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?? -- 330,216,105.19 67,725,332.84 264,242,133.51 3,973,694.79 20,144,783.00 462,748.59 110,043,575.32 -- -- -- -- -- --
δ3ε???????ぁ????????φ?????????亯???ぁ????θ?????????????????????????θ
???????ぁ???????
δ?йε?????
亯? ????? ??
ж??????? -- --
δ1ε??????? 2,303,305.35 2,303,305.35
?????? -- --
δ1ε?? 753,585.97 753,585.97
δ1ε?? 2,100,269.95 2,100,269.95
п??????? -- --
δ1ε?? - -
???????? -- --
δ????ε????
亯? ????? ?щ??? щ??? ???? ???????? ???? ???? ??
ж??????? -- -- -- -- -- -- -- --
δ1ε?? - - - 312,298.86 - - - 312,298.86
δ2ε???? - 294,008.34 - - - - - 294,008.34
δ3ε???ぁ?
- - - 3,973,694.79 - - - 3,973,694.79
???
δ1ε?? - - - 894,818.83 - - - 894,818.83
仓
?????? -- -- -- -- -- -- -- --
δ1ε?? 2,509,094.18 4,706,777.27 2,143,680.96 24,300,666.18 66,986,551.24 13,605,541.99 - 114,252,311.82
δ1ε?? - - - 894,818.83 - - - 894,818.83
- - - 72,696.98 20,146,993.87 4,530,133.14 - 24,749,823.99
仓
п??????? -- -- -- -- -- -- -- --
δ1ε?? - - - - - - - -
δ1ε?? - - - - - - - -
- - - - 14,927,965.40 6,027,808.78 - 20,955,774.18
仓
???????? -- -- -- -- -- -- -- --
δ1ε??????????????????????????仓????1.53%?
δ??ε????
????
???
亯? ???仓 ?????? ????? ???仓
??? ??
?? ??
?????щ??? 10,562,923.76 - - 294,008.34 - 10,268,915.42
?? 10,562,923.76 - - 294,008.34 - 10,268,915.42
δ??ε??
?????? ???? ????
??????
〦????? ???仓 ???仓
???? ??? ?仓
??亯 ???? ??
??? ?
LSG100%?? 2,022,929,494.58 - - - - 81,778,955.82 2,104,708,450.40
?? 2,022,929,494.58 - - - - 81,778,955.82 2,104,708,450.40
?????? ???? ????
???????
〦????? ???仓 ???仓
???? ??? 仓
??亯 ???? ??
??? ?
LSG100%?? 930,788,686.73 - - - - 37,628,067.17 968,416,753.90
?? 930,788,686.73 - - - - 37,628,067.17 968,416,753.90
LSG?ж?????????θ??????伕????????????????????
???Life-Space???LSG???????θж???LSG????θ??????
?????р??χ?ж???????θ????????????????????2025
?LSG?????ф2018?8??????????????ж?θ??LSG???
????????θ???????????????????????????
?????????????θ2020???????????θ????????
???????LSG??θ?????〕?????从θ??фLSG???人????
??θ??????????????????
????????
??2025?12?31?θ??????сφ
??φн???
????? ??????????仓 ?????ф???ж?
LSG ???????????????
??????
?????????????фрж?????????ж??
???????????????????
?????????????????δ??ε??????2026?3?12??????
?????????????????LSG????????????????????????
??????仓???????δ???????2026??TKMQD0100?εθ??
?人?????????????????????????仓θф????????ж??
?????????ぁ?сφ
??φн???
亯? LSG ???
?????仓? 210,470.85
?????????仓? 96,841.68
??????????ω?-? 113,629.17
???????????????????? -
??????????????????????=?+? 113,629.17
??????????? 34,669.60
?????????????????=?+? 148,298.77
???人????????????δ????仓ε? 177,692.62
????????δ?? 0 ?ε?=?-? -
*????????????び??
????仓???????????φ
亯? ???? ??????
人?? 2026 ?-2030 ?
? 2025 ????????? 2026 ?人
人????? 3.77%-10.85%
????????????人?
ど????? 0%
亯? ???? ??????
? 2025 ???∑?????? 2026 ?人
∑?? 66.71%
?人?
い???? 11.90% ????????? WACC ??
р???ф????????уж????φ
?????????? 2025 ????????? 2026 ?人????人??????人
?????????????? 2026 ?????????θ??????????????
????? AI ????亯??θ???????????
???????????い????? 11.90%θ2024 ?? 12.94%θ??ж???
?????ф?????????
?????????????????人????????сθ????????
????仓177,692.62н???θ???????????
δ??жε??????
