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[(a)0.5 (pp)0.5 (r)0.5 (ai)0.5 (s)0.5 (in)0.5 (g)0.5 ( o)0.5 (f)0.5 ( o)0.5 (n )0.5 (a)0.5 (nd)0.5 ( )0.5 (of)0.5 (f)0.5 ( b)0.5 (a)0.5 (la)0.5 (n)0.5 (ce)0.5 ( )0.5 (s)0.5 (he)0.5 (e)0.5 (t)0.5 ( a)0.5 (s)0.5 (se)0.5 (t)0.5 (s )0.5 (a)0.5 (nd)0.5 ( )0.5 (li)0.5 (a)0.5 (bi)0.5 (l)0.5 (it)0.5 (ie)0.5 (s)0.5 (.)0.5 ( T)0.5 (he)0.5 ( )0.5 (ma)0.5 (i)0.5 (n )0.5 (a)0.5 (s)0.5 (se)0.5 (t)0.5 (s )0.5 (o)0.5 (f )0.5 (t)0.5 (he)-1 ( )]TJ
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[(target)7 ( )0.5 (company)7 ( )0.5 (are)7 ( )0.5 (fixed)7 ( )0.5 (assets)7 ( )0.5 (and)7 ( )0.5 (intangible)7.1 ( )0.5 (assets,)7 ( )0.5 (specially)7 ( )0.5 (road)7 ( )0.5 (toll)7 ( )0.5 (rights.)7 ( )]TJ
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[(Fixe)0.5 (d)12.9 ( ass)0.5 (ets)12.9 ( m)0.5 (ainly)12.9 ( )0.5 (consis)0.5 (t)12.9 ( of)12.9 ( b)0.5 (uildings)13 ( and)12.9 ( )0.5 (three)13 ( major)13 ( syste)0.5 (ms;)12.9 ( in)0.5 (tangib)0.5 (le)27 ( )]TJ
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(mainly adopted for the valuation of this sub-asset. The replacement cost\
 method )Tj
0.038 Tc 0.07 Tw 0 -1.231 Td
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[(prevailing )0.5 (quota )0.5 (standard, )0.5 (the )0.5 (construction )0.5 (fee and )]TJ
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[(of )0.5 (the )0.5 (loans)]TJ
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[(cost)2 ( )]TJ
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0 Tc 0 Tw 2.073 0 Td
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[(March)12.3 ( 2)12.3 (0)12.2 (1)12.3 (7)12.3 (,)12.3 ( and)12.3 ( immediately)12.3 ( promoted)12.3 ( the)12.3 ( construction)12.3 ( of)12.3 ( the)12.3 ( project)12.3 ( road)12.3 ( in)13 ( )]TJ
0.036 Tc 0.072 Tw 0 -1.231 Td
[(a)11 ( )0.5 (c)0.5 (o)0.6 (m)0.5 (p)0.5 (r)0.5 (e)0.5 (h)0.5 (e)0.5 (n)0.5 (s)0.5 (i)0.6 (v)0.5 (e)11 ( )0.5 (m)0.5 (a)0.5 (n)0.5 (n)0.5 (e)0.6 (r)0.5 (.)11 ( )0.5 (W)0.5 (i)0.5 (t)0.5 (h)11 ( )0.5 (t)0.5 (h)0.5 (e)11 ( )0.5 (e)0.6 (c)0.5 (o)0.5 (n)0.5 (o)0.5 (m)0.5 (i)0.5 (c)11 ( )0.5 (d)0.5 (e)0.6 (v)0.5 (e)0.5 (l)0.5 (o)0.5 (p)0.5 (m)0.5 (e)0.6 (n)0.5 (t)11 ( )0.5 (o)0.5 (f)11 ( )0.5 (C)0.5 (h)0.5 (i)0.5 (n)0.5 (a)0.5 (,)11 ( )0.5 (e)0.6 (s)0.5 (p)0.5 (e)0.5 (c)0.5 (i)0.5 (a)0.6 (l)0.5 (l)0.5 (y)11 ( )]TJ
0.058 Tc 0.07 Tw 0 -1.231 Td
[(Jiangsu,)12.6 ( which)12.6 ( is)12.6 ( an)12.5 ( economically)12.5 ( developed)12.5 ( region)12.5 ( in)12.5 ( China,)12.6 ( there)12.6 ( will)12.6 ( be)33 ( )]TJ
0.036 Tc 0.072 Tw 0 -1.231 Td
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[(of)9 ( )0.5 (the)9 ( )0.5 (labour)9 ( )0.5 (cost,)9 ( )0.5 (material)9 ( )0.5 (cost)9 ( )0.5 (and)9 ( )0.5 (land)9 ( )0.5 (acquisition)8.9 ( )0.6 (cost,)9 ( )0.5 (while)9 ( )0.6 (neglecting)9 ( )0.5 (the)9 ( )]TJ
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(depreciating factors of poor future returns or the additional profit fac\
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(future returns. This approach fails to consider the corrective impact of\
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0.03 Tc 0.078 Tw 0 -1.231 Td
[(f)0.5 (ac)0.5 (t)0.5 (or)0.5 (s)5 ( )0.5 (o)0.5 (n)5 ( )0.5 (th)0.5 (e)5 ( )0.5 (v)0.5 (al)0.5 (u)0.5 (e.)5 ( )0.5 (T)0.5 (a)0.5 (ki)0.5 (n)0.5 (g)4.9 ( )0.6 (al)0.5 (l)5 ( )0.5 (th)0.5 (e)0.5 (se)5.1 ( )0.5 (fa)0.5 (c)0.5 (to)0.5 (r)0.5 (s)5 ( )0.5 (in)0.5 (to)5 ( )0.5 (c)0.5 (o)0.5 (ns)0.5 (i)0.5 (de)0.5 (r)0.5 (at)0.5 (i)0.5 (on)0.5 (,)5 ( )0.5 (th)0.5 (e)5 ( )0.5 (a)0.5 (ss)0.5 (e)0.5 (t-)0.5 (b)0.5 (as)0.5 (e)0.5 (d)5 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(approach will not be used for the valuation in this transaction.)Tj
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[(\(high-grade)12.1 ( financial)12.1 ( indicator)12.1 ( standard)12.1 ( value)12.1 ( score)12 ( \226)12.1 ( low-grade)45.1 ( )]TJ
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(financial indicator, and the results are set out in the table below:)Tj
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(Item)Tj
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(Nanjing- )Tj
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(Shanghai )Tj
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(Expressway)Tj
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(Shenzhen )Tj
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(Suxichang )Tj
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(Company)Tj
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[(I. )-2151 (Profitability status)]TJ
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(\(%\))Tj
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(14.50)Tj
6.853 0 Td
(15.00)Tj
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(11.64)Tj
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(15.00)Tj
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(15.00)Tj
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(12.17)Tj
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(Sales \(operating\) profit margin)Tj
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( )Tj
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(15.00)Tj
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(15.00)Tj
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[(II. )-1737 (Asset quality status)]TJ
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(\(times\))Tj
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(11.00)Tj
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(Accounts receivable turnover )Tj
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(4.27)Tj
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(4.73)Tj
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(\(%\))Tj
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(4.29)Tj
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(4.13)Tj
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(Interest-bearing liabilities ratio )Tj
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(\(%\))Tj
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(4.03)Tj
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(3.80)Tj
6.853 0 Td
(3.74)Tj
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[(IV. )-1404 (Years of earnings)]TJ
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2.5 w 
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51.024 0 l
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9.1 0 0 13 408.8531 186.9152 Tm
( )Tj
ET
2.5 w 
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51.024 0 l
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0.835 w 
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51.024 0 l
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BT
9.1 0 0 13 471.2153 186.9152 Tm
( )Tj
ET
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9.1 0 0 13 533.5775 186.9152 Tm
( )Tj
/T1_1 1 Tf
0.025 Tc -43.06 -2.462 Td
(Correction coefficient)Tj
/T1_0 1 Tf
-0.025 Tw 20.176 0 Td
(0.8510)Tj
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(0.8720)Tj
6.853 0 Td
(0.8659)Tj
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( )Tj
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BT
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(iii)Tj
0.066 Tw [( )-930.5 (Calculation of financial indicators of comparable listed companies and )]TJ
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(appraised )Tj
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(entity)Tj
0.04 Tc 0.07 Tw 13 0 0 13 141.7323 725.5878 Tm
[(Based)12.3 ( on)12.3 ( the)12.3 ( adjusted)12.3 ( financial)12.3 ( data)12.2 ( of)12.3 ( comparable)12.3 ( listed)12.3 ( companies)15 ( )]TJ
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[(and)12.4 ( the)12.4 ( appraised)12.4 ( entity,)12.4 ( the)12.4 ( financial)12.4 ( indicators)12.4 ( are)12.4 ( calculated)12.4 ( as)34 ( )]TJ
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(follows:)Tj
/T1_1 1 Tf
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(Table of Numerical Values of Financial Indicators)Tj
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(Item)Tj
19.098 2.462 Td
(Nanjing- )Tj
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(Shanghai )Tj
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(Expressway)Tj
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(Shenzhen )Tj
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(Suxichang )Tj
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(Company)Tj
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[(I. )-2151 (Profitability status)]TJ
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(\(%\))Tj
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(10.13)Tj
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(-4.51)Tj
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(Return on total assets )Tj
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(\(%\))Tj
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(-0.15)Tj
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(Sales \(operating\) profit )Tj
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( )Tj
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(margin )Tj
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(\(%\))Tj
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(-83.62)Tj
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[(II. )-1737 (Asset quality status)]TJ
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(Total asset turnover ratio )Tj
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(\(times\))Tj
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(0.18)Tj
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(0.14)Tj
6.853 0 Td
(0.12)Tj
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(Accounts receivable turnover )Tj
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(ratio )Tj
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(\(times\))Tj
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(16.75)Tj
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(8.77)Tj
6.328 0 Td
(13.58)Tj
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(89.37)Tj
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(Current asset turnover ratio )Tj
-0.025 Tw 9.1 0 3.4833 13 175.7479 373.5878 Tm
(\(times\))Tj
9.1 0 0 13 334.8885 373.5878 Tm
(1.49)Tj
6.853 0 Td
(1.03)Tj
6.853 0 Td
(2.00)Tj
6.853 0 Td
(0.57)Tj
/T1_1 1 Tf
0 Tw -41.785 -2.462 Td
[(III. )-1323 (Debt risk situation)]TJ
/T1_0 1 Tf
3.115 -1.231 Td
(Gearing ratio )Tj
-0.025 Tw 9.1 0 3.4833 13 222.4701 325.5878 Tm
(\(%\))Tj
9.1 0 0 13 330.1109 325.5878 Tm
(51.63)Tj
6.853 0 Td
(60.46)Tj
6.853 0 Td
(64.32)Tj
6.853 0 Td
(53.74)Tj
0 Tw -38.145 -1.231 Td
(Interest-bearing liabilities ratio )Tj
-0.025 Tw 9.1 0 3.4833 13 175.7479 293.5878 Tm
(\(%\))Tj
9.1 0 0 13 330.1109 293.5878 Tm
(74.74)Tj
6.853 0 Td
(77.12)Tj
6.853 0 Td
(86.75)Tj
6.853 0 Td
(89.46)Tj
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(iv)Tj
0.055 Tc 0.07 Tw [( )-977.5 (C)0.5 (al)0.5 (c)0.5 (u)0.5 (la)0.5 (t)0.5 (io)0.5 (n)13 ( o)0.5 (f)13 ( )0.5 (th)0.5 (e)13 ( s)0.5 (c)0.5 (o)0.5 (re)0.5 (s)13 ( )0.5 (of)13 ( )0.5 (th)0.5 (e)13 ( )0.5 (fi)0.5 (n)0.5 (an)0.5 (c)0.5 (i)0.5 (al)13 ( )0.5 (in)0.5 (d)0.5 (ic)0.5 (a)0.5 (t)0.5 (or)0.5 (s)13 ( )0.5 (of)13 ( )0.5 (co)0.5 (m)0.5 (pa)0.5 (r)0.5 (a)0.5 (bl)0.5 (e)30 ( )]TJ
0.025 Tc 0 Tw 2.51 -1.231 Td
(listed companies and appraised )Tj
-0.025 Tw (entity)Tj
0.045 Tc 0.07 Tw 13 0 0 13 141.7321 215.2388 Tm
[(The)12.4 ( financial)12.4 ( indicators)12.4 ( of)12.4 ( each)12.4 ( comparable)12.4 ( listed)12.3 ( company)12.4 ( and)12.3 ( the)20 ( )]TJ
0.068 Tc 0 -1.231 Td
[(appraised)12.3 ( entity)12.3 ( were)12.3 ( compared)12.3 ( with)12.3 ( the)12.3 ( performance)12.3 ( evaluation)43 ( )]TJ
0.033 Tc 0.075 Tw 0 -1.231 Td
[(standards)8 ( )0.5 (of)8 ( )0.5 (listed)8 ( )0.5 (companies,)8 ( )0.5 (and)8 ( )0.6 (the)8 ( )0.5 (interpolation)8 ( )0.5 (method)8 ( )0.5 (was)8 ( )0.5 (used)8 ( )]TJ
0.048 Tc 0.07 Tw 0 -1.231 Td
[(to)12.1 ( calculate)12.1 ( the)12.2 ( scores)12.1 ( of)12.1 ( each)12.1 ( indicator.)12.1 ( The)12.2 ( specific)12.1 ( formula)12.1 ( is)12.2 ( as)23 ( )]TJ
0.025 Tc -0.025 Tw 0 -1.231 Td
(follows:)Tj
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(\226 43 \226)Tj
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0 Tc 0 g
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(ii)Tj
0 Tw [( )-1299.5 (Determination of standard values for comparable financial indicators)]TJ
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[(Based)12.4 ( on)12.5 ( the)12.5 ( table)12.5 ( of)12.5 ( standard)12.4 ( values)12.5 ( for)12.5 ( financial)12.4 ( indicators)12.5 ( for)41 ( )]TJ
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[(expressway)5 ( )0.5 (enterprise)5 ( )0.6 (performance)5 ( )0.5 (evaluation)5 ( )0.5 (of)5 ( )0.5 (\223Overall)5 ( )0.5 (Enterprises)5 ( )]TJ
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[(Performance Appraisal Index 2022\224, and combined with the enterprise\222\
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(indicator are as follows:)Tj
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(Item)Tj
14.39 1.231 Td
(Excellent )Tj
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(value)Tj
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(Good )Tj
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(value)Tj
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(Average )Tj
1.326 -1.231 Td
(value)Tj
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(Lower )Tj
0.499 -1.231 Td
(value)Tj
5.154 1.231 Td
(Poor )Tj
-0.248 -1.231 Td
(value)Tj
0 Tw -35.781 -2.462 Td
[(I. )-1761.6 (Profitability status)]TJ
/T1_0 1 Tf
2.726 -1.231 Td
(Return on net assets )Tj
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(\(%\))Tj
0 Tc 0 Tw 10.4 0 0 13 329.2881 533.5878 Tm
(9)Tj
0.025 Tc -0.025 Tw 4.106 0 Td
(4.7)Tj
4.906 0 Td
(1.6)Tj
4.548 0 Td
(-4.6)Tj
4.906 0 Td
(-8.7)Tj
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(Return on total assets )Tj
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(\(%\))Tj
0 Tc 0 Tw 10.4 0 0 13 329.2881 517.5878 Tm
(5)Tj
0.025 Tc -0.025 Tw 4.106 0 Td
(3.5)Tj
4.906 0 Td
(1.4)Tj
4.548 0 Td
(-1.6)Tj
4.906 0 Td
(-7.2)Tj
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(Sales \(operating\) profit )Tj
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(margin )Tj
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(\(%\))Tj
10.4 0 0 13 315.5081 485.5878 Tm
(26.1)Tj
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(15.3)Tj
5.431 0 Td
(3.9)Tj
4.023 0 Td
(-17.3)Tj
4.906 0 Td
(-34.6)Tj
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(Project)Tj
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[(Nanjing-Shanghai)-1 ( )]TJ
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(Expressway)Tj
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(Shenzhen )Tj
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(Expressway)Tj
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(Shanxi Road and )Tj
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(Bridge)Tj
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(Enterprise value before adjustments)Tj
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(7,550,457.76)Tj
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(5,577,974.76)Tj
8.722 0 Td
(1,501,731.36)Tj
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(Non-operating assets/liabilities)Tj
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(380,172.52)Tj
8.722 0 Td
(324,893.30)Tj
9.247 0 Td
(57,169.65)Tj
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(Enterprise value after adjustments)Tj
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(7,170,285.24)Tj
8.722 0 Td
(5,253,081.46)Tj
8.722 0 Td
(1,444,561.70)Tj
0 Tw -38.085 -1.231 Td
(Enterprise value/core assets after )Tj
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(liquidity discount)Tj
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(1.2387)Tj
8.722 0 Td
(1.3534)Tj
8.722 0 Td
(1.0100)Tj
/T1_1 1 Tf
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[(4. )-1105.5 (Adjustments to the valuation ratios)]TJ
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0 Tc 13 0 3.4833 13 112.0517 407.2388 Tm
(i)Tj
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(scores)Tj
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(combined with the characteristics of the appraised entity, the return on\
 )Tj
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[(net)7 ( )0.5 (assets,)7 ( )0.5 (return)7 ( )0.5 (on)7 ( )0.6 (total)7 ( )0.5 (assets,)7 ( )0.5 (sales)7 ( )0.5 (\(operating\))7 ( )0.5 (profit)6.9 ( )0.6 (margin,)7 ( )0.5 (total)7 ( )]TJ
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[(asset)12.4 ( turnover,)12.4 ( accounts)12.5 ( receivable)12.4 ( turnover,)12.4 ( current)12.4 ( asset)12.4 ( turnover,)21 ( )]TJ
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[(gearing)12.4 ( ratio)12.5 ( and)12.5 ( interest-bearing)12.4 ( liabilities)12.5 ( ratio)12.4 ( are)12.5 ( amended)12.4 ( as)40 ( )]TJ
