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 - Jiangsu Panyam Micro透 Technology Co., Ltd. plans to increase capital in its associate company Changzhou Lingtian New Energy Technology Co., Ltd. with a total investment of 86 million RMB, consisting of 40 million RMB in cash and 46 million RMB in fixed and intangible assets related to the TRT cable film business, resulting in a controlling stake of 51% in Lingtian [1][3][14] Group 1: Investment Details - The capital increase will raise Lingtian's registered capital from 45.71633 million RMB to 68.04610 million RMB, with Panyam's shareholding increasing from 27.07% to 51.00% [3][14] - The investment is based on the company's overall development strategy and business needs, with an independent valuation conducted for both the target company and the assets involved [2][8] - The valuation of Lingtian's equity was determined using the income approach, resulting in a value of 175.4 million RMB, with a significant increase in value compared to previous assessments [9][19] Group 2: Related Party Transactions - The investment constitutes a related party transaction due to the ownership structure involving the actual controller's family members, but it does not meet the criteria for a major asset restructuring [4][20] - The transaction was approved by the board of directors and requires further approval from the shareholders' meeting [2][20] Group 3: Financial Performance of Target Company - As of December 31, 2024, Lingtian reported total assets of approximately 370.73 million RMB and total liabilities of about 304.44 million RMB, resulting in net assets of approximately 66.29 million RMB [6] - Lingtian's revenue for 2024 was approximately 86.27 million RMB, with a net profit of about 4.86 million RMB, indicating a decline in profitability compared to the previous year [6][18] Group 4: Strategic Implications - The transaction is expected to enhance the synergy between Panyam and Lingtian, allowing for an expansion of product lines and applications, thereby improving market competitiveness [3][16] - The partnership aims to leverage Lingtian's high-end cable products in emerging sectors such as new energy vehicles and aerospace, aligning with Panyam's strategic goals [16][19]