Core Viewpoint - The announcement details the adjustment of the sale of 100% equity in Guangzhou Taotong by Fosun International, with a revised valuation of RMB 723 million due to changes in brand relationships [1] Financial Impact - The adjusted sale price for Fosun Happy Purchase is RMB 316.6 million, consisting of cash payment of RMB 291.8 million and RMB 24.81 million for subscription of 1.11 million A-shares of Hangzhou Tianyuan, representing 0.80% [1] - The total consideration for the sale amounts to RMB 393.6 million, while the book value of Guangzhou Taotong is approximately RMB 322.5 million [1] - The group will record a gain of approximately RMB 71.08 million from this transaction [1] Valuation Method - The valuation of Guangzhou Taotong was conducted using both the income approach and market approach, yielding results of RMB 723 million and RMB 739 million respectively, with the income approach being selected for final valuation [1] - The income approach was based on a forecast period of 5 years and a weighted average cost of capital of 10.56% [1] - The independent valuation was performed by Kun Yuan Asset Appraisal Co., Ltd [1] Related Transaction Nature - The transaction involves related parties, with Huang Zhen, Tang Bin, and Yao Yu being directors of significant subsidiaries, necessitating compliance with reporting and announcement regulations, exempting independent shareholder approval [1] Subscription of Hangzhou Tianyuan - Hangzhou Tianyuan is listed on the Shenzhen Stock Exchange's ChiNext board (301335) and specializes in pet products, with a projected net profit of RMB 36.6 million for 2024 and a net asset value of RMB 1.921 billion as of June 30, 2025 [1]

Core Viewpoint - The document discusses the review and response to the inquiry letter regarding the asset acquisition and fundraising application by State Power Investment Corporation's subsidiary, Yuanda Environmental Protection Co., Ltd. Group 1: Company Overview - Yuanda Environmental Protection Co., Ltd. is involved in the acquisition of assets and fundraising through share issuance and cash payment [1]. - The company is linked to State Power Investment Corporation, indicating a significant corporate relationship [1]. Group 2: Valuation Methods - The valuation methods for the assets of Wuling Power and Changzhou Hydropower differ, with Wuling Power opting for the asset-based approach and Changzhou Hydropower choosing the income approach [2]. - Various assessment methods were employed for fixed assets and intangible assets, highlighting the complexity of the valuation process [2][3]. Group 3: Financial Metrics - Wuling Power's important subsidiaries, Yujiang Power and Qingshui River Hydropower, contribute significantly to the company's financials, with asset totals of approximately 945.82 million and 922.75 million respectively [4]. - The financial ratios for Wuling Power show a price-to-earnings (P/E) ratio of 40.51 and a price-to-book (P/B) ratio of 1.73, while Changzhou Hydropower has a P/E ratio of 12.77 and a P/B ratio of 3.22 [4][6]. Group 4: Market Comparisons - The P/E and P/B ratios of Wuling Power and Changzhou Hydropower are compared to those of comparable listed companies, showing no significant differences in valuation metrics [6]. - The average P/B ratio for comparable companies is 2.20, while the average P/E ratio is 24.50, indicating that Wuling Power's P/B is below the average while its P/E is above the average when adjusted for asset impairment [6][7]. Group 5: Risk Analysis - The document emphasizes the need for further disclosure regarding the assessment methods and the identification of high-risk subsidiaries within the restructuring report [3][5]. - It also calls for a detailed analysis of the performance commitments and impairment compensation scope related to the transaction [3].

Core Viewpoint - The article discusses the valuation and performance forecast of Guangdong Narui Radar Technology Co., Ltd. in relation to its asset acquisition and fundraising application submitted to the Shanghai Stock Exchange, highlighting the methodologies used for valuation and the rationale behind them [1]. Valuation of Target Company: Methods and Rationale - The transaction is based on a valuation date of December 31, 2024, utilizing both income and market approaches, with the income approach yielding a valuation of 370.60 million yuan and an appreciation rate of 421.40% [2]. - Comparable companies were selected based on various criteria, including listing time, industry category, and company size, with Zhongying Electronics, Sitaiwei-W, and Chipone Micro selected as comparables [2]. - The valuation appreciation rate is within a reasonable range compared to comparable transactions, and the static price-earnings ratio is deemed reasonable after excluding the effects of share payments and capital reduction interest [2]. Income Approach Valuation: Performance Forecast and Rationale - For the forecast period (2025-2029), the company's revenue is projected to grow from 144.86 million yuan to 242.36 million yuan, reflecting a compound annual growth rate of 14.58% [3]. - Revenue growth is supported by demand in various sectors, including optical sensing chips benefiting from office upgrades and gaming needs, and MCU chips driven by domestic substitution and downstream demand [3]. - The gross profit margin is expected to be higher during the forecast period due to changes in product structure and cost reductions, with operating expenses decreasing due to scale effects [3]. Market Approach Valuation: Comparable Companies and Value Ratios - The selection criteria for comparable companies and transactions are deemed reasonable, despite some comparables not meeting all standards [4]. - The price-to-sales ratio was chosen as the value ratio due to its relevance in the integrated circuit design industry, where market value is less correlated with profitability [4]. - The liquidity discount rate was set at 30.60%, which is lower than the market average, indicating a cautious and reasonable approach [4]. Share Payments and Goodwill: Treatment and Analysis - The net profit commitment of the target company excludes share payment expenses, aligning with comparable transaction cases, and the assessment of share payment expenses is consistent with performance commitments [5]. - Following the transaction, goodwill will increase by 252.53 million yuan, representing 8.71%, 10.50%, and 309.85% of the total assets, net assets, and net profit of the listed company as of the end of 2024, respectively [5]. - The goodwill amount is calculated based on enterprise merger standards, with the target company's business recognized as a single asset group, and the valuation of intangible assets is deemed reasonable [5].