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(is basically considered to be earnings in perpetuity, whereas the target\
 )Tj
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(cases for market-based valuation are typically 3-6 cases, the regional c\
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(Shanxi Road and Bridge are selected as comparable cases.)Tj
/T1_1 1 Tf
-2.181 -2.462 Td
[(2. )-1105.5 (Selection of valuation ratios)]TJ
/T1_0 1 Tf
0.028 Tw 2.181 -2.462 Td
(In terms of selecting valuation ratios, due to the stable income and abu\
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[(leverage)12.1 ( is)12 ( generally)12.1 ( high)12.1 ( in)12.1 ( the)12.1 ( initial)12 ( stage)12.1 ( of)12.1 ( operation,)12.1 ( and)12.1 ( then)12.1 ( the)27 ( )]TJ
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(proportion of interest-bearing debt decreases year by year due )Tj
-0.025 Tw (to)Tj
0.059 Tw ( the annual )Tj
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[(initial)12.6 ( construction)12.6 ( financial)12.7 ( leverage)12.6 ( ratios,)12.6 ( repayment)12.5 ( plans,)12.6 ( and)12.6 ( cash)27.9 ( )]TJ
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[(flows,)12.5 ( resulting)12.4 ( in)12.4 ( similar)12.4 ( cash)12.5 ( flows.)12.5 ( Therefore,)12.4 ( equity)12.4 ( indicators)12.4 ( of)42 ( )]TJ
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[(two)12.8 ( companies)12.7 ( with)12.8 ( similar)12.7 ( enterprise)12.7 ( values,)12.8 ( such)12.7 ( as)12.7 ( PB)12.8 ( and)12.7 ( PE,)12.7 ( show)25 ( )]TJ
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(significant differences. Therefore, equity indicators are not suitable f\
or this )Tj
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(are more suitable for )Tj
(the evaluation of)Tj
( the target company. Additionally, as )Tj
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0.054 Tc 0.07 Tw 0 -1.231 Td
[(companies)12.8 ( is)12.8 ( generally)12.9 ( stable,)12.8 ( the)12.9 ( enterprise)12.9 ( value/pre-tax)12.9 ( amortization)29 ( )]TJ
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[(profit)2 ( )0.5 (and)2 ( )0.5 (enterprise)2 ( )0.5 (value/pre-tax)2 ( )0.5 (profit)2 ( )0.5 (are)2.1 ( not)2 ( )0.5 (suitable)2 ( )0.5 (for)2 ( )0.5 (this)2 ( )0.5 (valuation.)2 ( )]TJ
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[(\(fixed)12.1 ( assets)12.1 ( +)12.1 ( intangible)12.2 ( assets\))12.1 ( are)12.2 ( used)12.2 ( as)12.2 ( the)12.1 ( valuation)12.1 ( ratios)12.1 ( for)12.2 ( this)20 ( )]TJ
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0.019 Tc 0 Tw 0 -1.231 Td
[(asset investment in expressway. Since each company has non-operating ass\
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(adjustments are made to non-operating assets and liabilities.)Tj
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(\226 38 \226)Tj
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0 TL/Fm0 Do
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BT
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[(\(2\) )-664.5 (The selection of comparable companies or comparable transactions under t\
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2.181 -1.231 Td
(market approach, the basis and reasonableness for such selection;)Tj
-0.025 Tw 0 -2.462 Td
(Reply:)Tj
0 Tw 0 -2.462 Td
[(1. )-1105.5 (Selection of cases)]TJ
/T1_0 1 Tf
0.05 Tc 0.07 Tw 2.18 -2.462 Td
[(Through)12.1 ( searching)12.1 ( the)12.1 ( equity)12.1 ( transaction)12.1 ( cases)12.1 ( of)12.1 ( expressway)12.1 ( operating)25 ( )]TJ
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(on)Tj
0.081 Tw 1.052 0 Td
[( )0.5 (RoyalFlush,)2 ( )]TJ
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[(public)12.6 ( information)12.6 ( available,)12.6 ( which)12.7 ( poses)12.7 ( challenges)12.6 ( to)12.6 ( effectively)12.7 ( adjust)14 ( )]TJ
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[(transaction)12.2 ( case)12.2 ( comparison)12.2 ( method)12.1 ( cannot)12.2 ( be)12.2 ( used)12.2 ( in)12.2 ( this)12.2 ( instance.)50 ( )]TJ
0.039 Tc 0 -1.231 Td
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(operations)Tj
0.082 Tw (, the comparable listed company comparison method can be used )Tj
0 Tw 0 -1.231 Td
(for the market approach measurement.)Tj
0.087 Tc 0.07 Tw 0 -2.462 Td
[(From)12.8 ( the)12.9 ( analysis)12.9 ( of)12.9 ( industry)12.9 ( characteristic,)12.9 ( the)12.9 ( operating)12.9 ( costs)12.9 ( of)62 ( )]TJ
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[(expressway)12.2 ( operations)12.1 ( have)12.1 ( a)12.1 ( significant)12.1 ( proportion)12.1 ( of)12.1 ( fixed)12.2 ( costs.)58 ( )]TJ
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(Profitability )Tj
0.054 Tw 5.488 0 Td
(can only be achieved)Tj
( when the traffic volume reaches a certain )Tj
0.038 Tc 0.07 Tw -5.488 -1.231 Td
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0.025 Tc 0 Tw 0 -1.231 Td
(level of regional economic development. Therefore, fundamentally speakin\
g, )Tj
0.042 Tc 0.07 Tw 0 -1.231 Td
[(as)12.3 ( long)12.3 ( as)12.4 ( the)12.4 ( regional)12.4 ( economy)12.4 ( has)12.3 ( a)12.4 ( large)12.4 ( base)12.4 ( and)12.3 ( a)12.3 ( high)12.3 ( growth)12.4 ( rate,)17 ( )]TJ
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[(the)10 ( )0.5 (profits)10 ( )0.5 (of)10 ( )0.5 (expressway)10 ( )0.5 (companies)10 ( )0.5 (within)10 ( )0.5 (the)10 ( )0.5 (region)10 ( )0.5 (will)10 ( )0.6 (be)10.1 ( )0.5 (guaranteed.)10 ( )]TJ
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(Hence, regional factors are the primary drivers affecting traffic volume\
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0 Tw 0 -1.231 Td
(subsequently, the value of expressway companies.)Tj
0.04 Tc 0.07 Tw 0 -2.462 Td
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0.053 Tc 0 -1.231 Td
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(both Changzhou and Wuxi, which is located in the economically developed \
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(released by the )Tj
-0.025 Tw (PRC)Tj
0.081 Tw ( authorities for the year 2022, Jiangsu Province ranked )Tj
0.049 Tc 0.07 Tw 0 -1.231 Td
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29.548 0 Td
[(data)3 ( )0.5 (on)]TJ
0 Tc 0 Tw 3.184 0 Td
( )Tj
0.025 Tc 0.034 Tw -32.732 -1.231 Td
(listed expressway companies exported from Royal Flush, firstly, we exclu\
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0.061 Tc 0.07 Tw 0 -1.231 Td
[(cases)12.7 ( where)12.8 ( toll)12.7 ( revenue)12.8 ( accounts)12.7 ( for)12.8 ( less)12.8 ( than)12.8 ( 5)12.8 (0)12.7 (%)12.8 ( of)12.7 ( total)12.7 ( operating)36 ( )]TJ
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[(revenue)1 ( )0.5 (in)1 ( )0.5 (the)1 ( )0.5 (audited)1 ( )0.5 (financial)1 ( )0.5 (statements)1 ( )0.5 (for)1 ( )0.5 (the)1 ( )0.5 (year)1 ( )0.5 (2)1 (0)1 (2)1 (2)1 (,)1 ( )0.5 (secondly,)1 ( )0.5 (we)1 ( )]TJ
0.025 Tc 0.018 Tw 0 -1.231 Td
(search for comparable listed companies operating in Jiangsu and Guangdon\
g )Tj
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[(provinces.)12.1 ( Applying)12.1 ( these)12.1 ( steps,)12.1 ( the)12.2 ( following)12.2 ( three)12.2 ( companies)12.1 ( are)58 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(identified: Nanjing-Shanghai Expressway, Shenzhen Expressway, and GPED )Tj
0.044 Tc 0.07 Tw 0 -1.231 Td
[(A.)12.4 ( Since)12.4 ( Guangdong)12.4 ( Expressway)12.3 ( includes)12.4 ( GPED)12.4 ( A)12.4 ( and)12.4 ( GPED)12.4 ( B,)12.4 ( GPED)19 ( )]TJ
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(\226 37 \226)Tj
/T1_1 1 Tf
13 0 3.4833 13 112.0517 773.5878 Tm
[(2\) )-1022.5 (Determination of the surplus assets, non-operating assets/liabilities)]TJ
/T1_0 1 Tf
0.052 Tc 0.07 Tw 13 0 0 13 141.7323 741.5878 Tm
[(Surplus)12 ( assets)12.1 ( represent)12.1 ( surplus)12.1 ( currency)12 ( funds,)12.1 ( and)12.1 ( non-operating)27 ( )]TJ
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[( )0.5 (pay)0.5 (a)0.5 (ble)0.5 (s,)13 ( a)0.5 (nd)21 ( )]TJ
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(sporadic and infrequent transactions.)Tj
/T1_1 1 Tf
-0.025 Tw 0 -2.462 Td
(Item)Tj
26.902 0 Td
(Amount)Tj
/T1_0 1 Tf
13 0 3.4833 13 466.4381 661.5878 Tm
(\(RMB0\222000\))Tj
0 Tw 13 0 0 13 141.7323 629.5878 Tm
(Surplus assets)Tj
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(52,726.67)Tj
0 Tw -26.327 -1.231 Td
(Non-operating assets)Tj
-0.025 Tw 28.702 0 Td
(0.59)Tj
0 Tw -28.702 -1.231 Td
(Non-operating liabilities)Tj
-0.025 Tw 26.327 0 Td
(12,699.60)Tj
/T1_1 1 Tf
0 Tw -30.688 -2.335 Td
[(17. )-580.5 (Appraisal Conclusion)]TJ
/T1_0 1 Tf
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[(All)11 ( )0.5 (shareholders\222)11.1 ( )0.5 (equity)11 ( )0.5 (interests)11 ( )0.5 (value)11 ( )0.5 (=)11 ( )0.5 (operating)11 ( )0.5 (assets)11 ( )0.5 (value)11.1 ( )0.5 (+)11 ( )0.5 (surplus)11 ( )]TJ
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(assets + non-operating assets value \226 non-operating liabilities value\
)Tj
-0.025 Tw 0 -2.462 Td
(=760,050.97+52,726.67+0.59-12,669.6)Tj
0 Tw 0 -2.462 Td
(=8,001 million. \(rounded to nearest million\))Tj
/T1_1 1 Tf
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[(The)6 ( )0.5 (above)6 ( )0.5 (appraisal)6 ( )0.5 (results)6.1 ( )0.5 (have)6 ( )0.5 (not)6 ( )0.5 (been)6 ( )0.6 (filed)6 ( )0.5 (with)6 ( )0.5 (the)6 ( )0.5 (state-owned)6 ( )0.5 (assets)6 ( )]TJ
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[(supervision)8 ( )0.5 (and)8 ( )0.5 (administration)8 ( )0.5 (department)8 ( )0.5 (and)8 ( )0.5 (the)8 ( )0.5 (data)8 ( )0.5 (may)8 ( )0.5 (be)8 ( )0.5 (subject)8 ( )0.5 (to)8 ( )]TJ
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(change.)Tj
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(\226 36 \226)Tj
ET
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0 Tc 0 g
/GS1 gs
0 TL/Fm0 Do
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BT
/T1_1 1 Tf
13 0 0 13 85.0394 773.5878 Tm
[(16. )-580.5 (Calculation Process and Conclusion of the Appraised Value)]TJ
13 0 3.4833 13 112.0517 741.5878 Tm
[(1\) )-1022.5 (Process for determining the value of operating assets)]TJ
/T1_0 1 Tf
0.038 Tc 0.07 Tw 13 0 0 13 141.7323 709.5878 Tm
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[(projections,)12.3 ( by)12.3 ( discounting)12.3 ( the)12.3 ( projected)12.4 ( equity)12.3 ( cash)12.4 ( flows)12.4 ( for)12.4 ( each)19.1 ( )]TJ
0.025 Tc 0.001 Tw 0 -1.231 Td
(year of the income period, the value of the enterprise operating assets \
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0 Tw 0 -1.231 Td
(as shown in the table below:)Tj
13 0 3.4833 13 398.5651 629.5878 Tm
(Amount unit: RMB0\222000)Tj
/T1_1 1 Tf
-0.025 Tw 6.5 0 0 13 141.7323 565.5878 Tm
(Item)Tj
13.34 2.462 Td
(November- )Tj
0.47 -1.231 Td
(December )Tj
2.431 -1.231 Td
(2023)Tj
6.105 0 Td
(2024)Tj
6.105 0 Td
(2025)Tj
6.105 0 Td
(2026)Tj
6.105 0 Td
(2027)Tj
6.105 0 Td
(2028)Tj
6.105 0 Td
(2029)Tj
6.105 0 Td
(2030)Tj
/T1_0 1 Tf
0 Tw -58.979 -2.462 Td
(Equity cash flow)Tj
-0.025 Tw 15.608 0 Td
(-14.41)Tj
6.105 0 Td
(-44.42)Tj
4.613 0 Td
(12,335.23)Tj
6.105 0 Td
(44,324.04)Tj
6.105 0 Td
(20,140.46)Tj
6.63 0 Td
(2,399.69)Tj
5.58 0 Td
(68,991.61)Tj
6.105 0 Td
(87,622.70)Tj
0 Tw -56.854 -1.231 Td
(Discount rate)Tj
-0.025 Tw 15.108 0 Td
(10.01%)Tj
6.63 0 Td
(9.98%)Tj
6.105 0 Td
(9.61%)Tj
6.105 0 Td
(9.29%)Tj
6.105 0 Td
(9.12%)Tj
6.105 0 Td
(8.88%)Tj
6.105 0 Td
(8.57%)Tj
6.105 0 Td
(8.43%)Tj
0 Tw -58.371 -1.231 Td
(Discount coefficient)Tj
-0.025 Tw 15.441 0 Td
(0.9921)Tj
6.105 0 Td
(0.9385)Tj
6.105 0 Td
(0.8548)Tj
6.105 0 Td
(0.7810)Tj
6.105 0 Td
(0.7152)Tj
6.105 0 Td
(0.6561)Tj
6.105 0 Td
(0.6035)Tj
6.105 0 Td
(0.5562)Tj
0 Tw -58.179 -1.231 Td
(Discounted equity cash flows)Tj
-0.025 Tw 15.608 0 Td
(-14.29)Tj
6.105 0 Td
(-41.69)Tj
4.613 0 Td
(10,543.95)Tj
6.105 0 Td
(34,616.24)Tj
6.105 0 Td
(14,403.48)Tj
6.63 0 Td
(1,574.44)Tj
5.58 0 Td
(41,633.15)Tj
6.105 0 Td
(48,733.76)Tj
/T1_1 1 Tf
-56.854 -2.462 Td
(Item)Tj
16.241 0 Td
(2031)Tj
6.105 0 Td
(2032)Tj
6.105 0 Td
(2033)Tj
6.105 0 Td
(2034)Tj
6.105 0 Td
(2035)Tj
6.105 0 Td
(2036)Tj
6.105 0 Td
(2037)Tj
6.105 0 Td
(2038)Tj
/T1_0 1 Tf
0 Tw -58.979 -2.462 Td
(Equity cash flow)Tj
-0.025 Tw 13.591 0 Td
(117,939.74)Tj
6.63 0 Td
(81,668.79)Tj
6.105 0 Td
(84,045.10)Tj
6.105 0 Td
(91,331.06)Tj
6.105 0 Td
(96,845.93)Tj
6.105 0 Td
(83,602.36)Tj
5.58 0 Td
(124,393.39)Tj
6.105 0 Td
(128,304.03)Tj
0 Tw -56.329 -1.231 Td
(Discount rate)Tj
-0.025 Tw 15.633 0 Td
(8.30%)Tj
6.105 0 Td
(8.26%)Tj
6.105 0 Td
(8.20%)Tj
6.105 0 Td
(8.14%)Tj
6.105 0 Td
(8.08%)Tj
6.105 0 Td
(8.03%)Tj
6.105 0 Td
(7.94%)Tj
6.105 0 Td
(7.87%)Tj
0 Tw -58.371 -1.231 Td
(Discount coefficient)Tj
-0.025 Tw 15.441 0 Td
(0.5132)Tj
6.105 0 Td
(0.4740)Tj
6.105 0 Td
(0.4380)Tj
6.105 0 Td
(0.4049)Tj
6.105 0 Td
(0.3745)Tj
6.105 0 Td
(0.3466)Tj
6.105 0 Td
(0.3210)Tj
6.105 0 Td
(0.2974)Tj
0 Tw -58.179 -1.231 Td
(Discounted equity cash flows)Tj
-0.025 Tw 14.116 0 Td
(60,531.93)Tj
6.105 0 Td
(38,710.81)Tj
6.105 0 Td
(36,807.88)Tj
6.105 0 Td
(36,977.72)Tj
6.105 0 Td
(36,269.13)Tj
6.105 0 Td
(28,975.40)Tj
6.105 0 Td
(39,924.99)Tj
6.105 0 Td
(38,163.33)Tj
/T1_1 1 Tf
-56.854 -2.462 Td
(Item)Tj
16.241 0 Td
(2039)Tj
6.105 0 Td
(2040)Tj
6.105 0 Td
(2041)Tj
6.105 0 Td
(2042)Tj
6.105 0 Td
(2043)Tj
6.105 0 Td
(2044)Tj
6.105 0 Td
(2045)Tj
6.105 0 Td
(2046)Tj
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(Income tax rate after )Tj
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(2031)Tj
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(2032)Tj
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(2033)Tj
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(Interest-bearing debt/)Tj
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(equity value)Tj
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(6.99%)Tj
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(Adjusted )Tj
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0 Tc 0 Tw 4.043 0 Td
<01BA>Tj
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0.02 Tc 1.02 0 Td
[( coefficient)-5 ( )]TJ
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(without financial )Tj
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(leverage \()Tj
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(Income tax rate after )Tj
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(the )Tj
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(benchmark)Tj
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(itself\))Tj
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(25%)Tj
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<01BA>Tj
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( equity of appraised )Tj
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(0.5309)Tj
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(Forecast period)Tj
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(2039)Tj
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(2040)Tj
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(2041)Tj
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(Interest-bearing debt/)Tj
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(equity value)Tj
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4.361 0 Td
(0.00%)Tj
4.361 0 Td
(0.00%)Tj
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(Adjusted )Tj
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0 Tc 0 Tw 4.043 0 Td
<01BA>Tj
/T1_0 1 Tf
0.02 Tc 1.02 0 Td
[( coefficient)-5 ( )]TJ
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(with financial )Tj
0 -1.231 Td
(leverage \()Tj
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0 Tc <01BA>Tj
/T1_0 1 Tf
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(U\))Tj
7.434 0 Td
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4.361 0 Td
(0.5045)Tj
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(0.5045)Tj
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(0.5045)Tj
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(Income tax rate after )Tj
-0.025 Tw 1.163 -1.231 Td
(the )Tj
1.572 0 Td
(benchmark)Tj
0 Tw ( date )Tj
-1.572 -1.231 Td
(\(for the enterprise )Tj
-0.025 Tw 0 -1.231 Td
(itself\))Tj
13.671 0 Td
(25%)Tj
4.361 0 Td
(25%)Tj
4.361 0 Td
(25%)Tj
4.361 0 Td
(25%)Tj
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4.361 0 Td
(25%)Tj
4.361 0 Td
(25%)Tj
4.361 0 Td
(25%)Tj
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<01BA>Tj
/T1_0 1 Tf
0.025 Tc 1.025 0 Td
( equity of appraised )Tj
-0.025 Tw 0.138 -1.231 Td
(entity)Tj
12.679 0 Td
(0.5197)Tj
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(0.5158)Tj
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(0.5098)Tj
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(\226 33 \226)Tj
ET
q
0 Tc 0 g
/GS1 gs
0 TL/Fm0 Do
Q
BT
0.024 Tc 13 0 0 13 170.0787 773.5878 Tm
(Since the above method of estimating )Tj
/C0_0 1 Tf
0 Tc <01BA>Tj
/T1_0 1 Tf
0.024 Tc 17.235 0 Td
[( coefficient uses historical)-0.9 ( )]TJ
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[(data,)12.3 ( the)12.2 ( actual)12.2 ( )]TJ
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/T1_0 1 Tf
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[(U)12.2 ( value)12.2 ( without)12.2 ( financial)12.2 ( leverage)12.2 ( that)12.2 ( we)35.1 ( )]TJ
0.025 Tc 0.073 Tw -8.534 -1.231 Td
[(estimate should be the )0.5 (historical )]TJ
/C0_0 1 Tf
0 Tc 0 Tw <01BA>Tj
/T1_0 1 Tf
0.025 Tc 0.073 Tw 15.376 0 Td
[( coefficient )0.5 (and not )0.5 (the future )]TJ
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[(expected)11 ( )]TJ
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0 Tc 0 Tw 4.186 0 Td
<01BA>Tj
/T1_0 1 Tf
0.036 Tc 0.072 Tw 1.025 0 Td
[( )0.5 (coefficient.)11 ( )0.5 (In)11 ( )0.5 (order)11 ( )0.5 (to)11 ( )0.5 (estimate)11 ( )0.5 (the)11 ( )0.5 (expected)11 ( )0.5 (future)11.1 ( )]TJ
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<01BA>Tj
/T1_0 1 Tf
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[( )0.5 (coefficient,)2 ( the)2 ( )0.5 (Blume)2 ( )0.5 (Adjustment)2 ( )0.5 (method)2 ( )0.5 (should)2 ( )0.5 (be)2 ( adopted.)2 ( )]TJ
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BT
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( )Tj
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(adj)Tj
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(=)Tj
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(2)Tj
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<00D2>Tj
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1.228 0 Td
( )Tj
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<01BA>Tj
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(unadj)Tj
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(+)Tj
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(1)Tj
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0.622 -0.519 Td
<00D2>Tj
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1.34 0 Td
(1)Tj
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(3)Tj
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(3)Tj
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(Where:  )Tj
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<01BA>Tj
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[(adj)12.9 ( represents)12.8 ( adjusted)12.8 ( )]TJ
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0 Tc 0 Tw <01BA>Tj
/T1_0 1 Tf
0.057 Tc 0.07 Tw 11.935 0 Td
[( value,)12.8 ( )]TJ
/C0_0 1 Tf
0 Tc 0 Tw <01BA>Tj
/T1_0 1 Tf
0.057 Tc 0.07 Tw 4.553 0 Td
[(unadj)12.9 ( represents)32 ( )]TJ
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(historical )Tj
/C0_0 1 Tf
0 Tc 0 Tw 4.247 0 Td
<01BA>Tj
/T1_0 1 Tf
0.025 Tc 1.025 0 Td
( value.)Tj
0.076 Tw -8.64 -2.462 Td
(The adjusted )Tj
/C0_0 1 Tf
0 Tc 0 Tw <01BA>Tj
/T1_0 1 Tf
0.025 Tc 0.076 Tw 6.889 0 Td
(U value without financial leverage of comparable )Tj
0.073 Tc 0.07 Tw -6.889 -1.231 Td
[(listed)12.3 ( companies)12.4 ( estimated)12.3 ( according)12.3 ( to)12.3 ( the)12.3 ( above)12.4 ( formula,)48 ( )]TJ
0.097 Tc 0 -1.231 Td
[(and)12.1 ( take)12 ( its)12.1 ( average)12 ( value)12.1 ( as)12 ( the)12.1 ( )]TJ
/C0_0 1 Tf
0 Tc 0 Tw <01BA>Tj
/T1_0 1 Tf
0.097 Tc 0.07 Tw 17.948 0 Td
[(U)12.1 ( value)12.1 ( of)12.1 ( the)12.1 ( target)72 ( )]TJ
0.055 Tc -17.948 -1.231 Td
[(company.)12.8 ( Taking)12.8 ( the)12.8 ( average)12.9 ( value)12.8 ( of)12.8 ( the)12.8 ( capital)12.8 ( structure)12.8 ( of)30 ( )]TJ
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[(c)0.6 (o)0.5 (m)0.5 (p)0.6 (a)0.5 (r)0.6 (a)0.5 (b)0.6 (l)0.5 (e)2 ( )0.5 (l)0.6 (i)0.5 (s)0.5 (t)0.6 (e)0.5 (d)2 ( )0.5 (c)0.6 (o)0.5 (m)0.6 (p)0.5 (a)0.5 (n)0.6 (i)0.5 (e)0.6 (s)2 ( )0.5 (a)0.5 (s)2 ( )0.5 (t)0.5 (h)0.6 (e)2 ( )0.5 (t)0.5 (a)0.6 (r)0.5 (g)0.6 (e)0.5 (t)2 ( )0.5 (c)0.5 (a)0.6 (p)0.5 (i)0.6 (t)0.5 (a)0.6 (l)2 ( )0.5 (s)0.5 (t)0.5 (r)0.6 (u)0.5 (c)0.6 (t)0.5 (u)0.6 (r)0.5 (e)2 ( )0.5 (o)0.5 (f)2 ( )0.5 (t)0.6 (h)0.5 (e)2 ( )]TJ
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[(t)0.5 (a)0.5 (r)0.5 (g)0.5 (e)0.6 (t)13 ( c)0.5 (o)0.5 (m)0.5 (p)0.5 (a)0.5 (n)0.5 (y)0.5 (,)13 ( a)0.6 (n)0.5 (d)13 ( t)0.5 (h)0.5 (e)0.5 (n)13 ( c)0.5 (o)0.5 (m)0.5 (b)0.5 (i)0.5 (n)0.5 (i)0.5 (n)0.5 (g)13 ( w)0.6 (i)0.5 (t)0.5 (h)13 ( t)0.5 (h)0.5 (e)13 ( i)0.5 (n)0.5 (c)0.5 (o)0.5 (m)0.6 (e)13 ( t)0.5 (a)0.5 (x)13 ( r)0.5 (a)0.5 (t)0.5 (e)32.1 ( )]TJ
0.048 Tc 0.07 Tw 0 -1.231 Td
[(implemented)12.8 ( during)12.7 ( the)12.8 ( forecast)12.8 ( period)12.8 ( of)12.8 ( the)12.7 ( target)12.8 ( company,)23 ( )]TJ
0.062 Tc 0 -1.231 Td
[(inputting)12.5 ( each)12.4 ( parameter)12.5 ( into)12.4 ( the)12.5 ( formula)12.4 ( for)12.4 ( )]TJ
[(the)12.4 ( calculation)37 ( )]TJ
0.05 Tc -0.05 Tw 0 -1.231 Td
(of)Tj
0.07 Tw 0.92 0 Td
[( the)12.7 ( equity)12.7 ( systematic)12.7 ( risk)12.7 ( coefficient,)12.7 ( the)12.6 ( equity)12.6 ( systematic)25.1 ( )]TJ
0.04 Tc -0.92 -1.231 Td
[(r)0.5 (is)0.5 (k)12.9 ( )0.5 (co)0.5 (ef)0.5 (f)0.5 (ic)0.5 (ie)0.5 (nt)13 ( )0.5 (of)13 ( t)0.5 (he)13 ( )0.5 (ta)0.5 (rg)0.5 (et)13 ( c)0.5 (o)0.5 (mpa)0.5 (n)0.5 (y)12.9 ( )0.5 (is)13 ( c)0.5 (a)0.5 (lc)0.5 (ul)0.5 (a)0.5 (te)0.5 (d.)13 ( C)0.5 (al)0.5 (c)0.5 (ul)0.5 (at)0.5 (io)0.5 (n)15 ( )]TJ
0.025 Tc -0.025 Tw 0 -1.231 Td
(formula:)Tj
ET
/GS2 gs
q 1 0 0 1 386.9291 381.8378 cm
0 0 m
17.008 0 l
S
Q
BT
/GS0 gs
0 Tc 0 Tw 13 0 0 13 264.3759 376.9888 Tm
( )Tj
/C0_0 1 Tf
-0.44 0 Td
<01BA>Tj
/T1_0 1 Tf
7.579 0 0 7.579 269.5759 375.0388 Tm
(L)Tj
13 0 0 13 279.7985 376.9888 Tm
(=)Tj
0.962 0 Td
( )Tj
/C0_0 1 Tf
-0.44 0 Td
<01BA>Tj
/T1_0 1 Tf
7.579 0 0 7.579 297.5018 375.0388 Tm
(U)Tj
/C0_0 1 Tf
13 0 0 13 305.3109 376.9888 Tm
<00D2>Tj
/T1_0 1 Tf
0.025 Tc 1.045 0 Td
([ 1+\(1-T\))Tj
/C0_0 1 Tf
0 Tc 4.188 0 Td
<00D2>Tj
/T1_0 1 Tf
1.338 0.519 Td
(D)Tj
1.394 -0.519 Td
(])Tj
-1.338 -0.519 Td
(E)Tj
0.025 Tc -0.025 Tw -17.029 -2.335 Td
(Where: )Tj
/C0_0 1 Tf
0 Tc 0 Tw 3.368 0 Td
<01BA>Tj
/T1_0 1 Tf
0.025 Tc -0.025 Tw 1.025 0 Td
(L: )Tj
/C0_0 1 Tf
0 Tc 0 Tw 1.214 0 Td
<01BA>Tj
/T1_0 1 Tf
0.025 Tc 1.025 0 Td
( coefficient with financial leverage)Tj
/C0_0 1 Tf
0 Tc -6.632 -2.462 Td
<01BA>Tj
/T1_0 1 Tf
0.025 Tc -0.025 Tw 1.025 0 Td
(U: )Tj
/C0_0 1 Tf
0 Tc 0 Tw 1.325 0 Td
<01BA>Tj
/T1_0 1 Tf
0.025 Tc 1.025 0 Td
( coefficient without financial leverage)Tj
-3.375 -2.462 Td
(T: Income tax rate)Tj
0 -2.462 Td
(After calculation, the )Tj
/C0_0 1 Tf
0 Tc <01BA>Tj
/T1_0 1 Tf
0.025 Tc 10.32 0 Td
( equity of the )Tj
(appraised entity)Tj
( is 0.5045.)Tj
0.018 Tc -10.32 -2.462 Td
[(In this case, the target company\222s own capital structure will be used\
)-7 ( )]TJ
0.027 Tc 0.081 Tw 0 -1.231 Td
[(as)2 ( )0.5 (the)2 ( )0.5 (target)2 ( )0.5 (capital)2 ( )0.5 (structure.)2 ( )0.5 (The)2 ( )0.5 (target)2 ( capital)2 ( )0.5 (structure)2 ( )0.5 (will)2 ( )0.5 (be)2 ( )]TJ
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[(determined)5 ( )0.5 (by)5 ( )0.5 (iteratively)5 ( )0.5 (calculating)4.9 ( )0.6 (the)5 ( )0.5 (ratio)5 ( )0.5 (of)5 ( )0.5 (interest-bearing)5 ( )]TJ
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[(debt)2 ( )0.5 (balance)2 ( )0.5 (to)2 ( )0.5 (equity)2 ( )0.5 (value)2 ( )0.5 (for)2 ( )0.5 (each)2 ( )0.5 (year)2 ( )0.5 (of)2.1 ( the)2 ( )0.5 (forecast)2 ( )0.5 (period,)2 ( )]TJ
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(which ultimately determines the forecasted annual )Tj
/C0_0 1 Tf
0 Tc <01BA>Tj
/T1_0 1 Tf
0.024 Tc 22.598 0 Td
[( for the target)-1 ( )]TJ
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(company.)Tj
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[(2\) )-1022.5 (Determination of relevant parameters in the model)]TJ
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0 Tc 2.84 -2.462 Td
<01FA>Tj
/T1_0 1 Tf
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[( )-880.5 (Determination of the risk-free )]TJ
(rate of return)Tj
19.822 0 Td
( Rf)Tj
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[(We)12.2 ( adopted)12.2 ( the)12.2 ( Yield)12.1 ( to)12.1 ( Maturate)12.1 ( Rate)12.2 ( of)12.1 ( national)12.1 ( debts)12.1 ( as)12.2 ( the)16 ( )]TJ
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[(risk-free)12.4 ( )]TJ
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[(rate)12.3 ( of)12.4 ( return)]TJ
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[( Rf.)12.3 ( We)12.4 ( selected)12.3 ( the)12.3 ( national)12.4 ( debts,)12.3 ( of)34.1 ( )]TJ
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(which the period is 10 years from its maturity date to the )Tj
-0.025 Tw (valuation)Tj
0 Tc 0 Tw ( )Tj
0.023 Tc 0 -1.231 Td
[(date, taken the average of its Yield to Maturate Rate as the average)-2 ( )]TJ
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[(yield,)12.3 ( which)12.3 ( in)12.3 ( turn)12.3 ( taken)12.3 ( as)12.4 ( the)12.3 ( risk-free)12.4 ( )]TJ
[(rate)12.3 ( of)12.4 ( return)]TJ
25.037 0 Td
[( Rf.)12.3 ( )]TJ
0.025 Tc -0.025 Tw [(B)-19.2 (y )]TJ
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[(checking)12.7 ( the)12.8 ( data)12.8 ( available)12.8 ( from)]TJ
15.31 0 Td
[( RoyalFlush)12.7 ( and)12.8 ( calculating)39 ( )]TJ
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[(t)0.5 (he)13 ( )0.5 (a)0.5 (v)0.5 (e)0.5 (r)0.5 (ag)0.5 (e)13 ( )0.5 (yi)0.5 (e)0.5 (l)0.5 (d)13 ( )0.5 (of)13 ( )0.5 (t)0.5 (he)13 ( )0.5 (n)0.5 (a)0.5 (ti)0.5 (o)0.5 (n)0.5 (al)13 ( )0.5 (d)0.5 (e)0.5 (bt)0.5 (s)13 ( )0.5 (w)0.5 (it)0.5 (h)13 ( )0.5 (1)12.9 (0)13 ( )0.5 (y)0.5 (e)0.5 (a)0.5 (rs)13 ( )0.5 (f)0.5 (r)0.5 (om)13 ( )0.5 (t)0.5 (he)28 ( )]TJ
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(valuation)Tj
0 Tw ( date, we obtained the result of 3.01%.)Tj
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<01FB>Tj
/T1_0 1 Tf
0.025 Tc 1.025 0 Td
[( )-880.5 (Determination of the excess return on equity markets risk \(ERP\))]TJ
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[(Market)7 ( )0.5 (risk)7 ( )0.5 (premium)6.9 ( )0.5 (refers)7 ( )0.5 (to)7 ( )0.5 (the)7 ( )0.6 (expected)7 ( )0.5 (excess)7 ( )0.5 (rate)7 ( )0.5 (of)7 ( )0.5 (return)7 ( )]TJ
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[(risks,)12.2 ( which)12.2 ( means)12.2 ( risk)12.2 ( compensation)12.2 ( over)12.2 ( the)12.2 ( risk-free)12.2 ( rate.)34.1 ( )]TJ
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[(Among)12 ( them,)12 ( when)12.1 ( calculating)12.1 ( the)12.1 ( excess)12.1 ( )]TJ
[(rate)12.1 ( of)12.1 ( return)]TJ
0.025 Tc 0.12 Tw 26.876 0 Td
[( o)-50.4 (n )]TJ
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(equity investment \(Rm\), we selected the CSI 300 Index, the most )Tj
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(Royal Flush iFinD data terminal, and use the year-end transaction )Tj
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[(closing)6 ( )0.5 (prices)6 ( )0.5 (\(resumption)6 ( )0.5 (price\))6 ( )0.5 (of)6 ( )0.5 (the)6 ( )0.6 (constituent)6 ( )0.5 (stocks)6 ( )0.5 (of)6 ( )0.5 (the)6 ( )]TJ
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[(C)0.5 (SI)13 ( 3)13 (0)13 (0)12.9 ( )0.5 (In)0.5 (de)0.5 (x)13 ( a)0.5 (t)13 ( t)0.5 (he)13 ( )0.5 (en)0.5 (d)13 ( o)0.5 (f)12.9 ( )0.5 (e)0.5 (ac)0.5 (h)13 ( y)0.5 (ea)0.5 (r)13 ( t)0.5 (o)12.9 ( )0.5 (e)0.5 (st)0.5 (im)0.5 (a)0.5 (te)13 ( )0.5 (th)0.5 (e)13 ( 1)13 (0)12.9 (-)0.5 (ye)0.5 (a)0.5 (r)29 ( )]TJ
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0.025 Tc 0 Tw 0 -1.231 Td
(10-year cycle using a rolling method.)Tj
0 -2.462 Td
(The market risk premium ERP was 6.71% in 2023.)Tj
/C0_0 1 Tf
0 Tc 13 0 3.4833 13 140.3981 309.5878 Tm
<01FC>Tj
/T1_0 1 Tf
0.025 Tc 1.025 0 Td
[( )-880.5 (Determination of the market risk coefficient )]TJ
/C0_0 1 Tf
0 Tc <01BA>Tj
/T1_0 1 Tf
0.025 Tc 21.19 0 Td
( for equity)Tj
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[(According)11 ( )0.5 (to)11 ( )0.5 (the)11 ( )0.5 (business)11 ( )0.5 (characteristics)11 ( )0.6 (of)11 ( )0.5 (the)11 ( )0.5 (target)11 ( )0.5 (company,)11 ( )]TJ
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[(the)12.2 ( )]TJ
1.739 0 Td
(evaluator)Tj
0.07 Tw 4.18 0 Td
[( queried)12.1 ( the)12.1 ( )]TJ
/C0_0 1 Tf
0 Tc 0 Tw <01BA>Tj
/T1_0 1 Tf
0.052 Tc 0.07 Tw 6.889 0 Td
[(L)12.2 ( value)12.2 ( with)12.1 ( financial)12.2 ( leverage)12.2 ( of)27 ( )]TJ
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(then converted it to the )Tj
/C0_0 1 Tf
0 Tc <01BA>Tj
/T1_0 1 Tf
0.023 Tc 11.078 0 Td
[(U value without financial leverage based)-2 ( )]TJ
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/GS1 gs
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[(15. )-580.5 (Determination of the Discount Rate:)]TJ
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[(1\) )-1022.5 (Model of selected discount rate)]TJ
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(Following the principle of consistency between the income amount and )Tj
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(model \(CAPM\) is chosen as the discount rate.)Tj
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(formula of CAPM model:)Tj
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(ke=rf+)Tj
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/T1_0 1 Tf
3.913 0 Td
(e)Tj
/C0_0 1 Tf
0.469 0 Td
<00D2>Tj
/T1_0 1 Tf
0.025 Tc -0.025 Tw 1.025 0 Td
(RPm+rc)Tj
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(Where: rf1: risk-free return rate;)Tj
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(RPm: market risk premium;)Tj
0 -2.462 Td
(rc: specific corporate risk adjustment coefficient)Tj
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0 Tc 0 -2.462 Td
<01BA>Tj
/T1_0 1 Tf
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[(e)27 (:)27 ( )97 ( )372 (expected)12.5 ( market)12.5 ( risk)12.5 ( coefficient)12.5 ( of)12.5 ( equity)12.5 ( capital)12.5 ( )]TJ
[(of)12.5 ( appraised)27 ( )]TJ
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(\(D/E\)])Tj
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<01BA>Tj
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(u=)Tj
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(t/[1+\(1-t\))Tj
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/T1_0 1 Tf
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(\(Di/Ei\)])Tj
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[(Since)12.2 ( the)12.2 ( above)12.2 ( method)12.1 ( of)12.2 ( estimating)12.1 ( )]TJ
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/T1_0 1 Tf
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[( coefficient)12.1 ( uses)12.2 ( historical)24 ( )]TJ
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[(data,)3 ( )0.6 (the)3 ( )0.5 (actual)3 ( )]TJ
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0 Tc 0 Tw 6.982 0 Td
<01BA>Tj
/T1_0 1 Tf
0.028 Tc 0.08 Tw 1.028 0 Td
[(U)3 ( )0.5 (value)3.1 ( )0.5 (without)3 ( )0.5 (financial)3 ( )0.5 (leverage)3 ( )0.5 (that)3 ( )0.5 (we)3 ( )0.5 (estimate)3 ( )]TJ
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[(should)11 ( )0.5 (be)11 ( )0.5 (the)11 ( )0.5 (historical)11 ( )]TJ
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0 Tc 0 Tw 10.69 0 Td
<01BA>Tj
/T1_0 1 Tf
0.036 Tc 0.072 Tw 1.025 0 Td
[( )0.5 (coefficient)11 ( )0.5 (and)11 ( )0.5 (not)11 ( )0.5 (the)11.1 ( )0.5 (future)11 ( )0.5 (expected)11 ( )]TJ
/C0_0 1 Tf
0 Tc 0 Tw 17.812 0 Td
<01BA>Tj
/T1_0 1 Tf
1.025 0 Td
( )Tj
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[(coefficient.)12.5 ( In)12.4 ( order)12.4 ( to)12.4 ( estimate)12.4 ( the)12.4 ( expected)12.4 ( future)12.4 ( )]TJ
/C0_0 1 Tf
0 Tc 0 Tw <01BA>Tj
/T1_0 1 Tf
0.052 Tc 0.07 Tw 25.056 0 Td
[( coefficient,)27 ( )]TJ
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[(the)12.5 ( Blume)12.5 ( Adjustment)12.4 ( method)12.5 ( should)12.5 ( be)12.5 ( adopted.)12.4 ( The)12.5 ( formula)12.5 ( is)12.5 ( as)17 ( )]TJ
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(follows:)Tj
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( )Tj
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<01BA>Tj
/T1_0 1 Tf
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(adj)Tj
0 Tc 0 Tw 1.789 0.154 Td
(=)Tj
1.013 0.519 Td
(2)Tj
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<00D2>Tj
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( )Tj
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<01BA>Tj
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(1)Tj
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0.622 -0.519 Td
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1.34 0 Td
(1)Tj
-7.959 -0.519 Td
(3)Tj
5.996 0 Td
(3)Tj
0.025 Tc -18.611 -2.335 Td
(Where:  )Tj
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0 Tc 3.368 0 Td
<01BA>Tj
/T1_0 1 Tf
0.023 Tc 1.023 0 Td
(adj represents adjusted )Tj
/C0_0 1 Tf
0 Tc <01BA>Tj
/T1_0 1 Tf
0.023 Tc 10.927 0 Td
( value, )Tj
/C0_0 1 Tf
0 Tc <01BA>Tj
/T1_0 1 Tf
0.023 Tc 4.121 0 Td
[(unadj represents historical)-2 ( )]TJ
/C0_0 1 Tf
0 Tc -16.07 -1.231 Td
<01BA>Tj
/T1_0 1 Tf
0.025 Tc 1.025 0 Td
( value.)Tj
/C0_0 1 Tf
0 Tc -4.393 -2.462 Td
<01BA>Tj
/T1_0 1 Tf
0.025 Tc 1.025 0 Td
(t: expected average market risk coefficient of comparable company)Tj
