ST Xiangxue: 2025 Goodwill Impairment Test Report
Guangzhou Xiangxue Pharmaceutical Co., Ltd. 2025 Annual Report Goodwill Impairment
Securities code: 300147 Securities abbreviation: ST Xiangxue Guangzhou Xiangxue Pharmaceutical Co., Ltd.
2025 Goodwill Impairment Test Report
1. Whether to conduct impairment test
☑Yes □No
2. Whether to obtain an assessment report for financial reporting purposes during the impairment test
☑Yes □No
Asset group name Appraisal agency Appraiser Appraisal report number Appraisal value type Appraisal results Bozhou Huqiao Pharmaceutical Beijing China Enterprise Assets
China Enterprise Hua Ping Bao Zi
Co., Ltd. includes suppliers Valuation Co., Ltd. Li Yang, Hu Yingyu Recoverable amount 1,554,855,200 yuan
(2026) No. 8290
Reputation Asset Group Division
3. Whether there are signs of impairment
Name of the asset group Whether there are signs of impairment Remarks Whether impairment has been made Remarks Basis for impairment Remarks Bozhou Huqiao Pharmaceutical Co., Ltd. has issued a special
No indication of impairment No Special assessment report
Valuation report of the company’s asset group containing goodwill
4. Apportionment of goodwill
Unit: Yuan
Asset group or asset group Asset group or asset group group Name of goodwill apportioned asset group Composition of asset group or asset group combination Determination method of the original value combination of apportioned goodwill Total book amount Method
Operating current assets and fixed assets
Bozhou City Huqiao Medicine
assets, intangible assets, long-term deferred expenses
The minimum cash flow unit of a limited company is allocated to one
Use, goodwill, value added during mergers and acquisitions 1,005,834,885.96 285,314,624.48 Assets containing goodwill Net amount and operating current liabilities of individual asset groups
group
Debt.
Whether the method of determining asset groups or asset group combinations is different from previous years
□Yes ☑No
Guangzhou Xiangxue Pharmaceutical Co., Ltd. 2025 Annual Report Goodwill Impairment
5. Goodwill impairment test process
- Important assumptions and their reasons
The assumptions used in the analysis and estimation of this asset valuation report are as follows:
(1) It is assumed that there are no major changes in the country’s current relevant laws, regulations and policies, the country’s macroeconomic situation, and there are no major changes in the political, economic and social environment of the region where the parties to this transaction are located;
(2) It is assumed that the valuation object will continue to operate in the future forecast period and the assets within the valuation scope will continue to be used;
(3) It is assumed that the interest rates, exchange rates, tax bases and tax rates, policy collection fees and other evaluation bases related to the parties involved in the business of the appraisal object will not change significantly in the future;
(4) It is assumed that the management of the parties involved in the operation of the evaluation object after the valuation base date is responsible, stable, and capable of fulfilling their duties;
(5) Unless otherwise stated, it is assumed that the company fully complies with all relevant laws and regulations;
(6) It is assumed that the parties involved in the operation of the evaluation object in the future forecast period are responsible and the management has the ability to assume their responsibilities. During the forecast period, the main management personnel and technical personnel will not have major changes that affect their operations based on the conditions on the base date of the evaluation. The management team will develop stably and the management system will not have major changes that affect its operations;
(7) It is assumed that there will be no force majeure and unforeseeable factors that will have a significant adverse impact on the parties involved in the business of the appraisal object after the valuation base date; (8) It is assumed that the accounting policies adopted by the appraisal object after the valuation base date are consistent in important aspects with the accounting policies adopted when preparing this asset valuation report;
(9) It is assumed that the business scope and methods of the parties involved in the business operations of the appraisal target will remain consistent with the current ones based on the existing management methods and management levels after the valuation base date;
(10) It is assumed that the cash inflows of the parties involved in the operation of the evaluation object after the valuation base date are the average inflows, and the cash outflows are the average outflows; (11) According to the Ministry of Finance's "Notice on the Release of the Scope of Initial Processing of Agricultural Products Enjoying Preferential Policies for Corporate Income Tax (Trial)" (Caishui [2008] No. 149), projects engaged in the preliminary processing of agricultural products are exempt from corporate income tax. According to the provisions of the Ministry of Finance and the State Administration of Taxation's "Notice on Preferential Value-Added Tax Policies for Promoting the Employment of Disabled Persons" (Caishui [2016] No. 52), the company implements a refundable VAT policy based on the specific limit of refundable VAT per disabled person actually placed each year (determined by 4 times the monthly minimum wage approved by the Anhui Provincial People's Government). According to the provisions of the "Enterprise Income Tax Law of the People's Republic of China" and its implementation regulations and Guoshuihan [2009] No. 779, Bozhou Huqiao Chinese Medicinal Materials Cultivation Co., Ltd. is exempted from corporate income tax when engaging in agricultural projects; according to the "Interim Regulations of the People's Republic of China on Value-Added Tax"
Article 15 stipulates that self-produced agricultural products sold by them are exempt from value-added tax. It is assumed that Huqiao Pharmaceutical will continue to enjoy the above-mentioned tax preferential policies in the future years.
