Response to the Inquiry Letter Regarding the 2025 Annual Report of Gansu Jingang Photovoltaic Co., Ltd.
Document No.: Sinong Zhuanzi [2026] No. 25007430087
Table of Contents
Response to the Inquiry Letter Regarding the 2025 Annual Report of Gansu Jingang Photovoltaic Co., Ltd. .......... 1-169
To: Shenzhen Stock Exchange, ChiNext Company Management Department:
Guangdong Sinong Certified Public Accountants (Special General Partnership) (hereinafter referred to as "the Firm" or "we") was engaged by Gansu Jingang Photovoltaic Co., Ltd. (hereinafter referred to as "the Company" or "Jingang Photovoltaic") to serve as the auditor for its 2025 financial report and internal controls.
We recently received the "Inquiry Letter Regarding the 2025 Annual Report of Gansu Jingang Photovoltaic Co., Ltd." (ChiNext Annual Report Inquiry Letter [2026] No. 19, hereinafter referred to as "the Inquiry Letter") forwarded by Jingang Photovoltaic. In accordance with the requirements of the Inquiry Letter, we hereby provide our response to the relevant matters as follows:
- The annual report shows that the Company's operating income for the current period was 301.0317 million yuan, a year-on-year increase of 143.41%, with the top five customers accounting for 92.18% of revenue. By industry, photovoltaic industry revenue was 281.2234 million yuan with a gross margin of -58.91%, and sales prices in South Asia, China, Germany, and Southeast Asia ranged from 0.34 yuan/W to 0.96 yuan/W. Revenue from the newly deployed computing power industry during the reporting period was 6.6209 million yuan. By region, overseas revenue was 264.0563 million yuan, accounting for 87.72%, a year-on-year increase of 4,333.08%; domestic revenue was 36.9754 million yuan, a year-on-year decrease of 68.59%. The Company's sales-to-cash ratio for the current period was 0.79, compared to 1.17 in 2024.
Please explain:
(1) Combining industry characteristics, comparable companies in the same industry, on-hand orders, and changes in the sales-to-cash ratio, explain the specific reasons for and the rationality of the high customer concentration, whether there are instances of relaxing credit policies to promote sales, the stability of cooperation with the top five customers, and whether there is reliance on major customers and related countermeasures.
(2) Combining industry competition, changes in major product prices, changes in major costs, and comparable companies in the same industry, explain the specific reasons for and the rationality of the negative gross margin in the photovoltaic business, whether the photovoltaic business has commercial substance, whether a stable business model has been formed, whether related revenue belongs to items to be deducted from operating income, and whether the changing trends of factors affecting gross margin are sustainable and their impact on the Company's production and operations.
(3) Combining the specific models, main parameters, sales time, sales volume, sales unit price, the basis for pricing differences for the same product (if applicable), and comparable companies in the same industry for products sold to major revenue sources, explain the specific reasons for and the rationality of significant differences in sales unit prices across different regions.
(4) Explain the necessity and rationality of deploying the computing power business, the specific business model, business process, business cycle, profitability, talent and technical reserve requirements, and the Company's actual situation, as well as advance receipts/payments (if applicable) and comparisons with industry practices. Combining the actual development of the computing power business after the period, explain whether the computing power business revenue is generated from a business that has not formed or is difficult to form a stable business model, and whether it belongs to items to be deducted from operating income.