Evaluation report on all equity assets of shareholders of Changzhou Wujin Jinboli Dental Clinic Co., Ltd. involved in the proposed equity acquisition of Shaanxi Ruisheng Biotechnology Co., Ltd.

This report is prepared in accordance with China’s Asset Valuation Standards

All the equity interests of the shareholders of Changzhou Wujin Jinboli Dental Clinic Co., Ltd. involved in the proposed equity acquisition of Shaanxi Ruisheng Biotechnology Co., Ltd.

Asset appraisal report

Zhonghe Yi Ping Bao Zi [2025] 60041

Beijing Zhongheyi Asset Appraisal Co., Ltd.

December 31, 2025

Matters involved in the proposed equity acquisition of Shaanxi Ruisheng Biotechnology Co., Ltd.

All equity and asset evaluation report of shareholders of Changzhou Wujin Jinboli Dental Clinic Co., Ltd.

Contents of this volume

Statement ................................................................................................................................................. 1 Summary of Asset Valuation Report ............................................................................................................. 3 Text of Asset Valuation Report ............................................................................................................. 6

1. Overview of the client, the appraised unit and other users of the asset appraisal report as stipulated in the asset appraisal entrustment contract.............6

2. Purpose of Assessment ........................................................................................................ 11

3. Assessment objects and assessment scope ........................................................................ 11

4. Types of value ........................................................................................................ 13

5. Evaluation base date ............................................................................................ 13

6. Basis of evaluation ........................................................................................................ 14

7. Evaluation Methods ............................................................................................................ 17

8. Implementation process and situation of the evaluation procedure ............................................................. 24

9. Evaluating Assumptions ........................................................................................................ 25

10. Evaluation Conclusion ............................................................................................................ 26

11. Notes on special matters ........................................................................................ 29

12. Restrictions on the use of asset appraisal reports ........................................................ 29

13. Asset valuation report date ........................................................................................ 32

Attachment to Asset Valuation Report ............................................................................................ 34

Beijing Zhongheyi Asset Appraisal Co., Ltd.

Matters involved in the proposed equity acquisition of Shaanxi Ruisheng Biotechnology Co., Ltd.

All equity and asset evaluation report of shareholders of Changzhou Wujin Jinboli Dental Clinic Co., Ltd.

Statement

1. This asset appraisal report is prepared based on 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 Asset Appraisal Association.

2. The client or other user of the asset appraisal report shall use the asset appraisal report in accordance with the provisions of laws, administrative regulations and the scope of use stated in this asset appraisal report; if the client or other user of the asset appraisal report uses the asset appraisal report in violation of the foregoing provisions, the asset appraisal agency and the asset appraiser shall not be held responsible.

3. This asset appraisal report can only be used by the client, other asset appraisal report users stipulated in the asset appraisal entrustment contract, and asset appraisal report users specified by laws and administrative regulations; except for this, no other institution or individual can become the user of the asset appraisal report.

4. This asset appraisal agency and asset appraisers remind users of asset appraisal reports to correctly understand the appraisal conclusion. The appraisal conclusion is not equivalent to the achievable price of the appraisal object, and the appraisal conclusion should not be considered as a guarantee of the achievable price of the appraisal object.

5. This asset appraisal agency and asset appraisers abide by laws, administrative regulations and asset appraisal standards, adhere to the principles of independence, objectivity and impartiality, and assume responsibility for the asset appraisal reports issued in accordance with the law.

6. The list of assets and liabilities involved in the evaluation object and the future operating forecast of the enterprise shall be declared by the evaluated unit and confirmed by its signature, seal or other methods permitted by law; the client and other relevant parties shall be responsible for the authenticity, completeness and legality of the information provided by them in accordance with the law.

7. The asset appraisal agency and the asset appraiser have no existing or expected interest relationship with the appraisal object in the asset appraisal report; they have no existing or expected interest relationship with the relevant parties, and they have no bias against the relevant parties.

8. The asset appraiser has conducted on-site investigation of the appraisal object and the assets involved in the asset appraisal report; has paid necessary attention to the legal ownership status of the appraisal object and the assets involved, and has checked the legal ownership information of the appraisal object and the assets involved.

9. The analysis, judgment and results in the asset valuation report issued by this asset valuation agency are subject to the assumptions and restrictions in the asset valuation report. Users of the asset valuation report should fully consider the assumptions, restrictions, special matters stated in the asset valuation report and their impact on the valuation conclusion.

10. During the evaluation process, we did not consider the impact of mortgages and guarantees that we may undertake in the future, as well as the additional prices that may be paid in special transactions on the evaluation conclusion, nor did we take into account changes in national macroeconomic policies.

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All equity and asset evaluation report of shareholders of Changzhou Wujin Jinboli Dental Clinic Co., Ltd.

changes and the impact of natural forces and other force majeure on the assessment conclusions. We are not responsible for changes in the value of the relevant assets after the valuation base date.

11. We are not responsible for the impact on the assessment conclusion of possible flaws in the assessment object and relevant parties that were not known during the implementation of the assessment process.

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All equity and asset evaluation report of shareholders of Changzhou Wujin Jinboli Dental Clinic Co., Ltd.

Shaanxi Ruisheng Biotechnology Co., Ltd.’s proposed equity acquisition

Involved Changzhou Wujin Jinboli Dental Clinic Co., Ltd.

Asset Valuation Report Summary

Zhonghe Yi Ping Bao Zi [2025] 60041

Shaanxi Ruisheng Biotechnology Co., Ltd.:

Beijing Zhongheyi Asset Appraisal Co., Ltd. accepted the entrustment of your company (hereinafter referred to as "Shaanxi Ruisheng Company"), in accordance with the provisions of laws, administrative regulations and asset appraisal standards, adhered to the principles of independence, objectivity and impartiality, adopted the asset-based method and the income method respectively, and followed the necessary evaluation procedures to evaluate all the shareholders' equity of Changzhou Wujin Jinboli Dental Clinic Co., Ltd. (hereinafter referred to as "Wujin Jinboli Company") involved in the proposed equity acquisition of Shaanxi Ruisheng Company in 2025. The market value on November 30 was assessed. The main contents of the evaluation report are summarized as follows:

1. Economic behavior: According to the "Minutes of the General Manager's Office Meeting of Shaanxi Ruisheng Biotechnology Co., Ltd." document of Shaanxi Ruisheng Company on November 22, 2025, Shaanxi Ruisheng Company plans to acquire the equity of Wujin Jinboli Company, and therefore entrusts our company to evaluate all the shareholders' rights of Wujin Jinboli Company.

2. Evaluation purpose: To determine the market value on the base date for the evaluation of all shareholders’ equity of Wujin Jinboli Company, and to provide value reference opinions for Shaanxi Ruisheng Company’s proposed equity acquisition.

3. Assessment object: All equity interests of shareholders of Wujin Jinboli Company.

4. Scope of assessment: all assets and liabilities of Wujin Jinboli Company.

5. Value type: market value.

6. Evaluation base date: November 30, 2025. All price standards are the price standards valid on the evaluation base date.

7. Assessment method: This assessment adopts two methods: asset-based method and income method. After a full and comprehensive analysis based on the actual situation, the evaluation results of the income method are finally used as the results of the evaluation report.

8. Valuation conclusion: After the implementation of the valuation procedures, on the valuation base date, the income method valuation conclusion under the assumption that all equity interests of the shareholders are continuing operations is as follows:

The book value of net assets (all shareholders' equity) is 6.4798 million yuan, and the appraised value is 27.700 million yuan. The appraised value has an appreciation of 21.2202 million yuan compared with the book value, and the appreciation rate is 327.48%. See the table below for details:

Summary table of asset evaluation results

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All equity and asset evaluation report of shareholders of Changzhou Wujin Jinboli Dental Clinic Co., Ltd.

Appraised unit: Changzhou Wujin Jinboli Dental Clinic Co., Ltd. Amount unit: RMB 10,000 Book value Appraisal value Increase or decrease Value-added rate (%) items

A B C = B - A D = C /

A×100% current assets 1 917.69

Non-current assets 2 48.89

Including: fixed assets 3 27.36

Right-of-use assets 4 20.27

Deferred income tax assets 5 1.26

Total assets 6 966.58

Current liabilities 7 316.08

Non-current liabilities 8 2.52

Total liabilities 9 318.60

Net assets 10 647.98 2,770.00 2,122.02 327.48 For details of the valuation conclusion, please refer to the income method valuation schedule.

9. Special matters: Users of the evaluation report should pay attention to the impact of the following special matters on the evaluation conclusion.

The following items are beyond the professional level and ability of our company's appraisers to assess and estimate, but these matters may indeed affect the appraisal conclusion, and users of this appraisal report should pay special attention to this:

Shaanxi Ruisheng Company hired Sigma Accounting Firm (Special General Partnership) to audit the book value involved in this evaluation, and issued an unqualified audit report No. Xihuishenzi (2025) 5423. The audited assets to be estimated include four categories: current assets, fixed assets, right-of-use assets, and deferred income tax assets. The total assets are 966.58 Ten thousand yuan. The liabilities to be estimated include current liabilities and non-current liabilities. The total liabilities are 3.186 million yuan and the total net assets are 6.4798 million yuan.

Since this audit only audited the balance sheet, this assessment utilized the balance sheet audit data from the above-mentioned special audit report.

