This report is prepared in accordance with Chinese asset appraisal standards.
Asset Appraisal Report
Zhelian Ping Zi [2026] No. 517
Zhejiang Zhonglian Asset Appraisal Co., Ltd.
July 28, 2026
China Appraisal Society
Record of Asset Appraisal Business Report
| Item | Details |
|---|---|
| Report Code | 3333040015202600587 |
| Contract Number | Ping 2026337A |
| Report Type | Statutory Asset Appraisal Report |
| Report Number | Zhelian Ping Zi [2026] No. 517 |
| Report Name | Asset Appraisal Project for Total Shareholders' Equity of Nanjing Lanpucheng New Materials Co., Ltd. Involved in Proposed Equity Donation by Grandsun Holdings Co., Ltd. |
| Appraisal Conclusion | 799,000,000.00 RMB |
| Appraisal Date | July 28, 2026 |
| Appraisal Agency | Zhejiang Zhonglian Asset Appraisal Co., Ltd. |
| Signatories | Li Hongzhu (Appraiser) Member No.: 33190025; Qian Wei (Appraiser) Member No.: 3310262 |
| Signatory Confirmation | Li Hongzhu, Qian Wei have verified in person |
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Note: This filing record only proves that this report has been filed with the business management system. It does not serve as the basis for the Association's certification or endorsement of the report, nor does it serve as the basis for exempting the asset appraisal agency and its signing professionals from relevant legal liabilities.
Filing Date: August 7, 2026
ICP Filing: Jing ICP 2020034749
Table of Contents
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Declaration
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Summary
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I. Entrusting Party and Other Users of the Appraisal Report
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II. Purpose of Appraisal
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III. Appraisal Object and Scope
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IV. Type of Value
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V. Valuation Base Date
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VI. Basis for Appraisal
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VII. Appraisal Methods
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VIII. Implementation Process and Conditions
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IX. Appraisal Assumptions
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X. Appraisal Conclusion
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XI. Special Matters
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XII. Restrictions on Use of Appraisal Report
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XIII. Date of Appraisal Report
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Attachments
Declaration
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This asset appraisal report is prepared in accordance with the Basic Standards for Asset Appraisal issued by the Ministry of Finance and the Professional Ethics Standards for Asset Appraisal issued by the China Appraisal Society.
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The entrusting party or other users of the asset appraisal report shall use the report in accordance with laws, administrative regulations, and the scope of use stated in the report. The appraisal agency and its professionals shall not be held liable if the entrusting party or other users violate these provisions.
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This asset appraisal report is intended solely for the entrusting party, other users specified in the appraisal contract, and users stipulated by laws and administrative regulations; no other organization or individual may become a user of this report. The appraisal agency and appraisers remind users to correctly understand and use the appraisal conclusion. The conclusion does not equal the realizable price of the appraisal object and should not be considered a guarantee of such price.
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The authenticity, legality, and completeness of the materials provided by the entrusting party and other relevant parties are the prerequisite for the effectiveness of the appraisal conclusion. The list of assets and liabilities included in the appraisal scope, as well as the financial information and ownership certificates required for the appraisal, have been declared by the entrusting party and the appraised entity and confirmed by their seals or other means.
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The asset appraisal agency and its appraisers have no current or expected interest in the appraisal object, nor do they have any current or expected interest in the relevant parties, and they have no bias toward them.