China Securities Co., Ltd. Hangzhou Hirisun Technology Incorporated Stock-for-stock Merger of Hangzhou Turbine Power Group Co., Ltd. & Related Party Transaction Report Valuation Report April 2025 Statement I. The subjects of analysis in this report are Hangzhou Hirisun Technology Incorporated (hereinafter referred to as "Hirisun") and Hangzhou Turbine Power Group Co., Ltd. (hereinafter referred to as "HTC"). The relevant data is sourced from publicly available information. II. This report is issued by China ...