亯? ???仓 ?????仓 ?????仓 ?????仓 ???仓
????? 33,958,078.37 3,913,718.25 4,572,673.27 - 33,299,123.35
???? 8,000.00 - 8,000.00 - -
?????????? - 20,144,783.00 1,184,987.19 - 18,959,795.81
?? 33,966,078.37 24,058,501.25 5,765,660.46 - 52,258,919.16
δ???ε????い??/????い??
???仓 ???仓
亯?
???????? ????い?? ???????? ????い??
???????? 131,670,485.29 26,829,866.93 123,346,170.57 25,384,615.81
????????????
???ф?い??????
????????い?? 29,518,162.89 4,427,724.43 32,461,734.67 4,869,260.20
????????い?? 13,748,320.02 2,467,318.86 11,329,500.00 2,080,165.00
?????? 91,366,702.96 22,841,675.74 135,212,567.30 33,803,141.83
????????? 30,005,836.37 7,501,459.09 106,501,385.40 26,625,346.35
????? 98,819,453.26 24,704,863.32 25,515,924.54 6,378,981.15
??????-???????
?????
?????? 17,724,457.00 5,317,337.10 10,686,414.97 3,205,924.49
〕???????い?? - - 405,411.14 101,352.79
人?????? 273,877,775.60 68,630,044.81 267,979,680.88 67,031,908.34
?? 835,914,390.52 185,913,211.52 812,089,110.74 185,171,778.03
???仓 ???仓
亯?
??い????? ????い?? ??い????? ????い??
???????? 46,193,235.78 7,205,387.10 111,607,986.35 17,015,881.92
???????? 162,831,970.32 24,579,967.13 173,012,548.50 26,068,006.30
??????仓ф?い??
???
??ж??с??????
??????
??????????????
?????
???????????????? 19,153,384.00 2,873,007.60 113,227,053.64 16,984,058.05
?????????い?? - - 385,304.43 96,326.11
?? 546,529,903.98 110,739,581.51 763,021,158.60 152,420,918.35
????い???? ???????い? ????い???? ???????い?
亯?
??????仓 ???????仓 ??????仓 ???????仓
????い?? 44,405,928.96 141,507,282.56 28,384,628.16 156,787,149.87
????い?? 44,405,928.96 66,333,652.55 28,384,628.16 124,036,290.19
亯? ???仓 ???仓
???????? 543,971,467.80 717,777,523.67
????? 582,862,532.72 446,862,447.98
?? 1,126,834,000.52 1,164,639,971.65
?? ???仓 ???仓 ??
????? 214,274,721.27 205,729,850.12
?? 582,862,532.72 446,862,447.98 --
δ??пε???????
???仓 ???仓
亯?
???仓 ?????? ?????? ???仓 ?????? ??????
????
人?ⅴ
?仓?? 606,963,015.04 - 606,963,015.04 535,495,380.43 - 535,495,380.43
?? 630,956,725.04 - 630,956,725.04 559,312,385.12 - 559,312,385.12
δ???ε??????????????
??
亯?
???仓 ?????? ???? ????
????????
仓??
?? 15,000,000.00 15,000,000.00
??
亯?
???仓 ?????? ???? ????
????????
- -
仓??
?? - -
?φ???????-?仓?????????????????θ???????θ
?????ぁ??
δ???ε???ⅴ
亯? ???仓 ???仓
?????????? 948,017,927.43 1,542,501,388.82
?? 948,017,927.43 1,542,501,388.82
??
δ?????ε????
〃? ???仓 ???仓
???????? - -
???????? - 28,530,356.46
?? - 28,530,356.46
???у??????????????
δ??йε???ⅴ
亯? ???仓 ???仓
???ⅴ 295,700,056.79 211,355,756.36
?? 295,700,056.79 211,355,756.36
δ?????ε人?ⅴ亯
亯? ???仓 ???仓
人?ⅴ亯 3,908,602.53 61,758.47
?? 3,908,602.53 61,758.47
δ???ε????
亯? ???仓 ???仓
人??ⅴ 280,883,903.79 292,101,985.70
??????? 245,523,302.12 232,966,202.66
?? 526,407,205.91 525,068,188.36
δп?ε??????
???????
亯? ???仓 ???? ???? ???仓
仓
?????? 125,356,407.50 859,430,471.22 742,638,570.90 505,931.15 242,654,238.97
????? 1,174,838.32 38,800,752.03 39,538,263.32 20,443.32 457,770.35
???? 10,110,067.73 28,010,901.01 22,212,161.49 - 15,908,807.25
?? 136,641,313.55 926,242,124.26 804,388,995.71 526,374.47 259,020,816.57
?????
亯? ???仓 ???? ???? ???仓
??仓
??φ ????? 239,923.02 11,620,325.73 11,860,248.75 - -
????? 16,029.50 1,453,865.48 1,469,894.98 - -
???? 462,760.31 57,734.61 58,135.23 18,630.64 480,990.33
?? 125,356,407.50 859,430,471.22 742,638,570.90 505,931.15 242,654,238.97
???????
亯? ???仓 ???? ???? ???仓
仓
?? 1,174,838.32 38,800,752.03 39,538,263.32 20,443.32 457,770.35
δп?жε??い?
亯? ???仓 ???仓
????い 31,297,368.48 75,633,878.96
????い 5,045,491.97 4,832,771.27
??????い 886,244.59 520,569.56
????? 379,819.04 223,233.99
????い 457.44 635.70
??い 1,241,239.56 932,645.01
??い 850,126.83 952,601.13
????い 1,725.22 1,023.69
?????い 1,464,128.75 1,205,440.59
?? 54,237,966.20 91,865,992.59
δп??ε????ⅴ
亯? ???仓 ???仓
???? - -
???? - -
????ⅴ 452,983,504.15 414,840,438.10
?? 452,983,504.15 414,840,438.10
?φр??????ⅴ??????????????????ⅴ?
δ1ε?ⅴ亯????????ⅴ
亯? ???仓 ???仓
?????ⅴ 189,646,077.93 143,524,496.82
????ぁ???ⅴ 86,353,211.35 122,945,946.67
?????ⅴ 142,486,855.68 106,530,551.53
?????? 20,216,087.83 26,813,138.18
?? 14,281,271.36 15,026,304.90
?? 452,983,504.15 414,840,438.10
δ2ε?喺??1????????ⅴφ??
δп?пεж??????????
亯? ???仓 ???仓
ж?????〕??? 92,677.63 867,965.06
?? 92,677.63 867,965.06
δп??ε??????
亯? ???仓 ???仓
???????亯い 37,395,497.03 36,276,104.98
?? 37,395,497.03 36,276,104.98
δп??ε???ⅴ
亯? ???仓 ???仓
?????ⅴ 84,218,175.45 -
?? 84,218,175.45 -
?????ⅴ???仓??????φ1.80%
δп????ε〕???
亯? ???仓 ???仓
〕??ⅴ仓 110,273.33 914,053.23
?φ??????? 1,826.43 15,041.79
?? 108,446.90 899,011.44
?φж?????〕??? 92,677.63 867,965.06
?? 15,769.27 31,046.38
δп?йε????????
亯? ???仓 ???仓
ж????????????? 1,474,557.25 1,167,916.89
???????? - -
?φж??????? 606,543.10 386,213.48
?? 868,014.15 781,703.41
?????? ????
??? 4.81%
????? 4.19%
亯? ???仓 р??仓
???? 291,715.93 -714,230.44
δп????ε人???
亯? ???仓 ???仓
???? 1,557,142.06 1,633,648.06
δп??ε????
亯? ???仓 ???? ???? ???仓 ????
????-???? 68,084,804.90 15,000.00 9,204,141.73 58,895,663.17 ??????
???????亯?
?????? ?????????? ф????/
??亯? ???仓 ???仓
?仓 ?仓 ф????
δ?????亯?ε
???????????伕?????? 775,000.00 - 300,000.00 475,000.00 ф????
?ε
???2017?????щ亯?????
????亯?
?????〇????????щ亯?
??ж??????????????? 16,257,731.78 - 2,934,349.37 13,323,382.41 ф????
??亯?
???????????????????
?儎?????????????亯?
???2018?????щ亯?????
?????????????亯?
??????????????????
?
???????????“2017??????
?δ????2025εщ亯??亯?”?
?????????亯?
“??????儎????????????”?
?
??????5G+???? 255,626.81 - 204,501.47 51,125.34 ф????
??????????????????
?
??????????щ亯?? 980,012.97 - 148,862.76 831,150.21 ф????
?????????ф?????ガ亯
?δ???????????????? 320,000.00 - - 320,000.00 ф????
????ε
?????????ф?????ガ亯
?δ????????????????? 300,000.00 - 103,154.87 196,845.13 ф????
??????????ε
???????????儎????щ亯?
?
???〇???ㄏщ亯?? 904,880.08 15,000.00 30,000.00 889,880.08 ф????
???????ㄏ?ㄏ???? 86,179.97 - 86,179.97 - ф????
??〇??????? 82,000.00 - - 82,000.00 ф????
??????? 30,000.00 - - 30,000.00 ф????
