Core Viewpoint - DreamNet Cloud Technology Group Co., Ltd. is planning to acquire the entire equity of Hangzhou Bicheng Digital Technology Co., Ltd. through a share purchase, necessitating an asset valuation report to assess the value of the equity involved in the transaction [1][5]. Group 1: Valuation Report Overview - The asset valuation report is prepared according to the basic valuation standards issued by the Ministry of Finance and the professional standards set by the China Asset Appraisal Association [2]. - The valuation aims to provide a reference for internal decision-making regarding the equity acquisition by DreamNet Cloud Technology Group [5][6]. - The valuation methods employed include the asset-based approach and the income approach, with the income approach being selected for the final valuation conclusion [5][6]. Group 2: Valuation Details - The valuation date is set for December 31, 2024, and the assessed value of the entire equity of Hangzhou Bicheng Digital Technology Co., Ltd. will be determined as of this date [6][7]. - The valuation encompasses all assets and liabilities of Hangzhou Bicheng Digital Technology Co., Ltd., including current assets, long-term equity investments, fixed assets, intangible assets, and deferred tax assets and liabilities [5][6]. - The report emphasizes that the valuation conclusion is valid only for the specified date and typically should not exceed one year in applicability [6]. Group 3: Company Profiles - DreamNet Cloud Technology Group Co., Ltd. is based in Anshan, Liaoning Province, with a registered capital of approximately RMB 805.10 million and operates in various telecommunications and technology sectors [7][8]. - Hangzhou Bicheng Digital Technology Co., Ltd. is located in Hangzhou, Zhejiang Province, with a registered capital of RMB 121.20 million, focusing on health food sales, technology services, and various retail activities [9][10].

Core Viewpoint - Nanjing Merchants Tourism Co., Ltd. plans to issue shares and pay cash to acquire 100% equity of Nanjing Huangpu Hotel Co., Ltd., with an asset valuation report assessing the total equity value of the hotel shareholders as of March 31, 2025 [1][4][15]. Group 1: Company Overview - Nanjing Merchants Tourism Co., Ltd. is a publicly listed company with a unified social credit code of 913201001349674289, located at 18 Xiaoxinqiao East Street, Qinhuai District, Nanjing [5]. - Nanjing Tourism Group Co., Ltd. is a limited liability company with a unified social credit code of 913201002496849460, located at 82 Taiping North Road, Xuanwu District, Nanjing [5]. - Nanjing Huangpu Hotel Co., Ltd. was established on September 12, 2002, with a registered capital of 13.848759 million RMB, and is located at 2 Huangpu Road, Xuanwu District, Nanjing [8][9]. Group 2: Transaction Details - The transaction involves Nanjing Merchants Tourism Co., Ltd. issuing shares and paying cash to acquire 100% equity of Nanjing Huangpu Hotel Co., Ltd. [4][15]. - The asset valuation report was prepared by Beifang Yashi Asset Appraisal Co., Ltd., using the asset-based and income approaches to assess the market value of the hotel shareholders' equity [4][15]. - The valuation report is valid until April 29, 2025, and aims to provide a reference for the economic behavior of the acquisition [15]. Group 3: Financial Performance - As of March 31, 2025, Nanjing Huangpu Hotel Co., Ltd. has total assets of 125.27 million RMB and total liabilities of 45.75 million RMB, resulting in a net asset value of 79.51 million RMB [15][17]. - The hotel reported operating revenues of 6.74 million RMB for the year 2023, with a net profit of 0.82 million RMB [10][17]. - The financial performance indicates a stable revenue stream, with a slight increase in net profit compared to previous years [10][17].

