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Local Government Bond Announcement: Attachment 1+ 2020 Shenzhen (Nanshan) Public Hospital Special Bonds (Phase 1)-2020 Shenzhen Government Special Bonds (Ten Phases) Implementation Plan

Time: January 9, 2020 14:20:28 China Finance Network
Original Title: Announcement of Local Government Bonds: Attachment 1 + 2020 Shenzhen (Nanshan District) Public Hospital Special Bonds (Phase 1)-2020 Shenzhen Government Special Bonds (Ten Phases) Implementation Plan
(GoldGrid: AddSeal)
2020 Shenzhen (Nanshan District) Public Hospital Special Bonds (Phase 1)-2020 Shenzhen Government Special Bonds (Ten Phases) Implementation Plan Shenzhen Nanshan Finance Bureau December 2019

I. Introduction to Nanshan District, Shenzhen .............................. ........................................ ........................ 1 (I) Basic Situation of Shenzhen Nanshan District ...... ........................................ .............. 1 (II) Economic and Financial Situation of Nanshan District ............ ........................................ ...................... 2 (3) "13th Five-Year Plan" of Nanshan District .. ........................................ ............................ 4
Basic information of the project ... ........................................ ............ 10 (I) Project implementation background ............... ........................................ ............................. 10 (two) items Overview ... ........................................ ..... 12
Project Investment Estimation and Fund Raising Plan ... ........................................ ... 12 (I) Investment Estimation ............................ ........................................ ............ 12 (II) Construction fundraising plan .............. ........................................ ...................... 16 (III) Balance Plan for Construction Funds ... ........................................ ................................................ 17
Calculation of project expected benefits and costs ... ........................................ ... 18 (I) Project Operation Mode .............. ........................................ .... 18 (II) Expected income .............. ........................................ ............................. 19 (three) operations Cost................................................ ........................................ ...... 20 (IV) Financial Expenses ............ ........................................ ..................... 21 (V) Depreciation and Amortization of Project Facilities ........................................ ....................................... 21 (six) tax fee................................................. ........................................ ............ 21 (Seven) Accounting table................................................. ........................................ ....................twenty two
V. Cash flow simulation analysis ... ........................................ ........ 22 (I) Simulation Analysis of Project Cash Flow .............. ........................................ ......... 22 (two) stress test ............. ........................................ ........................................ ...... 22 (three) summary ............ ........................................ ......................................twenty three
Six, project risk reminder ............................ ........................................ ............ 23 (I) Risks Affecting Project Construction Progress or Normal Operation ... ........................................ ..... 23 (II) Risks Affecting Project Returns ... ........................................ ........ 24 (3) Investment Risks ............... ........................................ ...........................................twenty four
Attached Table 1: Operating income statement .............................. ........................................ ............... 26
Attached Table 2: Operating Cost Table .............................. ........................................ ............... 27
Schedule 3: Special debt repayment schedule .............. ........................................ ..28
Attached Table 4: Income Statement ............................ ........................................ .................. 29
Schedule 5: Balance Sheet .............................. ........................................ ......... 31
Attached Table 6: Cash Flow Statement .............................. ........................................ ......... 33
Attachment 7: Cash flow simulation test form ............ ........................................ ............... 35

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I. Introduction to Nanshan District, Shenzhen (I) Basic Situation of Nanshan District, Shenzhen
1. Geographic location Nanshan District, located in the midwest of Shenzhen. The administrative area starts from the Chegong Temple adjacent to Futian District to the south, Anle Village to the south, Chiwei Village to the Baoan District, Yangtai Mountain to the north, Baoan District and Longhua District to the north, Shekou Port, Da Chan Island and Neilingding Island to the south. The southeast borders Shenzhen Bay and Hong Kong Yuen Long, and the southwest borders the Pearl River Estuary with Macau and Zhuhai. It covers an area of 187.47 square kilometers and a coastline of 43.7 kilometers.

There are 3 subways in Nanshan District (Line 1, Line 2 and Line 11); on the land there are Shennan Avenue, Binhai Avenue, Beihuan Road that crosses the special zone, and leads to Guangzhou, Dongguan and other places.
Pingnan Railway and Guangshen Expressway; the planned trunk roads in the inner area of Nanshan District are: Moon Bay Avenue, Nanshan Avenue-Zhongshanyuan Road, Industrial Avenue-Nanyou Avenue-
Qilin Road-Tongfa Road, Keyuan Avenue, Shahe West Road, Shahe East Road, Qiaocheng East Road, etc .;
From north to south are Liuxian Avenue, Chaguang Road-Longzhu Avenue, Beihuan Avenue, Shennan Avenue,
Binhai Avenue-Guimiao Road-Wanghai Road, Dongbin Road-Inner Ring Road, Xinghai Avenue, Nanshui Road-
Gangwan Avenue-Chiwan No. 2 Road, etc .; Shenzhen West Railway Station, an existing railway hub in the area, and a planned Xili hub with 11 stations and 22 rails in the future. After completion, it will become the largest railway hub in Shenzhen; , Shenzhen Mawan Port and Dongjiaotou Port are the main ports in Western Shenzhen, with a throughput of 52% of Shenzhen Port.

2. Development history
In January 1990, the State Council approved the establishment of Nanshan District, which governs the former Nantou District and the snake.

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District Administrative Area, Shenzhen, Shenzhen. In September 1990, Nanshan District was officially established.
Inherited to this day. Under the jurisdiction of Xili, Taoyuan, Nantou, Nanshan, Shahe, Yuehai, China Merchants,
Shekou 8 streets, 100 community workstations.

3. Population under the district Nanshan District has a resident population of 1.936 million in 2018, an increase of 69,000 over the end of the previous year, of which 921,600 are permanent residents; 572,100 are non-residents.

(II) Economic and financial situation of Nanshan District The GDP of Nanshan District still maintained a high and rapid growth as a whole, and the growth rate declined.
Billion (up 6.4%).


3 In the first half of 2019, the tax revenue of Nanshan District reached 98.59 billion yuan, exceeding the forecast.
Cumulative tax and fee reductions totaled 16.3 billion, and the tax growth rate in the jurisdictions was higher than the GDP growth rate.

Fiscal budget revenue and expenditure have maintained rapid growth, and the 2019 forecast is expected to reduce taxes and fees.


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Investment in fixed assets increased at a high level, and the growth rate dropped slightly from the previous three years.

The growth rate of per capita disposable income is lower than other statistical data, corresponding to a total retail sales of consumer goods of 63.8 billion yuan, an increase of 7.4%, and the ability of residents to accumulate wealth has declined.

