Guanhao Biotech Co., Ltd.
2025 Annual
Audit Report
Beijing Zhongmingguocheng Certified Public Accountants LLP
(Special General Partnership)
Table of Contents
Audit Report 1-5
Consolidated and Company Balance Sheets 6-7
Consolidated and Company Income Statements 8
Consolidated and Company Cash Flow Statements 9
Consolidated and Company Statements of Changes in Shareholders' Equity 10-13
Notes to Financial Statements 14-87
Zhongmingguocheng Audit [2026] No. 7551
To all shareholders of Guanhao Biotech Co., Ltd.:
I. Audit Opinion
We have audited the financial statements of Guanhao Biotech Co., Ltd. (hereinafter referred to as the "Company" or "Guanhao Biotech"), which include the consolidated and company balance sheets as of December 31, 2025, the consolidated and company income statements, the consolidated and company cash flow statements, and the consolidated and company statements of changes in shareholders' equity for the year 2025, as well as the relevant 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 reflect the consolidated and company financial position of Guanhao Biotech as of December 31, 2025, as well as its consolidated and 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 "Certified Public Accountant's Responsibilities for the Audit of the Financial Statements" section of the audit report. In accordance with the Code of Ethics for Certified Public Accountants of China and the Independence Standards for Certified Public Accountants of China regarding public interest entities, we are independent of the Company 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, and we do not provide a separate opinion on these matters.
(I) Revenue Recognition
Relevant information disclosure is detailed in Note V, 37 to the financial statements.
- Matter Description
Guanhao Biotech's operating revenue for 2025 was 387,749,767.90 Yuan, with primary income derived from medical device sales, pharmaceutical sales, and cell technology services. As operating revenue is one of Guanhao Biotech's key performance indicators, there is an inherent risk that it may be manipulated by management to achieve targets or expectations. Therefore, we identified the authenticity and cutoff accuracy of operating revenue as a key audit matter.
- Audit Response