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Beijing Capital Online Data Service Co., Ltd.
Asset Appraisal Report on the Total Equity Value of Shareholders of Beijing Zhongjia Hexin Communication Technology Co., Ltd. Involved in the Proposed Equity Acquisition
Zhonglin Appraisal Zi [2026] No. 305
Beijing Zhonglin Assets Appraisal Co., Ltd.
June 18, 2026
Table of Contents
Statement 1
Appraisal Report Summary 3
Asset Appraisal Report 5
I. Overview of the Client, the Appraised Entity, and Other Users of the Appraisal Report Stipulated in the Appraisal Engagement Contract 5
II. Purpose of Appraisal 12
III. Appraisal Object and Scope 12
IV. Value Type and Its Definition 18
V. Appraisal Base Date 18
VI. Appraisal Basis 18
VII. Appraisal Methods 21
VIII. Implementation Process and Status of Appraisal Procedures 28
IX. Appraisal Assumptions 29
X. Appraisal Conclusion 31
XI. Special Matters 33
XII. Restrictions on the Use of the Appraisal Report 35
XIII. Date of the Appraisal Report 35
Appraisal Report Attachments 37
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 professional ethics guidelines 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 stipulated by laws, administrative regulations, and this asset appraisal report; if the client or other users of the asset appraisal report violate the above provisions in using the asset appraisal report, the asset appraisal institution and its asset appraisers shall not bear any responsibility.
The asset appraisal report is intended solely for the client, other users stipulated in the asset appraisal engagement contract, and users of the asset appraisal report as stipulated by laws and administrative regulations; apart from this, no other institution or individual may become a user of the asset appraisal report.
The asset appraisal institution and asset appraisers remind users of the asset appraisal report to correctly understand and use the appraisal conclusion. The appraisal conclusion is not equivalent to the realizable price of the appraisal object, and the appraisal conclusion should not be considered a guarantee of the realizable price of the appraisal object.
III. This asset appraisal institution and its asset appraisers abide by laws, administrative regulations, and asset appraisal standards, and adhere to the principles of independence, objectivity, and fairness, and bear legal responsibility for the appraisal report issued.
IV. The list of assets and liabilities and the business operation data of the appraisal object are declared by the client and the appraised entity and confirmed by their 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 by them.
V. This asset appraisal institution and its asset appraisers have no existing or expected interest relationship with the appraisal object in the asset appraisal report, and have no prejudice against the relevant parties.
VI. Asset appraisers have conducted on-site investigations of the appraisal object and its related assets involved in the appraisal report; they have paid necessary attention to the legal ownership status of the appraisal object and its related assets, inspected the legal ownership materials of the appraisal object and its related assets, disclosed the discovered problems truthfully, and requested the client and other relevant parties to improve property rights to meet the requirements for issuing the asset appraisal report.
VII. The analysis, judgment, and results in the asset appraisal report issued by this asset appraisal institution are subject to the assumptions and restrictive conditions in the asset appraisal report. Users of the asset appraisal report should fully consider the impact of the assumptions, restrictive conditions, and special matters stated in the asset appraisal report on the appraisal conclusion.