Statement
This asset appraisal report is prepared in accordance with the basic principles of asset appraisal issued by the Ministry of Finance and the professional ethical standards of the China Appraisal Society.
The client and other users of this asset appraisal report shall use the asset appraisal report in accordance with laws, administrative regulations, and the scope of use specified in this asset appraisal report. Chongqing Kunyuan Appraisal Co., Ltd. and its appraisers shall not bear any responsibility if the client or other users of this asset appraisal report violate the aforementioned provisions. This asset appraisal report is only for the use of the client, other asset appraisal report users specified in the asset appraisal entrustment contract, and asset appraisal report users stipulated by laws and administrative regulations; other organizations and individuals cannot become users of the asset appraisal report. Chongqing Kunyuan Appraisal Co., Ltd. and its appraisers remind users of the asset appraisal report that they should correctly understand the appraisal conclusion. The appraisal conclusion is not equivalent to the achievable price of the appraised asset, and the appraisal conclusion should not be considered a guarantee of the achievable price of the appraised asset.
Chongqing Kunyuan Appraisal Co., Ltd. and its appraisers comply with laws, administrative regulations, and asset appraisal standards, adhere to the principles of independence, objectivity, and fairness, and shall bear legal responsibility for the asset appraisal report issued.
The list of assets and liabilities involved in the appraised assets is declared by the client and the appraised unit and confirmed by their signatures, seals, or other legally permitted methods; the client and other related parties are responsible for the authenticity, completeness, and legality of the information provided.
Chongqing Kunyuan Appraisal Co., Ltd. and its appraisers have no existing or expected interest relationship with the appraised assets in the asset appraisal report; there is no existing or expected interest relationship with related parties, and there is no bias towards related parties.
Appraisers have conducted on-site investigations of the appraised assets and related assets; have paid necessary attention to the legal ownership of the appraised assets and related assets, have inspected the legal ownership documents of the appraised assets and related assets, have disclosed the discovered problems truthfully, and have requested the client and other related parties to improve property rights to meet the requirements for issuing the asset appraisal report.
The analysis, judgment, and results in the asset appraisal report issued by Chongqing Kunyuan Appraisal Co., Ltd. are subject to the assumptions and limitations stated in the asset appraisal report. Users of the asset appraisal report should fully consider the assumptions, limitations, special matters described in the asset appraisal report, and their impact on the appraisal conclusion.
Asset Appraisal Report Summary
Chongqing Kunyuan Appraisal Co., Ltd. was jointly entrusted by Chongqing Yu Development Co., Ltd. and Chongqing Hengcheng Rongzhi Investment Management Co., Ltd. to conduct an asset appraisal in accordance with relevant laws, administrative regulations, and asset appraisal standards, adhering to the principles of independence, objectivity, and fairness. Using the asset-based approach and necessary appraisal procedures, it appraised the market value of the 51% equity of Chongqing Huangge Wandu Real Estate Development Co., Ltd. held by Chongqing Hengcheng Rongzhi Investment Management Co., Ltd., which is involved in the proposed acquisition by Chongqing Yu Development Co., Ltd. The appraisal was conducted as of February 12, 2026. The asset appraisal situation is reported as follows:
I. Appraisal Objective: Chongqing Yu Development Co., Ltd. proposes to acquire 51% of the equity of Chongqing Huangge Wandu Real Estate Development Co., Ltd. held by Chongqing Hengcheng Rongzhi Investment Management Co., Ltd. It is necessary to appraise the market value of the total equity of Chongqing Huangge Wandu Real Estate Development Co., Ltd. as of the appraisal base date to provide a value reference for the above economic activities.