02631 天岳先进 展示文件：J. 物业估值报告
Asia-PacificConsultingandApraisalLimited
Flat/RmA,12/F
KiuFuComercialBuilding
300LockhartRoad
WanChai
HongKong
August 11,2025
TheBoardofDirectors
SICO.,LTD.
No.99,SouthTianyueRoad,
HuaiyinDistrict,
JinanCity,
ShandongProvince,
ThePRC
DearSirs,
Instructions,PurposeandDateofValuation
InacordancewithyourinstructionstovalueselectedthepropertyinterestsheldbySIC
CO.,LTD.(the“Company”)anditsubsidiaries(hereinaftertogethereferedtoasthe“Group”)
inthePeople’sRepublicofChina(the“PRC”).Weconfirmthatwehavecariedoutinspections,
maderelevantenquiriesandsearchesandobtainedsuchfurtherinformationasweconsider
necesaryforthepurposeofprovidingyouwithouropiniononthemarketvaluesoftheproperty
interestsasat31May2025(the“ValuationDate”).
TheselectedpropertyinterestsformpartoftheGroup’snon-propertyactivitiesthathasa
caryingamountof15%ormoreoftheGroup’stotalasetsandthereforethevaluationreportof
thispropertyinterestsisrequiredtobeincludedinthisprospectus.
BasisofValuation
Ourvaluationwascariedoutonamarketvaluebasis.Marketvalueisdefinedas“the
estimatedamountforwhichanasetorliabilityshouldexchangeontheValuationDatebetwena
wilingbuyerandawilingselerinanarm’s-lengthtransactionafterpropermarketingandwhere
thepartieshadeachactedknowledgeably,prudently,andwithoutcompulsion”.
MethodsofValuation
Duetothenatureofthebuildingsandstructuresofthepropertiesandtheparticularlocation
inwhichtheyaresituated,thereareunlikelytoberelevantmarketcomparablesalesreadily
available,thebuildingsandstructuresofthepropertieshavebenvaluedbythecostaproach
withreferencetotheirdepreciatedreplacementcosts.
Depreciatedreplacementcostisdefinedas“thecurentcostofreplacinganasetwithits
modernequivalentasetlesdeductionsforphysicaldeteriorationandalrelevantformsof
obsolescenceandoptimization.”Itisbasedonanestimateofthemarketvalueforthexistinguse
oftheland,plusthecurentcostofreplacementoftheimprovements,lesdeductionforphysical
deteriorationandalrelevantformsofobsolescenceandoptimization.Inarivingathevalueof
thelandportion,referencehasbenmadetothesalesevidenceasavailableinthelocality.The
depreciatedreplacementcostofthepropertyinterestisubjectoadequatepotentialprofitability
oftheconcernedbusines.Inourvaluation,itapliestothewholeofthecomplexordevelopment
asauniqueinterest,andnopiecemealtransactionofthecomplexordevelopmentisasumed.
ValuationAsumptions
Ourvaluationhasbenmadeontheasumptionthatheselerselsthepropertyinterestsin
themarketwithouthebenefitofadeferedtermcontract,leaseback,jointventure,management
agrementoranysimilararangement,whichcouldservetoafecthevaluesoftheproperty
interests.
Noalowancehasbenmadeinoureportforanycharge,mortgageoramountowingonany
ofthepropertyinterestsvaluednorforanyexpenseortaxationwhichmaybeincuredinefecting
asale.Unlesotherwisestated,itisasumedthathepropertiesarefrefromencumbrances,
restrictionsandoutgoingsofanonerousnature,whichcouldafectheirvalues.
ValuationStandards
Invaluingthepropertyinterests,wehavecompliedwithalrequirementscontainedin
Chapter5andPracticeNote12oftheRulesGoverningtheListingofSecuritiesisuedbyThe
StockExchangeofHongKongLimited;theRICSValuation—ProfesionalStandardspublished
bytheRoyalInstitutionofCharteredSurveyors;theHKISValuationStandardspublishedbythe
HongKongInstituteofSurveyors,andtheInternationalValuationStandardsisuedbythe
InternationalValuationStandardsCouncil.
SourceofInformation
WehavereliedtoaveryconsiderablextentontheinformationgivenbytheGroupandhave
aceptedadvicegiventousonsuchmatersastenure,planingaprovals,statutorynotices,
easements,particularsofocupancy,letings,andalotherelevantmaters.
Wehavehadnoreasontodoubthetruthandacuracyoftheinformationprovidedtousby
theGroup.WehavealsosoughtconfirmationfromtheGroupthatnomaterialfactorshaveben
omitedfromtheinformationsuplied.Weconsiderthatwehavebenprovidedwithsuficient
informationtoariveaninformedview,andwehavenoreasontosuspecthatanymaterial
informationhasbenwitheld.
