China Household Initial Coverage 20170622 CH

2017 6 22
692
| 2017 6 22 |

692

1.

2013
6 16
2016 4
0.51
6,700
2.
5
42.7
2013 2016

2012 12
13%

3.
www.blazing-research.com / blazing.research.m@protonmail.ch
2017 6 22
4.
2015 4 20
0.06% 2013
5. 90
90
13%
6.
7.
2016 17
2013 1
0.78623 2014 1 0.78887 2015 1 0.83778
2016 1 0.89451
2017 6 22
2012 12
00692
2010 2012 50 120 120 1

1 8 1 22 2 7 5 2010
50.0% 2012 0.0%
2013
2012 12 14 Chang Ye Holdings Limited

Chang Ye Holdings Limited
6,000
2013 1 3 2013 1 8
1 2013 2016
2013 2014 2015 2016
943,457 1,662,093 1,152,101 872,351
922,361 1,577,073 1,036,8911 785,1162
% 97.8% 94.9% >90% >90%
154,161 -861,115 -1,087,952 -341,609

187,417 26,389 236,060 -100,922
3 19.86% 1.59% 20.49% -11.57%
2014 2013
2013 2015
2017 6 22
2016 10 29
13.5
75
1
2015 2016
2
1
3

2017 6 22
2 6

692 692
/

2009 2010

11 3 3 30
2011 2012
4
11 2 93
2012 2013

10 18 13
2013 2013

87 12 31
2013 2014

5 13 7 11
2013 2014

7 26 7 17
2013 7 26 3.8 100%
2014 4 30
210,040,000 3.56
2017 6 22
2014 238,520,000
100,471,000 134,000,000 33,529,000
138,049,000
114%
2017 6 22
2014 105
2.10
2014-2016
7,500,000 5,916,525 12,000,000 10,053,360
27,000,000 24,151,770
2017 6 22
2014 4 30
2014 Polar Sunshine

7,600,000 5,995,000
2014
2014 59,475.64
2017 6 22
5 2014
2014
2017 6 22
62014
2014 78
2015 Polar Sunshine

19,689,000 7,600,000
2014
2015 630,358.42 478,846.05
19,689,000 16,495,000
2017 6 22
7 2015
2015
2017 6 22
82015
2015 74
2016 Polar
Sunshine
2016 535.55 401.66

2016 27,000,000 24,152,000
2017 6 22
9 2016
2016
2017 6 22
102016
2016 87
2014 2016 99%

4,622.2
11
2014 2015 2016
-59.47564 478.84605 0.40166 419.77207
5,995 16,495 24,152 46,642
6,054 16,016 24,151.6 46,222
(%) 101% 97% 99% 99%
2014 2016
41.65
12
2014 2015 2016
31.00886 372.7 12.74465 416.45351
1,998 5,498 8,051 15,547

(/ (1-25%) * 25%)
1,967 5,126 8,038 15,131
(%) 98% 93% 99% 97%
2017 6 22
http://www.etax-
gd.gov.cn/xxmh/html/index.html
13
http://www.etax-gd.gov.cn/xxmh/html/index.html
2017 5 2,756.7
2400
2013 5 13 Ultra Hero Limited
Kassade 1
5
2014 7
2017 6 22
2014 59,065,000 59,869,000
14
2014 103
(i)
20,000,000 (ii)
20,000,000
2017 6 22
15
2013 5 13
2014 2016
2017 6 22
16
2014 2015 2016
-186.5762 36.11387 -1,212.49229 -1362.95462
16,633 30,118 14,443 61,194
16,820 30,082 15,645 62,557
(%) 101% 100% 108% 102%
2014 2016 136.30

6,119.4 2014 2016
6,255.7
2014 2016 231.85
17
2014 2015 2016
1,743.1472 634.3967 -59.076 2,318.4679
5,544 10,039 4,811 20,395

(/ (1-25%) * 25%)
3,801 9,405 4,870 18,076
(%) 69% 94% 101% 89%
2014 2016
2016 16,146,000 2016

20,000,000 16,146,000
2017 6 22
18
2017 5
18,740
2013 8 7 4.8
3 2%
2013
2013 294,816,000 294,826,000
(i)
2,600,000 (ii)
76,000,000 (iii)
162,000,000
2017 6 22
19
2013 8 7
2014 2015
2014 2016
20
2014-2015
2014 2015 2016

