Northeast securities: between RMB 3.2 trillion and RMB 5.7 trillion for long-spring technology

ON 27 JULY, CHANGSUNG TECHNOLOGY CAME TO THE FORE TODAY AND NORTHEAST SECURITIES WERE CROSS-CHECKED WITH MARKET SHARE ANCHORS, PROFIT-SPLITTING PE, AND UNIT CAPACITY, GIVING RANGE BETWEEN RMB 3.2 TRILLION AND RMB 5.7 TRILLION. NORTHEAST SECURITIES INDICATED THAT IN 2025, MINORITY SHAREHOLDERS ' GAINS AND LOSSES WERE AS HIGH AS 73.76 PER CENT, MUCH HIGHER THAN SAMSUNG, HERCULES AND AMERICAN LIGHT (ALL LESS THAN 1 PER CENT), AND THAT THE VALUATION MUST EXCLUDE THAT PART OF THE IMPACT. ASSUMING THAT THE SHARE OF MINORITY SHAREHOLDER GAINS AND LOSSES REMAINED AT 24 PER CENT IN 2026 AND 2027, THREE APPROACHES CONCLUDED AS FOLLOWS: A REASONABLE VALUATION OF 3.2-5.7 TRILLION DOLLARS AFTER THE EXCLUSION OF MINORITY SHAREHOLDER GAINS AND LOSSES。