In accordance with the provisions of the valuation standards, the valuation professionals have conducted inventory, verification, analysis, and judgment on all assets and liabilities included in the valuation scope. However, it is not the responsibility of the asset valuation professionals to express professional opinions on whether the relevant financial statements fairly reflect the financial status, operating results, and cash flows of the current period on the valuation base date.

10. The validity period of the valuation conclusion: According to the provisions of the "Asset Valuation Practice Standards - Asset Valuation Report", "The asset valuation report can only be used when the distance between the valuation base date and the realization date of the economic behavior is not more than one year." The validity period of the use of this valuation conclusion is one year from the valuation base date, that is, it is valid from November 30, 2025 to November 29, 2026. If the asset status and market conditions change significantly compared with the relevant conditions on the valuation base date, Shaanxi Ruisheng Company shall entrust an appraisal agency to perform appraisal update business or reassessment. Beijing Zhongheyi Asset Appraisal Co., Ltd. Page 4

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All equity and asset evaluation report of shareholders of Changzhou Wujin Jinboli Dental Clinic Co., Ltd.

11. Asset appraisal report date: The official date of submission of this appraisal report is December 31, 2025, which is the date when the appraisal conclusion is formed.

The above content is excerpted from the text of the asset valuation report. If you want to know the details of this valuation business and correctly understand the valuation conclusion, you should read the text of the asset valuation report.

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All equity and asset evaluation report of shareholders of Changzhou Wujin Jinboli Dental Clinic Co., Ltd.

Shaanxi Ruisheng Biotechnology Co., Ltd.’s proposed equity acquisition

Involved Changzhou Wujin Jinboli Dental Clinic Co., Ltd.

All shareholders' equity

Asset appraisal report text

Zhonghe Yi Ping Bao Zi [2025] 60041

Shaanxi Ruisheng Biotechnology Co., Ltd.:

Beijing Zhongheyi Asset Appraisal Co., Ltd. accepted the entrustment of your company (hereinafter referred to as "Shaanxi Ruisheng Company"), in accordance with the provisions of laws, administrative regulations and asset appraisal standards, adhered to the principles of independence, objectivity and impartiality, adopted the asset-based method and the income method respectively, and followed the necessary evaluation procedures to evaluate all the shareholders' equity of Changzhou Wujin Jinboli Dental Clinic Co., Ltd. (hereinafter referred to as "Wujin Jinboli Company") involved in the proposed equity acquisition of Shaanxi Ruisheng Company in 2025. The market value on November 30 was assessed. The asset assessment status is now reported as follows:

1. Overview of the client, the appraised unit and other users of the asset appraisal report as stipulated in the asset appraisal entrustment contract

The client of this asset appraisal project is Shaanxi Ruisheng Company, and the appraised unit is Wujin Jinboli Company. The other users of the asset appraisal report specified in the asset appraisal entrustment contract are the users of the appraisal report specified by national laws and regulations.

(1) Overview of the client

Name: Shaanxi Ruisheng Biotechnology Co., Ltd.

Unified social credit code: 916100006715226433

Type: Limited liability company (foreign investment, non-sole proprietorship)

Registered capital: 117 million yuan

Legal representative: Xiang Xiaoqiang

Date of establishment: 2008-03-12

Registered address: South half of Building 2, Jingwei Small and Medium-sized Industrial Park, Jingwei New Town, Economic Development Zone, Xi'an City, Shaanxi Province

Business scope: General items: production of Class I medical devices; sales of Class I medical devices; sales of Class II medical devices; wholesale of cosmetics; sales of sanitary products and disposable medical supplies; retail of cosmetics; technology import and export; cell technology research and development and application; technical services, technology development, technical consultation, technical exchange, technology

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All equity and asset evaluation report of shareholders of Changzhou Wujin Jinboli Dental Clinic Co., Ltd.

Technology transfer and technology promotion. (Except for projects that require approval according to law, business activities can be carried out independently with a business license in accordance with the law) Licensed projects: production of sanitary products and disposable medical supplies; production of second-class medical devices; production of third-class medical devices; and operation of third-class medical devices. (Projects that require approval according to law can only be carried out with the approval of relevant departments. Specific business projects are subject to the approval results)

(2) Overview of the assessed unit

1. Registration status

Name: Changzhou Wujin Jinboli Dental Clinic Co., Ltd.

Unified social credit code: 91320412MA1Q12HQ44

Type: Limited Liability Company

Registered capital: 1.25 million yuan

Legal representative: Zou Chunyang

Date of establishment: August 2, 2017

Registered address: No. 11-9, Wuyi North Road, Hutang Town, Wujin District

Business scope: Dental outpatient services. (Projects that require approval according to law can only carry out business activities after approval by relevant departments)

2. History

(1) Company establishment

Wujin Jinboli Company, formerly known as Changzhou Jinboli Ya Dr. Dental Clinic Co., Ltd., was jointly established by natural persons Zhang Donghui (ID number 370982198612283640) and Zhang Hongping (ID number 6124251197505042430) with monetary investment. The registered capital at the time of establishment was RMB 500,000. The equity structure at the time of establishment is as shown in the table below;

Serial number Name of shareholder Capital contribution (10,000 yuan) Shareholding ratio (%)

1 Zhang Donghui 25.00 50.00 2 Zhang Hongping 25.00 50.00 Total 50.00 100.00 (2) Equity transfer

According to the resolution of the shareholders' meeting of Wujin Jinboli Company on January 5, 2018, it was decided to transfer the equity while the company's registered capital remained unchanged at 500,000 yuan. It was agreed that the original shareholder Zhang Donghui would transfer 125,000 yuan (accounting for the registered capital) out of the 250,000 yuan invested in the assessed unit. 25% of the equity) was transferred to the new shareholder Zou Chunyang (ID number 320923197701128112), and it was agreed that the original shareholder Zhang Donghui would invest 250,000 yuan in the assessed unit.

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All equity and asset evaluation report of shareholders of Changzhou Wujin Jinboli Dental Clinic Co., Ltd.

125,000 yuan (equity accounting for 25% of the registered capital) was transferred to the new shareholder Xie Shouliang (ID No. 420222197005247213), and at the same time, the application was made to change the company's legal person from Zhang Hongping to Zou Chunyang. The equity structure after the equity transfer is as shown in the following table:

Serial number Name of shareholder Capital contribution (10,000 yuan) Shareholding ratio (%)

1 Zhang Hongping 25.00 50.00 2 Zou Chunyang 12.50 25.00 3 Xie Shouliang 12.50 25.00Total 50.00 100.00

After the equity transfer and legal person modification, the company's articles of association were revised and filed with the Market Supervision and Administration Bureau of Wujin District, Changzhou City.

(3) Increase registered capital

According to the resolution of the shareholders' meeting of Wujin Jinboli Company on January 8, 2018, it was decided to increase the company's registered capital from 500,000 yuan to 1.25 million yuan. The shareholder Zou Chunyang will subscribe for an additional capital of 750,000 yuan, and the remaining shareholders' subscribed capital remains unchanged. The equity structure after the capital increase is as shown in the table below;

Serial number Name of shareholder Capital contribution (10,000 yuan) Shareholding ratio (%)

1 Zhang Hongping 25.00 20.00 2 Zou Chunyang 87.50 70.00 3 Xie Shouliang 12.50 10.00 Total 120.00 100.00 After the capital increase, the company's articles of association were revised and filed with the Market Supervision and Administration Bureau of Wujin District, Changzhou City.

(4) Company name change

On August 8, 2018, the assessed unit applied to the Wujin District Market Supervision and Administration Bureau of Changzhou City to change the company name from "Changzhou Dr. Jin Boli Ya Dental Clinic Co., Ltd." to "Changzhou Jin Boli Dental Clinic Co., Ltd." and its address from "Wuyi Middle Road, Hutang Town, Wujin District, Changzhou City" to "No. 11-9 Wuyi North Road, Hutang Town, Wujin District". After the company's name and address were changed, the company's articles of association were revised and filed with the Changzhou Wujin District Market Supervision and Administration Bureau. On August 14, 2018, the company received the "Changzhou Wujin District Market Supervision and Administration Bureau's Company Approval Change Registration Notice". As of the base date of this assessment, there has been no change in equity and shareholder status.

3. Organizational structure and human resources

(1) Organizational structure

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All equity and asset evaluation report of shareholders of Changzhou Wujin Jinboli Dental Clinic Co., Ltd.

The organizational structure of Wujin Jinboli Company is shown in the table above.

(2) Human resources

As of the valuation base date, Wujin Jinboli Company has 81 registered employees.

4. Main business overview

(1) Main products or services

Wujin Jinboli Company provides diversified professional and personalized dental services, covering implant services, orthodontic services and comprehensive dental services.

(2) The main qualifications are as follows:

Certificate validity period or signature

Serial number Name Certificate number Issuing authority Licensed content issuance time

Medical Institution License MA1Q12HQ4320412 Wujin, Changzhou City Validity: 2026 1 Diagnosis and Treatment Subject: Dental Industry License 17D1522 District Administrative Approval Bureau January 18th Department/Medical Laboratory Department

Radiation Diagnosis and Treatment License Wuweifang Certificate (2018) Wujin District, Changzhou City Issuance Date: June 2020

2 X-ray imaging diagnosis certificate No. 00002 Administrative Approval Bureau January 1

Radiation Safety Permit Changzhou Ecological Environment Validity: 2029 4 Use of Class III rays 3 Su Environmental Radiation Certificate [D0367]

Certification Bureau of Environmental Protection Installation 5 on January 14th. Principal accounting policies

Wujin Jinboli Company implements the "Accounting Standards for Business Enterprises - Basic Standards" and 41 specific accounting standards promulgated by the Ministry of Finance, as well as the subsequently promulgated Guidelines for the Application of Accounting Standards for Business Enterprises, Interpretations of Accounting Standards for Business Enterprises and other regulations.