0.085 Tc 0.07 Tw -1.025 -2.462 Td
[(D)60 (i)60 (,)60 ( )130 (E)60.1 (i)60 (:)60 ( )130 ( )405 (interest-bearing)12.4 ( debts)12.4 ( and)12.4 ( equity)12.4 ( capitals)12.4 ( of)12.4 ( comparable)60 ( )]TJ
0.025 Tc 0 Tw 3.117 -1.231 Td
(companies respectively)Tj
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(124,899.66)Tj
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6.36 0 Td
(31,224.91)Tj
6.36 0 Td
(32,362.32)Tj
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6.36 0 Td
(65,119.98)Tj
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6.36 0 Td
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6.36 0 Td
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6.36 0 Td
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[(c )-1436.5 (Forecast of operating lease costs:)]TJ
0.053 Tw 2.181 -2.462 Td
(Operating lease costs are generated from external leasing operations in \
)Tj
0.003 Tw 0 -1.231 Td
(Taihu Bay service area. According to interviews by the valuer, as of the\
 )Tj
0.04 Tw 0 -1.231 Td
(valuation date)Tj
(, Taihu Bay service area has been fully leased out. In the )Tj
0.029 Tw 0 -1.231 Td
(future, it is expected that the current operating mode will continue, an\
d )Tj
0 Tw 0 -1.231 Td
(there will not be significant changes in operating lease costs. Therefor\
e, )Tj
0.031 Tc 0.077 Tw 0 -1.231 Td
[(property)6 ( )0.5 (management)6 ( )0.5 (fees)6 ( )0.5 (will)6 ( )0.5 (be)6 ( )0.5 (forecasted)6.1 ( )0.5 (by)6 ( )0.5 (considering)6 ( )0.5 (a)6 ( )0.5 (certain)6 ( )]TJ
0.025 Tc 0.019 Tw 0 -1.231 Td
(growth rate on the basis of the 2023 costs, and other fees such as offic\
e )Tj
0 Tw 0 -1.231 Td
(expenses and water fees will be forecasted on a fixed fee basis.)Tj
/T1_1 1 Tf
-4.361 -2.462 Td
[(4. )-1105.5 (Forecast of Taxes and Surcharges)]TJ
/T1_0 1 Tf
0.064 Tc 0.07 Tw 2.181 -2.462 Td
[(Ta)0.5 (x)12.9 ( a)0.5 (nd)12.9 ( s)0.5 (urc)0.5 (har)0.5 (ges)13 ( ma)0.5 (inly)13 ( inc)0.5 (lude)13 ( th)0.5 (e)12.9 ( f)0.5 (ollow)0.5 (ing)0.5 (:)12.9 ( Ur)0.5 (ba)0.5 (n)12.9 ( Co)0.5 (nstr)0.5 (uct)0.5 (ion)39 ( )]TJ
0.038 Tc 0 -1.231 Td
[(T)0.5 (a)0.5 (x)13 ( )0.5 (\()]TJ
/C0_0 1 Tf
0.464 Tc -0.464 Tw 2.495 0 Td
<06EC07140CFC>Tj
/T1_0 1 Tf
0.038 Tc 0.07 Tw 4.078 0 Td
[(\))0.5 (,)13 ( )0.5 (E)0.5 (d)0.5 (u)0.5 (c)0.5 (a)0.5 (t)0.5 (i)0.5 (o)0.5 (n)13 ( )0.5 (S)0.5 (u)0.5 (r)0.5 (c)0.5 (h)0.5 (a)0.5 (r)0.5 (g)0.5 (e)13 ( )0.5 (\()]TJ
/C0_0 1 Tf
0.464 Tc -0.464 Tw 10.96 0 Td
<0ABA05030D6C069D030B>Tj
/T1_0 1 Tf
0.038 Tc 0.07 Tw 7.006 0 Td
[(\))0.5 (,)13 ( )0.5 (L)0.5 (o)0.5 (c)0.5 (a)0.5 (l)13 ( )0.5 (E)0.5 (d)0.5 (u)0.5 (c)0.5 (a)0.5 (t)0.5 (i)0.5 (o)0.5 (n)13 ( )]TJ
0.019 Tc 0 Tw -24.54 -1.231 Td
(Surcharge \()Tj
/C0_0 1 Tf
0.119 Tc -0.119 Tw <03AE02D90ABA05030D6C069D030B>Tj
/T1_0 1 Tf
0.019 Tc 0 Tw 12.573 0 Td
(\), Stamp Tax \()Tj
/C0_0 1 Tf
0.119 Tc -0.119 Tw <039906800CFC>Tj
/T1_0 1 Tf
0.019 Tc 0 Tw 9.294 0 Td
(\), Property Tax \()Tj
/C0_0 1 Tf
0.119 Tc -0.119 Tw <05D20B2A0CFC>Tj
/T1_0 1 Tf
0.019 Tc -0.019 Tw 10.238 0 Td
[(\),)-6 ( )]TJ
0.025 Tc 0.028 Tw -32.106 -1.231 Td
(and Land Use Tax \()Tj
/C0_0 1 Tf
0.225 Tc -0.225 Tw 8.629 0 Td
<027A03AE0534035C0CFC>Tj
/T1_0 1 Tf
0.025 Tc 0.028 Tw 6.05 0 Td
(\). The Urban Construction Tax, Education )Tj
0 Tw -14.679 -1.231 Td
[(Su)0.5 (rc)0.5 (har)0.5 (ge)0.5 (, a)0.5 (nd )0.5 (Lo)0.5 (cal)0.5 ( Ed)0.5 (uc)0.5 (ati)0.5 (on )0.5 (Sur)0.5 (ch)0.5 (ar)0.5 (ge )0.5 (ar)0.5 (e m)0.5 (ain)0.5 (ly )0.5 (ba)0.5 (se)0.5 (d o)0.5 (n V)0.5 (alu)0.5 (e )0.5 (Add)0.5 (ed )]TJ
0.028 Tc 0.08 Tw 0 -1.231 Td
[(Ta)0.5 (x)3 ( )0.5 (\()]TJ
/C0_0 1 Tf
0.225 Tc -0.225 Tw 2.476 0 Td
<1123083D0CFC>Tj
/T1_0 1 Tf
0.028 Tc 0.08 Tw 3.6 0 Td
[(\))0.5 (,)3 ( )0.5 (wit)0.5 (h)3 ( )0.5 (ta)0.5 (x)3 ( )0.5 (rat)0.5 (es)3 ( )0.6 (of)3 ( )0.5 (7)3 (%,)3 ( )0.5 (3)3 (%)0.5 (,)3 ( )0.5 (an)0.5 (d)3 ( )0.5 (2)3 (%)3 ( )0.5 (re)0.5 (sp)0.5 (ec)0.5 (tiv)0.5 (el)0.5 (y.)3 ( )0.5 (Th)0.5 (e)3 ( )0.5 (St)0.5 (am)0.5 (p)3 ( )]TJ
0.026 Tc 0.082 Tw -6.076 -1.231 Td
[(Tax)1 ( )0.5 (is)1 ( )0.5 (0)1 (.)1 (0)1 (3)1 (%)1 ( )0.5 (of)1 ( )0.5 (the)1 ( )0.5 (contract)1 ( )0.5 (amount.)1 ( )0.6 (The)1 ( )0.5 (Property)1 ( )0.5 (Tax)0.9 ( )0.6 (is)1 ( )0.5 (calculated)1.1 ( )0.5 (based)1 ( )]TJ
0.035 Tc 0.073 Tw 0 -1.231 Td
[(on)10 ( )0.5 (the)10 ( )0.5 (purchase)10 ( )0.5 (price)10 ( )0.5 (at)10 ( )0.5 (a)10 ( )0.5 (rate)10 ( )0.5 (of)10 ( )0.5 (1)10 (.)10 (2)10 (%)10 ( )0.5 (of)10 ( )0.5 (7)10 (0)10 (%)10.1 ( )0.5 (of)10 ( )0.5 (the)10.1 ( )0.5 (consideration)10 ( )0.5 (of)10 ( )0.5 (the)10 ( )]TJ
0.034 Tc 0.074 Tw 0 -1.231 Td
[(property,)9 ( )0.6 (or)9 ( )0.5 (based)9 ( )0.5 (on)9 ( )0.5 (rental)9 ( )0.5 (income)9 ( )0.5 (at)9 ( )0.5 (a)9 ( )0.5 (rate)9 ( )0.5 (of)9 ( )0.5 (1)9 (2)9 (%)9 ( )0.5 (of)9 ( )0.5 (the)9 ( )0.5 (rental)9 ( )0.5 (income.)9 ( )]TJ
0.052 Tc 0.07 Tw 0 -1.231 Td
[(The)12.2 ( Land)12.2 ( Use)12.2 ( Tax)12.2 ( is)12.2 ( RMB)12.2 (6)12.2 ( per)12.2 ( square)12.2 ( meter.)12.1 ( According)12.2 ( to)12.2 ( current)12.2 ( tax)27 ( )]TJ
0.029 Tc 0.079 Tw 0 -1.231 Td
[(p)0.5 (r)0.5 (e)0.5 (f)0.5 (e)0.5 (r)0.5 (e)0.6 (n)0.5 (t)0.5 (i)0.5 (a)0.5 (l)4 ( )0.5 (p)0.5 (o)0.5 (l)0.5 (i)0.5 (c)0.5 (i)0.5 (e)0.5 (s)0.5 (,)4 ( )0.5 (P)0.6 (r)0.5 (op)0.6 (e)0.5 (r)0.5 (t)0.5 (y)4 ( )0.5 (T)0.5 (a)0.5 (x)4 ( )0.5 (a)0.5 (n)0.5 (d)4 ( )0.5 (L)0.6 (a)0.5 (n)0.5 (d)4 ( )0.5 (U)0.5 (s)0.5 (e)4 ( )0.5 (T)0.5 (a)0.5 (x)4.1 ( )0.5 (a)0.5 (r)0.5 (e)4 ( )0.5 (e)0.5 (x)0.5 (e)0.5 (m)0.5 (p)0.5 (t)0.5 (e)0.6 (d)4 ( )0.5 (f)0.5 (o)0.5 (r)4 ( )0.5 (t)0.5 (h)0.5 (e)4 ( )]TJ
0 -1.231 Td
[(annual)4 ( )0.5 (period)4.1 ( )0.5 (of)4.1 ( 2)4.1 (0)4 (2)4 (3)4 (.)4 ( )0.5 (Based)4 ( )0.5 (on)4.1 ( predictions)4 ( )0.5 (of)4 ( )0.5 (future)4 ( )0.5 (revenue)4.1 ( )0.5 (and)4 ( )0.5 (cost,)4 ( )0.5 (as)4 ( )]TJ
0.027 Tc 0.081 Tw 0 -1.231 Td
[(w)0.5 (e)0.5 (l)0.5 (l)2 ( )0.5 (a)0.5 (s)2 ( )0.5 (a)0.5 (na)0.5 (l)0.5 (y)0.5 (s)0.5 (i)0.5 (s)2 ( )0.5 (o)0.5 (f)2 ( )0.5 (h)0.5 (is)0.5 (t)0.5 (o)0.5 (r)0.5 (i)0.5 (c)0.5 (a)0.5 (l)2 ( )0.5 (d)0.5 (at)0.5 (a)0.6 (,)1.9 ( )0.5 (i)0.5 (t)2 ( )0.5 (i)0.5 (s)2 ( )0.5 (f)0.5 (o)0.5 (re)0.5 (c)0.5 (a)0.5 (s)0.5 (t)0.5 (e)0.5 (d)2 ( )0.5 (t)0.5 (h)0.5 (a)0.5 (t)2 ( )0.5 (th)0.5 (e)2 ( )0.5 (b)0.5 (u)0.5 (s)0.5 (i)0.5 (n)0.5 (e)0.5 (s)0.5 (s)2 ( )0.5 (ta)0.5 (x)2 ( )0.5 (a)0.5 (n)0.5 (d)2 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(additional fees for the future annual period of the company are predicte\
d.)Tj
ET

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119 0 obj
<</Length 4846>>stream
BT
0 0 0 1 k
/Perceptual ri
/GS0 gs
/T1_0 1 Tf
0.025 Tc 12 0 0 12 281.8878 18.7502 Tm
(\226 24 \226)Tj
ET
q
0 Tc 0 g
/GS1 gs
0 TL/Fm0 Do
Q
BT
13 0 0 13 141.7323 773.5878 Tm
[(2\) )-1022.5 (Technical consulting fees)]TJ
0.083 Tw 2.181 -2.462 Td
[(Technical consulting )0.5 (fees )0.5 (will )0.5 (be )0.5 (calculated )0.5 (at )0.5 (3.05% )0.5 (of the )0.5 (road )]TJ
0.034 Tc 0.074 Tw 0 -1.231 Td
[(and)9 ( )0.5 (bridge)9 ( )0.5 (maintenance)9 ( )0.5 (fees.)9 ( )0.5 (This)9 ( )0.5 (value)9 ( )0.5 (is)9 ( )0.5 (the)9 ( )0.6 (ratio)9 ( )0.5 (of)9 ( )0.5 (technical)9 ( )]TJ
0.04 Tc 0.07 Tw 0 -1.231 Td
[(consulting)12.4 ( fees)12.4 ( to)12.4 ( cumulative)12.4 ( road)12.3 ( and)12.4 ( bridge)12.4 ( maintenance)12.4 ( fees)15 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(from January 2022 to October 2023.)Tj
-2.181 -2.462 Td
[(3\) )-1022.5 (Three major system costs)]TJ
0.004 Tc 2.181 -2.462 Td
[(It mainly includes daily maintenance and repairs of electromechanical)-1 ( )]TJ
0.028 Tc 0.07 Tw 0 -1.231 Td
[(f)0.5 (a)0.6 (c)0.5 (i)0.5 (l)0.5 (i)0.6 (t)0.5 (i)0.5 (e)0.5 (s)0.5 (.)13.1 ( )0.5 (T)0.5 (h)0.5 (e)13.1 ( )0.5 (f)0.5 (o)0.5 (r)0.5 (e)0.6 (c)0.5 (a)0.6 (s)0.5 (t)13 ( )0.5 (i)0.6 (s)13 ( )0.5 (b)0.5 (a)0.5 (s)0.6 (e)0.5 (d)13 ( )0.5 (o)0.6 (n)13 ( )0.5 (2)13 (0)13 (2)13.1 (2)13 ( )0.5 (d)0.5 (a)0.6 (t)0.5 (a)13 ( )0.5 (a)0.6 (n)0.5 (d)13 ( )0.5 (c)0.6 (a)0.5 (l)0.5 (c)0.5 (u)0.6 (l)0.5 (a)0.5 (t)0.5 (e)0.6 (d)13 ( )0.5 (a)0.6 (t)13 ( )0.5 (a)0.5 (n)23 ( )]TJ
0.005 Tc 0 Tw 0 -1.231 Td
(annual growth rate of 3%.)Tj
0.025 Tc 0.013 Tw -2.181 -2.462 Td
[(4\) )-1009.5 (Commission management fees will be based on 2022 data, with an )]TJ
0.031 Tw 2.181 -1.231 Td
(8% increase forecast for the whole year of 2023, and calculated at )Tj
0.024 Tc 0 Tw 0 -1.231 Td
[(a 5% annual growth rate for 2024\2262025, and an annual growth rate)-1 ( )]TJ
0.025 Tc 0 -1.231 Td
(of 3% thereafter.)Tj
0.04 Tc 0.07 Tw -2.181 -2.462 Td
[(5)15 (\))15 ( )-937.5 (Water,)12.3 ( electricity,)12.2 ( and)12.2 ( gas)12.2 ( fees)12.2 ( will)12.2 ( be)12.3 ( based)12.3 ( on)12.2 ( 2)12.2 (0)12.3 (2)12.2 (2)12.2 ( data,)12.3 ( and)15 ( )]TJ
0.038 Tc 2.181 -1.231 Td
[(considering)12.5 ( that)12.5 ( a)12.5 ( large)12.5 ( number)12.5 ( of)12.5 ( equipment)12.6 ( will)12.5 ( not)12.5 ( be)12.5 ( in)12.5 ( use)13 ( )]TJ
0.042 Tc 0 -1.231 Td
[(in)12.2 ( the)12.2 ( near)12.2 ( future,)12.2 ( such)12.2 ( fees)12.2 ( will)12.2 ( be)12.2 ( calculated)12.2 ( based)12.2 ( on)12.3 ( annual)17 ( )]TJ
0.025 Tc 0.03 Tw 0 -1.231 Td
(growth rates of 10%, 5%, and 3% for the years 2023\2262025, 2026\226)Tj
0 Tw 0 -1.231 Td
(2030, and thereafter, respectively;)Tj
0.056 Tw -2.181 -2.462 Td
[(6\) )-966.5 (Lease fees, labor costs, and other expenses will be based on 2022 )]TJ
0 Tw 2.181 -1.231 Td
(data and calculated at an annual growth rate of 2%;)Tj
0.058 Tc 0.07 Tw -2.181 -2.462 Td
[(7)33 (\))33 ( )-919.5 (Road)12.3 ( network)12.3 ( management)12.3 ( fees)12.3 ( will)12.3 ( be)12.3 ( calculated)12.3 ( at)12.3 ( 0)12.3 (.)12.3 (6)12.3 (%)12.3 ( of)33 ( )]TJ
0.041 Tc 2.181 -1.231 Td
[(the)12.8 ( current)12.8 ( toll)12.7 ( revenue.)12.7 ( This)12.8 ( value)12.8 ( is)12.7 ( the)12.8 ( ratio)12.8 ( of)12.8 ( road)12.8 ( network)16 ( )]TJ
0.025 Tc 0.03 Tw 0 -1.231 Td
(management fees to cumulative toll revenue from January 2022 to )Tj
0 Tw 0 -1.231 Td
(October 2023.)Tj
0.056 Tc 0.07 Tw -2.181 -2.462 Td
[(8)31 (\))31 ( )-921.5 (Other)12.8 ( expenses)12.8 ( will)12.8 ( be)12.8 ( based)12.8 ( on)12.8 ( the)12.9 ( )]TJ
-0.056 Tw (data)Tj
0.07 Tw 21.099 0 Td
[( for)12.8 ( 2)12.8 (0)12.8 (2)12.8 (2)12.9 ( to)12.9 ( October)31 ( )]TJ
0.025 Tc 0 Tw -18.919 -1.231 Td
(2023, averaged on a monthly basis for the forecast of November to )Tj
0.019 Tw 0 -1.231 Td
(December 2023, and then calculated based on a 2% annual growth )Tj
0 Tw 0 -1.231 Td
(rate thereafter;)Tj
0.039 Tc 0.07 Tw -2.181 -2.462 Td
[(9)14 (\))14 ( )-938.5 (Depreciation)12.4 ( and)12.4 ( amortization:)12.4 ( Depreciation)12.5 ( of)12.5 ( fixed)12.4 ( assets)12.5 ( and)14 ( )]TJ
0.052 Tc 2.181 -1.231 Td
[(a)0.5 (m)0.5 (o)0.6 (r)0.5 (t)0.5 (i)0.5 (z)0.5 (a)0.6 (t)0.5 (i)0.5 (o)0.5 (n)13 ( )0.5 (o)0.6 (f)13 ( )0.5 (i)0.5 (n)0.5 (t)0.6 (a)0.5 (n)0.5 (g)0.5 (i)0.5 (b)0.6 (l)0.5 (e)13 ( )0.5 (a)0.6 (s)0.5 (s)0.5 (e)0.5 (t)0.5 (s)13.1 ( )0.5 (w)0.5 (i)0.5 (l)0.5 (l)13 ( )0.6 (b)0.5 (e)13 ( )0.5 (b)0.6 (a)0.5 (s)0.5 (e)0.5 (d)13.1 ( )0.5 (o)0.5 (n)13 ( )0.5 (t)0.5 (h)0.6 (e)13 ( )0.5 (e)0.5 (x)0.6 (i)0.5 (s)0.5 (t)0.5 (i)0.5 (n)0.5 (g)27 ( )]TJ
0.032 Tc 0.076 Tw 0 -1.231 Td
[(and)6.9 ( )0.5 (newly-added)7 ( )0.5 (fixed)7 ( )0.6 (assets)7 ( )0.5 (of)7 ( )0.5 (the)7 ( )0.6 (target)7 ( )0.5 (company,)7 ( )0.5 (and)7 ( )0.6 (will)7 ( )0.5 (be)7 ( )]TJ
0.025 Tc 0.021 Tw 0 -1.231 Td
(forecasted according to the target company\222s existing depreciation )Tj
0 Tw 0 -1.231 Td
(and amortization policies.)Tj
ET

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118 0 obj
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BT
0 0 0 1 k
/Perceptual ri
/GS0 gs
/T1_0 1 Tf
0.025 Tc 12 0 0 12 281.8878 18.7502 Tm
(\226 23 \226)Tj
ET
q
0 Tc 0 g
/GS1 gs
0 TL/Fm0 Do
Q
BT
0.039 Tc 0.07 Tw 13 0 0 13 170.0787 773.5878 Tm
[(of)12.3 ( median)12.3 ( strips,)12.2 ( repairing)12.2 ( road)12.2 ( shoulders,)12.3 ( slopes,)12.2 ( and)12.3 ( dredging)14 ( )]TJ
0.056 Tc 0 -1.231 Td
[(of)13 ( dr)0.5 (ai)0.5 (nag)0.5 (e)12.9 ( f)0.5 (ac)0.5 (ili)0.5 (tie)0.5 (s,)13 ( pu)0.5 (mpin)0.5 (g)12.9 ( )0.5 (of)12.9 ( )0.5 (tun)0.5 (nel)0.5 (s,)12.9 ( )0.5 (tre)0.5 (at)0.5 (men)0.5 (t)12.9 ( o)0.5 (f)12.9 ( )0.5 (mino)0.5 (r)31 ( )]TJ
0.025 Tc 0.028 Tw 0 -1.231 Td
(pavement defects, cleaning of bridge expansion joints, cleaning of )Tj
0.031 Tc 0.077 Tw 0 -1.231 Td
[(signs)6 ( )0.5 (and)6 ( )0.5 (guardrails,)6 ( )0.5 (and)6 ( )0.6 (localized)6 ( )0.5 (repairs.)6 ( )0.5 (The)6 ( )0.5 (cost)6 ( )0.5 (for)6 ( )0.5 (this)6 ( )0.5 (part)6 ( )]TJ
0.025 Tc 0.047 Tw 0 -1.231 Td
[(is )0.5 (relatively stable. )0.5 (In )0.5 (the )0.5 (valuation, )0.5 (the forecast )0.5 (is )0.5 (based )0.5 (on 2022 )]TJ
0 Tw 0 -1.231 Td
(data and an annual growth rate of 3%.)Tj
0.045 Tc 0.07 Tw 0 -2.462 Td
[(Major)12.8 ( and)12.7 ( medium)12.7 ( repair)12.7 ( projects)12.8 ( mainly)12.8 ( refer)12.8 ( to)12.7 ( the)12.8 ( medium-)20 ( )]TJ
0 -1.231 Td
[(a)0.5 (n)0.5 (d)12.9 ( )0.5 (l)0.5 (on)0.5 (g)0.5 (-)0.5 (te)0.5 (r)0.5 (m)12.9 ( )0.5 (c)0.5 (o)0.5 (mp)0.5 (r)0.5 (e)0.5 (he)0.5 (n)0.5 (s)0.5 (iv)0.5 (e)13 ( )0.5 (re)0.5 (p)0.5 (a)0.5 (ir)0.5 (s)13 ( )0.5 (f)0.5 (or)13 ( )0.5 (th)0.5 (e)13 ( )0.5 (la)0.5 (r)0.5 (g)0.5 (e)0.5 (r)12.9 ( )0.5 (d)0.5 (am)0.5 (a)0.5 (g)0.5 (e)0.5 (s)12.9 ( )0.5 (o)0.5 (f)20 ( )]TJ
0.046 Tc 0 -1.231 Td
[(highways)12.6 ( and)12.5 ( their)12.5 ( engineering)12.5 ( facilities,)12.5 ( so)12.5 ( as)12.5 ( to)12.6 ( fully)12.5 ( restore)21.1 ( )]TJ
0.079 Tc 0 -1.231 Td
[(th)0.5 (em)12.9 ( t)0.5 (o)12.9 ( th)0.5 (e)12.9 ( o)0.5 (rigi)0.5 (nal)13 ( de)0.5 (sign)13 ( sta)0.5 (nda)0.5 (rds)0.5 (,)12.9 ( or)13 ( to)13 ( ca)0.5 (rry)13 ( out)13 ( loc)0.5 (al)54 ( )]TJ
0.048 Tc 0 -1.231 Td
[(improvements)12.4 ( and)12.4 ( individual)12.4 ( additions)12.4 ( within)12.4 ( the)12.4 ( scope)12.4 ( of)12.4 ( the)23.1 ( )]TJ
0.034 Tc 0.074 Tw 0 -1.231 Td
[(original)9 ( )0.5 (technical)9 ( )0.5 (grade,)9 ( )0.5 (so)9 ( )0.5 (as)9 ( )0.5 (to)9 ( )0.5 (gradually)9 ( )0.5 (improve)9 ( )0.6 (the)9 ( )0.5 (capacity)9 ( )]TJ
0.025 Tc 0.021 Tw 0 -1.231 Td
(of highway projects. This includes comprehensive repairs of roads )Tj
0.014 Tw 0 -1.231 Td
(that have reached their service life to restore them to their original )Tj
0.04 Tc 0.07 Tw 0 -1.231 Td
[(design)12.4 ( standards,)12.4 ( or)12.4 ( timely)12.4 ( repairs)12.4 ( of)12.4 ( major)12.4 ( damages)12.4 ( caused)12.4 ( by)15 ( )]TJ
0.033 Tc 0.075 Tw 0 -1.231 Td
[(floods,)8 ( )0.5 (earthquakes,)8 ( )0.5 (etc.,)8 ( )0.5 (to)8 ( )0.5 (ensure)8 ( )0.5 (their)8 ( )0.5 (normal)8 ( )0.5 (use.)8.1 ( In)8 ( )0.5 (practice,)8 ( )]TJ
0.077 Tc 0.07 Tw 0 -1.231 Td
[(there)12.4 ( is)12.4 ( uncertainty)12.4 ( in)12.4 ( the)12.4 ( timing)12.4 ( and)12.3 ( scale)12.4 ( of)12.4 ( maintenance)52.1 ( )]TJ
0.025 Tc 0.006 Tw 0 -1.231 Td
(projects. In this valuation, it is assumed that the main maintenance )Tj
0 Tw 0 -1.231 Td
(works of roads during the project operation period are as follows:)Tj
0.029 Tc 0.079 Tw 0 -2.462 Td
[(R)0.5 (o)0.5 (a)0.5 (d)4 ( )0.5 (m)0.5 (a)0.5 (in)0.5 (t)0.5 (e)0.5 (n)0.5 (a)0.5 (nc)0.5 (e)4.1 ( )0.5 (pr)0.5 (o)0.5 (j)0.5 (e)0.5 (c)0.5 (t)0.5 (s)0.5 (:)4 ( )0.5 (G)0.5 (e)0.5 (ne)0.5 (r)0.5 (a)0.5 (l)0.5 (l)0.5 (y)4 ( )0.5 (s)0.5 (p)0.5 (e)0.5 (ak)0.5 (i)0.5 (n)0.5 (g)0.5 (,)4 ( )0.5 (a)0.5 (c)0.5 (co)0.5 (r)0.5 (d)0.5 (i)0.5 (n)0.5 (g)4 ( )0.5 (to)4.1 ( )0.5 (th)0.5 (e)4 ( )]TJ
0.034 Tc 0.074 Tw 0 -1.231 Td
[(annual)9 ( )0.5 (road)9.1 ( )0.5 (inspection)9 ( )0.5 (and)9 ( )0.5 (assessment)9 ( )0.5 (report,)9 ( )0.5 (the)9 ( )0.5 (corresponding)9 ( )]TJ
0.078 Tc 0.07 Tw 0 -1.231 Td
[(project)12.6 ( plan)12.6 ( and)12.6 ( program)12.5 ( will)12.5 ( be)12.5 ( formulated,)12.6 ( and)12.5 ( the)12.6 ( early)53 ( )]TJ
0.029 Tc 0.079 Tw 0 -1.231 Td
[(regular)4 ( )0.5 (practice)4 ( )0.5 (is)4 ( )0.5 (to)4 ( )0.5 (carry)4 ( )0.5 (out)4 ( )0.5 (pavement)4 ( )0.5 (overhaul)4 ( )0.5 (once)4 ( )0.5 (every)4 ( )0.5 (1)4 (0)4 ( )]TJ
0.052 Tc 0.07 Tw 0 -1.231 Td
[(to)12.4 ( 1)12.4 (2)12.5 ( years.)12.4 ( Considering)12.5 ( the)12.4 ( low)12.5 ( proportion)12.4 ( of)12.4 ( heavy)12.5 ( vehicles)27 ( )]TJ
0.055 Tc 0 -1.231 Td
[(on)12.9 ( Suxicha)0.5 (ng)12.9 ( South)12.9 ( Expres)0.5 (sway)12.9 ( and)12.9 ( the)13 ( further)12.9 ( pr)0.5 (omotion)12.9 ( of)30 ( )]TJ
0.03 Tc 0.078 Tw 0 -1.231 Td
[(preventive)5 ( )0.5 (maintenance)5.1 ( at)5 ( )0.5 (this)5 ( )0.5 (stage,)4.9 ( )0.6 (the)5 ( )0.5 (major)5.1 ( )0.5 (road)5 ( )0.5 (repair)5 ( )0.5 (cycle)5 ( )]TJ
0.053 Tc 0.07 Tw 0 -1.231 Td
[(should)12.6 ( be)12.6 ( extended.)12.7 ( With)12.7 ( reference)12.7 ( to)12.7 ( the)12.6 ( experience)12.6 ( of)12.6 ( other)28 ( )]TJ
0.055 Tc 0 -1.231 Td
[(projects)12 ( in)12.1 ( the)12 ( province,)12.1 ( it)12.1 ( is)12.1 ( assumed)12.1 ( in)12 ( this)12 ( valuation)12.1 ( that)12.1 ( a)30 ( )]TJ
0.025 Tc 0.073 Tw 0 -1.231 Td
(major repair project will be carried out once during the operation )Tj
0.071 Tw 0 -1.231 Td
(period, i.e. in the 15th year of operation, i.e. in 2036. The cost is )Tj
0.023 Tc 0 Tw 0 -1.231 Td
[(calculated based on the current price of RMB200 per square meter,)-2 ( )]TJ
0.025 Tc 0 -1.231 Td