-278.1078 -1,444.6033 -1,641.686 -1,722.7111
13,550 5,035 18,585
13,828 6,480 20,308
(%) 102% 129% 109%
2015 2016 3 30
2016
/
2017 6 22
21
2014-2015
2014 2015 2016

340.2 504.7 662.2 844.9
4,517 1,678 6,195

(/ (1-25%) * 25%)
4,176 1,174 5,350
(%) 92% 70% 86%
22
2012 10 18
6,000 4%
4 2012
2013 1
2017 6 22
2013 50,808,000
14,877,000 14,846,000 3.1
35,931,000 100%
(i)
15,000,000 (ii)
15,000,000
23
2012 10 18
2013 2015 86%

3.42 2013 2015 93.6%
2017 6 22
24
2013 2014 2015
18,421 33,507 1,845 53,773
152,533 167,410 76,205 396,148
134,112 133,903 74,360 342,375
(%) 88% 80% 98% 86%
2013 2015 2479

19%
25
2013 2014 2015
5,476.1 17,449.5 1,866.1 24,791.7
50,844 55,803 25,402 132,049

(/ (1-25%) * 25%)
45,368 38,354 23,536 107,258
(%) 89% 69% 93% 81%
81%
2017 6 22
26
2015 870,226.91 2015

615,039.30
2015 7,620.50 2,542.0
2014 4 9 6 958,501.24
+1,259,242.31 =2,217,743.55 2014
2,217,743.55 x 2 = 4,435,487.1 2014 1.67
5,580.3
2017 6 22
4
2010
16.8
1,698,102,000 2016
97%
27
2016 2015 2014 2011
1,649,829 56,400 699,200 733,400 160,829
1,698,102
97.2% 3.3% 41.2% 43.2% 9.5%
2017 6 22
28

2010

1,500,000
2011

160,829,000

163,000,000
2012

3,000,000
2013

3,149,000
2014

733,400,000
2015
699,200,000
2016 699,200,000
56,400,000
2017 6 22

100%

29

(%)

(2014-2016)5 46,642 420 46,222 99.1%

(2014-2016) 61,194 -1,363 62,557 102.2%
(2014-2015) 18,585 -1,723 20,308 109.3%
(2013-2015) 396,148 53,773 342,375 86.4%
522,569 51,107 471,462 90.2%
4.71
30

-33,529 -804 -10 31

134,000 0 0 14,846
138,049 59,869 294,826 35,931
238,520 59,065 294,816 50,808

114% 101% 100% 100%

2017 6 22
4

5
2016
2017 6 22
22
2013-2016
2013-2015
31 2016
2017 6 22
2016 81-82
2017 6 22
322013-2016 ()
2013 2014 2015 2016
0.00 0.00 0.00 0.00 0.00
6 604.70 0.00 0.00 604.70
271,592.57 496,952.81 270,826.71 126,904.30 1,166,276.39
15,370.57 87,503.21 58,894.95 161,768.72
31,841.55 67,644.15 47,601.84 147,087.54
9,999.84 41,123.27 15,431.27 66,554.38
271,593 554,769 467,097 248,832 1,542,292

741,774 1,311,175 965,207 780,327 3,798,483
470,181 756,406 498,110 531,495 2,256,191
(%) 63% 58% 52% 68% 59%
2013 2016 22.56
2017 6 22
332013-2016 ()
2013 2014 2015 2016
0.20 3.43 65.63 25.18 94.44
7 0.00 0.00 0.00 0.00

5,476.05 17,449.46 1,866.15 1,264.32 26,055.99

340.20 504.70 662.20 1,507.10
-59.08 634.40 1,743.15 2,318.47

31.01 372.70 12.74 416.45

5,476 17,765 3,444 3,708 30,392
54,801 90,763 76,116 21,150 242,830
49,325 72,998 72,672 17,442 212,437
(%) 90% 80% 95% 82% 87%
2013 2016 2.43

0.30 87%
6
2013
7
2013
2017 6 22
2013 2016
2015 2016 10.37 7.85
8
(a)(b)
(c)
(A)
2012 12 14 Chang Ye
10
2017 4
2017 6 22
34
2016
35
2017 6 22
36
2017 6 22
37
2017 6 22
38
(B)
2015
11 13
2017 6 22
39
#
105
1

14
2
602-605
863
3

4 4-5
/
5
67

6
B1 12 103
/
7
67
/
8
67
C 12
9

10 6 2001

11
A1

12 5

13

www.chh360.com/shop/index.php?act=article&op=show&article_id=54
2017 6 22
40
# 2015 2016
1 0 n.a.
2 20,000 60,000
3 n.a. 410,000
4 n.a. 0
5 0 0
6 18,621 n.a.
7 0 0
8 0 0
9 127,406 238,600
10 1,050,000 58,886
11 1,370,800 5,210,984
12 0 0
13 800,000 n.a.
(C) OAO2C

OAO2COAO2C
Online And Offline To Customer 2013 2016
B2G(Business-to-ghost)
2017 6 22
41 2014
2014
http://mall.chh692.com/ www.chh692.com
www.360chh.com
42
Alexa SimilarWeb SimilarWeb

mall.chh692.com n.a. 1,336,079 < 5000

www.chh692.com n.a. 404,429 < 5000

www.360chh.com n.a.
Alexa SimilarWeb 2017 6 2
Alexa
SimilarWeb
mall.chh692.com
12
2017 6 22
43mall.chh692.com
mall.chh692.com 2017 6 1
44mall.chh692.com
mall.chh692.com 2017 6 1
2017 6 22
www.chh692.com
45www.chh692.com
www.chh692.com 2017 6 1
2017 6
10
2017 6 22
46Google www.chh692.com
Google www.chh692.com 2017 6 10
www.360chh.com
47www.360chh.com
www.360chh.com 2017 6 1
100
2017 6 22
48www.360chh.com
www.360chh.com 2017 6 1
49www.360chh.com
www.360chh.com 2017 6 1
100
2017 6 22
50www.360chh.com
http://www.360chh.com/shop/index.php?act=products&op=products_cont&goods_id=3
2017 6 1
Alexa SimilarWeb
OAO2C
4.8
2015 2016
web.archive.org
2017 6 22
10
B2G OAO2C
8
2015 2016
9
www.pradostyle.com/about-52.html, http://www.pradostyle.com/newsview-70-904.html
10
2014 5 11
11
www.pradostyle.com/about-34.html
12
2014 5 11
2017 6 22
1%
2015 0.06%
1-2
51
2016 2015 2014 2013 2012
HK$000 HK$000 HK$000 HK$000 HK$000
563,429 408,872 243,673 38,286 11,287
358 200 615 174 n.a.
0.07% 0.06% 0.44% 0.70% n.a.
2013
2016 6 813,145,000
2017 6 22
52 2016

2017 5 12 100,000 2 2% 0.38

2017 5 10 365,145 2 2% 0.33
2017 3 6 93,000 2 2% 0.20
2017 1 24 140,000 2 2% 0.20
2016 8 5 90,000 3 3% 0.10
2016 3 4 25,000 3 3% 0.10
2013 21.87 220% 2017 5 69.94
2013
2000
2017 6 22
90
40 90
(i) (ii)
90
90
90
A
B
C
.xls
2017 6 22
53 A
.xls
1
10 3 11 13
14 16 2015 8 6
17
2017 6 22
.xls
54 B
.xls
B B A
A B
2017 6 22
55:
# #
1 A 47 A
2 A 48 A
3 A 49 A
4 A 50 A
5 A 51 A
6 A 52 A
7 A 53 A
8 A 54 A
9 A 55 A
10 A 56 A
11 A 57 B 88001152
12 A 58 B 88001154
13 A 59 B zh1
14 A 60 B zh2
15 A 61 B zh3
16 A 62 B zh4
17 A 63 B zhfwg
18 A 64 B zhqml
19 A 65 B zhqml
20 A 66 B zhzsj
21 A 67 B
22 A 68 B
23 A 69 B
24 A 70 B
25 A 71 B
26 A 72 B
27 A 73 B
28 A 74 B
29 A 75 B
30 A 76 B
31 A 77 B
32 A 78 C Y
33 A 79 C
34 A 80 C
35 A 81 C
36 A 82 C
37 A 83 C
2017 6 22
# #
38 A 84 C
39 A 85 C
40 A 86 C
41 A 87 C
42 A 88 C
43 A 89 C
44 A 90 C
45 A 91 C
46 A 92 C
92
92
(i) (ii)
13%
5%
2012
13
2013 10-20%
2014 7 31 A
56 2014 7 31 A

