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1

——

A

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N

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E

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——

M

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CE

D

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-

B

E

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Z

——

A

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N

U

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E

R

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C

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——

M

E

R

CE

D

E

S

-

B

E

N

Z

—Mercedes-Benz

Group

AG,

Sindelfingen,

February

20,

2025——

FMEEBRRCUEADR

EY

S2-0B2E5N—Z

——

E

C

N

E

R

E

F

N

O

C

S

T

L

U

S

E

R

L

A

U

N

N

A

———

22

——Review

2024—

A

N—

M

E

R

CE

D

E

S

-

B

E

N

Z

——

A

NN

NU

UA

LA

LR

ERSEUS

UL

TLST

SC

OC

ON

NF

EFRE

ERNE

NC

EC

E———

3

—Mercedes-Benz

Group:

Key

figuresRevenue*in

billion

eurosEBITin

billion

eurosEarnings

per

sharein

eurosFree

Cash

Flow

(IB)in

billion

euros2023

2024

2023

20242024

figures

preliminary

and

unaudited.* 2023

revenue

has

been

corrected

in

accordance

with

IAS

8.**

Group

Return

on

Sales

considering

the

Industrial

Business.***

Accrued

interests

are

now

shown

under

financing

liabilities

leading

to

a

change

of

Net

Industrial

Liquidity.19.713.6-31%2023202413.4610.19-24%2023202411.39.2-19%152.4145.6-4%2023202431.131.4Net

Industrial

Liquidity***in

billion

euros+1%RoS:14.5%**RoS:10.3%**Share

buyback:

EUR

~7

bn.

completed.Dividend:

EUR

5.5

bn.

paid

out.—

A

N

N

U

A

L

R

E

S

U

L

T

S

C

O

N

F

E

R

E

N

C

E

——

M

E

R

CE

D

E

S

-

B

E

N

Z

—Mercedes-Benz

Cars:

Key

messages

2024Products:

Launch

of

new

G-Class

(ICE

&

BEV),

updated

EQS,SL

Maybach,

several

premieres

at

AMG.Technology:

Elevating

digital

in-car

user

experience,advancing

ADAS

technology

in

all

regions.Transformation:

PHEV

sales

growth

in

subdued

EV

environment,opening

of

new

competence

center

for

battery

development.Performance:

Top

line

development

impacted

by

marketdynamics,

intensified

cost

efficiencies

at

work,

RoS

adj.

at

8.1%.—

4

——

A

N

N

U

A

L

R

E

S

U

L

T

S

C

O

N

F

E

R

E

N

C

E

——

M

E

R

CE

D

E

S

-

B

E

N

Z

—Mercedes-Benz

Cars:

Top-End

and

electric

vehicle

unit

salesShare

in

%

of

volume

16%

14%

20%

19%*

w/o

double

counting

(e.g.

G63,

S-Class,Maybach).**

incl.

smart.2411611851832023

2024Electric

vehiclesBEV**PHEV402368-9%3281,0976192811,167535Top-EndCoreEntry

**2,0441,983-3%In

thousand

units43281431712023

2024

2023Total

MB

Cars

Top-End42211401272024GMaybachAMGS,

EQS,GLS,

EQS

SUV328*281*-14%—

5

——

5

——

A

N

N

U

A

L

R

E

S

U

L

T

S

C

O

N

F

E

R

E

N

C

E

——

M

E

R

CE

D

E

S

-

B

E

N

Z

—Mercedes-Benz

Vans

Strategy

pays

offStrategy:

Consistent

and

successful

implementation

ofMercedes-Benz

Vans

strategy

with

industry

leading

profitability.Performance:

Strong

profitable

growth

by

focusing

on

premiumsegments

and

portfolio

adjustment.

Digital

services

to

enhanceproductivity

of

commercial

customers.Product:

Complete

product

portfolio

renewed

in

2024.First

VAN.EA

test

vehicles

on

the

road.Transformation:

Development

and

industrialization

of

one

VANarchitecture

with

both

BEV

and

ICE.Footprint:

Continuous

rightsizing

of

industrial

base.

Sale

ofbusiness

operations

in

Argentina.Costs:

On

track

in

all

areas.

2024

fixed

cost

reduction

of

3%

vs.2023.—

6

——

A

N

N

U

A

L

R

E

S

U

L

T

S

C

O

N

F

E

R

E

N

C

E

——

M

E

R

CE

D

E

S

-

B

E

N

Z

—Mercedes-Benz

Vans:

Electric

vehicle

unit

sales20232024BEV2320-14%thereof20232024448406Share

in

%

of

volume

5%

5%—

7

——

7

—Total

MB

Vans

Electric

vehiclesIn

thousand

units-9%—

A

N

N

U

A

L

R

E

S

U

L

T

S

C

O

N

F

E

R

E

N

C

E

——

M

E

R

CE

D

E

S

-

B

E

N

Z

—Mercedes-Benz

Mobility:

Key

messages

2024Portfolio

slightly

up,

new

business

impacted

by

highcompetition

in

China.Acquisition

margin

stabilized

in

line

with

target

return.Portfolio

margin

at

subdued

level.Cost

of

credit

risk

on

elevated

level.Efficiency

measures

led

to

significant

cost

improvements.Charging

Solutions

continued

to

expand.—

7

——

8

——

A

N

N

U

A

L

R

E

S

U

L

T

S

C

O

N

F

E

R

E

N

C

E

——

M

E

R

CE

D

E

S

-

B

E

N

Z

—Mercedes-Benz

Cars:

FinancialsEBIT

adj.in

billion

eurosCFBIT

adj.

inbillion

eurosRevenuein

billion

euros202320242,0441,983-3%20232024112.8107.8-4%2023202414.38.7-39%2023202412.59.1-27%—

7

——

9

—Salesin

thousand

units——A

NA

NN

NU

UA

LA

LR

ERSEUS

UL

TLST

SC

OC

ON

NF

EFRE

ERNE

NC

EC

E———

M

E

R

CE

D

E

S

-

B

E

N

Z

—289584199495RoS:12.6%RoS:12.6%RoS:8.1%RoS:7.9%14,22414,252-5,676-433-1,0598,677-2178,460Mercedes-Benz

Cars:

EBIT

&

RoSEBIT2023AdjustmentsEBITadjusted

2023Volume

/

structure

/

net

pricingForeign

exchange

ratesIndustrial

performanceSelling

expensesGeneral

administrative

expensesResearch

&

non-capitalized

developmentcostsOthersEBITadjusted

2024AdjustmentsEBIT2024Legal

proceedings

+94Russia -66Legal

proceedings

+133Restructuring -350

Operational

efficiencies

outweighing

one-time

supplier

payments

Lower

RD

cost

and

SG&A–Negative

net

pricing

effect–Lower

unit

sales

and

unfavorable

mix–Higher

expenses

for

product

lifecycle

measures–Lower

used

car

business

and

residual

value

adjustment–Valuations

and

lower

BBAC

at-equity

resultGross

Profit

-5,151—

10

—In

million

euros——A

NA

NN

NU

UA

LA

LR

ERSEUS

UL

TLST

SC

OC

ON

NF

EFRE

ERNE

NC

EC

E———

M

E

R

CE

D

E

S

-

B

E

N

Z

—Mercedes-Benz

Cars:

EBIT

to

CFBITNet

investments

in

pp&e

and

intangible

assetsEBIT2024AdjustmentsCFBIT2024Depreciation

and

amortization/

impairmentsChange

in

working

capitalNet

financial

investmentsOthers134—

11

—132CCR:1.1CCR:1.08,460-470-7,6366,1382,3378,9639,095CFBITadjusted2024t/oInventories

+792Trade

receivables

+139Trade

payables

-1,401Legal

proceedings

+132t/oResult

at-Equity

BBAC

-1,073Dividend

BBAC

+1,286In

million

euros—

12

———A

NA

NN

NU

UA

LA

LR

ERSEUS

UL

TLST

SC

OC

ON

NF

EFRE

ERNE

NC

EC

E———

M

E

R

CE

D

E

S

-

B

E

N

Z

—20192024-19%Mercedes-Benz

Cars:

Indicators

of

Change2019

2024

2019

2024FTE

=

Full

time

equivalent.*

ASP

excl.

smart,

BBAC

sales

and

pbp

revenues.**

Active

Workforce

figures

have

been

adjusted

to

comply

withCSRD/ESRS

requirements.Active

Workforcein

thousand

FTEFixed

Costsin

billion

eurosR&Din

billion

eurosInvestment

in

PP&Ein

billion

euros139.2-11%201920247.58.7+16%201920245.63.4-40%Average

Sales

Price*in

thousand

euros51.071.0+39%123.9136.5**Net

of

inflation—

A

N

N

U

A

L

R

E

S

U

L

T

S

C

O

N

F

E

R

E

N

C

E

——

M

E

R

CE

D

E

S

-

B

E

N

Z

—Mercedes-Benz

Vans:

FinancialsEBIT

adj.in

billion

eurosCFBIT

adj.

inbillion

eurosRevenuein

billion

euros20232024448406-9%2023202420.319.3-5%202320243.12.8-8%202320243.02.8-6%—

13

—Salesin

thousand

units——A

NA

NN

NU

UA

LA

LR

ERSEUS

UL

TLST

SC

OC

ON

NF

EFRE

ERNE

NC

EC

E———

M

E

R

CE

D

E

S

-

B

E

N

Z

—604991107RoS:15.5%RoS:15.1%RoS:14.6%RoS:15.2%3,138-753,063-184-109-13-1322,8252,932

Healthy

mix

supported

by

improved

product

substance–Lower

unit

sales–Lower

FBAC

result

due

to

model

changeMercedes-Benz

Vans:

EBIT

&

RoSGross

Profit

-233EBIT2023AdjustmentsEBITadjusted

2023Volume

/

structure

/

net

pricingForeign

exchange

ratesIndustrialperformanceSellingexpensesGeneral

administrative

expensesResearch

&

non-capitalized

developmentcostsOthersEBITadjusted

2024AdjustmentsEBIT2024Legal

proceedings

-70Russia -5Legal

proceedings

+107In

million

eurosIn

million

euros—

14

———

M

E

R

CE

D

E

S

-

B

E

N

Z

——A

NA

NN

NU

UA

LA

LR

ERSEUS

UL

TLST

SC

OC

ON

NF

EFRE

ERNE

NC

EC

E——Mercedes-Benz

Vans:

EBIT

to

CFBITNet

investments

in

pp&e

and

intangible

assetsEBIT2024AdjustmentsCFBIT2024Depreciation

and

amortization/

impairmentsChange

in

working

capitalNet

financial

investmentsOthers61—

15

—520408133CCR:0.9CCR:1.02,932-43-1,1732,7052,838CFBITadjusted2024t/oInventories

+28Trade

payable -128Trade

receivables

+57Legal

proceedings

+133In

million

euros—

16

———A

NA

NN

NU

UA

LA

LR

ERSEUS

UL

TLST

SC

OC

ON

NF

EFRE

ERNE

NC

EC

E———

M

E

R

CE

D

E

S

-

B

E

N

Z

—Mercedes-Benz

Vans:

Indicators

of

Change2019

2024FTE

=

Full

time

equivalent.*

Excluding

FBAC

Business.35.249.7+41%2019202420.618.6-10%20192024-19%544201920241,012+86%24057120192024+138%Average

Sales

Price*in

thousand

eurosActive

Workforcein

thousand

FTEFixed

Costsin

billion

eurosR&Din

million

eurosInvestment

in

PP&Ein

million

eurosNet

of

inflation—

A

N

N

U

A

L

R

E

S

U

L

T

S

C

O

N

F

E

R

E

N

C

E

——

M

E

R

CE

D

E

S

-

B

E

N

Z

—Mercedes-Benz

Mobility:

FinancialsEBIT

adj.in

billion

euros202320241.71.1-33%Contract

Volumein

billion

euros2023202462.059.5-4%New

Businessin

billion

euros20232024135.0138.1+2%—

17

——

17

——

A—

M

E

R

CE

D

E

S

-

B

E

N

Z

——

NA

NN

NU

UA

LA

LR

ERSEUS

UL

TLST

SC

OC

ON

NF

EFRE

ERNE

NC

EC

E——Mercedes-Benz

Mobility:

EBIT

&

RoE393683690RoE:9.5%RoE:12.3%RoE:8.7%RoE:8.7%1,3021,695-26-116-6131,13401,134General

administrative

expensesSelling

expensesEBITadjusted

2024AdjustmentsOthersVolume/

MarginAdjustmentsEBITadjusted

2023Cost

of

credit

risk

(COCR)EBIT2023EBIT2024Foreign

exchange

ratesEfficiency

measures

leading

to

cost

improvementsInterest

margin

impacted

by

interest

rate

development

in

competitive

environmentHigher

cost

of

credit

risk

mainly

driven

by

USALower

remarketing

result

at

AthlonIn

million

euros—

18

—M&A

transactionsRussia+117+276——A

NA

NN

NU

UA

LA

LR

ERSEUS

UL

TLST

SC

OC

ON

NF

EFRE

ERNE

NC

EC

E———

M

E

R

CE

D

E

S

-

B

E

N

Z

—Mercedes-Benz

Group:

EBIT3448319,66020,004-5,575-238-56113,713-11413,599AdjustmentsEBITadjusted

2023Mercedes-Benz

CarsMercedes-Benz

VansMercedes-Benz

MobilityReconciliationEBITadjusted

2024AdjustmentsEBIT2024EBIT2023Legal

proceedings

+236Restructuring -350Legal

proceedings

+22M&A

transactions

+117Russia

+205In

million

eurosEPS:13.46EPS:10.19—

19

———A

NA

NN

NU

UA

LA

LR

ERSEUS

UL

TLST

SC

OC

ON

NF

EFRE

ERNE

NC

EC

E———

M

E

R

CE

D

E

S

-

B

E

N

Z

—Mercedes-Benz

Group:

Reconciliationfrom

CFBIT

to

Free

Cash

Flow—

20

—Mercedes-Benz

CarsIncome

taxes

paidInterest

receivedEffects

from

PensionsOther

reconciling

itemsFree

cash

flow

(industrial

business)AdjustmentsFree

cash

flow

(industrial

business)

adjustedMercedes-Benz

Vans6291775722698,9632,705-3,8949,1529,421Legal

proceedings

+269In

million

euros——A

NA

NN

NU

UA

LA

LR

ERSEUS

UL

TLST

SC

OC

ON

NF

EFRE

ERNE

NC

EC

E———

M

E

R

CE

D

E

S

-

B

E

N

Z

——

21

—Mercedes-Benz

Group:Net

Industrial

Liquidity*31.110.9-0.56.7-8.50.6-5.5-4.81.431.4Free

cash

flow

industrial

businessFY

2024:

9.2

billionEarnings

and

other

cash

flow

impactWorking

capital

impactDepreciation

and

amortization/

impairmentsAdditions

to

property,

plant,

equipment

and

intangible

assetsInvestments

inand

disposals

of

shareholdingsShare

buybackNet

Industrial

Liquidity*

12/31/2023Net

Industrial

Liquidity

12/31/2024Others**In

billion

eurosDividends*

Accrued

interests

are

now

shown

under

financing

liabilities

leading

to

a

change

of

Net

Industrial

Liquidity.**

Mainly

transactions

related

to

MBM.——

FMEEBRRCUEADR

EY

S2-0B2E5N—Z

——

E

C

N

E

R

E

F

N

O

C

S

T

L

U

S

E

R

L

A

U

N

N

A

———

2222

——Outlook2025—

A

N

N

U

A

L

R

E

S

U

L

T

S

C

O

N

F

E

R

E

N

C

E

——

M

E

R

CE

D

E

S

-

B

E

N

Z

—FY

2024

ActualsFY

2025

GuidanceUnit

SalesMercedes-Benz

Cars1,983k

unitsSlightly

belowMercedes-Benz

Vans406k

unitsSlightly

belowxEV

shareMercedes-Benz

Cars

(xEV)19%20

to

22

%Mercedes-Benz

Vans

(xEV)5%8

to

10

%Return

on

Sales(adjusted*)Mercedes-Benz

Cars8.1%6

to

8

%Mercedes-Benz

Vans14.6%10

to

12

%Mercedes-Benz

Mobility

(RoE)8.7%8

to

9

%Cash

ConversionRate**

(adjusted)Mercedes-Benz

Cars1.00.9

to

1.1Mercedes-Benz

Vans1.00.5

to

0.7Investment

inPP&EMercedes-Benz

CarsEUR

3.4

bn.Significantly

aboveMercedes-Benz

VansEUR

0.6

bn.Significantly

aboveR&D

expenditureMercedes-Benz

CarsEUR

8.7

bn.At

prior-year

levelMercedes-Benz

VansEUR

1.0

bn.Significantly

aboveMercedes-Benz

Divisional

Guidance

2025* The

adjustments

include

material

adjustments

if

they

lead

to

significant

effects

in

a

reporting

period.

These

material

adjustments

relate

in

particular

to

legal

proceedings

and

related

measures,

restructuring

measures

and

M&A

transactions.**

Adjusted

Cash

Flow

before

Interest

and

Taxes

(CFBIT)divided

by

adjustedEBIT.ASSUMPTIONThe

premises

regarding

the

overall

economic

conditions

and

the

development

of

the

automotive

markets

continue

to

be

characterized

by

exceptional

uncertainty.

In

addition

to

unexpected

macroeconomic

developments,

geopolitical

and

trade

policy

events

in

particular

can

create

uncertainty

and

burdens

for

the

global

economy

and

the

business

development

of

the

Mercedes-Benz

Group.

These

include

the

Middle

East

conflict,

the

Russia-Ukraine

war

and

possible

other

regional

crises.

In

addition,

the

ongoing

tensions

between

the

United

States

and

China,

a

possible

deterioration

in

relations

between

the

EU

and

China

and

the

future

development

of

the

relationship

between

the

EU

and

the

United

States

pose

uncertainties.

Trade

conflicts

and

in

particular

additional

tariffs

and

sanctions

could

significantly

affect

global

trade

flows

and

corporate

activities.

Further

disruptions

to

supply

chains

and,

in

particular,

availability

bottlenecks

for

critical

components

remain

significant

risk

factors.

Sharply

rising

energy

and

raw

material

prices,

higher

than

expected

inflation

rates

and

interest

rates,

possible

distortions

in

the

financial

markets

and

a

pronounced

weakening

of

economic

activity

can

also

have

an

impact

on

the

development

of

the

global

economy

and

the

automotive

markets.—

23

——

A

N

N

U

A

L

R

E

S

U

L

T

S

C

O

N

F

E

R

E

N

C

E

——

M

E

R

CE

D

E

S

-

B

E

N

Z

—Mercedes-Benz

Group

Guidance

2025FY

2024

ActualsFY

2025

GuidanceRevenueEUR

145.6

bn.Slightly

belowEBITEUR

13.6

bn.Significantly

belowFree

Cash

Flow

(Industrial

Business)EUR

9.2

bn.Significantly

belowASSUMPTIONThe

premises

regarding

the

overall

economic

conditions

and

the

development

of

the

automotive

markets

continue

to

be

characterized

by

exceptional

uncertainty.

In

addition

to

unexpected

macroeconomic

developments,

geopolitical

and

trade

policy

events

in

particular

can

create

uncertainty

and

burdens

for

the

global

economy

and

the

business

development

of

the

Mercedes-Benz

Group.

These

include

the

Middle

East

conflict,

the

Russia-Ukraine

war

and

possible

other

regional

crises.

In

addition,

the

ongoing

tensions

between

the

United

States

and

China,

a

possible

deterioration

in

relations

between

the

EU

and

China

and

the

future

development

of

the

relationship

between

the

EU

and

the

United

States

pose

uncertainties.

Trade

conflicts

and

in

particular

additional

tariffs

and

sanctions

could

significantly

affect

global

trade

flows

and

corporate

activities.

Further

disruptions

to

supply

chains

and,

in

particular,

availability

bottlenecks

for

critical

components

remain

significant

risk

factors.

Sharply

rising

energy

and

raw

material

prices,

higher

than

expected

inflation

rates

and

interest

rates,

possible

distortions

in

the

financial

markets

and

a

pronounced

weakening

of

economic

activity

can

also

have

an

impact

on

the

development

of

the

global

economy

and

the

automotive

markets.—

24

——

24

——

25

——

A

N

N

U

A

L

R

E

S

U

L

T

S

C

O

N

F

E

R

E

N

C

E

——

Z

N

E

B

-

S

ED

EC

R

E

M

——

A

N

N

U

A

L

R

E

S

U

L

T

S

C

O

N

F

E

R

E

N

C

E

——

Z

N

E

B

-

S

ED

EC

R

E

M

—Appendix——A

NA

NN

NU

UA

LA

LR

ERSEUS

UL

TLST

SC

OC

ON

NF

EFRE

ERNE

NC

EC

E———

M

E

R

CE

D

E

S

-

B

E

N

Z

—Mercedes-Benz

Mobility:

Net

credit

losses*2009—

26

—20100.43%20110.34%20120.37%20130.31%20140.24%20150.31%0.89%0.83%201620170.21%20180.26%20190.33%20200.21%20210.20%20220.29%20230.41%20240.26%*

As

percentage

ofportfolio,

subject

to

credit

risk.—

27

——

A

N

N

U

A

L

R

E

S

U

L

T

S

C

O

N

F

E

R

E

N

C

E

——

M

E

R

CE

D

E

S

-

B

E

N

Z

—Mercedes-Benz

Group/Divisional

Guidance

Ranges*—

27

—Specification/KPISignificantlybelowSlightly

belowAt

prior-yearlevelSlightly

aboveSignificantlyaboveRevenue/Unit

SalesX

<

-7.5%-7.5%

X

<

-2%-2%

X

+2%+2%

<

X

+7.5%X

>

+7.5%EBIT

(Group)X

<

-15%-15%

X

<-5%-5%

X

+5%+5%

<

X

+15%X

>

+15%FCF

IBX

<

-25%-25%

X

<

-10%-10%

X

+10%+10%

<

X

+25%X

>

+25%Investments/R&DX

<

-10%-10%

X

<

-2.5%-2.5%

X

+2.5%+2.5%

<

X

10%X

>

+10%*

X

=

Actual

Guidance

Figure—

A

N

N

U

A

L

R

E

S

U

L

T

S

C

O

N

F

E

R

E

N

C

E

——

29

——

M

E

R

CE

D

E

S

-

B

E

N

Z

—DisclaimerThis

document

contains

forward-looking

statements

that

reflect

our

current

views

about

future

events.

The

words

“anticipate”,

“assume”,“believe”,

“estimate”,

“expect”,

“intend”,

“may”,

“can”,

“could”,

“plan”,

“project”,

“should”

and

similar

expressions

are

used

to

identify

forward-looking

statements.

These

statements

are

subject

to

many

risks

and

uncertainties,

including

an

adverse

development

of

global

economicconditions,

in

particular

a

negative

change

in

market

conditions

in

our

most

important

markets;

a

deterioration

of

our

refinancing

possibilities

on

the

credit

and

financial

markets;

events

of

force

majeure

including

natural

disasters,

pandemics,

acts

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