Asset Appraisal Report on Recoverable Value of Asset Group Related to Impairment Test of Goodwill Formed by Merger

Asset Appraisal Report

Dongzhou Appraisal Report [2026] No. 0789

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 professional ethics and professional conduct standards for asset appraisal issued by the China Appraisal Society.

II. The client or other users of the asset appraisal report shall use the asset appraisal report in accordance with the scope of use specified in laws, administrative regulations, and the asset appraisal report. The appraisal institution and appraisal professionals shall not be liable for any violation of the foregoing provisions by the client or other users of the asset appraisal report.

III. The asset appraisal report is only for the use of the client, other asset appraisal report users specified in the asset appraisal entrustment contract, and users stipulated by laws and administrative regulations. No other institution or individual may use the asset appraisal report.

IV. Users of the asset appraisal report should correctly understand and use the appraisal conclusion. The appraisal conclusion is not equivalent to the realizable price of the appraised asset, nor should it be considered a guarantee of the realizable price of the appraised asset.

V. Users of the asset appraisal report should pay attention to the assumptions for the appraisal conclusion, the special matters described in the asset appraisal report, and the limitations on its use.

VI. The appraisal institution and its appraisal professionals abide by laws, administrative regulations, and asset appraisal standards, adhere to the principles of independence, objectivity, and fairness, and shall be legally liable for the asset appraisal report issued.

VII. We have no existing or expected interest relationship with the appraised asset in this asset appraisal report, nor do we have any existing or expected interest relationship with related parties, and we are not biased against related parties.

VIII. The list of assets involved in the appraised asset group and the profit forecast are declared by the client and the operating entity of the asset group and confirmed by their signatures, seals, or other legally permitted methods. According to the "Asset Appraisal Law of the People's Republic of China": "The client shall be responsible for the authenticity, completeness, and legality of the ownership certificates, financial accounting information, and other materials provided by them."

IX. We have conducted on-site investigations of the appraised asset and the asset group involved. We have paid necessary attention to the ownership status of the appraised asset and the assets involved, and have inspected and verified the materials used in the appraisal business. Any matters that may have a significant impact on the appraisal conclusion have been truthfully disclosed in this asset appraisal report.

X. The analysis, judgment, and conclusion of the asset group involved in the appraised asset in this asset appraisal report are subject to the limitations of the appraisal assumptions stated in this asset appraisal report. Users of the asset appraisal report should pay close attention to the appraisal assumptions, special matters described in this asset appraisal report, and their impact on the appraisal conclusion.