[Chart: Appraisal Report Cover]
Table of Contents
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Declaration - 1
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Summary - 3
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Main Text - 6
I. Overview of the Client, Appraised Entity, and Other Users of the Appraisal Report - 6
II. Purpose of Appraisal - 22
III. Appraisal Object and Scope - 22
IV. Value Type - 36
V. Appraisal Base Date - 36
VI. Basis for Appraisal - 37
VII. Appraisal Methods - 39
VIII. Implementation Process and Status of Appraisal Procedures - 48
IX. Appraisal Assumptions - 50
X. Appraisal Conclusion - 52
XI. Special Matters - 55
XII. Restrictions on Use of Appraisal Report - 61
XIII. Date of Appraisal Report - 62
- Attachments - 64
Declaration
(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 standards 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 stated in the report. If the client or other users violate the aforementioned regulations, the asset appraisal institution and its asset appraisal professionals shall not bear any responsibility.
(III) This asset appraisal report is intended solely for the client, other users of the asset appraisal report agreed upon in the asset appraisal contract, and users of the asset appraisal report as stipulated by laws and administrative regulations. Except for these, no other organization or individual may become a user of this asset appraisal report.
(IV) The asset appraisal institution and its asset appraisal professionals remind users of this asset appraisal report to correctly understand and use the appraisal conclusions. Appraisal conclusions are not equivalent to the realizable price of the appraisal object, and the appraisal conclusion should not be considered a guarantee for the realization of the appraisal object.
(V) The asset appraisal institution and its asset appraisal professionals abide by the principles of independence, objectivity, and fairness, and shall bear legal responsibility for the asset appraisal report issued.
(VI) The asset appraisal institution and its asset appraisal professionals have conducted an appraisal of the appraisal object and scope designated by the client, and have obtained confirmation through signatures from the client and the appraised entity. In accordance with the Asset Appraisal Law of the People's Republic of China, the client is responsible for the authenticity, completeness, and legality of the ownership certificates, financial accounting information, and other materials provided. We have paid due attention to other assets that may fall within the scope of the appraisal and request relevant parties to pay close attention to the consistency between the transaction object, scope, and the appraisal object and scope.
(VII) The asset appraisal institution and its asset appraisal professionals have no interest in the client, other relevant parties, or the appraisal object in the past, present, or future; and have no prejudice or conflict of interest with the relevant parties and personnel.
(VIII) Asset appraisal professionals have conducted on-site investigations of the appraisal object and its related assets; have paid necessary attention to the legal ownership of the appraisal object and its related assets; have examined the legal ownership materials of the appraisal object and its related assets; and have truthfully disclosed the problems discovered, and have requested the client and other relevant parties to improve property rights to meet the requirements for issuing the asset appraisal report. However, we only express opinions on the value of the appraisal object and its related assets, and do not provide any form of guarantee for their legal ownership. This report shall not be used as a property rights certificate in any form.