Company Overview - Nanjing Wanyou Commercial Management Co., Ltd. was established on December 27, 2022, with a registered capital of 5 million RMB [1] - The company is primarily engaged in the sale of bulk snacks and operates under the management of its parent company, Fujian Wancheng Biotechnology Group Co., Ltd. [1] - As of May 31, 2025, the company has a total of 37 subsidiaries included in its consolidated financial statements [1] Financial Reporting - The financial statements are prepared based on the going concern assumption and are intended for the acquisition of minority shareholders' equity by Wancheng Group [1] - The financial statements comply with the requirements of enterprise accounting standards, reflecting the operating results and cash flows for the fiscal years 2025 and 2023 [2] Accounting Policies - The company has established specific accounting policies and estimates for revenue recognition and leasing transactions based on its operational characteristics [2] - The accounting period is aligned with the calendar year, running from January 1 to December 31 [2] Consolidation and Mergers - The company follows the principle of control to determine the scope of consolidated financial statements, which includes the company and all its subsidiaries [6] - For mergers under common control, the assets and liabilities are measured at the book value on the merger date, while for mergers not under common control, the acquisition cost includes the fair value of assets and liabilities on the purchase date [3][4] Financial Instruments - Financial assets are classified based on the business model and cash flow characteristics, with categories including those measured at amortized cost and those measured at fair value [10][12] - The company recognizes financial assets and liabilities at fair value upon initial recognition, with subsequent measurement based on their classification [12][14] Inventory Management - Inventory is primarily composed of finished goods and is valued at actual cost, including procurement and processing costs [25] - The company uses a perpetual inventory system and recognizes inventory write-downs when the net realizable value is lower than the cost [25]

Core Viewpoint - Fujian Wancheng Biotechnology Group Co., Ltd. plans to acquire a 49% stake in Nanjing Wanyou Commercial Management Co., Ltd. through cash payment, constituting a major asset restructuring and related party transaction [1] Group 1: Transaction Details - The transaction is expected to increase the company's net profit from 358.58 million yuan to 415.52 million yuan post-transaction, and basic earnings per share from 1.99 yuan to 2.31 yuan [1] - The independent financial advisor, Huaxing Securities, has assessed the potential dilution of immediate returns and proposed measures to mitigate this risk [1][5] Group 2: Measures to Address Dilution - The company will enhance the biological conversion rate of edible fungi cultivation by optimizing processes and improving breeding formulas [2] - The company aims to focus on high-quality development in the bulk snack business, leveraging market influence to improve operational efficiency and profitability [2] - The company will adhere to relevant laws and regulations to optimize governance structures and strengthen internal controls, ensuring the protection of minority shareholders' rights [2] Group 3: Commitments from Stakeholders - The controlling shareholder and actual controller have committed not to interfere with the company's management and to protect its interests [4] - The board of directors and senior management have pledged to diligently fulfill their responsibilities and ensure that their compensation is linked to the execution of measures to mitigate return dilution [4][5] Group 4: Independent Financial Advisor's Opinion - The independent financial advisor believes that the analysis of potential dilution of immediate returns is reasonable and that the measures in place will protect the rights of all shareholders, particularly minority investors [5]

Company Overview - Fujian Wancheng Biotechnology Group Co., Ltd. was established on December 21, 2011, with an initial registered capital of 20 million RMB [1] - The company underwent a name change from Fujian Wancheng Biotechnology Co., Ltd. and is primarily engaged in the cultivation and sale of horticultural crops, including edible mushrooms [1][2] - The company has a total of 79 subsidiaries included in the consolidated financial statements as of May 31, 2025 [2] Financial Highlights - The company completed a public offering of 38.375 million shares, increasing its total share capital from 115.125 million to 153.5 million shares in April 2021 [1] - As of May 31, 2025, the total share capital of the company is 179,989,761 RMB [1] - The company has committed to achieving net profits of no less than 320 million RMB, 330 million RMB, and 350 million RMB for the years 2025, 2026, and 2027, respectively, totaling a minimum of 1 billion RMB during the commitment period [2] Major Asset Restructuring - The company is involved in a significant asset restructuring transaction, acquiring a 49% stake in Nanjing Wanyou Commercial Management Co., Ltd. for a total consideration of 1.379225 billion RMB [2] - The payment for this transaction will be made using the company's own and self-raised funds within 30 days after the completion of the transaction conditions [2] Accounting Policies - The consolidated financial statements are prepared based on the accounting standards set by the Ministry of Finance and relevant regulations [2] - The company follows specific accounting policies and estimates related to its main operating activities, including inventory and revenue recognition [2][3] Corporate Governance - The actual controller of the company is Wang Zenning, and the parent company is Fujian Sensitive Grass Agricultural Development Co., Ltd. [2] - The company has implemented an incentive plan for its employees, with stock options granted at prices of 12.07 RMB and 18.65 RMB per share [1][2]

记管理制度》等相关规定，控制内幕信息知情人范围，及时记录商议筹划、 论证咨询等阶段的内幕信息知情人及筹划过程，制作内幕信息知情人登记表、 交易进程备忘录，并及时报送深圳证券交易所。 华兴证券有限公司 关于福建万辰生物科技集团股份有限公司 本次重大资产重组内幕信息知情人登记制度的 制定和执行情况的核查意见 福建万辰生物科技集团 股份有限公司（以下简称"公司" 或"上市公 司"）拟以支付现金的方式购买淮南市盛裕企业管理有限公司和淮南市会想 企业管理有限公司合计持有的南京万优商业管理有限公司49.00%股权（以下 简称"本次交易"）。根据《上市公司重大资产重组管理办法》（以下简称 "《重组管理办法》"）相关规定，本次交易构成重大资产重组。同时，根 据《深圳证券交易所创业板股票上市规则》的相关规定，本次交易构成关联 交易。 华兴证券有限公司（以下简称"独立财务顾问"）作为上市公司本次交 易的独立财务顾问， 对上市公司内幕知情人登记制度的制定和执行情况进行 了核查，具体情况如下： 一、内幕信息知情人登记制度的制定和执行情况 上市公司已按照《中华人民共和国证券法》《上市公司信息披露管理办 法》《重组管理办法》《上市公司监 ...

独立财务顾问出具核查意见的交易方案符合法律、法规和中国证券监督管理 委员会及深圳证券交易所的相关规定，基于所获取的信息及履行的尽职调查， 所披露的信息真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗 漏； 华兴证券有限公司 在充分尽职调查和内核的基础上出具的承诺函 福建万辰生物科技集团股份有限公司（以下简称"上市公司"）拟以支 付现金的方式购买淮南市盛裕企业管理有限公司和淮南市会想企业管理有限 公司合计持有的南京万优商业管理有限公司49.00%股权（以下简称"本次交 易"）。根据《上市公司重大资产重组管理办法》相关规定，本次交易构成 重大资产重组。同时，根据《深圳证券交易所创业板股票上市规则》的相关 规定，本次交易构成关联交易。 华兴证券有限公司（以下简称"独立财务顾问"）作为上市公司本次交 易的独立财务顾问，依照《上市公司重大资产重组管理办法》《公开发行证 券的公司信息披露内容与格式准则第 26 号——上市公司重大资产重组》《上 市公司并购重组财务顾问业务管理办法》及其他相关法规规范要求，就本次 交易履行了本阶段必要的尽职调查，对本次交易的相关事项发表独立核查意 见，现就相关事宜承诺如下： 易发表有关 ...

综上，本次交易相关主体不存在依据《上市公司监管指引第 7 号——上 市公司重大资产重组相关股票异常交易监管》第十二条规定的不得参与任何 上市公司重大资产重组的情形。 （以下无正文） （本页无正文，为《华兴证券有限公司关于福建万辰生物科技集团股份有限 公司本次交易相关主体不存在 <上市公司监管指引第7号 上市公司重大资="上市公司重大资"> 产重组相关股票异常交易监管>第十二条情形的核查意见》之签章页） 华兴证券有限公司 关于福建万辰生物科技集团股份有限公司 本次交易相关主体不存在《上市公司监管指引第7号——上市公 司重大资产重组相关股票异常交易监管》 第十二条情形的核查意见 福建万辰生物科技集团股份有限公司（以下简称"公司"或"上市公 司"）拟以支付现金的方式购买淮南市盛裕企业管理有限公司和淮南市会想 企业管理有限公司合计持有的南京万优商业管理有限公司49.00%股权（以下 简称"本次交易"）。根据《上市公司重大资产重组管理办法》相关规定， 本次交易构成重大资产重组。同时，根据《深圳证券交易所创业板股票上市 规则》的相关规定，本次交易构成关联交易。 华兴证券有限公司作为上市公司本次交易的独立财务顾问，就本次交 ...

华兴证券有限公司 关于福建万辰生物科技集团股份有限公司 本次交易产业政策和交易类型的核查意见 福建万辰生物科技集团股份有限公司（以下简称"上市公司"或"公 司"）拟以支付现金的方式购买淮南市盛裕企业管理有限公司（以下简称 "淮南盛裕"）和淮南市会想企业管理有限公司（以下简称"淮南会想"） 合计持有的南京万优商业管理有限公司（以下简称"标的公司"）49.00%股 权（以下简称"本次交易"）。根据《上市公司重大资产重组管理办法》相 关规定，本次交易构成重大资产重组。同时，根据《深圳证券交易所创业板 股票上市规则》的相关规定，本次交易构成关联交易。 华兴证券有限公司（以下简称"独立财务顾问"）作为上市公司本次交 易的独立财务顾问，根据《深圳证券交易所上市公司自律监管指引第8号—— 重大资产重组》《监管规则适用指引——上市类第 1 号》等相关法律法规的 要求，对本次交易产业政策和交易类型进行了专项核查，并发表如下核查意 见： 一、本次交易涉及的行业或企业是否属于《监管规则适用指引——上市类第 农业产业化龙头企业、高档数控机床和机器人、航空航天装备、海洋工程装 备及高技术船舶、先进轨道交通装备、电力装备、新一代信息技术 ...

福建万辰生物科技集团股份有限公司（以下简称"公司"或"上市公 司"）拟以支付现金的方式购买淮南市盛裕企业管理有限公司和淮南市会想 企业管理有限公司合计持有的南京万优商业管理有限公司49.00%股权（以下 简称"本次交易"）。根据《上市公司重大资产重组管理办法》相关规定， 本次交易构成重大资产重组。同时，根据《深圳证券交易所创业板股票上市 规则》的相关规定，本次交易构成关联交易。 华兴证券有限公司（以下简称"独立财务顾问"）作为上市公司本次交 易的独立财务顾问，对本次交易是否构成《上市公司重大资产重组管理办法》 第十三条规定的重组上市情形进行了核查，并发表如下核查意见： 华兴证券有限公司 关于福建万辰生物科技集团股份有限公司 本次交易不构成《上市公司重大资产重组管理办法》第十三条 规定的重组上市情形的核查意见 （以下无正文） （本页无正文，为《华兴证券有限公司关于福建万辰生物科技集团股份 有限公司本次交易不构成 <上市公司重大资产重组管理办法> 第十三条规定的 重组上市情形的核查意见》之签章页） 本次交易前36个月内，上市公司实际控制权曾发生变更，具体情况如下： 约定三人在公司董事会、股东会及福建农开发、漳州金 ...

Group 1 - The company, Fujian Wancheng Biotechnology Group Co., Ltd., plans to acquire minority stakes in Nanjing Wanyou Commercial Management Co., Ltd. through cash payment, constituting a major asset restructuring [1][2] - The transaction aims to enhance the company's control over its subsidiaries, improve overall governance, and align with the company's long-term development strategy, thereby increasing its competitive strength [2] - The target company's main business is retail snack sales, which aligns with the company's primary business of retail snack sales and the research, cultivation, and sales of edible fungi, both classified under "F52 Retail" in the national economic industry classification [2]

福建万辰生物科技集团股份有限公司（以下简称"公司"或"上市公 司"）拟以支付现金的方式购买淮南市盛裕企业管理有限公司和淮南市会想 企业管理有限公司合计持有的南京万优商业管理有限公司（以下简称"标的 公司"）49.00%股权（以下简称"本次交易"）。根据《上市公司重大资产 重组管理办法》相关规定，本次交易构成重大资产重组。同时，根据《深圳 证券交易所创业板股票上市规则》的相关规定，本次交易构成关联交易。 华兴证券有限公司（以下简称"独立财务顾问"）作为上市公司本次重 组的独立财务顾问，对上市公司本次交易前十二个月内购买、出售资产情况 进行了核查，具体情况如下： 一、本次交易前十二个月内上市公司的购买、出售资产情况 根据《上市公司重大资产重组管理办法》的相关规定："上市公司在十 二个月内连续对同一或者相关资产进行购买、出售的，以其累计数分别计算 相应数额。已按照本办法的规定编制并披露重大资产重组报告书的资产交易 行为，无须纳入累计计算的范围。中国证监会对本办法第十三条第一款规定 的重大资产重组的累计期限和范围另有规定的，从其规定。交易标的资产属 于同一交易方所有或者控制，或者属于相同或者相近的业务范围，或者中国 ...