Value of total equity of shareholders of Hunan Jiuzhitang Co.Ltd(000989) medicine Co., Ltd
Forecast Report
Dongzhou forecaster Zi [2022] No. 0003
Shanghai Dongzhou Assets Appraisal Co., Ltd
April 24, 2022
Forecast Report
Project Name: estimated report of total equity value of shareholders of Hunan Jiuzhitang Co.Ltd(000989) Pharmaceutical Co., Ltd. estimated Report No.: Dongzhou Zhizhi [2022] No. 0003
The client Yifeng Pharmacy Chain Co.Ltd(603939) and Jiuzhitang Co.Ltd(000989) .
The estimate report is used by the client. The purpose of user estimation is to provide value reference for the client to understand the value of all shareholders’ equity of Hunan Jiuzhitang Co.Ltd(000989) Pharmaceutical Co., Ltd.
The estimated base date is December 31, 2021.
The estimated object and this estimated object are the value of all shareholders’ equity of Hunan Jiuzhitang Co.Ltd(000989) Pharmaceutical Co., Ltd. Scope of estimation the scope of this estimation is all assets and liabilities of Hunan Jiuzhitang Co.Ltd(000989) Pharmaceutical Co., Ltd. after simulating the stripping of related businesses of health building stores, including current assets, non current assets and liabilities. The total book value of all assets in the consolidated statements declared by the estimated unit is 50971282999 yuan, the total book value of liabilities is 36928624829 yuan, and the net assets attributable to the parent company is 14042658170 yuan.
Introduction to the target enterprise: Hunan Jiuzhitang Co.Ltd(000989) Pharmaceutical Co., Ltd. was established on December 1, 2004, with its domicile at No. 339, tongzipo West Road, Changsha high tech Development Zone, and its legal representative is Guo Caihong. The business scope includes drugs, western medicine, Chinese patent medicine, protein assimilation preparations, peptide hormones, class I medical devices, class II medical devices, class III medical devices, prepackaged food, dairy products, bulk food, baby products, chemical reagents and daily chemical products (excluding dangerous and monitored chemicals), Cereals, beans and potatoes, cosmetics and sanitary products, cleaning products Wholesale of sanitary and toilet equipment and appliances, daily necessities, daily utensils and daily groceries, ceramics, glassware, instruments and meters, hardware products, furniture, glasses, traditional Chinese medicine decoction pieces, biological products and drinking water; Self operated and acting as an agent for the import and export of various commodities and technologies, except for the commodities and technologies that the state restricts the company to operate or prohibits the import and export; Wholesale and purchase of traditional Chinese medicine; Sales of health products, disinfectants, glass instruments, agricultural and sideline products and primary food Shenzhen Agricultural Products Group Co.Ltd(000061) ; Commodity information consulting services; Medical equipment leasing services; Information system integration service; Information technology consulting services; Computer technology development and technical services; Medical information and technical consulting services; Conference services; Rental of premises; Organization of training activities; Wholesale of medical diagnosis, monitoring and treatment equipment; Logistics agency services; Warehousing agency services; Software development system integration services. (for projects subject to approval according to law, business activities can be carried out only after approval by relevant departments,
Without approval, it is not allowed to engage in P2P online lending, equity crowdfunding, Internet insurance, asset management, cross-border finance, third-party payment, virtual currency trading, ICO, illegal foreign exchange and other Internet financial businesses). As of the base date of estimation, the subordinate long-term equity investment units are as follows:
No. name of investee date of establishment equity ratio
1 Hunan Jiuzhitang Co.Ltd(000989) retail chain Co., Ltd. February 200190%
1-1 Changde Jiuzhitang Co.Ltd(000989) Jinyuan pharmacy Co., Ltd. December 2019100%
2. Changde Jiuzhitang Co.Ltd(000989) Pharmaceutical Co., Ltd. 90% in September 2000
Value type market value. The prediction method is selected. The prediction object meets the preconditions for the application of the income method: the target enterprise will continue to operate, the period of future income can be determined, there is a stable relationship between shareholders’ equity and enterprise operating income, the future operating income can be correctly predicted and measured, and the risk return related to the expected income of the enterprise can be estimated and measured, Therefore, the income method is used for estimation this time.