(3) Nanshan District's "13th Five-Year Plan" According to the Nanshan District's "13th Five-Year Plan", the strategic position of Nanshan District during the "13th Five-Year Plan" period is to be the main city center of Shenzhen City, with economic centers, science and technology centers, cultural centers, and The center of the international communication center is the "four centers".


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Focusing on the strategic planning of building a “dual center” in Shenzhen, relying on unique location advantages and a good development foundation, the construction of Nanshan District ’s central urban area will be promoted to a high standard, and the main center of Nanshan Qianhai-Houhai City will be formed to form an economic center with world influence. , Science and technology center, cultural center, and international communication center, have become Shenzhen's important carrier to implement the "three positioning, two first" goal, and build a modern internationalized innovative city.

1. The economic center consolidates the status of the economic center, and strives to enhance regional radiation-driven capabilities. Taking advantage of the existing economic and industrial advantages, actively introducing high-quality companies at home and abroad, expanding the headquarters economy, strengthening high-tech industries, making strategic emerging industries, and deploying future industries,
Enhance advanced manufacturing, vigorously develop modern service industries, and promote the industry to high-end development.

Promote the development of urban differentiation and agglomeration, promote the strategic adjustment of spatial layout and the optimal allocation of functions. The former Hai area, Shekou area, Shenzhen Bay Super Headquarters Base,
Houhai Financial Business Headquarters Economic Zone, Liuxiandong Strategic Emerging Industry Headquarters Base, Shenzhen High-tech Zone North District and other areas are focused on, focusing on strengthening and strengthening brand functional zones with core competitiveness, adhere to high-standard planning and high-quality construction To cultivate multinational group headquarters clusters, financial industry clusters and information industry clusters, etc.
An economic center with intensive land use, complete supporting facilities, first-class environment and international influence.

2. The science and technology center consolidates the status of a strong innovation zone and accelerates the construction of the core area of the national independent innovation demonstration zone.

Firmly establish the concept of "grasp innovation is to grasp development, seek innovation is to seek the future", in-depth implementation of innovation-driven development strategy, focus on regional scientific and technological resource advantages , and further enhance

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Enterprise innovation capabilities, build a more influential comprehensive innovation ecosystem, and strive to integrate into the global innovation network. Promote comprehensive innovation centered on scientific and technological innovation, strengthen open innovation and source innovation, encourage collaborative innovation among industry, universities, and research institutes, and promote core technological breakthroughs; enhance the construction of innovation carriers, adhere to the implementation of a large incubator strategy, and promote the accumulation of high-end innovation resources;
Promote the construction of key areas and create new high places for scientific and technological innovation; further strengthen and optimize high-tech industries and strategic emerging industries, and promote the cluster development of innovative enterprises; encourage the masses to start innovation, optimize the environment for talent development, and gather global innovative talents to build innovation Talent gathering heights. Strive to achieve breakthroughs in the construction of the core area of the National Independent Innovation Demonstration Zone by 2020, and a number of innovative companies with international first-class standards have emerged, using new generation information technology, new energy , new materials, aerospace, biomedicine, The emerging industry field represented by intelligent manufacturing has reached the international level, and has become a national highland for scientific and technological innovation. Its innovation strength is at the forefront of developed cities or regions in the world.

3. The cultural center promotes the development level of regional culture and education, and strives to build the Shenzhen culture and education brand.

Seize the favorable opportunity of the municipal party committee and government to implement the strategy of establishing a city with culture and strengthening the city with education.
Achieve leapfrog development of culture and education. Accelerate the integrated development of culture, science and technology, and tourism, and promote the development of cultural and creative industries; strengthen the construction of public culture and enhance cultural quality,
Promote the selection of cultural facilities such as Shenzhen Opera House in Nanshan;
Promote the construction of the international cruise home port of Prince Bay, promote the transformation and upgrade of major cultural tourist attractions such as the OCT Creative Tourism Zone; accelerate the development of brand culture, realize the complementarity of the traditional culture of Lingnan and the innovative culture of immigrants, and further highlight the personality and charm of Nanshan culture;

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Constantly stimulate the vitality of cultural innovation, promote cultural communication and exchange, and enhance the cultural influence and radiation of Nanshan District. Comprehensively deepen the comprehensive education reform, build a dynamic education governance system, expand high-quality education resources, improve the quality of basic education, enhance the comprehensive competitiveness of education, and support high-level development such as Shenzhen University, Southern University of Science and Technology, Shenzhen Vocational and Technical College.

4. The International Communication Center accelerates the internationalization process and strives to make Nanshan an important window for Shenzhen's internationalized city. Actively integrated into the " Belt and Road " strategy and construction of the Qianhai Shekou Free Trade Zone.
Establish a national financial industry experimental opening window, an important base for world trade in services, and an international hub port. Leverage the Bay Area economy to lead innovation, gather resources, cluster industries,
Radiation-driven and other functions, make good use of the "two markets" at home and abroad, support leading enterprises represented by China Merchants, Overseas Chinese Town, China Resources, and ZTE , and attract more Fortune 500 and multinational companies to develop in Nanshan. A new pattern of open development with complementary industries and elements at home and abroad has been formed. Support the holding of influential international events and cultural events such as the Global Wealth Forum and the “Belt and Road” International Music Festival, International Design Week, Shekou Prince Edward Bay International Cruise Home Port Tourism Festival. Introduce high-end service resources such as international schools and international hospitals, build international model neighborhoods, promote the exploration of community governance and public service internationalization paths of China Merchants Street, and create a cross-sectoral, comprehensive and socialized international exchange and foreign service platform. Establish a global vision, benchmark international advanced facilities, build international service logos and other facilities, accelerate the construction of internationalized urban areas, create a living and business environment in line with the world trend, and comprehensively improve Nanshan's international influence and competitiveness.

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Create an international exchange center.

5. "13th Five-Year Plan" Development Goals By 2020, the region will make significant progress in deepening reforms and driving innovation. The development quality of high-tech industries, strategic emerging industries, and modern service industries will be significantly improved. The headquarters economy will achieve leapfrog development and urban space The layout has been further optimized, the functions of the central city have been rapidly improved, new achievements have been made in the construction of a harmonious society and ecological civilization, public services have been improved, and people's livelihood has been happier. basis.

——The economy has maintained steady and rapid development. Realizing a GDP of 550 billion yuan,
The average annual growth rate is about 8%, and the per capita GDP reaches 330,000 yuan; the market is prosperous and stable,
Total retail sales of consumer goods reached 98.5 billion yuan;
110 billion yuan, with a cumulative investment of 450 billion yuan in five years; total import and export volume reaches 455
100 million US dollars; tax revenue in the jurisdiction reaches 110 billion yuan; public financial budget revenue reaches 200
100 million yuan.