(taking into account the 2% annual growth rate.)Tj
0.028 Tc 0.08 Tw 0 -2.462 Td
[(Other)3 ( )0.5 (ancillary)3 ( )0.5 (projects:)3 ( )0.5 (Road)3 ( )0.5 (markings)3 ( )0.5 (will)3 ( )0.6 (be)3 ( )0.5 (renewed)3 ( )0.5 (every)3.1 ( )0.5 (3)3 ( )]TJ
0.04 Tc 0.07 Tw 0 -1.231 Td
[(years,)12.9 ( with)12.9 ( annual)12.9 ( cost)12.9 ( allocation)12.9 ( and)12.9 ( a)12.9 ( 2)12.9 (%)12.8 ( annual)12.9 ( growth)12.9 ( rate.)15 ( )]TJ
0.024 Tc 0 Tw 0 -1.231 Td
[(Guardrails will be replaced once within their lifespan and the costs)-1 ( )]TJ
0.019 Tc 0 -1.231 Td
[(of which will be apportioned annually and taking into account a 2%)-5.9 ( )]TJ
0.025 Tc 0 -1.231 Td
(annual growth rate.)Tj
ET

endstream
endobj
117 0 obj
<</Length 7191>>stream
BT
0 0 0 1 k
/Perceptual ri
/GS0 gs
/T1_0 1 Tf
0.025 Tc 12 0 0 12 281.8878 18.7502 Tm
(\226 22 \226)Tj
ET
q
0 Tc 0 g
/GS1 gs
0 TL/Fm0 Do
Q
BT
0.034 Tc 0.074 Tw 13 0 0 13 141.7323 773.5878 Tm
[(4)9 (\))9 ( )-939.5 (Toll)9 ( )0.5 (adjustment)9 ( )0.5 (rate:)9 ( )0.5 (The)9 ( )0.5 (toll)9 ( )0.5 (adjustment)9 ( )0.5 (rate)9 ( )0.5 (takes)9 ( )0.5 (into)9.1 ( )]TJ
-0.034 Tw (account)Tj
0 Tc 0 Tw 30.552 0 Td
( )Tj
0.034 Tc 0.074 Tw -28.371 -1.231 Td
[(the)9.1 ( )0.5 (impact)9 ( )0.5 (of)9 ( )0.5 (differential)9 ( )0.5 (policy,)9 ( )]TJ
14.727 0 Td
[(toll)9 ( )0.5 (free)9 ( )0.5 (period)9 ( )0.5 (on)]TJ
8.021 0 Td
[( )0.5 (holidays)9 ( )0.5 (for)9 ( )]TJ
0.025 Tc 0.014 Tw -22.748 -1.231 Td
(small passenger vehicles, ramp tolls, ETC discounts, and rounding )Tj
0.038 Tc 0.07 Tw 0 -1.231 Td
[(of)12.3 ( cash)12.3 ( tolls)12.3 ( on)12.3 ( actual)12.3 ( tolls.)12.3 ( As)12.3 ( the)12.3 ( impact)12.3 ( of)12.3 ( policies)12.3 ( on)12.3 ( traffic)13 ( )]TJ
0.031 Tc 0.077 Tw 0 -1.231 Td
[(volume)6 ( )0.5 (varies)6 ( )0.5 (in)6 ( )0.5 (different)6 ( )0.5 (months,)6 ( )0.5 (the)6 ( )0.5 (first)6 ( )0.5 (year)6 ( )0.5 (of)6 ( )0.5 (the)6 ( )0.5 (valuation)6 ( )]TJ
0.07 Tc 0.07 Tw 0 -1.231 Td
[(will)12.8 ( be)12.8 ( calculated)12.8 ( based)12.8 ( on)12.9 ( the)12.9 ( traffic)12.8 ( and)12.8 ( revenue)12.8 ( Data)12.8 ( for)45 ( )]TJ
0.025 Tc 0.03 Tw 0 -1.231 Td
[(November )0.5 (to )0.5 (December )0.5 (2022, )0.5 (and )0.5 (the )0.5 (Data )0.6 (for )0.6 (November )0.5 (2022 )0.5 (to )]TJ
0 Tw 0 -1.231 Td
(October 2023 will be used for calculation in the following years.)Tj
/C0_0 1 Tf
0 Tc 0 -2.462 Td
<01FB>Tj
/T1_0 1 Tf
0.028 Tc 0.08 Tw 1.025 0 Td
[( )0.5 (Clearance)3 ( )0.5 (services)3 ( )0.5 (revenue:)3 ( )0.5 (Clearance)3.1 ( )0.5 (services)3 ( )0.5 (revenue)3 ( )0.6 (refers)2.9 ( )]TJ
0.062 Tc 0.07 Tw -1.025 -1.231 Td
[(to)12.8 ( the)12.8 ( revenue)12.8 ( generated)12.8 ( by)12.8 ( the)12.9 ( subject)12.8 ( for)12.8 ( providing)12.8 ( towing)37 ( )]TJ
0.036 Tc 0.072 Tw 0 -1.231 Td
[(and)11 ( )0.5 (rescue)11 ( )0.5 (services)11 ( )0.5 (for)11 ( )0.5 (malfunction)11.1 ( )0.5 (vehicles)11 ( )0.5 (on)11 ( )0.5 (the)11 ( )0.5 (expressway.)11 ( )]TJ
0.044 Tc 0.07 Tw 0 -1.231 Td
[(For)12.8 ( clearance)12.9 ( services)12.8 ( revenue,)12.8 ( this)12.8 ( valuation)12.8 ( is)12.8 ( projected)12.8 ( with)19 ( )]TJ
0.04 Tc 0 -1.231 Td
[(re)0.5 (fer)0.5 (en)0.5 (ce)12.9 ( )0.5 (to)12.9 ( t)0.5 (he)13 ( pro)0.5 (port)0.5 (ion)13 ( of)13 ( cl)0.5 (ear)0.5 (anc)0.5 (e)12.9 ( s)0.5 (er)0.5 (vice)0.5 (s)12.9 ( )0.5 (rev)0.5 (enu)0.5 (e)12.9 ( to)13 ( to)0.5 (ll)15 ( )]TJ
0.038 Tc 0 -1.231 Td
[(r)0.5 (e)0.5 (v)0.5 (e)0.5 (n)0.5 (u)0.5 (e)13 ( )0.5 (i)0.5 (n)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (h)0.5 (i)0.5 (s)0.5 (t)0.5 (o)0.5 (r)0.5 (i)0.5 (c)0.5 (a)0.5 (l)13 ( )0.5 (y)0.5 (e)0.5 (a)0.5 (r)0.5 (s)0.5 (.)13 ( )]TJ
/C0_0 1 Tf
0 Tc 0 Tw 14.033 0 Td
<01FC>Tj
/T1_0 1 Tf
0.038 Tc 0.07 Tw 1.025 0 Td
[( )0.5 (O)0.5 (p)0.5 (e)0.5 (r)0.5 (a)0.5 (t)0.5 (i)0.5 (n)0.5 (g)13 ( )0.5 (l)0.5 (e)0.5 (a)0.5 (s)0.5 (e)13 ( )0.5 (r)0.5 (e)0.5 (v)0.5 (e)0.5 (n)0.5 (u)0.5 (e)0.6 (:)12.9 ( )0.5 (T)0.5 (h)0.5 (e)13 ( )]TJ
0.053 Tc -15.058 -1.231 Td
[(subject\222s)12.1 ( operating)12.2 ( lease)12.2 ( revenue)12.2 ( includes)12.2 ( rental)12.2 ( income)12.2 ( from)28 ( )]TJ
0.025 Tc 0.066 Tw 0 -1.231 Td
(gas stations and service areas. The valuer collected relevant lease )Tj
0.018 Tw 0 -1.231 Td
(contracts and noted that gas station rentals are calculated based on )Tj
0.083 Tw 0 -1.231 Td
[(a )0.5 (per-tonne )0.5 (fuel )0.5 (volume )0.5 (basis, )0.5 (and in )0.5 (conjunction )0.5 (with )0.5 (the )0.5 (actual )]TJ
0.02 Tc 0 Tw 0 -1.231 Td
[(lease revenue collected in the historical years, the forecast period is)-5 ( )]TJ
0.025 Tc 0.004 Tw 0 -1.231 Td
(projected with reference to historical lease revenue and taking into )Tj
0 Tw 0 -1.231 Td
(account a certain amount of growth.)Tj
/T1_1 1 Tf
-6.541 -2.462 Td
[(3. )-1105.5 (Forecast of operating costs)]TJ
/T1_0 1 Tf
0.047 Tc 0.07 Tw 2.18 -2.462 Td
[(P)0.5 (r)0.5 (i)0.6 (n)0.5 (c)0.5 (i)0.5 (p)0.6 (a)0.5 (l)13 ( )0.5 (b)0.6 (u)0.5 (s)0.5 (i)0.5 (n)0.5 (e)0.6 (s)0.5 (s)13 ( )0.6 (c)0.5 (o)0.5 (s)0.5 (t)0.6 (s)13 ( )0.5 (i)0.5 (n)0.6 (c)0.5 (l)0.5 (u)0.5 (d)0.5 (e)13.1 ( )0.5 (t)0.5 (o)0.5 (l)0.6 (l)13 ( )0.5 (r)0.5 (e)0.6 (l)0.5 (a)0.5 (t)0.5 (e)0.6 (d)13 ( )0.5 (e)0.6 (x)0.5 (p)0.5 (e)0.5 (n)0.6 (s)0.5 (e)0.5 (s)0.5 (,)13.1 ( )0.5 (c)0.5 (l)0.5 (e)0.6 (a)0.5 (r)0.5 (a)0.6 (n)0.5 (c)0.5 (e)13.1 ( )0.5 (s)0.5 (e)0.6 (r)0.5 (v)0.5 (i)0.5 (c)0.6 (e)0.5 (s)22 ( )]TJ
0.025 Tc 0.063 Tw 0 -1.231 Td
[(costs, )0.5 (and )0.5 (operating )0.5 (lease costs. )0.5 (Toll related expenses )0.5 (include: amortization )]TJ
0.073 Tc 0.07 Tw 0 -1.231 Td
[(of)12.8 ( intangible)12.7 ( assets,)12.7 ( depreciation,)12.7 ( road)12.7 ( and)12.7 ( bridge)12.8 ( maintenance)12.7 ( fees,)48 ( )]TJ
0.023 Tc 0 Tw 0 -1.231 Td
[(technical service fees, etc. Clearance services costs include: equipment\
 usage)-1.9 ( )]TJ
0.035 Tc 0.073 Tw 0 -1.231 Td
[(fees,)10 ( )0.5 (fuel)10 ( )0.5 (costs)10 ( )0.5 (and)10 ( )0.5 (others.)10 ( )0.5 (Operating)10 ( )0.5 (lease)10 ( )0.5 (costs)10 ( )0.5 (include:)10 ( )0.5 (office)10 ( )0.5 (expenses,)10 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(property management fees, vehicle usage fees, etc.)Tj
0 -2.462 Td
[(a )-1436.5 (Forecast of toll related expenses:)]TJ
2.181 -2.462 Td
[(1\) )-1022.5 (Road and bridge maintenance fees)]TJ
0.082 Tc 0.07 Tw 2.181 -2.462 Td
[(According)12.1 ( to)12.1 ( the)12.1 ( Administrative)12.1 ( Measures)12.1 ( for)12.1 ( Expressway)57 ( )]TJ
0.038 Tc 0 -1.231 Td
[(M)0.5 (a)0.5 (i)0.5 (n)0.5 (t)0.5 (e)0.5 (n)0.5 (a)0.5 (n)0.5 (c)0.5 (e)13 ( )0.5 (i)0.5 (n)13 ( )0.5 (J)0.5 (i)0.5 (a)0.5 (n)0.5 (g)0.5 (s)0.5 (u)13 ( )0.5 (P)0.5 (r)0.5 (o)0.5 (v)0.5 (i)0.5 (n)0.5 (c)0.5 (e)13 ( )0.5 (\()]TJ
/C0_0 1 Tf
0.399 Tc -0.399 Tw 14.911 0 Td
[<0090>156.3 <03EA163D07B209F70BBA02AE0F29126E1690>]TJ
0.322 Tc -0.322 Tw -14.911 -1.231 Td
[<104D0B23136C062C>175.5 <0091>]TJ
/T1_0 1 Tf
0.038 Tc 0.07 Tw 5.763 0 Td
[(\))0.5 (,)13 ( )0.5 (e)0.5 (x)0.5 (p)0.5 (r)0.5 (e)0.5 (s)0.5 (s)0.5 (w)0.5 (a)0.5 (y)13 ( )0.5 (m)0.5 (a)0.5 (i)0.5 (n)0.5 (t)0.5 (e)0.5 (n)0.5 (a)0.5 (n)0.5 (c)0.5 (e)13 ( )0.6 (ma)0.5 (i)0.5 (n)0.5 (l)0.5 (y)13 ( )0.5 (i)0.5 (n)0.5 (c)0.5 (l)0.5 (u)0.5 (d)0.5 (e)0.5 (s)13 ( )0.5 (r)0.5 (o)0.5 (u)0.5 (t)0.5 (i)0.5 (n)0.5 (e)13 ( )]TJ
0.025 Tc 0 Tw -5.763 -1.231 Td
(maintenance, and major and medium repair projects.)Tj
0.094 Tc 0.07 Tw 0 -2.462 Td
[(Routine)12.1 ( maintenance)12.1 ( mainly)12 ( involves)12.1 ( the)12.1 ( maintenance)12.1 ( of)69 ( )]TJ
0.109 Tc 0 -1.231 Td
[(highways)12.4 ( and)12.4 ( their)12.4 ( engineering)12.4 ( facilities)12.3 ( as)12.4 ( well)12.4 ( as)12.4 ( the)84 ( )]TJ
0.052 Tc 0 -1.231 Td
[(re)0.5 (ha)0.5 (bili)0.5 (tat)0.5 (ion)12.9 ( )0.5 (of)12.9 ( )0.5 (anc)0.5 (ill)0.5 (ar)0.5 (y)12.9 ( ro)0.5 (ad)12.9 ( )0.5 (fa)0.5 (cili)0.5 (tie)0.5 (s)12.9 ( t)0.5 (o)12.9 ( k)0.5 (eep)13 ( th)0.5 (em)12.9 ( )0.5 (in)12.9 ( )0.5 (good)27 ( )]TJ
0.031 Tc 0.077 Tw 0 -1.231 Td
[(condition)6 ( )0.5 (at)6 ( )0.5 (all)6 ( )0.5 (times.)6 ( )0.5 (It)6 ( )0.5 (mainly)6 ( )0.5 (includes)6 ( )0.6 (road)6 ( )0.5 (cleaning,)6 ( )0.5 (cleaning)6 ( )]TJ
ET

endstream
endobj
116 0 obj
<</Length 4820>>stream
BT
0 0 0 1 k
/Perceptual ri
/GS0 gs
/T1_0 1 Tf
0.025 Tc 12 0 0 12 281.8878 18.7502 Tm
(\226 21 \226)Tj
ET
q
0 Tc 0 g
/GS1 gs
0 TL/Fm0 Do
Q
BT
13 0 0 13 141.7323 773.5878 Tm
[(3\) )-1022.5 (Toll standards:)]TJ
0.06 Tc 0.07 Tw 2.181 -2.462 Td
[(The)12.7 ( following)12.8 ( assumptions)12.7 ( are)12.8 ( made)12.8 ( for)12.7 ( toll)12.8 ( standards)12.8 ( in)12.8 ( the)35.1 ( )]TJ
0.025 Tc -0.025 Tw 0 -1.231 Td
(valuation:)Tj
0.039 Tc 0.07 Tw 0 -2.462 Td
[(i)14 (.)14 ( )-1243.5 (For)12.3 ( expressways)12.3 ( that)12.3 ( have)12.3 ( already)12.2 ( been)12.3 ( completed)12.3 ( and)12.3 ( put)14 ( )]TJ
0.025 Tc 0 Tw 2.18 -1.231 Td
(into operation, the toll rates approved will remain unchanged.)Tj
0.038 Tc 0.07 Tw -2.18 -2.462 Td
[(i)13 (i)13 (.)13 ( )-941.5 (For)12.5 ( the)12.5 ( expressways)12.5 ( that)12.5 ( are)12.5 ( expected)12.5 ( to)12.5 ( be)12.5 ( completed)12.5 ( and)13 ( )]TJ
0.048 Tc 2.18 -1.231 Td
[(put)12 ( into)12 ( operation)12.1 ( before)12.1 ( 2)12.1 (0)12.1 (2)12 (5)12.1 (:)12.1 ( for)12 ( the)12.1 ( reconstruction)12.1 ( and)23 ( )]TJ
0.071 Tc 0 -1.231 Td
[(expansion)12.4 ( projects)12.4 ( and)12.4 ( new)12.4 ( bridge)12.4 ( and)12.4 ( tunnel)12.4 ( projects,)46 ( )]TJ
0.025 Tc 0.024 Tw 0 -1.231 Td
(reference is made to the \223Pricing Mechanism for Expressway )Tj
0.038 Tc 0.07 Tw 0 -1.231 Td
[(T)0.5 (o)0.5 (l)0.5 (l)0.5 (s)13 ( )0.5 (i)0.5 (n)13 ( )0.5 (J)0.5 (i)0.5 (a)0.5 (n)0.5 (g)0.5 (s)0.5 (u)13 ( )0.5 (P)0.5 (r)0.5 (o)0.5 (v)0.5 (i)0.5 (nc)0.5 (e)0.6 (\224)13 ( )0.5 (\()]TJ
/C0_0 1 Tf
0.261 Tc -0.261 Tw 12.558 0 Td
<03EA163D07B209F70BBA02AE0F2903D70D6C059B1106>Tj
0.141 Tc -0.141 Tw -12.558 -1.231 Td
<12DA0553>Tj
/T1_0 1 Tf
0.025 Tc 0 Tw 2.185 0 Td
(\) jointly issued by the Department of Transportation, the )Tj
0.039 Tc 0.07 Tw -2.185 -1.231 Td
[(Development)12.5 ( and)12.5 ( Reform)12.4 ( Commission)12.5 ( and)12.5 ( the)12.5 ( Department)14 ( )]TJ
0.084 Tc 0 -1.231 Td
[(o)0.5 (f)13 ( )0.6 (F)0.5 (i)0.5 (n)0.6 (a)0.5 (n)0.5 (c)0.6 (e)13 ( )0.5 (o)0.6 (f)13 ( )0.5 (J)0.6 (i)0.5 (a)0.5 (n)0.6 (g)0.5 (s)0.5 (u)13 ( )0.6 (P)0.5 (r)0.5 (o)0.6 (v)0.5 (i)0.5 (n)0.6 (c)0.5 (e)13 ( )0.6 (i)0.5 (n)13 ( )0.5 (2)13.1 (0)13 (2)13 (1)13 (;)13.1 ( )0.5 (a)0.6 (n)0.5 (d)13 ( )0.5 (f)0.6 (o)0.5 (r)13 ( )0.6 (o)0.5 (t)0.5 (h)0.5 (e)0.6 (r)59 ( )]TJ
0.048 Tc 0 -1.231 Td
[(newly)12.3 ( built)12.3 ( general)12.3 ( projects,)12.3 ( the)12.3 ( basic)12.3 ( rates)12.3 ( for)12.4 ( passenger)23 ( )]TJ
0.028 Tc 0.08 Tw 0 -1.231 Td
[(vehicles)3 ( )0.5 (and)3 ( )0.5 (trucks)3 ( )0.5 (will)3 ( )0.6 (be)3 ( )0.5 (RMB)3 (0)3 (.)3 (5)3 (5)]TJ
-0.028 Tw 16.242 0 Td
(/km)Tj
0.025 Tc 0.083 Tw 1.638 0 Td
[( )0.5 (a)-3.3 (n)-3.4 (d )0.5 (R)-3.3 (M)-3.4 (B0.45/)-3.3 (k)-3.4 (m)-3.3 (, )]TJ
-0.025 Tw -17.88 -1.231 Td
(respectively.)Tj
0.033 Tc 0.075 Tw -2.18 -2.462 Td
[(i)8 (i)8 (i)8 (.)8 ( )-638.5 (For)8 ( )0.5 (expressways)8 ( )0.5 (projects)8 ( )0.5 (expected)8 ( )0.5 (to)8.1 ( )0.5 (be)8.1 ( )0.5 (completed)8 ( )0.5 (and)8 ( )0.5 (put)8 ( )]TJ
0.037 Tc 0.071 Tw 2.18 -1.231 Td
[(into)12 ( )0.5 (operation)12.1 ( )0.5 (after)12 ( )0.5 (2)12 (0)12 (2)12 (5)12 (,)12 ( )0.5 (the)12 ( )0.5 (project)11.9 ( )0.5 (construction)12 ( )0.5 (cost)12 ( )0.6 (will)12 ( )]TJ
0.029 Tc 0.079 Tw 0 -1.231 Td
[(be)4 ( )0.5 (further)4.1 ( )0.5 (increased,)4 ( )0.5 (and)4.1 ( )0.5 (the)4 ( )0.5 (average)4 ( )0.5 (toll)4 ( )0.5 (standard)4 ( )0.5 (may)4.1 ( )0.5 (also)4 ( )]TJ
0.03 Tc 0.078 Tw 0 -1.231 Td
[(be)5.1 ( )0.5 (increased)5 ( )0.5 (accordingly.)5 ( )0.5 (In)5 ( )0.5 (this)5 ( )0.5 (context,)5 ( )0.5 (it)5 ( )0.5 (is)5.1 ( )0.5 (expected)5 ( )0.5 (that)5 ( )]TJ
0.041 Tc 0.07 Tw 0 -1.231 Td
[(the)12.1 ( proportion)12 ( of)12 ( traffic)12.1 ( flow)12.1 ( distribution)12 ( within)12.1 ( the)12.1 ( entire)16 ( )]TJ
0.027 Tc 0.081 Tw 0 -1.231 Td
[(Suxichang)2 ( )0.5 (South)2 ( )0.5 (Expressway)2 ( )0.5 (will)2 ( )0.5 (be)2.1 ( )0.5 (increased)2 ( )0.5 (compared)2 ( )0.5 (to)2 ( )]TJ
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(the current situation.)Tj
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[(iv. )-773.5 (Generally, the implementation period of differential policy is )]TJ
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[(less than 5 years, and it is necessary to dynamically adjust the)-2 ( )]TJ
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(differentiation program regularly based on the effectiveness. )Tj
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(In this forecast, it is assumed that the subsequent differential )Tj
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(be considered for the time being.)Tj
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(\226 20 \226)Tj
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[(b)15 ( )-1295.5 (Toll)12.7 ( revenue)12.6 ( forecast:)12.6 ( Calculated)12.6 ( based)12.6 ( on)12.6 ( the)12.6 ( predicted)12.6 ( traffic)12.7 ( flow)15.1 ( )]TJ
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[(a)0.5 (n)0.6 (d)13 ( )0.6 (t)0.5 (h)0.5 (e)13.1 ( )0.5 (c)0.6 (u)0.5 (r)0.5 (r)0.6 (e)0.5 (n)0.6 (t)13 ( )0.5 (t)0.6 (o)0.5 (l)0.5 (l)13 ( )0.6 (s)0.5 (t)0.5 (a)0.6 (n)0.5 (d)0.6 (a)0.5 (r)0.6 (d)0.5 (s)0.5 (,)13.1 ( )0.5 (t)0.5 (h)0.6 (e)13 ( )0.5 (c)0.6 (a)0.6 (l)0.5 (c)0.5 (u)0.6 (l)0.5 (a)0.5 (t)0.6 (i)0.5 (o)0.5 (n)13.1 ( )0.5 (p)0.5 (r)0.6 (o)0.5 (c)0.6 (e)0.5 (s)0.6 (s)13 ( )0.5 (a)0.6 (l)0.5 (s)0.5 (o)13.1 ( )0.5 (t)0.6 (a)0.5 (k)0.5 (e)0.6 (s)13 ( )0.6 (i)0.5 (n)0.5 (t)0.6 (o)14.9 ( )]TJ
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[(account)12.6 ( the)12.6 ( fitting)12.5 ( and)12.6 ( verification)12.6 ( of)12.6 ( relevant)12.6 ( parameters)12.6 ( based)12.6 ( on)23 ( )]TJ
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[(historical)6 ( )0.5 (data,)6 ( )0.5 (and)6.1 ( )0.5 (collects)6 ( )0.5 (the)6 ( )0.5 (project)6 ( )0.5 (toll)6 ( )0.6 (mileage)6 ( )0.6 (table)6 ( )0.5 (provided)6.1 ( )0.5 (by)6 ( )]TJ
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(the target company. The specific forecasting process is as follows:)Tj
0 -2.462 Td
[(1\) )-1022.5 (Suxichang South Expressway includes three types of toll facilities: )]TJ
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(general road sections, Taihu Tunnel, and Mount Yaoxian Tunnel, )Tj
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[(revenue)1 ( )0.5 (of)1.1 ( )0.5 (the)1.1 ( )0.5 (project)1 ( )0.6 (road)1 ( )0.5 (needs)1 ( )0.5 (to)1 ( )0.5 (be)1 ( )0.5 (aggregated)1 ( )0.5 (from)1 ( )0.5 (the)1 ( )0.5 (tolls)1 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(of each type of facility.)Tj
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[(The)12.6 ( toll)12.5 ( revenue)12.6 ( calculation)12.6 ( formula)12.5 ( for)12.5 ( general)12.6 ( road)12.5 ( sections)27 ( )]TJ
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[(i)0.5 (s)0.5 (:)13.1 ( )0.5 (a)0.5 (n)0.5 (n)0.6 (u)0.5 (a)0.5 (l)13 ( )0.6 (t)0.5 (o)0.5 (l)0.5 (l)13 ( )0.6 (r)0.5 (e)0.5 (v)0.5 (e)0.6 (n)0.5 (u)0.5 (e)13.1 ( )0.5 (=)13 ( )0.6 (t)0.5 (r)0.5 (a)0.5 (f)0.5 (f)0.6 (i)0.5 (c)13 ( )0.6 (v)0.5 (o)0.5 (l)0.5 (u)0.5 (m)0.6 (e)13 ( )0.5 (o)0.5 (f)13.1 ( )0.5 (e)0.5 (a)0.6 (c)0.5 (h)13 ( )0.6 (v)0.5 (e)0.5 (h)0.5 (i)0.5 (c)0.6 (l)0.5 (e)13 ( )0.6 (t)0.5 (y)0.5 (p)0.5 (e)13.1 ( )]TJ
/C0_0 1 Tf
0 Tc 0 Tw 27.346 0 Td
<00D2>Tj
/T1_0 1 Tf
1.025 0 Td
( )Tj
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(corresponding toll standard )Tj
/C0_0 1 Tf
0 Tc 0 Tw <00D2>Tj
/T1_0 1 Tf
0.025 Tc 0.015 Tw 12.963 0 Td
( number of toll days per year )Tj
/C0_0 1 Tf
0 Tc 0 Tw <00D2>Tj
/T1_0 1 Tf
0.025 Tc 0.015 Tw 13.684 0 Td
( toll )Tj
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(mileage )Tj
/C0_0 1 Tf
0 Tc 0 Tw 3.616 0 Td
<00D2>Tj
/T1_0 1 Tf
0.025 Tc 1.025 0 Td
( toll adjustment rate;)Tj
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[(The)12.5 ( toll)12.5 ( revenue)12.5 ( calculation)12.5 ( formula)12.5 ( for)12.5 ( the)12.5 ( two)12.5 ( tunnels)12.5 ( is:)47 ( )]TJ
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[(annual)12.5 ( toll)12.6 ( revenue)12.6 ( =)12.6 ( traffic)12.5 ( volume)12.5 ( of)12.6 ( each)12.6 ( vehicle)12.5 ( type)12.6 ( )]TJ
/C0_0 1 Tf
0 Tc 0 Tw <00D2>Tj
/T1_0 1 Tf
28.371 0 Td
( )Tj
0.025 Tc 0.015 Tw -28.371 -1.231 Td
(corresponding toll standard )Tj
/C0_0 1 Tf
0 Tc 0 Tw <00D2>Tj
/T1_0 1 Tf
0.025 Tc 0.015 Tw 12.963 0 Td
( number of toll days per year )Tj
/C0_0 1 Tf
0 Tc 0 Tw <00D2>Tj
/T1_0 1 Tf
0.025 Tc 0.015 Tw 13.684 0 Td
( toll )Tj
0 Tw -26.647 -1.231 Td
(adjustment rate.)Tj
0.046 Tc 0.07 Tw -2.18 -2.462 Td
[(2)21 (\))21 ( )-931.5 (Toll)12.4 ( mileage:)12.3 ( The)12.4 ( toll)12.4 ( mileage)12.4 ( is)12.4 ( extracted)12.4 ( from)12.4 ( the)12.4 ( simplified)21 ( )]TJ
0.022 Tc 0 Tw 2.18 -1.231 Td
[(calculation map of the toll mileage of the Changzhou-Wuxi section)-2.9 ( )]TJ
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[(of)5 ( )0.5 (Suxichang)5 ( )0.5 (South)5 ( )0.5 (Expressway)5 ( )0.5 (provided)5 ( )0.5 (by)5 ( )0.5 (the)5.1 ( )0.5 (network)5 ( )0.5 (center.)5 ( )]TJ
