600461: Jiangxi Hongcheng Environment Co.Ltd(600461) statement on asset appraisal of the verification of the value of all shareholders’ equity of Jiangxi Dingyuan ecological environmental protection Co., Ltd. involved in the issue of shares to be issued and the payment of cash to purchase assets – 3 (zming Ping Bao Zi [2022] No. 2020)

600461: Jiangxi Hongcheng Environment Co.Ltd(600461) verification of the total equity value of shareholders of Jiangxi Dingyuan ecological environmental protection Co., Ltd. involved in the issue of shares to be issued and the payment of cash for the purchase of assets – 3 (Zhong Ming Ping Bao Zi [2022] No. 2020) (16) calculation of enterprise free cash flow the income type used in this appraisal is enterprise free cash flow, Enterprise free cash flow refers to the cash flow attributable to all investors, including shareholders and creditors of interest paying debts. Its calculation formula is: enterprise free cash flow = net profit before interest and after tax + depreciation and amortization – capital expenditure – changes in net working capital. See the following table for details of enterprise free cash flow of Hongcheng Kangheng in the coming years