Group 1 - The report is based on the Chinese asset evaluation standards and pertains to the equity transfer involving Shenzhen Taiziwan Commercial and Residential Property Co., Ltd. [1] - The valuation report is prepared by Guozhonglian Asset Evaluation and Land Real Estate Appraisal Co., Ltd. [1] - The report is dated April 25, 2025, indicating a future assessment timeline for the involved parties [1] Group 2 - The contact information for the evaluation agency includes an address in Shenzhen, a website, and a phone number for verification purposes [1] - The report is identified with the reference number Guozhonglian Evaluation Report No. (2025) 3-0115, indicating its official status [1]

Core Viewpoint - Shanghai Jialeng Songzhi Automotive Air Conditioning Co., Ltd. plans to acquire 50% equity of Xiamen Jinlong Automotive Air Conditioning Co., Ltd. held by Yongrun Trading Co., Ltd. The asset valuation report indicates a significant increase in the value of the target company, with a market value assessment conducted as of June 30, 2025 [5][6]. Group 1: Company Overview - The client for the asset valuation is Shanghai Jialeng Songzhi Automotive Air Conditioning Co., Ltd., a publicly listed company with a registered capital of 6,285.816 million RMB [11]. - The target company, Xiamen Jinlong Automotive Air Conditioning Co., Ltd., was established on June 29, 2005, with a registered capital of 42 million RMB, focusing on the production and sales of automotive air conditioning and related components [11][14]. Group 2: Valuation Details - The valuation purpose is for a proposed equity acquisition, with the assessment date set for June 30, 2025. The valuation encompasses all assets and liabilities of Xiamen Jinlong Automotive Air Conditioning Co., Ltd. [5][17]. - The assessed market value of Xiamen Jinlong Automotive Air Conditioning Co., Ltd. shows an increase of 66.2904 million RMB, representing a growth rate of 53.41% [6][17]. Group 3: Financial Performance - As of the assessment date, the total assets of Xiamen Jinlong Automotive Air Conditioning Co., Ltd. amount to 255.443 million RMB, with total liabilities of 131.333 million RMB, resulting in total equity of 124.1096 million RMB [6][17]. - The company's revenue for the year 2023 was 123.5803 million RMB, with a net profit of 82.371 million RMB. Projections for 2024 and the first half of 2025 indicate continued growth in revenue and profitability [13][14].

Core Viewpoint - The response from Zhongwei Zhengxin (Beijing) Asset Appraisal Co., Ltd. addresses the inquiry from the Shanghai Stock Exchange regarding Hainan Airlines Holding Co., Ltd.'s major asset purchase proposal, focusing on the asset valuation and the rationale behind the pricing methods used in the transaction [1][2]. Valuation and Pricing - The previous transaction in June 2020 involved the transfer of 100% equity of the target company to Hainan Airport Facilities Co., Ltd. at a price of 749 million yuan, reflecting a premium of 12.68% over the net asset value of 665 million yuan as of December 31, 2019. The current transaction price is based on a valuation of 799 million yuan, which represents a 34.37% premium over the net asset value of 595 million yuan as of December 31, 2024 [1][9]. - The asset-based valuation for the current transaction is 752 million yuan, indicating a premium rate of 26.39%, primarily driven by the appreciation of intangible assets [1]. Financial Performance - The financial data for Tianyu Flight Training over the past five years shows fluctuating revenues, with a peak revenue of 421 million yuan in 2023 and a projected revenue of approximately 404 million to 409 million yuan for 2025, attributed to the addition of two new simulators [4][5]. - The gross profit margin has varied, with a notable increase to 41.04% in 2024, while the net profit has shown recovery from a significant loss of 414 million yuan in 2020 to a cumulative net profit of -71.03 million yuan by 2024 [4][8]. Intangible Assets - The intangible assets of Tianyu Flight Training include trademarks and domain names, which are crucial for business operations and revenue generation. The valuation of these intangible assets has significantly increased, contributing to the overall asset valuation in the current transaction [12][13]. Transaction Structure - The absence of performance compensation clauses in the transaction is justified by the regulatory framework, as the transaction does not involve a change in control and is negotiated based on market principles. However, a supplementary agreement has been established to include impairment compensation clauses to protect minority investors [10][11].