Guangzhou Xiangxue Pharmaceutical Co., Ltd. 2025 Annual Report Goodwill Impairment
The valuation conclusion of this asset valuation report is established on the valuation base date under the above assumptions. When the above assumptions change significantly, the signing asset appraiser and this asset valuation agency will not bear the responsibility for deriving different valuation conclusions due to changes in the assumptions.
- Book value of the entire asset group or asset group combination
Unit: Yuan Attributable to parent company shares Asset group or asset group group Asset group including goodwill
Book value of all goodwill attributable to minority shareholders
The book value of goodwill of the asset group name, the book value of other assets in the combination, or the book value of goodwill of the asset group combination.
Value Value Value Bozhou Huqiao Pharmaceutical
The company's asset group includes merchants 199,720,237.13 85,594,387.34 285,314,624.48 720,520,261.48 1,005,834,885.96 reputation
- Recoverable amount
(1) Net amount after fair value minus disposal costs
□Applicable ☑Not applicable
(2) Present value of expected future net cash flows
☑Applicable □Not applicable
Unit: Yuan
Stable period Estimated unforeseen operating period
Forecast Forecast period Forecast period Stable period Operating income Stable period Stable period Name of cash asset group Business income growth Discount rate
Period Profit Profit Net Profit Indirect Revenue Growth Profit Profit Net Profit Net Flow Growth Rate
present value of rate
147,627
,061.55
14.81%
,
,
155,952
14.90%
,023.63
-0.18%, ,
Bozhou City Huqiao 2026,
4.98%, 15.21% 1,554,8 Pharmaceutical Co., Ltd. - 167,068 2030 180,853
4.98%, , 0% 15.22% 12.21% 55,195. The company includes goodwill 2030, 975.03 to Continuity, 282.90
3.98%, 15.41% of the asset group in 55 years,
3.98%,
176,015
15.52%
,110.04
,
,
15.22%
184,386
,232.74
Is the operating income growth rate during the forecast period inconsistent with previous periods? Yes
Are profit margins during the forecast period inconsistent with previous periods? Yes
Is the net profit during the forecast period inconsistent with previous periods? Yes
Is the operating income growth rate in the stable period inconsistent with previous periods? Yes
Guangzhou Xiangxue Pharmaceutical Co., Ltd. 2025 Annual Report Goodwill Impairment Stable Period Profit Rate Is Inconsistent with Previous Periods Yes
Is the net profit in the stable period inconsistent with previous periods? Yes
Is the discount rate inconsistent with previous periods? Yes
Other notes:
□Applicable Not applicable
- Calculation of goodwill impairment losses
Unit: Yuan Asset group containing goodwill Attributable to the parent company The overall goodwill of the current year Name of the asset group or asset group combination book value that has been accrued in previous years Recoverable amount Goodwill impairment provision value of the company's shareholders Goodwill minus impairment provision Value loss Bozhou City Huqiao Yao
Industry Co., Ltd. package
1,005,834,885.96 1,554,855,195.55 0.00 0.00 225,230,214.71 0.00Assets containing goodwill
group
6. Unrealized profit forecast targets
None
7. Targets whose annual performance has declined by more than 50%
None
8. Unaccounted assets
□Applicable Not applicable