A 95,700,000
A 92,500,000
A 85,695,000
2017 6 22

A 83,980,000
A 79,000,000
A 64,300,000
A 50,805,000
A 45,980,000
A 45,900,000
A 33,970,000
A 32,560,000
A 30,000,000
A 29,725,000
A 28,805,000
A 28,260,000
A 23,915,000
A 18,620,000
A 16,690,000
A 14,630,000
A 12,360,000
A 12,320,000
A 11,550,000
A 10,580,000
A 9,300,000
A 8,195,000
A 8,080,000
A 6,570,000
A 6,110,000
A 5,830,000
A 3,980,000
A 3,415,000
A 2,700,000
A 2,615,000
A 2,600,000
A 1,620,000
A 1,560,000
A 1,120,000
A 1,000,000
A 900,000
2017 6 22

A 805,000
A 750,000
A 695,000
A 600,000
A 530,000
A 410,000
A 290,000
A 130,000
A 105,000
A 75,000
A 70,000
A 30,000
A 1,017,930,000
2014 7 31 3,122,314,964
A (%) 32.60%
A 2014 7 31
32.60% 13.04%
57 2014 7 31

A 1,017,930,000 32.6%
B 544,710,000 17.4%
C 314,125,000 10.1%
1,876,765,000 60.1%
1,245,549,964 39.9%
3,122,314,964 100.0%
2014 7 31
13.04%
A A
30%
2017 6 22
2012 10 18 Change Ye Holdings

14.06(6)
B
B
58 B
50%
2017 6 22
2014 11 24 2014 11 24
592014 11 24

11/24/2014 0.88 8,495,000 7,380,850 0.87 7,540,000 6,528,700 0.87
11/25/2014 0.86 3,620,000 3,130,250 0.86 4,815,000 4,136,850 0.86
11/26/2014 0.86 6,995,000 5,984,950 0.86 6,040,000 5,152,000 0.85
11/27/2014 0.85 5,075,000 4,314,800 0.85 4,855,000 4,126,750 0.85
11/28/2014 0.85 4,880,000 4,136,300 0.85 6,385,000 5,396,050 0.85
29,065,000 24,947,150 0.86 29,635,000 25,340,350 0.86
602014 11 24

11/24/2014 16,035,000 13,909,550 24,581,000 21,207,940 65.2% 65.6%
11/25/2014 8,435,000 7,267,100 32,380,250 27,629,955 26.0% 26.3%
11/26/2014 13,035,000 11,136,950 26,873,550 22,982,905 48.5% 48.5%
11/27/2014 9,930,000 8,441,550 17,832,567 15,135,079 55.7% 55.8%
11/28/2014 11,265,000 9,532,350 11,809,025 9,944,220 95.4% 95.9%
58,700,000 50,287,500 113,476,392 96,900,099 51.7% 51.9%
2014 11 28 95%
50%
XIII
10
IP
2017 6 22
13
2012 6 25
2017 6 22
2016 10 29
5A
2016
2016
2016 12 9 13.5
2017 6 22
61
2017 4 28 V-5
2017 6 22
2012
2012
2013 2016
2007
10 2017 3
4
10
10
2012
650
2015 42
2016 4 1
2016 5 2013-2015
2017 6 22
62
2017 6 1
2017 6 22
2017 6 22
2016 17
63 2016

2016
8006
18
2016 2013
1380
1 11 2014
2016
1020
1 29
2016
1190
25
2016
2010
2 22
2016
8101
4 12
2016 2014
8153
55 2015

2016
362
6 27

2017 6 22

2016 (i)
8202
7 21 (ii)(iii)

(iv)(v)(vi)
(vii)(viii)

2016
2399
10 11
2016
8269
12 6
2016
189
12 9
2016
630
12 14
2017
205
1 18

2015
(i)
2017 (ii)/-
1192
2 20
(iii)/
(iv)(v)
(vi)(vii)
2015

2017 2016
8173
3 22
2017
8195
4 24
2017 6 22
P05957
2017 6 22
390
1000
212
14
2017 6 22
14
2017 5 2
2017 6 22
2014-2016
2014 77
2015 74
2017 6 22
2016 87
2017 6 22
2014-2016
2014
2017 6 22
2015
2017 6 22
2016
2017 6 22
2013 107
2017 6 22
2013 106
2017 6 22
2014-2016
2014 77
2015 73
2017 6 22
2016 86
2017 6 22
2014-2016
2014
2015
2017 6 22
2016
2017 6 22
2013-2015
2013 106
2014 77
2017 6 22
2015 73
2017 6 22
2014-2016
2014
2015
2017 6 22
2016
2017 6 22
2013-2015
2017 6 22
2015 68-69
2017 6 22
2017 6 22
2014 72-73
2017 6 22
2017 6 22
2013 77-78
2017 6 22
B C 2014 7 31
B

