45

2019 12 5 517.44
2019 12 20

2019 10531 2019 11 30
5 520.04
4
190.75 97.25 242.58
- 1.48 0.51
458.65 272.69 256.99
24.18 149.33 653.84

”

Strategic 5%

1/



”“”
2017 12
31 2018 12 31 2019 12 31 2017
2018 2019

2000014






1717.TW



134,872.21 123,807.56 102,363.03
108,432.11 105,584.13 82,601.71
401.03 336.32 325.85
6,445.21 6,822.36 5,437.41
5,426.14 5,414.89 5,352.44
2,543.93 2,588.65 2,242.54
393.86 -394.98 -258.41
119.49 439.91 472.74
(“-” -11.85 - -
36.67 14.13 38.56
(


- - -
3


689.52 1,839.30 677.55
63.05 32.00 46.51
82,491.44 76,420.26 77,110.61
-6,098.72 -6,184.00 -5,254.54
-4,642.13 -4,051.20 -4,016.47
-7,287.88 -8,571.96 -7,819.46
-78,082.67 -91,024.76 -56,643.98
/() 4,408.77 -14,604.50 20,466.62
10,956.81 12,645.69 4,236.21
-8,065.12 -10,973.47 -7,135.77
-1,750.93 -3,824.57 -7,210.22
-9,816.04 -14,798.04 -14,345.99
()/ 1,140.77 -2,152.34 -10,109.78

1

44,826.33 55,676.73 43,517.76
33,865.34 44,924.17 35,978.31
158.69 198.76 171.83
2,433.91 2,770.07 2,227.12
2,561.95 2,249.39 2,296.65
1,787.87 1,860.68 1,583.68
/( 25.98 -218.45 -352.64
94.25 338.77 375.32
30.95 32.00 41.46
- - 4,824.32
36.69 4.08 33.44
(). 3,561.45 3,137.75 6,098.63
3


34.70 32.00 41.46
25,673.39 28,330.02 31,739.06
-2,602.13 -2,807.16 -2,857.66
-1,583.84 -2,346.78 -1,282.46
-2,893.16 -3,152.23 -3,397.74
-23,379.03 -40,506.37 -26,234.07
5,000.00 22,000.00 47,200.00

2017 12
31 2018 12 31 2019 12 31
2017 2018 2019



2007 1 5
2
3
4 Swancor Ind M SDN
BHD
5 2016
2
3


1,023,630,324.46
1,238,075,584.57
1,348,722,081.22

2017 12 31 2018 12 31
2019 12 31


2017 12 31 2018 12
31 2019 12 31

421,396,246.97
475,903,894.18
37,284,540.52
37,221,307.00

22 ——

12 31


2017 12 31 2018 12 31



2017 12 31 2018 12 31









2019 1 1 2019 12 31

2017 12 31 2018
12 31 2019 12 31



2017 12 31 2018 12 31 2019 12 31
2017 2018 2019



23 —— 24 ——
37 ——(“”)
22 ——()
23 ——() 24 ——

”)
2017 1 1 2018 12 31
2019 1 1
A
1




6 -1 ( 1 ) 5%
1-2 20%
2-3 60%
3 100%
%
1 100%
6 1 ( 1 ) 50%
1 100%


12


1

3-5 0%-10% 18.00%-33.33%
5-8 1%-10% 11.25%-19.80%


















2
3.





22 ——(20177 )

2019 1 1 22 ——
(20177 )

——


35.93 1.13 19.79
35.02 191.27 289.75
46.31 383.86 195.83
-1,210.55 46.36 -0.85
-1,093.29 622.62 504.51
195.25 -118.08 -123.79
-898.04 504.54 380.72
7,826.80 2,437.59 5,161.35
-11.47% 20.70% 7.38%
8,724.84 1,933.05 4,780.63
380.72 504.54 -898.04
7.38%20.70%-11.47%
4,780.63 1,933.05 8,724.84

2018 11 2
GR201831000001

20%
-
- 6%
-
( 1 2) 13%/16%/17%
-

- 5%
- 3%
1[2018]32

1-1-294
2018 5 1 17% 11%
16%10%
2( 2019
39 2019 4 1
16% 13% 10% 9%
2
2019 5%
7%
3%
2% 2018 7 1 1%
2

1 25% 2018 11 2

15%
2018 5 1
17% 11% 16%10%
(
2019 39 2019 4 1
16% 13% 10%
9%

2018 1 18 2018
(1) 12
(2) 12
20% 2018
20% 2017 17% 2018
20%
[2015]119

50%
[2018]99
2018 1 1 2020 12
31 75%2018
75%
10,017.04 2,878.42 6,854.10
/
/ 3.01 3.18 2.62
/ 10.14 9.91 8.78
28.94 22.24 42.70

