Zhonglian Asset Appraisal Consulting (Shanghai) Co., Ltd. Regarding the Reply to the Inquiry Letter on the Major Asset Purchase of Cash by Wuhan Mindray Bio-Medical Electronics Co., Ltd. - Special Review Opinion on Asset Appraisal Related Issues
Shenzhen Stock Exchange:
Wuhan Mindray Bio-Medical Electronics Co., Ltd. received the "Inquiry Letter on the Major Asset Purchase of Cash" (hereinafter referred to as the "Inquiry Letter") issued by your esteemed exchange on July 10, 2026. In accordance with the requirements of the "Inquiry Letter," the technical support center of Zhonglian Asset Appraisal Consulting (Shanghai) Co., Ltd. organized the appraisal team to conduct a thorough review, analysis, and verification of the reply to the "Inquiry Letter" and has issued this review opinion. The specific details of the review are hereby reported as follows:
Question 3: "The Report" shows that (1) the appraisal institution used the income approach and the asset-based approach to value the equity of Aokel, and the income approach was used as the valuation conclusion, with the valuation benchmark date being December 31, 2025. On a consolidated statement basis, Aokel's owner's equity book value on the valuation benchmark date was RMB 11,940.67 million, the valuation value by the income approach was RMB 19,060 million, with an incremental value of RMB 7,119.33 million, an appreciation rate of 59.62%; the valuation value by the asset-based approach was RMB 14,876.76 million, and the difference between the two methods was RMB 4,183.24 million. (2) In the income approach forecast, Aokel's operating revenue is projected to continue to grow from 2026 to 2030, increasing from RMB 24,723.62 million to RMB 28,889.22 million before entering the perpetual period, which deviates from the downward trend in revenue in 2025. (3) The discount rate used in the income approach is 11.40%, with a risk-free rate of 1.85%, a market risk premium of 6.98%, and a specific risk coefficient of 2.00%.