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[(The)12.4 ( toll)12.4 ( mileage)12.3 ( for)12.3 ( the)12.3 ( project)12.3 ( is)12.4 ( a)12.3 ( total)12.3 ( of)12.3 ( 5)12.3 (5)12.4 (.)12.3 (3)12.3 (0)12.3 ( kilometers,)28 ( )]TJ
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[(including)12.7 ( 4)12.7 (0)12.8 (.)12.7 (4)12.8 (6)12.7 ( kilometers)12.8 ( of)12.7 ( the)12.7 ( main)12.7 ( line)12.8 ( \(including)12.8 ( 2)12.8 (9)12.8 (.)12.7 (3)12.7 (3)40.1 ( )]TJ
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[(kilometers)12.5 ( of)12.4 ( general)12.5 ( road)12.5 ( sections,)12.5 ( 1)12.5 (0)12.4 (.)12.5 (0)12.5 (0)12.5 ( kilometers)12.4 ( of)12.5 ( Taihu)25 ( )]TJ
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0 Tw 0 -1.231 Td
(kilometers of ramps.)Tj
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[(The)10 ( )0.5 (forecast)10 ( )0.5 (results)10 ( )0.5 (show)10.1 ( )0.5 (that)9.9 ( )0.6 (the)10 ( )0.6 (overall)10 ( )0.5 (growth)10 ( )0.5 (rate)10 ( )0.5 (of)10 ( )0.5 (project)10 ( )0.5 (road)10 ( )]TJ
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[(t)0.5 (r)0.6 (a)0.5 (f)0.6 (f)0.5 (i)0.6 (c)2 ( )0.5 (i)0.5 (s)2 ( )0.5 (g)0.5 (r)0.5 (a)0.6 (d)0.5 (u)0.6 (a)0.5 (l)0.6 (l)0.5 (y)2 ( )0.5 (d)0.5 (e)0.6 (c)0.5 (r)0.5 (e)0.6 (a)0.6 (s)0.5 (i)0.5 (n)0.6 (g)0.5 (.)2 ( )0.5 (T)0.5 (h)0.6 (e)2 ( )0.5 (m)0.5 (a)0.5 (i)0.6 (n)2 ( )0.5 (r)0.5 (e)0.6 (a)0.5 (s)0.5 (o)0.6 (n)0.5 (s)2 ( )0.5 (f)0.5 (o)0.6 (r)2 ( )0.5 (t)0.5 (h)0.5 (e)2 ( )0.5 (h)0.6 (i)0.5 (g)0.5 (h)0.6 (e)0.5 (r)2 ( )0.5 (t)0.5 (r)0.6 (a)0.5 (f)0.6 (f)0.5 (i)0.6 (c)2 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(growth rate in 2024\2262025 are as follows:)Tj
0.014 Tw 0 -2.462 Td
[(i. )-1313.5 (The operation time of the project road is short, and the traffic is in )]TJ
0 Tw 2.181 -1.231 Td
(a period of rapid growth.)Tj
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[(i)30 (i)30 (.)30 ( )-924.5 (In)13 ( )0.5 (Ju)0.5 (ne)13 ( )0.5 (2)12.9 (0)13 (2)12.9 (3)13 (,)12.9 ( )0.5 (t)0.5 (he)13 ( B)0.5 (e)0.5 (ij)0.5 (in)0.5 (g)0.5 (-S)0.5 (ha)0.5 (n)0.5 (gh)0.5 (ai)13 ( )0.5 (Ex)0.5 (pr)0.5 (e)0.5 (ss)0.5 (wa)0.5 (y)13 ( c)0.5 (o)0.5 (mp)0.5 (le)0.5 (te)0.5 (d)13 ( i)0.5 (ts)30 ( )]TJ
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[(e)0.5 (x)0.5 (p)0.5 (a)0.6 (n)0.5 (s)0.5 (i)0.5 (o)0.5 (n)13 ( )0.5 (a)0.5 (n)0.5 (d)13 ( )0.6 (o)0.5 (p)0.5 (e)0.5 (n)0.5 (e)0.5 (d)13 ( )0.5 (t)0.5 (o)13 ( )0.6 (t)0.5 (r)0.5 (a)0.5 (f)0.5 (f)0.5 (i)0.5 (c)0.6 (,)13 ( )0.5 (a)0.5 (n)0.5 (d)13 ( )0.5 (v)0.5 (e)0.5 (h)0.6 (i)0.5 (c)0.5 (l)0.5 (e)0.5 (s)13 ( )0.5 (f)0.5 (r)0.6 (o)0.5 (m)13 ( )0.5 (W)0.5 (u)0.5 (f)0.5 (e)0.5 (n)0.6 (g)0.5 (s)0.5 (h)0.5 (a)0.5 (n)14 ( )]TJ
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[(heading)1 ( )0.5 (south)1 ( )0.5 (can)1 ( )0.5 (connect)1 ( )0.5 (to)1 ( )0.5 (the)1 ( )0.5 (Southern)1 ( )0.5 (Tunnel)1 ( )0.5 (through)1 ( )0.5 (Luoxi)1 ( )]TJ
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(Hub. It is expected that the traffic in the first half of 2024 will be )Tj
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[(significantly )0.5 (higher )0.5 (than )0.5 (that )0.5 (in )0.5 (the )0.6 (first )0.5 (half )0.5 (of )0.5 (2023; )0.5 (at )0.5 (the )0.6 (same )]TJ
0.061 Tw 0 -1.231 Td
(time, Guangjing Expressway is about to commence its expansion, )Tj
0.026 Tc 0.082 Tw 0 -1.231 Td
[(which)1 ( )0.5 (will)1 ( )0.5 (further)1 ( )0.5 (increase)1 ( )0.5 (the)1 ( )0.5 (number)1 ( )0.5 (of)1 ( )0.5 (vehicles)1 ( )0.5 (heading)1 ( )0.5 (south)1 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(through Wufengshan.)Tj
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[(i)21 (i)21 (i)21 (.)21 ( )-630.5 (Yanjiang)12.6 ( Expressway)12.6 ( will)12.6 ( commence)12.6 ( the)12.6 ( construction)12.6 ( in)12.6 ( 2)12.5 (0)12.6 (2)12.6 (4)12.5 (,)21 ( )]TJ
0.044 Tc 2.181 -1.231 Td
[(and)12.2 ( restrictions)12.2 ( on)12.2 ( vehicles)12.3 ( with)12.2 ( 3)12.2 ( or)12.2 ( more)12.3 ( axes)12.2 ( is)12.3 ( proposed)12.2 ( to)19 ( )]TJ
0.053 Tc 0 -1.231 Td
[(be)12.7 ( imposed)12.7 ( on)12.7 ( the)12.7 ( entire)12.7 ( route.)12.7 ( Referencing)12.7 ( the)12.7 ( experience)12.7 ( of)28 ( )]TJ
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[(the)12.8 ( expansion)12.8 ( of)12.8 ( the)12.9 ( Beijing-Shanghai)12.8 ( Expressway,)12.8 ( there)12.8 ( will)29.9 ( )]TJ
0.062 Tc 0 -1.231 Td
[(b)0.5 (e)13 ( )0.5 (a)13 ( )0.5 (la)0.6 (rg)0.5 (e)13 ( )0.5 (p)0.5 (r)0.5 (o)0.5 (p)0.5 (o)0.5 (rt)0.5 (i)0.5 (o)0.5 (n)13 ( )0.5 (o)0.5 (f)13 ( t)0.5 (r)0.5 (a)0.5 (f)0.5 (f)0.5 (i)0.5 (c)13 ( )0.5 (t)0.5 (r)0.5 (a)0.5 (ns)0.5 (f)0.5 (e)0.5 (r)13 ( )0.5 (d)0.5 (u)0.5 (r)0.5 (i)0.5 (ng)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (e)0.5 (x)0.5 (p)0.5 (an)0.5 (s)0.5 (i)0.5 (o)0.5 (n)37 ( )]TJ
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0.025 Tc 0.069 Tw 0 -1.231 Td
(Expressway that is parallel to the Southern Tunnel \226 the Jiangyin )Tj
0.083 Tc 0.07 Tw 0 -1.231 Td
[(pilot)12.6 ( section,)12.6 ( the)12.6 ( one-way)12.6 ( closure)12.6 ( for)12.6 ( construction)12.6 ( will)12.6 ( be)58 ( )]TJ
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[(scheduled )0.5 (to )0.5 (begin )0.5 (in )0.5 (July )0.5 (2024 )0.5 (and )0.5 (will )0.5 (last for )0.5 (one )0.5 (year. )0.5 (There )]TJ
0.052 Tc 0.07 Tw 0 -1.231 Td
[(w)0.5 (i)0.5 (l)0.5 (l)12.9 ( )0.5 (b)0.5 (e)13 ( )0.5 (a)13 ( )0.5 (g)0.5 (r)0.5 (ea)0.5 (t)0.5 (e)0.5 (r)13 ( )0.5 (d)0.5 (e)0.5 (g)0.5 (re)0.5 (e)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (o)0.5 (ve)0.5 (r)0.5 (f)0.5 (l)0.5 (o)0.5 (w)13 ( )0.5 (in)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (tr)0.5 (a)0.5 (f)0.5 (f)0.5 (i)0.5 (c)13 ( )0.5 (o)0.5 (f)13 ( Y)0.5 (a)0.5 (n)0.5 (j)0.5 (i)0.5 (a)0.5 (n)0.5 (g)26.9 ( )]TJ
0.025 Tc -0.025 Tw 0 -1.231 Td
(Expressway.)Tj
0.059 Tc 0.07 Tw -2.181 -2.462 Td
[(i)34 (v)34 (.)34 ( )-698.5 (Currently,)12.4 ( the)12.5 ( Shanghai-Nanjing)12.5 ( Expressway)12.5 ( Wuxi)12.5 ( section)12.4 ( is)34.1 ( )]TJ
0.042 Tc 2.181 -1.231 Td
[(almost)12.2 ( saturated)12.2 ( and)12.2 ( it)12.2 ( is)12.2 ( difficult)12.2 ( to)12.2 ( accommodate)12.2 ( the)12.2 ( trend)12.2 ( of)17 ( )]TJ
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0.042 Tc 0 -1.231 Td
[(diversion)12.6 ( from)12.6 ( )]TJ
[(other)12.6 ( branch)12.6 ( roads.)12.6 ( During)12.6 ( the)12.6 ( expansion)12.6 ( of)12.6 ( the)17.1 ( )]TJ
0.034 Tc 0.074 Tw 0 -1.231 Td
[(Yanjiang)9 ( Expressway,)9 ( )0.5 (only)9 ( )0.5 (the)9 ( )0.5 (Southern)9 ( )0.5 (Tunnel)8.9 ( )0.6 (has)9 ( )0.5 (a)9 ( )0.5 (relatively)9 ( )]TJ
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0.025 Tc 0 Tw 0 -1.231 Td
(diverted vehicles from the branch roads.)Tj
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0 0 0 1 k
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(\226 18 \226)Tj
ET
q
0 Tc 0 g
/GS1 gs
0 TL/Fm0 Do
Q
BT
0.042 Tc 0.07 Tw 13 0 0 13 141.7323 773.5878 Tm
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(road is set out in the table below:)Tj
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8.375 0 Td
(Standard traffic)Tj
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(Traffic)Tj
4.052 1.231 Td
(Growth )Tj
1.662 -1.231 Td
(rate)Tj
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(Traffic)Tj
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(Growth )Tj
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(rate)Tj
8.161 0 Td
(Remark)Tj
/T1_0 1 Tf
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(\(veh/d\))Tj
8.722 0 Td
(\(veh/d\))Tj
10.4 0 0 13 141.7322 645.5878 Tm
(2023)Tj
6.392 0 Td
(27,593)Tj
4.553 0 Td
(69.4%)Tj
4.169 0 Td
(31,614)Tj
4.553 0 Td
(52.1%)Tj
0 Tw 3.535 0 Td
(The project has just open to traffic )Tj
-0.304 -1.231 Td
(and the base is relatively low due to )Tj
1.984 -1.231 Td
(the impact of the epidemic)Tj
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(November-)Tj
0 Tc 0 Tw 10.4 0 0 13 191.4356 629.5878 Tm
( )Tj
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(December )Tj
0 Tc 0 Tw 10.4 0 0 13 197.685 613.5878 Tm
( )Tj
0.025 Tc -0.025 Tw 10.4 0 0 13 152.1322 597.5878 Tm
(2023)Tj
5.392 2.462 Td
(19,178)Tj
4.553 0 Td
(49.3%)Tj
4.169 0 Td
(23,050)Tj
4.553 0 Td
(37.1%)Tj
-19.667 -3.692 Td
(2024)Tj
6.392 0 Td
(42,160)Tj
4.553 0 Td
(52.8%)Tj
4.169 0 Td
(47,373)Tj
4.553 0 Td
(49.8%)Tj
0 Tw 3.921 0 Td
(Please refer to the text below for )Tj
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(details)Tj
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(2025)Tj
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(56,933)Tj
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(35.0%)Tj
4.169 0 Td
(62,656)Tj
4.553 0 Td
(32.3%)Tj
-19.667 -1.231 Td
(2026)Tj
6.392 0 Td
(66,095)Tj
4.553 0 Td
(16.1%)Tj
4.169 0 Td
(72,187)Tj
4.553 0 Td
(15.2%)Tj
-19.667 -1.231 Td
(2027)Tj
6.392 0 Td
(63,847)Tj
4.72 0 Td
(-3.4%)Tj
4.002 0 Td
(69,798)Tj
4.72 0 Td
(-3.3%)Tj
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(Completion of the expansion of )Tj
2.097 -1.231 Td
(Yanjiang Expressway)Tj
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(2028)Tj
6.392 0 Td
(73,915)Tj
4.553 0 Td
(15.8%)Tj
4.169 0 Td
(81,365)Tj
4.553 0 Td
(16.6%)Tj
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(Commencement of the expansion of )Tj
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(the Shanghai-Nanjing Expressway)Tj
0.373 -1.231 Td
(Opening of Xitai and Ningchang )Tj
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(Expressway)Tj
-27.998 2.462 Td
(2029)Tj
6.392 0 Td
(90,919)Tj
4.553 0 Td
(23.0%)Tj
4.169 0 Td
(99,787)Tj
4.553 0 Td
(22.6%)Tj
-19.667 -3.692 Td
(2030)Tj
5.867 0 Td
(101,967)Tj
5.078 0 Td
(12.2%)Tj
3.644 0 Td
(111,679)Tj
5.078 0 Td
(11.9%)Tj
-19.667 -1.231 Td
(2031)Tj
5.867 0 Td
(100,805)Tj
5.245 0 Td
(-1.1%)Tj
3.477 0 Td
(110,182)Tj
5.245 0 Td
(-1.3%)Tj
-19.834 -1.231 Td
(2032)Tj
6.392 0 Td
(78,070)Tj
4.195 0 Td
(-22.6%)Tj
4.527 0 Td
(85,046)Tj
4.195 0 Td
(-22.8%)Tj
0 Tw 4.522 0 Td
(Completion of the expansion of )Tj
0.191 -1.231 Td
(Shanghai-Nanjing Expressway)Tj
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(2033)Tj
6.392 0 Td
(82,002)Tj
5.078 0 Td
(5.0%)Tj
3.644 0 Td
(89,162)Tj
5.078 0 Td
(4.8%)Tj
-20.192 -1.231 Td
(2034)Tj
6.392 0 Td
(85,728)Tj
5.078 0 Td
(4.5%)Tj
3.644 0 Td
(93,064)Tj
5.078 0 Td
(4.4%)Tj
-20.192 -1.231 Td
(2035)Tj
6.392 0 Td
(89,255)Tj
5.078 0 Td
(4.1%)Tj
3.644 0 Td
(96,754)Tj
5.078 0 Td
(4.0%)Tj
-20.192 -1.231 Td
(2036)Tj
5.867 0 Td
(106,896)Tj
5.078 0 Td
(19.8%)Tj
3.644 0 Td
(116,383)Tj
5.078 0 Td
(20.3%)Tj
0 Tw 4.948 0 Td
(Suzhou-Suzhou-Taihu Lake )Tj
-1.516 -1.231 Td
(Corridor and Changtai Expressway )Tj
1.712 -1.231 Td
(commence their operations)Tj
-0.025 Tw -24.812 -1.231 Td
(2037)Tj
5.867 0 Td
(110,071)Tj
5.603 0 Td
(3.0%)Tj
3.119 0 Td
(119,708)Tj
5.603 0 Td
(2.9%)Tj
-20.192 -1.231 Td
(2038)Tj
5.867 0 Td
(113,039)Tj
5.603 0 Td
(2.7%)Tj
3.119 0 Td
(122,813)Tj
5.603 0 Td
(2.6%)Tj
-20.192 -1.231 Td
(2039)Tj
5.867 0 Td
(115,703)Tj
5.603 0 Td
(2.4%)Tj
3.119 0 Td
(125,590)Tj
5.603 0 Td
(2.3%)Tj
-20.192 -1.231 Td
(2040)Tj
5.867 0 Td
(118,021)Tj
5.603 0 Td
(2.0%)Tj
3.119 0 Td
(127,991)Tj
5.603 0 Td
(1.9%)Tj
-20.192 -1.231 Td
(2041)Tj
5.867 0 Td
(120,046)Tj
5.603 0 Td
(1.7%)Tj
3.119 0 Td
(130,082)Tj
5.603 0 Td
(1.6%)Tj
-20.192 -1.231 Td
(2042)Tj
5.867 0 Td
(121,824)Tj
5.603 0 Td
(1.5%)Tj
3.119 0 Td
(131,910)Tj
5.603 0 Td
(1.4%)Tj
-20.192 -1.231 Td
(2043)Tj
5.867 0 Td
(123,387)Tj
5.603 0 Td
(1.3%)Tj
3.119 0 Td
(133,510)Tj
5.603 0 Td
(1.2%)Tj
-20.192 -1.231 Td
(2044)Tj
5.867 0 Td
(124,761)Tj
5.825 0 Td
(l.1%)Tj
2.897 0 Td
(134,896)Tj
5.603 0 Td
(1.0%)Tj
-20.192 -1.231 Td
(2045)Tj
5.867 0 Td
(125,982)Tj
5.603 0 Td
(1.0%)Tj
3.119 0 Td
(136,129)Tj
5.603 0 Td
(0.9%)Tj
-20.192 -1.231 Td
(2046)Tj
5.867 0 Td
(127,061)Tj
5.603 0 Td
(0.9%)Tj
3.119 0 Td
(137,208)Tj
5.603 0 Td
(0.8%)Tj
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(\226 17 \226)Tj
ET
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0 Tc 0 g
/GS1 gs
0 TL/Fm0 Do
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BT
0.035 Tc 0.073 Tw 13 0 0 13 141.7323 773.5878 Tm
[(was)10 ( )0.5 (modeled)10 ( )0.5 (using)10 ( )0.6 (the)10 ( )0.5 (professional)10 ( )0.5 (forecasting)10 ( )0.5 (software,)10 ( )0.5 (TransCAD.)10 ( )]TJ
0.045 Tc 0.07 Tw 0 -1.231 Td
[(The)12.4 ( basic)12.4 ( data)12.4 ( are)12.4 ( sourced)12.4 ( from)12.3 ( the)12.4 ( monthly)12.4 ( traffic)12.4 ( statistics)12.4 ( report)20 ( )]TJ
0.038 Tc 0 -1.231 Td
[(issued)12.1 ( by)12 ( the)12 ( Jiangsu)12 ( Provincial)12 ( Expressway)12.1 ( Network)12.1 ( Operation)12.1 ( and)13 ( )]TJ
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[(Management)4 ( )0.5 (Center,)4 ( )0.5 (and)3.9 ( )0.5 (combined)4 ( )0.5 (with)4 ( )0.5 (relevant)4 ( )0.5 (historical)4 ( )0.5 (yearbooks)4 ( )]TJ
0.058 Tc 0.07 Tw 0 -1.231 Td
[(and)12.1 ( future)12.1 ( planning)12.1 ( information)12.1 ( of)12.1 ( regional)12.1 ( economic,)12.1 ( social,)12.1 ( and)33 ( )]TJ
0.039 Tc 0 -1.231 Td
[(transportation)12.3 ( development,)12.3 ( and)12.3 ( collected)12.2 ( the)12.3 ( construction)12.2 ( plans)12.3 ( and)14 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(proposals related to the target project.)Tj
0 -2.462 Td
(The traffic volume forecasting process is as follows:)Tj
0.093 Tc 0.07 Tw 0 -2.462 Td
[(1)68 (\))68 ( )-884.5 (Divide)12.7 ( the)12.8 ( study)12.8 ( area)12.8 ( into)12.7 ( smaller)12.7 ( areas)12.8 ( based)12.7 ( on)12.7 ( project)68 ( )]TJ
0.025 Tc 0 Tw 2.181 -1.231 Td
(characteristics and calculate the base year OD;)Tj
0.102 Tc 0.07 Tw -2.181 -2.462 Td
[(2)77 (\))77 ( )-875.5 (Establish)12.6 ( a)12.6 ( road)12.6 ( network)12.6 ( model)12.6 ( and)12.6 ( calibrate)12.6 ( and)12.6 ( verify)77 ( )]TJ
0.025 Tc 0 Tw 2.181 -1.231 Td
(parameters based on historical data;)Tj
0.05 Tc 0.07 Tw -2.181 -2.462 Td
[(3)25 (\))25 ( )-927.5 (Calculate)12.8 ( the)12.9 ( traffic)12.8 ( generation)12.9 ( of)12.9 ( each)12.9 ( community)12.8 ( area)12.8 ( in)12.8 ( the)25 ( )]TJ
0.042 Tc 2.181 -1.231 Td
[(m)0.6 (a)0.5 (i)0.5 (n)13.1 ( )0.5 (y)0.6 (e)0.6 (a)0.5 (r)0.6 (s)13 ( )0.6 (b)0.5 (a)0.6 (s)0.5 (e)0.6 (d)13 ( )0.6 (o)0.5 (n)13.1 ( )0.5 (f)0.6 (u)0.5 (t)0.6 (u)0.5 (r)0.6 (e)13 ( )0.6 (e)0.5 (c)0.6 (o)0.5 (n)0.6 (o)0.5 (m)0.6 (i)0.5 (c)13.1 ( )0.5 (g)0.6 (r)0.5 (o)0.5 (w)0.6 (t)0.6 (h)13 ( )0.6 (r)0.5 (a)0.6 (t)0.5 (e)13.1 ( )0.5 (a)0.6 (n)0.5 (d)13.1 ( )0.5 (e)0.6 (l)0.5 (a)0.6 (s)0.5 (t)0.6 (i)0.5 (c)0.6 (i)0.5 (t)0.6 (y)17 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(coefficient analysis;)Tj
0.033 Tc 0.075 Tw -2.181 -2.462 Td
[(4)8 (\))8 ( )-939.5 (Use)8.1 ( )0.5 (the)8 ( )0.5 (Fratar)8 ( )0.5 (approach)8 ( )0.5 (to)8 ( )0.6 (calculate)8 ( )0.5 (the)8 ( )0.5 (OD)8 ( )0.5 (distribution)8 ( )0.6 (of)8 ( )0.5 (each)8 ( )]TJ
0.025 Tc 0 Tw 2.181 -1.231 Td
(community area in the main years;)Tj
0.038 Tc 0.07 Tw -2.181 -2.462 Td
[(5)13 (\))13 ( )-939.5 (Calibrate)12.9 ( the)12.9 ( road)12.8 ( network)12.9 ( information)12.8 ( in)12.8 ( the)12.9 ( main)12.8 ( years,)12.8 ( adopt)13 ( )]TJ
0.023 Tc 0 Tw 2.181 -1.231 Td
[(t)0.5 (he)0.5 ( )0.5 (U)0.5 (E)0.5 ( d)0.5 (i)0.5 (s)0.5 (tr)0.5 (i)0.5 (bu)0.5 (t)0.5 (io)0.5 (n)0.5 ( )0.5 (mo)0.5 (d)0.5 (e)0.5 (l,)0.5 ( )0.5 (an)0.5 (d)0.5 ( )0.5 (co)0.5 (n)0.5 (du)0.5 (c)0.5 (t)0.5 ( t)0.5 (r)0.5 (a)0.5 (f)0.5 (fi)0.5 (c)0.5 ( )0.5 (vo)0.5 (l)0.5 (um)0.5 (e)0.5 ( )0.5 (di)0.5 (s)0.5 (t)0.5 (ri)0.5 (b)0.5 (ut)0.5 (i)0.5 (on)0.5 (;)]TJ
0.044 Tc 0.07 Tw -2.181 -2.462 Td
[(6)19 (\))19 ( )-933.5 (Calculate)12.3 ( the)12.3 ( average)12.2 ( traffic)12.3 ( volume,)12.2 ( segment)12.3 ( and)12.3 ( vehicle)12.2 ( type)19 ( )]TJ
0.025 Tc 0.052 Tw 2.181 -1.231 Td
(traffic volume of Suxichang South Expressway for each year, and )Tj
0 Tw 0 -1.231 Td
(analyze the characteristics and reasons for traffic volume changes,)Tj
ET

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(\226 16 \226)Tj
ET
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0 Tc 0 g
/GS1 gs
0 TL/Fm0 Do
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BT
13 0 0 13 85.0394 773.5878 Tm
(The specific forecasting process of the income approach is as follows:)Tj
/T1_1 1 Tf
0 -2.462 Td
[(1. )-1105.5 (Determination of the forecast period)]TJ
/T1_0 1 Tf
0.037 Tc 0.071 Tw 2.181 -2.462 Td
[(According)12 ( )0.5 (to)12 ( )0.5 (the)12 ( )0.5 (Official)12 ( )0.5 (Response)12.1 ( )0.5 (of)12 ( )0.6 (the)12 ( )0.5 (Jiangsu)12 ( )0.5 (Provincial)12 ( )0.5 (Government)12 ( )]TJ
0.025 Tc 0.034 Tw 0 -1.231 Td
(on Agreeing to Levy Vehicle tolls on the Changzhou to Wuxi Section of th\
e )Tj
0.038 Tc 0.07 Tw 0 -1.231 Td
[(S)0.5 (u)0.5 (x)0.5 (i)0.5 (c)0.5 (h)0.5 (a)0.5 (n)0.5 (g)13 ( )0.5 (S)0.5 (o)0.5 (u)0.5 (t)0.5 (h)13 ( E)0.6 (xp)0.6 (re)0.6 (s)0.5 (s)0.5 (w)0.5 (a)0.5 (y)13 ( )0.5 (\()]TJ
/C0_0 1 Tf
0.327 Tc -0.327 Tw 13.306 0 Td
[<0090>174.7 <07B2074105B415EB05F5039D0E08163D137C0A6C06CC0BC509F70BBA>]TJ
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[<02AE0F290A6C03C804070CCC137C076C0D9A11440513123F0BB704110D6C065904AD1527>181.1 <0091>]TJ