Group 1 - The core concept of liquidity discount is the additional cost or price concession required for assets that lack liquidity during transactions, which is crucial for accurately assessing asset value [2][3] - Liquidity discount arises from several factors, including market supply and demand dynamics, transaction costs, and investor preferences for liquid assets [3][4] Group 2 - Liquidity discount plays a significant role in accurately reflecting asset value, as it quantifies potential liquidity risks faced during asset realization [4][5] - Ignoring liquidity discounts may lead to overvaluation of assets, increasing investment risks for investors [5][6] - The introduction of liquidity discounts helps standardize market transactions, ensuring fairness and rationality in asset valuation [6][7] Group 3 - Various factors influence the size of liquidity discounts, including market conditions, asset characteristics, investor behavior, transaction conditions, and macroeconomic environment [8][13] - Market size and activity level significantly affect liquidity discounts, with larger and more active markets typically resulting in lower liquidity discounts [9][10] Group 4 - Different asset types exhibit varying liquidity discounts, with financial assets like stocks and bonds generally having higher liquidity compared to real estate and non-financial assets [15][19] - For stocks, liquidity discounts are influenced by factors such as lock-up periods, market volatility, and trading volume [16][17] - Real estate liquidity discounts are affected by location, usage, market conditions, and transaction costs [19][20][21] Group 5 - Non-financial assets, such as art and antiques, typically have lower liquidity due to infrequent trading and fewer market participants [23][24] - The scarcity and market recognition of non-financial assets significantly impact their liquidity and associated discounts [24][25] - Assessing non-financial assets often relies on expert judgment due to the complexity and lack of standardized pricing [26] Group 6 - Liquidity discounts are essential in asset evaluation, revealing trading activity and realization capability, thus providing critical reference points for investors [27] - The importance of accurately calculating and applying liquidity discounts is emphasized as market economies evolve and asset evaluation techniques advance [27]

Core Viewpoint - Jiangsu Panyam Micro-Permeation Technology Co., Ltd. is planning to acquire certain assets from Jiangsu Yuan Hydrogen New Energy Technology Co., Ltd., and an asset valuation report has been prepared to assess the market value of these assets as of July 31, 2025 [1][6]. Summary by Sections Asset Valuation Report Summary - The asset valuation report is prepared according to the relevant laws and asset evaluation standards, ensuring independence, objectivity, and fairness [3][5]. - The valuation aims to provide a market value reference for the acquisition of assets held by Jiangsu Yuan Hydrogen New Energy Technology Co., Ltd. [6][9]. Valuation Purpose - The purpose of the valuation is to assess the market value of the assets involved in the acquisition by Jiangsu Panyam Micro-Permeation Technology Co., Ltd. as of the valuation benchmark date [6][14]. Valuation Objects and Scope - The valuation includes certain fixed assets, equipment, and land use rights held by Jiangsu Yuan Hydrogen New Energy Technology Co., Ltd. [7][15]. Value Type - The valuation type is defined as market value, which reflects the estimated value of the assets under normal trading conditions [7][18]. Valuation Benchmark Date - The valuation benchmark date is set for July 31, 2025, which aligns with the planned acquisition date [7][19]. Valuation Methods - The valuation employs the cost method for fixed assets and equipment, while the market method is used for land use rights [21][28]. Valuation Conclusion - The market value of the assets as of the benchmark date is assessed at 141.1324 million yuan, with an increase of 3.9295 million yuan, representing a growth rate of 2.86% [9][10].

Group 1 - The purpose of the assessment is to provide a value reference for Hunan Energy Group Development Co., Ltd.'s acquisition of 90% equity in Hunan Xiangtou Qingshui Pond Hydropower Development Co., Ltd. through share issuance and cash payment [3][4][15] - The assessment object includes the total equity of Hunan Xiangtou Qingshui Pond Hydropower Development Co., Ltd. as of the assessment benchmark date [4][15] - The assessment scope encompasses all assets and related liabilities of Hunan Xiangtou Qingshui Pond Hydropower Development Co., Ltd. [4][15] Group 2 - The market value of the assessed equity is determined based on the asset-based method and income method [7][20] - The assessment benchmark date is set as March 31, 2025 [4][17] - The total asset book value of Hunan Xiangtou Qingshui Pond Hydropower Development Co., Ltd. is reported at 93,208.45 million yuan, with total liabilities at 62,416.83 million yuan, resulting in net assets of 30,791.62 million yuan [15][16] Group 3 - The company operates in the hydropower development sector, with its main asset being the Qingshui Pond Hydropower Station, which has a total installed capacity of 128 MW and an annual designed power generation of 507.1 million kWh [10][11] - The company has a history of fluctuating power generation hours, with a significant drop in 2023 to 1,917.07 hours compared to previous years [13] - The company’s revenue from electricity sales has also seen a decline, with sales revenue reported at 6,379.40 million yuan in 2023 [13]

