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Zhong Lian Assets Appraisal Co., Ltd.
Asset Appraisal Report on a Real Estate Property of Liancheng Investments, LLC Involved in the Proposed Asset Sale by Zhanjiang Guolian Aquatic Products Co., Ltd.
This report is prepared in accordance with the Assets Appraisal Standards of China.
Zhong Lian Ping Bao Zi [2026] No. 1230
Hubei Zhonglian Assets Appraisal Co., Ltd.
Date: July 14, 2026
China Appraisal Society
Record Filing Receipt for Asset Appraisal Business Report
| Item | Content |
|---|---|
| Report Code | 4242020018202600248 |
| Contract Number | 20260231 |
| Report Type | Statutory Asset Appraisal Report |
| Report Document Number | Zhong Lian Ping Bao Zi [2026] No. 1230 |
| Report Name | Asset Appraisal Report on a Real Estate Property of Liancheng Investments, LLC Involved in the Proposed Asset Sale by Zhanjiang Guolian Aquatic Products Co., Ltd. |
| Appraisal Conclusion | 120,639,739.00 RMB |
| Appraisal Report Date | July 14, 2026 |
| Appraisal Agency Name | Hubei Zhonglian Assets Appraisal Co., Ltd. |
| Signatories | Cheng Chuanshu (Appraiser) Full Member No. 42190026 |
| Chen Weiwei (Appraiser) Full Member No. 42160002 |
Cheng Chuanshu and Chen Weiwei have verified and signed.
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Note: This filing receipt only certifies that this report has been filed with the business report management system. It does not serve as evidence of the Association's certification or approval of this report, nor does it serve as a basis for exempting the appraisal agency and its signing professionals from relevant legal liabilities.
Filing Receipt Generation Date: July 14, 2026
ICP Filing Number: Jing ICP 2020034749
Table of Contents
Part I Declaration 1
Part II Asset Appraisal Report Summary 4
Part III Asset Appraisal Report Body 7
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Client and Other Users of the Asset Appraisal Report 8
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Purpose of Appraisal 9
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Appraisal Object and Scope 9
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Value Type and Definition 11
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Appraisal Base Date 11
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Appraisal Basis 11
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Appraisal Methods 13
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Implementation Process and Situation of Appraisal Procedures 14
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Appraisal Assumptions 16
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Appraisal Conclusion 17
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Special Matters Explanation 18
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Restrictions on Use of the Asset Appraisal Report 19
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Date of the Asset Appraisal Report 21
Part IV Asset Appraisal Report Attachments 22
Part I Declaration
Declaration
To: Zhanjiang Guolian Aquatic Products Co., Ltd.
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 asset appraisal report within the scope of use specified in the report; the asset appraisal institution and the asset appraisers shall not be held liable if the client or other users of the asset appraisal report violate the aforementioned provisions regarding the use of the asset appraisal report.
III. This asset appraisal report is intended for use only by the client, other users of the asset appraisal report specified in the asset appraisal engagement contract, and users of the asset appraisal report as stipulated by laws and administrative regulations; apart from these, no other institution or individual shall become a user of this asset appraisal report.