Core Viewpoint - China Eastern Airlines Co., Ltd. plans to transfer its 20% equity stake in Shanghai International Tower Co., Ltd., necessitating an assessment of the total equity value of the company as of June 30, 2024 [3][4][5]. Group 1: Assessment Purpose and Object - The assessment aims to provide a value reference for the transfer of the 20% equity stake in Shanghai International Tower Co., Ltd. [3][4]. - The object of the assessment is the total equity value of Shanghai International Tower Co., Ltd. [3][4]. Group 2: Assessment Scope and Methodology - The assessment scope includes all assets and liabilities of Shanghai International Tower Co., Ltd. as of the assessment date, with total assets recorded at 286.8472 million yuan and total liabilities at 16.6351 million yuan, resulting in a net asset value of 270.2121 million yuan [4][11]. - The assessment method used is the asset-based approach [4][15]. Group 3: Assessment Results - The assessed market value of Shanghai International Tower Co., Ltd. is 1,448.8240 million yuan, reflecting an increase of 1,161.9768 million yuan, which corresponds to a growth rate of 405.09% [4][11]. - The total asset value is broken down into various components, including investment properties and fixed assets, with investment properties valued at 215.1243 million yuan [11][21]. Group 4: Financial Performance - The financial performance of Shanghai International Tower Co., Ltd. shows a total revenue of 42.1878 million yuan in 2021, which decreased to 32.2553 million yuan in 2022, before recovering to 42.1631 million yuan in 2023 [11]. - The net profit for the first half of 2024 is reported at 4.9193 million yuan, following a net profit of 16.296 million yuan in 2023 [11].

Core Viewpoint - The independent directors of Xinjiang Baodi Mining Co., Ltd. have provided an independent opinion on the assessment of the independence of the evaluation agency, the reasonableness of the evaluation assumptions, the relevance of the evaluation methods to the evaluation purpose, and the fairness of the transaction pricing in relation to the acquisition of an 82% stake in Xinjiang Congling Energy Co., Ltd. [1][2] Group 1: Evaluation Agency Independence - The asset evaluation agency, Tianjin Huaxia Jinxin Asset Appraisal Co., Ltd., possesses qualifications for securities and futures business, while the mining rights evaluation agency, Beijing Jingwei Asset Appraisal Co., Ltd., is a professional evaluation agency registered with the China Mining Rights Appraisal Association [1] - The selection process for the evaluation agencies is legal and compliant, with no existing relationships or conflicts of interest between the agencies and the company or the transaction parties [1][2] Group 2: Reasonableness of Evaluation Assumptions - The evaluation assumptions and limitations set by the evaluation agencies comply with national regulations and market practices, reflecting the actual situation of the evaluated assets [2] - The purpose of the asset evaluation is to determine the market value of the target assets as of the evaluation benchmark date, serving as a reference for pricing in the transaction [2] Group 3: Fairness of Transaction Pricing - The evaluation agencies adhered to principles of independence, objectivity, scientific rigor, and fairness during the evaluation process, employing compliant methods that align with the actual situation of the evaluated assets [2] - The evaluation results objectively and fairly reflect the actual situation of the evaluated objects as of the evaluation benchmark date, ensuring that the pricing does not harm the interests of the company and its shareholders, particularly minority shareholders [2]

Core Viewpoint - The board of directors of China Communications Real Estate Co., Ltd. confirms the independence of the appraisal agency, the reasonableness of the appraisal assumptions, the relevance of the appraisal methods to the appraisal purpose, and the fairness of the appraisal pricing for the asset transfer to the controlling shareholder [1][2][3] Group 1: Independence of the Appraisal Agency - The appraisal agency, Beijing Tianjian Xingye Asset Appraisal Co., Ltd., is a professional institution that meets the requirements of the Securities Law and has no conflicts of interest with the transaction parties [1][2] Group 2: Reasonableness of Appraisal Assumptions - The assumptions in the appraisal report comply with legal regulations and market practices, reflecting the actual situation of the appraisal object [2] Group 3: Relevance of Appraisal Methods - The appraisal methods used, including the asset-based method and market method, are appropriate and consistent with the purpose of the appraisal, ensuring that the assessed asset range matches the commissioned asset range [2] Group 4: Fairness of Appraisal Pricing - The appraisal pricing is based on the report from Tianjian Xingye, reflecting the actual condition of the assets as of the appraisal date, and the pricing method is reasonable and compliant with relevant laws and regulations [2][3]

