Core Viewpoint - The company is undergoing a significant asset disposal and related transactions, with a focus on the evaluation methods and financial implications of these actions [1][2][3] Financial Statements and Audit - The company has engaged Ernst & Young Huaming to audit its financial statements for the years 2022, 2023, and 2024, ensuring compliance with accounting standards [1][2] - The audit aims to provide an opinion on whether the financial statements fairly reflect the company's financial position and results of operations [1][2] Asset Evaluation and Transaction Pricing - The asset evaluation for the disposal includes a negative valuation of -2.976 billion yuan, primarily due to the assets being insolvent, with a transaction price set at 1 yuan [3][4] - The projected simulated consolidated revenues for the years 2022 to 2024 are 38.40 billion yuan, 32.33 billion yuan, and 17.25 billion yuan, respectively [3][4] - The total assets for the same years are projected at 136.35 billion yuan, 121.63 billion yuan, and 105.79 billion yuan [3][4] Financial Health and Liquidity Risks - As of the end of 2024, the company has 7.551 billion yuan in unrestricted cash, with a total debt financing balance of 57.644 billion yuan, of which approximately 40% is due within one year [14][15] - The company has reported a significant increase in asset impairment provisions over the years, totaling 0.885 billion yuan, 1.634 billion yuan, and 4.182 billion yuan for 2022, 2023, and 2024, respectively [3][4] Evaluation Methodology - The company justifies the use of the asset-based approach for valuation, stating that the revenue-based approach is not applicable due to the nature of the assets being evaluated [13][14] - The evaluation report indicates that the company’s ongoing operations are based on the assumption of continued business viability, despite the asset disposal [14] Long-term Investments and Other Receivables - The book value of long-term equity investments is reported at 9.377 billion yuan, with an appreciation of 2.130 billion yuan, resulting in a growth rate of 22.72% [3][4] - Other receivables are valued at 23.851 billion yuan, with a depreciation rate of -2.14% [3][4]

Core Viewpoint - Suzhou Hengjiu Optoelectronics Technology Co., Ltd. is conducting an investment involving the entire equity value of Shanghai Jingxin Technology Co., Ltd., with the assessment of the equity value being 212 million yuan (approximately 21.2 million) based on the income approach, which better reflects the intangible assets' contributions to profitability compared to the asset-based approach [1][2]. Group 1: Valuation Methodology - The asset-based approach is limited in accurately quantifying the contributions of intangible assets such as talent, product advantages, customer relationships, sales networks, management capabilities, and goodwill [1]. - The income approach provides a more objective, scientific, and reasonable reflection of the equity value by estimating the present value of expected future earnings [1]. Group 2: Investment Agreement - On December 1, 2022, the assessed entity signed an investment agreement with Zhejiang Chuangzhi New Energy Co., Ltd., where Zhejiang Chuangzhi invested 10 million yuan for a 5.2083% equity stake [3]. - The agreement stipulates that 5 million yuan of the investment must be paid within ten days after the completion of industrial and commercial changes, with the remaining 5 million yuan to be paid within 18 months after the completion of the next round of SPA agreement [3]. - The investment agreement's related obligations were fulfilled, with Zhejiang Chuangzhi paying the remaining 5 million yuan by November 15, 2024, which will increase the assessment result by 5 million yuan [3].

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 - The report presents an asset evaluation for the proposed equity transfer of Guangzhou Yuansheng Information Technology Co., Ltd, indicating a market value of RMB -9.4918 million for the shareholders' equity as of December 31, 2024, with an increase in value of RMB 7.2674 million compared to the book value [4][5][16]. Group 1: Evaluation Purpose and Scope - The purpose of the evaluation is to provide a value reference for the equity transfer of shareholders in Guangzhou Yuansheng Information Technology Co., Ltd [4][16]. - The evaluation object includes all shareholders' equity of Guangzhou Yuansheng Information Technology Co., Ltd, and the evaluation scope encompasses all assets and liabilities as of the evaluation benchmark date [4][16]. Group 2: Evaluation Method and Results - The evaluation method employed is the asset-based approach, and the market value of the shareholders' equity is determined to be RMB -9.4918 million [4][16]. - The book value of the shareholders' equity is reported at RMB -16.7592 million, resulting in an evaluation increase of RMB 7.2674 million [4][16]. Group 3: Company Overview - Guangzhou Yuansheng Information Technology Co., Ltd was established on December 20, 2011, with a registered capital of RMB 24.39 million, focusing on digital solutions for critical information infrastructure [6][13]. - The company is recognized as a high-tech enterprise and specializes in various products, including industrial security systems and software solutions [13][14]. Group 4: Financial Performance - The financial performance for the years ending December 31, 2022, 2023, and 2024 shows total assets of RMB 74.1655 million, RMB 80.2682 million, and RMB 80.6551 million respectively, with total liabilities increasing from RMB 69.4119 million to RMB 97.4544 million [14][20]. - The net profit for the years 2022, 2023, and 2024 is reported as RMB -9.2756 million, RMB -6.4466 million, and RMB -11.6917 million respectively, indicating a downward trend in profitability [14][20].