Main taxes:

Tax types, tax rates and preferential policies

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All equity and asset evaluation report of shareholders of Changzhou Wujin Jinboli Dental Clinic Co., Ltd.

On March 24, 2016, the Ministry of Finance and the State Administration of Taxation promulgated the "Notice on Comprehensively Launching the Pilot Program of Replacing Business Tax with Value-Added Tax" and the Annex "Provisions on Transitional Policies for the Pilot Program of Replacing Business Tax with Value-Added Tax".

"Announcement on the Policy of Exempting Value-Added Tax on Medical Services" (Announcement No. 68 of the Ministry of Finance and the State Administration of Taxation in 2023), 40 projects such as medical services and elderly care are exempted from value-added tax during the transition period from business tax to VAT. This policy will be implemented until December 31, 2027.

According to the "Announcement No. 12 of 2023 of the Ministry of Finance and the State Administration of Taxation", small and low-profit enterprises are subject to a 25% reduction in the calculation of taxable income and corporate income tax.

The policy of paying corporate income tax at a rate of 20% will continue until December 31, 2027.

6. The financial status and operating status of the company in recent years

statement of financial position

Amount unit: RMB 10,000 project December 31, 2024 November 30, 2025

Current assets 768.42 917.69Non-current assets 110.24 48.89Total assets 878.65 966.58Current liabilities 381.00 316.08Non-current liabilities 5.79 2.52Total liabilities 386.79 318.60Net assets 491.86 647.98

statement of operations

Amount unit: RMB 10,000 project 2024 January-November 2025

1. Operating income 2,266.50 1,973.35 Less: Operating costs 951.83 800.35 Taxes and surcharges 0.05 0.05 Sales expenses 809.03 686.08 Management expenses 295.07 307.89 Financial expenses 17.56 11.73 Add: Other income 2.21 0.47 Investment income

Credit impairment loss -29.40 4.23

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Project 2024 January-November 2025

Asset impairment loss

Asset disposal income

2. Operating profit 165.78 171.95 plus: non-operating income - - minus: non-operating expenses 1.50 5.77

3. Total profit 164.28 166.17 minus: income tax expense 15.28 10.06

4. Net profit 149.00 156.12

The balance sheet listed in the above table has been audited by Sigma Accounting Firm (Special General Partnership), and issued an unqualified audit report No. Xihuishenzi (2025) 5423. The income statement has not been audited, and the income statement data is filled in based on the accounting statements provided by the assessed unit.

(3) Other users of the evaluation report as stipulated in the asset evaluation entrustment contract

According to the provisions of the asset appraisal entrustment contract, there are no other users of this report.

(4) The relationship between the client and the unit being evaluated

The client plans to acquire the equity of the assessed unit.

2. Evaluation purpose

Determine the market value on the base date for the evaluation of all shareholders' equity of Wujin Jinboli Company, and provide value reference opinions for Shaanxi Ruisheng Company's proposed equity acquisition.

This economic behavior has been approved by the document "Minutes of the General Manager's Office Meeting of Shaanxi Ruisheng Biotechnology Co., Ltd." on November 22, 2025.

3. Assessment objects and assessment scope

(1) Assessment objects and assessment scope

The object of evaluation is all the equity of shareholders of Wujin Jinboli Company, and the scope of the evaluation involves all the audited assets and liabilities reported by Wujin Jinboli Company on the evaluation base date. The book value of total assets is 9.6658 million yuan, the book value of total liabilities is 3.186 million yuan, and the book value of net assets (all shareholders' equity) is 6.4798 million yuan. The specific contents of assets and liabilities are based on the evaluation declaration form filled out by Wujin Jinboli Company based on all audited asset and liability data. All assets and liability items included in the declaration form and confirmed by Wujin Jinboli Company are within the scope of this evaluation. The book values of various types of assets and liabilities on the valuation base date are as follows: Unit of amount: RMB 10,000

Type of assets Book value Proportion of total assets Type of liabilities Book value Proportion of liabilities Beijing Zhongheyi Asset Appraisal Co., Ltd. Page 11

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All equity and asset evaluation report of shareholders of Changzhou Wujin Jinboli Dental Clinic Co., Ltd.

Type of assets Book value Proportion of total assets Type of liabilities Book value Proportion of liabilities Monetary funds 647.24 66.96% Accounts payable 23.35 7.33% Accounts receivable 47.31 4.89% Contract liabilities 219.24 68.81% Prepayments 4.71 0.49% Employee compensation payable 62.74 19.69% Other receivables 177.83 18.40% Taxes payable 8.05 2.53% Inventory 40.61 4.20% Other payables 2.70 0.85%

Total current assets 917.69 94.94% Total current liabilities 316.08 99.21% Fixed assets 27.36 2.83% Estimated liabilities 1.50 0.47% Right-of-use assets 20.27 2.10% Deferred income tax liabilities 1.01 0.32% Deferred income tax assets 1.26 0.13% Total non-current liabilities 2.52 0.79% Total non-current assets 48.89 5.06% Total liabilities 318.60 100.00% Total assets 966.58 100.00% Shareholders’ equity 647.98 *****

The above data has been audited by Sigma Accounting Firm (Special General Partnership) and issued an unqualified or qualified audit report No. Xihuishenzi (2025) 5423.

(2) Individual assets or asset combinations that have a greater impact on corporate value

1. Monetary funds

As of the assessment base date, the monetary funds included in the assessment scope were RMB 6,472,413.10. Monetary funds include cash and bank deposits. Cash is stored in safes. Bank deposits are all RMB deposits and are used for daily operations. 2. Inventory

The inventories included in the assessment scope are mainly raw materials. The audited book balance is 406,074.85 yuan, the inventory depreciation provision is 0.00 yuan, and the net book amount is 406,074.85 yuan, a total of 386 items. Mainly dental medical materials such as implants.

3. fixed assets

The fixed assets included in the assessment scope include vehicles and electronic equipment, with an audited book balance of 860,280.07 yuan and a net book value of 273,614.02 yuan, a total of 22 items. Currently in normal use.

(3) The type, quantity, and legal ownership status of the book records declared by the enterprise or the unrecorded intangible assets. Wujin Jinboli Company confirmed that there are no declared intangible assets this time.

(4) Type and quantity of off-balance sheet assets declared by the enterprise

Wujin Jinboli Company confirmed that there are no off-balance sheet assets that need to be declared for this evaluation.

(5) Quoting the asset type, quantity, book amount, and assessed value involved in the report conclusions issued by other institutions.

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All equity and asset evaluation report of shareholders of Changzhou Wujin Jinboli Dental Clinic Co., Ltd.

The book value involved in this assessment was audited by Sigma Accounting Firm (Special General Partnership), and an unqualified audit report No. 5423 of Xihuishen Zi (2025) was issued. The assets to be estimated after audit include current assets, fixed assets, right-of-use assets, and deferred income tax assets. The total assets are 9.6658 million yuan. The liabilities to be estimated include current liabilities and non-current liabilities. The total liabilities are 318.60 yuan. million, with a total net assets of 6.4798 million yuan.

Since this audit only audited the balance sheet, this assessment utilized the balance sheet audit data from the above-mentioned audit report.

In accordance with the provisions of the valuation standards, the valuation professionals have conducted inventory, verification, analysis, and judgment on all assets and liabilities included in the valuation scope. However, it is not the responsibility of the asset valuation professionals to express professional opinions on whether the relevant financial statements fairly reflect the financial status, operating results, and cash flows of the current period on the valuation base date.

4. Value type

(1) Value type

This evaluation uses the market value under the premise of going concern as the selected value type.

(2) Value type definition

Market value refers to the estimated amount of the value of the appraisal object in a normal and fair transaction on the valuation base date when a willing buyer and a willing seller act rationally and without any coercion.

Going concern in this report means that the production and operation activities of Wujin Jinboli Company will continue according to their current status and will not undergo major changes in the foreseeable future.

Unless otherwise specified, the "market value" in this report refers to the market value of the valuation object as shown in the property rights (asset) transaction market within the customs territory of China (Mainland).

(3) Reasons for choosing value type

The reason for using the market value type is that compared with other value types, the market value type can better reflect the fairness and rationality of both parties to the transaction, so that the evaluation results can meet the needs of this evaluation purpose.

5. Evaluation base date

(1) According to the provisions of the asset appraisal entrustment contract, the base date for this appraisal is November 30, 2025.

(2) The determination of the assessment base date is determined through consultation between Shaanxi Ruisheng Company and Wujin Jinboli Company based on the following specific circumstances:

1. The evaluation base date is consistent with the time of the accounting statements, which facilitates the use of accounting information.

2. The valuation base date is closer to the valuation date, which reduces the adjustment work of physical quantities and increases the accuracy and transparency of market price inquiries and credit investigations.

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3. This assessment base date is as close as possible to the date when the assessment purpose is achieved, which is conducive to ensuring that the assessment results effectively serve the assessment purpose.

(3) The price standards used in this evaluation are all valid price standards on the evaluation base date.

6. Basis of evaluation

(1) Basis for behavior

Shaanxi Ruisheng Biotechnology Co., Ltd. "Minutes of the General Manager Office Meeting of Shaanxi Ruisheng Biotechnology Co., Ltd." on November 22, 2025.