1.89% 2.09% 2.19%

++
2010

1
=P0/(E0NP÷2Ei×Mi÷M0–Ej×Mj÷M0±Ek×Mk÷M0)
P0
Ei
Mi Mj
Ek
Si
Mj
3
=P1/S0S1Si×Mi÷M0–Sj×Mj÷M0–Sk+


123,807.56 134,872.21



”




1




134,853.58 99.99% 123,797.76 99.99% 102,357.57 99.99%
18.62 0.01% 9.80 0.01% 5.46 0.01%
134,872.21 100% 123,807.56 100% 102,363.03 100%
2018 2017
20.95%


1




2017 2018 2019
88.18%92.28% 92.95%

56.25% 55.87%2019
48.50%
IBC 2017
2018 2019 11.82%7.71% 7.04%







1

2018 34,623.13 2019 29,474.36 14.87%
2018
6.54%
2017 1.755 / 1.998 /
13.82%2018 1,817.79 5.54%
2


2017

56.75%

2019 I
0.34 0.39 0.43 0.52 2020
0.29 0.34 0.38 0.47 2021
2018
2021
2022 2019
0.8 2020 0.75



2016
2018
CWEA
“”2021
27
35
0
5
10
15
20
25
30
35
40
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E 2020E
2007-2020 GW
2021
2020
300GW 2.7%
55GW 20GW
GWECGLOBAL WIND REPORT 2018
“ ”“
”“”“3”“3
”

2019

65,667.23 41,892.20 29,945.59
134,872.21 123,807.56 102,363.03
48.69% 33.84% 29.25%
29,123.30 18,209.40 14,150.00
9,275.66 3,151.03 5,256.87
26,440.10 18,223.43 19,761.32
35.08% 17.29% 26.60%
2018 56.75% 2015
“” 2017 “”“”1-2





SMC/BMC 2018
2018 2017 21.12%2019
2018 0.52%
113,593.24 106,658.69 104,020.69
34,908.95 36,696.89 33,156.30
108,028.24 94,101.70 76,643.79
88,066.08 79,976.59 61,717.19
6,181.79 2,707.96 3,934.98
19,123.40 14,973.83 15,514.97
10,139.65 8,452.89 9,169.48
34,213.53 34,973.14 27,190.03
27,705.08 30,857.64 22,355.39
2,093.29 27.95 1,399.19



106,706.30 79.12% 93,008.29 75.12% 77,148.72 75.37%
10,835.13 8.03% 11,635.62 9.40% 13,212.65 12.91%
5,950.43 4.41% 6,723.26 5.43% 5,540.41 5.41%

537.50 0.40% 442.92 0.36% 229.07 0.22%
2,752.94 2.04% 2,706.98 2.19% 1,564.72 1.53%
637.06 0.47% 538.18 0.43% 569.44 0.56%
42.53 0.03% 302.58 0.24% 206.37 0.20%
134,872.21 100.00% 123,807.56 100% 102,363.03 100%
75%2017
2018201977,148.7293,008.29
TPI
0.36% 0.40% 5.5%


99,003.48 73.42% 87,300.95 70.52% 71,171.27 69.53%
35,850.11 26.58% 36,496.81 29.48% 31,186.30 30.47%
134,853.58 100% 123,797.76 100% 102,357.57 100%

69.53%70.52% 73.42%
2


23,102.08 37,189.85 32,055.24
32,020.74 31,975.80 25,523.77
690.23 889.92 242.16
”





2,836.80 2.62% 2,427.60 2.30% 1,961.70 2.37%
8,714.34 8.04% 9,080.46 8.60% 11,168.85 13.52%
108,432.11 100.00% 105,582.85 100.00% 82,600.94 100.00%
0.00 0.00% 1.27 0.00% 0.78 0.00%
108,432.11 100.00% 105,584.13 100.00% 82,601.71 100.00%


2018 105,582.85 2017 22,981.91
27.82% 2017

28.69% 5.54%
17.08% 21.94%
2017 2018

2.7% 2019



105,406.85 97.21% 100,896.19 95.56% 79,454.58 96.19%

2017 2018
2019 96.19%95.56% 97.21%


96,688.45 96.96% 91,815.50 95.14% 68,277.89 95.59%
584.30 0.59% 813.73 0.84% 581.66 0.81%
2,439.10 2.45% 3,873.15 4.02% 2,572.54 3.60%
99,717.77 100.00% 96,502.38 100.00% 71,432.09 100.00%

9
3-4

38,971.05 96.25% 52,522.66 94.92% 42,784.41 95.54%
295.57 0.73% 520.14 0.94% 380.64 0.85%
1,222.78 3.02% 2,290.81 4.14% 1,616.62 3.61%
40,489.40 100.00% 55,333.61 100.00% 44,781.67 100.00%


