This asset appraisal report is prepared in accordance with Chinese asset appraisal standards.
Beijing Leadman Biochemistry Co., Ltd. Proposed Equity Acquisition
Involving the Total Equity Value of Beijing Sansheng Xiangrui Biological Products Co., Ltd.
Asset Appraisal Report
Allied Appraisal Report No. [2026] VIGQD0322
(Total 1 volume, Volume 1)
Allied Appraisal Co., Ltd.
May 22, 2026
Asset Appraisal Business Report Filing Receipt
| Item | Content |
|---|---|
| Report Code | 4444020053202600421 |
| Contract No. | Allied Appraisal Contract [2026] No. 0119 |
| Report Type | Statutory Asset Appraisal Report |
| Report No. | Allied Appraisal Report [2026] VIGQD0322 |
| Report Title | Asset Appraisal Report on the Total Equity Value of Beijing Sansheng Xiangrui Biological Products Co., Ltd. Involved in the Proposed Equity Acquisition by Beijing Leadman Biochemistry Co., Ltd. |
| Appraisal Conclusion | 2,275,861,600.00 RMB |
| Appraisal Date | May 22, 2026 |
| Appraisal Agency | Allied Appraisal Co., Ltd. |
| Signatories | Lu Xiaoliang (Appraiser) Membership No. 44200045; Wu Wenshen (Appraiser) Membership No. 44200040 |
[Chart: QR code for filing information]
Note: This filing receipt only certifies that this report has been filed with the business filing management system. It does not serve as certification or approval by the association, nor does it exempt the appraisal agency or its signing professionals from relevant legal liabilities.
Filing Receipt Generation Date: May 22, 2026
Table of Contents
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Asset Appraisal Report Statement
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Summary
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I. Overview of the Client and the Appraised Entity
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II. Purpose of Appraisal
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III. Appraisal Object and Scope
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IV. Value Types and Definitions
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V. Valuation Benchmark 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. Limitations on the Use of the Asset Appraisal Report
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XIII. Date of the Asset Appraisal Report
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Attachments to the Asset Appraisal Report
Asset Appraisal Explanation (Separate Volume)
Asset Appraisal Report Statement
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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.
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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 specified in the report. The appraisal agency and its professionals shall not be held liable if the client or other users violate these provisions.
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This asset appraisal report is intended solely for the use of the client, other users specified 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.
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The appraisal agency and its professionals advise users to correctly understand and use the appraisal conclusions. Appraisal conclusions are not equivalent to the realizable price of the appraised object and should not be considered a guarantee of such price.
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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.
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The list of assets and liabilities included in the scope of appraisal, as well as the predictive financial information and ownership certificates required for the appraisal, have been declared by the client and other relevant parties and confirmed by signature, seal, or other legally permitted means. The client and other relevant parties are legally responsible for the authenticity, completeness, and legality of the materials provided.