(2) Legal basis

1. "Civil Code of the People's Republic of China" (adopted at the third session of the 13th National People's Congress on May 28, 2020);

2. "Asset Appraisal Law of the People's Republic of China" (passed at the 21st meeting of the Standing Committee of the 12th National People's Congress of the People's Republic of China on July 2, 2016);

3. "Measures for the Financial Supervision and Administration of the Asset Appraisal Industry" (announced by the Ministry of Finance Order No. 86 on April 21, 2017 and modified in accordance with the "Decision of the Ministry of Finance on Amending the Measures for the Practice Licensing and Supervision and Administration of Accounting Firms and other two departmental regulations" on January 2, 2019);

4. "Company Law of the People's Republic of China" (revised at the seventh meeting of the Standing Committee of the 14th National People's Congress on December 29, 2023);

5. "Securities Law of the People's Republic of China" (revised for the second time at the 15th meeting of the Standing Committee of the 13th National People's Congress on December 28, 2019);

6. "Enterprise Income Tax Law of the People's Republic of China" (revised for the second time at the seventh meeting of the Standing Committee of the Thirteenth National People's Congress on December 29, 2018);

7. "Interim Regulations of the People's Republic of China on Value-Added Tax" (revised for the second time on November 19, 2017) 8. "Notice on Adjusting the Value-Added Tax Rate" (Finance and Taxation [2018] No. 32 of the Ministry of Finance and the State Administration of Taxation); 9. "Announcement on Relevant Policies for Deepening Value-Added Tax Reform" (Announcement No. 39, 2019, of the Ministry of Finance, the State Administration of Taxation, and the General Administration of Customs);

8. "Implementation Rules for the Interim Regulations of the People's Republic of China on Value-Added Tax" (Ministry of Finance and State Administration of Taxation Order No. 65);

9. "Announcement of the Ministry of Finance and the State Administration of Taxation on the Continuation of the Policy of Exempting Value-Added Tax on Medical Services" (Ministry of Finance and State Administration of Taxation Announcement No. 68, 2023);

10. "Stamp Duty Law of the People's Republic of China" (The 13th National People's Congress Beijing Zhongheyi Asset Appraisal Co., Ltd. on June 10, 2021 Page 14

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Adopted at the 29th meeting of the Standing Committee of the National Assembly);

13. "Notice on Further Clarifying the Relevant Policies for the Financial Industry in Comprehensively Launching the Pilot Program of Replacing Business Tax with VAT" Caishui [2016] No. 46;

14 "Urban Maintenance and Construction Tax Law of the People's Republic of China" (Presidential Order No. 51 of the People's Republic of China), passed by the 21st meeting of the Standing Committee of the 13th National People's Congress of the People's Republic of China on August 11, 2020;

15. "Deed Tax Law of the People's Republic of China" (Order of the President of the People's Republic of China No. 52), passed by the 21st meeting of the Standing Committee of the 13th National People's Congress of the People's Republic of China on August 11, 2020;

16. "Guidelines on the Application of Supervisory Rules--Assessment No. 1" (released by the China Securities Regulatory Commission on January 22, 2021); 17. "Guidelines on the Application of Supervisory Rules--Assessment No. 2" (released by the China Securities Regulatory Commission on December 5, 2025); 18. Other laws and regulations related to asset valuation.

(3) Basis for standards

1. "Basic Criteria for Asset Valuation" (Caizi [2017] No. 43);

2. "Professional Code of Ethics for Asset Appraisal" (China Appraisal Association [2017] No. 30);

3. "Asset Appraisal Practice Guidelines—Asset Appraisal Procedures" (China Appraisal Association [2018] No. 36);

4. "Asset Appraisal Practice Guidelines—Asset Appraisal Report" (China Appraisal Association [2018] No. 35);

5. "Asset Appraisal Practice Guidelines—Asset Appraisal Entrustment Contract" (China Appraisal Association [2017] No. 33);

6. "Asset Appraisal Practice Guidelines—Asset Appraisal Files" (China Appraisal Association [2018] No. 37);

7. "Asset Appraisal Practice Guidelines - Utilization of Expert Work and Related Reports" (China Appraisal Association [2017] No. 35); 8. "Asset Appraisal Practice Guidelines—Enterprise Value" (China Appraisal Association [2018] No. 38);

8. "Asset Appraisal Practice Guidelines—Machines and Equipment" (China Appraisal Association [2017] No. 39);

9. "Asset Appraisal Practice Guidelines—Asset Appraisal Methods" (Zhongping Xie [2019] No. 35);

10. "Business Quality Control Guidelines for Asset Appraisal Agencies" (Zhongping Xie [2017] No. 46);

11. "Guiding Opinions on Asset Appraisal Value Types" (Zhongping Xie [2017] No. 47);

12. "Guiding Opinions on the Legal Ownership of Asset Appraisal Objects" (Zhongping Xie [2017] No. 48);

13. "Accounting Supervision Risk Warning No. 5 - Equity Transaction Asset Assessment of Listed Companies";

14. "Accounting Standards for Business Enterprises - Basic Standards", specific standards, accounting standards application guidelines and explanations, etc. (promulgated by the Ministry of Finance in 2006).

(4) Basis of ownership

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2. Invoices for inventory and major equipment purchases;

3. Other ownership certification documents, etc.

(5) Basis for pricing

1. Financial statements of previous years provided by Wujin Jinboli Company;

2. Relevant agreements, contracts, invoices and other financial and operating information provided by Wujin Jinboli Company; 3. The loan prime rate (LPR) published by the National Interbank Funding Center on November 20, 2025 under the authority of the People's Bank of China.

3. "Regulations on Compulsory Scrapping Standards for Motor Vehicles" (Order No. 12, 2012, of the Ministry of Commerce, National Development and Reform Commission, Ministry of Public Security, and Ministry of Environmental Protection);

4. "Vehicle Purchase Tax Law of the People's Republic of China" (passed at the seventh meeting of the Standing Committee of the 13th National People's Congress on December 29, 2018);

5. "2025 Mechanical and Electrical Product Quotation Manual" (Machinery Industry Press);

6. Market inquiry information;

7. National macro and industry statistical analysis data;

8. Profit forecast and related information provided by the assessed unit;

9. Relevant information on comparable listed companies;

10. wind database;

11. On-site survey records and other relevant valuation information collected by the appraiser.

(6) Other references

1. Various types of "Asset Inventory Assessment Declaration Detailed Forms" provided by the assessed unit;

2. The "Asset Appraisal Entrustment Contract" signed between Shaanxi Ruisheng Company and our company;

3. Interview records of relevant personnel of Wujin Jinboli Company;

4. "Instructions on Matters Related to Asset Valuation" written by the client and the unit being assessed; 5. Letter of commitment from the client and the assessed unit;

5. Security inspection report for special equipment;

6. "Asset Valuation Standards Terminology 2020" (China Appraisal Association [2020] No. 31);

7. On-site inspection and verification records by evaluators, information collected during on-site surveys, and relevant information collected during parameter data selection during the evaluation process;

8. Other relevant information provided by the assessed unit.

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7. Evaluation method

(1) Selection of evaluation methods

According to the basic principles of asset valuation, the valuation methods for determining asset value include three basic methods: market method, income method and cost method (also known as asset-based method) and their derivative methods.

Asset appraisal professionals should analyze the applicability of the above three basic methods based on the appraisal purpose, appraisal object, value type, data collection, etc., and select an appraisal method in accordance with the law.

The valuation methods selected for this valuation are: income method and asset-based method. The reasons for choosing the assessment method are as follows:

1. Reasons for choosing the income method for evaluation: The basis of the income method is the expected utility theory of economics, that is, for investors, the value of an enterprise lies in the income that the enterprise is expected to generate in the future. Although the income method does not directly use reference objects in the actual market to explain the current fair market value of the evaluation object, it evaluates assets from the perspective of the expected profitability and value in use of the assets, which are the basic basis for determining the current fair market value of the assets. It can fully reflect the overall value of the enterprise, and its evaluation conclusions are relatively reliable and persuasive. From the perspective of the applicable conditions of the income method, since the company has independent profitability and the management of Wujin Jinboli Company has provided profit forecast data for future years, the company's future profit level can be reasonably predicted based on the company's historical operating data and the internal and external operating environment, and future benefits and risks can be reasonably quantified, so the income method is applicable to this evaluation.

2. Reasons for choosing the asset-based method for evaluation: The asset-based method is an evaluation method that uses the balance sheet as the basis to reasonably evaluate the value of the company's on- and off-balance sheet assets and liabilities and determine the value of the evaluation object. The assets and liabilities on and off the balance sheet on the valuation base date of Wujin Jinboli Company can be identified. The evaluators can collect the information required to meet the asset-based method from outside and conduct a comprehensive inventory and evaluation of the assets and liabilities of Wujin Jinboli Company. Therefore, the asset-based method is applicable to this evaluation.

3. The market method uses reference objects in the actual market to evaluate the current fair market value of the evaluation object. It has the characteristics of direct evaluation perspective and approach, intuitive evaluation process, evaluation data directly drawn from the market, and strong evaluation results. Since the current use of the market method in enterprise value evaluation is based on comparable listed companies or comparable transaction cases and the relevant financial operating indicators of the enterprise being evaluated, if it is only based on financial operating indicators without more consideration of individual differences in core competitiveness, marketing strategies, etc. of the enterprise, the evaluation results will deviate greatly from the actual value of the enterprise being evaluated. In addition, there is currently a lack of comparable companies that are similar or similar to the target company in the domestic capital market, the publicity of equity transaction information is not high, and there is a lack or difficulty in obtaining equity transaction cases of similar companies. Therefore, it is not appropriate to use the market method for this evaluation.

