（1）计提	0.00	0.00	0.00	0.00	0.00

3.本期减少金额	0.00	0.00	0.00	0.00	0.00

（1）处置或报废	0.00	0.00	0.00	0.00	0.00

4.期末余额	0.00	3,402,433.99	0.00	0.00	3,402,433.99

四、账面价值

1.期末账面价值	328,436,616.96	68,538,006.44	1,330,449.90	32,643,207.99	430,948,281.29

2.期初账面价值	339,238,778.86	63,659,020.25	1,479,178.11	35,007,570.63	439,384,547.85

# (2).暂时闲置的固定资产情况

√适用 □不适用

单位：元 币种：人民币

项目	账面原值	累计折旧	减值准备	账面价值	备注

机器设备	4,996,814.09	410,516.69	3,402,433.99	1,183,863.41

# (3).通过融资租赁租入的固定资产情况

□适用 √不适用

# (4).通过经营租赁租出的固定资产

□适用 √不适用

# (5).未办妥产权证书的固定资产情况

□适用 √不适用

# 14、 在建工程

# 项目列示

√适用 □不适用

单位：元 币种：人民币

项目	期末余额	期初余额

在建工程	19,850,552.79	12,097,031.70

合计	19,850,552.79	12,097,031.70

# 在建工程

# (1).在建工程情况

√适用 □不适用

单位：元 币种：人民币

项目	期末余额	期初余额

账面余额	减值
准备	账面价值	账面余额	减值
准备	账面价值

红豆智慧云	0.00	0.00	0.00	626,086.98	0.00	626,086.98

衬衫智能生
产线技术改
造	4,147,848.85	0.00	4,147,848.85	4,141,477.17	0.00	4,141,477.17

西服智能生
产线技术改
造	5,133,691.38	0.00	5,133,691.38	5,133,691.38	0.00	5,133,691.38

智慧全渠道
SPA 体系	0.00	0.00	0.00	1,031,374.23	0.00	1,031,374.23

智慧物流园	6,369,012.56	0.00	6,369,012.56	1,164,401.94	0.00	1,164,401.94


Aspects, General
Disclosures and KPIs	Description	Relevant Chapter or Explanation

層面，一般披露及
關鍵績效指標	描 述	相關章節或解釋

Aspect B3: Development and Training

層 面B3：發展及培訓

General Disclosure	Policies on improving employees’ knowledge and skills for discharging
duties at work. Description of training activities.	•    Employment and Development
— Employee Development

一般披露	有關提升僱員履行工作職責的知識及技能的政策。描述培訓活動。	•   僱傭與發展
— 員工發展

KPI B3.1	The percentage of employees trained by gender and employee category
(e.g. senior management, middle management).	•    KPIs Performance Table
— Social Area

關鍵績效指標B3.1	按 性別及僱員類 別（如高級管理層、中級管理層等）劃分的受訓僱員百
分比。	•   關鍵績效指標表現數據表
— 社會範疇

KPI B3.2	The average training hours completed per employee by gender and
employee category.	The Group is improving relevant policies
and expects to start statistics in the
next financial year.

關鍵績效指標B3.2	按性別及僱員類別劃分，每名僱員完成受訓的平均時數。	集團正在完善相關政策，預計下一財
政年度開始統計。

Aspect B4: Labour Standards

層 面B4：勞工準則

General Disclosure	Information on:
(a)    the policies; and
(b)   compliance with relevant laws and regulations that have a significant
impact on the issuer relating to preventing child and forced labour.	•    Employment and Development
— Labour Standards
•    Laws and Regulations Table

一般披露	有關防止童工或強制勞工的：
(a) 政策；及
(b) 遵守對發行人有重大影響的相關法律及規例的資料。	•   僱傭與發展
— 勞工標準
•   法律法規列表

KPI B4.1	Description of measures to review employment practices to avoid child and
forced labour.	•    Employment and Development
— Labour Standards

關鍵績效指標B4.1	描述檢討招聘慣例的措施 以 避 免童工及強制勞工。	•   僱傭與發展
— 勞工標準

KPI B4.2	Description of steps taken to eliminate such practices when discovered.	•    Employment and Development
— Labour Standards

關鍵績效指標B4.2	描述在發現違規情況時消除有關情況所採取的步驟。	•   僱傭與發展
— 勞工標準


Aspects, General
Disclosures and KPIs	Description	Relevant Chapter or Explanation

層面，一般披露及
關鍵績效指標	描 述	相關章節或解釋

Operating Practices

營運慣例

Aspect B5: Supply Chain Management

層 面B5：供應鏈管理

General Disclosure	Policies on managing environmental and social risks of the supply chain.	•     Product and Operation
— Supply Chain
Management
— Environmental and Social
Risk Mitigation

一般披露	管理供應鏈的環境及社會風險政策。	•   產品與營運
— 供應鏈管理
— 降低環境及社會風險

KPI B5.1	Number of suppliers by geographical region.	•    KPIs Performance Table
— Social Area

關鍵績效指標B5.1	按地區劃分的供應商數目。	•   關鍵績效指標表現數據表
— 社會範疇

KPI B5.2	Description of practices relating to engaging suppliers, number of suppliers
where the practices are being implemented, how they are implemented
and monitored.	•     Product and Operation
— Supply Chain
Management
— Supplier Engagement

關鍵績效指標B5.2	描述有關聘用供應商的慣例，向其執行有關慣例的供應商數目、以及
有關慣例的執行及監察方法。	•   產品與營運
— 供應鏈管理
— 供應商參與

KPI B5.3	Description of practices used to identify environmental and social risks
along the supply chain, and how they are implemented and monitored.	•     Product and Operation
— Supply Chain
Management
— Environmental and Social
Risk Mitigation

關鍵績效指標B5.3	描述有關識別供應鏈每個環節的環境及社會風險的慣例，以及相關執
行及監察方法。	•   產品與營運
— 供應鏈管理
— 降低環境及社會風險


Proof. As before, let \( [ R , \infty ) \times \ensuremath { \mathbb { T } } ^ { 3 } = \{ ( r , \theta ) | r \geq R , \theta = ( \theta _ { 1 } , \theta _ { 2 } , \theta _ { 3 } ) \in \ensuremath { \mathbb { R } } ^ { 3 } / \Lambda \} \). Let \( \Lambda ^ { * } \) be the dual lattice. Choose \( \lambda \in \Lambda ^ { * } - \{ 0 \} \) with minimal length. Choose \( ( a _ { 1 } , a _ { 2 } , a _ { 3 } ) \in \mathbb { S } ^ { 2 } \) such that

\[ ( a _ { 1 } I ^ { * } + a _ { 2 } J ^ { * } + a _ { 3 } K ^ { * } ) \mathrm { d } r = - \frac { \lambda _ { 1 } \mathrm { d } \theta _ { 1 } + \lambda _ { 2 } \mathrm { d } \theta _ { 2 } + \lambda _ { 3 } \mathrm { d } \theta _ { 3 } } { | \lambda | } . \]

Use \( a _ { 1 } I \! + \! a _ { 2 } J \! + \! a _ { 3 } K \) as the complex structure. Then the function \( e ^ { 2 \pi | \lambda | r } e ^ { 2 \pi i < \lambda , \theta > } \) is holomorphic. The growth rate of this function is exactly \( O ( e ^ { 2 \pi | \lambda | r } ) \).

Now we pull back this function from \( [ R , \infty ) \times \mathbb { T } ^ { 3 } \) to M, cut it off and fill in with 0 inside K, we obtain a function f satisfying

\[ \bar { \partial } _ { g } f = \phi = { \cal O } ( e ^ { ( 2 \pi | \lambda | - \mu ) r } ) , \]

where \( \mu \) is the constant in Theorem 4.17. So \( \phi \in \underline { { L } } _ { - 2 \delta } ^ { 2 } \) for any non-critical positive number \( \delta \in ( 2 \pi | \lambda | - \mu , 2 \pi | \lambda | ) \). By Theorem 4.20, there exists \( \psi \in \underline { { H ^ { 2 } } } _ { 2 \delta } \) satisfying

\[ \phi = \Delta \psi = - ( { \bar { \partial } } ^ { * } { \bar { \partial } } + { \bar { \partial } } { \bar { \partial } } ^ { * } ) \psi \]

in the distribution sense. Elliptic regularity implies that \( \psi \) is a smooth (0, 1)-form. As before, \( \bar { \partial } \psi = \xi \omega ^ { + } \) is a harmonic (0,2)-form. So \( \xi \) is a harmonic function of order \( O ( e ^ { \delta r } ) \).

Now we use a cut-off function and the diffeomorphism to average g and the pull back of h. We get a smooth metric \( g ^ { \prime } \) on M which is identically the pull back of h outside a very big ball. Now let \( \nu \) be the inferior of positive \( \nu ^ { \prime } \) such that \( \xi \) is bounded by \( O ( e ^ { \nu ^ { \prime } r } ) \). If \( \nu > \) 0, then \( \Delta _ { g ^ { \prime } } \xi \, \in \, \underline { { L } } _ { - 2 \delta } ^ { 2 } \) 0 for any positive \( \nu > \delta ^ { \prime } > \nu - \mu \). It follows that there exists a function in \( \underline { { L } } _ { - 2 \delta ^ { \prime } } ^ { 2 } \) whose Laplacian \( \Delta _ { g ^ { \prime } } \) is \( \Delta _ { g ^ { \prime } } \xi \). The difference of those two functions is a \( g ^ { \prime } . \)-harmonic function. By Lemma 4.21, it must have at most linear growth rate since the growth rate is below the first nonlinear harmonic function. It follows that \( \xi \) must lie in \( O ( e ^ { \delta ^ { \prime } r } ) \), a contradiction. So \( \nu \) = 0. Therefore, \( \xi \) is bounded by any exponential growth function.

So \( \Delta _ { g ^ { \prime } } \xi \) decay exponentially. In particular, it’s in \( L _ { 1 - \epsilon } ^ { 2 } \). By Theorem 4.12, we can find out a function in \( H _ { - 3 - \epsilon } ^ { 2 } \) whose \( \Delta _ { g ^ { \prime } } \) is \( \Delta _ { g ^ { \prime } } \xi \). Therefore, we know that \( \xi \) is actually in \( O ( r ^ { 1 + \epsilon } ) \). Of course, \( \bar { \partial } \psi = \xi \omega ^ { + } \) has the same estimate.

By Lemma 4.4, the harmonic (0,1)-form \( \bar { \partial } ^ { \ast } \bar { \partial } \psi = \bar { \partial } ( f + \bar { \partial } ^ { \ast } \psi ) \) is in \( O ( r ^ { \epsilon } ) \)) and its covariant derivative is in \( O ( r ^ { - 1 + \epsilon } ) \). The Weitzenb¨ock formula implies that \( \nabla ^ { * } \nabla ( \bar { \partial } ^ { * } \bar { \partial } \psi ) = 0 \). Therefore

\[ \int _ { M } | \nabla ( \bar { \partial } ^ { * } \bar { \partial } \psi ) | ^ { 2 } \chi \leq \int _ { M } | \bar { \partial } ^ { * } \bar { \partial } \psi | | \nabla ( \bar { \partial } ^ { * } \bar { \partial } \psi ) | | \nabla \chi | \]

for any smooth compactly supported \( \chi \). Let \( \chi = \chi ( r \! - \! R ) \), the right hand side converges to 0. Therefore \( \partial ^ { * } \bar { \partial } \psi \) is a covariant constant (0,1)-form. If this form is non-zero, it would be invariant under the holonomy of any loop. However, elements in \( \mathrm { S U } \)\( 2 \)) have no fixed point except the identity matrix. So \( ( M , g ) \) must have trivial holonomy. Therefore, it’s \( \mathbb { R } ^ { 4 - k } \times \mathbb { T } ^ { k } \) with flat metric. It’s a


contradiction with our non-splitting assumption. So actually \( \bar { \partial } ^ { \ast } \bar { \partial } \psi \) is identically 0. \( f + \bar { \partial } ^ { * } \psi \) is a global holomorphic function on M.

