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X%Kkv+Y~H<cIvL@t$m3M;GL{U:t!9;=|nWڮ|ZOpRjYTDRڑjLNR~XxOXӲdd!Y˿ζ脨)F0:ޅ{i]>CRF g0/m#YJ-͘Huxhf|E4uSČwG/X,URtv|*}j!W^'=te+[ ʝ+EȪHyIﴮ-WtDž*y&-ftm }*%%̀þxfSjXR5Yqs7e:m8^[@u^v̍rqj"5SVa|)}NC(pTW dF[HlR^$qݗ`/hW8)\Iup5理z[ '?sǜ kensukKӚpȴJaBRqYY@7}gN:μcp W.ϬĮb*wzG z-6mb*Yd dXN/ZkIǵX*dbjn`>>|苭 ^^ u52Ƚр̙QŨ8wr3^@mkFp$&z*eecޕ w&D޹؋5B|_u%X pXɣvvlu:8Z%Va`4p)Ž/\}Xں,mZY|'F^a-jәL6+giDlrŮ'fM46au493~Zhi94G mfȰ m,zmKM [ԱFN9%2;W)_g7tSX~`ڮ.'tQm#-#-Ll*p7~}=K#`8jrpX[oWg9.^n?pG%k~oȲۚN*| 1_e2U.dD>>{!ec"qoKO^~tnj ɜ sӤyuO7L7 7#V%!J8mKAp峵硛NWdcB&1)Rr!s}oiaԷz_δ%_ojJbRcZT>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 18.7502 Tm (\226 5 \226)Tj /T1_1 1 Tf 13 0 0 13 56.6929 776.409 Tm [(\(2\) )-664.5 (Machinery Equipment)]TJ /T1_0 1 Tf 0.054 Tc 0.07 Tw 2.181 -2.462 Td [(The)12.8 ( appraised)12.8 ( value)12.8 ( of)12.8 ( the)12.8 ( Machinery)12.8 ( Equipment)12.8 ( is)12.8 ( RMB)12.8 (1)12.8 (7)12.8 (,)12.8 (0)12.8 (0)12.8 (2)12.8 (,)12.8 (3)12.8 (5)12.8 (7)12.8 (.)12.8 (0)12.8 (0)12.8 ( )]TJ -0.054 Tw [(\(tax)29 ( )]TJ 0.031 Tc -0.031 Tw 0 -1.231 Td [(exclusive\))6 ( )]TJ 0.077 Tw 4.773 0 Td [(under)6.1 ( )0.5 (the)6 ( )0.5 (following)6 ( )0.5 (valuation)6 ( )0.5 (methodology)6 ( )0.5 (for)6 ( )0.5 (each)6 ( )0.5 (individual)6 ( )0.5 (item:)6 ( )]TJ 0.025 Tc 0.082 Tw -4.773 -1.231 Td (Appraised value = Replacement cost )Tj /C0_0 1 Tf 0 Tc 0 Tw <00D2>Tj /T1_0 1 Tf 0.025 Tc 0.082 Tw 17.232 0 Td ( Newness rate. The total appraised value )Tj 0.076 Tw -17.232 -1.231 Td (represents the sum of the appraised values of all equipment items, with \newness )Tj 0 Tw 0 -1.231 Td (rates determined on an item-by-item basis.)Tj /T1_1 1 Tf 13 0 3.4833 13 83.7052 648.409 Tm [(\(A\) )-442.5 (Determination of replacement cost)]TJ /T1_0 1 Tf 0.03 Tw 13 0 0 13 113.3858 616.409 Tm (Replacement cost of Machinery Equipment requiring installation = Purchas\e )Tj 0.027 Tc 0.081 Tw 0 -1.231 Td [(price)2 ( )0.5 (\(tax)2 ( )0.5 (inclusive\))2 ( )0.5 (+)2 ( )0.5 (Transportation)2 ( )0.5 (and)2 ( )0.5 (miscellaneous)2 ( )0.5 (fees)2 ( )0.5 (+)2 ( )0.5 (Installation)2 ( )]TJ 0.024 Tc 0 Tw 0 -1.231 Td [(and commissioning fees + Equipment basic fees + Preliminary and other fe\es)-1 ( )]TJ 0.025 Tc 0 -1.231 Td (+ Capital costs \226 Creditable value added tax)Tj 0.058 Tc 0.07 Tw 0 -2.462 Td [(Replacement)12.1 ( cost)12.2 ( of)12.2 ( Machinery)12.1 ( Equipment)12.1 ( not)12.2 ( requiring)12.1 ( installation)12.1 ( =)33 ( )]TJ 0.045 Tc 0 -1.231 Td [(P)0.5 (u)0.5 (r)0.5 (c)0.5 (h)0.5 (a)0.5 (s)0.5 (e)13 ( p)0.5 (r)0.5 (i)0.5 (c)0.5 (e)13 ( )0.5 (\()0.5 (t)0.5 (a)0.5 (x)13 ( )0.5 (i)0.5 (n)0.5 (c)0.5 (lu)0.5 (s)0.5 (i)0.5 (v)0.5 (e)0.5 (\))13 ( )0.5 (+)13 ( )0.5 (T)0.5 (ra)0.6 (ns)0.5 (p)0.5 (o)0.5 (r)0.5 (t)0.5 (a)0.5 (t)0.5 (i)0.5 (o)0.5 (n)12.9 ( )0.5 (a)0.5 (n)0.5 (d)13 ( )0.5 (m)0.5 (i)0.5 (s)0.5 (c)0.5 (e)0.5 (l)0.5 (l)0.5 (a)0.5 (ne)0.5 (o)0.5 (u)0.5 (s)13 ( )0.5 (f)0.5 (e)0.5 (e)0.5 (s)13 ( )0.5 (\226)20 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (Creditable value added tax)Tj 0.074 Tw 0 -2.462 Td (Purchase price was determined through inquiries with manufacturers on th\e )Tj 0.077 Tw 0 -1.231 Td (market price as at the Appraisal Reference Date or by reference to contr\act )Tj 0.037 Tc 0.071 Tw 0 -1.231 Td [(p)0.6 (r)0.5 (i)0.6 (c)0.5 (e)0.6 (s)12 ( )0.5 (o)0.6 (f)12 ( )0.5 (s)0.5 (i)0.6 (m)0.5 (i)0.6 (l)0.5 (a)0.6 (r)12 ( )0.5 (e)0.6 (q)0.5 (u)0.6 (i)0.5 (p)0.6 (m)0.5 (e)0.6 (n)0.5 (t)12.1 ( )0.5 (t)0.5 (r)0.6 (a)0.5 (n)0.6 (s)0.5 (a)0.6 (c)0.6 (t)0.5 (e)0.6 (d)12 ( )0.5 (n)0.5 (e)0.6 (a)0.6 (r)12 ( )0.5 (t)0.5 (h)0.6 (e)12 ( )0.5 (A)0.6 (p)0.5 (p)0.6 (r)0.5 (a)0.6 (i)0.5 (s)0.6 (a)0.6 (l)12 ( )0.5 (R)0.5 (e)0.6 (f)0.6 (e)0.5 (r)0.6 (e)0.6 (n)0.5 (c)0.6 (e)12 ( )0.5 (D)0.6 (a)0.5 (t)0.6 (e)0.5 (.)12 ( )]TJ 0.047 Tc 0.07 Tw 0 -1.231 Td [(For)12.5 ( small)12.5 ( equipment,)12.5 ( the)12.5 ( purchase)12.5 ( price)12.5 ( was)12.5 ( determined)12.5 ( through)12.5 ( market)22 ( )]TJ 0.025 Tc 0.012 Tw 0 -1.231 Td (quotations. If market quotation cannot be obtained, the price was determ\ined )Tj 0.037 Tc 0.071 Tw 0 -1.231 Td [(by)12 ( )0.5 (reference)12 ( )0.5 (to)12 ( )0.5 (similar)12 ( )0.5 (equipment)12 ( )0.5 (available)12 ( )0.5 (on)12 ( )0.5 (the)12.1 ( )0.5 (market.)12 ( )0.5 (Transportation)12 ( )]TJ 0.033 Tc 0.075 Tw 0 -1.231 Td [(a)0.5 (nd)8.1 ( )0.5 (mi)0.5 (s)0.5 (ce)0.5 (l)0.5 (l)0.5 (an)0.5 (e)0.5 (o)0.5 (us)8 ( )0.6 (fe)0.5 (e)0.5 (s)8 ( )0.5 (a)0.5 (r)0.5 (e)8 ( )0.5 (ty)0.5 (p)0.5 (ic)0.5 (a)0.5 (l)0.5 (ly)8.1 ( )0.5 (ch)0.5 (a)0.5 (r)0.5 (ge)0.5 (d)8 ( )0.5 (a)0.5 (t)8 ( )0.5 (a)8 ( )0.5 (c)0.5 (e)0.5 (r)0.5 (ta)0.5 (i)0.5 (n)8 ( )0.5 (r)0.5 (at)0.5 (e)8 ( )0.5 (b)0.5 (a)0.5 (s)0.5 (ed)8 ( )0.5 (o)0.5 (n)8 ( )0.5 (t)0.5 (h)0.5 (e)8 ( )]TJ 0.029 Tc 0.079 Tw 0 -1.231 Td [(purchase)4 ( )0.5 (price,)4 ( )0.5 (with)4 ( )0.5 (reference)4.1 ( )0.5 (to)4 ( )0.5 (relevant)4 ( )0.5 (governmental)4 ( )0.5 (provisions,)4 ( )0.5 (market)4 ( )]TJ 0.043 Tc 0.07 Tw 0 -1.231 Td [(surveys,)12.5 ( and)12.5 ( other)12.4 ( factors.)12.5 ( The)12.4 ( installation)12.4 ( and)12.5 ( commissioning)12.5 ( fees)12.5 ( were)18.1 ( )]TJ 0.039 Tc 0 -1.231 Td [(c)0.5 (alc)0.5 (ul)0.5 (ate)0.5 (d)12.9 ( )0.5 (us)0.5 (ing)13 ( th)0.5 (e)12.9 ( )0.5 (ad)0.5 (jus)0.5 (te)0.5 (d)12.9 ( b)0.5 (udg)0.5 (et)13 ( \(f)0.5 (in)0.5 (al)12.9 ( )0.5 (ac)0.5 (co)0.5 (un)0.5 (t\))12.9 ( )0.5 (me)0.5 (tho)0.5 (d,)12.9 ( )0.5 (ba)0.5 (se)0.5 (d)12.9 ( o)0.5 (n)12.9 ( )0.5 (the)14 ( )]TJ 0.03 Tc 0.078 Tw 0 -1.231 Td [(project)5 ( )0.5 (budget)5 ( )0.5 (\(final)5 ( )0.5 (account\))5 ( )0.5 (data)5.1 ( )0.5 (and)5 ( )0.5 (the)5 ( )0.5 (verified)5 ( )0.5 (total)5 ( )0.5 (project)5 ( )0.5 (settlement)5 ( )]TJ 0.055 Tc 0.07 Tw 0 -1.231 Td [(amount,)12.4 ( with)12.3 ( certain)12.3 ( adjustments.)12.3 ( Equipment)12.3 ( basic)12.3 ( fees)12.3 ( were)12.3 ( primarily)30 ( )]TJ 0.053 Tc 0 -1.231 Td [(de)0.5 (t)0.5 (er)0.5 (m)0.5 (in)0.5 (ed)13 ( )0.5 (ba)0.5 (se)0.5 (d)13 ( t)0.5 (he)13 ( )0.5 (ba)0.5 (s)0.5 (ic)13 ( p)0.5 (r)0.5 (oj)0.5 (ec)0.5 (t)13 ( c)0.5 (h)0.5 (ar)0.5 (a)0.5 (ct)0.5 (er)0.5 (i)0.5 (st)0.5 (ic)0.5 (s)0.5 (,)12.9 ( )0.5 (pr)0.5 (oj)0.5 (e)0.5 (ct)13 ( )0.5 (bu)0.5 (dg)0.5 (et)13 ( )0.5 (\(f)0.5 (in)0.5 (a)0.5 (l)27.9 ( )]TJ 0.054 Tc 0 -1.231 Td [(account\))12.1 ( data)12.1 ( and)12.2 ( verified)12.1 ( total)12.1 ( project)12.1 ( settlement)12.1 ( amount,)12.1 ( with)12.1 ( certain)29 ( )]TJ 0.03 Tc 0.078 Tw 0 -1.231 Td [(adjustments.)5 ( )0.5 (Preliminary)5 ( )0.5 (and)5 ( )0.5 (other)5 ( )0.5 (fees)5 ( )0.5 (are)5 ( )0.5 (determined)5 ( )0.5 (by)5 ( )0.5 (reference)5 ( )0.5 (to)5 ( )0.5 (the)5 ( )]TJ 0.025 Tc 0.081 Tw 0 -1.231 Td (local fee standards where the equipment is situated and taking into acco\unt )Tj 0.058 Tc 0.07 Tw 0 -1.231 Td [(the)12.2 ( characteristics)12.2 ( of)12.2 ( the)12.1 ( equipment)12.1 ( itself.)12.1 ( In)12.2 ( accordance)12.2 ( with)12.1 ( relevant)33 ( )]TJ 0.039 Tc 0 -1.231 Td [(government)12.4 ( regulations,)12.5 ( as)12.5 ( Water)12.4 ( Engineering)12.4 ( &)12.4 ( Technology)12.4 ( is)12.4 ( a)12.5 ( general)14 ( )]TJ 0.025 Tc 0.071 Tw 0 -1.231 Td (value-added tax \(the \223)Tj /T1_1 1 Tf -0.025 Tw (VAT)Tj /T1_0 1 Tf 0.071 Tw (\224\) payer, the replacement cost is calculated on a )Tj 0 Tw 0 -1.231 Td (VAT-exclusive basis by deducting the creditable VAT.)Tj 0.023 Tw 0 -2.462 Td (As of the Appraisal Reference Date, the full replacement cost for Machin\ery )Tj 0 Tw 0 -1.231 Td (Equipment was RMB34,227,110.00.)Tj ET endstreamendobj26 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 18.7502 Tm (\226 4 \226)Tj /T1_1 1 Tf 13 0 3.4833 13 83.7052 776.409 Tm [(\(A\) )-442.5 (Determination of full replacement cost)]TJ /T1_0 1 Tf 0.033 Tc 0.075 Tw 13 0 0 13 113.3858 744.409 Tm [(Full)8 ( )0.5 (replacement)8 ( )0.5 (cost)8 ( )0.5 (=)8 ( )0.5 (Construction)8 ( )0.5 (and)8 ( )0.5 (installation)8 ( )0.5 (costs)8 ( )0.5 (\(tax)8 ( )0.6 (exclusive\))8 ( )]TJ 0.051 Tc 0.07 Tw 0 -1.231 Td [(+)12.5 ( Preliminary)12.5 ( and)12.5 ( other)12.5 ( project)12.5 ( fees)12.5 ( \(tax)12.5 ( exclusive\))12.5 ( +)12.5 ( Capital)12.5 ( cost.)12.5 ( The)26 ( )]TJ 0.062 Tc 0 -1.231 Td [(construction)12.6 ( and)12.7 ( installation)12.7 ( costs)12.7 ( mainly)12.7 ( include)12.7 ( direct)12.7 ( project)12.7 ( costs,)36.9 ( )]TJ 0.068 Tc 0 -1.231 Td [(indirect)12.6 ( project)12.6 ( costs,)12.6 ( planned)12.7 ( profits,)12.6 ( taxes)12.6 ( and)12.6 ( fees,)12.6 ( etc,)12.6 ( which)12.7 ( was)43 ( )]TJ 0.059 Tc 0 -1.231 Td [(determined)12.8 ( through:)12.8 ( \(i\))12.8 ( the)12.8 ( adjusted)12.7 ( budget)12.7 ( \(final)12.7 ( account\))12.8 ( method)12.7 ( for)34 ( )]TJ 0.05 Tc 0 -1.231 Td [(projects)12.5 ( with)12.5 ( complete)12.5 ( data)12.5 ( and)12.4 ( verified)12.5 ( project)12.4 ( settlement)12.5 ( amount;)12.5 ( and)25 ( )]TJ 0.057 Tc 0 -1.231 Td [(\(ii\))12.5 ( the)12.5 ( unit)12.4 ( cost)12.4 ( method)12.4 ( for)12.4 ( relatively)12.5 ( simple)12.5 ( buildings)12.5 ( and)12.5 ( structures.)32 ( )]TJ 0.045 Tc 0 -1.231 Td [(Preliminary)12.9 ( and)12.9 ( other)12.9 ( project)12.9 ( fees)12.8 ( comprise)12.8 ( construction)12.9 ( fees)12.9 ( charged)12.9 ( in)20 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (accordance with local government regulations, and other fees incurred by\ the )Tj 0.027 Tc 0.081 Tw 0 -1.231 Td [(construction)2 ( )0.5 (entity.)2 ( )0.5 (Such)2 ( )0.5 (fees)2 ( were)2 ( )0.5 (determined)2 ( )0.5 (in)2 ( )0.5 (accordance)2 ( )0.5 (with)2 ( )0.5 (relevant)2 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (regulatory documents.)Tj 0.104 Tc 0.07 Tw 0 -2.462 Td [(Therefore,)12.5 ( the)12.4 ( full)12.5 ( replacement)12.4 ( costs)12.4 ( for)12.5 ( Buildings)12.5 ( and)12.4 ( Building)79.1 ( )]TJ 0.041 Tc 0 -1.231 Td [(Structures)12.9 ( as)12.8 ( at)12.9 ( the)12.9 ( Appraisal)12.9 ( Reference)12.9 ( Date)12.9 ( are)12.9 ( RMB)12.9 (3)12.9 (1)12.8 (,)12.9 (6)12.8 (3)12.9 (5)12.9 (,)12.8 (8)12.9 (2)12.9 (4)12.8 (.)12.9 (0)12.9 (0)12.8 ( and)16 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (RMB9,687,960.00, respectively.)Tj /T1_1 1 Tf 13 0 3.4833 13 83.7052 488.409 Tm [(\(B\) )-497.5 (Determination of the composite newness rate)]TJ /T1_0 1 Tf 0.045 Tc 0.07 Tw 13 0 0 13 113.3858 456.409 Tm [(For)12.5 ( the)12.4 ( Buildings,)12.5 ( the)12.5 ( composite)12.5 ( newness)12.4 ( rate)12.5 ( was)12.4 ( determined)12.4 ( by)12.4 ( taking)20 ( )]TJ 0.033 Tc 0.075 Tw 0 -1.231 Td [(the)8.1 ( )0.5 (weighted)8 ( )0.5 (average)8 ( )0.5 (of)8 ( )0.5 (theoretical)8 ( )0.5 (newness)8 ( )0.5 (rate,)8 ( )0.5 (determined)8 ( )0.5 (based)8 ( )0.5 (on)8 ( )0.5 (the)8.1 ( )]TJ 0.046 Tc 0.07 Tw 0 -1.231 Td [(r)0.5 (e)0.6 (m)0.5 (a)0.5 (i)0.6 (n)0.5 (i)0.5 (n)0.5 (g)13 ( )0.6 (u)0.5 (s)0.5 (e)0.6 (f)0.5 (u)0.5 (l)13 ( )0.6 (l)0.5 (i)0.5 (f)0.5 (e)13.1 ( )0.5 (o)0.5 (f)13.1 ( )0.5 (t)0.5 (h)0.6 (e)13 ( )0.5 (b)0.5 (u)0.6 (i)0.5 (l)0.5 (d)0.5 (i)0.6 (n)0.5 (g)0.5 (,)13 ( )0.6 (a)0.5 (n)0.5 (d)13 ( )0.6 (t)0.5 (h)0.5 (e)13.1 ( )0.5 (o)0.5 (n)0.5 (-)0.6 (s)0.5 (i)0.5 (t)0.5 (e)13.1 ( )0.5 (i)0.5 (n)0.6 (s)0.5 (p)0.5 (e)0.5 (c)0.6 (t)0.5 (i)0.5 (o)0.6 (n)13 ( )0.5 (n)0.5 (e)0.6 (w)0.5 (n)0.5 (e)0.6 (s)0.5 (s)21 ( )]TJ 0.05 Tc 0 -1.231 Td [(rate,)12.5 ( derived)12.4 ( from)12.4 ( condition)12.5 ( of)12.4 ( the)12.4 ( structural,)12.4 ( decorative)12.4 ( and)12.4 ( equipment)25 ( )]TJ 0.025 Tc 0.083 Tw 0 -1.231 Td [(components )0.5 (of )0.5 (each )0.5 (building )0.5 (scored )0.5 (by )0.5 (the )0.5 (valuer. )0.5 (The )0.5 (theoretical )0.5 (newness )]TJ 0.026 Tc 0.082 Tw 0 -1.231 Td [(rate)1 ( )0.6 (and)1 ( )0.5 (the)1 ( )0.5 (composite)1 ( )0.5 (newness)1 ( )0.5 (rate)1 ( )0.5 (are)1 ( )0.6 (calculated)1 ( )0.5 (as:)1 ( )0.5 (Theoretical)1 ( )0.5 (newness)1 ( )]TJ 0.029 Tc 0.079 Tw 0 -1.231 Td [(rate)4 ( )0.5 (=)4 ( )0.5 ([Remaining)4 ( )0.6 (useful)4 ( )0.5 (life)4 ( )]TJ /C0_0 1 Tf 0 Tc 0 Tw 13.051 0 Td <00D3>Tj /T1_0 1 Tf 0.029 Tc 0.079 Tw 1.025 0 Td [( )0.5 (\(Remaining)4 ( )0.5 (useful)4 ( )0.5 (life)4 ( )0.6 (+)4 ( )0.5 (Elapsed)4 ( )0.5 (years)4 ( )0.6 (of)4 ( )]TJ 0.025 Tc -0.025 Tw -14.076 -1.231 Td (use\)] )Tj /C0_0 1 Tf 0 Tc 0 Tw 2.418 0 Td <00D2>Tj /T1_0 1 Tf 0.025 Tc 0.019 Tw 1.025 0 Td ( 100%; Composite newness rate = Theoretical newness rate x 40% + )Tj 0 Tw -3.443 -1.231 Td (On-site inspection newness rate x 60%.)Tj 0.049 Tw 0 -2.462 Td [(For )0.5 (the Building Structures, )0.5 (the )0.5 (method )0.5 (of )0.5 (major or )0.5 (large-scale )0.5 (structures is )]TJ 0.001 Tw 0 -1.231 Td (consistent with that for the Buildings. For auxiliary or small-scale str\uctures, )Tj 