?? 68,084,804.90 15,000.00 9,204,141.73 58,895,663.17
δ??ε??
??????δ+?ιε
亯? ???仓 ???仓
???? ?? ???〥??? ?? ??
???
?
??????9,168,400.00??????????????9,168,400?θ??????1???θ??
?????????9,168,400.00???θ????????????105,201,465.00???θ?
???????δ??ε9,168,400.00???θ??96,033,065.00??????????〥δ????ε?
???????2024?8?4??8?21??2025?2?25???????????????
??2024?????????????????????????θ??????????
?????????????????????????????θ????????????
????????ㄔ?????????θ???????????????????
仓у????? 10,000н???δ?εθу????? 20,000н???δ?εθ????у?
????20???/?δ?εθ???????????????????????у??12
???????????????? 2024?8?6??2025?2?26????????????
???????????????????????????ⅴ???????????? 2025
?8?20?θ???????┗θ????????????????????? 2025
?2?5??2025?7?31????????????щ??????ㄔ???????
/?θ????仓????105,201,465.00???δу?????εθ??????????
?????θ?????????????
δ??жε?????〥
亯? ???仓 ???? ???? ???仓
???? 6,111,540,700.50 - 96,800,261.46 6,014,740,439.04
???????〥 26,857,100.82 101,760.00 2,155,200.00 24,803,660.82
?? 6,138,397,801.32 101,760.00 98,955,461.46 6,039,544,099.86
??????96,800,261.46???θ??φ96,033,065.00??????????????9,168,400
?θ??????1???θ???????????9,168,400.00???θ???????????
?105,201,465.00???θ????????δ??ε9,168,400.00???θ??96,033,065.00????
??????〥δ????εχ767,196.46????????????????????????哜???〇
????????????????〇???????????????????θ?????儎?
????????????仓??仓???????〥-????θ????????δ?ε??????
???????仓???ъ???????????χ
???????〥??2,155,200.00???θ?2025?????????????
???????〥????101,760.00???θ??????2025???????????
???????????????θ??????????????????????????
????
δ???ε???
亯? ???仓 ???? ???? ???仓
???? 259,698,936.01 105,201,465.00 105,201,465.00 259,698,936.01
?? 259,698,936.01 105,201,465.00 105,201,465.00 259,698,936.01
?????????????????????δ??ε???
δ??пε??????
???仓
?φ??????
亯? ???仓 ?φ?????? ???仓
????い?? ?????? ?φ??い? い????? い?????
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仓 ???????? ? ???? ???
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??
ж?у???????
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?????
??????????
-124,996,133.39 69,927,926.56 - - - 69,927,926.56 - -55,068,206.83
??????
??φ???????
-124,996,133.39 69,927,926.56 - - - 69,927,926.56 - -55,068,206.83
??仓
???????? -58,475,767.06 -24,030,783.39 - - -14,111,050.45 -9,919,732.94 - -68,395,500.00
δ???ε?????〥
亯? ???仓 ???? ???? ???仓
???????〥 850,363,387.42 - - 850,363,387.42
?? 850,363,387.42 - - 850,363,387.42
δ???ε?????
亯? ?? р?
???р??????? 2,679,535,927.02 3,565,164,792.96
????????????δ??+θ??-ε - -
?????????? 2,679,535,927.02 3,565,164,792.96
?φ????????????????? 782,150,543.66 652,833,808.18
?φ?????????〥 - -
?????????〥 - -
??ж?伄??? - -
??????? 606,038,127.84 1,516,597,599.60
???????????? - 21,865,074.52
?? - -
??????? 2,855,648,342.84 2,679,535,927.02
???????2025?3?21????2024????????θ?????у??????
??????1,683,439,244????θ????????10??????????3.60???δ?
いεθ???????????606,038,127.84???δ?いεθ????????????
????
δ?????ε???????????
???仓 р??仓
亯?
???? ?? ???? ??
???? 6,195,658,930.57 1,938,934,033.16 6,780,737,792.50 2,208,506,969.16
???? 69,811,889.93 72,538,619.13 57,656,971.12 69,513,494.64
?? 6,265,470,820.50 2,011,472,652.29 6,838,394,763.62 2,278,020,463.80
???? ?????? ????
??????? 6,265,470,820.50 2,011,472,652.29
??φ?? 5,079,184,022.87 1,559,379,575.10
???? 1,002,861,361.26 392,668,384.57
俏⑥??? 321,031,064.60 126,408,735.02
?????????? 6,265,470,820.50 2,011,472,652.29
??φ??ж??????? 6,265,470,820.50 2,011,472,652.29
δ??йεい????