# 4.7 Compactification of ALG and ALH-non-splitting in-stantons

In Theorem 4.14 and 4.22, we proved the existence of global holomorphic func-tion u in ALG and ALH-non-splitting cases such that any far enough fiber is biholomorphic to a complex torus. Notice that du is never zero on far enough fiber. Define a holomorphic vector field X by \( \omega ^ { + } ( Y , X ) = \mathrm { d } u ( Y ) \). Then since \( X ( u ) \, = \, \mathrm { d } u ( X ) \, = \, \omega ^ { + } ( X , X ) \, = \, 0 . \)\( _ { \rightmoon } , \) is well defined when it’s restricted to each far enough fiber. On each fixed far enough fiber, there exists a unique holomorphic form \( \phi \) such that \( \phi ( X ) \) = 1. Locally

\[ \omega ^ { + } = f ( u , v ) \mathrm { d } u \wedge \mathrm { d } v , X = f ^ { - 1 } ( u , v ) \frac \partial { \partial v } , \phi = f ( u , v ) \mathrm { d } v . \]

Notice that each far enough fiber is topologically a torus. So actually, we can integrate the from \( \phi \) to get a holomorphic function \( v \in \mathbb { C } / \mathbb { Z } \tau _ { 1 } ( u ) \oplus \mathbb { Z } \tau _ { 2 } ( u ) \) up to a constant. We can fix this constant locally by choosing a holomorphic section of u as the base point. Therefore M is biholomorphic to \( U \times \mathbb { C } / ( u , v ) \sim \)\( ( u , v + m \tau _ { 1 } ( u ) + n \tau _ { 2 } ( u ) ) \), where \( \tau _ { 1 } ( u ) \) and \( \tau _ { 2 } ( u ) \) are locally defined holomorphic functions. Actually, they are the integral of \( \phi \) in the basis of \( H _ { 1 } \) of each fiber. This gives a holomorphic torus fiberation locally.

Recall that there is a diffeomorphism from M minus a large compact set to the standard fiberation. Denote the inverse image of the zero section by s. s is again a section outside large compact set because du differ with the standard one by a decaying error. Write \( \bar { \partial } s \) as \( e ( u ) \mathrm { d } \bar { u } \otimes X \), then e is a function defined on the inverse of the punctured disc with polynomial growth rate. So there is an at most polynomial growth function E on the inverse of punctured disc such that \( \bar { \partial } E ( u ) = e ( u ) \mathrm { d } \bar { u } \). Now we apply the flow −E(u)X to the section s to get a holomorphic section \( s _ { 0 } \) on the neighborhood of infinity. View \( s _ { 0 } \) as the zero section, we know that M minus a large compact set is biholomorphic to \( ( \mathbb { C } - B _ { R } ) \times \mathbb { C } / ( u , v ) \sim ( u , v + m \tau _ { 1 } ( u ) + n \tau _ { 2 } ( u ) \)) globally, where \( \tau _ { 1 } ( u ) \) and \( \tau _ { 2 } ( u ) \) are multi-valued holomorphic functions.

As proved in Kodaira’s paper [1], there exists an (unique) elliptic fiberation B over \( B _ { R ^ { - 1 } } \) with a section such that B minus the central fiber D is biholo-morphic to \( ( B _ { R ^ { - 1 } } - \{ 0 \} ) \times \mathbb { C } / ( \tilde { u } , v ) \sim ( \tilde { u } , v + m \tau _ { 1 } ( \tilde { u } ^ { - 1 } ) + n \tau _ { 2 } ( \tilde { u } ^ { - 1 } ) ) \)). We can naturally identity points and get a compactification \( \bar { M } \) of M. So \( \bar { M } \) is a compact complex surface with a meromorphic function \( u = \tilde { u } ^ { - 1 } \). Now since the subvari-ety of critical points \( \{ \mathrm { d } u = 0 \} \) is a finite union of irreducible curves (On those irreducible curves, u is of course constant) and points, we know that except finite critical values in \( \mathbb { C P } ^ { 1 } \), any fiber of u has no intersection with \( \{ \mathrm { d } u = 0 \} \). Therefore, a generic fiber has genus 1 and must be an elliptic curve. In other words, \( \bar { M } \) is a compact elliptic surface. In conclusion, we’ve proved the second main theorem.


# V. CONCLUSIONS

In this paper we studied a modified gravity theoretical framework which extends the vacuum f(R) gravity theory, and it consists of higher order scalar field kinetic terms that are added to the standard f(R) gravity Lagrangian density. Due to the form of the extra terms in the action, we called this theory k-essence f(R) gravity theory, and our main aim was to investigate the inflationary aspects of this theory, in the slow-roll approximation. Actually, the class of k-essence f(R) gravity theory which we studied in this paper gets very much simplified if the slow-roll condition is imposed on the scalar field, and we investigated the dynamics of inflation in the resulting theory. By using standard formulas for the slow-roll indices coming from generalized \( f ( R , \phi , X ) \) theories studied some time ago, we derived the slow-roll indices for a general f(R) gravity, and then we applied the formalism for an f(R) gravity of the form \( R \! + \! \alpha R ^ { n } \). This theory without the k-essence part is not compatible with the latest Planck observational data, so we questioned the viability of the theory in view of the presence of the k-essence terms. As we demonstrated, there is a range of values of the free parameters for which the phenomenological viability of the theory can be achieved, for both the phantom and ghost-free models which we used. Since the result might be model dependent, we used another approach in order to see whether the k-essence f(R) gravity can produce viable phenomenology. To this end, we fixed the Hubble rate as a function of the e-foldings number, and we modified standard f(R) gravity reconstruction techniques to accommodate the presence of the k-essence terms, always in the slow-roll approximation. Using the resulting reconstruction techniques we derived the k-essence f(R) gravity which can realize the given Hubble rate, and then we provided general formulas for the slow-roll indices as functions of the e-foldings number, always in the slow-roll approximation. Accordingly, we calculated the slow-roll indices and the corresponding observational indices and we demonstrated that the resulting theory can be compatible with the Planck data, however the result is strongly model dependent. Thus we validated that the k-essence f(R) gravity theory can produce phenomenologically viable cosmologies in the slow-roll approximation. The latter is a vital ingredient of the formalism we employed, so the basic question is, does this theory have inflationary attractors in the absence of the slow-roll condition? The vacuum f(R) gravity theory has stable and unstable de Sitter attractors without the slow-roll condition implied, as was explicitly demonstrated in [31], by using the dynamical system approach, so the question is does a general non-slow-roll k-essence f(R) gravity possesses inflationary attractors? This question is non-trivial and no one can guarantee this, before a consistent autonomous dynamical system is derived for the theory in question. For example, in the case of Gauss-Bonnet gravity there exist inflationary attractors even if the slow-roll condition does not hold true, although these are unstable, as was proved in Ref. [32], and the same applies for vacuum f(R) gravity theories in the presence of a non-flat metric [33]. Moreover, the existence of unstable de Sitter attractors is a feature of f(R)-\( \phi \) theories [34].However the latter type of theory contains potential terms, which are absent in the k-essence f(R) gravity, so the next major task is to question the existence of inflationary attractors in the non-slow-roll k-essence f(R) gravity theory. To this end one should appropriately construct a consistent autonomous dynamical system, study its fixed points, and test their stability, analytically if these are hyperbolic fixed points, or at least numerically if the fixed points are non-hyperbolic. The interpretation of the existence of unstable inflationary attractors is a major issue in these theories, which in some sense can be viewed as an inherent mechanism for the graceful exit from inflation, but this is a highly non-trivial issue to discuss here, and of course out of the context of this work. Work is in progress along the above research lines.

Finally, it is noteworthy mentioning that even in this k-essence framework, it is unavoidable having the initial Big Bang singularity, when inflationary scenarios are considered. However, it is interesting to note that, if the underlying theory can go beyond the k-essence f(R) gravity type inflation, namely a torsional based f(T ) modified gravity[59, 60], or a Horndeski scalar [61] one may not only realize inflationary cosmology, but also a non-singular bouncing phase that can be applied to avoid the big bang singularity. In fact, it would be interesting to extend the formalism we developed in this paper to find an appropriate k-essence f(R) gravity type theory that may realize a bouncing cosmology. In the context of other extensions of f(R) gravity this is also possible [62], so the question remains if there are k-essence modified gravities that may realize cosmological bounces. We hope to address this issue in a future work.

# Acknowledgments

This work is supported by MINECO (Spain), FIS2016-76363-P, and by project 2017 SGR247 (AGAUR, Catalonia) (S.D.O). This work is also supported by MEXT KAKENHI Grant-in-Aid for Scientific Research on Innovative Areas “Cosmic Acceleration” No. 15H05890 (S.N.) and the JSPS Grant-in-Aid for Scientific Research (C) No. 18K03615


(S.N.).

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[24] K. Kleidis and V. K. Oikonomou, Int. J. Geom. Meth. Mod. Phys. 15 (2017) no.04, 1850064 doi:10.1142/S0219887818500640[arXiv:1711.09270 [gr-qc]].

[25] H. Noh and J. c. Hwang, Phys. Lett. B 515 (2001) 231 doi:10.1016/S0370-2693(01)00875-9 [astro-ph/0107069].

[26] J. c. Hwang and H. Noh, Phys. Rev. D 71 (2005) 063536 doi:10.1103/PhysRevD.71.063536 [gr-qc/0412126].

[27] J. c. Hwang and H. Noh, Phys. Rev. D 66 (2002) 084009 doi:10.1103/PhysRevD.66.084009 [hep-th/0206100].

[28] D. I. Kaiser and E. I. Sfakianakis, Phys. Rev. Lett. 112 (2014) no.1, 011302 doi:10.1103/PhysRevLett.112.011302[arXiv:1304.0363 [astro-ph.CO]].

[29] A. A. Starobinsky, Phys. Lett. B 91 (1980) 99 [Phys. Lett. 91B (1980) 99] [Adv. Ser. Astrophys. Cosmol. 3 (1987) 130].doi:10.1016/0370-2693(80)90670-X

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[33] Work in progress.

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# V. TIME REVERSIBILITY AWAY FROM EQUILIBRIUM – 0532 MODEL

At equilibrium the forward and backward trajectories for canonical oscillators, using any of the four ergodic sets of motion equations, are qualitatively much the same. No holes in the cross sections, good values for the even velocity moments, longtime averaged Lyapunov exponent the same for any initial condition. In short – deterministic, time-reversible, ergodic.

