Novartis公司综合研究(初稿)小组成员：刘宇，张媛，王鑫目录TOC\o"1-3"\h\z\uHYPERLINK\l"_Toc361475372"一、公司概述PAGEREF_Toc361475372\h3HYPERLINK\l"_Toc361475373"（一）公司简介PAGEREF_Toc361475373\h3HYPERLINK\l"_Toc361475374"（二）发展领域PAGEREF_Toc361475374\h3HYPERLINK\l"_Toc361475375"二．公司治理PAGEREF_Toc361475375\h4HYPERLINK\l"_Toc361475376"（一）股权结构PAGEREF_Toc361475376\h4HYPERLINK\l"_Toc361475377"1.前十位主要机构持有者情况PAGEREF_Toc361475377\h5HYPERLINK\l"_Toc361475378"2.前十位共同基金持有者情况PAGEREF_Toc361475378\h5HYPERLINK\l"_Toc361475379"（二）董事会及委员会PAGEREF_Toc361475379\h5HYPERLINK\l"_Toc361475380"（三）薪酬激励制度PAGEREF_Toc361475380\h6HYPERLINK\l"_Toc361475381"三．业务板块PAGEREF_Toc361475381\h7HYPERLINK\l"_Toc361475382"（一）业务发展PAGEREF_Toc361475382\h7HYPERLINK\l"_Toc361475383"1.业务概况PAGEREF_Toc361475383\h7HYPERLINK\l"_Toc361475384"2.业务发展历史PAGEREF_Toc361475384\h8HYPERLINK\l"_Toc361475385"（二）业务介绍PAGEREF_Toc361475385\h8HYPERLINK\l"_Toc361475386"四、财务分析PAGEREF_Toc361475386\h9HYPERLINK\l"_Toc361475387"（一）财务概况PAGEREF_Toc361475387\h9HYPERLINK\l"_Toc361475388"（二）偿债能力分析PAGEREF_Toc361475388\h12HYPERLINK\l"_Toc361475389"1.短期偿债能力PAGEREF_Toc361475389\h12HYPERLINK\l"_Toc361475390"2.长期偿债能力PAGEREF_Toc361475390\h14HYPERLINK\l"_Toc361475391"（三）营运能力分析PAGEREF_Toc361475391\h15HYPERLINK\l"_Toc361475392"（四）盈利能力分析PAGEREF_Toc361475392\h16HYPERLINK\l"_Toc361475393"（五）发展能力分析PAGEREF_Toc361475393\h18HYPERLINK\l"_Toc361475394"（六）现金流管理PAGEREF_Toc361475394\h20HYPERLINK\l"_Toc361475395"（七）杜邦分析PAGEREF_Toc361475395\h21HYPERLINK\l"_Toc361475396"五、资本运作PAGEREF_Toc361475396\h22HYPERLINK\l"_Toc361475397"（一）并购史一览PAGEREF_Toc361475397\h22HYPERLINK\l"_Toc361475398"（二）控股子公司PAGEREF_Toc361475398\h24HYPERLINK\l"_Toc361475399"（三）并购战略分析PAGEREF_Toc361475399\h33HYPERLINK\l"_Toc361475400"六．公司可持续发展战略PAGEREF_Toc361475400\h34HYPERLINK\l"_Toc3614