亯? ???仓 р??仓
??????い 27,440,121.23 19,200,869.76
????? 19,600,066.68 13,713,706.33
??い 20,695,356.52 15,361,144.68
????い 2,503,412.71 1,919,039.29
??い 5,351,838.55 5,259,137.12
????い??? 130,483.61 35,137.25
?? 75,721,279.30 55,489,034.43
δ?????ε????
亯? ???仓 р??仓
????? 450,641,542.73 477,728,234.78
??????? 17,397,410.94 12,832,511.09
???? 22,040,119.56 26,690,227.96
????? 578,467,715.87 635,822,833.58
???? 902,713,210.53 966,933,195.67
〕????? 3,216,376.62 3,900,081.36
??? 35,376,061.11 55,201,996.10
??? 7,759,904.18 10,360,555.61
??? 4,029,408.91 5,608,556.34
?ㄥ??????? 86,258,519.97 71,500,063.43
??? 566,930,978.77 758,701,095.10
???? 7,134,513.97 6,210,364.67
?? 2,681,965,763.16 3,031,489,715.69
δ???ε????
亯? ???仓 р??仓
????? 253,669,634.69 257,174,216.46
???? -2,155,200.00 21,199,200.00
??????? 51,207,128.92 84,693,362.34
??? 3,283,032.90 5,863,986.98
??? 2,618,476.61 2,380,610.32
????? 2,991,069.54 5,194,059.26
????? 11,429,585.69 20,067,286.57
??щ?? 1,861,769.93 2,505,316.54
????? 17,552,599.92 22,427,246.73
???? 157,406,468.70 131,183,606.08
?? 6,066,474.70 4,443,175.20
?? 505,931,041.60 557,132,066.48
δ??ε????
亯? ???仓 р??仓
????? 57,544,169.26 64,844,712.99
?????? 33,972,567.40 66,904,471.83
??ф?? 6,548,427.67 6,928,931.43
????? -14,468,254.84 1,954,254.16
??? 1,078,812.65 1,754,078.27
??? 962,231.84 2,225,532.59
???? 3,316,222.70 4,016,553.50
?? 88,954,176.68 148,628,534.77
?φ????????人?θ??????????ⅴθ???????? 1,598.11
н????
δ??жε????
亯? ???仓 р??仓
???? 14,405,815.55 12,153,587.24
??φ〕???????? 14,417.53 7,132,198.40
?φ?????? 41,992,723.67 57,728,755.85
?????? 1,440,787.12 1,672,417.45
?????? 8,031,228.29 -5,221,342.67
?? -18,114,892.71 -49,124,093.83
δ???ε????
???????? ???仓 р??仓
ф??????ъф?????
????
ф??????ъф?????
????
?い????? 1,749,623.10 1,242,555.85
?? 21,925,547.21 28,100,243.94
??????φ
????〃? ???仓 р??仓
ф?????????φ -- --
??ε
???????????????????? - 2,500.00
???2017?????щ亯?????????亯? 327,272.72 327,272.72
?????〇????????щ亯???ж?????????????
????亯?
????????????????????儎?????????????
亯?
???2018?????щ亯??????????????????亯
?
???????????“2017???????δ????2025εщ亯??亯?”
?1φ1?????????????????????????亯?
“??????儎????????????”?? 147,394.36 168,890.34
??????5G+???? 204,501.47 208,025.24
??????????щ亯?? 148,862.76 148,862.76
??????????????????? 543,051.58 481,643.99
????〃? ???仓 р??仓
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- 40,000.00
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?? 11,213,141.73 11,042,092.35
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亯? ???仓 р??仓
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亯? ???仓 р??仓 ??????????????仓
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亯? ???仓 р??仓
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亯? ???仓 р??仓
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伄????????????伄?????????ⅴ????????????????θ?
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ж?????????????? -- -- -- --
δжε??????? - 3,607,888,853.06 - 3,607,888,853.06
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δ1ε???? - 3,607,888,853.06 - 3,607,888,853.06
δ?ε????????? - - 385,679,560.05 385,679,560.05
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δ1ε??????????
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??
δпε???????? - - 214,255,800.01 214,255,800.01
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δ?ε????????????????亯?????????θ???????????
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δжε??????????
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俌?????????п????
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亯? 2025.12.31
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??? 669,489,308.73 -13,670,940.84 -7,955,098.35 - 647,863,269.54
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δ?ε ?????亯
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?????????????ⅴφ 165,736,583.28 100.00 841.89 0.0005 165,735,741.39
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亯? ???仓 р??仓
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?? 96,370,816.87 --
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