Away from equilibrium, thermodynamic dissipation can be investigated, still time-reversibly, by adding a localized temperature gradient \( ( d T / d q ) \, = \, [ \, \, \epsilon / \cosh ^ { 2 } ( q ) \, \, ] \) ] enabling heat transfer through a nonzero average current \( ( p ^ { 3 } / 2 ) : \)

\[ 1 - \epsilon < T < 1 + \epsilon = T ( q ) = 1 + \epsilon \operatorname { t a n h } ( q ) \longrightarrow \langle \; ( p ^ { 3 } / 2 ) \; \rangle < 0 \longrightarrow ( { \dot { S } } / k ) < 0 \ . \]

Here \( \epsilon \) is the maximum value of the temperature gradient, \( T ^ { \prime } ( 0 ) \) . The negative entropy change, causing the phase volume to shrink onto a strange attractor is due to the net heat loss from the oscillator to the coordinate-dependent 0532 thermostat temperature T(q) . From the standpoint of steady-state irreversible thermodynamics the overall heat loss is offset by an internal “entropy production” so that the net change of oscillator “entropy” vanishes. We remind the reader that Gibbs’ entropy is minus infinity for fractal attractors so that the irreversible-thermodynamics concept of nonequilibrium entropy is problematic. The artificial entropy change could be also be viewed as the result of ongoing coarse-graining ( which would artificilly increase Gibbs’ entropy ) at the level of the computational roundoff error ( in the sixteenth or seventeenth digit ).

The temperature gradient destroys the “global [ overall ] reversibility” of the motion equations. Although in principle reversible the chaotic instability of the dynamics, evidenced by a positive Lyapunov exponent, makes this “irreversibility” possible. This irreversibility is evidenced by a Lyapunov spectrum with a negative sum so that the longtime averaged distribution is a fractal strange attractor with a reduced information dimension rather than a smooth three-dimensional Gibbsian distribution.

Among the thermostats we have considered only the Nose´-Hoover equations show that a fractal attractor is not inevitable. In the Nose´-Hoover case a majority of initial conditions give rise to phase-space tori, orbits with no longtime tendency toward dissipation. All of the ergodic thermostats invariably produce small-gradient dissipation rather than tori so that their orbits exhibit what we call “global irreversibility”.

The equilibrium ( \( \epsilon \) = 0 and unit temperature \( \overrightharpoon { T } \)= 1 ) Lyapunov spectrum for the 0532 model, \( \{ \ \lambda \ \} = \{ \ + 0 . 1 4 4 , 0 , - 0 . 1 4 4 \ \} \) sums to zero corresponding to the three-dimensional


Gaussian distribution, \( f \propto e ^ { - q ^ { 2 } / 2 } e ^ { - p ^ { 2 } / 2 } e ^ { - \zeta ^ { 2 } / 2 } \). The time-averaged growth rates of infinites-imal one-, two-, and three-dimensional phase space volumes are given by

\[ \left\{ \begin{array} { l } { { \lambda _ { 1 } , } } \end{array} \lambda _ { 1 } + \lambda _ { 2 } , \ \lambda _ { 1 } + \lambda _ { 2 } + \lambda _ { 3 } } \end{array} \right\} \, . \]

In the nonequilibrium case with \( \epsilon \) = 0.50 the time-averaged spectrum becomes asymmet-ric, \( \{ ~ + 0 . 1 1 3 5 , 0 , - 0 . 1 4 5 4 ~ \} \) , corresponding to the time-averaged growth of a length or an area in phase space \( \simeq e ^ { + 0 . 1 1 3 5 t } \) but to shrinkage of an infinitesimal three-dimensional phase volume \( \otimes : \):

\[ ( \dot { \otimes } / \otimes ) = 0 . 1 1 3 5 - 0 . 1 4 5 4 = - 0 . 0 3 1 9 \longrightarrow D _ { K Y } = 2 + ( 0 . 1 1 3 5 / 0 . 1 4 5 4 ) = 2 . 7 8 \; . \]

Kaplan and Yorke’s linear interpolation predicts a strange-attractor dimension of 2.78. Cross sections of the equilibrium and nonequilibrium 0532 dynamics are shown in Figure 2 . Just as at equilibrium the nonequilibrium strange-attractor’s motion equations are time-reversible. Any forward-in-time sequence \( \{ \ + q , + p , + \zeta \ \} \) corresponds to a twin sequence \( \{ \ + q , - p , - \zeta \ \} \) with the order of the \( ( q , p , \zeta ) \) points reversed. Locally this reversed se-quence satisfies the same equations of motion with errors of order (\( d t ^ { 5 } / 1 2 0 ) \) for fourth-order Runge-Kutta integration. But any attempt to generate such a reversed sequence numer-ically fails because the Lyapunov spectrum of the reversed sequence would correspond to \( \{ ~ + 0 . 1 4 5 4 , 0 , - 0 . 1 1 3 5 ~ \} \) . The positive exponent sum indicates an unstable repellor with a diverging phase volume,\( ( \dot { \otimes } / \otimes ) = + \) 0.0319 . Any attempt to follow the repellor numerically will instead seek out the nearby attractor ( both are still ergodic, at least if \( \epsilon \) is small ) which, though unstable for a line or an area, is less so than the repellor. The repellor properties can ( only ) be observed by the expedient of storing and reversing a trajectory. The cross section associated with a stored ten-billion-point attractor trajectory is illustrated in Figure 3 . Note the lack of \( \pm p \) symmetry in the coloring of the local Lyapunov exponent, \( \lambda _ { 1 } ( t ) \) .

This instructive problem illustrates two general principles :\( : \ [ \ 1 \ ] \) the phase volume of the steady-state attractor is zero and singular everywhere despite the time-reversibility of the motion equations ; [ 2 ] any typical three-dimensional phase volume first expands and leaves the vicinity of the ( ergodic ) fractal repellor and then shrinks in order to join its mirror-image ( and likewise ergodic ) fractal attractor exponentially fast. Both these features correspond to the paucity of nonequilibrium states and to the irreversibility described by the Second Law of Thermodynamics.


Name of company	 Financial period	 Statutory auditors

Hubei Xinrui Automobile Sales
Services Co., Ltd.*
(湖北欣瑞汽車銷售服務有限公司)	Years ended 31 December 2007,
2008 and 2009	Hubei Weiye CPA Limited*,
reigstered in the PRC
(湖北偉業會計師事務所)

Wuhan Baoze Automobile Sales
Services Co., Ltd.*
(武漢寶澤汽車銷售服務有限公司)	Year ended 31 December 2007	 Hubei Weiye CPA Limited*,
reigstered in the PRC
(湖北偉業會計師事務所)

Years ended 31 December 2008
and 2009	Wuhan Wanli Accountant
Services Co., Ltd.*, reigstered
in the PRC
(武漢市萬里會計事務有限公司)

Shiyan Shenxie Automobile Trading
Co., Ltd.*
(十堰紳協汽車貿易有限公司)	Years ended 31 December 2007,
2008 and 2009	Hubei Weiye CPA Limited*,
reigstered in the PRC
(湖北偉業會計師事務所)

Shanhiga Luda Automobile Sales
Services Co., Ltd.*
(上海陸達汽車銷售服務有限公司)	Years ended 31 December 2007,
2008 and 2009	Hubei Weiye CPA Limited*,
reigstered in the PRC
(湖北偉業會計師事務所)

Changsha Ruibao Automobile Sales
Services Co., Ltd.*
(長沙瑞寶汽車銷售服務有限公司)	Years ended 31 December 2007,
2008 and 2009	Hubei Weiye CPA Limited*,
reigstered in the PRC
(湖北偉業會計師事務所)

Hubei Jierui Automobile Sales
Services Co., Ltd.*
(湖北捷瑞汽車銷售服務有限公司)	Years ended 31 December 2007,
2008 and 2009	Hubei Weiye CPA Limited*,
reigstered in the PRC
(湖北偉業會計師事務所)

Huhhot Qibao Automobile Sales
Services Co., Ltd.*
(呼和浩特市祺寶汽車銷售服務有限
公司)	Years ended 31 December 2007
and 2009	Hubei Weiye CPA Limited*,
reigstered in the PRC
(湖北偉業會計師事務所)

Year ended 31 December 2008	 Wuhan Wanli Accountant
Services Co., Ltd.* reigstered
in the PRC
(武漢市萬里會計事務有限公司)


Name of company	 Financial period	 Statutory auditors

Yichang Baoze Automobile Sales
Services Co., Ltd.*
(宜昌寶澤汽車銷售服務有限公司)	Years ended 31 December 2007
and 2009	Hubei Weiye CPA Limited*,
reigstered in the PRC
(湖北偉業會計師事務所)

Year ended 31 December 2008	 Wuhan Wanli Accountant
Services Co., Ltd.*, reigstered
in the PRC
(武漢市萬里會計事務有限公司)

Chenzhou Ruibao Automobile Sales
Services Co., Ltd.*
(郴州瑞寶汽車銷售服務有限公司)	Years ended 31 December 2007
and 2009	Hubei Weiye CPA Limited*,
reigstered in the PRC
(湖北偉業會計師事務所)

Year ended 31 December 2008	 Wuhan Wanli Accountant
Services Co., Ltd.*, reigstered
in the PRC
(武漢市萬里會計事務有限公司)

Shanhiga Shenxie Shentong
Automobile Sales Services
Co., Ltd.*
(上海紳協紳通汽車銷售服務有限公
司)	Period from 31 January 2007
(date of incorporation) to 31
December 2007 and years ended
31 December 2008 and 2009	Hubei Weiye CPA Limited*,
reigstered in the PRC
(湖北偉業會計師事務所)

Nanchang Baoze Automobile Sales
Services Co., Ltd.*
(南昌寶澤汽車銷售服務有限公司)	Period from 2 June 2008 (date
of incorporation) to 31
December 2008 and year ended
31 December 2009	Hubei Weiye CPA Limited*,
reigstered in the PRC
(湖北偉業會計師事務所)

Zhuhai Baoze Automobile Sales
Services Co., Ltd.*
(珠海寶澤汽車銷售服務有限公司)	Period from 27 June 2008 (date
of incorporation) to 31
December 2008 and year ended
31 December 2009	Hubei Weiye CPA Limited*,
reigstered in the PRC
(湖北偉業會計師事務所)

ShanhiiAga Aohu utomobile Sales
Services Co., Ltd.*
(上海奧滙汽車銷售服務有限公司)	Period from 4 December 2008
(date of incorporation) to 31
December 2008 and year ended
31 December 2009	Hubei Weiye CPA Limited*,
reigstered in the PRC
(湖北偉業會計師事務所)

Guangzhou Baoze Automobile Sales
Co., Ltd.*
(廣州寶澤汽車銷售有限公司)	Period from 20 April 2009 (date
of incorporation) to 31
December 2009	Hubei Weiye CPA Limited*,
reigstered in the PRC
(湖北偉業會計師事務所)


# Research, design, development and marketing

Our department of research, design and development is responsible for increasing our production efficiency and effectiveness in order to improve the quality of our existing products and thereby increasing our profit margin. Further, it is responsible to advise our customers to revise the design or change the casting metal for their new parts and components in order to improve their performance or reduce the production costs. To achieve this, we conduct various tests on our sample products and new mixtures of casting metals in order to improve our product durability, flexibility and compatibility and also to reduce our production time and costs. As at the Latest Practicable Date, we have one centre for research, design and development, the Danshui Foundry.

We plan toj oin the ACHEMA exhibition in 2015 and expand our sales force in Europe. For details, please refer to the section headed “Future Plans and Use of Proceeds” in this prospectus.

