Shenzhen Stock Exchange:
According to your inquiry letter regarding Beijing Liren Technology Co., Ltd.'s 2025 annual report (Company Department Annual Report Inquiry Letter [2026] No. 236, hereinafter referred to as the "Inquiry Letter"), Guotou Securities Co., Ltd. (hereinafter referred to as "Guotou Securities" or "the Sponsor") has conducted a detailed follow-up on the matters mentioned in the inquiry letter with the company. The responses to the issues raised in the inquiry letter are as follows:
Issue 5
At the end of the reporting period, the balance of construction in progress for your company was 335 million yuan, a year-on-year increase of 29.92%. The construction in progress mainly pertains to the "Liren Jiaxing Intelligent Production Base Construction Project," with a total budget of 525 million yuan and an additional investment of 77 million yuan during the period, achieving a construction progress of 63.87%. Meanwhile, the balance of accounts payable for construction significantly decreased from 105 million yuan at the beginning of the period to 21 million yuan at the end of the period. The annual report indicates that this project has been delayed twice, with the most recent delay extending to September 30, 2027.