Core Viewpoint - The document discusses the review and response to the inquiry regarding the asset acquisition and related transactions of Mudanjiang Hengfeng Paper Industry Co., Ltd, focusing on the historical evolution of the target company and the implications of its financial restructuring [1][2]. Historical Evolution of the Target Company - The target company underwent bankruptcy restructuring in 2012, involving the merger of Jin Feng Paper and its subsidiaries, with new shareholders introduced during the restructuring [1]. - The restructuring plan was completed in 2016, but some overdue bank loans were not claimed during the process [1]. - In 2024, Jin Feng Paper acquired 100% equity of Henghua Thermal Power through a share transfer and subsequently merged with its subsidiaries [1][2]. - The company also underwent a spin-off, transferring unrelated assets and historical losses to Shengyuan Paper [1][2]. Financial Data and Debt Management - The overdue bank loans are still within the statute of limitations, and creditors retain the right to claim under the restructuring plan [2]. - The financial data before and after the mergers and spin-offs, including the allocation of assets and liabilities, is crucial for understanding the company's financial health [2][3]. Debt-to-Equity Swap - The debt-to-equity swap by Zhujing Paper was necessary due to Jin Feng Paper's negative net assets and inability to repay debts [5]. - The swap is expected to enhance Jin Feng Paper's business prospects, with the company showing signs of recovery post-restructuring [5][6]. Valuation and Assessment - The asset valuation was conducted using the asset-based approach, resulting in a significant increase in asset value, particularly in fixed assets and land use rights [9][12]. - The assessment indicated a net asset increase of 19,603.72 million yuan, with a valuation increase rate of 272.20% [9][12]. - The valuation process considered various factors, including construction costs, market conditions, and the economic lifespan of the assets [12][19]. Legal and Compliance Considerations - The document emphasizes the need for independent financial advisors, lawyers, and accountants to verify the compliance and accuracy of the financial assessments and restructuring processes [3][9]. - The legal implications of the debt allocation during the spin-off and the potential risks associated with pre-spin-off debts are highlighted [4][5].

Group 1 - Beyerdynamic GmbH & Co. KG reported total operating revenue of 1,255,030,370.41 RMB, with a significant increase from previous periods [1] - The company's total operating costs were 1,348,361.24 RMB, indicating a rise in expenses compared to earlier figures [1] - The net profit for the company was reported at 119,542,853.68 RMB, showing a recovery from a previous net loss of 35,582,667.88 RMB [1] Group 2 - The market valuation of Beyerdynamic GmbH & Co. KG was assessed at 94,100.00 million RMB, based on a price-to-earnings (PE) ratio of 21.34 [2] - The net profit for the assessment period was recorded at 6,244.05 million RMB, contributing to the overall valuation [2] - The non-controlling interest value was noted at 0.04 million RMB, reflecting the company's equity structure [2]

Core Viewpoint - The asset evaluation of Shenzhen Zhizheng High Polymer Materials Co., Ltd. indicates a significant increase in valuation compared to 2020, with a market-based valuation of 3.526 billion yuan, reflecting an 18.88% appreciation in value [1][2][10]. Evaluation Methodology - The market approach was selected for valuation, yielding a result of 35.26 billion yuan, while the asset-based approach provided a valuation of 30.85 billion yuan, resulting in a 4.03% appreciation [1][2][6]. - The evaluation process involved selecting comparable companies from a pool of 79, ultimately narrowing it down to three based on business structure and operational models [1][2][3]. - The exclusion of Korean HDS from the comparable companies was due to differences in production distribution and major customer structures [1][2][3]. Market Environment and Company Performance - The global semiconductor market has seen significant growth, with sales reaching 526.8 billion USD in 2023, projected to exceed 620 billion USD in 2024 [10][11]. - AAMI, as a leading supplier in the wire frame industry, has expanded its market presence, ranking fourth globally in 2024, benefiting from domestic substitution and the dual circulation strategy [8][10]. - The company's revenue structure is heavily reliant on high-end applications in automotive, computing, and communication sectors, which are expected to drive future growth [8][10]. Financial Performance - AAMI's main business revenue has shown substantial growth from 194.5 million yuan in 2020 to 255.7 million yuan in 2021, with a net profit increase from 14.8 million yuan to 25.7 million yuan in the same period [12]. - The company has achieved cumulative net profits of approximately 6.29 billion yuan from 2021 to September 2024, indicating a strong operational performance [12][10]. Comparable Company Analysis - The final selection of comparable companies included Changhua Technology, Shunde Industrial, and Kangqiang Electronics, based on their revenue structure and market share [17][18]. - The analysis of customer structure revealed that AAMI's revenue from the Chinese mainland is significant, positioning it favorably against its peers [17][18]. - The product structure analysis confirmed that AAMI's dual production capabilities in stamping and etching align with industry trends towards high precision and miniaturization [17][18].