# OUR PRODUCTS

Our products can be categorised into four main categories: (a) pump components;(b) filter components; (c) valve components; and (d) food machinery components. Our products can also be classified as ferrous and non-ferrous products based on whether ferrous or non-ferrous metals are used. Ferrous and non-ferrous metals have different


properties and thus are used in applications where their respective properties can be utilised. The following table sets forth the breakdown of our Group’s revenue by types of products during the Track Record Period:

	Product type	Year ended 31 December

2013	2014

HK$’000	%	H K$’000	%

	Pump components	25,802	48.6	27,127	44.3

	Filter components	13,135	24.7	14,249	23.3

	Valve components	6,780	12.8	11,474	18.8

	Food machinery
components	5,244	9.9	6,321	10.3

	Others (Note 1)	2,153	4.0	2,023	3.3

Total:	53,114	100.0	61,194	100.0

Note:

1. It includes mining equipment components, lighting equipment components and sports equipment components.


We assign editors to cover our branded products largely by content genre. They review newly published literary works of a predetermined maturity and analyze the content quality subjectively based on their own experience and expertise, while referencing user data related to such works, such as number of times the works was archived, reader volume and the number of likes received from readers. Once our editors determine that a new writer has potential, they will work with the writer to improve the quality and relevance of his work for our readers. Depending on a writer ’s potential, he may have either generalist editorial coverage or a dedicated team of editors assigned to him. As part of the editorial process, our editors will continue to provide their own feedback and suggestions as well as collect readers’ feedback over time to provide writers with suggestions on the storyline, language and plot points of their works. To many writers, this is a unique resource enabling them to enhance the literary and commercial value of their works.

Finally, in addition to their roles in fostering organic content creation on our platform, they also curate the content published to readers on our platform and lead our third-party content sourcing efforts to ensure that we have the appropriate breadth of content on our platform.

# Third-Party Content Providers

To complement the original literary works created by our writers, we source high quality content from other online literary platforms. We also source physical book works for e-book conversion and publication on our platform from several leading offline publishers. We select works suitable for conversion based on commercial value for our platform. Our offering of e-books is especially conducive to attracting readers in older age groups who have stronger interest in traditional literature. To obtain the exclusive e-book publishing rights, including the right to debut the e-book version, we may agree to devote more promotional resources and offer higher royalties to the copyright owners.

As of June 30, 2017, we had sourced and published approximately 273 thousand and 137 thousand third-party sourced works and e-book works on our platform.

# Content Screening and Monitoring

We place strong emphasis on content screening and monitoring to ensure that our literary works do not contain any obscene or pornographic content or any information that mayj eopardize the quality of our literary works and that the publication and distribution of our literary content fully comply with the applicable laws and regulations. We require our writers to represent that their content is not plagiarized from others before posting it on our platform and we require writers with whom we sign licensing contracts to indemnify us against any violations by the writers of their contractual obligations. Our online content screening and monitoring procedures include both a proprietary, automated screening system as well as a set of manual review procedures conducted by a dedicated team of reviewers, many of whom are also editors on our platform who are familiar with the content. We regularly communicate with the relevant governmental agencies in China to obtain clear guidance on the relevant laws and regulations to ensure compliance. Our content monitoring staff is provided systematic training in the latest compliance know-how, and we closely supervise the screening and monitoring work performed by our staff. In the event of any allegation raised against us in relation to distribution of any pornographic or obscene content, we will immediately launch an internal investigation to verify if the alleged content indeed contains any pornographic or obscene content.


After the allegation is verified, if the alleged content is from any literary works created by our writers, we will suspend the publication of the involved literary works and ask the writers to amend the content to remove the pornographic or obscene content. We will re-publish the amended literary works only after the pornographic or obscene content is completely removed and the amended literary content has successfully undergone our content screening and monitoring procedures. In severe cases, we will completely remove the entire literary works and will no longer publish them. If the alleged content is made by our readers, we will immediately block or remove the related pornographic or obscene content and, if necessary, prohibit the involved readers from publishing any content in the future.

Automated Content Screening Process. All user-generated literary content and comments are first screened by our automated filtering system, which identifies and flags suspicious content for further action based on a regularly updated repository of keywords, according to the latest laws and regulations in China. For the earlier chapters of new literary works, the content that passes the automated content screening process is reviewed by our content monitoring team before it can be published on our platform. The later chapters of such legitimate literary works are then only subject to the first stage automated content screening process prior to publication on our platform. However, such later chapters are still subject to our manual review process, and will be immediately removed if found to be illegal or pirated at a later stage. All flagged content identified by our first stage automated content screening process is reviewed and confirmed by content monitoring staff before it can be published on our platform. Content that has been rejected or removed by our content screening and monitoring procedures are sent back to the writers, which can be re-submitted after revisions are made to our satisfaction.

Manual Content Monitoring Process. Content that passes the automated screening process is still subject to manual review by our content monitoring team. As of June 30, 2017, our dedicated content monitoring team had over 100 full-time staff members. Our manual screening procedure is multi-layered, with each piece of content subject to review and cross-review by different monitoring staff. We occasionally engage third-party consultants with specialized understanding of the Chinese content regulatory environment to review certain content, if necessary.

If we discover a user who has violated the user agreement, applicable laws and regulations or infringed any third-party rights, including copyrights, we may terminate such user ’s account and block such user ’s future uploads of content to our platform without prior notice. In addition, we promptly remove the relevant content when we are notified or made aware by copyright owners or learn from other sources of copyright infringements by users, such as lists of infringing content that the regulatory authorities publish from time to time. We encourage our users to help us with our content screening and monitoring efforts by offering generous rewards for tips related to potentially illegal, disruptive or pirated content on our platform.

Self-evaluation as required by the Trial Method. We are required to comply with the Trial Method on Evaluation of Social Benefits of Online Literature Publication Service Units (網絡文學出版服務單位社會效益評估試行辦法) (the “Trial Method”) which took effect on July 1, 2017. As advised by our PRC Legal Advisor, we understand that the Trial Method requires self-evaluation reports to be submitted by online literature publication service providers to the local administrative bodies by the end of January of every calendar year and evaluation of the online literature publication service


	Note
附註	2020
二零二零年	2019
二零一九年

RMB’000
人民幣千元	RMB’000
人民幣千元

Assets                    資產

Non-current assets             非流動資產

Property, plant and equipment       物業、廠房及設備	11	26471,5	259,152

Investment properties            投資物業	12	1,027,610	1,025,004

Intangible assets              無形資產	13	364,031	332,252

Investments accounted for using      按權益法入賬的投資
 the equity method	15	9162,56	654,872

Deferred income tax assets         遞延所得稅資產	16	142,8,001	834,614

		4,000,613	3,105,894

Current assets               流動資產

Completed properties held for sale     持作出售的已竣工物業	17	61,6542,6	3,037,052

Properties under development for sale   持作出售的開發中物業	18	50,085,317	30,969,759

Contract assets               合約資產	5	6952,39	700,000

Trade and other receivables and deposits 貿易及其他應收款項
 以及按金	19	2,838,368	2,595,926

Prepayments                預付款項	19	2,376,585	1,858,769

Amounts due from joint ventures      應收合營企業款項	33	11971,8	59,949

Amounts due from associates        應收聯營公司款項	33	14772,0,0	482,845

Amounts due from non-          應收非控制性權益款項
 controlling interests	32	4,00044,6	3,951,248

Income tax recoverable           可收回所得稅		415,878	788,393

Restricted cash               受限制現金	20	41,56,859	3,965,210

Cash and cash equivalents         現金及現金等價物	20	9,64942,3	11,094,295

		81,973,565	59,503,446

Total assets                 總資產		85,97417,8	62,609,340

Equity                    權益

Equity attributable to owners       本公司所有者應佔權益
 of the Company

Share capital                 股本	21	139,632	139,632

Reserves                   儲備	22	6,66742,3	5,041,820

		6,807,055	5,181,452

Non-controlling interests         非控制性權益		6142,0,60	4,453,096

Total equity                總權益		12,947,675	9,634,548


	Note
附註	2020
二零二零年	2019
二零一九年

RMB’000
人民幣千元	RMB’000
人民幣千元

Liabilities                 負債

Non-current liabilities           非流動負債

Borrowings                 借款	23	13,399,808	4,694,786

Deferred income tax liabilities       遞延所得稅負債	16	1,954477,	634,906

		15,3542,85	5,329,692

Current liabilities             流動負債

Trade and other payables          貿易及其他應付款項	24	15,352,054	12,020,186

Borrowings                 借款	23	67114,,56	12,087,907

Amounts due to non-controlling interests 應付非控制性權益款項	32	6,07522,6	5,146,101

Amounts due to associates         應付聯營公司款項	33	159274,	485,280

Amounts due to joint ventures       應付合營企業款項	33	507,84	50,776

Contract liabilities             合約負債	25	26,815,905	15,552,490

Income tax liabilities            所得稅負債		2,50742,9	2,302,360

		57,67221,8	47,645,100

Total liabilities              總負債		73,026,503	52,974,792

Total equity and liabilities        總權益及負債		85,97417,8	62,609,340

The above consolidated balance sheet should be read in conjunction with the accompanying notes.

The financial statements on pages 118 to 300 were approved for issue by the Board of Directors on 29 March 2021 and were signed on its behalf:

上述合併資產負債表應與隨附附註一併閱覽。

列載於第 118 至 300 頁的財務報表已由董事會於二零二一年三月二十九日批准刊發，並由以下董事代表簽署：

黃若虹 WONG Yeuk Hung	黃若青 HUANG Ruoqing

董事 Director	董事 Director


# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of TE Connectivity Ltd.:

We have audited the internal control over financial reporting of TE Connectivity Ltd. and subsidiaries (the ‘‘Company’’) as of September 30, 2016, based on criteria established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

A company’s internal control over financial reporting is a process designed by, or under the supervision of, the company’s principal executive and principal financial officers, or persons performing similar functions, and effected by the company’s board of directors, management, and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of the inherent limitations of internal control over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may not be prevented or detected on a timely basis. Also, projections of any evaluation of the effectiveness of the internal control over financial reporting to future periods are subject to the risk that the controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of September 30, 2016, based on the criteria established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated financial statements and financial statement schedule of the Company as of and for the fiscal year ended September 30, 2016, and our report dated


November 15, 2016 expressed an unqualified opinion on those consolidated financial statements and financial statement schedule.

/s/ Deloitte & Touche LLP

Philadelphia, Pennsylvania

November 15, 2016


REGULATIONS

# REGULATIONS RELATING TO FINANCIAL BUSINESS

# Regulations on Micro Lending Business

Pursuant to the Guiding Opinions on the Pilot Operation of Micro Lending Companies (關於小額貸款公司試點的指導意見) promulgated by the China Banking Regulatory Commission (“CBRC”, now merged into the China Banking and Insurance Regulatory Commission) and the People’s Bank of China (“PBOC”) on May 4, 2008, to apply for setting up a micro lending company, the applicant shall file an application in due form with the competent department of the provincial government, and, upon approval, it shall apply to the local administrative department for industry and commerce for handling the registration formalities and get the business license. The major sources of funds of a micro lending company shall be the capital paid by shareholders, donated capital and the capital borrowed from at most two banking financial institutions. The balance of the capital borrowed from banking financial institutions shall not exceed 50% of the net capital within the scope as prescribed by laws and regulations. The loan interest ceiling shall be left open but below the ceiling determined by thej udicial department, and the floor interest rate shall be 0.9 times the base rate published by PBOC.

