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Audit Report
Daxin Shenzi [2026] No. 1-03246
To the Shareholders of Beijing Tongyou Feiji Technology Co., Ltd.:
I. Audit Opinion
We have audited the financial statements of Beijing Tongyou Feiji Technology Co., Ltd. (hereinafter referred to as the "Company"), which comprise the consolidated and parent company balance sheets as of December 31, 2025, and the 2025 consolidated and parent company income statements, cash flow statements, and statements of changes in shareholders' equity, 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 the Company 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 "Certified Public Accountant's Responsibilities for the Audit of Financial Statements" section of the audit report. We are independent of the Company in accordance with the Code of Ethics for Certified Public Accountants of China 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 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) Operating Revenue
- Matter Description
As described in Note (Thirty-six) to the financial statements, the Company's revenue in 2025 was 403.4657 million RMB. The authenticity of operating revenue has a significant impact on operating performance, and therefore we identify revenue recognition as a key audit matter.
- Audit Response
(1) Understand and test the internal controls related to the sales activities of the Company and its subsidiaries;
(2) Investigate customer and supplier information; compare transaction prices and analyze the rationality of transactions;
(3) In accordance with "Accounting Standards for Business Enterprises No. 14 - Revenue (2017 Revision)", confirm revenue on a net basis for transactions meeting the criteria;
(4) Inspect procurement contracts, sales contracts, warehousing receipts, shipping documents, acceptance receipts, bank transaction statements, and invoices to verify the authenticity of transactions;
(5) Perform cut-off tests for sales at the end of the period to check whether revenue is recorded in the correct accounting period;
(6) Conduct confirmations and interviews regarding procurement and sales transactions, and perform effective control over the confirmation process.
(II) Goodwill
As described in Note (Fourteen) to the financial statements, as of December 31, 2025, the carrying value of the Company's goodwill was 105.8004 million RMB. According to the Accounting Standards for Business Enterprises, the Company needs to perform impairment testing on goodwill annually. This matter involves significant judgments and estimates made by management, and therefore we identify goodwill impairment provision as a key audit matter.
(1) Understand and test the internal controls related to the Company's goodwill impairment testing;
(2) Conduct on-site audits of the financial statements of subsidiaries to ensure that the financial statements can fairly reflect their financial position, operating results, and cash flows in all material respects;
(3) Review the valuation report issued by the third-party valuation expert, Jinzheng (Shanghai) Asset Appraisal Co., Ltd., engaged by management. Review the independence, objectivity, experience, and qualifications of the external appraisal institution engaged by management;