Core Viewpoint - Jiangsu Panyam Micro透 Technology Co., Ltd. is conducting a market value assessment of its asset group for an external investment, with the assessment date set for December 31, 2024, and a reported market value of 46.4732 million yuan, reflecting a significant appreciation of 38.5953 million yuan, or an increase rate of 489.92% [6][8]. Summary by Sections Assessment Purpose - The assessment aims to provide a value reference for the external investment involving the asset group held by Jiangsu Panyam Micro透 Technology Co., Ltd. [6][7]. Assessment Object and Scope - The assessment object includes the asset group held by Jiangsu Panyam Micro透 Technology Co., Ltd., specifically related to the TRT cable film business, which encompasses fixed assets and intangible assets such as patents and customer relationships [7][8]. Value Type - The value type assessed is market value [7]. Assessment Date - The assessment benchmark date is set for December 31, 2024 [7]. Assessment Method - Fixed assets are evaluated using the cost method, while intangible assets are assessed using the income method [7]. Assessment Conclusion - The market value of the asset group is reported at 46.4732 million yuan, with an appreciation of 38.5953 million yuan, resulting in a 489.92% increase rate. The validity period for the assessment conclusion is one year from the benchmark date [8]. Special Notes - The assessment was conducted independently without referencing conclusions from other institutions. There are no issues regarding incomplete ownership documentation or other critical data not provided by the client [8][9]. Industry Overview - The TRT cable film business primarily utilizes high-strength polyimide and fluoropolymer materials, suitable for extreme environments, and is applicable in aerospace wire and cable and high-performance electronic insulation fields [13][14]. - The cable film market in China is expected to grow at a compound annual growth rate of 6.8% over the next five years, driven by increasing demand in various sectors such as power transmission, communication, and electric vehicles [21][22]. Future Trends - The industry is moving towards greener, smarter, and more energy-efficient cable film materials, with a focus on customization to meet specific application needs [20][23]. - The Chinese government is actively supporting infrastructure development and material innovation, which is expected to further stimulate growth in the cable film sector [21][22].

Core Viewpoint - The report evaluates the market value of the entire equity of Shandong Lixin Huijin Holdings Co., Ltd. as part of the share transfer process by Lixin Venture Capital Group Co., Ltd. The assessment is based on the financial status as of December 31, 2024, and indicates a significant increase in value compared to the net asset value [7][12][17]. Group 1: Assessment Overview - The assessment was commissioned by Lixin Venture Capital Group Co., Ltd. to evaluate the market value of the equity in Shandong Lixin Huijin Holdings Co., Ltd. as of December 31, 2024 [7][10]. - The assessed net assets of Shandong Lixin Huijin Holdings Co., Ltd. amounted to 1,422.17 million RMB, with a market value of 2,018.55 million RMB, resulting in an increase of 596.38 million RMB and a growth rate of 41.93% [8][12][17]. - The evaluation method used was the asset-based approach, focusing on the actual conditions of the assets and liabilities [8][26]. Group 2: Financial Data - As of December 31, 2024, the total assets of Shandong Lixin Huijin Holdings Co., Ltd. were reported at 2,679.54 million RMB, with total liabilities of 1,257.37 million RMB [12][14]. - The company achieved an operating income of 13.69 million RMB and a net profit of 60.21 million RMB for the year 2024 [12][14]. - The equity structure remained unchanged as of the assessment date, with Lixin Venture Capital Group holding a 10.05807% stake valued at 203.03 million RMB [8][12].