55,105.84 97.72% 37,102.42 95.77% 23,817.21 96.47%
242.48 0.43% 244.07 0.63% 150.60 0.61%
1,037.60 1.84% 1,394.68 3.60% 720.91 2.92%
56,391.57 100.00% 38,741.17 100.00% 24,688.72 100.00%


2,611.56 92.06% 2,190.42 90.23% 1,676.27 85.45%
46.24 1.63% 49.52 2.04% 50.42 2.57%
178.72 6.30% 187.65 7.73% 235.01 11.98%
2,836.8 100.00% 2,427.6 100.00% 1,961.7 100.00%
100%
3
2017 2018



Wind

16.37 -10.61% 18.31 28.04% 14.3 36.84%
7.34 -22.64% 9.49 6.75% 8.89 18.22%
13.95 -39.50% 23.06 16.88% 19.73 59.11%
22.98 -0.73% 23.15 -5.01% 24.37 -9.10%
2 2019

5%
3
2019




9,275.66 35.08% 3,151.03 17.29% 5,256.87 26.60%
1,733.72 6.56% 769.18 4.22% 772.60 3.91%
778.68 2.95% 462.66 2.54% 929.81 4.71%
26,421.48 99.93% 18,214.91 99.95% 19,756.63 99.98%
18.62 0.07% 8.53 0.05% 4.69 0.02%
26,440.10 100.00% 18,223.43 100.00% 19,761.32 100.00%
2017 2018 2019 19,761.32 18,223.43
26,440.10 2018 7.78%2019 45.09%

12,797.34 13,832.03 14,633.42
64.76%75.90% 55.35%
2019 2018

2018 2017 1,034.69 8.09% 2018

3,151.03 9,275.66 26.60%17.29%
35.08%
2018 59.94% 2018
8.99%
2017 2018
2018
32017 2018 2019 772.60
769.18 1,733.72 3.91%4.22% 6.56%
42017 2018 2019 929.81 462.66
778.68 4.71%2.54% 2.95%
2

26.55% 20.00% 22.23%
14.13% 7.52% 17.55%
37.93% 24.06% 28.26%
8.20% 4.85% 7.69%
19.60% 14.72% 19.31%
20.00% 26.55%

















2018 2017 2.23 2018

14.13%













2018 2017 10.03 2017 2018





2018


2019 2020 6 30


37.93%
2019

4
2017 2018 2019 7.69%4.85%
8.20%


002669.SZ
ASH.N
1717.TW 19.47% 16.81% 17.90%
832862.OC 21.15% 19.25% 27.50%
603002.SH 12.38% 8.86% 14.94%
ASH.N - 28.72% 27.24%
22.64% 20.45% 22.74%
19.60% 14.72% 19.31%
1. Wind 2. ASH.N
10 1 9 30 2018 2017 10 1 2018 9 30
2019 8 30
2019
832862.OC


21.15%* 16.80% 25.88%
14.13% 7.52% 17.55%
2019 74%


22,288.70 29,403.00 40,744.56 62.23%
65.83% 74.16% 29,945.59 41,892.20
65,667.23 29.25%33.84% 48.69%


832862.OC 1.94 1.65 1.79
3.01 3.18 2.62

2017 2018 2017
2018




2017 2018 2019 12,773.98
14,430.92 14,809.15 12.48%11.66%
10.98%


2,970.71 46.09% 2,820.10 41.34% 2,303.04 42.36%
426.63 6.62% 428.55 6.28% 286.79 5.27%
1,513.43 23.48% 1,355.81 19.87% 1,344.53 24.73%
352.10 5.46% 411.45 6.03% 463.26 8.52%
260.89 4.05% 520.24 7.63% 345.55 6.36%
129.65 2.01% 426.99 6.26% 184.39 3.39%
114.16 1.77% 181.06 2.65% 110.96 2.04%
677.64 10.51% 678.16 9.94% 398.89 7.34%
6,445.21 100.00% 6,822.36 100.00% 5,437.41 100.00%

2017 2018 2019
5,437.41 6,822.36 6,445.21
5.31%5.51% 4.78%2018 2017
1,384.94 25.47%2019 2018 377.15 5.53%
2018

2018
185.54
2019 2018 259.35
2018 242.60 131.57%
REACH 11,247,000.00
249.35 2019 2018 297.34
2019


1,864.10 34.35% 1,996.84 36.88% 2,041.89 38.15%


5,414.89 5,426.14 5.23%4.37%
4.02%

3
1



1,195.39 46.99% 1,293.99 49.99% 1,052.65 46.94%


2018 2019 2,242.54 2,588.65
2,543.93 2.19%2.09% 1.89%2018
15.43%



2019/1/1




2019/1/1
PVAc
SW2519-1A/BS

2017/9/14


2017/1/1
”
358.53 135.52 164.36
-119.49 -439.91 -472.74
118.07 -148.84 32.29
36.76 58.25 17.68
393.86 -394.98 -258.41



2019 2018
1



134,872.21 123,807.56 102,363.03
13.39% 16.22% 12.52%
5.00%
+(-)902.99 +(-)1,004.39 +(-)640.89
+(-)0.67% +(-)0.81% +(-)0.63%

108,432.11 105,584.13 82,601.71
5.05% 7.74% 7.73%
5%
+(-)274.00 +(-)408.53 +(-)319.08
+(-)0.25% +(-)0.39% +(-)0.39%
7,826.80 2,437.59 5,161.35
5%
+(-)581.13 +(-)522.23 +(-)326.53
+(-)7.42% +(-)21.42% +(-)6.33%
-167.72 -167.72
-20.32 -20.32
-25.48 -25.48
0.00 0.00
-213.51 -213.51
-284.04 -284.04
-46.48 -46.48
-10.61 -10.61
-8.09 -8.09
-277.18 -277.18
-12.60 -12.60
-1.91 -1.91
-3.93 -3.93
2019

/
5.52 4.73 6.19
4.78 5.51 5.31

002669.SZ 7.01 5.58 6.49
4.86 4.60 5.68
4.02 4.37 5.23
0.65 0.36 0.08
0.29 -0.32 -0.25
ASH.N - 2.27 2.55
4.32 3.55 4.20
1.89 2.09 2.19
ASH.N - 25.92 30.06
15.34 16.02 19.19
10.98 11.66 12.48


- - -
()


()






350,179.98 -
()







()

-
2017









1,912,682.06 -
()















()


()















()




2,897,451.76 -



1/
- 739.69 -29.56
2017
760.97
2019 11.85 2018 2018
2019
“”
2

- 19.68 1.00
381.36 - -
840.88 - -
” 611.46
2015 2016 6 1
2019 10 381.36
2019 3
840.88 2020 6
14

3


2,242.67 624.94 1,609.29
-80.13 -47.85 36.04
-76.96 -264.64 47.42
104.66 128.39 -
2,190.24 440.83 1,692.75

109,671.38 81.48% 99,048.21 80.00% 99,434.98 81.84%
24,925.78 18.52% 24,765.77 20.00% 22,071.31 18.16%
134,597.16 100% 123,813.97 100% 121,506.29 100%

81.84%80.00% 81.48%


%

15,051.57 13.72% 11,155.76 11.26% 13,240.85 13.32%
1,799.10 1.64% 37,074.90 37.43% 21,433.11 21.55%
43,868.26 40.00% 38,411.17 38.78% 32,701.83 32.89%
35,096.16 32.00% - - - -

2017 2018 2019
99.18%99.27% 99.43%
1

2017 3,175.88 25.18% 2018
2019 3,895.81 34.92%
2019 4,408.77


1,799.10 2.23% 37,074.90 49.11% 21,433.11 39.59%
43,868.26 54.32% 38,411.17 50.89% 32,701.83 60.41%
35,096.16 43.46% - - - -
1


- 31,083.29 16,252.81
2017 2018 21,433.11 37,074.90
21.55% 37.43%


2018
2019

2018 12 31 5,507.16 16,312.33
2017 12 31 16,520.40 11,767.90
2017 12 31 2018 12 31 165,203,963.24
55,071,586.63


2018 12 31 2017 12 31 55,071,586.63
165,203,963.24
30,650,000 0
2019 12 31


1,817.27 100% 18.17 100% 1,799.10
1,817.27 100% 18.17 100% 1,799.10
2017 12 31 2018 12 31
,



47,590.39 42,139.62 35,690.72
3,722.13 3,728.45 2,988.90
43,868.26 38,411.17 32,701.83
134,872.21 123,807.56 102,363.03
31.95% 31.02% 32.53%
2019 47,590.39 2018
5,450.77 12.94%, 2019 8.94%
2019 56.75%
2018 38,411.17 2017
5,709.34 17.46% 2018
2017 2017

3 2,866.28 6.02 2,848.77 6.76 - -

2017 2018 2019 1
1 90.81%92.79% 92.32%



2 1-6 ( 8,630.60 18.14% 7.16
6 -1 () 460.01 0.97% 0.38
3
4 3 2,848.77 5.99% 2,848.77
5 1-6 ( 2,743.29 5.76% 3.13
29,852.89 62.73% 2,875.41
2 1-6 () 6,575.60 15.60% -
3 3 2,848.77 6.76% 2,848.77
4
6 -1 () 170.53 0.40% 8.53
5 1-6 () 1,544.45 3.67% -
23,586.07 55.97% 2,857.30
2

