佳禾智能: 资产评估报告
来源：证券之星
2025-08-14 00:15:13
收益法计算表
评估基准日：2025-05-31
被评估单位：Beyerdynamic GmbH & Co. KG 金额单位：元
未来预测
项目名称
一、营业总收入 581,740,203.72 676,570,733.28 261,144,671.22 473,680,378.71 891,872,410.92 1,025,653,272.55 1,128,218,599.79 1,218,476,087.76 1,255,030,370.41 1,255,030,370.41
其中：营业收入 581,740,203.72 676,570,733.28 261,144,671.22 473,680,378.71 891,872,410.92 1,025,653,272.55 1,128,218,599.79 1,218,476,087.76 1,255,030,370.41 1,255,030,370.41
二、营业总成本 617,377,511.24 602,677,799.46 251,126,334.08 435,553,045.23 788,980,082.27 889,524,965.34 983,192,482.09 1,065,075,302.03 1,107,977,045.30 1,107,977,045.30
其中：营业成本 307,622,129.88 327,396,824.11 113,526,379.88 218,040,822.59 417,594,435.43 493,396,337.57 560,959,672.49 615,536,781.09 642,033,682.56 642,033,682.56
税金及附加 678,476.66 897,315.94 262,919.13 582,494.90 1,044,173.98 1,156,231.10 1,242,141.55 1,317,742.76 1,348,361.24 1,348,361.24
销售费用 131,528,882.67 120,138,908.80 54,940,582.35 108,078,210.09 179,083,608.39 196,152,984.13 216,038,429.23 236,560,026.95 246,452,788.59 246,452,788.59
管理费用 105,720,895.26 97,274,124.02 55,091,455.26 75,023,903.87 134,015,469.66 139,236,081.58 142,516,316.42 146,156,862.23 149,607,044.94 149,607,044.94
研发费用 58,479,202.17 50,881,751.53 17,579,512.11 33,827,613.78 57,242,394.81 59,583,330.96 62,435,922.39 65,503,889.01 68,535,167.97 68,535,167.97
财务费用 13,347,924.59 6,088,875.06 9,725,485.35 - - - - - - -
加：其他收益 - - 9,115.82 - - - - - - -
投资收益（损失以“-”号填列） - 186,047.60 - - - - - - - -
汇兑收益（损失以“-”号填列） - - - - - - - - - -
净敞口套期收益（损失以“-”号填列） - - - - - - - - - -
公允价值变动收益（损失以“-”号填列） - - - - - - - - - -
信用减值损失（损失以“-”号填列） -2,091,741.84 -61,646.55 -448,051.63 - - - - - - -
资产减值损失（损失以“-”号填列） -1,586,799.63 -1,645,709.85 4,836,920.86 - - - - - - -
资产处置收益（损失以“-”号填列） -258,592.71 11,982.74 - - - - - - - -
三、营业利润（亏损以“-”号填列） -39,574,441.70 72,383,607.76 14,416,322.18 38,127,333.48 102,892,328.65 136,128,307.21 145,026,117.70 153,400,785.73 147,053,325.11 147,053,325.11
加：营业外收入 2,513,484.86 1,544,682.91 793,808.69 - - - - - - -
减：营业外支出 1,364,272.70 97,367.30 135,052.65 - - - - - - -
四、利润总额（亏损总额以“-”号填列） -38,425,229.54 73,830,923.37 15,075,078.22 38,127,333.48 102,892,328.65 136,128,307.21 145,026,117.70 153,400,785.73 147,053,325.11 147,053,325.11
减：所得税费用 -2,842,561.66 9,743,384.29 2,387,023.20 9,207,932.16 19,729,785.05 25,107,300.83 26,885,341.90 28,334,196.21 27,510,471.43 27,510,471.43
五、净利润（净亏损以“-”号填列） -35,582,667.88 64,087,539.08 12,688,055.02 28,919,401.32 83,162,543.60 111,021,006.38 118,140,775.80 125,066,589.52 119,542,853.68 119,542,853.68
-35,582,236.38 64,087,570.78 12,688,064.81 28,919,401.32 83,162,543.60 111,021,006.38 118,140,775.80 125,066,589.52 119,542,853.68 119,542,853.68
