本报（chinatimes.net.cn）记者吴敏 北京报道 又有保险公司股权被摆上"货架"。 《华夏时报》记者从阿里拍卖平台获悉，黄河财险1.25亿股股权将于10月20日公开拍卖，起拍价为1.15 亿元，评估价为1.28亿元，出让人为兰州新区城市发展投资集团有限公司（下称"兰州城投"）。 这场看似普通的股权交易，却因资产评估报告中两种方法得出的估值结果相差超过1亿元而引发市场高 度关注。收益法评估仅2037.32万元，市场法评估却达1.28亿元，这不仅是数字的悬殊，更折射出当前中 小险企在资本市场的尴尬处境与估值体系的深层困惑。 "收益法与市场法差异极大，这背后揭示出'现实经营价值'与'市场准入价值'之间的撕裂。"北京大学应 用经济学博士后、教授朱俊生在接受《华夏时报》记者采访时表示，一方面，经营层面面临很多挑战， 部分中小市场主体受车险综改影响，盈利空间被压缩，长期难以扭亏，因此收益法估值极低。另一方 面，市场法体现了财险牌照的"稀缺性"，在强监管环境下，新增牌照几乎不再发放，现存公司具有准入 门槛和潜在战略功能。 1亿元估值落差背后 作为甘肃省首家全国性法人保险机构，黄河财险自2017年开业以来，虽业务 ...

Group 1 - The core viewpoint of the discussions at the closed-door seminar "M&A Breakdown: Investment and Exit Games in the Era of Stock" highlights a shift in focus from due diligence and transaction design to litigation and dispute resolution in the M&A landscape since 2018 [1] - The investment in distressed asset funds has been a notable area of growth since 2018, with successful outcomes in property rights investment, debt investment, and bankruptcy restructuring [1] - Recent M&A activities have predominantly concentrated in sectors such as semiconductors, biomedicine, artificial intelligence, and new energy vehicles, which present valuation complexities due to their reliance on patents and R&D outcomes without immediate revenue generation [1] Group 2 - Traditional market methods like PE, PB, and PS are less applicable for early-stage valuations of companies in these sectors, leading to the adoption of alternative metrics such as equity value to GMV and equity value to R&D expenses [2] - For biomedicine companies, valuation methods must adapt to different R&D stages, utilizing techniques like binomial tree models or Monte Carlo simulations to meet listing requirements [2] - Cross-border M&A transactions, particularly involving A+H share companies with state-owned backgrounds, face significant operational challenges due to the need for triple regulatory approvals, highlighting the critical role of valuation firms in navigating these complexities [2]

Group 1 - The core viewpoint of the article highlights the challenges and opportunities in the M&A market, particularly focusing on sectors like semiconductors, biomedicine, artificial intelligence, and new energy vehicles, which have seen increased activity in recent years [1][2] - The complexity of valuation in these sectors is emphasized, as many companies possess significant patents and intangible assets but have not yet generated substantial revenue or profits, making traditional valuation methods less applicable [1] - Alternative valuation methods such as equity value to GMV ratio and equity value to R&D expenses ratio are suggested for better assessment in early-stage companies [1] Group 2 - The article discusses the operational difficulties in cross-border M&A, particularly for A+H share listed companies with state-owned backgrounds, which require multiple layers of regulatory approval [2] - It notes the differing regulatory logic among various authorities, with state-owned asset protection being a primary concern, leading to the necessity of using multiple valuation methods for cross-verification [2] - The article also points out the cautious approach of the Hong Kong market towards the income method, which requires additional documentation and can complicate the approval process [2]

Core Viewpoint - The article emphasizes the importance of analyzing cash flows from underlying assets as the foundation for valuing REITs, detailing the valuation logic of current REITs [1] Valuation Methods - REIT valuation methods include cost approach, market approach, and income approach, with the income approach being the primary method for valuing infrastructure projects in China's public REITs policy [1] - The income approach aligns with the stable income characteristics and mandatory dividend requirements of REITs, enhancing market transparency [1] Key Considerations in Income Approach - **Operating Cash Flow of Underlying Assets**: Different REIT sectors exhibit varying degrees of revenue cyclicality and volatility, influenced by both quantitative and qualitative factors [2] - **Measurement of Asset Residual Value**: Due to factors like operating rights duration and economic lifespan of buildings, the assumption of perpetual operation for single assets may not be sufficient, necessitating cautious residual value measurement [2] - **Adjustment from Operating Income to Distributable Amount**: The adjustment of distributable amounts significantly impacts actual dividend distribution and valuation models, with variations typically around +/-20%, and in some cases exceeding 50% or even 100% [3] - **Compensation Mechanism**: New REIT projects since 2024 have introduced income distribution adjustment mechanisms to stabilize revenue, particularly in sectors with high cyclicality [3]

本资产评估报告依据中国资产评估准则编制 瑞康医药集团股份有限公司拟以现金收购浙江衡 玖医疗器械有限责任公司股权所涉及其股东全部 权益价值评估项目 资 产 评 估 报 告 中联评报字|2024|第 3192 号 中联资产评估集团有限公司 二〇二四年十月八日 瑞康医药集团股份有限公司拟以现金收购浙江衡玖医疗器械有限责任公司股权所涉及其股东全部权 益价值评估项目 · 资产评估报告 | | | | 声 明 . | | --- | | 摘 亜 … | | 委托人及其他资产评估报告使用人 ۱ | | 评估目的 . | | = , 评估对象和评估范围 . | | 四、 价值类型 | | 五、评估基准目 | | 六、评估依据 | | 七、评估方法 | | 八、评估程序实施过程和情况 . | | 九、评估假设 . | | 十、评估结论 . | | 十一、特别事项说明 | | 十二、 评估报告使用限制说明 . | | 十三、评估报告日 . | | 附件 …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… ...

本资产评估报告依据中国资产评估准则编制 上海卓尔荟综合门诊部有限公司拟进行企业增资所 涉及的上海卓尔荟综合门诊部有限公司股东全部权益价值 资产评估报告 金证评报字【2024】第 0555 号 (共一册, 第一册) 金证（上海）资产评估有限公司 2024 年 12 月 30 日 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 3132020024202500037 | | --- | --- | | 合同编号: | 金证评合约字【2024】第11047号 | | 报告类型: | 非法定评估业务资产评估报告 | | 报告文号: | 金证评报字【2024】第0555号 | | 报告名称: | 上海卓尔荟综合门诊部有限公司拟进行企业增资所涉及的上海卓 尔荟综合门诊部有限公司股东全部权益价值资产评估报告 | | 评估结论: | 102.510.000.00元 | | 评估报告日 : | 2024年12月30日 | | 评估机构名称: | 金证(上海)资产评估有限公司 | | 落承玲 签名人员: | (资产评估师) 正式会员 编号:31180012 | | 冯暴平 | (资产评估师) 正式会员 编号:31 ...