4
5 1-6 () 1,583.21 4.44% -
15,218.15 42.64% 2,848.77
42.64%55.97% 62.73%


3 4


2019 12 31 2018 12 31 2017 12 31












2019


- 4 458.65 0.96% - - 458.65
47,590.39 100.00% 3,722.13 7.82% 43,868.26





43,522.01 112.39


2018 2017


* - - - - -
- 4 271.21 0.64% - - 271.21
38,494.86 91.35% 83.68 2.24% 38,411.17

42,139.62 100.00% 3,728.45 100.00% 38,411.17



* - - - - -
- 4 256.48 0.72% - 256.48
32,827.71 91.98% 125.89 4.21% 32,701.83

35,690.72 100.00% 2,988.90 100.00% 32,701.83
2017 2018





2,848.77 2,848.77 100.00% -


2018 12 31 2017 12 31


1-6 ( 6 ) 36,574.83 - 0.00% 31,352.37 - 0.00%
6 -1 ( 1 ) 1,640.52 82.03 5.00% 785.92 39.30 5.00%
1 38,215.35 82.03 0.21% 32,138.29 39.30 0.12%
1 2 8.29 1.66 20.00% 432.94 86.59 20.00%
2 3 - - - - - -
4

2018 12 31 2017 12 31

1
6 -1 ( 1 ) - - - - - -
1 271.21 - 0.00% 256.48 - 0.00%
1 2 - - - - - -
2 3 - - - - - -
c.

181-270 72.29% 50.00% 5.00%
271 100.00% 50.00%-100% 5.00%-100%

180

0-6 5% 0% 1% 0%
6 -1 5% 5% 5% 5%
1-2 10% 10% 10% 20%
2-3 20% 30% 30% 60%
3-4 30% 50% 50% 100%
4-5 50% 80% 70% 100%
5 100% 100% 100% 100%
0-6 6



47,590.39 42,139.62 35,690.72
2020 5 31 9,957.54 3,650.36 3,045.88
20.92% 8.66% 8.53%
3,609.74 3,609.74 3,045.88
2018

1 86.15%
2 53.38%
3 100%
4 0%
5 100%
2019 6 6,740.95
2019 12 23 65.46% 2020 1 31
2019 6 30





2,848.77 100%
760.97 100%
“”“
”
70.28 4.23% 0.77%



3


2019 12 31 2019 1 1 2018 12 31
35,096.16 31,083.29 -
35,096.16 31,083.29 -
35,096.16
35,096.16


9,135.91
9,051.54
9,051.54



2019 12 31 9,051.54


1 376.92 0.34% 586.79 0.59 671.37 0.68
376.92 0.34% 586.79 0.59 671.37 0.68
2017 2018 2019 671.37 586.79
376.92 0.68%0.59% 0.34%


3 Idemitsu SM (malaysia) sdn bhd 30.80 8.17%
4 30.27 8.03%
5 19.15 5.08%
149.92 39.78%
2018
2 39.67 6.76%
3 36.00 6.14%
4 25.20 4.29%
5 24.90 4.24%
435.36 74.19%
2017
423.83 63.13%


3.40 1-2 1.36%
GAS MALAYSIA BERHAD 15.82 1 6.31%

93.91 - 37.48%







102.52 - 69.68%
6,283.46 54.26% 84.12 50.20% 6,199.35 54.32%
99.32 0.86% 1.55 0.93% 97.77 0.86%
1,665.39 14.38% - - 1,665.39 14.59%
3,531.62 30.50% 81.89 48.87% 3,449.73 30.23%
11,579.79 100.00% 167.56 100.00% 11,412.24 100.00%
2018
3,905.06 39.84% 41.92 31.49% 3,863.14 39.96%
175.67 1.79% 0.35 0.26% 175.33 1.81%
1,620.42 16.53% - - 1,620.42 16.76%
4,100.01 41.83% 90.87 68.25% 4,009.14 41.47%
9,801.16 100.00% 133.14 100.00% 9,668.02 100.00%
2017
6,494.13 56.41% 108.22 37.97% 6,385.90 56.88%

894.14 7.77% - - 894.14 7.96%
3,988.07 34.64% 170.47 59.81% 3,817.60 34.00%
11,511.65 100.00% 285.03 100.00% 11,226.61 100.00%
1
2017

/ 10.14 9.91 8.78
2


10
b.

d.


2018 2017 726.28 2018
TPI



2019
0.35 1.20 - 1.55

2018
2018
6.34 - 5.99 0.35
2017
2017
- - - -

TPI


6,283.46 100% 3,905.06 100% 6,494.13 100%

99.32 100% 175.67 100% 135.32 100%

1,665.39 100% 1,620.42 100% 894.14 100%

3,531.62 100% 4,100.01 100% 3,988.07 100%
7

%

- - - - 17,500.00 87.44

66.18 3.64 89.00 4.41 - -
252.75 13.91 307.96 15.25 264.00 1.32
1,816.60 100.00 2,019.52 100.00 20,014.07 100.00
2017
2017 17,994.55 89.91%




19,542.45 78.40 17,467.89 70.53 16,494.99 74.73
394.73 1.58 2,763.02 11.16 1,146.46 5.19
3,197.79 12.83 3,338.45 13.48 3,498.09 15.85
1,273.37 5.11 1,196.41 4.83 931.76 4.22
517.44 2.08 - - - -
2017
2018 2019 95.78%95.17%
92.82%
78.40% 15,824.6116,554.76
18,521.72 95.94%94.77%
94.78%



1.2018 12 31 13,464.87 14,460.56 1,373.83 624.72 29,923.97
2. 2,221.28 1,550.90 427.01 42.34 4,241.52
1 128.06 650.41 342.50 - 1,120.97
2 2,093.22 900.49 84.51 42.34 3,120.55
3. - 17.27 1.33 71.18 89.78
4. 30.32 39.23 30.98 2.26 102.79
5.2019 12 31 15,716.47 16,033.42 1,830.49 598.13 34,178.51

1.2018 12 31 3,260.93 8,109.74 655.49 429.93 12,456.09
2.
3.
1 - 5.96 1.28 62.42 69.66
4. 1.00 12.34 11.09 0.64 25.07
5.2019 12 31 4,044.07 9,184.10 976.79 431.10 14,636.06

2.

1.2019 12 31 11,672.40 6,849.32 853.69 167.03 19,542.45
2.2018 12 31 10,203.94 6,350.82 718.33 194.79 17,467.89
2019 4,254.53
2019
2,591.14

1.2017 12 31 12,813.39 12,771.84 821.01 672.97 27,079.22
2. 651.47 1,751.33 586.17 48.89 3,037.86
1 - - 133.73 15.24 148.97
2 651.47 1,751.33 452.44 33.65 2,888.89
3. - 72.36 41.28 97.56 211.20
4. - 9.75 7.93 0.42 18.10
5.2018 12 31 13,464.87 14,460.56 1,373.83 624.72 29,923.97

1.2017 12 31 2,569.38 7,191.25 423.53 400.07 10,584.22
2.
3.
4. 2.95 2.35 0.15 5.45
5.2018 12 31 3,260.93 8,109.74 655.49 429.93 12,456.09

2.

1.2018 12 31 10,203.94 6,350.82 718.33 194.79 17,467.89
2.2017 12 31 10,244.02 5,580.59 397.48 272.90 16,494.99
2018 3,037.86
642.36 1,413.61
2018

1.2017 1 1 5,401.24 9,840.15 411.66 596.38 16,249.42
2. 7,412.16 2,980.82 445.28 102.28 10,940.53
1 - 20.85 18.64 0.65 40.13
2 7,412.16 2,959.97 426.64 101.63 10,900.39
3. - 113.31 35.97 28.00 177.28
4. 64.19 0.04 2.32 66.55
5.2017 12 31 12,813.39 12,771.84 821.01 672.97 27,079.22

1.2017 1 1 2,222.11 6,633.84 328.08 364.74 9,548.77
2.
3.
4. 65.91 1.29 2.40 69.60
5.2017 12 31 2,569.38 7,191.25 423.53 400.07 10,584.22

2.

1.2017 12 31 10,244.02 5,580.59 397.48 272.90 16,494.99
2.2017 1 1 3,179.13 3,206.30 83.58 231.64 6,700.65
2017 10,940.53

3-5 0%-10% 18%-33.33%
5-8 1%-10% 11.25%-19.80%





20 2-15 5-8 3-5
% 1-10 1-10 0-10 1-10
% 4.50-4.95 6.00-49.50 11.25-19.80 18-33.33

20-30 10-20 5 5
% 10 10 10 10
% 3-4.5 4.5-9 18 18

20 5-10 5 3-5
% 10 5-10 10 5-10
% 4.50 9.00-19.00 18.00 18.00-31.67

20 10 4 3-5
% 5 5 5 5
% 4.75 9.50 23.75 19.00-31.67
3
2017


16,791.14 23,971.30 35,147.99
15,912.24 16,096.27 16,615.79
9,329.37 20,226.64 25,511.13
449.53 -731.17 1,937.26
-336.20 -562.59 1,367.78
2019 336.20 2019 3-12
840.88


8,270.28 7,381.55
4,245.05 3,557.23
867.12 580.32 135.86

2020 6 14

/ / /





2017 8 2017 8
9 ,2017
5 2018 2 2018 10
2019 3 2019 3
2017 9 2018

2017 2017 137.20%
29.80% 8.40%2018 5.08%
13.22% 2018 2017 227.38%
8.11%2019 3 2019
2018 77.78%
13,105.44 10,619.13 3.85
4,436.70 19,965.00 6,098.40
74,201.50 85,509.00 79,090.8
5.98% 23.35% 7.71%
2019 16.72%
10.88% 2019














