IV. Historical situation of intangible assets The XX trademark to be evaluated has been used since the establishment of the enterprise in 1925, and the exclusive right to trademark was obtained in 1986. In recent years, lighting products have emerged in an endless stream on the market, and the domestic flashlight sales market has shown a shrinking trend. HMDT, the company using the trademark, has always determined its output based on sales, so the company's sales represent the market share of XX brand flashlights. Therefore, this evaluation mainly examines the historical sales of HMDT Company. The sales and profit and loss from July to December 2001 and January to November 2002 are shown in the table below. Among them, the sales revenue of XX brand flashlights accounted for the company’s sales. 95 of revenue, and sales have remained problematic. Table 1: Financial statistics table Unit: Proportion of projects worth RMB 10,000 from July to December 2001 Proportion from January to November 2002 1. Main business income 273.9 100 389.4 100 Main business cost 255.2 93.16 353.7 90.82 Business Expenses 0 0 0.71 0.2 Business tax, etc. 0.63 0.23 1.55 0.4 2. Main business profit 18.1 6.61 33.4 8.58 Less: other business expenses 0 0 0 0 Management expenses 11.6 4.22 24.4 6.27 Financial expenses 0.042 0.02 0．036 0.01 3. Operating profit 6.6 2.4 9.81 2.52 Add: Investment income 0 0 0 0 Non-operating income 0 0 0 0 Less: Non-operating expenses 0.007 0 0 0 Add: Adjustment of profit and loss in the previous year 0 0 0 0 4. Total profit 6.6 2.4 9.81 2.52 Less: All taxes 2.17 0.79 3.3 0.83 5. Net profit 4.4 1.61 6.6 1.69 5. Market prospects of intangible assets The Xx brand trademark has been in use for more than 70 years since 1925. The XX brand flashlight has anti-rust, uniformly shiny surface, and thread matching It has no sliding teeth, exquisite materials, and superior patents. It has obtained the Shanghai Quality Product Certificate, won the first place in the national flashlight industry monitoring and evaluation, and won the gold medal at the 2nd Beijing International Expo. It is exported to Canada, the Netherlands, and France. , Singapore, Egypt and other more than 30 countries, it has a good reputation. Currently, consumer groups over 40 years old have a better understanding of the brand. At present, XX brand flashlights are sold to Chile, Argentina, Iran, South America and other countries through Shanghai Light Industry Import and Export Company. Flashlight sales account for 1% of the entire international market flashlight sales. In some underdeveloped and developing countries, the demand for flashlights Still huge. It is expected that the overall sales of XX brand flashlights will remain at the current level in the foreseeable future. Although XX brand flashlight products are mainly metal casings, they can also be extended to diversified flashlight varieties in the future. HMDT, the licensee of the Xx brand trademark, has begun to develop new products and proposed to work hard on gift flashlight products in the future to diversify development.

In terms of flashlight varieties, there are micro flashlights, magnesium flashlights, spotlight flashlights, etc. However, the brands of these flashlight manufacturers are relatively less well-known than XX brand flashlights, while XX brand flashlights have higher popularity and historical accumulation. Although the flashlight industry is currently showing signs of shrinking, as long as the company changes its industrial structure and develops from a single product to a diversified one, its market prospects are still optimistic and it can maintain the current sales situation and develop steadily for a relatively long period of time. 6. Selection of valuation methods and determination of parameters Prerequisites for the application of the present value of income method: (1) The assets being evaluated must be individual or overall assets whose future expected returns can be measured in currency. (2) The risk borne by the property owner must be measurable in monetary terms. The calculation formula of the income present value method is: 7. Assumptions of this evaluation The prediction of the future income of the trademark in this evaluation takes into account the following factors: (1) The application history of the evaluated trademark (2) The performance of the evaluated trademark is also Profitability (3) The lighting product consumer market’s awareness of the XX brand trademark and its popularity in society. And the following assumptions are made: (1) The evaluated trademark will continue to be used according to the current purpose within a limited period. (2) The trademark transferee maintains its existing marketing capabilities, and the market sales situation is in line with normal development trends. (3) There are no major changes in the entire socio-economic environment; there are no major changes in industry policies, management systems and related regulations, and there are no major changes in tax policies, credit theories, etc. involved in operating business. (4) Products using trademarks will continue to maintain their original product quality. (5) The term of use of the trademark can be renewed indefinitely. 8. Forecast of net profit and expected income To calculate its expected income, you must first calculate the amount of income that has been obtained. 1. Income forecast Since the XX brand trademark has been licensed and used by HMDT Company since July 2001, this investigation is mainly based on the sales situation of HMDT Company as the forecast basis. According to the statistics provided by HMDT during the licensing period, the sales revenue of XX brand flashlights accounted for 95% of the company's total sales. The income statement from July 2001 to November 2002 can be analyzed to determine the sales revenue of XX brand flashlights at a ratio of 95%. changing trends. Table 2: Unit: Ten thousand yuan sales indicator 2001 indicator (July-December) 2002 indicator (January-November) Growth ratio remarks Actual sales 260.2 370 Average monthly sales 43.4 33.6 -22 Converted annual sales 520 404 -22 It can be seen from the table that the sales revenue in 2002 was 22% lower than that in 2001. The main reasons are: (1) From January to November 2002, the international market competition intensified, and HMDT Manufacturing Company To gain a foothold in the international market, it had to cut prices many times. (2) HMDT Manufacturing Company has been established for a short period of time, has a small scale, low liquidity, insufficient management and sales efforts, and its sales fluctuate greatly. However, from January to November 2002, except for the lower months in January and February, the monthly sales revenue basically remained between 300,000 and 400,000 yuan, showing an overall upward trend. From December to February of the following year, due to the intensive festivals, it is generally the off-season for export products and is an abnormal period for sales. At present, the company has expanded sales channels, actively explored overseas markets, and has gained some market shares in the Middle East and South America. It is expected that sales will continue to achieve the above-mentioned trend steadily in the future. However, starting from the principle of stability and considering that the overall flashlight industry is not good, the company is a small manufacturing company and still has many disadvantages. Therefore, the current sales scale and income are still used as the basis for predicting future earnings.