加：折旧与摊销 15,169,848.18 15,364,248.40 6,505,516.30 7,825,125.18 20,819,965.26 20,819,965.26 20,819,965.26 20,819,965.26 20,819,965.26 20,819,965.26
经营现金流 -20,412,388.20 79,451,819.18 19,193,581.12 36,744,526.50 103,982,508.85 131,840,971.64 138,960,741.06 145,886,554.78 140,362,818.93 140,362,818.93
加：税后付息债务利息 9,936,374.38 7,800,195.98 3,379,910.61 - - - - - - -
减：资本性支出 - - - 34,410,047.26 19,848,904.01 19,848,904.01 19,848,904.01 19,848,904.01 19,848,904.01 19,848,904.01
减：营运资金增加（减少） 109,334,543.28 27,243,149.66 30,738,806.73 -3,266,403.63 30,583,087.52 32,742,628.92 30,477,323.79 24,977,053.01 11,874,062.71 -
净现金流 -119,810,557.10 60,008,865.50 -8,165,315.00 5,600,882.87 53,550,517.32 79,249,438.71 88,634,513.25 101,060,597.75 108,639,852.21 120,513,914.92
折现年限 0.2917 1.0833 2.0833 3.0833 4.0833 5.0833
折现系数 0.9721 0.9004 0.8173 0.7418 0.6734 0.6112 6.0098
净现金流量现值 5,444,618.23 48,216,885.80 64,770,566.26 65,749,081.93 68,054,206.53 66,400,677.67 724,264,525.89
经营性资产现值之和 1,042,900,562.31
加：溢余资产 -
非经营性资产 12,398,516.75
长期股权投资 -
减：非经营性负债 10,984,131.93
企业整体价值 1,044,314,947.13
减：付息负债 156,597,475.47
少数股东权益 -364.75
股东全部权益价值 888,000,000.00
股东全部权益价值（万元） 88,800.00
评估机构：银信资产评估有限公司
市场法汇总表
评估基准日：2025/5/31
被评估单位：beyerdynamic GmbH & Co. KG 金额单位：人民币万元
项目 指标值
被评估单位比率乘数PE 21.34
净利润 6,244.05
主营业务价值PE（取整） 133,300.00
非流动性折扣比例 29.51%
非经营性资产净额 141.44
少数股东权益价值 0.04
市场法评估值（取整） 94,100.00
评估机构：银信资产评估有限公司
评估基准日：2025-05-31
被评估单位：Beyerdynamic GmbH & Co. KG 金额单位：元
未来预测
项目名称
一、营业总收入 581,740,203.72 676,570,733.28 261,144,671.22 473,680,378.71 891,872,410.92 1,025,653,272.55 1,128,218,599.79 1,218,476,087.76 1,255,030,370.41 1,255,030,370.41
其中：营业收入 581,740,203.72 676,570,733.28 261,144,671.22 473,680,378.71 891,872,410.92 1,025,653,272.55 1,128,218,599.79 1,218,476,087.76 1,255,030,370.41 1,255,030,370.41
二、营业总成本 617,377,511.24 602,677,799.46 251,126,334.08 435,553,045.23 788,980,082.27 889,524,965.34 983,192,482.09 1,065,075,302.03 1,107,977,045.30 1,107,977,045.30
其中：营业成本 307,622,129.88 327,396,824.11 113,526,379.88 218,040,822.59 417,594,435.43 493,396,337.57 560,959,672.49 615,536,781.09 642,033,682.56 642,033,682.56
税金及附加 678,476.66 897,315.94 262,919.13 582,494.90 1,044,173.98 1,156,231.10 1,242,141.55 1,317,742.76 1,348,361.24 1,348,361.24
销售费用 131,528,882.67 120,138,908.80 54,940,582.35 108,078,210.09 179,083,608.39 196,152,984.13 216,038,429.23 236,560,026.95 246,452,788.59 246,452,788.59
管理费用 105,720,895.26 97,274,124.02 55,091,455.26 75,023,903.87 134,015,469.66 139,236,081.58 142,516,316.42 146,156,862.23 149,607,044.94 149,607,044.94
研发费用 58,479,202.17 50,881,751.53 17,579,512.11 33,827,613.78 57,242,394.81 59,583,330.96 62,435,922.39 65,503,889.01 68,535,167.97 68,535,167.97
财务费用 13,347,924.59 6,088,875.06 9,725,485.35 - - - - - - -
