Asset Appraisal Report
Report No.: JZ PING BAO ZI [2026] A0501
Prepared by: JZ (Shanghai) Asset Appraisal Co., Ltd.
Date: June 09, 2026
Statement
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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 and Practice Standards for Asset Appraisers issued by the Chinese Institute of Certified Public Valuers.
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Users of this asset appraisal report shall use the report in accordance with the scope of use specified in the report, as well as relevant laws and regulations. Beijing Ke Rui Group Co., Ltd. and other users of this asset appraisal report shall not be held liable by JZ (Shanghai) Asset Appraisal Co., Ltd. and its appraisers for any liability arising from the misuse of this report.
This asset appraisal report is for the use of the client, other designated users of the asset appraisal contract, and other authorized users. No other entity or individual may use this asset appraisal report.
JZ (Shanghai) Asset Appraisal Co., Ltd. and its appraisers remind users of this asset appraisal report to correctly understand and use the appraisal conclusion. The appraisal conclusion is not equivalent to the achievable price of the appraised asset, nor should it be considered a guarantee of the achievable price of the appraised asset.
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JZ (Shanghai) Asset Appraisal Co., Ltd. and its appraisers adhere to the principles of independence, objectivity, and fairness, and shall bear legal responsibility for the asset appraisal report issued.
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The list of assets and liabilities, and future income forecasts related to the appraised assets and liabilities are declared by the client and the appraised unit and confirmed by signature, seal, or other legally permissible means. The client and other relevant parties are legally responsible for the truthfulness, completeness, and legality of the information provided.
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JZ (Shanghai) Asset Appraisal Co., Ltd. and its appraisers have no existing or expected conflicts of interest with the appraised assets or the relevant parties, and are not biased towards the relevant parties.
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The appraisers have conducted on-site investigations of the appraised assets and related assets, paid necessary attention to the legal ownership status of the appraised assets and related assets, inspected the legal ownership documents of the appraised assets and related assets, truthfully disclosed any discovered issues, and requested the client and other relevant parties to improve property rights to meet the requirements for issuing the asset appraisal report.
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The analysis, judgment, and results of this asset appraisal report are subject to the assumptions and restrictions stated in the report. Users of this asset appraisal report should fully consider the assumptions, restrictions, special matters disclosed, and their impact on the appraisal conclusion.
Abstract
Special Reminder: This abstract is excerpted from the main body of the asset appraisal report. For detailed information on this appraisal business and to correctly understand the appraisal conclusion, please refer to the main body of the asset appraisal report.
JZ (Shanghai) Asset Appraisal Co., Ltd., entrusted by Beijing Ke Rui Group Co., Ltd., in accordance with laws, regulations, and asset appraisal standards, adhering to the principles of independence, objectivity, and fairness, has appraised the market value of all shareholder equity of Anhui Zhishanghe Technology Co., Ltd. as of February 28, 2026, using the asset-based and income approaches. The asset appraisal situation is summarized as follows:
Client: Beijing Ke Rui Group Co., Ltd.
Appraised Unit: Anhui Zhishanghe Technology Co., Ltd.
Economic Activity: Beijing Ke Rui Group Co., Ltd. plans to acquire equity in Anhui Zhishanghe Technology Co., Ltd.
Purpose of Appraisal: Equity acquisition.
Appraised Object: The market value of all shareholder equity of Anhui Zhishanghe Technology Co., Ltd.