Therefore, the asset-based method and the income method were used for this evaluation.

(2) Introduction to evaluation methods

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1. asset based approach

The asset-based method in enterprise value evaluation refers to an evaluation method that uses the balance sheet of the evaluated unit as the basis for evaluation, evaluates the value of each identifiable asset and liability on and off the balance sheet, and determines the value of the evaluation object.

When using the asset-based method to evaluate enterprise value, the value of each asset should be determined by selecting appropriate specific evaluation methods based on its specific circumstances. The selected evaluation method may be different from the specific evaluation method when it is the object of individual asset evaluation, and its contribution to the enterprise value should be taken into consideration. The specific assessment methods for various types of assets and liabilities are as follows: (1) Specific assessment methods for current assets

Current assets included in the assessment include monetary funds, accounts receivable, prepayments, other receivables and inventories.

1. Monetary Fund Assessment Method

Monetary funds refer to media of exchange that can be immediately put into circulation to purchase goods or services or to repay debts, including cash and bank deposits. The specific evaluation methods are as follows:

A． Cash: Through cash counting, its assessed value is determined by its verified book value.

B． Bank deposits refer to various amounts of money deposited by enterprises in banks or other financial institutions, measured at amortized cost. Verify bank statements, bank letters, etc., and determine the appraised value based on the verified book value.

2. Accounts receivable evaluation method

Accounts receivable refers to the amount of money that an enterprise should collect for daily activities such as selling goods and providing services, measured at amortized cost. The assessed value of various receivables is determined based on the amount that may be recovered for each payment on the basis of verification. For those where there is good reason to believe that all receivables can be recovered, the assessed value is calculated based on the entire amount of receivables; for those that may not be able to recover part of the receivables, when it is difficult to determine the amount of unrecoverable accounts, with the help of historical data and on-site investigation, a detailed analysis of the amount, time and reason of arrears, payment recovery status, debtor's funds, credit, operating and management status, etc., and with reference to the aging analysis method, estimate this part of the receivables that may not be recovered, and calculate the assessed value after deducting risk losses; the "bad debt provision" account on the book is calculated as zero value.

3. Prepayment evaluation method

Prepayments refer to the amount paid in advance by an enterprise to suppliers and house lessors based on purchase and rental contracts. The appraised value is determined based on the value of assets or rights formed by the corresponding goods that can be recovered. For those who can recover the corresponding goods or rights, the verified book value shall be used as the assessed value. The deferred expenses in prepayments are evaluated based on the value of the assets and rights that the enterprise still enjoys after the valuation base date.

4. Other receivables evaluation methods

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For other receivables, the assessed value is determined based on the amount that may be recovered for each payment based on verification. For those where there is good reason to believe that all receivables can be recovered, the assessed value will be calculated based on the entire amount of the receivables; for those where part of the receivables may not be recovered, when it is difficult to determine the amount of unrecoverable accounts, the amount, time and reason for arrears, and payment recovery status will be analyzed in detail with the help of historical data and on-site investigations. The debtor's funds, credit, operating and management status, etc., refer to the aging analysis method, estimate this part of the money that may not be recovered, and calculate the estimated value after deducting the risk loss; if there is a solid basis to show that it cannot be recovered, it will be calculated as zero value; the "bad debt provision" account on the book will be calculated as zero value.

5. Inventory valuation method

The inventories on the valuation base date are mainly raw materials purchased by the enterprise. After verification, the raw materials have been purchased recently and the book value includes purchase cost, transportation and miscellaneous expenses, losses, inspection and storage and other reasonable expenses. The market price on the valuation base date has not changed much, so the valuation value is determined based on the audited book value.

(2) Non-current assets evaluation method

Non-current assets included in the assessment scope include fixed assets, right-of-use assets, deferred income tax assets, etc. 1) Equipment asset evaluation methods

Equipment assets included in the assessment scope include vehicles and electronic equipment.

According to the purpose of this evaluation, in accordance with the principle of continuous use in place, based on market prices, combined with the characteristics of the equipment and the situation of data collection, the cost method is mainly used to evaluate electronic equipment, and the market method is used to evaluate vehicles.

A． Vehicle Assessment Methods

Appraisal value = Reference vehicle transaction price × Adjustment coefficient for the time difference between the appraisal object and the reference vehicle × Adjustment coefficient for the difference in transaction conditions between the appraisal object and the reference vehicle

(A) Determination of reference vehicle transaction price

The appraiser collects relevant price information through market research, and combines it with information from large used car trading websites to comprehensively determine the used car quotation on the evaluation base date.

(B) Determination of the adjustment coefficient for the time difference between the evaluation object and the reference vehicle

By analyzing the difference in registration date between the vehicle being evaluated and the reference vehicle, the adjustment coefficient for the time difference between the evaluation object and the reference vehicle is determined.

(C) Adjustment coefficient for the difference in transaction conditions between the evaluation object and the reference vehicle

By analyzing the transaction conditions of the vehicle being evaluated and the reference vehicle, and special transaction methods, the evaluation is determined. Beijing Zhongheyi Asset Appraisal Co., Ltd. Page 19

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Adjustment coefficient for the difference in trading conditions between the target and reference vehicles.

(D) Determination of the adjustment coefficient for the difference in comprehensive vehicle condition between the evaluation object and the reference vehicle

By analyzing the degree of difference in comprehensive vehicle conditions such as static indicators and dynamic indicators between the vehicle being evaluated and the reference vehicle, the adjustment coefficient for the comprehensive vehicle condition difference between the evaluation object and the reference vehicle is determined.

B． Evaluation Methods for Electronic Equipment

The calculation formula of the cost method can be expressed as:

Appraisal value = replacement cost × comprehensive newness rate.

(A) Determination of replacement cost

Most of the electronic equipment is transported, installed and debugged by the dealer, and the replacement cost is determined directly based on the market purchase price. According to the "Notice on Comprehensively Launching the Pilot Program of Replacing Business Tax with Value-Added Tax" on March 24, 2016, the Ministry of Finance and the State Administration of Taxation published the attachment "Provisions on Transitional Policies for the Pilot Program of Replacing Business Tax with Value-Added Tax", the Ministry of Finance and the State Administration of Taxation's "Announcement on the Continuation of the Implementation of the VAT Exemption of Medical Services and Other Policies" (Ministry of Finance and State Administration of Taxation Announcement No. 68 of 2023), medical services, elderly care, etc. 40 The project is exempt from VAT during the transition period from business tax to VAT, and the assessed unit cannot deduct the input tax. The replacement cost includes VAT.

(B) Determination of comprehensive newness rate

For small electronic equipment, the comprehensive newness rate is mainly determined based on its economic life; for large electronic equipment, its working environment, operating conditions of the equipment, etc. are also referenced to determine its comprehensive newness rate. The calculation formula is: Comprehensive newness rate = (Economic Durable Life - Used Years)/Economic Durable Life x 100%

Or comprehensive newness rate = remaining useful life/(remaining useful life + used years) × 100%

(C) Determination of assessed value

Appraisal value = replacement cost × comprehensive newness rate

For electronic equipment that is overage and has good market liquidity, the evaluation value shall be determined based on the second-hand market price on the evaluation base date.

2. Valuation method of right-of-use assets

Right-of-use assets refer to the lessee’s right to use the leased asset during the lease term. The appraiser verified and understood the reasons for the occurrence of the right-of-use assets, reviewed relevant documents and original vouchers, and verified the cost content, lease amount, formation date, discount rate, estimated and amortized months, and the number of months of remaining income on the base date. This time, the verified book value was used as the appraisal value.

3. Deferred income tax asset valuation method

Deferred income tax assets refer to the tax timing differences caused by the enterprise's provision for bad debts, etc. The appraiser presses Beijing Zhongheyi Asset Appraisal Co., Ltd. Page 20

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The calculation of these timing differences was checked and verified according to the valuation procedures, and the verified book value was used as the valuation value.

(3) Current liabilities assessment method

Current liabilities included in the assessment scope include accounts payable, contract liabilities, employee benefits payable, other payables, etc.

1. Accounts payable evaluation method

Accounts payable refer to the amounts payable for operating activities such as purchasing materials, goods and accepting labor supply, measured at amortized cost. After verifying the main business content and date of occurrence of accounts payable, determine its estimated value based on the liability items and amounts that the company actually needs to bear.

2Contract liability assessment methods

A contract liability is an obligation to transfer goods or services to a customer for consideration received or receivable from the customer. After verifying the main business content and date of occurrence of contract liabilities, determine their estimated value based on the actual performance obligations that the enterprise needs to bear.

3. Methods for evaluating employee remuneration payable

Employee remuneration payable refers to various remuneration payable to employees in accordance with relevant regulations. After understanding the company's relevant employee compensation policies and the social insurance policies of the company's location, determine its appraisal value based on the verified book value.

4. Assessment method of taxes payable

Taxes payable refer to various taxes that have been withdrawn in advance but not yet paid based on the operating income, realized profits, etc., in accordance with the accrual basis principle and using certain tax calculation methods within a certain period of time, and are land use taxes payable, etc. After understanding the relevant tax burden and preferential tax policies of the enterprise, determine its assessed value based on the verified book value.

