Asset Appraisal Report for the Proposed Equity Acquisition of Borsa (Nanjing) Co., Ltd. by Furi Group Co., Ltd.

This report is prepared in accordance with the Chinese Asset Appraisal Standards.

[Image: Appraisal report cover]

China Alliance Appraisal Co., Ltd.

Date: 2026 July 13

Address: 28th Floor, Beijing Huirong Building, No. 16 Lize Road, Fengtai District, Beijing

Postal Code: 100073

Tel: 010-68090001

Fax: 010-68090099

China Appraisal Society

Asset Appraisal Business Report Filing Receipt

[Chart: QR code for filing verification]

Note: This filing receipt only confirms that the report has been filed in the business filing management system; it does not constitute certification or approval by the association, nor does it exempt the appraisal agency or the signing appraisers from relevant legal liabilities.

Filing Receipt Generation Date: 2026 July 15

ICP Filing No.: ICP 2020034749

Table of Contents

Statement 1

Definitions 2

Asset Appraisal Report Summary 3

Asset Appraisal Report Body 5

I. Entrusting Party, Appraised Entity, and Other Users of the Appraisal Report 5

II. Purpose of Appraisal 11

III. Appraisal Object and Scope 11

IV. Value Type and Definition 16

V. Valuation Benchmark Date 16

VI. Basis for Appraisal 17

VII. Appraisal Methods 19

(I) Selection of Appraisal Methods 19

(II) Introduction to Appraisal Methods 20

I. Income Approach 20

II. Market Approach 25

(III) Method for Determining Appraisal Conclusion 25

VIII. Implementation Process and Status of Appraisal Procedures 26

IX. Appraisal Assumptions 27

X. Appraisal Conclusion 28

XI. Special Matters 29

XII. Restrictions on Use of Appraisal Report 32

XIII. Date of Appraisal Report 32

Asset Appraisal Report Attachments 34

Statement

I. This asset appraisal report is prepared in accordance with the Basic Standards for Asset Appraisal and the Asset Appraisal Professional Ethics Standards issued by the Ministry of Finance and the China Appraisal Society.

II. The entrusting party or other users of the appraisal report shall use the report within the scope stipulated by laws, administrative regulations, and the appraisal report. The appraisal agency and its appraisers shall not be held liable for any violation of the aforementioned regulations by the entrusting party or other users.

III. This appraisal report is intended solely for the entrusting party, other users stipulated in the asset appraisal contract, and users defined by laws and administrative regulations. Apart from these, no other organization or individual may become a user of this appraisal report.

IV. Users of the appraisal report should correctly understand and use the appraisal conclusion. The appraisal conclusion is not equivalent to the realizable price of the appraisal object and should not be considered a guarantee for the realizable price of the appraisal object.

V. Users of the appraisal report should fully consider the assumptions, premises, special matter explanations, and usage restrictions of the appraisal conclusion, as well as their impact on the appraisal conclusion.

VI. The appraisal agency and its professional personnel adhere to the principles of independence, objectivity, and fairness, and assume legal responsibility for the appraisal report issued.

VII. The list of assets and liabilities and relevant materials involved in the appraisal are declared by the entrusting party and the appraised entity, and confirmed by them through signatures, seals, or other legally permitted methods. The entrusting party and other relevant parties are legally responsible for the authenticity, completeness, and legality of the materials provided.