-The ability to innovate has been significantly enhanced. The contribution of scientific and technological progress to economic growth has increased significantly. The whole society's R & D investment accounted for 6.1% of GDP. The company's independent innovation capability has been continuously enhanced. The number of invention patents per 10,000 people has 310. , 1,000 national, provincial, municipal, and district scientific and technological innovation platforms have been built, the technological innovation development environment has been increasingly optimized, and the collaborative innovation of production, teaching, and research has made great progress.

——The industrial structure is more optimized. Optimized development of high-tech industries and advanced manufacturing

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Development, the development of strategic emerging industries and future industries, and the rapid development of modern service industries,
The headquarters economy has developed across leaps and bounds, and strategic emerging industries' added value accounts for 65% of GDP.
The proportion of the added value of the tertiary industry increased to 54%.

— The ecological environment has improved significantly. The concept of green civilization and green consumption is popular.
The energy consumption per 10,000 yuan of GDP completed the task assigned by the municipal government, and the water consumption dropped by 15%. Strengthening ecological environmental protection, environmental pollution has been effectively controlled, the construction of ecologically livable urban areas has been steadily progressed, the proportion of days with good air quality is ≥92%, and the centralized treatment rate of urban sewage has reached 95%
Above, the harmless treatment rate of domestic garbage has reached 100%, and the green coverage rate of built-up areas has reached 47%.

——The urban infrastructure is further improved. Improve the comprehensive traffic conditions, support the development of public transportation, speed up the construction of the West Extension of Line 9 and the South Extension of Line 5, and advance the planning and construction process of Lines 12, 13, and 15. Improve the network of urban expressways, major and minor roads, and branch roads to optimize traffic microcirculation. Strengthen the construction of municipal pipeline networks and facilities, plan and construct urban underground comprehensive corridors, and solve the problem of waterlogging in urban areas.

-Coordinated development of social undertakings. Deepen the comprehensive reform of education and promote the innovation, quality and balanced development of education; improve the basic medical and health service system, the number of doctors per thousand has reached 2.8, and the number of hospital beds per thousand has reached 4.3; create a number of branded and demonstrative cultural boutiques, per capita public The area of cultural facilities is 0.27㎡; the sports industry is actively developed, and the per capita public sports stadium area reaches 1.8㎡.

——The happiness of people's livelihood has obviously improved. The level of social order and comprehensive governance has been further improved, and food and drug safety, public health safety, etc. have been further enhanced; social medical insurance

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Fully popularized, more perfect employment policies, per capita disposable income of more than 81,000 yuan, the registered unemployment rate of urban residents is controlled within 3%. Community services continue to strengthen,
Material civilization, spiritual civilization, and ecological civilization have made comprehensive progress, and remarkable results have been achieved in building a harmonious society.

Looking forward to 2025, the GDP is expected to exceed 750 billion yuan, the per capita GDP exceeds 420,000 yuan, and the core zone construction of the National Independent Innovation Demonstration Zone has achieved significant results. The independent innovation capabilities of core technologies in certain areas have reached world advanced levels, and industrial transformation and upgrading With success, great achievements have been made in the construction of ecological civilization, the level of social governance and public services have been greatly improved, and people's livelihood has become happier. An international and innovative coastal central city district that is suitable for livability and business has been basically built.

2. Basic information of the project (I) Project implementation background
In August 2010, the "Shenzhen Urban Master Plan" approved by the State Council
(2010-2020) ", clarifying that Futian, Luohu, and Qianhai have become the" dual centers "of Shenzhen's urban development, of which Qianhai centers include Qianhai and Houhai. Judging from administrative divisions, Qianhai and Houhai are currently in Nanshan. In this sense, Nanshan, as one of the "dual centers" of Shenzhen's urban development, is undertaking a new historical mission. At present, Nanshan has the economic foundation to build a central urban area. With the construction of 15 square kilometers of reclamation in Qianhai, a boom has been formed, and the development and opening up of the Qianhai Shekou Free Trade Zone has gradually become better. The zone superposition advantage will exert the effect of "1 10 1 10 1> 3",
The supporting effect on the development of the city and the radiating effect on the surrounding areas will become increasingly prominent.

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The central area of the city is just around the corner.

According to Shenzhen's central urban area standards, Nanshan's medical level is not high enough. Nanshan proposed to base on the positioning of Nanshan's central urban area, "soft and hard", "hard" refers to the high-standard, forward-looking advancement of the Nanshan District People's Hospital reconstruction project, vigorously introduce a group of domestic and foreign advanced medical institutions, high-end clinics, and strive to build once in place "Soft" is to encourage hospitals to introduce high-end talents, introduce a group of domestic and foreign famous medical teams, and comprehensively improve the quality of medical services.

Since the establishment of Nanshan District, various health resources have developed significantly, and medical service supply capacity has been continuously enhanced. However, compared with Shenzhen, medical resources in Nanshan District are still lagging behind. The masses are still facing difficult and expensive medical treatments. One of the root causes is insufficient total health resources. Compared with the rapid population growth, the allocation of health resources in Nanshan District lags significantly behind the demand of the medical market, and its tight medical resources are difficult to cope with.
Growing medical needs. Among the districts in Shenzhen, the shortage of medical and health resources in Nanshan District is particularly evident. According to the Nanshan District Health and Family Planning Bureau, by 2020, Nanshan will have 5 beds per 1,000 people, 3 doctors per 1,000 people, and the number of medical institutions above level 3 will reach
In 7-9 institutions, the service volume of primary medical institutions accounted for more than 70% of the total services in the region.

In order to improve the medical environment and medical quality, and to meet the growing medical and health needs of the people in Nanshan District, at the same time, in view of the rapid development of medical services in Nanshan People's Hospital, resulting in a serious shortage of housing for medical services, Nanshan People's Hospital plans Reconstruction and expansion within the existing scope of the hospital. After the reconstruction and expansion, the total area of the hospital is 86,819.55㎡, and 3,000 hospital beds are designed and prepared (800 existing hospital beds,

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(2,350 additional beds) and 12,000 outpatients / day, making it a large-scale and strong regional general hospital in western Shenzhen. The construction of this project is in line with Shenzhen's 13th Five-Year Development Plan and the Shenzhen Municipal Government's "Implementation Opinions on Deepening the Reform of the Medical and Health System and Building a Strong City of Health", which can increase the total amount of medical resources in Shenzhen and contribute to the construction of a strong city in Shenzhen. .