5. Other methods of assessment of accounts payable

Other payables refer to various other payables and temporary collections other than accounts payable, contract liabilities, employee salaries payable, etc.

For other payables, after verifying the main business content and date of occurrence, their assessed value will be determined based on the actual liability items and amounts that Wujin Jinboli Company needs to bear.

(4) Non-current liabilities assessment method

Non-current liabilities included in the assessment scope include estimated liabilities and deferred income tax liabilities.

1. Estimated liability evaluation method

Estimated liabilities refer to liabilities that may arise due to contingencies. Including expected product and service quality assurance losses, etc. Beijing Zhongheyi Asset Appraisal Co., Ltd. Page 21

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Based on various liability contents, accrual policies, and proportions, the assessed value is determined based on the verified book value.

2. Deferred income tax liability assessment method

Deferred income tax liabilities refer to income tax liabilities arising from the taxable temporary differences recognized when the book value of the assets of the assessed unit is greater than the tax base. The appraiser checked and verified the calculation of these timing differences in accordance with the appraisal procedures to determine the appraised value from the verified book value.

2. income approach

The income method in enterprise value evaluation refers to an evaluation method that capitalizes or discounts expected income to determine the value of the evaluation object. Specific methods commonly used in the income approach include the dividend discount method and the discounted cash flow method.

The dividend discount method is a specific method for discounting expected dividends to determine the value of the evaluation object. It is usually suitable for the evaluation of the partial equity value of shareholders who lack control.

The discounted cash flow method usually includes the enterprise free cash flow discounted model and the equity free cash flow discounted model.

Equity free cash flow discount method, the cash flow caliber is the cash flow attributable to shareholders, the corresponding discount rate is the cost of equity capital, and the valuation value is the value of all shareholders' equity. The cash flow calculation formula is:

Equity free cash flow = net profit + depreciation and amortization - capital expenditures - increase in working capital - repayment of interest-paying debt principal + new interest-paying debt principal

Enterprise free cash flow discount method, the cash flow caliber is the cash flow attributable to all investors, including shareholders and interest-paying debt creditors, the corresponding discount rate is the weighted average cost of capital, and the connotation of the appraisal value is the overall value of the enterprise. The cash flow calculation formula is:

Corporate free cash flow = net profit + depreciation and amortization + after-tax interest expense - capital expenditure - increase in working capital

This evaluation uses the discounted cash flow method, and the selected cash flow caliber is the company's free cash flow. The value of all shareholders' equity is indirectly obtained through the evaluation of the overall value of the company.

This evaluation uses the company's net free cash flow in the next few years as the basis, discounts it at an appropriate discount rate and sums it up to calculate the value of the company's overall operating assets. Then it adds the value of the surplus assets and net non-operating assets, and subtracts interest-bearing debt to get the value of all shareholders' equity.

(1) Calculation model

E = B − D Formula 1

In the formula: E is the market value of all shareholders’ equity of Wujin Jinboli Company; B is the overall market value of the enterprise; D is the market value of interest-paying liabilities. Among them, the overall market value B of the enterprise in Formula 1 is obtained according to the following formula: Beijing Zhongheyi Asset Appraisal Co., Ltd. Page 22

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Beijing Zhongheyi Asset Appraisal Co., Ltd. Page 23 B = P +  C

i

In Formula 2: P is the value of operating assets; ΣC is the non-operating assets and liabilities (including surplus) existing on the valuation base date.

i

remaining assets) value. Among them, the operating asset appraisal value P in Formula 2 is calculated according to the following formula:

n   R

P =  R

t



(

1+

r)−t

+

( r

n −+1

g)



(

1+

r)−n

Formula 3

t=1

The first half of the above formula is the value in the definite forecast period, and the second half is the value in the perpetual period (terminal value)

In the formula: R is the free cash flow of the enterprise in period t of the clear forecast period; t is the number of clear forecast periods; r is

t

Discount rate; R is the free cash flow of the enterprise in the perpetual period; g is the growth rate in the perpetual period, this evaluation g = 0; n is

n+1

Specify the end of the forecast period.

(2) Determination of key parameters in the model

1. Determination of expected income

This time, the company's free cash flow is used as a quantitative indicator of the company's expected earnings.

Corporate free cash flow is all cash flow after operating expenses and income taxes are paid, before cash is paid to the company's claimants. The calculation formula is:

Corporate free cash flow = net profit + depreciation and amortization + after-tax interest expense - capital expenditure - increase in working capital.

2. Determination of income period

The earnings period in enterprise value assessment usually refers to the number of years the enterprise will earn earnings in the future. In order to reasonably predict the future income of an enterprise, the income period of the enterprise can be divided into limited period and unlimited period according to the characteristics of the enterprise's production and operation as well as relevant laws and regulations, contracts and contracts.

This evaluation uses the perpetual life period as the income period. The sustainable life is usually forecast in two stages, namely the detailed forecast period and the stable forecast period. The first stage is from December 1, 2025 to December 31, 2030. During this stage, the income situation is changing according to the operating conditions and business plans of the enterprise being evaluated; the second stage is the sustainable operation period starting from January 1, 2031, during which the enterprise being evaluated will maintain a stable profitability level. 3) Determination of discount rate

There are many methods and approaches to determine the discount rate. According to the principle that the income amount and the discount rate caliber are consistent, the income amount caliber for this evaluation is the enterprise's free cash flow, and the discount rate is determined by the weighted average cost of capital (WACC). The calculation formula is:

E D

WACC = R +R (1−T) Formula 4

e D+E d D+E

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In the formula: Re is the cost of equity capital; Rd is the cost of interest-paying debt capital; T is the income tax rate.

4. Equity capital cost Re is calculated using the capital asset pricing model (CAPM), and its calculation formula is: R = R + β × ERP + R Formula 5 e f s

In the formula: R is the return on equity; R is the risk-free rate of return; β is the risk coefficient; ERP is the market risk

f

Excess return; R is the company-specific risk excess return

s

5. Determination of the assessed value of interest-paying debt

The assessed unit has no interest-paying debts on the base date.

6. Determination of the estimated value of surplus assets, non-operating assets and liabilities

Non-operating assets and liabilities (including surplus assets) here refer to assets and liabilities not involved in the company's free cash flow forecast. Including: some other receivables, deferred income tax assets, right-of-use assets, some other payables, estimated liabilities, taxes payable and deferred income tax liabilities. For non-operating assets and liabilities (including surplus assets), the cost method is used for evaluation separately this time.

8. Implementation process and situation of evaluation procedures

This evaluation procedure is mainly carried out in four stages. The main evaluation process is as follows:

(1) Accept entrustment

Negotiate with the client, clarify the basic matters of the appraisal business, conduct a comprehensive analysis and evaluation of one's own professional competence, independence and business risks, and sign an asset appraisal entrustment contract; determine the project leader, form an appraisal project team, and prepare an appraisal plan; guide the appraised unit to inventory assets, fill in the asset appraisal declaration form, and prepare the information required for the appraisal.

(2) On-site investigation and collection and evaluation data stage

According to the specific circumstances of this appraisal business, in accordance with the requirements of the appraisal procedure guidelines and other relevant regulations, the appraisers conducted necessary inventory and verification of the assets and liabilities involved in the appraisal object through inquiry, correspondence, verification, supervision, exploration, inspection, spot checks, etc., conducted necessary due diligence on the operation and management status of the appraised unit, obtained appraisal data from various possible channels, verified the scope of the appraisal, understood the current status of the appraisal object, and paid attention to the legal ownership of the appraisal object.

(3) Assessment and estimation stage

The evaluators conduct necessary analysis, summary and arrangement of the collected evaluation data to form the basis for evaluation and estimation; based on the evaluation object, value type, evaluation data collection and other relevant conditions, select applicable evaluation methods, select corresponding formulas and parameters for analysis, calculation and judgment, and form preliminary evaluation results.

Based on the preliminary evaluation results of various assets, prepare relevant evaluation instructions, and verify and confirm the relevant evaluation instructions Beijing Zhongheyi Asset Appraisal Co., Ltd. Page 24

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On the basis that the assessment results of specific asset projects are accurate and there are no duplications or omissions in the assessment work, a summary analysis of asset assessments will be conducted based on each asset assessment description, the final assessment conclusion will be determined, and an asset assessment report will be written.

(4) Preparation and submission of asset assessment report stage

In accordance with relevant laws, regulations, asset appraisal standards and the internal quality control system of the appraisal agency, conduct necessary internal audits on the appraisal report and the implementation of appraisal procedures; conduct necessary communication with Shaanxi Ruisheng Company or relevant parties permitted by the client on the relevant content of the appraisal report; submit a formal asset appraisal report to Shaanxi Ruisheng Company according to the requirements of the asset appraisal entrustment contract.

9. Evaluate assumptions

Due to the changes in the operating environment of the enterprise and the constantly changing factors that affect the value of assets, some assumptions must be established so that valuation professionals can make value judgments on assets and fully support the valuation conclusions we draw. This evaluation is based on the following premises and assumptions:

(1) General assumptions

1. Trading Assumptions

The trading assumption assumes that all assets to be valued are already in the process of trading, and valuation professionals conduct valuations based on simulated market conditions such as the trading conditions of the assets to be valued. Trading assumptions are one of the most basic assumptions for asset valuation to be carried out.

2. open market hypothesis

The open market assumption assumes that for assets traded in the market, or assets intended to be traded on the market, both parties to the asset transaction have equal status, and both parties have the opportunity and time to obtain sufficient market information to make rational judgments about the function, use and transaction price of the asset. The open market assumption is based on the fact that assets can be bought and sold publicly in the market.

3. Going concern assumption

The going concern assumption of an enterprise assumes that the business being evaluated is legal and that there will be no unforeseen factors that would cause it to be unable to continue operating.

(2) Special assumptions

1. This valuation is based on the specific valuation purposes listed in this asset valuation report as the basic assumptions;

2. Assumption of no major changes: It is assumed that there will be no major changes in the country's current relevant laws and regulations, the country's macroeconomic situation, and that there will be no unforeseen major changes in the external economic environment such as interest rates, exchange rates, tax bases and tax rates, policy collection fees, etc.

3. Assumption of no adverse impact: It is assumed that there are no other force majeure factors and unforeseen factors that will have any impact on the assessed Beijing Zhongheyi Asset Appraisal Co., Ltd. Page 25

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The unit's unvalued assets and liabilities have a significant adverse impact;

4. Assumption of consistent direction: It is assumed that the assessed unit's business scope and methods are consistent with the current direction based on the existing management methods and management levels, without considering changes in operating capabilities that may be caused by adjustments to management and business strategies in the future;

5. Policy consistency assumption: It is assumed that the accounting policies that the assessed unit will adopt in the future are basically consistent in important aspects with the accounting policies adopted when preparing this report;

6. Assumption of continued use of assets: It is assumed that the assets being evaluated will continue to be used according to the current purpose and use method, scale, frequency, environment, etc., without considering the best utilization of each asset;

7. Data authenticity assumption: It is assumed that the financial reports and transaction data of the comparative companies based on which the evaluators are based are true and reliable. The relevant basic information and financial information provided by the assessed unit and the client are true, accurate and complete. It is assumed that the unaudited historical annual income statement data provided by the assessed unit can reflect the true operating status of the assessed unit;

8. Expiration renewal assumption: It is assumed that various qualification certificates supporting business-related operations apply for renewal after expiration and are approved;

9. Cash flow stability assumption: It is assumed that the assessed unit obtains net cash flow evenly throughout the year;

10. Assuming that the current lease contract can still be renewed as scheduled after it expires, it will not have an impact on the operations of the assessed unit;

11. The valuation scope is only based on the valuation declaration form provided by Wujin Jinboli Company, and does not take into account the contingent assets and contingent liabilities that may exist beyond the list provided by Wujin Jinboli Company;

12. According to the "Announcement on the Continuation of the Policy of Exempting Value-Added Tax on Medical Services and Other Policies" by the Ministry of Finance and the State Administration of Taxation (Announcement No. 68 of 2023 of the Ministry of Finance and the State Administration of Taxation), 40 projects such as medical services and elderly care are exempt from VAT during the transition period from business tax to VAT. This assessment assumes that the tax exemption policy will continue during the forecast period;

13. According to the "Announcement on Relevant Tax Policies to Further Support the Development of Small and Micro Enterprises and Individual Industrial and Commercial Households" by the Ministry of Finance and the State Administration of Taxation (Announcement No. 12, 2023, of the Ministry of Finance and the State Administration of Taxation), small and micro enterprises are entitled to a reduced rate of 25% to calculate taxable income, a corporate income tax policy of 20%, and a halved stamp duty. Extended until December 31, 2027. This evaluation assumes that the preferential policy will be terminated after expiration. That is, if the taxable income tax for the current year is less than or equal to 3 million before the end of 2027, the income tax rate will be 5%, otherwise it will be 25%. Starting from 2028, the income tax rate will be 25%.

When events inconsistent with the aforementioned assumptions occur, the evaluation results will generally be invalid.

10. Evaluation Conclusion

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All equity and asset evaluation report of shareholders of Changzhou Wujin Jinboli Dental Clinic Co., Ltd.

(1) Assessment results using asset-based method

After the implementation of the valuation procedures, on the valuation base date, the asset-based method valuation conclusion under the assumption that all equity interests of the shareholders are continuing operations is as follows:

The book value of total assets is 9.6658 million yuan, and the appraised value is 9.7821 million yuan. The appraised value has an increase of 116,300 yuan compared with the book value, with a value-added rate of 1.20%. The book value of total liabilities is 3.186 million yuan, and the appraised value is 3.186 million yuan. The appraised value has no change from the book value; the total book value of net assets (all shareholders' equity) is 6.4798 million yuan, and the appraised value 6.5961 million yuan, the appraised value has increased by 116,300 yuan compared with the book value, and the value-added rate is 1.80%. See the table below for details:

Summary table of asset evaluation results

Appraised unit: Changzhou Wujin Jinboli Dental Clinic Co., Ltd. Amount unit: RMB 10,000 Book value Appraisal value Increase or decrease Value-added rate (%) items

A B C = B - A D = C /

A×100% current assets 1 917.69 917.69

Non-current assets 2 48.89 60.52 11.63 23.79Including: fixed assets 3 27.36 38.99 11.63 42.51Right-of-use assets 4 20.27 20.27

Deferred income tax assets 5 1.26 1.26

Total assets 6 966.58 978.21 11.63 1.20 Current liabilities 7 316.08 316.08

Non-current liabilities 8 2.52 2.52

Total liabilities 9 318.60 318.60

Net assets 10 647.98 659.61 11.63 1.80 For details of the valuation conclusion, please refer to the asset-based method valuation schedule.

(2) Income method evaluation results

After the implementation of the evaluation procedures, on the evaluation base date, the income method evaluation conclusion of all equity interests of the shareholders under the assumption of going concern is as follows:

The book value of net assets (all shareholders' equity) is 6.4798 million yuan, and the appraised value is 27.700 million yuan. The appraised value has an appreciation of 21.2202 million yuan compared with the book value, and the appreciation rate is 327.48%. See the table below for details:

Summary table of asset evaluation results

Appraised unit: Changzhou Wujin Jinboli Dental Clinic Co., Ltd. Amount unit: RMB 10,000 Book value Appraisal value Increase or decrease Value-added rate (%) items

A B C = B - A D = C /

A×100%Beijing Zhongheyi Asset Appraisal Co., Ltd. Page 27

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All equity and asset evaluation report of shareholders of Changzhou Wujin Jinboli Dental Clinic Co., Ltd.

Book value Appraisal value Increase or decrease Appreciation rate (%) items

A B C = B - A D = C /

A×100% current assets 1 917.69

Non-current assets 2 48.89

Including: fixed assets 3 27.36

Right-of-use assets 4 20.27

Deferred income tax assets 5 1.26

Total assets 6 966.58

Current liabilities 7 316.08

Non-current liabilities 8 2.52

Total liabilities 9 318.60

Net assets 10 647.98 2,770.00 2,122.02 327.48 For details of the valuation conclusion, please refer to the income method valuation schedule.

(3) Analysis of differences between asset-based method valuation results and income method valuation results

For this evaluation, we used the income method and the asset-based method respectively to value the entrusted object through different channels. The evaluation value of the asset-based method was 6.5961 million yuan; the evaluation value of the income method was 27.700 million yuan. The difference in the evaluation results of the two methods was 21.1039 million yuan, with a difference rate of 319.95%.

The asset-based method starts from the perspective of asset replacement cost and replaces the historical cost with market value for all individual assets and liabilities on the company's balance sheet; the income method starts from the perspective of future income and uses the sum of the present value of future income after risk discounting as the evaluation value, which reflects the future profitability of the asset.

It is therefore normal to see differences between valuation results using the income approach and the asset-based approach.

(4) Final evaluation results

Considering that in general, the asset-based approach blurs the distinction between individual assets and overall assets. All overall assets have comprehensive profitability. The asset-based method can only reflect the own value of the enterprise's assets, but cannot comprehensively and reasonably reflect the overall value of the enterprise, and the cost method cannot cover the value of intangible assets such as customer resources, goodwill, and human resources. Wujin Jinboli Company was established in 2017. After years of development, it has formed its own unique business philosophy, business strategies, and business methods. After investigation of the financial status of Wujin Jinboli Company and analysis of historical operating performance, and in accordance with the provisions of the asset appraisal standards, combined with the object of this asset evaluation, the purpose of the evaluation, and the applicable value type, and through comparative analysis, the appraiser believed that the evaluation results of the income method can more comprehensively and reasonably reflect the value of all shareholders’ equity of Wujin Jinboli Company. Therefore, the income method evaluation results were selected as the final evaluation conclusion of the value of all shareholders’ equity of Wujin Jinboli Company.

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All equity and asset evaluation report of shareholders of Changzhou Wujin Jinboli Dental Clinic Co., Ltd.

Based on the above factors, the income method result is selected as the final assessment conclusion this time, that is: the total assessed value of the shareholders of Wujin Jinboli Company is 27.70 million yuan, that is: RMB 2,077,000 yuan.

11. Special Notes

The following matters are beyond the professional level and ability of our company's appraisers to evaluate and estimate, but these matters may indeed affect the appraisal conclusion. Users of this appraisal report are reminded to pay special attention to this:

(1) Incomplete or defective ownership and other information

According to the commitment of Wujin Jinboli Company, it is determined that the assets and liabilities included in the assessment scope do not have any property rights defects.

(2) Uncertain factors such as pending matters and legal disputes

According to the commitment of Wujin Jinboli Company, the assets and liabilities determined to be included in the assessment scope do not involve pending matters such as legal and economic matters.

