Core Viewpoint - Shenzhen DreamNet Intelligent Technology Development Co., Ltd. has launched China's first medical-grade maternal and infant intelligent care robot "PanPan," in collaboration with Nanshan Maternal and Child Health Hospital, addressing a gap in the domestic maternal and infant intelligent medical care sector [1][3]. Group 1: Product Features - "PanPan" features four core functions: intelligent companionship and interaction, intelligent diagnostic assistance, intelligent vital sign monitoring, and a multimodal maternal and infant medical model [3]. - The robot employs multimodal interaction technology, enabling a seamless "listen-speak-move" interaction mode for effective communication with users [3]. - It provides precise health management advice for pregnant women and rational diagnostic suggestions for maternal and infant patients, ensuring medical-grade monitoring and services [3]. Group 2: Market Potential - The Chinese maternal and infant market is projected to reach 3.4 trillion yuan by 2025, while the AI toy market is expected to grow from $18.1 billion in 2024 to $60 billion by 2033 [3]. - The demand from new-generation parents has evolved beyond mere companionship to a desire for professional and timely health guidance [3]. Group 3: Strategic Collaboration and Development - DreamNet's president, Xu Gang, emphasized that the robot addresses maternal and infant health needs and positions the company strategically within industry trends, acting as a smart link between families and the healthcare system [5]. - The development of the robot was supported by the Nanshan District in terms of large model and computing power, with collaborative training of AI models and database construction with Nanshan Maternal and Child Health Hospital [5]. - The company has signed channel franchise agreements with multiple partners to expand its sales channels [5]. Group 4: Future Directions - DreamNet is also developing surgical intervention assistance robots and other AI projects, marking a transition from an "Internet of Things model" to an "artificial intelligence model" [5]. - The company aims to promote deep integration of the medical industry with AI technology through the establishment of a positive feedback loop [5].

Group 1 - The company, DreamNet Technology, has responded to the Shenzhen Stock Exchange's inquiry regarding its merger and acquisition restructuring, addressing concerns about control stability, historical equity transfers, and asset evaluation to ensure smooth transaction progress [1] - The controlling shareholder, Yu Wensheng, holds 14.05% of the company's shares, with a pledge ratio of 79.97%. Despite the high pledge ratio, there is a low risk of forced liquidation due to the availability of over 20% of shares for further financing and the shareholder's good credit status [2] - The valuation of the target company in the current transaction is set at 1.312 billion yuan, reflecting an increase from previous valuations due to factors such as improved profitability and asset scale [2][3] Group 2 - The asset evaluation methods used, including the income approach and asset-based approach, show significant differences, with the income approach providing a more comprehensive view of the company's value as a light-asset operation [3] - The company expects to recognize goodwill of 815 million yuan post-transaction, with a commitment to enhance management capabilities and monitor goodwill value to mitigate impairment risks [4] - The transaction pricing varies based on performance commitments, with the overall valuation for those assuming commitments set at 1.384 billion yuan, while others are valued at 1.12 billion yuan, reflecting a market-driven negotiation process [5][6] Group 3 - The target company is projected to achieve revenues of 1.281 billion yuan and 1.363 billion yuan in 2023 and 2024, respectively, with a year-on-year growth of 6.36% in 2024, although net profit is expected to decline by 23.41% [7] - The main revenue sources for the target company include brand retail, brand operation management, and channel distribution, with stable long-term partnerships with major brands [8] - The risk of share pledge resolution is low, and the pricing for the transfer of shares to a related party is deemed fair, with no signs of interest transfer [9]

Group 1 - The response from Shanghai Zhonghua Asset Appraisal Co., Ltd. to the Shenzhen Stock Exchange regarding the merger and acquisition inquiry of DreamNet Cloud Technology Group provides key insights into the transaction details, including evaluation methods, revenue growth, qualification renewal, and goodwill risk [1] - Under the income approach, the net asset book value attributable to the parent company shareholders is 495 million, with an assessed value of 1.312 billion, resulting in an increment of 817 million; under the asset-based approach, the single entity report net asset book value is 170 million, with an assessed value of 610 million, leading to an increment of 440 million [1] - The asset-based approach shows a significant increase in long-term equity investment assessed value, with a book value of 104.95 million and an assessed value of 500.94 million, resulting in an increment of 395.99 million and a growth rate of 377.31%, primarily due to the operational accumulation of subsidiaries and asset appraisal increments [1] Group 2 - The target company's revenue has fluctuated in recent years, with a significant increase in 2021 due to e-commerce development and new brand additions, followed by a decline in growth rate; however, a rebound is expected in 2024 due to brand and channel advantages [2] - The income approach predicts stable revenue growth, aligning with industry trends, leading advantages, and the company's actual operating conditions, while also considering the sustainability and impact of subsidy policies [2] - After the transaction, the listed company is expected to add 815 million in goodwill, which will undergo impairment testing; any impairment could adversely affect the company's net profit, net assets, and total assets [2]

Group 1 - The stock price of Dream Network Technology is reported at 14.96 yuan as of August 8, 2025, down 0.99% from the previous trading day [1] - The opening price for the day was 15.11 yuan, with a highest point of 15.58 yuan and a lowest point of 14.65 yuan, resulting in an intraday volatility of 6.15% [1] - The company's total market capitalization is 12.049 billion yuan, while the circulating market capitalization stands at 10.772 billion yuan [1] Group 2 - Dream Network Technology specializes in cloud communication services and operates within the communication services sector [1] - The company is registered in Liaoning Province and is involved in areas such as the Internet of Things (IoT) and cloud computing [1] - On August 8, the company experienced a rapid rebound in stock price, with an increase of over 2% within 5 minutes, reaching a price of 15.03 yuan at 10:30 AM [1] Group 3 - The net outflow of main funds on that day was 1.0492 million yuan, while the cumulative net inflow of main funds over the past five trading days was 1.49 billion yuan [1]

Core Viewpoint - The response from Shanghai Zhonghua Asset Appraisal Co., Ltd. addresses the inquiries from the Shenzhen Stock Exchange regarding the merger and acquisition of DreamNet Cloud Technology Group Co., Ltd., focusing on the valuation methods and the rationale behind the significant differences in asset valuations. Group 1: Valuation Methods - The asset-based approach shows a significant increase in the valuation of long-term equity investments and intangible assets compared to their book values, with a total valuation of 5.009 billion yuan and an increase of 3.9599 billion yuan, representing a 377.31% increase [3][5][10] - The income approach predicts a stable growth in operating income, aligning with industry trends and the company's actual operating conditions, with a projected increase in shareholder equity value to 13.117 billion yuan [11][14][15] Group 2: Reasons for Valuation Differences - The asset-based method primarily reflects the market value of identifiable assets and liabilities, while the income method considers future earning potential and intangible resources, leading to a more comprehensive valuation [16][18] - The income method's valuation is lower than the average of comparable cases, indicating differences in business categories, asset scales, and profitability compared to similar companies [19] Group 3: Financial Projections - The projected operating income growth rate is based on market policies, company marketing activities, and industry development trends, ensuring its reasonableness [14][15] - The forecasted operating costs and net profits are aligned with historical performance and future operational plans, demonstrating a realistic approach to financial forecasting [15][16]

Core Viewpoint - The company, Dream Network Technology Group Co., Ltd., received an inquiry letter from the Shenzhen Stock Exchange regarding its merger and acquisition restructuring, specifically focusing on the financial status of the target company and revenue recognition methods [1]. Financial Performance - The target company is projected to achieve operating revenues of 1.281 billion yuan and 1.363 billion yuan in 2023 and 2024, respectively, with a year-on-year revenue growth of 6.36% in 2024 [1]. - The audited net profit attributable to the parent company is expected to be 97 million yuan in 2023 and 74 million yuan in 2024 [1]. Revenue Recognition - The inquiry requests a detailed explanation of the business model and revenue recognition methods categorized by business type, including the proportion of revenue recognized using the net method in relation to total sales for 2023 and 2024 [1]. - The company is asked to clarify the specific circumstances, reasons, and rationality regarding supplier shipments under the brand retail business, and whether there are significant differences compared to industry peers [1]. - The inquiry also seeks to understand the reasons and rationality behind negative revenue for certain brands under brand operation management services, as well as the authenticity and accuracy of the company's revenue recognition practices [1].

证券代码：002123 证券简称：梦网科技 公告编号：2025-067 梦网云科技集团股份有限公司 关于对深圳证券交易所并购重组问询函的回复公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 梦网云科技集团股份有限公司（以下简称"梦网科技"或"公司"）收到 深圳证券交易所出具的并购重组问询函（以下简称"问询函"），公司及中介 机构对问询函中的相关问题逐项进行了研究和落实，现对问询函问题回复如 下： 如无特别说明，本问询函回复报告中的简称或名词的释义与《梦网云科技集 团股份有限公司发行股份及支付现金购买资产并募集配套资金暨关联交易报告 书（草案）》中的相同。本回复中所列数据可能因四舍五入原因而与数据直接相 加之和存在尾数差异。 本回复报告的字体代表以下含义： | 问询函所列问题 | 宋体（加粗） | | --- | --- | | 对问询函所列问题的回复、中介机构核查意见 | 宋体（不加粗） | 1 问题一、关于控制权稳定性。 6 月 7 日，你公司披露《关于控股股东部分股份解除质押及质押的公告》显 示，控股股东余文胜持有你公司 14.05%股份，其中质押比例 ...

方正证券承销保荐有限责任公司 关于梦网云科技集团股份有限公司的并购重组问询函 的核查意见 深圳证券交易所： 梦网云科技集团股份有限公司（以下简称"梦网科技"或"公司"）收到深圳证券 交易所出具的并购重组问询函（以下简称"问询函"），方正证券承销保荐有限责任公 司（以下简称"独立财务顾问"）对贵所要求独立财务顾问核查的相关问题予以落实， 具体核查情况如下： 如无特别说明，本问询函回复报告中的简称或名词的释义与《梦网云科技集团股 份有限公司发行股份及支付现金购买资产并募集配套资金暨关联交易报告书（草案）》 中的相同。本回复中所列数据可能因四舍五入原因而与数据直接相加之和存在尾数差 异。 本回复报告的字体代表以下含义： | 问询函所列问题 | 宋体（加粗） | | --- | --- | | 对问询函所列问题的回复、中介机构核查意见 | 宋体（不加粗） | 1 问题二、关于历史股权转让。近三年来，标的公司股份存在多次转让的情况，请 你公司说明： （一）结合近三年内标的公司股权转让对应的作价依据，说明本次交易与上述交 易作价依据存在差异的原因及合理性。 （二）2024 年 1 月，同一次股权转让中不同转受让方对应的股 ...

中 喜 会 计 师 事 务 所 (特 殊 普 通 合 伙 ) ZHONGXICPAs（SPECIALGENERALPARTNERSHIP） 问题五、关于标的公司财务状况。 草案显示，2023 年、2024 年，标的公司分别实现营业收入 12.81 亿元、13.63 亿元，2024 年收入同比增长 6.36%。2023 年、2024 年标的公司经审计的归属于 母公司所有者的净利润（以下简称归母净利润）分别为 0.97 亿元、0.74 亿元， 2024 年归母净利润同比下降 23.41%。请说明： （一）请按照业务类别分类，分别说明各业务类别下的商业模式及收入确 认方法，2023 年、2024 年采用净额法确认收入占销售额的比例、主要涉及客户 等；品牌零售业务项下涉及供应商发货的具体情形、原因及合理性，与同行业 可比公司是否存在显著差异，是否符合行业惯例；品牌运营管理服务下对个别 品牌营业收入为负的原因及合理性。请会计师对公司收入确认的真实性、准确 性，是否存在跨期调节收入，是否符合《企业会计准则》的相关规定等情况发 表明确意见。 公司回复： 地址：北京市东城区崇文门外大街 11 号新成文化大厦 A 座 11 层 ...

上海众华资产评估有限公司 关于 深圳证券交易所 《关于对梦网云科技集团股份有限公司的并购重组问询函》 意见回复 二〇二五年八月 梦网云科技集团股份有限公司的并购重组问询函 意见回复 深圳证券交易所： 上海众华资产评估有限公司对贵所《问询函》中涉及我公司的相关问题进行了认 真研究与落实，并按照《问询函》的要求对所涉及的事项进行了认真分析和意见回复， 现就核查情况回复如下。 在本意见回复中，若合计数与各分项数值相加之和在尾数上存在差异，均为四舍五 入所致。如无特别说明，本回复中出现的简称均与《梦网云科技集团股份有限公司重 大资产购买报告书（草案）》中的释义相同。 梦网云科技集团股份有限公司的并购重组问询函 意见回复 问题 3 草案显示，收益法下，标的公司合并报表口径下归属于母公司股东的净资产账 面价值为4.95亿元，评估值为13.12亿元，增值额为8.17亿元。资产基础法下，标的公 司单体报表下净资产账面价值为1.70亿元，评估值为6.10亿元，增值额为4.4亿元。请 你公司说明： （1）资产基础法下，长期股权投资、无形资产评估值相较于账面价值大幅增加 的原因及合理性，涉及对标的子公司权益增值的，说明子公司层面使 ...