(II) Project Overview Nanshan District People's Hospital is located at No. 89 Taoyuan Road, Nanshan District, Shenzhen. The southwest corner of the intersection of Taoyuan Road and Nanshan Road in Nanshan District is adjacent to Lixiang Middle School and Ruyi Garden in the west, Taoyuan Road in the north, and Xuefu Road in the south. It is about 300 meters apart and Nanshan Avenue is on the east. This project is planned to be built on the original site of Nanshan People's Hospital. See the project site submission for details. At the same time, according to the Nanshan Development and Reform Bureau, Shennan Development and Reform Investment [2014] No. 23, the former Lixiang Middle School land was included in the Nanshan District People's Hospital reconstruction and expansion scope.

According to the "Planning Land Planning Permit" (Shenzhen Tuxu ZG-2012-0052),
The current total land area of Nanshan People's Hospital is 54,422.05㎡ (including the land for Nanshan Maternity and Child Health Hospital); it is also based on the Submission of Construction Projects
NS-2016-0003), the land of 32,397.5㎡ of the former Lixiang Middle School is included in the scope of the project.

The total area of the above two plots is 86,819.55㎡, which is the construction land area of the project. The final land area of the project is subject to the construction land planning permit.

3. Project Investment Estimation and Fund Raising Plan (I) Investment Estimation

131. Funding plan preparation basis (1) Relevant national laws, regulations, policy documents and regulatory documents:
"Opinions of the State Council on Strengthening the Management of Local Government Debts" (Guo Fa [2014] No. 43)
. "Notice on Adjusting and Perfecting the Capital System of Fixed Asset Investment Projects"
(Guo Fa [2015] No. 51);
. Ministry of Finance "Notice on Varieties of Special Bonds of Local Governments for the Balance of Revenue from Pilot Development Projects and Self-financing of Finance" (Cai Yu [2017] No. 89);
. Opinions of the Ministry of Finance on Doing a Good Job in Issuing Local Government Bonds (Cai Ku [2019] No. 23);
. The Central Office and the State Office printed and issued the "Notice on Doing a Good Job in the Issuance of Special Bonds by Local Governments and Supporting Financing of Projects" (Ting Zi [2019] 33)
"Economic Evaluation Methods and Parameters for Construction Projects (Third Edition)" (National Development and Reform Commission, Ministry of Construction: Development Reform Investment [2006] No. 1325);
. Other national laws, regulations, policy documents and regulatory documents.

(2) Shenzhen related regulations and policy documents:
"General Hospital Construction Standards" (2008 edition);
. "Shenzhen Hospital Construction Standard Guidelines (Trial)";
"Building Design Code for General Hospital" GB51039-2014;
"Code for Architectural Design of Hospital Clean Surgery Department" GB50333-2013;
"Modern Hospital Architecture and Clean Technology";

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"Design Standards for Civil Air Defense Medical Ambulance Engineering" (RFJ005-2011);
.2014 Shenzhen Statistical Yearbook of Health;
"Construction and Application of Hospital Information System";
. "Reply to the Proposal on the Reconstruction and Expansion Project of the People's Hospital of Nanshan District" (Shennan Development and Reform [2010] No. 94);
Opinions on Site Selection of Shenzhen Construction Projects by Shenzhen Municipal Planning and Land Resources Committee (Shenzhen Soil Selection ZG-2010-0047);
"Thirteenth Five-Year Plan" for the development of Shenzhen's health and population and family planning undertakings;
. "Minutes of Reporting Meeting of Nanshan Hospital Reconstruction and Expansion Project Plan" (Shennan Gongji [2013] No. 95);
"Minutes of the Second Meeting of the Leading Group for the Reconstruction and Expansion of Nanshan Hospital and the Relocation and Reconstruction of Lixiang Middle School" (Shennan Gongji [2013] No. 163);
. "Minutes of the Coordination Meeting of the Reconstruction and Expansion of Nanshan Hospital" (Shennan Engineering Journal [2016]
number 1);
. "Minutes of Reporting Meetings of District Medical and Health Construction Projects" (Shennan Engineering Journal [2016]
No. 146);
. Compilation of relevant survey data of the unit.

(3) Relevant information provided by the entrusting unit:
. "Shenzhen Nanshan People's Hospital Reconstruction and Expansion Project Feasibility Study Report" (hereinafter referred to as "feasibility study report");
.Shenzhen Nanshan District Development and Reform Bureau

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"Review of the Feasibility Study Report of the Reconstruction and Expansion Project of Shanshan Hospital" Shennanfa Gaibei [2016] No. 102 (hereinafter referred to as "feasibility study approval");
"Schedule of Investment and Use of Funds for the Construction and Expansion Project of Nanshan Hospital";
"Estimation of Operating Revenue and Cost of Nanshan Hospital Reconstruction and Expansion Project".

2. Total project investment According to the investment amount approved by the feasibility study, the total development and construction cost of this project is
RMB 5,275.12 million, the estimated table is as follows:
Table 1 Estimated total cost of project development and construction Unit: RMB 10,000 No. Project name Investment amount
1 Engineering costs 458,8752 Other construction costs 43,5173 Reserve costs 25,120
Total 527,512
Note: The amount in the table above is the estimated total investment before financing through the issuance of special bonds, without taking into account financing costs such as bond issuance costs and interest during construction.

As the project intends to use project-specific bond issuance for financing, the project capital will be adjusted accordingly according to the needs of bond issuance and financing. The project's self-raised funds will be RMB 4,453.47 million, which will be raised through financial funds or special bond issuance in subsequent years. , Accounting for 83.19% of the total investment, other funds come from funds raised in 2020 by issuing special bonds.

Combining construction funding requirements and project capital payment arrival time nodes, in order to ensure funding requirements during project construction, the project needs to raise a total of 900 million yuan through the issuance of special bonds in 2020. The interest rate on 7-year bonds is temporarily at 3.46%, and the 15-year term No. Project Name Investment Amount
1 Engineering costs 458,8752 Other construction costs 43,5173 Reserve costs 25,120
Total 527,512
Note: The amount in the table above is the estimated total investment before financing through the issuance of special bonds, without taking into account financing costs such as bond issuance costs and interest during construction.

As the project intends to use project-specific bond issuance for financing, the project capital will be adjusted accordingly according to the needs of bond issuance and financing. The project's self-raised funds will be RMB 4,453.47 million, which will be raised through financial funds or special bond issuance in subsequent years. , Accounting for 83.19% of the total investment, other funds come from funds raised in 2020 by issuing special bonds.

Combining construction funding requirements and project capital payment arrival time nodes, in order to ensure funding requirements during project construction, the project needs to raise a total of 900 million yuan through the issuance of special bonds in 2020. The interest rate on 7-year bonds is temporarily at 3.46%, and the 15-year term

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The bond interest rate is temporarily estimated at 3.79%. After recalculation, the investment of this project is adjusted to
5.353347 million yuan, as shown in the following table:
Table 2 Estimated total investment of the project Unit: RMB 10,000 Yuan Number Type Type Total (10,000 Yuan)
1 Engineering costs 458,8752 Other construction costs 43,5173 Reserve costs 25,120 4 Bond issuance costs 995 Construction interest 7,7356 Principal and interest service fees 0.39
Total construction investment
Note: Bond issuance expenses include bond underwriting fees and issuance registration fees. The bond underwriting fee is calculated based on 0.1% of the amount of bonds issued.
The issuance registration fee for one year or more is calculated at 0.01% of the amount of bonds issued, and the principal and interest payment service fee is calculated at 0.005%.