/T1_0 1 Tf
0.038 Tc 0.07 Tw 23.871 0 Td
[(\))13 ( )0.5 (\()0.5 (S)0.5 (u)0.5 (z)0.5 (h)0.5 (e)0.5 (n)0.5 (g)0.5 (f)0.5 (u)13 ( )0.5 ([)13 (2)13 (0)13 (2)13 (1)13 (])13 ( )]TJ
0.025 Tc 0.065 Tw -23.871 -1.231 Td
(No. 61\) issued by the Jiangsu Provincial Government on 6 December 2021,\
 )Tj
0.038 Tc 0.07 Tw 0 -1.231 Td
[(S)0.5 (u)0.6 (x)0.5 (i)0.5 (c)0.5 (h)0.6 (a)0.5 (n)0.5 (g)13 ( )0.5 (S)0.5 (o)0.5 (u)0.5 (t)0.6 (h)13 ( )0.5 (E)0.5 (x)0.5 (p)0.6 (r)0.5 (e)0.5 (s)0.5 (s)0.6 (w)0.5 (a)0.5 (y)13 ( )0.5 (i)0.6 (s)13 ( )0.5 (a)0.5 (n)13 ( )0.5 (o)0.5 (p)0.5 (e)0.6 (r)0.5 (a)0.5 (t)0.6 (i)0.5 (n)0.5 (g)13 ( )0.5 (t)0.5 (o)0.5 (l)0.6 (l)13 ( r)0.6 (o)0.5 (a)0.5 (d)13 ( )0.5 (a)0.6 (n)0.5 (d)13 ( )0.5 (s)0.5 (h)0.5 (a)0.6 (l)0.5 (l)13 ( )0.5 (b)0.5 (e)0.5 (g)0.6 (i)0.5 (n)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )]TJ
0.057 Tc 0 -1.231 Td
[(collection)12.1 ( of)12.1 ( toll)12.1 ( fees)12.1 ( on)12.1 ( the)12.1 ( date)12.1 ( of)12.1 ( completion)12.1 ( and)12.1 ( the)12.1 ( conditions)12.1 ( for)32 ( )]TJ
0.049 Tc 0 -1.231 Td
[(opening)12.3 ( to)12.3 ( traffic)12.3 ( are)12.3 ( met,)12.3 ( with)12.3 ( a)12.3 ( toll)12.3 ( period)12.3 ( of)12.3 ( 2)12.3 (5)12.3 ( years.)12.3 ( Therefore,)12.3 ( the)24.1 ( )]TJ
0.03 Tc 0.078 Tw 0 -1.231 Td
[(operating)5 ( )0.5 (period)5 ( )0.5 (of)5 ( )0.5 (the)5 ( )0.5 (project)5 ( )0.5 (is)5 ( )0.5 (from)5 ( )0.5 (3)5 (0)5 ( )0.5 (December)5 ( )0.5 (2)5 (0)5 (2)5 (1)5 ( )0.5 (to)5 ( )0.5 (2)5 (9)5 ( )0.5 (December)5 ( )]TJ
0.025 Tc -0.025 Tw 0 -1.231 Td
(2046.)Tj
0.005 Tw 0 -2.462 Td
(The forecast period for this project is from the day after the )Tj
-0.025 Tw (valuation )Tj
0.005 Tw 29.858 0 Td
(date to )Tj
0.065 Tw -29.858 -1.231 Td
[(the )0.5 (end )0.5 (of )0.5 (the )0.5 (toll )0.5 (period )0.5 (of )0.5 (the )0.5 (project road, )0.5 (specifically )0.5 (from )0.5 (1 )0.5 (November )]TJ
0.035 Tw 0 -1.231 Td
(2023 to 29 December 2046, with a total forecast period of approximately \
23 )Tj
0 Tw 0 -1.231 Td
(years and 2 months.)Tj
/T1_1 1 Tf
-2.181 -2.462 Td
[(2. )-1105.5 (Forecast of operating revenue)]TJ
/T1_0 1 Tf
0.048 Tc 0.07 Tw 2.181 -2.462 Td
[(The)12.4 ( historical)12.4 ( annual)12.4 ( main)12.4 ( operating)12.4 ( income)12.4 ( of)12.4 ( the)12.4 ( subject)12.5 ( includes)12.4 ( toll)23 ( )]TJ
0.047 Tc 0 -1.231 Td
[(revenue,)12.6 ( clearance)12.6 ( services)12.6 ( revenue)12.6 ( and)12.5 ( operating)12.5 ( lease)12.6 ( income,)12.5 ( and)12.6 ( the)22 ( )]TJ
0.067 Tc 0 -1.231 Td
[(revenue)12.8 ( is)12.8 ( also)12.8 ( predicted)12.7 ( based)12.7 ( on)12.8 ( these)12.8 ( three)12.8 ( components)12.8 ( during)12.7 ( the)42 ( )]TJ
0.04 Tc 0 -1.231 Td
[(f)0.5 (o)0.5 (r)0.5 (e)0.5 (c)0.5 (a)0.5 (s)0.5 (t)13 ( )0.5 (p)0.5 (e)0.5 (r)0.5 (i)0.5 (o)0.5 (d.)13 ( )0.5 (\()13 (1)13 (\))13 ( )0.5 (T)0.5 (o)0.5 (l)0.5 (l)13 ( )0.5 (r)0.5 (e)0.5 (v)0.5 (e)0.5 (n)0.5 (u)0.5 (e)0.5 (:)13 ( )0.5 (Ji)0.5 (a)0.5 (n)0.5 (g)0.5 (s)0.5 (u)13 ( )0.5 (W)0.5 (e)0.5 (i)0.5 (x)0.5 (i)0.5 (n)13 ( )0.5 (E)0.5 (n)0.5 (g)0.5 (i)0.5 (ne)0.5 (e)0.6 (ri)0.5 (n)0.5 (g)13 ( )0.5 (C)0.5 (o)0.5 (n)0.5 (s)0.5 (u)0.5 (l)0.5 (t)0.5 (in)0.5 (g)15 ( )]TJ
0.027 Tc 0.081 Tw 0 -1.231 Td
[(Company)2 ( )0.5 (Limited)2 ( )0.5 (is)2 ( )0.5 (a)2 ( )0.5 (professional)2 ( )0.5 (institution)2 ( )0.5 (for)2 ( )0.5 (traffic)2.1 ( volume)2 ( )0.5 (pre)0.5 (di)0.5 (ction)2 ( )]TJ
0.06 Tc 0.07 Tw 0 -1.231 Td
[(research,)12.9 ( and)12.9 ( has)12.9 ( made)12.9 ( traffic)12.9 ( volume)12.9 ( and)12.8 ( )0.5 (toll)12.9 ( revenue)12.9 ( predictions)12.9 ( for)35 ( )]TJ
0.025 Tc 0.078 Tw 0 -1.231 Td
(Suxichang South Expressway and issued the \223Suxichang South Expressway\
 )Tj
0.053 Tc 0.07 Tw 0 -1.231 Td
[(Traffic)12.8 ( Flow,)12.8 ( Toll)12.8 ( Revenue,)12.8 ( Operation)12.8 ( and)12.8 ( Maintenance)12.9 ( Costs)12.8 ( Forecast)28 ( )]TJ
0 Tc 0 Tw 0 -1.231 Td
(\()Tj
/C0_0 1 Tf
0.266 Tc -0.266 Tw 0.483 0 Td
[<163D137C0A6C06CC0BC509F70BBA02AE0F2903740BB70D8E>241 <0065>189.5 <0BB704110D6C03D7025D02BF0F361404126E169003D303490F6B>]TJ
0 Tc 0 Tw -0.483 -1.231 Td
<0CBB>Tj
/T1_0 1 Tf
0.037 Tc 0.071 Tw 1.15 0 Td
[(\)\224.)12 ( )0.5 (After)12 ( )0.5 (reviewing)12 ( )0.5 (the)12 ( )0.5 (relevant)12 ( )0.5 (calculation)12 ( )0.5 (basis)12.1 ( and)12 ( )0.5 (financial)12 ( )0.5 (analysis)12 ( )]TJ
0.025 Tc 0.083 Tw -1.15 -1.231 Td
[(data of )0.5 (the calculation )0.5 (report )0.5 (in )0.5 (the )0.5 (report, )0.5 (the )0.5 (valuation )0.5 (professional made )]TJ
0.011 Tw 0 -1.231 Td
[(reference )0.5 (to )0.6 (the traffic )0.5 (volume )0.5 (forecast )0.5 (income )0.5 (of )0.5 (the )0.5 (report )0.5 (and )0.5 (converted )0.5 (it )]TJ
0 Tw 0 -1.231 Td
(to VAT-exclusive income.)Tj
0.104 Tc 0.07 Tw 0 -2.462 Td
[(a)79 ( )-1287.5 (Traffic)12.4 ( volume)12.4 ( forecast:)12.3 ( According)12.4 ( to)12.3 ( the)12.4 ( \223Suxichang)12.4 ( South)78.9 ( )]TJ
0.039 Tc 2.18 -1.231 Td
[(Expressway)12.8 ( Traffic)12.8 ( Flow,)12.8 ( Toll)12.8 ( Revenue,)12.9 ( Operation)12.9 ( and)12.9 ( Maintenance)14 ( )]TJ
0.097 Tc 0 -1.231 Td
[(C)0.5 (os)0.5 (ts)13 ( F)0.5 (o)0.5 (re)0.5 (ca)0.5 (s)0.5 (t\224)13 ( )0.5 (re)0.5 (p)0.5 (or)0.5 (t)12.9 ( )0.5 (is)0.5 (su)0.5 (e)0.5 (d)12.9 ( )0.5 (by)13 ( )0.5 (Ji)0.5 (an)0.5 (gs)0.5 (u)13 ( W)0.5 (e)0.5 (ix)0.5 (in)13 ( E)0.5 (ng)0.5 (i)0.5 (ne)0.5 (er)0.5 (i)0.5 (ng)72 ( )]TJ
0.032 Tc 0.076 Tw 0 -1.231 Td
[(Consulting)7 ( )0.5 (Company)7 ( )0.5 (Limited,)7 ( )0.5 (the)7 ( )0.5 (\223four-stage\224)7.1 ( )0.5 (approach)7 ( )0.5 (was)7.1 ( )0.5 (adopted)7 ( )]TJ
0.025 Tc 0.074 Tw 0 -1.231 Td
(for this forecast of the traffic volume. According to the traffic volume\
 )Tj
0.059 Tw 0 -1.231 Td
(analysis and forecasting methods for highway construction projects set )Tj
0.032 Tc 0.076 Tw 0 -1.231 Td
[(out)7 ( )0.5 (in)7 ( )0.5 (the)7 ( )0.6 (\223Feasibility)7 ( )0.5 (Study)7 ( )0.5 (Report)7 ( )0.5 (Preparation)7 ( )0.5 (Method)7 ( )0.5 (for)7 ( )0.5 (Highway)7 ( )]TJ
0.038 Tc 0.07 Tw 0 -1.231 Td
[(C)0.5 (o)0.5 (n)0.5 (s)0.5 (t)0.5 (r)0.5 (u)0.5 (c)0.5 (t)0.5 (i)0.5 (o)0.5 (n)13 ( )0.5 (P)0.5 (r)0.5 (o)0.5 (j)0.5 (e)0.5 (c)0.5 (t)0.5 (s)0.5 (\224)13 ( )0.5 (\()]TJ
/C0_0 1 Tf
0.294 Tc -0.294 Tw 10.293 0 Td
[<0090>182.3 <02AE0F2907140BA30DB003660319041105CC07BC04FA0C1C045311DC10A1>]TJ
0.025 Tc -0.025 Tw -10.293 -1.231 Td
[<136C>-200 <062C0091>]TJ
/T1_0 1 Tf
0.048 Tw 2.9 0 Td
(\) issued by the Ministry of Transport in April 2010, the forecast )Tj
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(\226 15 \226)Tj
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[(Question)12.8 ( 3)12.8 (:)12.8 ( Regarding)12.8 ( the)12.8 ( valuation)12.8 ( of)12.8 ( the)12.8 ( target)12.8 ( asset,)12.8 ( the)12.8 ( income)12.8 ( approach)25 ( )]TJ
0.04 Tc 0 -1.231 Td
[(and)12.3 ( market)12.3 ( approach)12.3 ( were)12.3 ( selected)12.3 ( for)12.4 ( the)12.4 ( valuation)12.4 ( of)12.3 ( the)12.3 ( target)12.3 ( asset)12.4 ( in)12.3 ( this)15 ( )]TJ
0.025 Tc 0.083 Tw 0 -1.231 Td
[(transaction, )0.5 (and )0.5 (the valuation results under )0.5 (the )0.5 (two )0.5 (approaches )0.5 (were )0.5 (RMB8.001 )]TJ
0.073 Tc 0.07 Tw 0 -1.231 Td
[(billion)12.7 ( and)12.7 ( RMB)12.7 (7)12.7 (.)12.7 (9)12.7 (1)12.7 ( billion,)12.7 ( with)12.7 ( appreciation)12.7 ( rates)12.8 ( of)12.7 ( 7)12.7 (.)12.7 (2)12.7 (1)12.7 (%)12.7 ( and)12.7 ( 5)12.7 (.)12.7 (9)12.8 (9)12.7 (%,)48 ( )]TJ
0.025 Tc 0.01 Tw 0 -1.231 Td
(respectively, and the valuation results under the income approach were u\
ltimately )Tj
0.021 Tc 0 Tw 0 -1.231 Td
[(adopted as the basis for the valuation. The main operating assets of the\
 target asset)-4 ( )]TJ
0.025 Tc 0.068 Tw 0 -1.231 Td
(are fixed assets and toll road operation rights, and the asset-based app\
roach was )Tj
0 Tw 0 -1.231 Td
(not selected for the valuation.)Tj
0 -2.462 Td
(The Company is requested to further disclose the following information:)Tj
0.054 Tc 0.07 Tw 0 -2.462 Td
[(\()29 (1)29 (\))29 ( )-565.5 (The)12.5 ( specific)12.5 ( calculation)12.5 ( basis)12.4 ( of)12.5 ( the)12.5 ( income)12.5 ( approach,)12.5 ( including)12.5 ( but)12.5 ( not)29 ( )]TJ
0.043 Tc 2.181 -1.231 Td
[(limited)12.9 ( to)12.9 ( toll)12.9 ( revenue,)12.9 ( traffic)12.9 ( volume,)12.9 ( maintenance)12.9 ( costs,)12.9 ( and)12.9 ( forecasting)18 ( )]TJ
0.028 Tc 0.08 Tw 0 -1.231 Td
[(basis)3 ( )0.5 (of)3 ( )0.5 (the)3 ( )0.5 (target)3 ( )0.5 (assets,)3 ( )0.5 (as)3 ( )0.5 (well)3 ( )0.5 (as)3 ( )0.5 (the)3 ( )0.5 (level)3 ( )0.5 (and)3 ( )0.5 (basis)3 ( )0.5 (of)3 ( )0.5 (the)3 ( )0.5 (discount)3 ( )0.5 (rate,)3 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(and the division and basis of different forecast periods;)Tj
-0.025 Tw 0 -2.462 Td
(Reply:)Tj
/T1_0 1 Tf
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[(The)12.2 ( valuation)12.2 ( institution)12.2 ( responsible)12.2 ( for)12.2 ( the)12.2 ( registration)12.2 ( of)12.2 ( the)12.2 ( transfer)12.2 ( of)41 ( )]TJ
0.025 Tc 0.026 Tw 0 -1.231 Td
(state-owned assets is jointly commissioned by the three shareholders of \
the target )Tj
0.002 Tw 0 -1.231 Td
(company, Jiangsu Communications Holding, Wuxi Transportation Industry Gr\
oup )Tj
0.037 Tc 0.071 Tw 0 -1.231 Td
[(Co.,)11.9 ( )0.6 (Ltd.,)12 ( )0.5 (and)12 ( )0.6 (Changzhou)12 ( )0.5 (Expressway)12 ( )0.5 (Investment)12 ( )0.5 (Development)12 ( )0.5 (Co.,)12 ( )0.5 (Ltd..)11.9 ( )0.5 (Due)12 ( )]TJ
0.025 Tc 0.036 Tw 0 -1.231 Td
(to the involvement of specialized knowledge in traffic engineering such \
as traffic )Tj
0.041 Tc 0.07 Tw 0 -1.231 Td
[(volu)0.5 (me,)12.9 ( toll)13 ( fee)0.5 (s,)12.9 ( an)0.5 (d)12.9 ( opera)0.5 (tion)12.9 ( a)0.5 (nd)12.9 ( ma)0.5 (intena)0.5 (nce)12.9 ( c)0.5 (osts,)12.9 ( )0.5 (the)12.9 ( t)0.5 (hree)12.9 ( )0.5 (share)0.5 (holder)0.5 (s)16 ( )]TJ
0.053 Tc 0 -1.231 Td
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 the scale )Tj
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(the traffic flow will be met.)Tj
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(the integration of the Yangtze River Delta region, the quality of Suxich\
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( )Tj
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[(S)0.5 (h)0.5 (an)0.5 (g)0.5 (h)0.5 (a)]TJ
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)Tj
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(fluctuations or economic uncertainties.)Tj
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It )Tj
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24 )Tj
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(production and operation, financial stability, and liquidity.)Tj
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(Reply:)Tj
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(funds or financing proceeds )Tj
(in line with)Tj
( the purpose of the funds.)Tj
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(RMB5 billion. The abundant scale of the Company\222s own funds provides \
a solid )Tj
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an indication )Tj
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(in recent years. Second, the target asset has a relatively high proporti\
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                     <rdf:Bag>
                        <rdf:li>/</rdf:li>
                     </rdf:Bag>
                  </stEvt:changed>
               </rdf:li>
               <rdf:li rdf:parseType="Resource">
                  <stEvt:action>saved</stEvt:action>
                  <stEvt:instanceID>xmp.iid:B333668C16206811BDDDFD38D0CF24DD</stEvt:instanceID>
                  <stEvt:when>2008-05-16T13:27:54-07:00</stEvt:when>
                  <stEvt:softwareAgent>Adobe Illustrator CS4</stEvt:softwareAgent>
                  <stEvt:changed>
                     <rdf:Bag>
                        <rdf:li>/</rdf:li>
                     </rdf:Bag>
                  </stEvt:changed>
               </rdf:li>
               <rdf:li rdf:parseType="Resource">
                  <stEvt:action>saved</stEvt:action>
                  <stEvt:instanceID>xmp.iid:B433668C16206811BDDDFD38D0CF24DD</stEvt:instanceID>
                  <stEvt:when>2008-05-16T13:46:13-07:00</stEvt:when>
                  <stEvt:softwareAgent>Adobe Illustrator CS4</stEvt:softwareAgent>
                  <stEvt:changed>
                     <rdf:Bag>
                        <rdf:li>/</rdf:li>
                     </rdf:Bag>
                  </stEvt:changed>
               </rdf:li>
               <rdf:li rdf:parseType="Resource">
                  <stEvt:action>saved</stEvt:action>
                  <stEvt:instanceID>xmp.iid:F77F11740720681197C1BF14D1759E83</stEvt:instanceID>
                  <stEvt:when>2008-05-16T15:47:57-07:00</stEvt:when>
                  <stEvt:softwareAgent>Adobe Illustrator CS4</stEvt:softwareAgent>
                  <stEvt:changed>
                     <rdf:Bag>
                        <rdf:li>/</rdf:li>
                     </rdf:Bag>
                  </stEvt:changed>
               </rdf:li>
               <rdf:li rdf:parseType="Resource">
                  <stEvt:action>saved</stEvt:action>
                  <stEvt:instanceID>xmp.iid:F87F11740720681197C1BF14D1759E83</stEvt:instanceID>
                  <stEvt:when>2008-05-16T15:51:06-07:00</stEvt:when>
                  <stEvt:softwareAgent>Adobe Illustrator CS4</stEvt:softwareAgent>
                  <stEvt:changed>
                     <rdf:Bag>
                        <rdf:li>/</rdf:li>
                     </rdf:Bag>
                  </stEvt:changed>
               </rdf:li>
               <rdf:li rdf:parseType="Resource">
                  <stEvt:action>saved</stEvt:action>
                  <stEvt:instanceID>xmp.iid:F97F11740720681197C1BF14D1759E83</stEvt:instanceID>
                  <stEvt:when>2008-05-16T15:52:22-07:00</stEvt:when>
                  <stEvt:softwareAgent>Adobe Illustrator CS4</stEvt:softwareAgent>
                  <stEvt:changed>
                     <rdf:Bag>
                        <rdf:li>/</rdf:li>
                     </rdf:Bag>
                  </stEvt:changed>
               </rdf:li>
               <rdf:li rdf:parseType="Resource">
                  <stEvt:action>converted</stEvt:action>
                  <stEvt:params>from application/vnd.adobe.illustrator to application/vnd.adobe.illustrator</stEvt:params>
               </rdf:li>
               <rdf:li rdf:parseType="Resource">
                  <stEvt:action>saved</stEvt:action>
                  <stEvt:instanceID>xmp.iid:FA7F117407206811B628E3BF27C8C41B</stEvt:instanceID>
                  <stEvt:when>2008-05-22T13:28:01-07:00</stEvt:when>
                  <stEvt:softwareAgent>Adobe Illustrator CS4</stEvt:softwareAgent>
                  <stEvt:changed>
                     <rdf:Bag>
                        <rdf:li>/</rdf:li>
                     </rdf:Bag>
                  </stEvt:changed>
               </rdf:li>
               <rdf:li rdf:parseType="Resource">
                  <stEvt:action>converted</stEvt:action>
                  <stEvt:params>from application/vnd.adobe.illustrator to application/vnd.adobe.illustrator</stEvt:params>
               </rdf:li>
               <rdf:li rdf:parseType="Resource">
                  <stEvt:action>saved</stEvt:action>
                  <stEvt:instanceID>xmp.iid:FF7F117407206811B628E3BF27C8C41B</stEvt:instanceID>
                  <stEvt:when>2008-05-22T16:23:53-07:00</stEvt:when>
                  <stEvt:softwareAgent>Adobe Illustrator CS4</stEvt:softwareAgent>
                  <stEvt:changed>
                     <rdf:Bag>
                        <rdf:li>/</rdf:li>
                     </rdf:Bag>
                  </stEvt:changed>
               </rdf:li>
               <rdf:li rdf:parseType="Resource">
                  <stEvt:action>converted</stEvt:action>
                  <stEvt:params>from application/vnd.adobe.illustrator to application/vnd.adobe.illustrator</stEvt:params>
               </rdf:li>
               <rdf:li rdf:parseType="Resource">
                  <stEvt:action>saved</stEvt:action>
                  <stEvt:instanceID>xmp.iid:07C3BD25102DDD1181B594070CEB88D9</stEvt:instanceID>
                  <stEvt:when>2008-05-28T16:45:26-07:00</stEvt:when>
                  <stEvt:softwareAgent>Adobe Illustrator CS4</stEvt:softwareAgent>
                  <stEvt:changed>
                     <rdf:Bag>
                        <rdf:li>/</rdf:li>
                     </rdf:Bag>
                  </stEvt:changed>
               </rdf:li>
               <rdf:li rdf:parseType="Resource">
                  <stEvt:action>converted</stEvt:action>
                  <stEvt:params>from application/vnd.adobe.illustrator to application/vnd.adobe.illustrator</stEvt:params>
               </rdf:li>
               <rdf:li rdf:parseType="Resource">
                  <stEvt:action>saved</stEvt:action>
                  <stEvt:instanceID>xmp.iid:F87F1174072068119098B097FDA39BEF</stEvt:instanceID>
