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Shanghai Bairun Investment Holding Group Co., Ltd.
Audit Report and Financial Statements
Fiscal Year 2025
(January 1, 2025 to December 31, 2025)
| Table of Contents | Page |
|---|---|
| 1. Audit Report | 1-5 |
| 2. Financial Statements | |
| Consolidated Balance Sheet and Parent Company Balance Sheet | 1-4 |
| Consolidated Income Statement and Parent Company Income Statement | 5-6 |
| Consolidated Cash Flow Statement and Parent Company Cash Flow Statement | 7-8 |
| Consolidated Statement of Changes in Equity and Parent Company Statement of Changes in Equity | 9-12 |
| Notes to Financial Statements | 1-98 |
Audit Report
Xin Kuai Shi Bao Zi [2026] No. ZA12589
To the Shareholders of Shanghai Bairun Investment Holding Group Co., Ltd.:
I. Audit Opinion
We have audited the financial statements of Shanghai Bairun Investment Holding Group Co., Ltd. (hereinafter referred to as "Bairun Shares"), which comprise the consolidated and parent company balance sheets as of December 31, 2025, and the consolidated and parent company income statements, consolidated and parent company cash flow statements, and consolidated and parent company statements of changes in equity for the year 2025, as well as the notes to the financial statements.
In our opinion, the accompanying financial statements present fairly, in all material respects, the consolidated and parent company financial position of Bairun Shares as of December 31, 2025, and their consolidated and parent company operating results and cash flows for the year 2025 in accordance with the Accounting Standards for Business Enterprises.
II. Basis for Audit Opinion
We conducted our audit in accordance with the Auditing Standards for Certified Public Accountants of China. Our responsibilities under those standards are further described in the "Responsibilities of Certified Public Accountants for the Audit of Financial Statements" section of our report. In accordance with the Code of Ethics for Certified Public Accountants of China and the independence requirements for audit and review engagements, we are independent of Bairun Shares and have fulfilled our other ethical responsibilities. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
III. Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, we do not provide a separate opinion on these matters.
We have summarized the key audit matters identified in our audit as follows: