China Appraisal Society
Asset Appraisal Business Report Filing Receipt
| Item | Content |
|---|---|
| Report Code | 1111020166202601361 |
| Contract Number | Zhong Ming Ping He Zi [2026] No. 2146 |
| Report Type | Statutory Asset Appraisal Report |
| Report Number | Zhong Ming Ping Bao Zi [2026] No. 2255 |
| Report Name | Total shareholders' equity of Baiyin Huaxin Jiuhe Renewable Resources Co., Ltd. involved in the proposed equity acquisition by Fengxing Co., Ltd. |
| Appraisal Conclusion | RMB 722,100,000.00 |
| Appraisal Report Date | July 05, 2026 |
| Appraisal Agency | Zhong Ming (Beijing) Assets Appraisal International Co., Ltd. |
| Signatories | Wang Hehua (Appraiser) [blank] Member No.: 36160006 |
| Signatories | Cai Aiming (Appraiser) [blank] Member No.: 36190023 |
Wang Hehua and Cai Aiming have verified their identities.
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Note: This filing receipt only certifies that the report has been filed with the business filing management system. It does not serve as an endorsement or recognition by the Association, nor does it exempt the appraisal agency or the signing appraisers from relevant legal liabilities.
Filing receipt generation date: July 13, 2026
ICP Filing No.: Jing ICP Bei 2020034749
This asset appraisal report is prepared in accordance with Chinese asset appraisal standards.
Asset Appraisal Report
Zhong Ming Ping Bao Zi [2026] No. 2255
(Total 1 Volume, Volume 1)
Zhong Ming (Beijing) Assets Appraisal International Co., Ltd.
July 05, 2026
Table of Contents
Asset Appraisal Report Statement 1
Asset Appraisal Report Summary 3
Asset Appraisal Report Body 9
I. Overview of the Client, the Appraised Entity, and Other Users of the Asset Appraisal Report Stipulated in the Asset Appraisal Engagement Contract 9
II. Purpose of Appraisal 18
III. Appraisal Object and Scope 19
IV. Value Type and Definition 22
V. Appraisal Base Date 23
VI. Appraisal Basis 23
VII. Appraisal Methods 26
VIII. Implementation Process and Status of Appraisal Procedures 31
IX. Appraisal Assumptions 32
X. Appraisal Conclusion 33
XI. Explanation of Special Matters 35
XII. Limitations on the Use of the Asset Appraisal Report 39
XIII. Date of the Asset Appraisal Report 40
Asset Appraisal Report Attachments 41
Asset Appraisal Report 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 Asset Appraisal Practice Standards and Code of Ethics issued by the China Appraisal Society.
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The client or other users of the asset appraisal report shall use the report in accordance with laws, administrative regulations, and the scope of use specified in this report. The appraisal agency and appraisers shall not be held liable if the client or other users violate these provisions.
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This asset appraisal report is intended solely for the client, other users specified in the asset appraisal engagement contract, and users stipulated by laws and administrative regulations. No other institution or individual may become a user of this report.
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This appraisal agency and the appraisers remind users to correctly understand the appraisal conclusion. The conclusion is not equivalent to the realizable price of the appraisal object and should not be considered a guarantee of such price.
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This appraisal agency and the appraisers adhere to the principles of independence, objectivity, and fairness, and assume legal responsibility for the issued report.
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The list of assets and liabilities involved in the appraisal object is declared by the client and the appraised entity and confirmed by their signatures, seals, or other legally permitted means. The client and other relevant parties are legally responsible for the authenticity, completeness, and legality of the materials provided.