DocumentandTitleInvestigation
WehavebenshowncopiesofvarioustitledocumentsincludingRealEstateTitle
Certificatesandotheroficialpermitsrelatingtothepropertyinterestsandhavemaderelevant
enquiries.Whereposible,wehavexaminedtheoriginaldocumentstoverifythexistingtitleto
thepropertyinterestsinthePRCandanymaterialencumbrancethatmightbeatachedtothe
propertyinterestsoranytenancyamendment.Wehavereliedconsiderablyontheadvicegivenby
theCompany’sPRCLegalAdvisor—GrandalLawFirm(Shanghai),concerningthevalidityof
thepropertyinterestsinthePRC.
AreaMeasurementandInspection
Wehavenotcariedoutdetailedmeasurementstoverifythecorectnesoftheareasin
respectofthepropertiesbuthaveasumedthatheareashownonthetitledocumentsandoficial
siteplanshandedtousarecorect.Aldocumentsandcontractshavebenusedasreferenceonly
andaldimensions,measurementsandareasareaproximations.Non-sitemeasurementhasben
taken.
Wehaveinspectedthexteriorand,whereposible,theinterioroftheproperties.However,
wehavenotcariedoutinvestigationtodeterminethesuitabilityofthegroundconditionsand
servicesforanydevelopmenthereon.Ourvaluationhasbenpreparedontheasumptionthat
theseaspectsaresatisfactoryandthatnounexpectedcostandelaywilbeincureduring
construction.Moreover,nostructuralsurveyhasbenmade,butinthecourseofourinspection,
wedidnotnoteanyseriousdefect.Wearenot,however,abletoreportwhetherthepropertiesare
freofrot,infestationoranyotherstructuraldefect.Notestswerecariedoutonanyofthe
services.
ThesiteinspectionwascariedoutinFebruary2025byMs.KayLiuwhoisamemberof
CertifiedPublicValuerandhasover10years’experienceinpropertyvaluationinthePRC.
Curency
AlmonetaryfigurestatedinthisreportareinRenminbi(RMB).
Ourvaluationcertificate isatachedbelowforyouratention.
Yoursfaithfuly,
forandonbehalfof
Asia-PacificConsultingandApraisalLimited
DavidG.D.Cheng
MRICS
ExecutiveDirector
Note:DavidG.D.ChengisaCharteredSurveyorwhohasover20years’experienceinthevaluationofasetsinthe
GreaterChinaRegion,theAsia-Pacificregion,theUnitedStatesandCanada.
VALUATIONCERTIFICATE
PropertyinterestsheldandocupiedbytheGroupinthePRC
PropertyDescriptionandtenure
Particulars
ofocupancy
Marketvaluein
existingstateasat
theValuationDate
RMB
Aparcelofland,
7buildingsand
varioustructures
locatedinNos.
1959and1989,
FeizhouRoad,
PudongNewArea,
Shanghai,
ThePRC
Thepropertycomprisesaparcelofland
withasiteareaofaproximately86,797.47
sq.m.and7buildingsandvariousancilary
structureserectedthereonwhichwere
completedin2023.
The7buildingshaveatotalgrosflorarea
ofaproximately93,896.67sq.m.,include3
workshops,awarehouse,aguardhouse,a
hydrogenstationandapowersubstation.
Thestructuresmainlyincludepols,pipe
network,roadsandboundarywals.
Thelanduserightsofthepropertyhave
bengrantedtotheGroupforaterm
expiringon16December2070forindustry
use.
Thepropertyis
curentlyocupiedby
theGroupfor
productionand
ancilarypurposes.
1,264,338,000
Notes:
1.PursuantoaState-ownedLandUseRightsGrantContract—HuFreTradeZoneLingang(2024)State-Owned
ConstructionLandUseContractNo.19,thelanduserightsofaparceloflandwithasiteareaofaproximately
86,797.47sq.m.werecontractedtobegrantedtoShanghaiTianyueSemiconductorMaterialsCo.,Ltd.(上海天岳半
导体材料有限公司,“ShanghaiTianyue”),foratermof50yearsforindustrialusecomencingfromtheland
deliverydate.ThelandpremiumwasRMB98,250,000.
2.PursuantoaRealEstateTitleCertificate–Hu（2025）ShiZiBuDongChanQuanDiNo.000135,thelanduse
rightsofaparceloflandwithasiteareaofaproximately86,797.47sq.m.havebengrantedtoShanghaiTianyue
foratermexpiringon16December2070forindustryuse,and7buildingswithatotalgrosflorareaof
aproximately93,896.67sq.m.areownedbyShanghaiTianyue.
3.WehavebenprovidedwithalegalopinionregardingthepropertyinterestbytheCompany’sPRClegaladvisers,
whichcontains,interalia,thefolowing:
ShanghaiTianyuelegalyownsthebuildingandthelanduserightswithinthescopeocupiedbythebuilding,
withinthevalidityperiodandforthepurposespecifiedintheRealEstateTitleCertificate.ShanghaiTianyuehas
obtainedtheRealEstateTitleCertificateandisentitledtolawfulyposes,use,benefitfrom,transfer,lease,
mortgage,orotherwisedisposeofthepropertywithinthecorespondingvalidityperiod,incompliancewiththe
restrictionspecifiedintheRealEstateTitleCertificate.