0.037 Tc 0.071 Tw 0 -1.231 Td [(the)12 ( )0.5 (composite)12 ( )0.5 (newness)12 ( )0.5 (rate)12 ( )0.5 (is)12 ( )0.5 (determined)12 ( )0.5 (based)11.9 ( )0.6 (on)12 ( )0.5 (their)12 ( )0.5 (remaining)12 ( useful)12 ( )]TJ 0.041 Tc 0.07 Tw 0 -1.231 Td [(life,)12.7 ( adjusted)12.7 ( based)12.8 ( on)12.8 ( on-site)12.8 ( inspections,)12.8 ( usage)12.8 ( and)12.8 ( maintenance)12.8 ( status.)16 ( )]TJ 0.046 Tc 0 -1.231 Td [(As)12.9 ( at)12.9 ( the)12.9 ( Appraisal)12.9 ( Reference)12.9 ( Date,)12.9 ( the)12.9 ( composite)12.9 ( newness)12.9 ( rates)12.9 ( for)12.9 ( the)21 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (Buildings and the Building Structures were 85% and 75%, respectively.)Tj 0.077 Tc 0.07 Tw -2.181 -2.462 Td [(Following)12.1 ( the)12.1 ( Cost)12.1 ( Method,)12.1 ( the)12.1 ( appraised)12.1 ( market)12 ( value)12.1 ( of)12 ( the)12.1 ( Buildings)52 ( )]TJ 0.086 Tc 0 -1.231 Td [(a)0.5 (nd)13 ( t)0.5 (he)13 ( )0.5 (Bu)0.5 (il)0.5 (di)0.5 (ng)13 ( S)0.5 (tr)0.5 (uc)0.5 (t)0.5 (ur)0.5 (es)13 ( w)0.5 (a)0.5 (s)12.9 ( )0.5 (R)0.5 (MB)]TJ 0.073 Tc 0.083 Tw 18.519 0 Td [(26,890,450.00 )0.5 (\()-12.6 (t)-12.5 (a)-12.5 (x )0.5 (e)-12.6 (x)-12.5 (c)-12.6 (l)-12.5 (u)-12.5 (s)-12.6 (i)-12.6 (v)-12.5 (e)-12.5 (\))]TJ 0.086 Tc 0.07 Tw [( )0.5 (a)0.5 (nd)61 ( )]TJ 0.044 Tc -0.044 Tw -18.519 -1.231 Td (RMB)Tj 0.031 Tc 0.083 Tw 2.342 0 Td [(7,265,971.00 \()-12.8 (t)-12.7 (a)-12.7 (x e)-12.7 (x)-12.7 (c)-12.8 (l)-12.7 (u)-12.7 (s)-12.7 (i)-12.7 (v)-12.7 (e)-12.7 (\))]TJ 0.044 Tc 0.07 Tw 12.617 0 Td [(,)12.8 ( respectively,)12.8 ( as)12.8 ( of)12.8 ( the)12.8 ( Appraisal)12.8 ( Reference)19 ( )]TJ 0.025 Tc -0.025 Tw -14.958 -1.231 Td (Date.)Tj ET endstreamendobj25 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 18.7502 Tm (\226 3 \226)Tj 0.046 Tw 13 0 0 13 56.6929 776.3179 Tm (For the purpose of applying the Cost Method, the PRC Independent Valuer \valued the )Tj 0.039 Tc 0.069 Tw 0 -1.231 Td [(B)0.6 (u)0.5 (i)0.6 (l)0.5 (d)0.6 (i)0.5 (n)0.6 (g)0.6 (s)0.5 (,)13.1 ( B)0.6 (u)0.6 (i)0.5 (l)0.6 (d)0.5 (i)0.6 (n)0.6 (g)13 ( S)0.5 (t)0.6 (r)0.5 (u)0.6 (c)0.6 (t)0.5 (u)0.6 (r)0.5 (e)0.6 (s)0.6 (,)13 ( M)0.6 (a)0.5 (c)0.6 (h)0.6 (i)0.5 (n)0.6 (e)0.5 (r)0.6 (y)13.1 ( E)0.6 (q)0.5 (u)0.6 (i)0.6 (p)0.5 (m)0.6 (e)0.5 (n)0.6 (t)13 ( a)0.6 (n)0.5 (d)13.1 ( E)0.6 (l)0.6 (e)0.5 (c)0.6 (t)0.6 (r)0.5 (o)0.6 (n)0.6 (i)0.5 (c)13.1 ( E)0.6 (q)0.6 (u)0.5 (i)0.6 (p)0.5 (m)0.6 (e)0.5 (n)0.6 (t)13.1 ( o)0.6 (n)14 ( )]TJ 0.026 Tc 0.082 Tw 0 -1.231 Td [(an)1 ( )0.5 (item-by-item)1 ( )0.5 (basis,)1 ( )0.5 (having)1 ( )0.5 (regard)1 ( )0.5 (to)1 ( )0.5 (the)1 ( )0.5 (nature,)1 ( )0.5 (specifications,)1 ( )0.5 (physical)1.1 ( )0.5 (condition,)1 ( )]TJ 0.044 Tc 0.07 Tw 0 -1.231 Td [(actual)12.7 ( use)12.6 ( and)12.6 ( maintenance)12.6 ( status)12.6 ( of)12.7 ( each)12.6 ( asset.)12.6 ( The)12.7 ( appraised)12.6 ( value)12.7 ( of)12.6 ( each)12.6 ( asset)19 ( )]TJ 0.038 Tc 0 -1.231 Td [(item)12.7 ( was)12.7 ( generally)12.7 ( calculated)12.8 ( by)12.7 ( multiplying)12.7 ( its)12.8 ( full)12.7 ( replacement)12.7 ( cost)12.7 ( or)12.7 ( applicable)13 ( )]TJ 0.06 Tc 0 -1.231 Td [(valuation)12.7 ( base)12.7 ( by)12.6 ( its)12.6 ( newness)12.7 ( rate.)12.6 ( For)12.7 ( certain)12.6 ( Electronic)12.6 ( Equipment)12.6 ( which)12.7 ( had)35 ( )]TJ 0.025 Tc 0.052 Tw 0 -1.231 Td [(exceeded )0.5 (its )0.5 (economic )0.5 (useful )0.5 (life, )0.5 (the )0.5 (appraised )0.5 (value )0.5 (was )0.6 (determined )0.5 (by )0.5 (reference )0.5 (to )]TJ 0 Tw 0 -1.231 Td (second-hand market prices.)Tj 0.051 Tc 0.07 Tw 0 -2.462 Td [(The)12.9 ( full)12.8 ( replacement)12.8 ( cost)12.9 ( or)12.9 ( valuation)12.9 ( base)12.9 ( and)12.9 ( the)12.9 ( applicable)12.9 ( newness)12.9 ( rate)12.9 ( were)26 ( )]TJ 0.025 Tc 0.045 Tw 0 -1.231 Td [(determined )0.5 (by the )0.5 (PRC )0.5 (Independent )0.5 (Valuer )0.5 (based )0.5 (on the )0.5 (valuation )0.5 (methodologies and )]TJ 0.04 Tw 0 -1.231 Td (key assumptions described below. The appraised values of individual asse\t items were )Tj 0.039 Tc 0.07 Tw 0 -1.231 Td [(then)12.1 ( aggregated)12 ( by)12 ( asset)12.1 ( class)12.1 ( to)12.1 ( arrive)12.1 ( at)12.1 ( the)12.1 ( appraised)12.1 ( market)12 ( value)12.1 ( of)12.1 ( the)12.1 ( Target)14 ( )]TJ 0.04 Tc 0 -1.231 Td [(Assets)12.1 ( of)12.1 ( RMB)12.2 (5)12.1 (1)12.1 (,)12.1 (1)12.2 (6)12.1 (0)12.1 (,)12.2 (8)12.1 (9)12.1 (8)12.1 (.)12.2 (0)12.1 (0)12.1 ( \(tax)12.1 ( exclusive\))12.2 ( as)12.2 ( at)12.1 ( the)12.1 ( Appraisal)12.2 ( Reference)12.1 ( Date.)12.2 ( A)15 ( )]TJ 0.025 Tc 0.078 Tw 0 -1.231 Td [(summary )0.5 (of the )0.5 (principal )0.5 (quantitative )0.5 (inputs adopted )0.5 (by )0.5 (the PRC )0.5 (Independent )0.5 (Valuer )]TJ 0 Tw 0 -1.231 Td (and the valuation results by asset class is set out below:)Tj /T1_1 1 Tf 6.6 0 0 11 56.693 478.0639 Tm (Asset class)Tj 14.929 1.273 Td (No. of )Tj -0.025 Tw 0.303 -1.273 Td (items)Tj 0 Tw 7.058 2.545 Td (Audited NBV )Tj -0.739 -1.273 Td (as at Appraisal )Tj -0.054 -1.273 Td (Reference Date)Tj 8.048 1.273 Td (Full replacement cost/)Tj 3.503 -1.273 Td (valuation base)Tj 8.183 0 Td (Newness rate)Tj -0.025 Tw 14.109 2.545 Td (Depreciation/)Tj 0.414 -1.273 Td (obsolescence )Tj 0.605 -1.273 Td (adjustment)Tj 0 Tw 8.197 1.273 Td (Appraised value, )Tj -0.025 Tw 1.799 -1.273 Td (tax-exclusive)Tj /T1_0 1 Tf -66.356 -2.545 Td (Buildings)Tj 0 Tc 0 Tw 17.109 0 Td (9)Tj 0.025 Tc -0.025 Tw 2.889 0 Td (RMB22,476,368.62)Tj 11.167 0 Td (RMB31,635,824.00)Tj 10.066 0 Td (85%)Tj 12.363 0 Td (RMB)Tj (4,745,374.00)Tj 10.212 0 Td (RMB)Tj (26,890,450.00 )Tj 0 Tw -63.807 -2.545 Td (Building Structures)Tj 0 Tc 17.109 0 Td (5)Tj 0.025 Tc -0.025 Tw 3.414 0 Td (RMB6,883,661.60)Tj 11.167 0 Td (RMB9,687,960.00)Tj 9.541 0 Td (75%)Tj 12.363 0 Td (RMB)Tj (2,421,989.00)Tj 10.737 0 Td (RMB)Tj (7,265,971.00 )Tj 0 Tw -64.332 -1.273 Td (Machinery Equipment)Tj -0.025 Tw 16.059 0 Td (116)Tj 3.939 0 Td (RMB17,298,937.04)Tj 11.167 0 Td (RMB34,227,110.00)Tj 0 Tw 10.066 0 Td (15% to 75%; implied )Tj 0.988 -1.273 Td (weighted average )Tj -0.025 Tw 0 -1.273 Td (approx. )Tj 3.477 0 Td (50.37)Tj 0 Tc 0 Tw (%)Tj 0.025 Tc -0.025 Tw 7.373 2.545 Td (RMB17,224,753.00)Tj 10.737 0 Td (RMB17,002,357.00)Tj 0 Tw -63.807 -3.818 Td (Electronic Equipment)Tj 0 Tc 17.109 0 Td (8)Tj 0.025 Tc -0.025 Tw 5.264 0 Td (RMB2,561.75)Tj 0 Tw 7.396 0 Td (Market purchase price/)Tj 1.238 -1.273 Td (second-hand market )Tj 0.339 -1.273 Td (price, as applicable)Tj 9.885 2.545 Td (Economic useful life )Tj -0.025 Tw 0.988 -1.273 Td (method/second-hand )Tj 0 Tw 0 -1.273 Td (market price for )Tj 0 -1.273 Td (over-life equipment)Tj -0.025 Tw 26.481 3.818 Td (Approx. )Tj -2.518 -1.273 Td (RMB)Tj (2,120.00 )Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 141.7324 319.9078 cm 0 0 m 31.181 0 l S Q BT 0 Tc 0 Tw 7.8 0 0 13 136.0631 321.3088 Tm ( )Tj ET q 1 0 0 1 184.2521 319.9078 cm 0 0 m 59.528 0 l S Q BT 7.8 0 0 13 239.4897 321.3088 Tm ( )Tj ET q 1 0 0 1 473.386 319.9078 cm 0 0 m 59.528 0 l S Q BT 7.8 0 0 13 528.6235 321.3088 Tm ( )Tj 0.025 Tc -0.025 Tw 6.6 0 0 11 56.693 293.0548 Tm (Total)Tj 16.059 0 Td (138)Tj 3.939 0 Td (RMB46,661,529.01)Tj 43.808 0 Td (RMB51,160,898.00)Tj ET 2.5 w q 1 0 0 1 141.7324 287.7443 cm 0 0 m 31.181 0 l S Q 0.835 w q 1 0 0 1 141.7324 284.4118 cm 0 0 m 31.181 0 l S Q BT 0 Tc 0 Tw 13 0 0 13 136.0631 285.6453 Tm ( )Tj ET 2.5 w q 1 0 0 1 184.2521 287.7443 cm 0 0 m 59.528 0 l S Q 0.835 w q 1 0 0 1 184.2521 284.4118 cm 0 0 m 59.528 0 l S Q BT 13 0 0 13 178.5828 285.6453 Tm ( )Tj ET 2.5 w q 1 0 0 1 473.386 287.7443 cm 0 0 m 59.528 0 l S Q 0.835 w q 1 0 0 1 473.386 284.4118 cm 0 0 m 59.528 0 l S Q BT 13 0 0 13 467.7167 285.6453 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -31.617 -2.335 Td [(\(1\) )-664.5 (Buildings and Building Structures)]TJ /T1_0 1 Tf 0.145 Tc 0.07 Tw 2.181 -2.462 Td [(T)0.6 (h)0.5 (e)13.1 ( )0.6 (a)0.5 (p)0.6 (p)0.5 (r)0.6 (a)0.6 (i)0.5 (s)0.6 (e)0.6 (d)13 ( )0.6 (v)0.6 (a)0.5 (l)0.6 (u)0.6 (e)13 ( )0.6 (o)0.5 (f)13.1 ( )0.6 (t)0.5 (h)0.6 (e)13.1 ( )0.5 (B)0.6 (u)0.6 (i)0.5 (l)0.6 (d)0.5 (i)0.6 (n)0.5 (g)0.6 (s)13.1 ( )0.5 (a)0.6 (n)0.6 (d)13 ( )0.6 (B)0.6 (u)0.5 (i)0.6 (l)0.5 (d)0.6 (i)0.5 (n)0.6 (g)13.1 ( )0.5 (S)0.6 (t)0.5 (r)0.6 (u)0.6 (c)0.5 (t)0.6 (u)0.5 (r)0.6 (e)0.6 (s)13 ( )0.6 (i)0.6 (s)120 ( )]TJ 0.071 Tc -0.071 Tw 0 -1.231 Td (RMB)Tj 0.058 Tc -0.058 Tw 2.423 0 Td (34,156,421.00)Tj 0.071 