# Regulations on Payment Business

Pursuant to the Administrative Measures for the Payment Services Provided by Non-financial Institutions (非金融機構支付服務管理辦法) promulgated by the PBOC on May 19, 2010, to provide payment services, a non-financial institution shall obtain a Payment Business Permit and become a payment institution. An applicant for a Payment Business Permit a limited liability company orj oint-stock company legally formed inside the People’s Republic of China and it is the corporate body of a non-financial institution. A payment institution shall file the statistical statements, financial accounting report and other relevant materials on its payment business with the local branch of the PBOC as required, and the proportion of its paid-in monetary capital against its daily average balance of clients’ deposits shall not be lower than 10%. Where any payment institution continues to operate the payment business after its Payment Business Permit has expired, the PBOC or the branch thereof shall order it to terminate the payment business. On January 13, 2017, the PBOC promulgated the Notice on Matters concerning Implementing the Centralized Deposit of the Funds of Pending Payments of Clients of Payment Institutions (關於實施支付機構客戶備付金集中存管有關事項的通知). According to which, beginning on April 17, 2017, a payment institution shall deposit a certain percentage of the funds of pending payments of its clients in a special deposit account with a designated institution, and there is no interest on the funds in such an account for the time being. The percentage was adjusted by PBOC on December 29, 2017 in the Notice on Adjusting the Centralized Deposit Percentage of the Funds of Pending Payments of Clients of Payment Institutions (關於調整支付機構客戶備付金集中交存比例的通知), which requires the centralized deposit percentage to be raised by 10% on a monthly basis from February to April 2018.

# Regulations on Commercial Factoring

The commercial factoring is a relatively new business model in mainland China, MOFCOM had issued circulars to promote commercial factoring in the specific regions. Pursuant to the Circular on the Pilot Work of Commercial Factoring (關於商業保理試點有關工作的通知), which was promulgated by the MOFCOM on June 27, 2012, a trial implementation of commercial factoring pilot work was permitted in Tianjin Binhai New Area and Shanghai Pudong New Area to explore the approaches to develop the commercial factoring and to better utilize its role in expanding the export and promoting the development of small and medium enterprises. Later in December 2012, the said


REGULATIONS

trial implementation of commercial factoring pilot work was extended to Guangzhou and Shenzhen, which allowed qualified investors from Hong Kong and Macau to establish commercial factoring company in the said cities. Pursuant to the Reply of the Ministry of Commerce on Launching Pilot Commercial Factoring Business in the Chongqing Liang Jiang New Area, the Sunan Modernization Development Demonstration Zone and the Suzhou Industrial Park (商務部關於在重慶兩江新區、蘇南現代化建設示範區、蘇州工業園區開展商業保理試點有關問題的覆函), released by the MOFCOM on August 26, 2013, and amended on October 28, 2015, the trial implementation of commercial factoring was extended to Chonqing Liangjiang New Area, Sunan Modernization Development Demonstration Zone, and the Suzhou Industrial Park.

# REGULATIONS RELATING TO FOREIGN EXCHANGE

# General Administration of Foreign Exchange

Under the Foreign Exchange Administration Rules of the People’s Republic of China (中華人民共和國外匯管理條例), promulgated on January 29, 1996 and last amended on August 5, 2008, and various regulations issued by the State Administration of Foreign Exchange (“SAFE”) and other relevant government authorities, Renminbi is convertible into other currencies for the purpose of current account items, such as trade related receipts and payments, payment of interest and dividends. The conversion of Renminbi into other currencies and remittance of the converted foreign currency outside China for the purpose of capital account items, such as direct equity investments, loans and repatriation of investment, requires the prior approval from the SAFE or its local office. Payments for transactions that take place within mainland China must be made in Renminbi. Unless otherwise required by SAFE, Chinese companies may repatriate foreign currency payments received from abroad or retain the same abroad. Foreign-invested enterprises may retain foreign exchange in accounts with designated foreign exchange banks under the current account items subject to a cap set by the SAFE or its local office. Foreign exchange proceeds under the current accounts may be either retained or sold to a financial institution engaging in settlement and sale of foreign exchange pursuant to relevant rules and regulations of the State. For foreign exchange proceeds under the capital accounts, approval from the SAFE is required for its retention or sale to a financial institution engaging in settlement and sale of foreign exchange, except where such approval is not required under the relevant rules and regulations of mainland China.

Pursuant to the Notice of the SAFE on Further Improving and Adjusting Foreign Exchange Administration Policies for Direct Investment (國家外匯管理局關於進一步改進和調整直接投資外匯管理政策的通知) (the “SAFE Circular No. 59”) promulgated by SAFE on November 19, 2012, that became effective on December 17, 2012 and was further amended on May 4, 2015, approval is not required for the opening of an account entry in foreign exchange accounts under direct investment. SAFE Notice No. 59 also simplified the capital verification and confirmation formalities for foreign invested entities, the foreign capital and foreign exchange registration formalities required for the foreign investors to acquire equities from Chinese party, and further improved the administration on exchange settlement of foreign exchange capital of foreign invested entities.

On July 4, 2014, SAFE promulgated the Notice on Relevant Issues Relating to Domestic Residents’ Investment and Financing and Round-Trip Investment through Special Purpose Vehicles(《關於境內居民通過特殊目的公司境外投融資及返程投資外匯管理有關問題的通知》) (the “Circular No. 37”), effective as of July 4, 2014. Under Circular No. 37, (1) a resident in mainland China must register with the local SAFE branch before he or she contributes assets or equity interests in an overseas special purpose vehicle, or an Overseas SPV, that is directly established or indirectly


In the following section we discuss our historical financial results for the years ended December 31, 2016, 2017 and 2018. You should read the following discussion and analysis together with our audited consolidated financial statements as of and for the years ended December 31, 2016, 2017 and 2018 and the accompanying notes included in the Accountants’ Report set out in Appendix I to this Prospectus. Our consolidated financial statements have been prepared in accordance with IFRS.

This discussion and analysis contains forward-looking statements that reflect our current views with respect to future events and our financial performance and involves risks and uncertainties. These statements are based on our assumptions and analysis in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate under the circumstances. However, whether actual outcomes and developments will meet our expectations and predictions depends on a number of risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of any number of factors. In evaluating our business, you should carefully consider the information provided in this Prospectus, including the sections headed “Risk Factors” and “Business” in this Prospectus.

# OVERVIEW

We are the largest APAC focused logistics real estate platform by GFA and by value of the Portfolio Assets and have the largest development pipeline in aggregate across the major APAC markets as measured by GFA from April 1, 2019 to December 31, 2020, according to the JLL Report. We develop and manage modern logistics facilities that cater to e-commerce companies, 3PL providers, bricks-and-mortar retailers, manufacturers, cold-chain logistics providers and others in APAC as logistics infrastructure continues to evolve for the modern economy. We focus solely on APAC, which comprised over 3.6 billion people (around 50% of the global population) and over US\$28.5 trillion of GDP (over 33% of the global GDP) in 2018, according to the JLL Report. We currently operate in the PRC, Japan, South Korea, Singapore, Australia and India markets that represent close to 90% of GDP in APAC in 2018, according to the JLL Report.

We hold a portfolio of logistics properties on our balance sheet and manage a broad range of funds and investment vehicles that invest in logistics properties at various stages of the property life cycle across APAC. As of December 31, 2018, we managed 18 private third-party pooled investment vehicles, with over US\$5.1 billion in total equity commitments, and one REIT listed on the SGX-ST with an appraised carrying value of approximately US\$2.2 billion. As of December 31, 2018, our AUM was approximately US\$16.0 billion (of which US\$1.9 billion was on our balance sheet) and comprised approximately 6.6 million sq.m of GFA of completed properties, approximately 3.7 million sq.m of GFA of properties under construction and approximately 1.8 million sq.m of GFA to be built on land held for future development, adding up to over 12 million sq.m of GFA in total.

We develop logistics real estate primarily in Tier 1 and 1.5 cities in APAC, targeting strategic locations near key logistics hubs, major seaports, airports, transportation hubs and industrial zones in the PRC, Japan, South Korea, Singapore, Australia and India, which are the markets we believe will drive future growth across APAC. The majority of the tenants in the Portfolio Assets service domestic consumption in APAC. According to the JLL Report, APAC’s substantial middle class population coupled with rapid economic growth and rising income levels are expected to support rising


consumption levels in the region. Private consumption in China, Japan, South Korea, Singapore, Australia, and India is forecasted to grow at a CAGR of 8.1% between 2019 and 2023, approximately two times the anticipated 4.0% growth in the US during the same period. As of December 31, 2018, e-commerce and 3PL tenants made up approximately 49.6% of the tenant base of the Portfolio Assets by leased area. In 2016, 2017 and 2018, rental revenues from e-commerce and 3PL tenants in our balance sheet properties amounted to 82.6%, 76.7% and 63.5% of our total rental revenues, respectively. The decrease in the proportion of rental revenues from e-commerce and 3PL tenants in 2017 was due to the disposal of several properties to China Invesco Core Fund from our balance sheet, the majority of which we had leased to e-commerce tenants, and in 2018 was due to rental income from an existing manufacturing tenant in the RW Higashi-Ogijima DC property, which we plan to redevelop into a modern logistics facility.

With our APAC-focused business model, we grew significantly during the Track Record Period through organic growth and strategic M&A, increasing our AUM from US\$7.4 billion as of December 31, 2016, to US\$12.0 billion as of December 31, 2017, and further to approximately US\$16.0 billion as of December 31, 2018. We have also attracted investments from three out of the top six real estate capital providers globally based on IP&E Real Assets’ top 100 ranking of the world’s largest real estate investors in 2018. We were ranked \#29 in the world in PERE’s “Fab 50”, the flagship ranking of the private real estate world’s top managers (by total annual fundraising amount) in 2018. Our revenue grew by 58.5% from US\$96.7 million in 2016 to US\$153.3 million in 2017, and further grew by 65.8% to US\$254.1 million in 2018, while our net profit grew by 91.6% from US\$105.0 million in 2016 to US\$201.2 million in 2017, and further grew by 5.9% to US\$213.1 million in 2018. Our total consolidated balance sheet assets grew, which include our investment properties, investments inj oint ventures, and financial assets at fair value, by 45.3% from US\$2,097.4 million as of December 31, 2016 to US\$3,047.4 million as of December 31, 2017, and further grew by 45.1% to US\$4,422.6 million as of December 31, 2018.

# FACTORS AFFECTING OUR RESULTS OF OPERATIONS

Our results of operations have been, and we expect them to continue to be, primarily affected by the following factors:

Š supply and demand for modern logistics facilities in APAC;

Š our ability to source, design, construct, lease and manage the Portfolio Assets;

Š our ability to manage our integrated business model and grow multiple sources of income;

Š our ability to continue attracting and maintaining our relationships with capital partners and growing our AUM;

Š rental prices, occupancy rates, leasing cycles and fair value change of the Portfolio Assets;

Š our expansion through organic growth and strategic acquisitions; and

Š our access to capital and cost of financing.