149.04 - 149.04
2,763.02 - 2,763.02











2,519.96








2,591.14




2019 2018
2017 141.00%

12.83%
1 1,514.60

5.11%
2018


/
832862.O
ASH.N - 5.79 4.33
2.85 3.40 3.02
3.01 3.18 2.62
832862.O
ASH.N - 4.11 3.64
7.11 6.77 6.47
10.14 9.91 8.78
48,452.65 100% 44,748.41 100% 41,488.67 100%
48,452.65 100% 44,748.41 100% 41,488.67 100%
2017 2018 2019 41,488.67
44,748.41 48,452.65
100%
2


2,558.02 5.28% 2,548.59 5.70% 876.36 2.11%
4,158.67 8.58% 5,562.65 12.43% 2,103.21 5.07%

2017
87.93%
1
2017 2018 2019 876.36 2,548.59
2,558.02
2018 2,548.59 2017 1,672.23
190.82%2019 12 31
1,948.83





4,158.67 10.40% 5,562.65 14.90% 2,103.21 6.25%
35,818.50 89.60% 31,769.02 85.10% 31,548.68 93.75%
39,977.17 100.00% 37,331.67 100.00% 33,651.88 100.00%
2017 2018 2019
33,651.88 37,331.67 39,977.17 81.11%
83.43% 82.51%

-
2.58% 2.81%
1,177.73 1,563.42 6.21%2.63% 3.23%
2018 2017
1,400.78 54.33% 2018
2018 11 15%


0.87 0.03 1.80 0.08 0.91 0.03
24.18 0.92 104.03 4.81 599.17 21.35
795.08 30.27 605.76 28.01 866.54 30.88
324.72 12.36 362.08 16.74 209.77 7.47
136.97 5.21 96.84 4.48 115.13 4.10
521.59 19.86 521.59 24.11 521.59 18.59
823.39 31.35 470.90 21.77 493.36 17.58
2,626.81 100 2,163.00 100 2,806.47 100

2017 643.47 22.93% ERP
2018

114
521.59 2015 12
11,649,300 6,433,380
5,215,920

”“”
5




2019 2018 2017
12,761.89 5,183.39 8,290.22
4,408.77 -14,604.50 20,466.62

34.15%36.14% 36.00%

%

ASH.N - 58.73 60.48
39.29 41.75 37.65
36.00 36.14 34.15
ASH.N - 1.59 1.97
2.42 2.46 3.76
2.26 2.21 2.4
ASH.N - 0.98 1.31
2.14 2.06 3.29
1.99 1.95 1.64
2019
2018
2017
2017
”“”
254.08 349.82
2016 3 29 Friendly
Capital Co., Ltd.
4

2017 2018 2019 132.02
63.83 95.75
807.16 371.32 198.82
2,401.25 1,949.55 1,789.43
0.5%-4%
/ 1,949.55 1,789.43 1,364.98
/ 1,092.96 1,003.91 896.20
/ 641.26 843.79 471.75
/ 2,401.25 1,949.55 1,789.43
1,915.75 1,601.98 992.11
16,958.08 11,176.19 13,134.56

2017 4 14 2017 4 28 2017
5 25 7,000
2018 5 10 2018 6 22
3,780
2019 5 10 2019 6 6
1,728


689.52 1,839.30 677.55
63.05 32.00 46.51
82,491.44 76,420.26 77,110.61
-6,098.72 -6,184.00 -5,254.54
-4,642.13 -4,051.20 -4,016.47
-7,287.88 -8,571.96 -7,819.46
-78,082.67 -91,024.76 -56,643.98
/() 4,408.77 -14,604.50 20,466.62
76,386.55 74,548.95 81,738.88
74.62%60.21% 60.60%2018
14.41 2019


7,826.80 2,437.59 5,161.35
()/ -8,574.65 -22,105.11 10,133.66
/() 3,830.18 2,200.54 7,646.09

20,466.62 35,071.12 2018
72,217.59 2017 32,664.08
2017


81,738.88 74,548.95 76,386.55
134,872.21 123,807.56 102,363.03
60.60% 60.21% 74.62%

74.62%60.21% 60.60%

”“”“2”“3
”

-15,800.62 13,504.59 -1,423.10 2019
2018
13,504.59 2017 -15,800.62
29,305.21 2017
2018
4,241.52 3,037.86 10,940.53
-2,385.64 1,580.58 -8,154.53
10.26 7.80 1,768.43
-643.68 -601.05 -4,540.86
-128.42 54.35 74.08
- 11.99 441.06 3,201.97
”“”


- - -
2019









3,289.70 4,520.60 1,623.46
“”“”

11,699.20 2,507.14
11,699.20 2,507.14
1,489.25 1,017.89

”“”





