Audit Report
We have audited the financial statements of Lisheng Sports Technology Co., Ltd. (hereinafter referred to as "Lisheng Sports"), including the consolidated balance sheet as of December 31, 2025, the consolidated income statement for the year 2025, the consolidated cash flow statement, and the consolidated statement of changes in equity.
Audit Opinion
We believe that the financial statements present a true and fair view of the financial position of Lisheng Sports as of December 31, 2025, in accordance with the applicable financial reporting framework.
Basis for Opinion
We conducted our audit in accordance with the auditing standards of the Chinese Institute of Certified Public Accountants. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report.
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. These matters were addressed in the context of our audit of the financial statements as a whole and in forming our opinion thereon.
Revenue Recognition
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Description of the matter The main source of revenue for Lisheng Sports is from the sales of sports equipment and services. In 2025, the revenue was RMB 49,119,837, an increase of 82% compared to 2024.
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Audit response We obtained an understanding of the revenue recognition process and assessed the design and implementation of relevant internal controls.