一、委托人、被评估单位和评估委托合同委托的其他评估报告使用者概况 5 北京天健兴业资产评估有限公司 湖南湘投铜湾水利水电开发有限责任公司资产评估报告 第1页 声明 一、本资产评估报告依据财政部发布的资产评估基本准则和中国资产评估协 会发布的资产评估执业准则和职业道德准则编制。 二、委托人或者其他资产评估报告使用人应当按照法律、行政法规规定及本 资产评估报告载明的使用范围使用资产评估报告；委托人或者其他资产评估报告 使用人违反前述规定使用资产评估报告的，本资产评估机构及资产评估师不承担 责任。本资产评估报告仅供委托人、资产评估委托合同中约定的其他资产评估报 告使用人和法律、行政法规规定的资产评估报告使用人使用；除此之外，其他任 何机构和个人不能成为资产评估报告的使用人。本资产评估机构及资产评估师提 示资产评估报告使用人应当正确理解和使用评估结论，评估结论不等同于评估对 象可实现价格，评估结论不应当被认为是对评估对象可实现价格的保证。 三、本资产评估机构及资产评估师遵守法律、行政法规和资产评估准则，坚 持独立、客观和公正的原则，并对所出具的资产评估报告依法承担责任。 四、评估对象涉及的资产、负债清单由委托人、被评 ...

Core Viewpoint - The company is planning to acquire 100% of Jiangxi Runtian Industrial Co., Ltd. through a combination of issuing shares and cash payment, and has engaged Jinzheng (Shanghai) Asset Appraisal Co., Ltd. as the evaluation agency for this transaction [1][2]. Group 1 - The evaluation agency, Jinzheng Appraisal, is independent and complies with the Securities Law requirements, having no conflicts of interest with the company or the parties involved in the restructuring [1][3]. - The purpose of the asset evaluation is to determine the market value of the target company as of the evaluation benchmark date, which will serve as a reference for transaction pricing [2]. - The evaluation methods used include the income approach and market approach, with the income approach being the final valuation method for the total equity value of the target company [2]. Group 2 - The evaluation process adhered to national laws, regulations, and industry standards, ensuring that the selected data and methods were reliable and appropriate [2]. - The evaluation results objectively reflect the actual situation of the evaluated entity as of the benchmark date, and the final transaction price will be based on the appraisal report filed with Jiangxi Changtian Tourism Group Co., Ltd. [2]. - The board believes that the selected evaluation agency is independent, the evaluation assumptions are reasonable, and the methods used are appropriate and relevant to the evaluation objectives, ensuring that the transaction price is fair and reasonable [3].

| | 谷宇 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 深圳市鹏信资产评估土地房地产估 | | | | | | | | | | | 价有限公司河南分公司 | | | | | | | | | | | 资产评估师 | | | | | | | | | | | (有效期至 | | 2026-04-30 | 日止) | | | | | | | | 打印时间：2025 | | | 年 | 03 | 月 31 | 日 | | | | | 王春亮 | | | | | | | | | | | 深圳市鹏信资产评估土地房地产估 | | | | | | | | | | | 价有限公司河南分公司 | | | | | | | | | | | 资产评估师 | | | | | | | | | | | 矿业权评估师 | | | | | | | | | | | (有效期至 | | 2026-04-30 | 日止) | | | | | | | | 打印时间：2025 | | | 年 | 03 | 31 月 | 日 | | | ...

Group 1 - Huakang Co., Ltd. plans to acquire 100% equity of Henan Yuxin Sugar Alcohol Co., Ltd. for 1.098 billion yuan, with an appraisal premium of 102% compared to its net assets of 3.3 billion yuan [2][4] - The mysterious company, which is a major customer of Yuxin Sugar Alcohol, has contributed several hundred million yuan in revenue, but its identity is concealed due to "commercial secrets" [2][4] - The vice president of Yuxin Sugar Alcohol, Li Yubin, has deep connections with the mysterious company and has previously worked in sugar alcohol sales for over 20 years [2][9] Group 2 - The valuation report by Kunyuan Asset Appraisal Co., Ltd. estimated Yuxin Sugar Alcohol at 1.101 billion yuan, with a significant increase from its book value of 545 million yuan [4] - The report considered factors such as customer resources, sales networks, and product development capabilities in its assessment [4][27] - Despite the high valuation, there are concerns regarding the financial stability of the major customer, which has been facing severe debt issues [14][19] Group 3 - The major customer, Fudian Pharmaceutical, has been involved in multiple legal cases and has had its bank accounts frozen due to unpaid debts [14][15] - Fudian Pharmaceutical's financial troubles have raised questions about its ability to continue purchasing from Yuxin Sugar Alcohol [19][20] - Li Yubin's role as a key figure in both Yuxin Sugar Alcohol and Fudian Pharmaceutical raises concerns about potential conflicts of interest and the legitimacy of the transactions [29][31]