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 ...

Core Insights - The stock price of Dream Network Technology (002123) closed at 14.44 yuan on August 1, 2025, with a slight increase of 0.63% and a trading volume of 347,100 hands, amounting to 495 million yuan in transaction value [1] Financial Performance - For the first quarter of 2025, the company reported total revenue of 721 million yuan, a year-on-year decrease of 34.49% - The net profit attributable to shareholders was 3.73 million yuan, down 57.76% year-on-year - The non-recurring net profit was 1.52 million yuan, showing a significant year-on-year increase of 180.98% - The current ratio and quick ratio both stood at 1.656, while the debt-to-asset ratio was 52.44% [1] Investment and Business Activities - Dream Network Technology has made investments in 23 companies and participated in 494 bidding projects - The company holds 265 patents and has obtained 60 administrative licenses [2]

Group 1 - Yabont Chemical signed a 10-year supply strategic agreement with Jiangsu Hengrui Medicine to enhance collaboration in the pharmaceutical supply chain, effective from August 1, 2025 [1] - Wei Hua New Materials plans to acquire controlling interest in Jiangsu Heyutai Chemical to extend its product chain and improve competitiveness, currently in the planning stage [2] - Fujirey received a government subsidy of 2.0074 million yuan, expected to positively impact profits in 2025 [4] Group 2 - Hangzhou Garden won the land use rights for a plot in Yuhang District for 130 million yuan, planning to build a smart ecological design R&D headquarters with a total investment of no more than 450 million yuan [5] - Baotai's clinical trial for BAT5906, a recombinant anti-VEGF monoclonal antibody, received approval for new indications, aiming to accelerate commercialization [6] - Weisheng Information won multiple projects with a total bid amount of 110 million yuan, including significant contracts with Southern Power Grid and State Grid [8] Group 3 - Dong'an Power reported a 27.37% year-on-year increase in engine sales for July, totaling 34,500 units [13] - Hanma Technology's truck sales reached 956 units in July, marking a 42.69% year-on-year increase [14] - Jiangsu Bank's executives received regulatory approval for their positions, effective immediately [15] Group 4 - Chip Origin expects Q2 revenue of 584 million yuan, a 49.90% increase quarter-on-quarter, with significant growth in intellectual property licensing fees [24] - Dream Network Technology plans to establish a high-end equipment industry investment fund with a target fundraising of 2 billion yuan [26] - Hefei Urban Construction and China Real Estate Development won land use rights for a residential plot in Hefei for 980 million yuan [28] Group 5 - Lu Kang Pharmaceutical's subsidiary received a drug registration certificate for a new medication for erectile dysfunction [28] - Lifan Pharmaceutical's Mesalazine enteric-coated tablets received a drug registration certificate for treating ulcerative colitis [29] - Yahu Pharmaceutical's APL-1401 clinical trial for ulcerative colitis showed positive preliminary results [30]

Group 1: Microsoft Financial Performance - Microsoft shares opened up 8.2%, briefly surpassing a market capitalization of $4 trillion, making it the second company to achieve this milestone [2] - In Q2, Microsoft's commercial cloud revenue reached $46.7 billion, a 27% year-over-year increase [2] - The intelligent cloud segment generated $29.9 billion in revenue, up 26% year-over-year, with Azure and other cloud services revenue growing 39% when excluding currency effects [2] Group 2: OpenAI Developments - OpenAI's annualized revenue reached $12 billion in the first seven months of 2025, doubling from approximately $4 billion in 2024, and is expected to exceed the previously set target of $12.7 billion [3] - The weekly active users of ChatGPT surpassed 700 million, marking a 40% increase from 500 million in March [3] - OpenAI announced its first AI data center project in Europe, Stargate Norway, with an initial power capacity of 230 MW and plans to expand to 290 MW [4] Group 3: Apple iPhone Pricing - Analysts predict that Apple will increase the prices of the iPhone 17 series by $50 to offset rising component costs and tariffs [5] - All four models in the iPhone 17 series are expected to see a price increase, including the standard iPhone 17, iPhone 17 Air, iPhone 17 Pro, and iPhone 17 Pro Max [5] Group 4: Tesla Robotaxi Service - Tesla expanded its Robotaxi service to the San Francisco Bay Area, covering key cities like Berkeley, Oakland, and Fremont [6] - Unlike the service in Austin, the California Robotaxi service requires human drivers [6] Group 5: Arm's Strategic Shift - Arm announced plans to invest in developing its own chips, marking a significant shift from its traditional IP licensing model [11] - The CEO emphasized the intention to increase investment beyond design to potentially include manufacturing [11] Group 6: ByteDance Employment Data - ByteDance clarified that the median tenure of its employees is 2.9 years, with an average of 3.0 years, countering claims of an average tenure of 7 months [9] Group 7: New Product Launches - DJI launched its first panoramic camera, Osmo 360, priced starting at 2999 yuan, featuring 1-inch panoramic imaging and supporting native 8K video [18] - Ankai Micro announced the release of the AK1037 series low-power SoC chip designed for smart locks, featuring a RISC-V core and various integrated functionalities [12]

Key Points - Tibet Tourism may apply for suspension of trading if significant abnormalities occur in stock transactions [1] - Southern Road Machinery's stock price has deviated from its fundamental situation [1] - Industrial Fulian's major customers and products have not undergone significant changes [1] - Yingweike has established a relatively complete liquid cooling technology and product solution capability [1] - Victory Energy's operational situation remains normal with no significant changes in the internal and external business environment [1] - Qizheng Tibetan Medicine's operational situation is normal with no significant changes in the internal and external business environment [1] - Dongxin Co. states that its investment in Shanghai Lishuan's chip products is not applicable for large model computing clusters [1] - Guosheng Co. has obtained project filing related to PEEK from its wholly-owned subsidiary [1] - Action Education's actual controller proposed a mid-term dividend of 10 yuan per 10 shares [1] Mergers and Acquisitions - Darui Electronics plans to acquire 80% of Weiste's equity through capital increase and share acquisition [1] - Dashengda intends to acquire 30% equity of Thailand's Far East [1] Financing - Aoshikang plans to issue convertible bonds not exceeding 1 billion yuan for high-end printed circuit board projects [1] - Sixuan New Materials intends to raise no more than 466 million yuan through a private placement [1] - Changhua Chemical plans to raise no more than 230 million yuan for a carbon dioxide polyether project [1] Share Buybacks and Reductions - Fuanna plans to repurchase shares worth between 55.85 million and 104 million yuan [1] - Jiangnan Yifan's board member intends to increase his stake in the company [1] - Jieya Co. and its concerted parties plan to reduce their holdings by no more than 4.95% [1] - Other companies including Tongda Co., Haohan Deep, and Wanhu Chemical also plan to reduce their holdings [1] Operational Data - Sinopec expects a net profit decline of 39.5% to 43.7% year-on-year for the first half of the year [1] - Qingdao Bank reported a net profit of 3.065 billion yuan for the first half, up 16.05% year-on-year [1] - Daodaquan's net profit increased by 563.15% year-on-year, proposing a dividend of 1.76 yuan per 10 shares [1] - Zhengdan Co. reported a net profit increase of 120.35% year-on-year, proposing a dividend of 3 yuan per 10 shares [1] - Other companies reported varying profit changes, including losses and significant increases [1] Contracts and Major Investments - Sanhui Electric signed a framework contract for robot equipment sales [1] - Zhejiang University Network New's subsidiary won a smart engineering project worth 94.2712 million yuan [1] - New Aluminum Times plans to invest no less than 500 million yuan in a project for lightweight, high-strength auto parts [1] - Zhishang Technology will use part of its raised funds for a smart manufacturing production base in Vietnam [1]