Tc 0.07 Tw [( \(tax)12.9 ( exclusive\).)12.8 ( The)12.8 ( PRC)12.9 ( Independent)12.8 ( Valuer)12.8 ( adopted)46 ( )]TJ 0.067 Tc -2.423 -1.231 Td [(the)12.3 ( following)12.3 ( formula)12.2 ( to)12.3 ( appraise)12.3 ( the)12.3 ( value)12.3 ( of)12.2 ( the)12.3 ( Buildings)12.3 ( and)12.3 ( Building)42 ( )]TJ 0.025 Tc 0.013 Tw 0 -1.231 Td (Structures: Appraised value = Full replacement cost )Tj /C0_0 1 Tf 0 Tc 0 Tw <00D2>Tj /T1_0 1 Tf 0.025 Tc 0.013 Tw 23.45 0 Td ( Composite newness rate = )Tj -0.025 Tw -23.45 -1.231 Td (RMB31,635,824.00 )Tj /C0_0 1 Tf 0 Tc 0 Tw 8.648 0 Td <00D2>Tj /T1_0 1 Tf 0.025 Tc 1.025 0 Td ( 85% + RMB9,687,960.00 )Tj /C0_0 1 Tf 0 Tc <00D2>Tj /T1_0 1 Tf 0.025 Tc 12.47 0 Td ( 75%)Tj 0 Tc (.)Tj ET endstreamendobj24 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 18.7502 Tm (\226 2 \226)Tj 0.052 Tw 13 0 0 13 56.6929 776.3179 Tm (The Project was operated by Water Engineering & Technology Yan\222an Bra\nch, which )Tj 0.068 Tw 0 -1.231 Td (is a branch office of Water Engineering & Technology and not a separate \legal entity )Tj 0.017 Tw 0 -1.231 Td (or subsidiary, and therefore did not independently account for or pay co\rporate income )Tj 0.039 Tc 0.07 Tw 0 -1.231 Td [(tax,)12.8 ( making)12.7 ( net)12.8 ( profit)12.8 ( after)12.8 ( taxation)12.7 ( incalculable.)12.8 ( As)12.8 ( for)12.8 ( the)12.8 ( net)12.8 ( profit/\(loss\))12.8 ( before)14 ( )]TJ 0.053 Tc 0 -1.231 Td [(t)0.5 (a)0.6 (x)0.5 (a)0.5 (t)0.6 (i)0.5 (o)0.5 (n)0.5 (,)13.1 ( )0.5 (a)0.6 (d)0.5 (m)0.5 (i)0.5 (n)0.5 (i)0.6 (s)0.5 (t)0.5 (r)0.6 (a)0.5 (t)0.5 (i)0.6 (v)0.5 (e)13 ( )0.6 (e)0.5 (x)0.6 (p)0.5 (e)0.5 (n)0.5 (s)0.6 (e)0.5 (s)0.6 (,)13 ( )0.5 (f)0.5 (i)0.6 (n)0.5 (a)0.5 (n)0.6 (c)0.5 (e)13 ( )0.6 (c)0.5 (o)0.6 (s)0.5 (t)0.5 (s)13 ( )0.6 (a)0.5 (n)0.6 (d)13 ( )0.5 (o)0.5 (t)0.6 (h)0.5 (e)0.5 (r)13.1 ( )0.5 (i)0.5 (n)0.6 (d)0.5 (i)0.5 (r)0.5 (e)0.6 (c)0.5 (t)13 ( )0.6 (e)0.5 (x)0.6 (p)0.5 (e)0.5 (n)0.5 (s)0.6 (e)0.5 (s)13.1 ( )0.5 (w)0.5 (e)0.6 (r)0.5 (e)28 ( )]TJ 0.029 Tc 0.079 Tw 0 -1.231 Td [(centrally)4 ( )0.5 (managed)4 ( )0.5 (and)4 ( )0.5 (borne)4 ( )0.5 (by)4 ( )0.5 (Water)4 ( )0.5 (Engineering)4 ( )0.5 (&)4 ( )0.5 (Technology)4 ( )0.5 (at)4.1 ( )0.5 (the)4.1 ( )0.5 (head)4 ( )0.5 (office)4 ( )]TJ 0.033 Tc 0.075 Tw 0 -1.231 Td [(level)8 ( )0.5 (without)8 ( )0.5 (allocation)8 ( )0.5 (to)8 ( )0.5 (individual)8.1 ( )0.5 (branches)8 ( )0.5 (or)8 ( )0.5 (projects.)8 ( )0.5 (Therefore,)8 ( )0.5 (it)8 ( )0.5 (is)8.1 ( )0.5 (unable)8 ( )0.5 (to)8 ( )]TJ 0.035 Tc 0.073 Tw 0 -1.231 Td [(determine)10 ( )0.5 (such)10 ( )0.5 (expenses)10 ( )0.5 (attributable)10 ( )0.5 (to)10 ( )0.5 (the)10 ( )0.5 (Project)10 ( )0.5 (and)10 ( )0.5 (cannot)10 ( )0.5 (derive)10.1 ( the)10 ( )0.5 (net)10 ( )0.5 (profit/)]TJ 0.052 Tc 0.07 Tw 0 -1.231 Td [(\()0.5 (lo)0.5 (ss)0.5 (\))12.9 ( )0.5 (be)0.5 (f)0.5 (or)0.5 (e)12.9 ( )0.5 (ta)0.5 (x)0.5 (at)0.5 (io)0.5 (n.)13 ( A)0.5 (c)0.5 (co)0.5 (rd)0.5 (in)0.5 (gl)0.5 (y,)13 ( t)0.5 (he)13 ( )0.5 (ne)0.5 (t)12.9 ( )0.5 (pr)0.5 (of)0.5 (it)0.5 (/)0.5 (\(l)0.5 (os)0.5 (s\))13 ( b)0.5 (e)0.5 (fo)0.5 (re)13 ( a)0.5 (n)0.5 (d)12.9 ( )0.5 (af)0.5 (te)0.5 (r)12.9 ( )0.5 (t)0.5 (ax)0.5 (at)0.5 (io)0.5 (n)27 ( )]TJ 0.025 Tc 0.065 Tw 0 -1.231 Td (attributable to the Project for the two years ended 31 December 2024 and\ 2025 is not )Tj -0.025 Tw 0 -1.231 Td (available.)Tj 0.057 Tc 0.07 Tw 0 -2.462 Td [(For)12.5 ( Shareholders\222)12.6 ( reference)12.6 ( only,)12.6 ( based)12.5 ( on)12.6 ( the)12.6 ( unaudited)12.5 ( internal)12.5 ( records)12.5 ( of)12.5 ( the)32 ( )]TJ 0.045 Tc 0 -1.231 Td [(Project,)12.6 ( the)12.6 ( unaudited)12.6 ( gross)12.6 ( profit/\(loss\))12.6 ( of)12.6 ( the)12.6 ( Project)12.6 ( for)12.6 ( the)12.7 ( two)12.6 ( years)12.6 ( ended)12.6 ( 3)12.6 (1)20 ( )]TJ 0.048 Tc 0 -1.231 Td [(December)12.8 ( 2)12.8 (0)12.9 (2)12.8 (4)12.8 ( and)12.8 ( 2)12.8 (0)12.9 (2)12.8 (5)12.9 ( was)12.9 ( a)12.9 ( gross)12.9 ( profit)12.8 ( of)12.9 ( RMB)12.9 (5)12.8 (,)12.8 (9)12.9 (8)12.8 (0)12.9 (,)12.8 (5)12.9 (0)12.8 (0)12.8 ( and)12.8 ( a)12.9 ( gross)12.8 ( loss)12.9 ( of)23 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (RMB3,920,200, respectively)Tj 0 Tc (.)Tj /T1_1 1 Tf 0.025 