Asset Appraisal Report on the Total Equity Value of Anhui Fanhuang Construction Engineering Co., Ltd. Involved in the Proposed Equity Transfer by Anhui Zhongfuyuanchuang Technology Group Co., Ltd. (Zhongshuizhiyuan Pingbao Zi [2026] No. 020272)

Asset Appraisal Report

This report is prepared in accordance with the Asset Appraisal Standards of China.

Anhui Zhongfuyuanchuang Technology Group Co., Ltd.

Asset Appraisal Report on the Total Equity Value of Anhui Fanhuang Construction Engineering Co., Ltd. Involved in the Proposed Equity Transfer

Zhongshuizhiyuan Pingbao Zi [2026] No. 020272

(Volume 1, Book 1)

Zhongshuizhiyuan Asset Appraisal Co., Ltd.

June 1, 2026

Asset Appraisal Business Filing Return

China Appraisal Society

Asset Appraisal Business Filing Return

Fang Qiang, Zhou Qin, and Li Xinyan have acknowledged this.

[Chart: QR code for business information]

Note: This filing return serves as proof that the report has been filed in the business filing system. It does not constitute the Association's certification or recognition of the report, nor does it exempt the appraisal institution or its signatories from relevant legal responsibilities.

Filing Return Generation Date: June 30, 2026

ICP Filing Number: Jing ICP Bei 2020034749

Table of Contents

1. Table of Contents 2

2. Statement 3

3. Summary 4

4. Main Text 6

5. Overview of the Client, Appraised Entity, and Other Users of the Appraisal Report 6

6. Purpose of Appraisal 9

7. Appraisal Object and Scope 9

8. Value Type 11

9. Appraisal Base Date 11

10. Appraisal Basis 11

11. Appraisal Methods 14

12. Application of Specific Appraisal Methods for Assets and Liabilities in the Asset Basis 15

13. Implementation Process and Status of Appraisal Procedures 17

14. Appraisal Assumptions 19

15. Appraisal Conclusion 21

16. Special Matters Explanation 22

17. Restrictions on the Use of the Appraisal Report 23

18. Appraisal Report Date 24

19. Attachments to the Appraisal Report 26

Statement

1. 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.

2. The client or other users of the appraisal report shall use the report within the scope stipulated by laws, administrative regulations, and the appraisal report itself. The appraisal institution and its appraisers shall not be held liable for any violations of these provisions by the client or other users.

3. The appraisal report is intended solely for the client, other users stipulated in the appraisal contract, and users defined by laws and administrative regulations. No other organization or individual may become a user of this report.

4. Users of the appraisal report should correctly understand and use the appraisal conclusions. The appraisal conclusion is not equivalent to the realizable price of the appraised object and should not be considered a guarantee of such realizable price.

5. The appraisal institution and its appraisers adhere to the principles of independence, objectivity, and fairness, and shall bear legal responsibility for the issued appraisal report.

6. The list of assets and liabilities involved in the appraisal is declared by the client and the appraised entity and confirmed by them through signatures, seals, or other methods permitted by law. The client and other relevant parties are responsible for the authenticity, completeness, and legality of the materials provided.

7. The appraisal report does not possess the legal attributes of property rights certification and cannot be used as a property rights certificate.

8. Users of the appraisal report should pay attention to the assumptions, special matters, and usage restrictions upon which the appraisal conclusion is based.