Asset Appraisal Report for Huayang Communication
This report is prepared in accordance with Chinese asset appraisal standards.
Chongqing Meiansen Technology Co., Ltd. Proposed Acquisition of Equity in Huayang Communication Technology Co., Ltd.
Project Regarding the Value of All Shareholder Equity of Huayang Communication Technology Co., Ltd.
Asset Appraisal Report
Zhongheyi Appraisal Report No. [2026] 01103
(Volume 1 of 1)
Beijing Zhongheyi Asset Appraisal Co., Ltd.
August 20, 2026
Table of Contents
Statement: 1
Asset Appraisal Report Summary: 3
Asset Appraisal Report Body: 5
I. Overview of the Client, the Appraised Entity, and Other Users of the Asset Appraisal Report as Agreed in the Asset Appraisal Engagement Contract: 5
II. Purpose of Appraisal: 24
III. Object and Scope of Appraisal: 24
IV. Type of Value: 38
V. Appraisal Base Date: 39
VI. Basis for Appraisal: 39
VII. Appraisal Methods: 44
VIII. Implementation Process and Status of Appraisal Procedures: 57
IX. Appraisal Assumptions: 58
X. Appraisal Conclusion: 59
XI. Explanation of Special Matters: 61
XII. Explanation of Restrictions on the Use of the Asset Appraisal Report: 61
XIII. Date of the Asset Appraisal Report: 64
Asset Appraisal Report Attachments: 66
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 the provisions of laws, administrative regulations, and the scope of use stated in this report. This appraisal institution and the asset appraisers shall not be held liable if the client or other users violate these provisions.
III. This asset appraisal report is intended solely for the use of the client, other users of the asset appraisal report agreed upon in the asset appraisal engagement contract, and users of the asset appraisal report as stipulated by laws and administrative regulations. No other institution or individual may become a user of this report.
IV. This appraisal institution and the asset appraisers remind users of the report to correctly understand the appraisal conclusion. The appraisal conclusion is not equivalent to the realizable price of the appraised object and should not be considered a guarantee of the realizable price of the appraised object.
V. This appraisal institution and the asset appraisers adhere to laws, administrative regulations, and asset appraisal standards, uphold the principles of independence, objectivity, and fairness, and assume legal responsibility for the issued asset appraisal report.
VI. The list of assets and liabilities involved in the appraisal object and the future profit forecasts are declared by the appraised entity and confirmed by its signature, seal, or other methods permitted by law. The client and other relevant parties are responsible for the authenticity, completeness, and legality of the materials provided in accordance with the law.
VII. This appraisal institution and the asset appraisers have no existing or expected interest in the appraisal object in this report, nor do they have any existing or expected interest in the relevant parties, and they have no bias toward the relevant parties.
VIII. The asset appraisers have conducted on-site investigations of the appraisal object and the assets involved; have paid necessary attention to the legal ownership status of the appraisal object and the assets involved; have inspected the legal ownership documents; have truthfully disclosed the problems discovered; and have requested the client and other relevant parties to improve property rights to meet the requirements for issuing the asset appraisal report.
IX. The analysis, judgments, and results in the asset appraisal report issued by this appraisal institution are subject to the assumptions and limiting conditions stated in the report. Users of the report should fully consider the assumptions, limiting conditions, special matters, and their impact on the appraisal conclusion as stated in the report.