Audit Report
To the Shareholders of Construction Industrial Group (Yunnan) Co., Ltd.:
I. Audit Opinion
We have audited the financial statements of Construction Industrial Group (Yunnan) Co., Ltd. (hereinafter referred to as "Construction Industrial"), which comprise the consolidated and parent company balance sheets as of December 31, 2025, the consolidated and parent company income statements, consolidated and parent company cash flow statements, consolidated and parent company statements of changes in owners' equity for the year ended December 31, 2025, and a summary of significant accounting policies and other explanatory information.
In our opinion, the accompanying financial statements present fairly, in all material respects, the consolidated and parent company financial position of Construction Industrial as of December 31, 2025, and its consolidated and parent company results of operations and cash flows for the year then ended in accordance with the provisions of the Accounting Standards for Business Enterprises.
II. Basis for Audit Opinion
We conducted our audit in accordance with the Standards for Auditing Standards of Certified Public Accountants of China. Our responsibilities under those standards are further described in the "Auditor's Responsibilities for the Audit of the Financial Statements" section of our report. We are independent of Construction Industrial in accordance with the Code of Professional Ethics for Certified Public Accountants of China and the Independent Standards for Audits of Public Interest Entities No. 1 – Requirements for Independence in Financial Statement Audits and Reviews, and we have fulfilled our other ethical responsibilities in accordance with the Code of Professional Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.