加：其他收益 - - 9,115.82 - - - - - - -
投资收益（损失以“-”号填列） - 186,047.60 - - - - - - - -
汇兑收益（损失以“-”号填列） - - - - - - - - - -
净敞口套期收益（损失以“-”号填列） - - - - - - - - - -
公允价值变动收益（损失以“-”号填列） - - - - - - - - - -
信用减值损失（损失以“-”号填列） -2,091,741.84 -61,646.55 -448,051.63 - - - - - - -
资产减值损失（损失以“-”号填列） -1,586,799.63 -1,645,709.85 4,836,920.86 - - - - - - -
资产处置收益（损失以“-”号填列） -258,592.71 11,982.74 - - - - - - - -
三、营业利润（亏损以“-”号填列） -39,574,441.70 72,383,607.76 14,416,322.18 38,127,333.48 102,892,328.65 136,128,307.21 145,026,117.70 153,400,785.73 147,053,325.11 147,053,325.11
加：营业外收入 2,513,484.86 1,544,682.91 793,808.69 - - - - - - -
减：营业外支出 1,364,272.70 97,367.30 135,052.65 - - - - - - -
四、利润总额（亏损总额以“-”号填列） -38,425,229.54 73,830,923.37 15,075,078.22 38,127,333.48 102,892,328.65 136,128,307.21 145,026,117.70 153,400,785.73 147,053,325.11 147,053,325.11
减：所得税费用 -2,842,561.66 9,743,384.29 2,387,023.20 9,207,932.16 19,729,785.05 25,107,300.83 26,885,341.90 28,334,196.21 27,510,471.43 27,510,471.43
五、净利润（净亏损以“-”号填列） -35,582,667.88 64,087,539.08 12,688,055.02 28,919,401.32 83,162,543.60 111,021,006.38 118,140,775.80 125,066,589.52 119,542,853.68 119,542,853.68
-35,582,236.38 64,087,570.78 12,688,064.81 28,919,401.32 83,162,543.60 111,021,006.38 118,140,775.80 125,066,589.52 119,542,853.68 119,542,853.68
加：折旧与摊销 15,169,848.18 15,364,248.40 6,505,516.30 7,825,125.18 20,819,965.26 20,819,965.26 20,819,965.26 20,819,965.26 20,819,965.26 20,819,965.26
经营现金流 -20,412,388.20 79,451,819.18 19,193,581.12 36,744,526.50 103,982,508.85 131,840,971.64 138,960,741.06 145,886,554.78 140,362,818.93 140,362,818.93
加：税后付息债务利息 9,936,374.38 7,800,195.98 3,379,910.61 - - - - - - -
减：资本性支出 - - - 34,410,047.26 19,848,904.01 19,848,904.01 19,848,904.01 19,848,904.01 19,848,904.01 19,848,904.01
减：营运资金增加（减少） 109,334,543.28 27,243,149.66 30,738,806.73 -3,266,403.63 30,583,087.52 32,742,628.92 30,477,323.79 24,977,053.01 11,874,062.71 -
净现金流 -119,810,557.10 60,008,865.50 -8,165,315.00 5,600,882.87 53,550,517.32 79,249,438.71 88,634,513.25 101,060,597.75 108,639,852.21 120,513,914.92
折现年限 0.2917 1.0833 2.0833 3.0833 4.0833 5.0833
折现系数 0.9721 0.9004 0.8173 0.7418 0.6734 0.6112 6.0098
净现金流量现值 5,444,618.23 48,216,885.80 64,770,566.26 65,749,081.93 68,054,206.53 66,400,677.67 724,264,525.89
经营性资产现值之和 1,042,900,562.31
加：溢余资产 -
非经营性资产 12,398,516.75
长期股权投资 -
减：非经营性负债 10,984,131.93
企业整体价值 1,044,314,947.13
减：付息负债 156,597,475.47
少数股东权益 -364.75
股东全部权益价值 888,000,000.00
股东全部权益价值（万元） 88,800.00
评估机构：银信资产评估有限公司
市场法汇总表
评估基准日：2025/5/31
被评估单位：beyerdynamic GmbH & Co. KG 金额单位：人民币万元
项目 指标值
被评估单位比率乘数PE 21.34
净利润 6,244.05
主营业务价值PE（取整） 133,300.00
非流动性折扣比例 29.51%
非经营性资产净额 141.44
少数股东权益价值 0.04
市场法评估值（取整） 94,100.00
评估机构：银信资产评估有限公司
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