The income method is basically based on the asset composition and business characteristics of the estimated unit. The basic idea of this estimation is to first adopt the discounted cash flow method (DCF), and select 2% of the growth rate in the sustainable period with reference to the increase of China’s CPI to estimate the value of the operating assets of the enterprise; Plus the value of other non operating or surplus assets, liabilities and surplus assets on the base date, after deducting the interest payment debt, the value of all equity of the enterprise’s shareholders can be obtained.
Special note 1. The financial data of the target enterprise’s historical year and the estimated base date involved in the estimation and calculation are the data after simulating the stripping of the business related to the health building stores, which are provided by the client Jiuzhitang Co.Ltd(000989) Co., Ltd. this estimation does not carry out on-site inventory and financial data review and analysis, and the authenticity and reliability of the financial data of the target enterprise are the responsibility of the client.
Estimation assumptions 1. General assumptions
Trading assumption: it is assumed that all assets to be estimated are already in the process of trading, and the forecasters estimate the value of the simulated market according to the trading conditions of the assets to be estimated.
Transaction assumption is the most basic premise for asset estimation.
Open market hypothesis: it is a kind of assumption about the market conditions that the assets intend to enter and the impact that the assets will accept under such market conditions. The open market refers to the fully developed and perfect market conditions. It refers to a competitive market with voluntary buyers and sellers. In this market, buyers and sellers have equal status and have the opportunity and time to obtain sufficient market information. The transactions between buyers and sellers are carried out under voluntary, rational, non mandatory or unrestricted conditions. The open market hypothesis is based on the fact that assets can be bought and sold publicly in the market.
Business continuity assumption: it is assumed that the production and operation business of the estimated unit can legally continue to operate according to its current situation under the conditions of existing assets and resources and within the foreseeable future operation period
In the future, there will be no major adverse changes in its operating conditions.
2. General assumptions
This estimate assumes that there will be no unforeseen major adverse changes in the current relevant laws, macroeconomic, financial and industrial policies and other external economic environment of the region involved after the base date, and there will be no significant impact caused by other human irresistible and unforeseen factors.
This estimate does not take into account the impact of the mortgage and guarantee that the estimated unit and its assets may bear in the future, as well as the additional price that may be paid by special transaction methods on its estimation conclusion. It is assumed that there is no significant change in the socio-economic environment where the estimated unit is located and the fiscal and tax policies such as tax and tax rate, and the financial policies such as credit policy, interest rate and exchange rate are basically stable. The current and future business of the estimated unit is legal and compliant, and complies with the relevant provisions of its business license and articles of association.
3. Special assumptions of income method
The future income of the estimated unit can be reasonably expected and measured in currency; The risk corresponding to the expected return can be measured; The term of future income can be determined or reasonably expected.
The current and future management of the estimated unit will perform its operation and management functions legally and diligently. After the implementation of this economic act, there will be no situation that will seriously affect the development of the enterprise or damage the interests of shareholders, and continue to maintain the existing operation and management mode and management level.
In the future forecast period, the core management personnel and technical personnel of the estimated unit are relatively stable, and there will be no major changes affecting the business development and income realization of the enterprise.
The accounting policies adopted by the estimated sheet after the estimation base date are consistent with those adopted when preparing this estimation report in terms of importance.
It is assumed that the cash flow of the estimated unit will flow in and out evenly after the estimation base date.
This estimate assumes that after the expiration of the office lease contract of the subject company, the estimated unit can obtain renewal and continue to use according to the agreed conditions of the lease contract, or obtain a business site with similar conditions and scale at the market rent price level at that time.
Estimation conclusion as of the benchmark date, the estimated value of all shareholders’ equity of Hunan Jiuzhitang Co.Ltd(000989) Pharmaceutical Co., Ltd. is 390 million yuan.
Special tips: 1 The estimated price is for reference only, and the final conclusion of the valuation report shall prevail; 2. The estimate is only provided as an information and cannot be used as a basis for economic behavior.
Shanghai Dongzhou Assets Appraisal Co., Ltd. April 24, 2022