# Supply and Demand for Modern Logistics Facilities in APAC

Our business growth and results of operations have benefited from the growth of the consumer economy in APAC. The rise of the new economy in the region has led to increasing demand for modern logistics facilities from e-commerce companies, 3PL providers, bricks-and-mortar retailers, manufacturers, cold-chain logistics providers and others that require larger and more sophisticated


附 3：纺织服装行业近一年增持比例超过流通股 1%的个股梳理

代码	名称	类别	占流通股比(%)

002083.SZ	孚日股份	实际控制人、员工持股	2.24

600398.SH	海澜之家	高管	2.01

002042.SZ	华孚色纺	员工持股	2.69

002404.SZ	嘉欣丝绸	关联方，同为实际控制人控制	1.04

600137.SH	浪莎股份	举牌	5.00

300005.SZ	探路者	员工持股	1.78

600177.SH	雅戈尔	实际控制人、博睿传媒投资等	2.66

600070.SH	浙江富润	控股股东，计划未来增持 2%	0.56

数据来源：Wind、东方证券研究所

附 4：国内外重点上市公司估值表

股票代码	公司名称	评级	股价
(当地货币)	总市值(百
万美元)	每股收益	市盈率	未来三
年复合
增长率

2015A	2016E	2017E	2018E	2015A	2016E	2017E	2018E

A 股市场

002029.SZ	七匹狼	增持	10.62	1163	0.36	0.35	0.42	0.50	30	30	26	21	10.6%

002327.SZ	富安娜	买入	9.92	1250	0.48	0.50	0.54	0.60	21	19	18	17	8.1%

002293.SZ	罗莱生活	买入	13.18	1341	0.59	0.47	0.55	0.63	22	28	24	21	4.6%

300005.SZ	探路者	买入	14.05	1210	0.44	0.34	0.40	0.45	32	39	35	31	0.9%

000726.SZ	鲁泰 A	买入	12.92	1483	0.75	0.85	0.97	1.09	17	15	13	12	12.1%

002003.SZ	伟星股份	增持	15.06	979	0.55	0.69	0.83	0.96	27	20	18	16	20.0%

601566.SH	九牧王	增持	17.13	1427	0.70	0.73	0.77	0.83	24	23	22	21	5.5%

002612.SZ	朗姿股份	增持	17.30	1003	0.19	0.41	0.52	0.64	91	43	33	27	19.2%

603001.SH	奥康国际	买入	22.51	1308	0.98	0.94	1.10	1.27	23	24	20	18	7.8%

600315.SH	上海家化	增持	29.64	2893	3.28	0.32	0.62	0.76	9	93	48	39	-27.3%

002563.SZ	森马服饰	买入	9.89	3863	0.50	0.53	0.59	0.69	20	19	17	14	21.0%

600439.SH	瑞贝卡	增持	7.87	1076	0.15	0.18	0.21	0.23	52	44	37	34	12.9%

600398.SH	海澜之家	买入	10.51	6845	0.66	0.70	0.77	0.86	16	14	13	12	16.1%

002640.SZ	跨境通	买入	17.14	3557	0.12	0.29	0.55	0.89	143	55	30	18	94.9%

603555.SH	贵人鸟	买入	-	-	0.54	0.53	0.58	0.63	-	-	-	-	5.4%

600612.SH	老凤祥	买入	39.90	2572	2.14	2.17	2.36	2.58	19	18	17	15	6.4%

002127.SZ	南极电商	增持	11.70	2609	0.41	0.20	0.32	0.49	59	37	24	24	59.5%

603808.SH	歌力思	买入	31.31	1127	0.64	0.69	1.07	1.30	45	29	24	24	26.3%

002083.SZ	孚日股份	买入	7.12	937	0.34	0.41	0.47	0.54	17	15	13	13	14.1%


002763.SZ	汇洁股份   增持	30.92	968	0.77	0.85	0.93	1.08	36	34	28	28	12.3%

603877.SH	太平鸟   增持	36.04	2482	1.28	0.99	1.16	1.34	36	31	27	27	5.9%

香港市场

0210.HK	达芙妮国
-
际	0.78	166	-0.50	-0.06	0.01	0.00	-	-	130	-	-

0321.HK	德永佳集
-
团	5.25	934	0.76	0.42	0.45	0.48	7	12	12	11	-14.5%

0330.HK	思捷环球   -	6.30	1576	0.01	0.03	0.16	0.26	39	217	39	24	190.9%

0551.HK	裕元集团   -	31.20	6621	2.52	2.61	2.76	2.88	12	12	11	11	4.1%

0589.HK	宝姿     -	3.04	217	0.08	-	-	-	36	-	-	-	-

0891.HK	利邦     -	0.57	128	-0.25	-0.11	-0.08	-0.03	-	-	-	-	-

1234.HK	中国利郎    -	5.15	801	0.52	0.50	0.52	0.56	10	10	10	9	3.6%

1361.HK	361 度    -	2.86	761	0.23	0.32	0.36	0.41	13	9	8	7	22.8%

1368.HK	特步国际   -	3.23	923	0.28	0.36	0.39	0.42	12	9	8	8	16.5%

1836.HK	九兴控股   -	12.98	1327	0.80	0.86	0.99	1.06	16	15	13	12	10.9%

1880.HK	百丽国际   -	4.98	5406	0.44	0.45	0.45	0.46	14	11	11	11	4.8%

1968.HK	匹克体育   -	-	-	0.22	0.20	0.22	0.23	-	-	-	-	6.7%

2020.HK	安踏体育   -	22.10	7615	1.11	1.25	1.45	1.66	21	18	15	13	16.1%

2313.HK	申洲国际    -	50.40	9074	2.47	2.75	3.22	3.71	21	18	16	14	18.3%

2331.HK	李宁     -	4.66	1304	0.34	0.25	0.37	0.45	50	18	13	10	13.4%

2698.HK	魏桥纺织   -	5.58	858	1.01	-	-	-	6	-	-	-	-

3818.HK	中国动向    -	1.49	1062	0.18	0.15	0.15	0.11	8	10	10	13	-13.2%

3998.HK	波司登    -	0.67	921	0.04	-	-	-	16	-	-	-	-

1910.HK	新秀丽    -	28.80	5238	1.40	1.46	1.71	1.91	21	20	17	15	10.8%

1913.HK	普拉达    -	34.70	11427	1.10	0.96	1.12	1.25	32	37	31	28	5.3%

海外市场

MC.PA	LVMH Moet Hennessy	206.65	111411	7.92	9.14	10.06	10.85	20	23	21	19	11.3%

RMS.PA	Hermes	447.10	50183	10.42	11.42	12.41	13.48	33	39	36	33	9.4%

CDI.PA	International
Christian Dior	221.30	42471	8.75	11.10	12.36	14.78	13	20	18	15	20.2%

TIF	Tiffany & Co.	93.69	11670	3.57	3.97	4.37	4.74	21	24	21	20	9.2%

IDX.DE	Inditex, S.A.	33.56	111189	1.01	1.18	1.33	1.49	33	29	25	23	13.8%

HSMB.SG	Hennes & Mauritz	218.50	40064	11.26	12.17	13.51	14.81	26	18	16	15	9.9%

NXT.L	Next PLC	39.99	7314	4.41	4.04	3.97	4.04	17	10	10	10	-2.2%

GPS	Gap Inc.	24.05	9625	1.69	1.98	2.03	2.08	15	12	12	12	5.3%

LB	Limited Brands,
Inc.	47.85	13628	4.04	3.20	3.43	3.91	24	15	14	12	-2.1%

BRBY.L	Burberry Group PLC	17.34	9454	0.70	0.76	0.83	0.91	23	23	21	19	8.8%

RL	Polo Ralhp Lauren
Corp.	80.71	6635	4.65	5.60	5.23	5.75	16	14	15	14	4.5%


FIG. 8.— Top panels: CME morphology observed from COR2-A, C3, and COR2-B respectively at 10:54UT on April 11, 2013. Bottom panels: Overplot of the best fitted wireframe of MFR in GCS model. Note that in C3 the CME is halo directed toward Earth, whereas it directs away from COR-A on farside. Note the GCS parameters \( \gamma \) = −45o, \( _ \alpha \) = 50o, κ = 0.45 and \( h = 1 7 . 5 R _ { \odot } \) reproduce this CME morphology.

extremely difficult. However, to examine the effect of uncer-tainties in the estimated kinematics, we considered an error of 5 pixels in the measurements of elongation angle. Such an error corresponds to uncertainties of 0.02 degree, 0.1 degree and 0.35 degree in the derived elongation angles in COR2, HI1 and HI2 FOV, respectively. Corresponding to these elon-gation uncertainties, the calculated error for SSSE (with \( \lambda \) = 0) method maximally reaches up to \( 0 . 5 R _ { \odot } \) in distance, less than few degree in direction and few tens of km/s for speed. These errors certainly seem to be small but of course, they do not reflect the total error in derived kinematics. Further study is required to quantify the actual errors because of several in-valid idealistic assumptions in the methods.

Also, at higher elongation (greater than approx. \( 4 0 R _ { \odot } \)),larger variations in the estimated kinematics from SSSE method for different \( \lambda \) are noted. From Figure 11, it is clear that the estimated distance from GT method increased around 18:00 UT on April 11 at \( 9 0 R _ { \odot } \) from the Sun. Such an un-physically fast increase in distance and speed is meaningless due to the absence of forces capable of accounting for this acceleration at distances farther from the Sun (Cargill 2004;Vršnak et al. 2010). This is more likely because of improper use of SSSE with \( \lambda \) equal to 0 \( r \)(i.e. GT) method, especially for this CME which is propagating away from the observer. This late acceleration is significantly reduced (still unphysi-cal) if a higher value of \( \lambda \) is considered. SSSE with \( \lambda \) equal to \( 9 0 ^ { o } \)(i.e. TAS) method gives the lowest limit of the esti-mated distance and speed values. The kinematics from the TAS method is calculated up to \( 3 6 5 R _ { \odot } \) from the Sun.

The aforementioned facts highlight that the assumptions made in the GT method are not valid for a CME propagat-ing away from the observer. Also, the spherical front approx-imation in SSSE method with \( \lambda \) equal to nonzero value, be-comes worse due to flattening of the CME front on its inter-action with solar wind. These limitations start to play a cru-cial role much nearer to the Sun for a far-sided CME than for front sided CME (Liu et al. 2013). However, the distance be-yond which these effects are crucial depends on the direction of propagation of the CME and its size. We note that for a CME propagating at larger angle from the Sun-observer line, its kinematics depend more on the chosen value of \( \lambda \). This is because the flanks (not nose) for such CMEs are always ob-served from the observer and even a little change in its radius of curvature leads to huge difference in the estimated kine-matics from the SSSE method. It is noted that if direction of propagation of a CME from sun-observer line becomes more than 90 \( \gamma o \), an unphysical acceleration will be estimated from the SSSE methods irrespective of chosen \( \lambda \) value. However, such an acceleration is reduced with higher value of \( \lambda \) and gives more accurate kinematics.

To assess the relative performance, we also applied single spacecraft reconstruction methods on STEREO-A and B ob-servations. We employed the Fixed-Phi (FP: Kahler & Webb 2007), Harmonic Mean (HM: Lugaz et al. 2009), Self-Similar Expansion (SSE: Davies et al. 2012) methods on the derived time-elongation variations of the CME (Figure 10). These


FIG. 9.— top row: Left, middle, and right panels show the evolution of 2013 April 11 CME in the running difference image of HI2-A, HI1-A, and COR2-A respectively. bottom row: Running difference images from COR2-B, HI1-B, HI2-B in Left, middle and right panels, respectively. The contours of the elongation angle (green) and the position angle (blue) are also deployed on each image. In all panels, horizontal red line is along the ecliptic and indicates the position angle of the Earth and vertical red line (left panel) refers \( \mathcal { P } \) position angle.

methods essentially convert the elongation into distance from the Sun assuming a fixed direction (longitude, here \( 1 . 3 ^ { o } \) East) of CME propagation as an input.

On applying the above methods on the STEREO-A and B observations, we noticed that estimated kinematics also largely overestimates the speed (approx. 900-1200 km/s even beyond \( 1 0 0 R _ { \odot } , \)) of the CME and the method becomes com-pletely unreliable once the CME reaches higher elongations. The direction of propagation of CMEs is \( 1 4 6 ^ { c } \) and \( 1 2 8 ^ { o } \) away from the line connecting the Sun with STEREO-A and B spacecraft, respectively. As the CME propagating in East-ward is little closer to 90ofrom the STEREO-B spacecraft, the derived kinematics and arrival time from this spacecraft are more accurate than using STEREO-A observations. Among all the three single spacecraft methods, the most inaccurate re-sults are obtained from the FP method and less inaccurate are from the HM method. This probably confirms the assump-tion that the larger structure of CME is somewhat suitable for estimating the time varying profile of the CME kinemat-ics. However, the failure of these single spacecraft methods at higher elongation could be due to real deflection or artificial deflection because of expansion or/and due to changes in the approximated idealized structure (Wood et al. 2010; Howard 2011; Mishra & Srivastava 2014).