2020 3
31 2020 1 1 2020 3 31
2020 1 1 2020 3 31

”
2020 3 31


2020
1 1 2020 3 31


2019 12 31 2020 3 31
2000719

1

2020 3 31 2019 12 31
129,422.77 134,597.16 -3.84%
42,423.82 48,452.65 -12.44%
86,998.95 86,144.51 0.99%
2

2020 1-3 2019 1-3
23,513.67 31,482.70 -25.31%
1,280.97 3,056.90 -58.10%
968.19 2,737.41 -64.63%
728.38 2,176.67 -66.54%
728.38 2,176.67 -66.54%
2020 1-3 2019 1-3
-2,740.46 300.33 -1012.49%
-4,127.81 -1,055.53 291.06%
2,029.46 -546.78 -471.17%
9.71 -4.86 -299.86%

2020 1-3 2019 1-3
-3.02 14.22 -121.23%

2020 3 31 129,422.77
3.84% 42,423.82 12.44%
86,998.95 0.99% 2020 1-3

1,280.97 -58.09% 728.38 -66.54%

-4,127.81
2,029.46
-207.04
:
1




“ ”“”“”
2
“”
4 14 2020 5 10
“” 6 9



2020 4 22 “”
50%

2020 4 30


3
8.03% 12.85%

2020






43,200,000 A 21,550


5 5,000.00 5,000.00 /

VOC


VOC






22%


1 2,700.00 90.00%
1.1 184.00 6.13%
1.2 18.00 0.60%
1.3 1,763.00 58.77%
1.4 180.00 6.00%
1.5 305.00 10.17%
1.6 250.00 8.33%
2 212.62 7.09%
3 87.38 2.91%




















1 470.66 85.57%
1.1 448.25 81.50%
1.2 22.41 4.07%
2 53.15 9.66%
3 26.19 4.76%

/














1 7,144.63 89.31%
1.1 2,090.90 26.14%
1.2 4,000.00 50.00%
1.3 1,053.74 13.17%
2 622.35 7.78%
3 233.01 2.91%

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18




















CCEP
90%

2m

30m 1#
30m 2#
25m 3# 3
3



2,500 / 5,000 / 20,000 /











3
1 4,260.37 8521%
5,000.00 100.00%
11
1 2 3 4 5 6 7 8 9 10 11

/
CCEP
90%

2m

30m 1#
30m 2#
25m 3# 3
3




4,118.35 1,029.59 3,088.76
80.48%
8%


2 NPV 19,062.56 ic=8%
4 4.34 ic=8%

2 NPV 12,867.67 ic=8%
4 5.31 ic=8%





“”
“




”
25%



2,242.54 2,588.65 2,543.93

2


25 2016 2019
2 14 2019

2020 7 1
VOC
GB37822











5





5






2019 10 19 2019


25%

10%


“”



50%












6

6



1


1 12



6
6









1
1

2
3




1







3
20%


”










“”


50%





2

1
2


1

“”

”“4”





/




/



2019 4 26
R2019001 3,000
2019 6 1 2020 5 31
0
2019 4 26
R2019001 -B

2019 10 12
1 2019 10 12 2020
10 12
2019 5 31
2 2019 5 31 2020 5 31
2019 5 31
108 133-2 1

1-1-449
2019 9 21 2020 9 20
2019 12
2019 139 4,350
2019 12 18 2020 9 2
2020 3
13,000 2020 3 16 2021
3 16




1
“”
1 28,487,688
22016 7 4
2016 06 100
10 28,487,688 184,238
2016 8
2017 2

2016 06 148
2018 9 20
2018 06 136

2019 12 31 28,487,688

2
“”
1 126,440 2
2019 4 12
2018 0117 19444 10
126,440 3,389 2019 7 22


“”
1 1,619,895.60 2
2019 2 25
2018 0117 19447 10
1,619,895.60 19,379
9,689.50 2019 6 28
2019
9 16 2019 0117
3723
“”
22018 12 18
2018 0117 19451
10 198,800 4,276
2,138 2019 4 2

2019 10 28 2019
0117 3737
2018 11 12
“”
2019 4 12
2018 0117 20140 10
1,643,054.98 20,148 2019 7
22
2019 11 25
2019 0117 4734

32019 7 25
2018 0116 50339
10 4,021,500
45,007 2019 11 7

2019 12 31
7,609,690.58 100%
7,609,690.58







_________________ _________________
_________________











1
2
1
2

1
2
3
4
5
6
7



1

1
2
3
4

1
2
3
4

1
2
3
4

1
2
3

1
2
3
7
85%
10
11

1
2
3
4











1
2
3

1
2
3


1SWANCORStrategic
2
3


1
2
3
4


1

1
2
3
4
5
1
2SWANCORStrategic
3

1
3
4