Group 1 - The asset appraisal report is prepared based on the Chinese Asset Appraisal Standards and is related to the acquisition of equity by Qingdao Lanshi Heavy Machinery Equipment Co., Ltd. of Qingdao Lanshi Petroleum Equipment Engineering Co., Ltd. [1][4] - The appraisal report indicates that the market value of the total equity of Qingdao Lanshi Petroleum Equipment Engineering Co., Ltd. as of the appraisal benchmark date, May 31, 2025, is RMB 99.9821 million (approximately 9.99821 hundred million) [5][12]. - The appraisal method used is the asset-based approach, which evaluates the market value of the equity based on the audited balance sheet provided by the accounting firm [4][12]. Group 2 - The report outlines the financial status of Qingdao Lanshi Petroleum Equipment Engineering Co., Ltd. as of the appraisal benchmark date, with total assets of RMB 152.8007 million, total liabilities of RMB 57.1768 million, and total equity of RMB 95.6239 million [12][13]. - The company has significant assets including cash, prepayments, fixed assets, and construction in progress, with cash amounting to RMB 79.9956 million and construction in progress valued at RMB 41.1155 million [13][14]. - The report highlights that the land use rights of Qingdao Lanshi Petroleum Equipment Engineering Co., Ltd. cover an area of 44,554 square meters and are subject to a mortgage contract with a bank, valid from June 28, 2023, to June 27, 2028 [5][13].

Core Viewpoint - Hunan Lian Steel Electromagnetic Materials Co., Ltd. is planning to introduce strategic investors for capital increase and expansion, with the aim of maintaining Hunan Huazhong Lian Steel Co., Ltd. as the largest shareholder while bringing in new shareholders for cash investment [1][2]. Summary by Relevant Sections Assessment Purpose - The assessment aims to evaluate the market value of the total equity of Hunan Lian Steel Electromagnetic Materials Co., Ltd. to facilitate the introduction of strategic investors [4][5]. Assessment Object and Scope - The assessment object is the total equity of Hunan Lian Steel Electromagnetic Materials Co., Ltd., with the assessment scope covering all assets and related liabilities as of September 30, 2024, audited by Tianjian Accounting Firm [2][4]. Assessment Date and Value - The assessment date is set for September 30, 2024, with the market value of the total equity assessed at 980.2749 million RMB (approximately 98.03 million) [2][3]. Financial Overview - As of September 30, 2024, the company reported total assets of 3,062.00 million RMB, total liabilities of 2,155.19 million RMB, and total equity of 906.82 million RMB [5][6]. - The company experienced a net loss of 14.05 million RMB for the period from January to September 2024 [5]. Investment and Funding - The company is set to receive a total investment of 198.24 million RMB from the central government for a major technical equipment project, with 138.77 million RMB allocated for the current phase [3][4]. Shareholder Structure - Hunan Huazhong Lian Steel Co., Ltd. holds a 51.22% stake in Hunan Lian Steel Electromagnetic Materials Co., Ltd. as of the assessment date [5][6]. Product and Market Position - The company focuses on producing high-grade silicon steel, targeting sectors such as high-efficiency motors, new energy vehicles, and high-end home appliances, with plans to become the largest and most competitive silicon steel production base in Central China by 2025 [5][6].

Group 1: Core Services - Real estate appraisal is a core service, focusing on accurate market value assessments considering both hard and soft factors [2] - Land appraisal is crucial, influenced by intrinsic characteristics and external economic and policy factors [5] - Relocation appraisal is essential in urban development, providing fair compensation based on market value and other factors [6] Group 2: Specialized Appraisal Services - Loss appraisal addresses asset losses from unexpected events, requiring a professional team for accurate assessments [7] - Business valuation is vital for mergers, financing, and equity transfers, considering financial status and market prospects [8] - Machinery and equipment appraisal evaluates market value, depreciation, and lifespan, aiding in asset management [9][10] Group 3: Agricultural and Intangible Asset Appraisal - Nursery and flower appraisal services analyze market value and growth characteristics, supporting transactions in the green economy [11] - Orchard appraisal considers planting conditions and market demand, providing valuable insights for better returns [11] - Livestock farm appraisal evaluates asset status and market potential, assisting in rural economic development [12] - Intangible asset and rental appraisal services assess brand value and rental rates, ensuring fair agreements in property leasing [13]