3. Use plan of funds during the construction period The construction period of this project is to 2022, and the operation period will be officially entered in 2023, 2018 ~ 2022
The annual fund use plan is as follows:
Table 3 Investment Arrangement in Construction Period Unit: RMB 10,000 Yuan 2018 2019 2020 2021 2022 Total Investment Estimate 114,93859,000 90,000 80,000 183,575 527,512
Note: As the project has been officially started in the previous year, the above-mentioned 2018 data are as of the end of 2018, without taking into account financing costs such as bond issuance costs and interest during construction.

(II) Total number of types of construction fundraising schemes (10,000 yuan)
1 Engineering costs 458,8752 Other construction costs 43,5173 Reserve costs 25,120 4 Bond issuance costs 995 Construction interest 7,7356 Principal and interest service fees 0.39
Total construction investment
Note: Bond issuance expenses include bond underwriting fees and issuance registration fees. The bond underwriting fee is calculated based on 0.1% of the amount of bonds issued.
The issuance registration fee for one year or more is calculated at 0.01% of the amount of bonds issued, and the principal and interest payment service fee is calculated at 0.005%.

3. Use plan of funds during the construction period The construction period of this project is to 2022, and the operation period will be officially entered in 2023, 2018 ~ 2022
The annual fund use plan is as follows:
Table 3 Investment Arrangement in Construction Period Unit: RMB 10,000 Yuan 2018 2019 2020 2021 2022 Total Investment Estimate 114,93859,000 90,000 80,000 183,575 527,512
Note: As the project has been officially started in the previous year, the above-mentioned 2018 data are as of the end of 2018, without taking into account financing costs such as bond issuance costs and interest during the construction period.

(B) Construction Fund Raising Plan

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Construction funds come from project capital and funds raised through the issuance of special bonds. The self-raised funds are 83.19% of the investment estimate, totaling approximately RMB 4,453.47 million, and will be raised through financial funds or special bonds issued in subsequent years, in accordance with the annual construction funding requirements.

Combined with the construction capital requirements and the project capital payment arrival time node, in order to ensure the capital requirements during the project construction period, the project needs to raise a total of 900 million yuan through the issuance of special bonds this year. For the bond interest rate, refer to the first five days of the calculation date of this report.
The average of the yield on the one-year and 15-year Treasury bonds fluctuates by 25 basic points, that is, the 7-year term is calculated at 3.46%, and the 15-year term is measured at 3.79%.

According to the plan, combined with the current project's income situation, the first phase of 2020 is to issue 371 million yuan of 7-year bonds, and the second phase of 2020 is to issue 15-year bonds
590 million yuan, the project issued a total of 900 million yuan of special bonds, of which 7-year term interest payments annually, 15-year term interest payments semiannually, the bond repayment plan is: according to the project income, combined with the project fund retention amount, in the guaranteed funds With sufficient stability,
See the principal and interest payment schedule for details of repayment of the principal in installments. The bond issuance plan is as follows:
Table 4 Bond issuance plan No. Issuing quota (10,000 yuan) Issuance period one period
The first phase of 2020 is 31,000, the second phase of 2020 is the second phase of 2020, and the second phase is 59,000. Fifteen years
The first phase of 2020 is 31,000, the second phase of 2020 is the second phase of 2020, and the second phase is 59,000.

See the table below for fundraising and use of the project during each construction period:

table
5 Balance Sheet of Funds during Construction Period

Unit: RMB 10,000

year
2018
2019
2020
2021
2022 Total construction period fund balance sheet
114,938
59,000
1,217
83,309
186,883
445,347
Bond issuance
--90,000
--90,000
Add: Fund balance of the previous year
------
total
114,938
59,000
91,217
83,309
186,883
535,347
Total use of construction funds
114,938
59,000
91,217
83,309
186,883
535,347
remaining amount
------
(Financing-use of funds)

Note: As the project was started in the previous year,
2018 data are as of
Data at the end of 2018

4. Calculation of project expected benefits and costs

(I) Project operation mode

Based on the feasibility study report, Shenzhen Nanshan District People's Hospital reconstruction and expansion project is under the charge of Shenzhen Nanshan District Public Works Department. The project is planned to be divided into four construction periods:
In the first construction period, an international diagnosis and treatment center will be constructed on the existing open space, and the outdoor pipelines, generator rooms and transformer rooms related to the retained buildings will be relocated.

In the second construction period, the administrative building, dormitory, family building and school of the old courtyard will be demolished, and medical technology,
Hospitalization, administrative research building, infection building, sewage treatment station.

The three-stage old hospital outpatient function was transferred to the completed international medical center and demolished

18


19
The outpatient building on the north side of the inpatient building in the old hospital district and other buildings will be constructed with emergency and emergency centers.

The medical technology in the old hospital area was relocated to the newly built medical technology building during the four construction period, and the existing medical technology building was demolished.

The inpatient building in the old hospital district was renovated, and a corridor and a hall connecting the old inpatient building with other buildings were constructed.

After the project is completed, it will increase the capacity and quality of medical services in Nanshan District and increase the total amount of medical and health resources in Nanshan District, which will help alleviate the “difficult and expensive” medical treatment of the people.

Phenomenon, alleviate the contradiction between medical supply and demand, crack down on illegal medical institutions, protect the basic medical safety of residents in Nanshan District and even western Shenzhen, enable local residents to get better medical care services and improve local public health.

(II) Expected income
1. Outpatient income is based on the feasibility study report. The average daily outpatient volume after the project is completed is estimated to be 12,000.
Person / day.

The outpatient income refers to the historical data of the average outpatient cost of Nanshan Hospital in the past three years.
Forecast the income during the operation period of the project. The average outpatient cost of Nanshan Hospital in 2018 was 278.51 yuan, and the average annual growth rate of the average outpatient cost in the past three years (2016 ~ 2018) was about 8.08%. This project makes conservative estimates of growth rates, assuming
The average annual cost of outpatient visits from 2018 to 2035 will grow by about 5%.

In addition, the outpatient income also includes the medical examination income. With reference to the historical medical examination income historical data of Nanshan Hospital for the past three years, the medical examination income during the operation period of the project is predicted.