We further applied the fitting version of the three single spacecraft reconstruction methods, namely Fixed-Phi Fitting (FPF: Sheeley et al. 2008), Harmonic Mean Fitting (HMF: Möstl et al. 2011), and Self-Similar Expansion Fitting (SSEF: Davies et al. 2012). Noting the expressions for the elongation as a function of speed and direction from the earlier FP, HM and SSE methods, these methods fit the observed elongation-time profile of the CME to an analytical function. From the FPF method on STEREO-A, we found that CME speed as 654 km/s, propagation direction as 99ofrom STEREO-A space-craft and its launch time at 11 April 05:05. Similarly, we also applied the HMF and SSEF methods (with \( \lambda \)\( = 5 0 ^ { o } \)) and ob-tained the speed, propagation direction and launch time of the CME. The results obtained for STEREO-A and B are shown in Figure 13 and 14, respectively and summarized in Table 3. In these figures, the results for SSEF, which fall between the FPF and HMF methods, are not plotted to avoid cluttering.

Moreover, we have also analyzed the in-situ observations of this CME obtained from WIND spacecraft (Figure 12). The


Garde (‘Joyful Keep’) (Lancelot 1980, vol. 1, p. 283; Truitt 2015, p. 59). In these examples, and similar ones, the artificial figures can be defeated by the hero because he is the hero—one indication of his prowess as a warrior is his ability to subdue the mechanical guardians; the implication is that any other challenger would be  defeated. And in all of these instances, the artificial knights, archers, or pikemen are seen as better than their human counter-parts. Unlike human sentries, the artificial ones will never get tired or ill, lazy or lecherous, and, like the sentries guarding Alardin’s tent, they cannot be tricked or bribed.

The repeated motif of the armed robot guard suggests concern about security and about loyalty, trust, and control. This concern extended beyond keeping a castle or mausoleum or bridge secure to keeping tabs on an entire empire. ‘The Salvation of Rome’ (Salvatio Romae) was an elaborate surveillance and alarm system that could perceive, assess, and react to events taking place far away. This device, attributed, like the bocca della verità, to Virgil, appears in several diferent texts from the late twelfth century onward. The most extensive description of this marvel appears in the natural philosophical treatise On the Natures of Things (De rerum natura, ca. 1190) by the English scholar and courtier Alexander Neckam (1157–1217); according to him, Virgil had built in Rome a palace which contained a number of wooden statues, each rep-resenting a diferent province of the empire, and each holding a bell in its hand.5 ‘Whenever any province dared to foment a plot against the majesty of the Roman Empire, the image of the intemperate traitor began to bang on the little bell. A soldier of bronze, seated on a bronze horse, on the topmost gable of the aforementioned palace, turned itself in the very direction where it might look toward that province’ (Ziolkowski & Putnam 2008, p. 856). Neckam’s description appears in a chapter about the potential of the liberal arts and the places where those arts flour-ished, thereby tying Virgil’s invention to his mastery of the liberal arts rather than forbidden branches of study, such as demonic magic. Furthermore, the function of the Salvatio Romae, to safeguard


the empire from revolt, recalls Virgil’s epic poem about the foundation of the Roman Empire, the Aeneid. Although Virgil may have been known more for his reputation as a magician and learned man in the Latin Christian West than for writing the Aeneid, he remained linked to the Roman Empire and was seen as having some kind of unoficial yet critically important over-sight of it. Moreover, Neckam was writing during a period when the ruling dynasty of England, the Plantagenets, controlled an empire that included England, Ireland, and most of what is now  France. Henry II (1133–1189; r. 1154–1189) faced numerous rebellions—from castellans in his domains, from his Archbishop of Canterbury, Thomas Becket, and from his wife and sons. Henry’s son and successor, Richard I (1157–1199; r. 1189–1199), likewise spent a significant amount of time responding to challenges to his authority and rule. The invention of the Salvatio Romae mirrors the practical concerns of maintaining control over a large empire and the need to have reliable, timely information about threats to its stability.

# 2.3 Espionage and Surveillance

Artificial intelligence appears in multiple guises in textual and visual sources to provide surveillance and foster espionage, indi-cating a long-standing desire to use artificial means to gather information to gain advantage. The Salvatio Romae is one example, but there are many others. Catroptomancy (using a reflective surface, such as a bowl of water or a polished metal mirror, as a  viewfinder) was one way to see events distant in time and place. All of the mantic arts (the arts of divination)—chiromancy (palm reading), geomancy (interpreting earth signs), pyromancy (fire signs), and scapulomancy (interpreting the marks on the shoulder blades of animals, often sheep or goats)—promised foreknowledge, but catroptomancy also promised knowledge of the distant now. In multiple versions of the history of Alexander the Great (widely translated and circulated in this period),


buildings from our collaborator to construct the production lines and other production facilities within such buildings. Our collaborations with CMOs, our operation of our new manufacturing facilities (upon construction completed) and our ability to obtain supplies for manufacturing our drug candidates or future approved drugs could be disrupted if the operations of these collaborators, suppliers or our new manufacturing facilities are affected by a man-made or natural disaster or other business interruption. In addition, damage or extended periods of interruption to our corporate, development, research or manufacturing facilities due to fire, natural disaster, power loss, communications failure, unauthorized entry or other events could cause us to cease or delay development or commercialization of some or all of our drug candidates. Our insurance might not cover all losses under such circumstances and our business and financial condition may be seriously harmed by such delays and interruption.

Our internal information technology and other infrastructure, or those used by our CROs or partners or other contractors or consultants, may fail or suffer security breaches, which may require us to expend additional resources to protect our technology and information systems and could materially adversely affect our business, financial condition, results of operations and prospects.

Despite the implementation of security measures, our information technology systems and those of our current or future partners, CROs, CMOs, consultants and other service providers or suppliers are vulnerable to damage from cyber-attacks, computer viruses, malicious codes, unauthorized access, employee theft or misuse, natural disasters, fire, power loss, terrorism, war, and telecommunication and electrical failures, among other things. If such an event were to occur and cause interruptions in our operations, it could result in a material disruption of our research and development programs. For example, our data may not be backed up in a timely manner and the loss of clinical trial data from ongoing or future clinical trials for any of our drug candidates could result in delays in regulatory approval efforts and significantly increase costs to recover or reproduce the data. To the extent that any disruption or security breach were to result in a loss of or damage to data or applications, or inappropriate disclosure of confidential or proprietary information, we could incur liability and the further development of our drug candidates could be delayed. In addition, a security breach may result in the loss of, damage to, or public disclosure of personally identifiable information, and such an event could have serious negative consequences, including disputes, regulatory action, investigation, litigation, fines, penalties and damages, and time-consuming and expensive litigation, any of which could have a material adverse effect on our business, financial condition, results of operations, or prospects.

In the ordinary course of our business, we collect and store sensitive data, including, among other things, legally protected patient health information, personally identifiable information about our employees, intellectual property and proprietary business information. We manage and maintain our applications and data utilizing on-site systems and outsourced vendors. These applications and data encompass a wide variety of business critical information including research and development information, commercial information and business and financial information. Because information systems, networks and other technologies are critical to many of our operating activities, shutdowns or service disruptions at our Company or suppliers that provide information systems, networks or other services to us pose increasing risks. Such disruptions may be caused by events such as computer hacking, phishing attacks, ransomware, dissemination of computer viruses, worms and other destructive or disruptive software, denial of service attacks and other malicious activity, as well as power outages, natural disasters (including extreme weather), terrorist attacks or other similar events. Such events could have a material adverse impact on us and our business, including loss of data and damage to


equipment, among other things. In addition, system redundancy may be ineffective or inadequate, and our disaster recovery planning may not be sufficient to cover all eventualities. Significant events could result in a disruption of our operations, damage to our reputation or a loss of revenues.

We could be subject to risks caused by misappropriation, misuse, leakage, falsification, system malfunction or intentional or accidental release or loss of information maintained in the information systems and networks of us and our suppliers, including but not limited to personal information of our employees and patients. In addition, outside parties may attempt to penetrate our systems or those of our suppliers or fraudulently induce our personnel or the personnel of our suppliers to disclose sensitive information in order to gain access to our data or systems. The risk of a security breach or disruption, particularly through cyber-attacks or cyber intrusion, including by computer hackers, foreign governments and cyber terrorists, has generally increased as the number, intensity and sophistication of attempted attacks and intrusions from around the world have increased. We may not be able to anticipate all types of security threats, nor may we be able to implement preventive measures effective against all such security threats. The techniques used by cyber criminals change frequently, may not be recognized until launched and can originate from a wide variety of sources, including outside groups such as external service providers, organized crime affiliates, terrorist organizations or hostile foreign governments or agencies. We cannot assure you that our data protection efforts and our investment in information technology will prevent significant breakdowns, data leakages, breaches in our systems or those of our third-party vendors and other contractors and consultants, or other cyber incidents that could have a material adverse effect upon our reputation, business, results of operations, financial condition or prospects. If we experienced any such material system failure or security breach and interruptions in our operations, it could result in a material disruption of our development programs and our business operations, a breach of sensitive personal information or a loss or corruption of critical data assets including trade secrets or other proprietary information. For example, the loss of clinical trial data from completed or future clinical trials could result in delays in our regulatory approval efforts and significantly increase our costs to recover or reproduce the data.

If a material breach of our information technology systems or those of our suppliers occurs, the market perception of the effectiveness of our security measures could be harmed and our reputation and credibility could be damaged. We could be required to expend significant amounts of money and other resources to repair or replace information systems or networks. In addition, we could be subject to regulatory actions or claims made by individuals and groups in private litigation involving privacy issues related to data collection and use practices and other data privacy laws and regulations, including claims for misuse or inappropriate disclosure of data, as well as unfair or deceptive practices. Moreover, despite our efforts, the possibility of these events occurring cannot be eliminated. As we engage in more electronic transactions with payers, suppliers and patients, and collect and store an increasing volume of data, the related security risks will increase and we will need to expend additional resources to protect our technology and information systems.

We may not have adequate insurance coverage to compensate for any losses associated with a system failure, any breach of our computer systems or other cybersecurity attack or any violation of any privacy laws or other obligations. Any breach or failure of our or our suppliers’ computer systems, information technology and other infrastructure could materially adversely affect our business, financial condition, results of operations and prospects.


There is no assurance that we will be able to compete effectively against competitors who may have greater financial resources, greater scales of production, superior technology, better brand recognition and a wider, more diverse and established sales network. In order to maintain our market share and remain competitive, we may be forced to provide more sales incentives to our staff and distributors, and increase capital expenditures, which may in turn negatively affect our profit margins and our results of operations.

In addition, with the liberalisation measures adopted pursuant to the PRC’s accession to the World Trade Organisation, or WTO, foreign brands are permitted to expand their business in the PRC with fewer restrictions. Further, as the economy continues to grow in the PRC, consumers are expected to accumulate greater purchasing power and can more readily afford foreign brands. As a result, more foreign brands have entered, and are continuing to enter, the PRC market, which further increases competition in the ladies-wear industry in the PRC.