                  <stEvt:when>2008-06-02T13:25:25-07:00</stEvt:when>
                  <stEvt:softwareAgent>Adobe Illustrator CS4</stEvt:softwareAgent>
                  <stEvt:changed>
                     <rdf:Bag>
                        <rdf:li>/</rdf:li>
                     </rdf:Bag>
                  </stEvt:changed>
               </rdf:li>
               <rdf:li rdf:parseType="Resource">
                  <stEvt:action>saved</stEvt:action>
                  <stEvt:instanceID>xmp.iid:F77F117407206811BB1DBF8F242B6F84</stEvt:instanceID>
                  <stEvt:when>2008-06-09T14:58:36-07:00</stEvt:when>
                  <stEvt:softwareAgent>Adobe Illustrator CS4</stEvt:softwareAgent>
                  <stEvt:changed>
                     <rdf:Bag>
                        <rdf:li>/</rdf:li>
                     </rdf:Bag>
                  </stEvt:changed>
               </rdf:li>
               <rdf:li rdf:parseType="Resource">
                  <stEvt:action>saved</stEvt:action>
                  <stEvt:instanceID>xmp.iid:F97F117407206811ACAFB8DA80854E76</stEvt:instanceID>
                  <stEvt:when>2008-06-11T14:31:27-07:00</stEvt:when>
                  <stEvt:softwareAgent>Adobe Illustrator CS4</stEvt:softwareAgent>
                  <stEvt:changed>
                     <rdf:Bag>
                        <rdf:li>/</rdf:li>
                     </rdf:Bag>
                  </stEvt:changed>
               </rdf:li>
               <rdf:li rdf:parseType="Resource">
                  <stEvt:action>saved</stEvt:action>
                  <stEvt:instanceID>xmp.iid:0180117407206811834383CD3A8D2303</stEvt:instanceID>
                  <stEvt:when>2008-06-11T22:37:35-07:00</stEvt:when>
                  <stEvt:softwareAgent>Adobe Illustrator CS4</stEvt:softwareAgent>
                  <stEvt:changed>
                     <rdf:Bag>
                        <rdf:li>/</rdf:li>
                     </rdf:Bag>
                  </stEvt:changed>
               </rdf:li>
               <rdf:li rdf:parseType="Resource">
                  <stEvt:action>saved</stEvt:action>
                  <stEvt:instanceID>xmp.iid:01E540664A3DDD11BD33D3EB8D3A1068</stEvt:instanceID>
                  <stEvt:when>2008-06-18T22:24:01+07:00</stEvt:when>
                  <stEvt:softwareAgent>Adobe Illustrator CS4</stEvt:softwareAgent>
                  <stEvt:changed>
                     <rdf:Bag>
                        <rdf:li>/</rdf:li>
                     </rdf:Bag>
                  </stEvt:changed>
               </rdf:li>
               <rdf:li rdf:parseType="Resource">
                  <stEvt:action>saved</stEvt:action>
                  <stEvt:instanceID>xmp.iid:6B6AE2A5723EDD11A6F1BABF7C5A7A51</stEvt:instanceID>
                  <stEvt:when>2008-06-19T20:30:34-07:00</stEvt:when>
                  <stEvt:softwareAgent>Adobe Illustrator CS4</stEvt:softwareAgent>
                  <stEvt:changed>
                     <rdf:Bag>
                        <rdf:li>/</rdf:li>
                     </rdf:Bag>
                  </stEvt:changed>
               </rdf:li>
               <rdf:li rdf:parseType="Resource">
                  <stEvt:action>saved</stEvt:action>
                  <stEvt:instanceID>xmp.iid:BFB9DE0A9741DD11B635A7E64BB34B63</stEvt:instanceID>
                  <stEvt:when>2008-06-24T10:41:26+08:00</stEvt:when>
                  <stEvt:softwareAgent>Adobe Illustrator CS4</stEvt:softwareAgent>
                  <stEvt:changed>
                     <rdf:Bag>
                        <rdf:li>/</rdf:li>
                     </rdf:Bag>
                  </stEvt:changed>
               </rdf:li>
               <rdf:li rdf:parseType="Resource">
                  <stEvt:action>saved</stEvt:action>
                  <stEvt:instanceID>xmp.iid:0B9FED2F200A11689FE8CB9EA85C5459</stEvt:instanceID>
                  <stEvt:when>2008-06-26T06:05:12-07:00</stEvt:when>
                  <stEvt:softwareAgent>Adobe Illustrator CS4</stEvt:softwareAgent>
                  <stEvt:changed>
                     <rdf:Bag>
                        <rdf:li>/</rdf:li>
                     </rdf:Bag>
                  </stEvt:changed>
               </rdf:li>
               <rdf:li rdf:parseType="Resource">
                  <stEvt:action>saved</stEvt:action>
                  <stEvt:instanceID>xmp.iid:99D9A2DF7848DD11BB47877F8DDF9079</stEvt:instanceID>
                  <stEvt:when>2008-07-02T13:59:06-07:00</stEvt:when>
                  <stEvt:softwareAgent>Adobe Illustrator CS4</stEvt:softwareAgent>
                  <stEvt:changed>
                     <rdf:Bag>
                        <rdf:li>/</rdf:li>
                     </rdf:Bag>
                  </stEvt:changed>
               </rdf:li>
               <rdf:li rdf:parseType="Resource">
                  <stEvt:action>saved</stEvt:action>
                  <stEvt:instanceID>xmp.iid:FA7F117407206811ACAFBB7619075ADF</stEvt:instanceID>
                  <stEvt:when>2008-07-21T17:59:44+05:30</stEvt:when>
                  <stEvt:softwareAgent>Adobe Illustrator CS4</stEvt:softwareAgent>
                  <stEvt:changed>
                     <rdf:Bag>
                        <rdf:li>/</rdf:li>
                     </rdf:Bag>
                  </stEvt:changed>
               </rdf:li>
               <rdf:li rdf:parseType="Resource">
                  <stEvt:action>saved</stEvt:action>
                  <stEvt:instanceID>xmp.iid:F97F11740720681195FEE5A36E835ED7</stEvt:instanceID>
                  <stEvt:when>2008-08-01T16:42:45+07:00</stEvt:when>
                  <stEvt:softwareAgent>Adobe Illustrator CS4</stEvt:softwareAgent>
                  <stEvt:changed>/</stEvt:changed>
               </rdf:li>
               <rdf:li rdf:parseType="Resource">
                  <stEvt:action>saved</stEvt:action>
                  <stEvt:instanceID>xmp.iid:74e10597-cd54-0245-ae37-7d7221b4732b</stEvt:instanceID>
                  <stEvt:when>2020-09-28T22:57:11+08:00</stEvt:when>
                  <stEvt:softwareAgent>Adobe Illustrator CC 2014 (Windows)</stEvt:softwareAgent>
                  <stEvt:changed>/</stEvt:changed>
               </rdf:li>
               <rdf:li rdf:parseType="Resource">
                  <stEvt:action>converted</stEvt:action>
                  <stEvt:parameters>from application/postscript to application/vnd.adobe.illustrator</stEvt:parameters>
               </rdf:li>
            </rdf:Seq>
         </xmpMM:History>
         <illustrator:StartupProfile>Print</illustrator:StartupProfile>
         <xmpTPg:HasVisibleOverprint>False</xmpTPg:HasVisibleOverprint>
         <xmpTPg:HasVisibleTransparency>False</xmpTPg:HasVisibleTransparency>
         <xmpTPg:NPages>1</xmpTPg:NPages>
         <xmpTPg:MaxPageSize rdf:parseType="Resource">
            <stDim:w>210.001656</stDim:w>
            <stDim:h>284.998611</stDim:h>
            <stDim:unit>Millimeters</stDim:unit>
         </xmpTPg:MaxPageSize>
         <xmpTPg:Fonts>
            <rdf:Bag>
               <rdf:li rdf:parseType="Resource">
                  <stFnt:fontName>TimesLTStd-Italic</stFnt:fontName>
                  <stFnt:fontFamily>Times LT Std</stFnt:fontFamily>
                  <stFnt:fontFace>Italic</stFnt:fontFace>
                  <stFnt:fontType>Open Type</stFnt:fontType>
                  <stFnt:versionString>Version 2.050;PS 002.000;hotconv 1.0.51;makeotf.lib2.0.18671</stFnt:versionString>
                  <stFnt:composite>False</stFnt:composite>
                  <stFnt:fontFileName>TimesLTStd-Italic_2.otf</stFnt:fontFileName>
               </rdf:li>
               <rdf:li rdf:parseType="Resource">
                  <stFnt:fontName>TimesLTStd-Bold</stFnt:fontName>
                  <stFnt:fontFamily>Times LT Std</stFnt:fontFamily>
                  <stFnt:fontFace>Bold</stFnt:fontFace>
                  <stFnt:fontType>Open Type</stFnt:fontType>
                  <stFnt:versionString>Version 2.050;PS 002.000;hotconv 1.0.51;makeotf.lib2.0.18671</stFnt:versionString>
                  <stFnt:composite>False</stFnt:composite>
                  <stFnt:fontFileName>TimesLTStd-Bold_4.otf</stFnt:fontFileName>
               </rdf:li>
               <rdf:li rdf:parseType="Resource">
                  <stFnt:fontName>MHeiHK-Bold</stFnt:fontName>
                  <stFnt:fontFamily>MHeiHK</stFnt:fontFamily>
                  <stFnt:fontFace>Bold</stFnt:fontFace>
                  <stFnt:fontType>Open Type</stFnt:fontType>
                  <stFnt:versionString>Version 2.0</stFnt:versionString>
                  <stFnt:composite>False</stFnt:composite>
                  <stFnt:fontFileName>MHeiHK-Bold_1.OTF</stFnt:fontFileName>
               </rdf:li>
            </rdf:Bag>
         </xmpTPg:Fonts>
         <xmpTPg:PlateNames>
            <rdf:Seq>
               <rdf:li>Black</rdf:li>
            </rdf:Seq>
         </xmpTPg:PlateNames>
         <xmpTPg:SwatchGroups>
            <rdf:Seq>
               <rdf:li rdf:parseType="Resource">
                  <xmpG:groupName>預設色票群組</xmpG:groupName>
                  <xmpG:groupType>0</xmpG:groupType>
                  <xmpG:Colorants>
                     <rdf:Seq>
                        <rdf:li rdf:parseType="Resource">
                           <xmpG:swatchName>白色</xmpG:swatchName>
                           <xmpG:mode>CMYK</xmpG:mode>
                           <xmpG:type>PROCESS</xmpG:type>
                           <xmpG:cyan>0.000000</xmpG:cyan>
                           <xmpG:magenta>0.000000</xmpG:magenta>
                           <xmpG:yellow>0.000000</xmpG:yellow>
                           <xmpG:black>0.000000</xmpG:black>
                        </rdf:li>
                        <rdf:li rdf:parseType="Resource">
                           <xmpG:swatchName>黑色</xmpG:swatchName>
                           <xmpG:mode>CMYK</xmpG:mode>
                           <xmpG:type>PROCESS</xmpG:type>
                           <xmpG:cyan>0.000000</xmpG:cyan>
                           <xmpG:magenta>0.000000</xmpG:magenta>
                           <xmpG:yellow>0.000000</xmpG:yellow>
                           <xmpG:black>100.000000</xmpG:black>
                        </rdf:li>
                        <rdf:li rdf:parseType="Resource">
                           <xmpG:swatchName>CMYK 紅色</xmpG:swatchName>
                           <xmpG:mode>CMYK</xmpG:mode>
                           <xmpG:type>PROCESS</xmpG:type>
                           <xmpG:cyan>0.000000</xmpG:cyan>
                           <xmpG:magenta>100.000000</xmpG:magenta>
                           <xmpG:yellow>100.000000</xmpG:yellow>
                           <xmpG:black>0.000000</xmpG:black>
                        </rdf:li>
                        <rdf:li rdf:parseType="Resource">
                           <xmpG:swatchName>CMYK 黃色</xmpG:swatchName>
                           <xmpG:mode>CMYK</xmpG:mode>
                           <xmpG:type>PROCESS</xmpG:type>
                           <xmpG:cyan>0.000000</xmpG:cyan>
                           <xmpG:magenta>0.000000</xmpG:magenta>
                           <xmpG:yellow>100.000000</xmpG:yellow>
                           <xmpG:black>0.000000</xmpG:black>
                        </rdf:li>
                        <rdf:li rdf:parseType="Resource">
                           <xmpG:swatchName>CMYK 綠色</xmpG:swatchName>
                           <xmpG:mode>CMYK</xmpG:mode>
                           <xmpG:type>PROCESS</xmpG:type>
                           <xmpG:cyan>100.000000</xmpG:cyan>
                           <xmpG:magenta>0.000000</xmpG:magenta>
                           <xmpG:yellow>100.000000</xmpG:yellow>
                           <xmpG:black>0.000000</xmpG:black>
                        </rdf:li>
                        <rdf:li rdf:parseType="Resource">
                           <xmpG:swatchName>CMYK 青色</xmpG:swatchName>
                           <xmpG:mode>CMYK</xmpG:mode>
                           <xmpG:type>PROCESS</xmpG:type>
                           <xmpG:cyan>100.000000</xmpG:cyan>
                           <xmpG:magenta>0.000000</xmpG:magenta>
                           <xmpG:yellow>0.000000</xmpG:yellow>
                           <xmpG:black>0.000000</xmpG:black>
                        </rdf:li>
                        <rdf:li rdf:parseType="Resource">
                           <xmpG:swatchName>CMYK 藍色</xmpG:swatchName>
                           <xmpG:mode>CMYK</xmpG:mode>
                           <xmpG:type>PROCESS</xmpG:type>
                           <xmpG:cyan>100.000000</xmpG:cyan>
                           <xmpG:magenta>100.000000</xmpG:magenta>
                           <xmpG:yellow>0.000000</xmpG:yellow>
                           <xmpG:black>0.000000</xmpG:black>
                        </rdf:li>
                        <rdf:li rdf:parseType="Resource">
                           <xmpG:swatchName>CMYK 洋紅色</xmpG:swatchName>
                           <xmpG:mode>CMYK</xmpG:mode>
                           <xmpG:type>PROCESS</xmpG:type>
                           <xmpG:cyan>0.000000</xmpG:cyan>
                           <xmpG:magenta>100.000000</xmpG:magenta>
                           <xmpG:yellow>0.000000</xmpG:yellow>
                           <xmpG:black>0.000000</xmpG:black>
                        </rdf:li>
                        <rdf:li rdf:parseType="Resource">
                           <xmpG:swatchName>C=15 M=100 Y=90 K=10</xmpG:swatchName>
                           <xmpG:mode>CMYK</xmpG:mode>
                           <xmpG:type>PROCESS</xmpG:type>
                           <xmpG:cyan>15.000000</xmpG:cyan>
                           <xmpG:magenta>100.000000</xmpG:magenta>
                           <xmpG:yellow>90.000000</xmpG:yellow>
                           <xmpG:black>10.000000</xmpG:black>
                        </rdf:li>
                        <rdf:li rdf:parseType="Resource">
                           <xmpG:swatchName>C=0 M=90 Y=85 K=0</xmpG:swatchName>
                           <xmpG:mode>CMYK</xmpG:mode>
                           <xmpG:type>PROCESS</xmpG:type>
                           <xmpG:cyan>0.000000</xmpG:cyan>
                           <xmpG:magenta>90.000000</xmpG:magenta>
                           <xmpG:yellow>85.000000</xmpG:yellow>
                           <xmpG:black>0.000000</xmpG:black>
                        </rdf:li>
                        <rdf:li rdf:parseType="Resource">
                           <xmpG:swatchName>C=0 M=80 Y=95 K=0</xmpG:swatchName>
                           <xmpG:mode>CMYK</xmpG:mode>
                           <xmpG:type>PROCESS</xmpG:type>
                           <xmpG:cyan>0.000000</xmpG:cyan>
                           <xmpG:magenta>80.000000</xmpG:magenta>
                           <xmpG:yellow>95.000000</xmpG:yellow>
                           <xmpG:black>0.000000</xmpG:black>
                        </rdf:li>
                        <rdf:li rdf:parseType="Resource">
                           <xmpG:swatchName>C=0 M=50 Y=100 K=0</xmpG:swatchName>
                           <xmpG:mode>CMYK</xmpG:mode>
                           <xmpG:type>PROCESS</xmpG:type>
                           <xmpG:cyan>0.000000</xmpG:cyan>
                           <xmpG:magenta>50.000000</xmpG:magenta>
                           <xmpG:yellow>100.000000</xmpG:yellow>
                           <xmpG:black>0.000000</xmpG:black>
                        </rdf:li>
                        <rdf:li rdf:parseType="Resource">
                           <xmpG:swatchName>C=0 M=35 Y=85 K=0</xmpG:swatchName>
                           <xmpG:mode>CMYK</xmpG:mode>
                           <xmpG:type>PROCESS</xmpG:type>
                           <xmpG:cyan>0.000000</xmpG:cyan>
                           <xmpG:magenta>35.000000</xmpG:magenta>
                           <xmpG:yellow>85.000000</xmpG:yellow>
                           <xmpG:black>0.000000</xmpG:black>
                        </rdf:li>
                        <rdf:li rdf:parseType="Resource">
                           <xmpG:swatchName>C=5 M=0 Y=90 K=0</xmpG:swatchName>
                           <xmpG:mode>CMYK</xmpG:mode>
                           <xmpG:type>PROCESS</xmpG:type>
                           <xmpG:cyan>5.000000</xmpG:cyan>
                           <xmpG:magenta>0.000000</xmpG:magenta>
                           <xmpG:yellow>90.000000</xmpG:yellow>
                           <xmpG:black>0.000000</xmpG:black>
                        </rdf:li>
                        <rdf:li rdf:parseType="Resource">
                           <xmpG:swatchName>C=20 M=0 Y=100 K=0</xmpG:swatchName>
                           <xmpG:mode>CMYK</xmpG:mode>
                           <xmpG:type>PROCESS</xmpG:type>
                           <xmpG:cyan>20.000000</xmpG:cyan>
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