Tc 0.023 Tw 0 -2.462 Td (INPUT PARAMETERS, CALCULATION PROCESS AND KEY ASSUMPTIONS )Tj 0 Tw 0 -1.231 Td (OF THE ASSET VALUATION REPORT)Tj /T1_0 1 Tf 0.039 Tc 0.07 Tw 0 -2.462 Td [(The)12.2 ( Target)12.3 ( Assets)12.2 ( are)12.3 ( all)12.3 ( the)12.3 ( assets)12.3 ( under)12.3 ( the)12.3 ( Project)12.3 ( located)12.3 ( at)12.2 ( the)12.3 ( Datang)12.3 ( Yan\222an)14 ( )]TJ 0.052 Tc 0 -1.231 Td [(Thermal)12.3 ( Power)12.3 ( Plant)12.3 ( in)12.3 ( Baota)12.3 ( District,)12.3 ( Yan\222an)12.3 ( City,)12.2 ( Shaanxi)12.3 ( Province,)12.3 ( the)12.3 ( PRC,)27 ( )]TJ 0.025 Tc 0.066 Tw 0 -1.231 Td (including a number of buildings \(the \223)Tj /T1_1 1 Tf -0.025 Tw (Buildings)Tj /T1_0 1 Tf 0.066 Tw (\224\), building structures \(the \223)Tj /T1_1 1 Tf -0.025 Tw (Building )Tj 0.045 Tc -0.045 Tw 0 -1.231 Td [(S)0.5 (t)0.5 (ru)0.5 (c)0.5 (t)0.5 (u)0.5 (re)0.5 (s)]TJ /T1_0 1 Tf 0.07 Tw 4.944 0 Td [(\224)0.5 (\))0.5 (,)12.9 ( )0.5 (m)0.5 (a)0.5 (c)0.5 (hi)0.5 (n)0.5 (e)0.5 (r)0.5 (y)12.9 ( )0.5 (e)0.5 (q)0.5 (ui)0.5 (p)0.5 (m)0.5 (e)0.5 (nt)13 ( )0.5 (\()0.5 (th)0.5 (e)13 ( )0.5 (\223)]TJ /T1_1 1 Tf 14.035 0 Td [(M)0.5 (a)0.5 (ch)0.5 (i)0.5 (n)0.5 (e)0.5 (ry)13 ( )0.5 (E)0.5 (q)0.5 (ui)0.5 (p)0.5 (me)0.6 (nt)]TJ /T1_0 1 Tf 10.598 0 Td [(\224)0.5 (\))13 ( a)0.5 (n)0.5 (d)13 ( )0.5 (e)0.5 (le)0.5 (c)0.5 (t)0.5 (r)0.5 (on)0.5 (i)0.5 (c)20 ( )]TJ 0.025 Tc 0.02 Tw -29.577 -1.231 Td (equipment \(the \223)Tj /T1_1 1 Tf (Electronic Equipment)Tj /T1_0 1 Tf (\224\) owned by Water Engineering & Technology )Tj 0 Tw 0 -1.231 Td (\(a total of 138 items\).)Tj 0.049 Tc 0.07 Tw 0 -2.462 Td [(T)0.5 (h)0.5 (e)13.1 ( )0.5 (P)0.5 (R)0.5 (C)13 ( )0.5 (I)0.6 (n)0.5 (d)0.5 (e)0.5 (p)0.5 (e)0.5 (n)0.6 (d)0.5 (e)0.5 (n)0.5 (t)13 ( )0.5 (V)0.6 (a)0.5 (l)0.5 (u)0.5 (e)0.5 (r)13.1 ( )0.5 (a)0.5 (d)0.5 (o)0.5 (p)0.5 (t)0.6 (e)0.5 (d)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.6 (C)0.5 (o)0.5 (s)0.5 (t)13 ( )0.6 (M)0.5 (e)0.5 (t)0.5 (h)0.5 (o)0.5 (d)13 ( )0.6 (b)0.5 (e)0.5 (c)0.5 (a)0.6 (u)0.5 (s)0.5 (e)13 ( )0.5 (t)0.5 (h)0.6 (e)13 ( )0.5 (T)0.5 (a)0.5 (r)0.6 (g)0.5 (e)0.5 (t)13 ( )0.5 (A)0.5 (s)0.6 (s)0.5 (e)0.5 (t)0.5 (s)24 ( )]TJ 0.025 Tc 0.056 Tw 0 -1.231 Td (comprise specific industrial buildings, structures, machinery and electr\onic equipment )Tj 0.007 Tw 0 -1.231 Td (used for the Project. The PRC Independent Valuer considered that the mar\ket approach )Tj 0.01 Tw 0 -1.231 Td (was not appropriate as market comparable transactions for assets of a si\milar industrial )Tj 0.039 Tc 0.07 Tw 0 -1.231 Td [(na)0.5 (tu)0.5 (re)13 ( we)0.5 (re)13 ( d)0.5 (if)0.5 (fic)0.5 (ul)0.5 (t)12.9 ( t)0.5 (o)12.9 ( )0.5 (obt)0.5 (ai)0.5 (n,)12.9 ( )0.5 (an)0.5 (d)12.9 ( )0.5 (the)13 ( i)0.5 (nco)0.5 (me)13 ( a)0.5 (ppr)0.5 (oa)0.5 (ch)13 ( wa)0.5 (s)12.9 ( )0.5 (no)0.5 (t)12.9 ( )0.5 (app)0.5 (rop)0.5 (ri)0.5 (at)0.5 (e)12.9 ( a)0.5 (s)12.9 ( )0.5 (th)0.5 (e)14 ( )]TJ 0.048 Tc 0 -1.231 Td [(Target)12.8 ( Assets)12.8 ( did)12.8 ( not)12.8 ( generate)12.8 ( separately)12.7 ( identifiable)12.9 ( net)12.8 ( profit)12.8 ( or)12.8 ( cash)12.8 ( flow.)12.7 ( The)23 ( )]TJ 0.041 Tc 0 -1.231 Td [(PRC)12.4 ( Independent)12.4 ( Valuer)12.3 ( considered)12.4 ( that)12.4 ( the)12.4 ( Cost)12.4 ( Method)12.4 ( was)12.3 ( appropriate)12.4 ( because)16.1 ( )]TJ 0.033 Tc 0.075 Tw 0 -1.231 Td [(construction,)8 ( )0.5 (engineering,)8 ( )0.5 (purchase)8 ( )0.5 (and)8 ( )0.5 (market)8 ( )0.5 (quotation)8 ( )0.5 (information)8 ( )0.5 (was)8 ( )0.5 (available,)8 ( )]TJ 0.025 Tc 0.053 Tw 0 -1.231 Td (and the replacement cost and relevant depreciation/obsolescence adjustme\nts could be )Tj 0 Tw 0 -1.231 Td (reasonably estimated.)Tj ET endstreamendobj12 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 18.7502 Tm (\226 1 \226)Tj 0.065 Tc 0.07 Tw 13 0 3.4833 13 55.3588 773.5878 Tm [(Hong)12.1 ( Kong)12.1 ( Exchanges)12 ( and)12.1 ( Clearing)12 ( Limited)12 ( and)12 ( The)12 ( Stock)12.1 ( Exchange)12.1 ( of)12.1 ( Hong)40 ( )]TJ 0.03 Tc 0.078 Tw 0.33 -1.231 Td [(Kong)5 ( )0.5 (Limited)5 ( )0.5 (take)5 ( )0.5 (no)5 ( )0.5 (responsibility)5 ( )0.5 (for)5 ( )0.5 (the)5 ( )0.5 (contents)5 ( )0.5 (of)5 ( )0.6 (this)5 ( )0.5 (announcement,)5 ( )0.5 (make)5 ( )0.5 (no)5 ( )]TJ 0.027 Tc 0.081 Tw 0.33 -1.231 Td [(representation)2 ( )0.5 (as)2 ( )0.5 (to)2 ( )0.5 (its)2 ( )0.5 (accuracy)2 ( )0.5 (or)2 ( )0.5 (completeness)2 ( )0.5 (and)1.9 ( )0.5 (expressly)2 ( )0.5 (disclaim)2 ( any)2 ( )0.5 (liability)2 ( )]TJ 0.025 Tc 0.077 Tw 0.33 -1.231 Td (whatsoever for any loss howsoever arising from or in reliance upon the w\hole or any )Tj 0 Tw 0.33 -1.231 Td (part of the contents of this announcement.)Tj ET /PlacedGraphic /MC0 BDC EMC BT /CS0 cs 1 scn /T1_1 1 Tf 18 0 0 18 103.0108 627.6563 Tm (Datang Environment Industry Group Co., Ltd.)Tj 0 Tc 21.169 0 Td (*)Tj /CS1 cs 0.08 1 scn /C0_0 1 Tf 0.275 Tc -0.275 Tw -19.115 -1.222 Td <027D086514110FA40B2A0E380DAB0FA00670038503DE082202AE0321>Tj ET q 88.163 566.192 418.95 127.656 re W n BT /CS0 cs 1 scn /T1_1 1 Tf 0.033 Tc 0 Tw 13 0 0 13 241.9837 569.0258 Tm (\(Stock Code: 1272\))Tj /T1_2 1 Tf 0.025 Tc 10.5 0 2.7176 10.1423 88.7554 588.9657 Tm (\(A joint stock company incorporated in the People\222s Republic of Chin\a with limited liability\))Tj ET 0 1 1 0 k /GS1 gs q 1 0 0 1 295.0587 693.8477 cm 0 0 m 0 -1.57 l -14.023 -1.607 l -19.332 -2.616 -19.706 -7.736 v -19.631 -46.343 l -14.321 -46.343 l -14.321 -8.447 l -14.171 -7.138 -13.05 -6.988 v 0 -6.988 l 0 -9.642 l -11.143 -9.642 l -11.143 -15.024 l 0 -15.024 l 0 -17.341 l -11.143 -17.341 l -11.143 -22.947 l 0 -22.947 l 0 -25.226 l -11.143 -25.226 l -11.143 -30.759 l 0 -30.759 l 0 -33.038 l -11.143 -33.038 l -11.143 -43.727 l -10.769 -45.97 -8.264 -46.343 v 16.937 -46.343 l 16.937 -33.038 l 5.682 -33.038 l 5.682 -30.683 l 16.862 -30.683 l 16.862 -13.455 l 16.789 -9.716 13.722 -9.493 v 5.608 -9.493 l 5.608 -6.877 l 18.433 -6.877 l 19.817 -6.802 20.003 -8.334 v 20.191 -46.231 l 25.65 -46.231 l 25.426 -8.073 l 25.163 -2.503 19.368 -1.495 v 5.458 -1.495 l 5.458 0 l h 5.682 -14.911 m 10.88 -14.911 l 11.254 -14.8 11.329 -15.397 v 11.329 -17.341 l 5.646 -17.341 l h 5.758 -22.76 m 11.403 -22.76 l 11.403 -25.152 l 5.682 -25.152 l h -5.684 -38.458 17.125 -2.317 re f Q Q BT 0 0 0 1 k /T1_3 1 Tf 0.025 Tc 0 Tw 15 0 0 15 163.7647 530.1917 Tm (SUPPLEMENTAL ANNOUNCEMENT)Tj -4.118 -1.333 Td (CONNECTED TRANSACTION \226 DISPOSAL OF ASSET)Tj /T1_0 1 Tf 0.029 Tc 0.079 Tw 13 0 0 13 56.6929 478.1917 Tm [(Reference)4 ( )0.5 (is)4.1 ( )0.5 (made)4 ( )0.5 (to)4 ( )0.5 (the)4 ( )0.5 (announcement)4 ( )0.6 (of)4 ( )0.5 (Datang)4 ( )0.5 (Environment)4 ( )0.5 (Industry)4 ( )0.5 (Group)4 ( )0.5 (Co.,)4 ( )]TJ 0.044 Tc 0.07 Tw 0 -1.231 Td [(Ltd.*)12.3 ( \(the)12.3 ( \223)]TJ /T1_3 1 Tf -0.044 Tw (Company)Tj /T1_0 1 Tf 0.07 Tw [(\224,)12.2 ( together)12.2 ( with)12.2 ( its)12.2 ( subsidiaries,)12.2 ( the)12.3 ( \223)]TJ /T1_3 1 Tf -0.044 Tw (Group)Tj /T1_0 1 Tf 0.07 Tw [(\224\))12.2 ( dated)12.3 ( )]TJ 0.032 Tc 0.082 Tw [(21 M)-12.3 (a)-12.2 (y)]TJ 0 Tc 0 Tw 37.093 0 Td ( )Tj 0.031 Tc 0.082 Tw -37.093 -1.231 Td [(2026 \()-12.4 (t)-12.4 (h)-12.3 (e \223)]TJ /T1_3 1 Tf 0.043 Tc -0.043 Tw 5.054 0 Td (Announcement)Tj /T1_0 1 Tf 0.07 Tw [(\224\))12.2 ( regarding)12.1 ( the)12.2 ( connected)12.1 ( transaction)12.1 ( in)12.1 ( relation)12.1 ( to)12.1 ( the)18 ( )]TJ 0.051 Tc -5.054 -1.231 Td [(disposal)12.4 ( of)12.3 ( all)12.3 ( the)12.3 ( assets)12.3 ( under)12.3 ( The)12.3 ( Water)12.4 ( Management)12.3 ( Centre)12.3 ( Project)12.3 ( of)12.3 ( Yan\222an)26 ( )]TJ 0.038 Tc 0 -1.231 Td [(T)0.5 (h)0.5 (e)0.5 (r)0.5 (m)0.5 (a)0.5 (l)13 ( )0.5 (P)0.5 (o)0.5 (w)0.5 (e)0.5 (r)13 ( )0.5 (P)0.5 (l)0.5 (a)0.5 (n)0.5 (t)13 ( )0.5 (\()]TJ /C0_1 1 Tf 0.37 Tc -0.37 Tw 10.154 0 Td <05B703C411A00F6502E50A15104D0B23029502D00DB00366>Tj /T1_0 1 Tf 0.038 Tc 0.07 Tw 16.216 0 Td [(\))13 ( )0.5 (\()0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (\223)]TJ /T1_3 1 Tf 3.247 0 Td [(T)0.5 (a)0.5 (r)0.5 (g)0.5 (e)0.5 (t)13 ( )0.5 (A)0.5 (s)0.5 (s)0.5 (e)0.5 (t)0.5 (s)]TJ /T1_0 1 Tf -0.038 Tw 6.349 0 Td [(\224)0.5 (\))0.5 (.)13 ( )]TJ 0.019 Tc 0 Tw -35.966 -1.231 Td [(Unless otherwise defined, capitalised terms used herein shall have the s\ame meanings as)-6 ( )]TJ 0.025 Tc 0 -1.231 Td (those defined in the Announcement.)Tj 0.038 Tc 0.07 Tw 0 -2.462 Td [(This)12.2 ( 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