Gansu JinGang Photovoltaic Co., Ltd.
2025 Annual Audit Report
Audit Report No. [blank]
Table of Contents
Audit Report: 1-6
Consolidated Balance Sheet: 1-2
Consolidated Income Statement: 3
Consolidated Cash Flow Statement: 4
Consolidated Statement of Changes in Equity: 5-6
Parent Company Balance Sheet: 7-8
Parent Company Income Statement: 9
Parent Company Cash Flow Statement: 10
Parent Company Statement of Changes in Equity: 11-12
Notes to Financial Statements: 13-122
Audit Report
To the Shareholders of Gansu JinGang Photovoltaic Co., Ltd.:
I. Audit Opinion
We have audited the financial statements of Gansu JinGang Photovoltaic Co., Ltd. (hereinafter referred to as "JinGang Photovoltaic" or the "Company"), 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 have been prepared in all material respects in accordance with the Accounting Standards for Business Enterprises, and fairly present the consolidated and parent company financial position of JinGang Photovoltaic as of December 31, 2025, and the consolidated and parent company operating results and cash flows for the year 2025.
II. Basis for Audit Opinion
We conducted our audit in accordance with the Auditing Standards for Certified Public Accountants of China. Our responsibilities under these standards are further described in the "Responsibilities of Certified Public Accountants for the Audit of Financial Statements" section of this report. We are independent of JinGang Photovoltaic in accordance with the Code of Ethics for Certified Public Accountants of China and have fulfilled our other ethical responsibilities in accordance with these requirements. 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 for 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.
(I) Revenue Recognition
- Matter Description
As described in Note "III. Significant Accounting Policies and Accounting Estimates" 26 and "V. Notes to Consolidated Financial Statements" 38, JinGang Photovoltaic's operating revenue for 2025 was 301,031,688.44 Yuan. The Company's main business focuses on heterojunction cells and modules, with new computing power service business added this period. As the Company is currently in *ST status and operating revenue is a key performance indicator, there is a risk of revenue being recognized incorrectly or not in the proper period. Furthermore, management may manipulate revenue recognition to achieve specific targets or expectations. Due to the inherent risk in revenue recognition, we have identified revenue recognition as a key audit matter.
- Audit Response
Our relevant procedures for revenue recognition included: