青岛双星收购锦湖轮胎评估细节披露：参数合理，交易定价公允

Core Viewpoint - Qingdao Double Star Co., Ltd. is advancing the issuance of shares, cash asset purchases, and fundraising for related transactions, with a focus on the asset evaluation of Kumho Tire, ensuring fair pricing through careful analysis of key parameters in the income approach [1][4]. Group 1: Key Parameters in Income Approach Evaluation - Sales Price Forecast: The average sales price for Kumho Tire is predicted based on the 2022-2023 market averages, considering the lag in rubber price transmission and the company's pricing power [2]. - Sales Volume Forecast: Historical sales data, industry forecasts, and company plans indicate reasonable sales volume growth aligned with production capacity [2]. - Cost Forecast: Direct material costs are cautiously adjusted based on 2023 unit costs, while logistics and labor costs are predicted based on historical data and company planning [2]. - Tax and Fee Forecast: Taxes are estimated based on regional rates and revenue projections, ensuring accuracy in the evaluation [3]. Group 2: Goodwill Impairment and Other Evaluation Points - Goodwill Impairment Testing: Differences in gross margin and discount rates are noted, with careful selection of parameters ensuring accurate evaluations [3]. - Deferred Tax Assets and Liabilities: Evaluations are based on regional policies and case progress, confirming the accuracy of assessments [3]. - Minority Shareholder Rights in Kumho Vietnam: Valuation is determined using the income approach based on revenue and cash flow forecasts [3]. Group 3: Operational Performance and Transaction Fairness - Kumho Tire's operational performance in 2024 and the first half of 2025 is strong, with minimal discrepancies from forecast data [4]. - The company mitigates negative impacts from international trade friction through strategic capacity planning and competitive enhancements [4]. - Overall, the income approach evaluation parameters are selected cautiously, with accurate and objective forecasting, ensuring fair transaction pricing in compliance with regulatory standards [4].