B 104,760,000
B 93,985,000
B 51,765,000
B 51,550,000
B 44,930,000
B 41,015,000
B 36,935,000
B 36,390,000
B 28,080,000
B 23,780,000
B 88001154 15,860,000
B 33001152 15,660,000
B 544,710,000
2014 7 31 3,122,314,964
B (%) 17.45%
2017 6 22
C

C 66,000,000
C 40,000,000
C 33,710,000
C 33,185,000
C 25,000,000
C 22,500,000
C Y 20,000,000
C 18,500,000
C 15,000,000
C 12,000,000
C 10,200,000
C 8,200,000
C 5,000,000
C 4,830,000
C 314,125,000
2014 7 31 3,122,314,964
C (%) 10.06%
2017 6 22

1 8229 15 2004 7 29 2013 12 17
2 389 16
2005 4 18 2007 7 9
3 502 2007 4 30 2011 9 19
4 304 2008 8 18 2011 7 29
5 946 2010 3 30 2010 3 30 2013 9 23
6 462 17 2010 9 7
7 930 2011 1 26 2017 2 24
8 3868 2011 3 30 2013 12 20
9 246 2011 5 27 2016 6 28
10 761 2011 7 4
11 909 2011 9 5
12 1116 2012 1 9
13 1698 2012 3 15
14 1007 2012 3 22
15 2468 2012 6 21
16 773 2013 1 28 2016 2 4
17 1863 2013 2 14 2014 12 4
18 828 2013 3 22
19 3335 DBA 2013 6 6
20 155 2013 8 16
21 67 2014 3 25
22 1998 2014 3 31
23 2123 2014 4 1
24 1187 2014 4 1
25 1163 2014 5 16
26 948 2014 6 27
27 1353 2014 7 23
28 1073 2014 9 18
29 1228 2014 11 20 2015 12 15
30 2078 2014 12 17
31 873 2015 2 26
32 967 2016 4 13 2016 4 13
33 1619 2015 3 26 2017 5 25
34 1399 2015 3 26
2017 6 22

35 940 2015 3 30

36 1149 2015 4 1
37 2889 2015 4 1
38 233 2015 4 1
39 8306 2015 4 1
40 566 2015 5 20 2015 7 15
41 1318 2015 6 2
42 1174 2015 11 26
43 2229 2016 1 20 2017 5 18
44 846 2016 4 1
45 307 2016 6 30
46 254 2016 8 1 2016 8 5

47 2228 2016 8 15

48 1819 2016 9 1
49 587 2016 9 27
50 73 2016 9 29
51 3777 2016 10 13 2016 10 13
52 1378 2017 3 22
53 2698 2017 3 22
54 6863 2017 3 24 2017 5 8
15
12 10
16
12 10
17
7 9
2017 6 22
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2017 6 22

2010 2012 50 120 120 1

2012 12 14 Chang Ye Holdings Limited

154,161 -861,115 -1,087,952 -341,609

2013 7 26 3.8 100%

2014 Polar Sunshine

2015 Polar Sunshine

2016 535.55 401.66

2014 2016 99%

1,998 5,498 8,051 15,547

2013 5 13 Ultra Hero Limited

2014 59,065,000 59,869,000

2014 2016 136.30

2014 2016 231.85

5,544 10,039 4,811 20,395

2016 16,146,000 2016

2013 294,816,000 294,826,000

4,517 1,678 6,195

2013 2015 86%

2013 2015 2479

50,844 55,803 25,402 132,049

2015 870,226.91 2015

2015 7,620.50 2,542.0

(2014-2016)5 46,642 420 46,222 99.1%

-33,529 -804 -10 31

0.00 0.00 0.00 0.00 0.00

6 604.70 0.00 0.00 604.70

271,592.57 496,952.81 270,826.71 126,904.30 1,166,276.39

15,370.57 87,503.21 58,894.95 161,768.72

31,841.55 67,644.15 47,601.84 147,087.54

9,999.84 41,123.27 15,431.27 66,554.38

271,593 554,769 467,097 248,832 1,542,292

2013 2016 22.56

0.20 3.43 65.63 25.18 94.44

7 0.00 0.00 0.00 0.00

340.20 504.70 662.20 1,507.10

-59.08 634.40 1,743.15 2,318.47

2013 2016 2.43

Google www.chh692.com 2017 6 10

2013 21.87 220% 2017 5 69.94

2012 10 18 Change Ye Holdings

(i) valuation or accounting purposes;

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