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]

Group 1 - Shell is intensifying the evaluation of its globally loss-making chemical assets to "stem the bleeding" [1] - The CEO revealed that the company is considering selective shutdowns of facilities in Europe and seeking partners for its chemical assets in the U.S. [1] - The adjusted loss for Shell's chemical business in Q2 reached $192 million, marking the fourth consecutive quarter of losses, with a total adjusted loss of $329 million for the first half of the year [1] Group 2 - Over the past three years, Shell's chemical business has consistently reported annual losses [1] - The company has 1.71 million tons/year of ethylene capacity in Europe and 3.82 million tons/year in the U.S. [2] - Major operational bases in Europe include integrated petrochemical sites in Germany and the Netherlands, with a joint venture with ExxonMobil in the UK [2]

Core Viewpoint - Chongqing New Aluminum Era Technology Co., Ltd. plans to issue shares and pay cash to acquire the equity of Dongguan Honglian Electronics Co., Ltd., necessitating an asset valuation report for the shareholders' equity involved in this transaction [5][9]. Group 1: Valuation Purpose and Scope - The purpose of the valuation is to provide a market value reference for the acquisition of Dongguan Honglian Electronics Co., Ltd. by Chongqing New Aluminum Era Technology Co., Ltd. [5][9]. - The valuation object is the total equity value of Dongguan Honglian Electronics Co., Ltd. [5][9]. - The valuation scope includes all assets and liabilities of Dongguan Honglian Electronics Co., Ltd., covering current assets, long-term equity investments, fixed assets, intangible assets, and other non-current assets, as well as current and non-current liabilities [5][9]. Group 2: Valuation Methodology and Results - The valuation date is set for March 31, 2025, and the valuation methods employed are the asset-based approach and the income approach [5][9]. - The valuation report indicates that the total book value of assets for Dongguan Honglian Electronics Co., Ltd. is 1,066.96 million yuan, total liabilities are 708.87 million yuan, and the net asset book value is 358.09 million yuan. The market value of the shareholders' equity, as determined by the income approach, is 1,310.47 million yuan, reflecting an increase of 952.38 million yuan and a growth rate of 265.96% [5][9]. Group 3: Company Profiles - Chongqing New Aluminum Era Technology Co., Ltd. is located in Fuling District, Chongqing, with a registered capital of 1,438.41 million yuan and was established on December 18, 2015. Its business scope includes technology services, production, and sales of aluminum materials and automotive parts [5][6]. - Dongguan Honglian Electronics Co., Ltd. is based in Dongguan, Guangdong Province, with a registered capital of 60 million yuan and was established on November 17, 2009. The company specializes in the research, production, and sales of electronic products and metal products [6][7].

Core Viewpoint - The company is planning to acquire 100% equity of Hainan Hailan Universe Marine Information Technology Co., Ltd. from its 17 shareholders through a combination of issuing shares and cash payment, while also raising matching funds from up to 35 specific investors [1] Group 1: Independence of the Evaluation Agency - The evaluation agency, Walkson (Beijing) International Asset Appraisal Co., Ltd., was selected through a compliant process and possesses the necessary qualifications and professional experience to conduct the evaluation [2] - There are no relationships or conflicts of interest between the evaluation agency and the company, its shareholders, or the target company, ensuring the agency's independence [2] Group 2: Reasonableness of Evaluation Assumptions - The assumptions and limitations set forth in the asset evaluation report comply with national regulations and market practices, reflecting the actual situation of the evaluation object [2] Group 3: Relevance of Evaluation Methods to Objectives - The purpose of the evaluation is to determine the market value of the target assets as of the evaluation benchmark date, providing a reference for the transaction [3] - The evaluation agency followed relevant laws and industry standards, ensuring that the evaluation methods used were appropriate and the results were fair and accurate [3] Group 4: Fairness of Evaluation Pricing - The evaluation results reflect the actual situation of the evaluation object on the benchmark date, and the transaction price was determined through negotiation among the parties, ensuring fairness [3] - The evaluation results are in accordance with the provisions of the Securities Law and do not harm the interests of the company or minority shareholders [3] Group 5: Summary of Evaluation Agency's Role - The evaluation agency, Walkson (Beijing) International Asset Appraisal Co., Ltd., is independent, the evaluation assumptions are reasonable, the methods align with the objectives, and the pricing is fair [4]

Group 1 - The article emphasizes the importance of leadership directives in managing tasks and responsibilities within the organization [1][2] - It highlights the need for effective communication and documentation, such as meeting minutes and project proposals, to ensure clarity and accountability [2][3] - The text discusses the significance of internal control and auditing processes, including annual audits and special audits, to maintain organizational integrity [3][4] Group 2 - The article outlines the project management framework, including project initiation, risk management, and post-investment follow-up [4] - It stresses the necessity of collaboration among departments, particularly the risk control department, to enhance project outcomes [4] - The text underscores the importance of asset protection and ensuring that state-owned assets are not lost during project execution [4]