(3) Important utilization of expert work and related reports

Shaanxi Ruisheng Company hired Sigma Accounting Firm (Special General Partnership) to audit the book value involved in this evaluation, and issued an unqualified audit report No. Xihuishenzi (2025) 5423. The audited assets to be estimated include four categories: current assets, fixed assets, right-of-use assets, and deferred income tax assets. The total assets are 966.58 Ten thousand yuan. The liabilities to be estimated include current liabilities and non-current liabilities. The total liabilities are 3.186 million yuan and the total net assets are 6.4798 million yuan.

Since this audit only audited the balance sheet, this assessment utilized the balance sheet audit data from the above-mentioned special audit report.

In accordance with the provisions of the valuation standards, the valuation professionals have conducted inventory, verification, analysis, and judgment on all assets and liabilities included in the valuation scope. However, it is not the responsibility of the asset valuation professionals to express professional opinions on whether the relevant financial statements fairly reflect the financial status, operating results, and cash flows of the current period on the valuation base date.

(4) Major post-period events

According to the commitment of Wujin Jinboli Company, from the assessment base date to the assessment report date, there are no major events that affect the assessment premise and assessment conclusion and require adjustment of the assessment conclusion.

(5) Restrictions on the evaluation procedures, remedial measures taken by the evaluation agency and their impact on the evaluation conclusions. This evaluation did not limit the on-site inspection of physical assets or the inventory and evaluation procedures of non-physical assets and liabilities due to limitations in asset performance, storage location restrictions, litigation preservation restrictions, limitations in technical performance, limitations in commercial or state secrets, etc.

(6) The nature and amount of guarantees, leases and their contingent liabilities (contingent assets) and their relationship with the evaluation object

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All equity and asset evaluation report of shareholders of Changzhou Wujin Jinboli Dental Clinic Co., Ltd.

The right-of-use asset evaluated this time is the lease of Wujin Clinic located at No. 11-9 Wuyi North Road, Wujin Hutang, Wujin District, Changzhou City, which is used for the operation and office of Wujin Jinboli Company. The original book value after audit is 1,459,654.20 yuan, and the net book value is 202,729.75 yuan.

Wujin Jinboli Company (Party B/lessee) signed a "House Lease Agreement" with Hutang Institute of Changzhou Municipal Natural Resources and Planning Bureau (Party A/lessor). The agreement stipulates that Party A will rent a house with an area of 2,603.96 square meters located at No. 11-9 Wuyi North Road, Wujin Hutang, Wujin District, Changzhou City to Party B for business office. The lease period is from May 11, 2025 to May 2026. 11th, for a total of 3 years. The annual rent of the house totals RMB 508,000.00, which is settled annually. During the lease period, Party B will be responsible for water, electricity, sanitation, telephone, property management, television, heating and other expenses. At the end of the lease, Party B must pay off the outstanding balance. When the house lease expires, the contract will be automatically terminated. After expiration, public leasing will be conducted in accordance with national policies. If Party B intends to continue renting, he should participate in the public leasing bidding of the house and enjoy the priority right to rent at the same price. This evaluation assumes that the assessed unit can continue to rent the house through the public leasing and bidding process and will not have an impact on the operations of the assessed unit.

According to the commitment of Wujin Jinboli Company, in addition to the above matters, other assets and liabilities determined to be included in the assessment scope do not involve matters such as guarantees, leases and their contingent liabilities (contingent assets).

(7) Defects in the economic behavior corresponding to this asset valuation that may have a significant impact on the valuation conclusion.

According to Wujin Jinboli Company's commitment, it is determined that the economic behavior corresponding to the assessment will not have a significant impact on the assessment conclusion.

(8) The impact of audit disclosures on the assessed value

None.

(9) The assessed value of taxes payable in this assessment conclusion is determined based on the verified book value. The taxes payable shall be subject to the tax settlement by the tax authorities. This assessment conclusion does not take into account possible changes in tax liability resulting from increases or decreases in the assessed value.

(10) This evaluation adopts the corporate free cash flow discount model. The evaluation results have taken into account the premium due to factors such as controlling rights, but have not considered the impact of the lack of liquidity of the entrusted equity on the evaluation results.

(11) This asset appraisal report is made based on the relevant information provided by the client, the appraised unit and relevant parties. It is the responsibility of the client and relevant parties to provide necessary information and ensure the authenticity, legality and completeness of the information provided; the responsibility of the appraisal professional is to analyze, estimate and issue professional opinions on the value of the appraisal object for the specific purpose on the appraisal base date. Appraisal professionals review this information and Beijing Zhongheyi Asset Appraisal Co., Ltd. Page 30

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All equity and asset evaluation report of shareholders of Changzhou Wujin Jinboli Dental Clinic Co., Ltd.

The necessary verification, verification and disclosure of sources does not mean that any guarantee is provided for the authenticity, legality and completeness of the above-mentioned information. Confirming or expressing opinions on the information and its sources is beyond the scope of practice of evaluation professionals.

(12) The future profit forecast of Wujin Jinboli Company involved in this assessment is based on the profit forecast formulated by the management of the assessed unit. We have conducted the necessary review of the above profit forecast and made appropriate adjustments based on the information learned during the evaluation process.

(13) The valuation assumption used in this income method valuation is a reasonable prediction of the future operations of the valuation object under current conditions. If various unpredictable and unavoidable factors appear in the future that may affect the realization of the assumptions, it will affect the degree of realization of the profit forecast. We would like to remind principals and other relevant parties that we do not guarantee that the above assumptions can be realized, and we do not assume any obligation to realize or help realize the above assumptions.

(14) In this evaluation, we looked for the financial reports and transaction data of the comparative companies in wind. Our estimation work relies heavily on the above-mentioned financial statement data and transaction data, and we assume that the above-mentioned financial statement data and relevant transaction data are true and reliable. The fact that our estimates rely on the data in these financial statements does not represent any assurance on our part that the financial information is correct and complete, nor does it express any assurance that there are no other requirements for such information that would conflict with our use of the data.

12. Restrictions on the use of asset evaluation reports

(1) This appraisal report can only be used by the appraisal report users specified in the asset appraisal entrustment contract, and can only be used for the appraisal purposes and uses specified in the asset appraisal entrustment contract.

(2) If the client or other user of the asset appraisal report fails to use the asset appraisal report in accordance with the provisions of laws, administrative regulations and the scope of use stated in the asset appraisal report, the asset appraisal agency and its asset appraiser shall not be held responsible.

(3) Except for the client, other asset appraisal report users agreed in the asset appraisal entrustment contract, and asset appraisal report users specified in laws and administrative regulations, no other institution or individual can become the user of the asset appraisal report.

(4) The user of the asset appraisal report should correctly understand the appraisal conclusion. The appraisal conclusion is not equivalent to the achievable price of the appraisal object, and the appraisal conclusion should not be considered as a guarantee of the achievable price of the appraisal object.

(5) If all or part of the content of this asset appraisal report is excerpted, quoted or disclosed in the public media, the relevant content needs to be reviewed by the appraisal agency. Without the review of the relevant content by the appraisal agency, the content of the appraisal report shall not be excerpted, quoted or disclosed in the public media, unless otherwise stipulated by laws and regulations and otherwise agreed by the relevant parties.

(6) This asset appraisal report can be officially used only after it has been signed by the asset appraiser and stamped by the appraisal agency.

(7) This valuation conclusion is based on the Wujin Jinboli Company Beijing Zhongheyi Assets Appraisal Co., Ltd. Page 31 when November 30, 2025 is used as the valuation base date.

Matters involved in the proposed equity acquisition of Shaanxi Ruisheng Biotechnology Co., Ltd.

All equity and asset evaluation report of shareholders of Changzhou Wujin Jinboli Dental Clinic Co., Ltd.

An objective and fair reflection of the market value of all equity interests of the company’s shareholders. When major events occur after the valuation base date, this valuation conclusion cannot be used directly.

(8) According to the "Asset Appraisal Practice Standards - Asset Appraisal Report", "The asset appraisal report can only be used when the distance between the appraisal base date and the realization date of the economic behavior is not more than one year." The validity period of this appraisal conclusion is one year from the appraisal base date, that is, from November 30, 2025 to November 29, 2026. If the asset status and market conditions change significantly compared with the relevant conditions on the valuation base date, Shaanxi Ruisheng Company shall entrust an appraisal agency to perform appraisal update business or reassessment.

13. Asset Assessment Report Day

The official submission date of this assessment report is December 31, 2025, which is the date when the assessment conclusion is formed.

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All equity and asset evaluation report of shareholders of Changzhou Wujin Jinboli Dental Clinic Co., Ltd. involved in the proposed equity acquisition of Shaanxi Ruisheng Biotechnology Co., Ltd.

Asset Valuation Report Attachment

Attachment 1: Original asset evaluation results summary sheet;

Attachment 2: Copies of relevant economic behavior documents;

Attachment 3: Copy of the audit report on the assessment base date of the assessed unit;

Attachment 4: Copies of the "Business License" of the client and the assessed unit;

Attachment 5: Copies of the main ownership certificates involved in the evaluation object;

Attachment 6: Original letter of commitment from the client and relevant parties;

Attachment 7: Original copy of "Asset Appraiser's Commitment Letter";

Attachment 8: Copy of the "Business License" of the evaluation agency;

Attachment 9: Copies of the evaluation agency’s filing documents;

Attachment 10: A copy of the appraisal agency’s “Registration List of Asset Appraisal Institutions Engaging in Securities Services Business”; Attachment 11: A copy of the registration documents or qualification certificates of signed asset appraisal professionals.

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