# Our sales volume is sensitive to seasonality effects and weather patterns

Our performance is subject to seasonal trends or fluctuations. Sales amounts may vary throughout the year with relatively higher levels of sales for our fall/winter collections and lower levels of sales for our spring/summer collections because the unit selling price for our fall/winter apparel products is generally higher than that for spring/summer apparel products. We also record higher sales typically around holiday and festive seasons such as the Chinese New Year and the Chinese National Day. As a result, comparisons of sales and operating results between different periods within a single financial year, or between different periods in different financial years, are not necessarily meaningful and cannot be relied on as indicators of our performance. In addition, since we operate largely on a seasonal cycle, if our outsourced OEM contractors fail to deliver on a timely basis as a result of extreme and unseasonable weather conditions, our sales in any season and our results of operations could be materially and adversely affected.

Extreme changes in weather patterns could also affect consumers’ purchasing behaviour, which may lead to fluctuations in our sales revenue. For example, extended periods of unseasonably warm weather during the winter season or cool weather during the summer season could render a portion of our inventory incompatible with such unseasonable weather conditions. These extreme or unseasonable weather conditions could have a material adverse effect on our results of operations.

# Natural disasters, acts of war, political unrest and epidemics, which are beyond our control, may cause damage, loss or disruption to our business

Natural disasters, acts of war, political unrest and epidemics, which are beyond our control, may materially and adversely affect the economy, infrastructure and livelihood of the people of the PRC. Some cities in the PRC are particularly susceptible to floods, earthquakes, sandstorms, snowstorms and droughts. Our business, financial condition, results of operations and prospects may be materially and adversely affected if such natural disasters occur in places where we operate or where our products are sold, whether directly or indirectly. Political unrest, acts of war and terrorists attacks may cause damage or disruption to us, our employees, our self-operated retail stores, the distribution channels operated by our distributors and our markets, any of which could materially and adversely affect our sales, cost of sales, overall results of operations and financial condition. The potential for war or terrorists attacks may also cause uncertainty and cause our business to suffer in ways that we cannot currently predict. In addition, certain Asian countries, including the PRC, have encountered epidemics, such as SARS or


incidents of the avian flu. Past occurrences of epidemics have caused different degrees of damage to the national and local economies in the PRC. A recurrence of an outbreak of SARS, avian flu or any other similar epidemic such as the H1N1 flu (swine flu) could cause a slowdown in the levels of economic activity generally, which could in turn materially and adversely affect our results of operations and the price of our Shares.

# RISKS RELATING TO CONDUCTING OPERATIONS IN THE PRC

Changes in the PRC economic, political and social conditions, as well as government policies, could have a material adverse effect on our business, financial condition, results of operations and prospects

Substantially all of our business assets are located in the PRC and substantially all of our revenue is derived from the PRC. Accordingly, our performance, financial position and prospects are subject, to a significant degree, to the economic, political and legal developments of the PRC. In particular, political and economic policies of the PRC Government could affect our business, financial condition and results of operations and may affect our ability to sustain our growth.

The economy of the PRC differs from the economies of most developed countries in a number of respects, including the extent of government involvement, level of development, growth rate, and control of foreign exchange. Before its adoption of reform and open door policies beginning in 1978, the PRC was primarily a planned economy. Since that time, the PRC Government has been reforming the PRC economic system, and has also begun reforming the government structure in recent years. These reforms have resulted in significant economic growth and social progress. Although the PRC government still owns a significant portion of the productive assets in the PRC, economic reform policies since the late 1970s have emphasised autonomous enterprises and the utilisation of market mechanisms, especially where these policies apply to businesses such as ours. Although we believe these reforms will have a positive effect on our overall and long-term development, we cannot predict whether changes in the PRC’s political, economic and social conditions, laws, regulations and policies will have any adverse effect on our future business and prospects.

Our ability to continue to expand our business is dependent on a number of factors, including general economic and capital market conditions and credit availability from banks or other lenders. Recently, the PRC Government has increased interest rates on bank loans and deposits and tightened the money supply to control growth in lending. Stricter lending policies may, among other things, affect our and our end users’ ability to obtain financing which may in turn adversely affect our growth and financial performance. We cannot assure you that further measures to control growth in lending will not be implemented by the PRC Government in a manner that may adversely affect our growth and profitability over time.

# Uncertainties with respect to the PRC legal system could have a material adverse effect on our business and operations

Our business and operations are primarily conducted in the PRC and are governed by applicable PRC laws, rules and regulations. The PRC legal system is based on written statutes and their interpretation by the Supreme People’s Court. Prior court decisions may be cited for reference, but have limited weight as precedents. Since the late 1970s, the PRC Government has significantly enhanced the PRC legislation and regulations to provide protection to various forms of foreign investments in the


图表 8：传媒板块重点公司估值

				EPS	P E

股票简称	代码	股 价	2014EPS	2015EPS	2016EPS	2014PE	2015PE	2016PE

互联网

信息服务	人民网	603000.SH	17.36	0.60	0.00	0.25	29	0	68

三六五网	300295.SZ	33.38	1.88	0.66	0.93	18	50	36

财经服务	东方财富	300059.SZ	21.82	0.14	0.97	0.67	159	22	33

同花顺	300033.SZ	76.62	0.22	1.14	2.22	348	67	34

大智慧	601519.SH	9.24	0.05	-0.24	-0.11	171	0	0

电子商务	欧浦钢网	002711.SZ	26.50	0.86	0.49	0.72	31	55	37

快乐购	300413.SZ	26.79	0.47	0.21	0.26	57	129	102

焦点科技	002315.SZ	62.80	1.02	0.00	0.92	62	0	69

生意宝	002095.SZ	54.69	0.16	0.00	0.00	342	0	0

上海钢联	300226.SZ	45.82	0.12	-1.16	0.06	381	0	815

网络游戏	掌趣科技	300315.SZ	11.27	0.27	0.17	0.32	42	68	36

中青宝	300052.SZ	22.00	-0.08	0.00	0.16	0	0	133

顺网科技	300113.SZ	88.94	0.54	0.90	1.46	165	99	61

天神娱乐	300114.SZ	32.00	0.45	0.44	0.58	71	72	55

昆仑万维	300418.SZ	29.70	1.55	0.38	0.49	19	77	61

游族网络	002174.SZ	33.59	1.67	1.60	0.81	20	21	42

网络视频	乐视网	300104.SZ	58.80	0.44	0.32	0.47	134	186	124

移动互联网/SP	拓维信息	002261.SZ	14.04	0.14	0.41	0.26	100	34	54

北纬通信	002148.SZ	18.20	0.06	0.02	0.21	303	778	86

朗玛信息	300288.SZ	35.39	0.33	0.23	0.34	107	155	104

神州泰岳	300002.SZ	8.52	0.49	0.20	0.24	18	43	36

互联网支撑商	二六三	002467.SZ	13.93	0.31	0.12	0.19	45	119	72

网宿科技	300017.SZ	63.81	1.54	1.02	1.70	41	62	37

互联网金融	腾邦国际	300178.SZ	19.55	0.53	0.30	0.42	37	65	47

京天利	300399.SZ	38.99	0.57	0.00	0.00	68	0	0

传 媒

图书出版	中南传媒	601098.SH	17.44	0.82	1.02	1.17	21	17	15

天舟文化	300148.SZ	18.90	0.39	0.39	0.71	48	48	27

皖新传媒	601801.SH	22.02	0.76	0.97	0.99	29	23	22

凤凰传媒	601928.SH	10.63	0.47	0.57	0.54	22	19	20

新华传媒	600825.SH	8.20	0.05	0.00	0.00	164	0	0

青岛碱业	600229.SH	11.79	0.19	0.00	0.00	62	0	0

时代出版	600551.SH	16.99	0.77	0.82	0.86	22	21	20

出版传媒	601999.SH	9.30	0.14	0.00	0.00	66	0	0

大地传媒	000719.SZ	14.49	0.87	0.00	0.00	17	0	0

视觉中国	000681.SZ	23.87	0.23	0.25	0.38	102	95	62

长江传媒	600757.SH	7.51	0.17	0.00	0.36	44	0	21

中文在线	300364.SZ	93.35	0.51	0.44	0.60	183	212	154

中文传媒	600373.SH	20.79	0.68	0.87	1.02	31	24	20

华闻传媒	000793.SZ	9.15	0.53	0.00	0.00	17	0	0

华媒控股	000794.SZ	0.00	0.00	0.00	0.00	0	0	0

浙报传媒	600633.SH	15.58	0.44	0.49	0.54	35	32	29

影视动漫	华谊兄弟	300027.SZ	27.58	0.73	0.78	0.88	38	35	31

华策影视	300133.SZ	25.90	0.62	0.46	0.62	42	56	42

华录百纳	300291.SZ	23.12	0.52	0.47	0.60	44	49	38


	中视传媒	600088.SH	21.51	0.16	0.00	0.00	135	0	0

光线传媒	300251.SZ	25.47	0.33	0.31	0.42	77	82	60

万达院线	002739.SZ	80.30	1.60	1.05	1.61	50	77	50

慈文传媒	002343.SZ	41.56	0.27	0.63	0.99	152	66	42

宋城演艺	300144.SZ	27.30	0.65	0.45	0.66	42	61	41

新文化	300336.SZ	27.80	0.63	0.64	0.72	44	44	39

奥飞动漫	002292.SZ	33.77	0.68	0.44	0.56	50	77	60

营销服务	蓝色光标	300058.SZ	10.86	0.75	0.17	0.38	14	65	29

省广股份	002400.SZ	18.27	0.74	0.66	0.76	25	28	24

华谊嘉信	300071.SZ	9.00	0.20	0.22	0.24	45	42	38

粤传媒	002181.SZ	8.68	0.33	0.00	0.00	27	0	0

思美传媒	002712.SZ	114.20	0.84	1.28	2.01	136	89	57

北巴传媒	600386.SH	18.72	0.47	0.00	0.52	40	0	36

利欧股份	002131.SZ	19.25	0.48	0.31	0.55	40	62	35

明家科技	300242.SZ	36.30	0.05	0.21	0.67	726	171	55

龙韵股份	603729.SH	73.81	1.57	0.00	0.00	47	0	0

腾信股份	300392.SZ	28.36	1.72	0.36	0.54	16	78	52

科达股份	600986.SH	18.20	0.16	0.18	0.55	114	101	33

有线网络运营商	歌华有线	600037.SH	15.09	0.54	0.53	0.55	28	28	27

天威视讯	002238.SZ	17.41	0.54	0.48	0.60	32	36	29

广电网络	600831.SH	12.60	0.21	0.24	0.29	61	52	44

吉视传媒	601929.SH	4.18	0.28	0.00	0.14	15	0	29

电广传媒	000917.SZ	17.99	0.23	0.43	0.59	78	41	31

湖北广电	000665.SZ	15.40	0.51	0.67	0.75	30	23	21

东方明珠	600832.SH	23.18	0.37	0.00	0.00	63	0	0

IPTV/互联网电视	百视通	600637.SH	25.65	0.71	1.05	1.16	36	24	22

当代东方	000673.SZ	15.17	0.00	0.37	0.34	0	41	45

金亚科技	300028.SZ	20.00	0.10	0.00	0.00	200	0	0

华数传媒	000156.SZ	19.19	0.33	0.00	0.44	58	0	43

体 育	中体产业	600158.SH	18.66	0.12	0.12	0.20	153	152	93

雷曼光电	300162.SZ	23.84	0.19	0.14	0.21	125	174	114

强生控股	600662.SH	12.27	0.18	0.20	0.22	69	60	55

广弘控股	000529.SZ	8.92	0.26	0.00	0.00	34	0	0

国旅联合	600358.SH	13.50	-0.38	0.04	0.03	0	350	489

鸿博股份	002229.SZ	27.19	0.09	0.04	0.07	293	687	409

来源：中泰证券研究所