Core Viewpoint - Western Gold Co., Ltd. plans to acquire the equity of Xinjiang Meisheng Mining Co., Ltd., and an asset appraisal report has been prepared to evaluate the total equity value of the shareholders involved in this acquisition [1][4][16]. Group 1: Company Overview - Western Gold Co., Ltd. (A-share code 601069) is a publicly listed company with a registered capital of 928,853,531 RMB, established on May 14, 2002, and is involved in non-coal mining and mineral resource exploration [5]. - Xinjiang Nonferrous Metals Industry (Group) Co., Ltd. is a state-owned enterprise with a registered capital of 1,565,356,129 RMB, established on March 15, 2002, focusing on nonferrous metal investment and sales [5]. - Xinjiang Meisheng Mining Co., Ltd. was established on August 17, 2007, with a registered capital of 26,500,000 RMB, and is a wholly-owned subsidiary of Xinjiang Nonferrous Metals Industry (Group) Co., Ltd. [6][5]. Group 2: Asset Evaluation - The asset evaluation report is based on the asset appraisal standards set by the Ministry of Finance and the China Asset Appraisal Association, employing both asset-based and income approaches to determine the market value of the equity being acquired [2][4][16]. - As of the evaluation benchmark date of December 31, 2024, Xinjiang Meisheng Mining Co., Ltd. has total assets valued at 2,203,982,700 RMB and total liabilities of 2,095,211,700 RMB, resulting in an owner's equity of 108,771,000 RMB [17][18]. - The evaluation includes various assets such as fixed assets, construction in progress, mining rights, exploration rights, and land use rights, with specific values assigned to each category [10][9][8]. Group 3: Financial Performance - The financial performance of Xinjiang Meisheng Mining Co., Ltd. shows a trend of increasing total assets from 840,118,500 RMB in 2021 to 2,203,982,700 RMB in 2024, while total liabilities also increased from 501,831,000 RMB to 2,095,211,700 RMB during the same period [14][15]. - The company reported negative net profits over the years, with losses of 41,850,000 RMB in 2021 and increasing losses reaching 35,943,000 RMB by 2024 [15].

Group 1 - The report is an asset evaluation for the acquisition decision of Sichuan Ebian Guochang Chemical Co., Ltd. by Anhui Jiangnan Chemical Co., Ltd. [1][5] - The evaluation aims to provide a reference for the value of the shareholders' equity after the simulated asset injection into Guochang Chemical Co. [1][6] - The evaluation method includes the asset-based approach and the income approach, with the final valuation determined using the income approach [1][9] Group 2 - The assessed value of the shareholders' equity after the simulated asset injection is 337 million yuan, compared to a book value of approximately 139.2 million yuan, indicating a significant increase in value [1][5][9] - The evaluation date is set as October 31, 2024, and the report is valid for one year from this date [1][6] - The financial statements used for the evaluation were audited by Tianjian Accounting Firm, reflecting the financial status of Guochang Chemical Co. as of the evaluation date [1][6][9] Group 3 - Guochang Chemical Co. was established on March 24, 2022, with a registered capital of 10 million yuan, and is a wholly-owned subsidiary of Sichuan Ebian Changlong Chemical Co., Ltd. [5][6] - The company is involved in the production of civil explosive materials and is currently in the trial production phase of a relocation project [5][6] - The relocation project is expected to enhance production capacity significantly, with a planned annual output of 29,000 tons of industrial explosives [5][6]