Based on the sales revenue in 2002, it is predicted that the future sales revenue of XX brand flashlight will remain unchanged at the scale of 2002. The future sales revenue will be 4.036 million yuan. 389.47÷11×12×95=4.036 million yuan. 2. The forecast of expected costs is based on Sales and profit and loss statements, calculate the ratio of various costs and expenses to product sales, and then adjust according to the expense items supported by similar companies to obtain the predicted ratio of various costs and expenses to product sales revenue. The sales cost accounts for 90% of the sales revenue. The main reason is that the raw materials of XX brand flashlights are imported from South Korea and the cost is high. Secondly, the export of XX products is done by foreign trade companies as foreign trade agents, and the profits are very low. Since the object of this evaluation is trademark rights, other business income, other business expenses, investment income, subsidy income, non-operating income and non-operating expenses in the income statement account are supported. The evaluator believes that these income and expenses have poor correlation with the trademark itself. . Therefore it should not be taken into account. The current income tax rate of the enterprise is 33, so the income tax is predicted to be calculated at this rate. Based on the above considerations and assumptions, the forecast results for 2003 and subsequent years are as follows: Table 3: Financial statistics unit: Proportion of projects in 10,000 yuan Base day future annual forecast Notes 1. Main business income 100 403.6 Less: Main business cost 90 363.24 Operating expenses 1.00 4.04 Business taxes, etc. 0.5 2.02 2. Main business profit 8.5 34.3 Less: administrative expenses 3.00 12.11 Financial expenses 1.00 4.04 3. Total profit 4.58 18.51 Less: all taxes 33.0 5.99 4. Net profit 12.16 3. Three major parameters Determination In any profit system, management, technology, human resources, material resources, financial resources and intellectual property rights must work together to contribute to the company's profits. Intellectual property rights are specific production factors, and this is the theoretical basis for participating in corporate income distribution. A. Share rate Due to the simultaneous effects of multiple factors, the contribution proportion of each factor has not been determined. According to many years of statistical research by the world's authoritative organizations, it can be determined by the three-point rule. Generally speaking, the profit sharing rate of trademark rights is in the range of 15-30. Further analysis of the situation of HMDT Company shows that the company has been established for a short period of time and has a registered capital of only 500,000 yuan. After purchasing some production equipment and office supplies, only 300,000 yuan of working capital is used to organize production, and there is no remaining money for promotional means. . Xx brand products have been exported and have a long history in the international market. Its brand effect has been recognized by the market and occupies a certain share in the international market. In addition, the profit sharing rate of trademark rights can be determined based on the trademark license fee. Let’s look at 2001 first. The contract license in 1002 was 20,000 yuan. The company’s income from July to December 2001 was converted into 5.2 million yuan for the whole year based on the income of 95. The total profit was: 6.58÷6×12=131,600 Yuan, the profit sharing rate is: 2÷13.16=15.2. Looking at 2002 again, 9.81÷11×12=107,000 yuan. If sold normally, the income that should be achieved is corrected with a coefficient of 22: 10.70×1.22=13.06. The profit sharing rate is: 4÷13.06=30.6.

Take the average of the two share rates: (15.2 30.6) ÷ 2 = 22.9, take 23 B. Determination of the income period: Considering that the trademark can be renewed and HMDT intends to operate for a long time, assume that the income period of this case is unlimited year, and according to the previous analysis results, the company will maintain the current sales scale and profit level, and it can be considered that the income in the future period is equal income, and the indefinite equal income formula (perpetual annuity method) is applicable. C. Calculation of discount rate. Discount rate = risk-free return rate, industry risk return rate, enterprise-specific risk return rate. The user of the trademark being evaluated this time is an enterprise with annual sales of about 5 million yuan, which is a small enterprise. Therefore, the asset income of the enterprise is determined by searching the enterprise performance evaluation standard indicator system published regularly every year by the Statistics and Evaluation Department of the Ministry of Finance. . Table 4: Partial performance evaluation values ??of small enterprises in the lighting equipment manufacturing industry in 2002 Industry items Excellent value Good value Lower value Poor value Return on net assets of small enterprises in the lighting equipment manufacturing industry 15.30 9.10 -1.50 -13.60 Return on total assets 11.40 6.90 - 2.60 -8.30 Judging from the company's operating conditions, this company is a lighting equipment manufacturer, and the industry's average return on net assets is good, which is 9.10. The enterprise being evaluated has been on a slow and steady upward trend, and its return on assets is at a good level. At the same time, we found out that the average return on assets of state-owned enterprises in the whole society is 7.9, so the industry risk return rate can be calculated. Industry risk return rate = (social average return on net assets - risk-free return rate) × (industry return on net assets ÷ average return on assets of the whole society) Calculation: (7.9-2.70) × (9.1÷7.9) = 5.97 In addition: A search revealed that the industry-specific risk rate is 4. Therefore: Discount rate = risk-free return rate, industry risk return rate, enterprise-specific risk return rate. Discount rate = 2.76 5.97 = 4 = 12.67 Take 13 9. The evaluation results of the trademark right value are simplified into: The evaluation results are listed below: Annual forecast after the project base date Remarks Net profit 12.16 According to forecast statistics, see the table Profit sharing rate 23 According to the contract The license fee is calculated and the share income is 2.80. The discount rate is 13 based on the net profit