Verification Opinion on the Asset Evaluation Related Issues in Response to the Inquiry Letter from the Shenzhen Stock Exchange Regarding the Cash Major Asset Purchase by Shanghai Weitai Industrial Automation Co., Ltd.
Zhonglian Asset Evaluation Group (Zhejiang) Co., Ltd.
August 2025
Shenzhen Stock Exchange:
According to the inquiry letter [2025] No. 13 issued by your company's Management Department for Listed Companies regarding the cash major asset purchase by Shanghai Weitai Industrial Automation Co., Ltd. (hereinafter referred to as "Inquiry Letter"), the listed company, together with the intermediary institutions involved in this restructuring, has carefully analyzed and verified the issues raised in the Inquiry Letter and has provided responses to the relevant questions. This document specifically addresses the issues related to the evaluators mentioned in your Inquiry Letter.
Unless otherwise specified, the terms or abbreviations used in this response have the same meanings as defined in the "Definitions" section of the restructuring report. Unless specifically noted, any discrepancies between totals and the sum of individual items in this response are due to rounding.
Question 2
The report indicates that the evaluation is based on March 31, 2025, as the evaluation benchmark date, using the asset-based approach and income approach to assess the total equity value of Zijang New Materials, with the income approach being the conclusion of this evaluation. The book value of Zijang New Materials' equity on the evaluation benchmark date is 535 million yuan, and the evaluation value is 1.1 billion yuan, reflecting an increase rate of 105.61%.
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Revenue Forecast: Your company forecasts that from 2025 to 2029, the target company will achieve revenues of 679 million yuan, 788 million yuan, 901 million yuan, 1.012 billion yuan, and 1.107 billion yuan, with growth rates of 15.96%, 14.35%, 12.30%, and 9.41%, respectively. The expected product sales volume will increase from 58.4629 million square meters in 2025 to 98.0746 million square meters in 2029, with a price decline of 1.00% per year. In 2024, the product sales volume is 51.2768 million square meters, which is basically flat compared to 2023, with a significant year-on-year decline of 35.30% in sales of aluminum-plastic film for lithium batteries. The average price of products is expected to decrease by 12% year-on-year, with a 17.70% decline in sales of aluminum-plastic film for lithium batteries. Please differentiate between different products and list the key parameters for sales volume, unit price, and revenue forecasts for the forecast period and perpetual period, along with confirmation basis; in light of the target company's historical performance, market competition, end-of-period orders, new orders, and comparable companies in the industry, please explain in detail the basis and reasonableness of the expected annual growth in product sales volume and the fixed price decline of 1% in the context of the target company's recent revenue decline and the reduction in sales share from important customers.
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Cost Forecast: The main raw materials purchased by the target company include aluminum foil, cast polypropylene (CPP), adhesives, polyamide film, and polypropylene particles, with raw material costs accounting for approximately 70%. Please provide a detailed explanation of the forecasting methods, processes, and specific basis for the procurement costs of each major raw material, whether they align with industry trends, and compare historical cost situations to explain the reasonableness of the forecast data.
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Period Expense Forecast: During the forecast period, the target company's sales expense ratio is expected to be between 2.07% and 2.30%, management expense ratio between 4.23% and 4.80%, and R&D expense ratio between 4.52% and 5.06%. Please explain the forecasting process and specific basis for period expenses, along with the differences and reasons compared to historical period expense ratios; further explain the reasonableness of the expense forecasts in conjunction with your company's employee composition, salary changes, R&D needs, and future business strategies.