This asset appraisal report is prepared in accordance with the Asset Appraisal Standards of the People's Republic of China.
Zhengzhou Tianmai Technology Co., Ltd.
Proposed Equity Transfer
Market Value of All Shareholders' Equity of
Henan Xinmaiyan Automobile Testing Co., Ltd.
Asset Appraisal Report
Jing Kun Ping Bao Zi [2026] No. 0462
Volume 1, Issue 1
Beijing KYSIN Assets Appraisal Co., Ltd.
Date: [blank]
Table of Contents
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Statement
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Asset Appraisal Report Summary
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Asset Appraisal Report
I. Client, Appraised Entity, and Other Users of the Appraisal Report
II. Purpose of Appraisal
III. Object and Scope of Appraisal
IV. Type of Value
V. Appraisal Base Date
VI. Basis for Appraisal
VII. Appraisal Methods
VIII. Implementation Process and Status of Appraisal Procedures
IX. Appraisal Assumptions
X. Appraisal Conclusion
XI. Explanation of Special Matters
XII. Explanation of Restrictions on Use of the Appraisal Report
XIII. Date of the Appraisal Report
- Attachments to the 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 of the People's Republic of China and the Professional Standards and Code of Ethics for Asset Appraisal 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 herein. The appraisal institution and the signing asset appraisers shall not be held liable for any use of the report in violation of the aforementioned 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 national laws and administrative regulations. No other institution or individual may become a user of this report.
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Users of the appraisal report shall correctly understand and use 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 such price.
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Users of the appraisal report shall pay attention to the assumptions, special matters, and restrictions on use stated in this report.
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This appraisal institution and its appraisers adhere to the principles of independence, objectivity, and fairness in compliance with laws, administrative regulations, and appraisal standards, and shall bear legal responsibility for the issued report.
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The list of assets and liabilities involved in the appraisal object was declared by the client and relevant parties and confirmed by them through signatures, seals, or other legally permitted means. The client and relevant parties are legally responsible for the authenticity, legality, and completeness of the provided materials. The client and relevant parties shall bear the legal consequences resulting from the provision of false or untrue legal ownership documents, financial accounting information, or other relevant materials, provided that the appraisers have performed normal verification procedures.
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This appraisal institution and the appraisers involved in this project have no existing or expected interest in the appraised object or the relevant parties, and hold no bias toward them.
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The appraisers have conducted necessary routine verification of the appraised object and its associated assets and liabilities. This verification is limited to what is observable by the naked eye. For internal or concealed parts of physical assets such as machinery and equipment, it is assumed that they are in good condition, can be used normally, and have no serious quality defects, unless otherwise stated by the client or relevant parties, or unless quality issues are visually apparent. General verification procedures have been performed on the legal ownership status of the appraised object, and any discovered defects in property rights documentation have been disclosed; however, this report does not provide a guarantee of legal ownership.
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Any discrepancies between the summary figures and the sum of detailed data in this report are due to rounding during the conversion to ten-thousand-yuan units, and the summary data shall prevail.