Core Viewpoint - Baoshan Iron & Steel Co., Ltd. plans to invest in Ma'anshan Iron & Steel Co., Ltd. and has commissioned an asset valuation report to assess the market value of the total equity of Ma'anshan Iron & Steel Co., Ltd. as of February 28, 2025 [1][2]. Group 1: Valuation Purpose and Methodology - The purpose of the valuation is to provide reference opinions for Baoshan Iron & Steel Co., Ltd.'s planned investment in Ma'anshan Iron & Steel Co., Ltd. [5]. - The valuation includes all audited assets and liabilities of the assessed entity, covering current assets, long-term equity investments, investment properties, fixed assets, construction in progress, right-of-use assets, and intangible assets [2][6]. - The valuation methods used are the asset-based approach and the income approach, with the asset-based approach being selected for the final valuation conclusion [2][5]. Group 2: Valuation Results - As of the valuation date, the total asset book value of Ma'anshan Iron & Steel Co., Ltd. is RMB 5,389,777.43 million, with a valuation of RMB 5,813,178.20 million, resulting in an increase of RMB 423,400.77 million, or 7.86% [2][4]. - The total equity value is assessed at RMB 1,450,610.62 million, reflecting an increase of RMB 197,696.83 million, or 15.78% compared to the book value of RMB 1,007,739.73 million [2][4]. - The valuation report indicates a total asset impairment of RMB 19,470.12 million, with a reduction rate of 0.44% [2][4]. Group 3: Financial Overview - As of December 31, 2024, the total assets of Ma'anshan Iron & Steel Co., Ltd. were RMB 6,364,206.42 million, with total liabilities of RMB 4,677,868.88 million, resulting in total equity of RMB 1,686,337.55 million [4][5]. - For the period of January to February 2025, the company reported an operating income of RMB 1,059,006.44 million, with a net loss of RMB 17,165.32 million [5][6]. - The financial performance indicates a significant operating loss, with total revenue for 2024 reported at RMB 7,066,040.18 million and a net loss of RMB 405,050.42 million [5][6].

本报告依据中国资产评估准则编制 杭华油墨股份有限公司拟收购股权涉及的 浙江迪克东华精细化工有限公司 股东全部权益价值评估项目 资产评估报告 浙中企华评报字(2025)第 0034 号 (共一册,第一册) 浙江中 华洛产评 FFERFIFA 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 3333020104202500043 | | --- | --- | | 合同编号: | zqh-2024-HT0535 | | 报告类型: | 法定评估业务资产评估报告 | | 报告文号: | 浙中企华评报字(2025)第 0034 号 | | 报告名称: | 杭华油墨股份有限公司拟收购股权涉及的浙江迪克 东华精细化工有限公司股东全部权益价值项目 | | 评估结论: | 38,197,604.22 元 | | 评估报告日: | 2025年02月08日 | | 评估机构名称: | 浙江中企华资产评估有限公司 | | 签名人员: | 倪阔（资产评估师） 会员编号:33210247 | | | 茹奕奕(资产评估师) 会员编号:33180054 | (可扫描二维码查询备案业务信息) 说明:报告备案回执仅证明此报告已 ...

今天，分享一个并购案例，该案例是上海市锦天城律师事务所高级合伙人黄夏敏律师经办的， 我们一起来 看看该案例是如何实现交易双方共赢的，思路是怎样的？ 案例节选自课程第二章（内容为课程视频转文字，有少许删减调整）： 时长近3小时，逐一解析 上市公司重大资产重组概述 、 发行股份购买资产交易模式 、 重组上市 、 上市公司控制 权转让 、 发行股份购买资产程序 、 发行股份购买资产协议 、 业绩补偿协议 、 法律意见书 、 律师的作用和风险 这9大章节内容。 主讲嘉宾：黄夏敏律师 扫码立即试看 案例 情况： 标的公司注册资本为5,790万元，并购交易前一年净利润3,364.09万元，经审计的账面净资产为 17,915.43万元。 估值方式： 我们知道，账面净资产是按照历史成本的方法计价的，如果标的公司的不动产取得了增值，或 是研发了知识产权，则这些资产价值无法在账面净资产上呈现出来。 因此，如果标的公司按照账面净资产 来进行计价，则是低估的。 所以，在这种情况之下， 我们需要采用的评估方法是：资产基础法， 对标的公司的净资产进行评估，将标 的公司取得了增值的不动产、标的公司自研专利等都评估出来。最后，按照资产基础法 ...

今天，分享一个并购案例，该案例是上海市锦天城律师事务所高级合伙人黄夏敏律师经办的， 我们一起来 看看该案例是如何实现交易双方共赢的，思路是怎样的？ 案例节选自课程第二章（内容为课程视频转文字，有少许删减调整）： 主讲嘉宾：黄夏敏律师 扫码立即试看 案例 情况： 标的公司注册资本为5,790万元，并购交易前一年净利润3,364.09万元，经审计的账面净资产为 17,915.43万元。 估值方式： 我们知道，账面净资产是按照历史成本的方法计价的，如果标的公司的不动产取得了增值，或 是研发了知识产权，则这些资产价值无法在账面净资产上呈现出来。 因此，如果标的公司按照账面净资产 来进行计价，则是低估的。 时长近3小时，逐一解析 上市公司重大资产重组概述 、 发行股份购买资产交易模式 、 重组上市 、 上市公司控制 权转让 、 发行股份购买资产程序 、 发行股份购买资产协议 、 业绩补偿协议 、 法律意见书 、 律师的作用和风险 这9大章节内容。 所以，在这种情况之下， 我们需要采用的评估方法是：资产基础法， 对标的公司的净资产进行评估，将标 的公司取得了增值的不动产、标的公司自研专利等都评估出来。最后，按照资产基础法 ...