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This asset appraisal report is prepared in accordance with the Asset Appraisal Standards of China.
Beijing Zhongtianhua Asset Appraisal Co., Ltd.
August 5, 2026
Appraisal Report on the Total Shareholders' Equity Value of Dongguan Xingding Hardware Products Co., Ltd. Involved in the Proposed Acquisition of Equity in Dongguan Xingding Hardware Products Co., Ltd. by Henan Kaiwang Electronic Technology Co., Ltd.
Zhongtianhua Appraisal Report No. [2026] 10567
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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 this asset appraisal report shall use the report in accordance with laws, administrative regulations, and the scope of use specified herein. If the client or other users violate these provisions, this appraisal institution and the asset appraisers shall not be held liable.
This asset appraisal report is intended solely for the use of the client, other users specified in the asset appraisal engagement contract, and those stipulated by laws and administrative regulations. No other institution or individual may become a user of this report.
This appraisal institution and the asset appraisers remind users 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 such price.
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This appraisal institution and the asset appraisers comply with laws, administrative regulations, and asset appraisal standards, adhere to the principles of independence, objectivity, and fairness, and assume legal responsibility for the issued report.
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The list of assets and liabilities involved in the appraisal object is declared by the client and the appraised entity and confirmed by their signatures, seals, or other legally permitted methods. The client and other relevant parties are responsible for the authenticity, completeness, and legality of the materials provided.
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This appraisal institution and the asset appraisers have no existing or expected interest in the appraisal object or the relevant parties, and have no bias toward any relevant party.
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The asset appraisers have conducted on-site investigations of the appraisal object and its involved assets, paid necessary attention to their legal ownership status, verified the legal ownership documents, disclosed discovered issues truthfully, and requested the client and other relevant parties to perfect property rights to meet the requirements for issuing this report.
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The analysis, judgment, and results in this report are subject to the assumptions and limiting conditions stated herein. Users should fully consider these assumptions, limitations, and special matters and their impact on the appraisal conclusion.
Summary
Beijing Zhongtianhua Asset Appraisal Co., Ltd. was engaged by Henan Kaiwang Electronic Technology Co., Ltd. to appraise the total shareholders' equity value of Dongguan Xingding Hardware Products Co., Ltd. in connection with the proposed acquisition of equity by Henan Kaiwang Electronic Technology Co., Ltd., providing a value reference for the economic activity.
Based on the appraisal purpose, the appraisal object is the total shareholders' equity value of Dongguan Xingding Hardware Products Co., Ltd. The appraisal scope includes all assets and related liabilities of the company as of the appraisal base date, based on the financial statements and asset appraisal declaration forms provided.
The appraisal base date is April 30, 2026.
The value type is market value.
Assuming continued use and an open market, this appraisal combines the actual situation of the object and considers various influencing factors, using both the asset-based approach and the income approach to conduct an overall appraisal, followed by analysis and comparison to determine the final conclusion.