The medical examination income in 2018 was 75.31 million yuan. The medical examination in the past three years (2016 ~ 2018)

20
The average annual growth rate of income is about 9.05%. This project makes a conservative estimate of the growth rate.
Assume that the annual growth rate of medical examination income from 2018 to 2035 is about 5%.

2. Hospitalization income After the completion of the project, 3,000 beds will be provided. Considering the incubation period after the completion of the hospital, the bed utilization rate in the first two years of the operation period is predicted to be 80%, 90%, and 100% from 2025 to 2035.

住院收入参考医院收入的历史数据,对本项目运营期内的收益进行预测。经分析,南山医院2018年的日均床位费用约为
1,456元/个,近三年(2016~2018年)住院次均费用平均年增长率约为8.46%,本项目保守估计2018~2035年每年增长率约为5%。

运营期内分年度收入测算表详见附表一。

(三)运营成本费用本项目主要成本费用包括医疗业务成本、管理费用、其他支出以及专项支出。由于部分医疗业务成本及专项支出将由各级政府进行财政补贴,暂将相应成本费用进行剔除。结合历史数据预测,并考虑未来医院规模变大以后,固定成本占比将可能下降,
另运营效率提高也将促使未来的总体成本比例下降,在结合南山医院历史可参考数据的同时,参考深圳市其他区医院数据参考预估,本项目暂按照深圳已发行政府专项债券项目的福田区、罗湖区、龙华区各医院数据参考预估,综合以上数据和南山医院平均值,暂按医疗业务成本(扣除财政基本补助)占医疗业务收入的

twenty one
比例为84.76%,管理费用占用医疗业务收入的比例为12.03%。

债券存续期运营成本情况如附表二。

(四)财务费用本项目财务费用包括债券还本付息以及还本付息服务费,还本付息情况表见附表三。

本项目部分融资采用发行项目专项债券的方式进行筹集,债券利率参考本报告测算日的前五日7年期和15年期国债收益率的平均值,上浮25个基本点,即7年期按3.46%,15年期按3.79%
进行测算;债券发行费用包括发行费用和发行登记服务费,分别暂按发行债券金额的千分之一和万分之一进行测算;债券存续期内每年还本付息时需交纳还本付息服务费,为还本付息金额的十万分之五。

(五)项目设施折旧及摊销本项目基于权责发生制原则,测算项目各项设施在运行过程中预期发生的折旧摊销。按照财政部财会[2017]25号《政府会计制度》和[2018]24号《政府会计制度》的补充规定执行折旧摊销,采用年限平均法。本项目按50年进行折旧,每年计提折旧10,707万元。

(六)税费本项目所需资金由南山区财政统筹,建成后为区属综合医院。

该医院实行收支两条线管理,暂不考虑各类税费。


22(七)会计报表基于上述各项分析测算,编制该项目的模拟会计报表,包括如下内容:
(1)利润表,详见附表四;
(2)资产负债表,详见附表五;
(3)现金流量表,详见附表六。

五、现金流模拟分析(一)项目现金流模拟分析本项目债券存续期间的现金流状况进行模拟分析,详见附表七。

(二)压力测试考虑运营收益和债券利率等因素变动分析专项债券本息资金覆盖率,见下表:
表6单因素变动压力测试资金覆盖率-压力测试(单因素敏感性分析)注
-20%-15%-10%-5%0%5%10%15%20%
收益变动情况敏感性分析债券本金资金覆盖率1.321.411.511.611.701.801.901.992.09
债券本息资金覆盖率1.241.321.391.461.541.611.681.761.83
利率变动情况敏感性分析债券本金资金覆盖率1.751.741.721.711.701.691.681.671.66
债券本息资金覆盖率1.601.581.571.551.541.521.511.491.48
资金覆盖率-压力测试(单因素敏感性分析)注
-20%-15%-10%-5%0%5%10%15%20%
收益变动情况敏感性分析债券本金资金覆盖率1.321.411.511.611.701.801.901.992.09
债券本息资金覆盖率1.241.321.391.461.541.611.681.761.83
利率变动情况敏感性分析债券本金资金覆盖率1.751.741.721.711.701.691.681.671.66
债券本息资金覆盖率1.601.581.571.551.541.521.511.491.48

twenty three
基于上表,项目运营收益下降20%的情况下,债券本息资金覆盖率为1.24,能通过压力测试;债券发行利率上浮20%时,债券本息资金覆盖率为1.48,项目收益仍然可以覆盖债券还本付息,因而项目具备一定的抗风险能力。

(三)小结通过测算,项目对于门诊收入和住院收入进行保守估计,根据资金平衡测算分析,本项目预计债券本金资金覆盖率可达到
1.70倍,债券本息资金覆盖率可达到1.54倍。

另外,在对运营收益和债券利率变动进行压力测试后,结果显示,本项目在运营收益下降20%或债券利率上升20%时,项目收益仍能覆盖债券的还本付息,项目具备一定的抗风险能力。

总体而言,本项目通过发行专项债可实现较低的项目融资成本,是现阶段解决本项目融资资金问题的推荐方案。

六、项目风险提示(一)影响项目施工进度或正常运营的风险
1.项目建设风险本专项债募集资金主要用于综合医院建设项目,总体投资规模大。如果在项目的建设过程中出现原材料价格上涨以及劳动力成本上涨等重大问题,则有可能使项目实际投资超出预算,施工期延长影响项目的按期竣工和投入运营,并对项目收益的实现产生不利影响。


242.工程事故风险项目的施工过程中由于露天作业多、现场交叉作业环节多、
方法多样、施工条件受自然环境影响大、场内人员流动性大等特点,工程现场安全隐患较多,存在发生工程事故的风险。

3.项目完工风险若项目在建设阶段由于管理不善,会导致项目目标难以实现,
出现延期竣工、质量缺陷的问题。出现管理松散,缺少整体计划,
使项目在时间上延迟竣工,财务成本增加的现象,或者出现控制不力,施工单位偷工减料、材料质量低劣,项目建设质量较差,
项目存在严重质量隐患的现象,造成较坏的社会影响。

(二)影响项目收益的风险
1.经营风险若该医院在经营阶段因管理不善、策划不周、决策失误等因素导致的医疗事故、市场把控不合理、成本控制不当等运营风险,
有可能会影响到发行人对本期债券本息的按时支付。

2.市场风险市场风险主要来自三个方面:一是市场供需实际情况与预测值发生偏离;二是项目产品市场竞争力或者竞争对手情况发生重大变化;三是项目产品和主要原材料的实际价格与预测价格发生较大偏离。由于市场条件的变化可能对项目的效益产生影响。

(三)投资风险

251.利率风险受国民经济总体运行状况、国家宏观经济、国家货币政策、
财政政策等因素的影响,市场利率存在波动的可能性。债券属于利率敏感型投资品种,市场利率的变动将直接影响债券的投资价值。由于本期专项债采用固定利率,在本期债券存续期间,如果未来市场利率发生变化,可能会使投资者实际投资收益水平产生不确定性。

2.存续债券流动性风险本期专项债发行结束后,将会在全国银行间债券市场或证券交易所债券市场发行并上市流通。由于具体的上市审批事宜需要在本期专项债发行结束后方能进行,并依赖有关主管部门的审批和核准,发行人无法保证本期专项债一定能按照预期在交易场所交易流通,且具体上市进程在时间上存在不确定性。发行人无法保证本期专项债在债券市场上市后债券持有人能够随时并足额交易其所持有的债券。因此,本期债券投资者在购买本期债券后可能面临由于债券不能及时上市流通而无法立即出售本期债券,
或者由于债券上市流通后交易不活跃甚至出现无法持续成交的情况,不能以某一价格足额出售其希望出售的本期债券所带来的流动性风险。


附表一:运营收入表

单位:人民币万元

注:假设2020年二期债券于6月份发行,债券存续期最后一年按半年计算收支。


附表二:运营成本表

单位:人民币万元

注:假设2020年二期债券于6月份发行,债券存续期最后一年按半年计算收支。


附表三:专项债还本付息表

单位:人民币万元

还本付息表
2020
2021
2022
2023
2024年
2025
2026年
2027年
2028年专项债券期初余额
-90,000
90,000
90,000
85,000
79,000
73,000
66,000
49,000
债券发行
90,000
--------
利息支出
1,118
3,309
3,309
3,309
3,136
2,928
2,721
2,289
1,668
本期还款
1,118
3,309
3,309
8,309
9,136
8,928
9,721
19,289
11,668
其中:本金偿还
---5,000
6,000
6,000
7,000
17,000
10,000
Phase one
---5,000
6,000
6,000
7,000
7,000
-
the second term
-------10,000
10,000
interest
1,118
3,309
3,309
3,309
3,136
2,928
2,721
2,289
1,668
专项债券期末余额
90,000
90,000
90,000
85,000
79,000
73,000
66,000
49,000
39,000

还本付息表
2029年
2030年
2031年
2032年
2033年
2034年
2035年合计专项债券期初余额
39,000
29,000
19,000
15,200
11,400
7,600
3,800
债券发行
-------90,000
利息支出
1,289
910
648
504
360
216
72
27,783
本期还款
11,289
10,910
4,448
4,304
4,160
4,016
3,872
117,783
其中:本金偿还
10,000
10,000
3,800
3,800
3,800
3,800
3,800
90,000
Phase one
-------31,000
the second term
10,000
10,000
3,800
3,800
3,800
3,800
3,800
59,000
interest
1,289
910
648
504
360
216
72
27,783
专项债券期末余额
29,000
19,000
15,200
11,400
7,600
3,800
-


附表四:利润表

单位:人民币万元

Years
2022
2023
2024年
2025
2026年
2027年
2028年利润表——运营期一、主营业务收入
-283,247
318,768
357,133
374,990
393,739
413,426
减:主营业务成本
-240,070
270,176
302,692
317,827
333,718
350,404
主营业务税金及附加
-------
二、主营业务利润(亏损以“-”号填列)
-43,178
48,593
54,441
57,163
60,021
63,022
加:其他业务利润(亏损以“-”号填列)
-------
减:管理费用
-34,063
38,335
42,949
45,096
47,351
49,719
Financial expenses
-3,309
3,136
2,929
2,721
2,290
1,668
depreciation
10,707
10,707
10,707
10,707
10,707
10,707
三、营业利润(亏损以“-”号填列)
--4,902
-3,586
-2,143
-1,361
-327
928
加:投资收益(亏损以“-”号填列)
-------
补贴收入
-------
Non-operating income
-------
Less: Non-operating expenses
-------
四、利润总额(亏损总额以“-”号填列)
--4,902
-3,586
-2,143
-1,361
-327
928
Less: Income tax
-------
五、净利润
--4,902
-3,586
-2,143
-1,361
-327
928



附表四:利润表(续)

单位:人民币万元

Years
2029年
2030年
2031年
2032年
2033年
2034年
2035年利润表——运营期一、主营业务收入
434,097
455,802
478,592
502,522
527,648
554,030
290,866
减:主营业务成本
367,924
386,320
405,636
425,918
447,214
469,575
246,527
主营业务税金及附加
-------
二、主营业务利润(亏损以“-”号填列)
66,173
69,482
72,956
76,604
80,434
84,456
44,339
加:其他业务利润(亏损以“-”号填列)
-------
减:管理费用
52,205
54,815
57,555
60,433
63,455
66,628
34,980
Financial expenses
1,289
910
648
504
360
216
72
depreciation
10,707
10,707
10,707
10,707
10,707
10,707
10,707
三、营业利润(亏损以“-”号填列)
1,972
3,050
4,045
4,959
5,912
6,905
-1,420
加:投资收益(亏损以“-”号填列)
-------
补贴收入
-------
Non-operating income
-------
Less: Non-operating expenses
-------
四、利润总额(亏损总额以“-”号填列)
1,972
3,050
4,045
4,959
5,912
6,905
-1,420
Less: Income tax
-------
五、净利润
1,972
3,050
4,045
4,959
5,912
6,905
-1,420



附表五:资产负债表

单位:人民币万元

Years
2018 year
2019
2020
2021
2022
2023
2024年
2025
2026年资产负债表资产货币资金
-----805
1,927
4,490
6,836
应收账款
---------
存货
---------
其他流动资产
---------
Fixed assets
114,938
173,938
265,155
348,464
535,347
524,640
513,933
503,226
492,519
资产总计
114,938
173,938
265,155
348,464
535,347
525,446
515,860
507,717
499,355
负债和所有者权益短期借款
---------
预收款项
---------
Taxes payable
---------
一年内到期的非流动负债
---------
长期借款
--90,000
90,000
90,000
85,000
79,000
73,000
66,000
所有者权益:
实收资本(或股本)
114,938
173,938
175,155
258,464
445,347
445,347
445,347
445,347
445,347
资本公积
/其他权益工具
---------
盈余公积
---------
未分配利润
------4,902
-8,487
-10,631
-11,992
负债和所有者权益合计
114,938
173,938
265,155
348,464
535,347
525,446
515,860
507,717
499,355



附表五:资产负债表(续)

单位:人民币万元

Years
2027年
2028年
2029年
2030年
2031年
2032年
2033年
2034年
2035年资产负债表资产货币资金
216
1,851
4,531
8,287
19,240
31,106
43,924
57,736
63,223
应收账款
---------
存货
---------
其他流动资产
---------
Fixed assets
481,813
471,106
460,399
449,692
438,985
428,278
417,571
406,864
396,157
资产总计
482,028
472,957
464,929
457,979
458,224
459,383
461,495
464,600
459,380
负债和所有者权益短期借款
---------
预收款项
---------
Taxes payable
---------
一年内到期的非流动负债
---------
长期借款
49,000
39,000
29,000
19,000
15,200
11,400
7,600
3,800
-
所有者权益:
实收资本(或股本)
445,347
445,347
445,347
445,347
445,347
445,347
445,347
445,347
445,347
资本公积
/其他权益工具
---------
盈余公积
---------
未分配利润
-12,319
-11,391
-9,418
-6,368
-2,323
2,636
8,548
15,453
14,033
负债和所有者权益合计
482,028
472,957
464,929
457,979
458,224
459,383
461,495
464,600
459,380



附表六:现金流量表

单位:人民币万元

Years
2018 year
2019
2020
2021
2022
2023
2024年
2025
2026年现金流量表一、经营活动产生的现金流量:
Cash received for sales of goods and services
-----283,247
318,768
357,133
374,990
Other cash received related to operating activities
---------
购买商品、接受劳务支付的现金
-----274,133
308,511
345,641
362,923
Cash paid to and for employees
---------
支付的各项税费
---------
Other cash payments related to operating activities
---------
Net cash flow from operating activities
-----9,114
10,257
11,492
12,067
二、投资活动产生的现金流量:
现金流入小计
---------
购建固定资产和其他长期资产所支付的现金
114,938
59,000
90,099
80,000
183,575
----
支付的与其他与投资活动有关的现金
---------
投资活动产生的现金流量净额
-114,938
-59,000
-90,099
-80,000
-183,575
----
三、筹资活动产生的现金流量:
吸收投资所收到的现金
114,938
59,000
1,217
83,309
186,883
----
Cash received from borrowing
--90,000
------
偿还债务所支付的现金
-----5,000
6,000
6,000
7,000
Cash paid for interest
--1,118
3,309
3,309
3,309
3,136
2,928
2,721
Other cash paid related to financing activities
--0.06
0.17
0.17
0.42
0.46
0.45
0.49
Net cash flow from financing activities
114,938
59,000
90,099
80,000
183,575
-8,309
-9,136
-8,929
-9,721
四、汇率变动对现金的影响
---------
五、本年度现金及现金等价物净增加额
-----805
1,121
2,563
2,346
六、期末现金金额
-----805
1,927
4,490
6,836



附表六:现金流量表(续)

单位:人民币万元

Years
2027年
2028年
2029年
2030年
2031年
2032年
2033年
2034年
2035年现金流量表一、经营活动产生的现金流量:
Cash received for sales of goods and services
393,739
413,426
434,097
455,802
478,592
502,522
527,648
554,030
290,866
Other cash received related to operating activities
---------
购买商品、接受劳务支付的现金
381,069
400,123
420,129
441,135
463,192
486,351
510,669
536,202
281,506
Cash paid to and for employees
---------
支付的各项税费
---------
Other cash payments related to operating activities
---------
Net cash flow from operating activities
12,670
13,303
13,969
14,667
15,400
16,170
16,979
17,828
9,360
二、投资活动产生的现金流量:
现金流入小计
---------
购建固定资产和其他长期资产所支付的现金
---------
支付的与其他与投资活动有关的现金
---------
投资活动产生的现金流量净额
---------
三、筹资活动产生的现金流量:
吸收投资所收到的现金
---------
Cash received from borrowing
---------
偿还债务所支付的现金
17,000
10,000
10,000
10,000
3,800
3,800
3,800
3,800
3,800
Cash paid for interest
2,289
1,668
1,289
910
648
504
360
216
72
Other cash paid related to financing activities
0.96
0.58
0.56
0.55
0.22
0.22
0.21
0.20
0.19
Net cash flow from financing activities
-19,290
-11,668
-11,289
-10,910
-4,448
-4,304
-4,160
-4,016
-3,872
四、汇率变动对现金的影响
---------
五、本年度现金及现金等价物净增加额
-6,620
1,635
2,679
3,757
10,952
11,866
12,819
13,812
5,487
六、期末现金金额
216
1,851
4,531
8,287
19,240
31,106
43,924
57,736
63,223



附表七:现金流模拟测试表

单位:人民币万元

year
2018 year
2019
2020
2021
2022
2023
2024年
2025
2026年现金流模拟测算表现金流入自筹资金流入
114,938
59,000
1,217
83,309
186,883
债券资金流入
--90,000
-
运营期现金流入
-----283,247
318,768
357,133
374,990
现金流入总额
114,938
59,000
91,217
83,309
186,883
283,247
318,768
357,133
374,990
现金流出建设期资金流出
114,938
59,000
90,000
80,000
183,575
运营期现金流出
-----274,133
308,511
345,641
362,923
还本付息服务费
--0.06
0.17
0.17
0.42
0.46
0.45
0.49
债券还本付息
--1,118
3,309
3,309
8,309
9,136
8,928
9,721
债券发行费用
--99
-
现金流出总额
114,938
59,000
91,217
83,309
186,883
282,442
317,647
354,569
372,644
现金净流量当年项目现金净流入
-----805
1,121
2,563
2,346
期末项目累计现金结存额
-----805
1,927
4,490
6,836



附表七:现金流模拟测试表(续)

单位:人民币万元

year
2027年
2028年
2029年
2030年
2031年
2032年
2033年
2034年
2035年合计现金流模拟测算表现金流入自筹资金流入
---------445,347
债券资金流入
---------90,000
运营期现金流入
393,739
413,426
434,097
455,802
478,592
502,522
527,648
554,030
290,866
5,384,860
现金流入总额
393,739
413,426
434,097
455,802
478,592
502,522
527,648
554,030
290,866
5,920,207
现金流出建设期资金流出
527,512
运营期现金流出
381,069
400,123
420,129
441,135
463,192
486,351
510,669
536,202
281,506
5,211,584
还本付息服务费
0.96
0.58
0.56
0.55
0.22
0.22
0.21
0.20
0.19
6
债券还本付息
19,289
11,668
11,289
10,910
4,448
4,304
4,160
4,016
3,872
117,783
债券发行费用
99
现金流出总额
400,359
411,791
431,418
452,045
467,640
490,656
514,829
540,219
285,378
5,856,984
现金净流量当年项目现金净流入
-6,620
1,635
2,679
3,757
10,952
11,866
12,819
13,812
5,487
63,223
期末项目累计现金结存额
216
1,851
4,531
8,287
19,240
31,106
43,924
57,736
63,223



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