Asset Appraisal Report
Zhe Lian Ping Bao Zi [2026] No. 542
Zhejiang Zhonglian Asset Appraisal Co., Ltd.
July 27, 2026
Table of Contents
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Statement
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Summary
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I. Client and Other Users of the Asset Appraisal Report
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II. Purpose of Appraisal
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III. Appraisal Object and Scope
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IV. Value Type
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V. Appraisal Base Date
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VI. Basis for Appraisal
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VII. Appraisal Methods
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VIII. Implementation Process and Status of Appraisal Procedures
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IX. Appraisal Assumptions
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X. Appraisal Conclusion
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XI. Explanation of Special Matters
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XII. Restrictions on Use of the Appraisal Report
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XIII. Date of the Appraisal Report
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Appendix
Statement
I. 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.
II. 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 stated in the report. The appraisal institution and its professionals shall not be held liable if the client or other users violate these provisions.
III. This report is intended solely for the client, other users agreed upon in the appraisal engagement contract, and users as stipulated by laws and administrative regulations. No other organization or individual may become a user of this report.
This appraisal institution and the appraisers remind users to correctly understand and use the appraisal conclusions. The conclusion is not equivalent to the realizable price of the appraisal object and should not be considered a guarantee of such price.
IV. The authenticity, legality, and completeness of the materials provided by the client and other relevant parties are prerequisites for the effectiveness of the appraisal conclusion. The asset list and ownership certificates required for the appraisal have been declared by the client and the property owner and confirmed by them through seals or other means.
V. This appraisal institution and the appraisers have no existing or expected interest in the appraisal object or the relevant parties, and hold no bias toward them.
VI. The appraisers have conducted on-site investigations of the appraisal object and its related assets, and have given necessary attention to the legal ownership status, having reviewed the relevant legal documentation.
VII. The analysis, judgments, and results in this report are subject to the assumptions and limitations stated herein. Users should fully consider the impact of these assumptions, limitations, and special matters on the appraisal conclusion.
VIII. This appraisal institution and the appraisers adhere to laws, administrative regulations, and asset appraisal standards, uphold the principles of independence, objectivity, and fairness, and assume legal responsibility for the report issued.
Summary
Zhejiang Zhonglian Asset Appraisal Co., Ltd. was engaged by Douyu Education Technology (Beijing) Co., Ltd. to appraise the market value of real estate held by Beijing Chenguang Rongxin Technology Co., Ltd. at Block B, No. 8 Xueqing Road, Haidian District, as of the appraisal base date, in connection with a proposed debt-for-asset swap.
The appraisal object and scope consist of the aforementioned real estate, with a total book value of 74.379 million RMB and a net book value of 63.8752 million RMB. The property primarily comprises office space and parking spots at the Technology Wealth Center, No. 8 Xueqing Road, totaling 2,447.35 square meters. On-site inspection confirms the buildings are suitable for continued use, with well-maintained outdoor facilities and normal functional utility.
The appraisal base date is June 30, 2026. The value type is market value.
Following verification, site inspection, market research, and estimation, the market value of the subject real estate as of June 30, 2026, is 65.3855 million RMB. This conclusion is not [blank].