Audit Report
Zhongxinghua Certified Public Accountants LLP
Address: 20th Floor, Tower B, Lize SOHO, 20 Lize Road, Fengtai District, Beijing, PR China
Postal Code: 100073
Phone: (010) 51423818
Fax: (010) 51423816
Audit Opinion
We have audited the financial statements of Dongguan Kesi Yu Liquid Cooling Technology Co., Ltd. (hereinafter referred to as "Kesi Yu Liquid Cooling"), including the balance sheets as of March 31, 2026, and December 31, 2025, the income statements, cash flow statements, statements of changes in equity for the periods of January to March 2026 and the year 2025, as well as the accompanying notes to the financial statements. In our opinion, the attached financial statements have been prepared in all material respects in accordance with the provisions of the Accounting Standards for Business Enterprises and fairly present the financial position of Kesi Yu Liquid Cooling as of March 31, 2026, and December 31, 2025, as well as its operational results and cash flows for the periods of January to March 2026 and the year 2025.
Basis for Audit Opinion
We conducted our audit in accordance with the auditing standards for certified public accountants in China. The section "Responsibilities of Certified Public Accountants for the Audit of Financial Statements" in the audit report further elaborates on our responsibilities under these standards. In accordance with the independence standards for certified public accountants and the code of ethics for certified public accountants in China, we are independent of Kesi Yu Liquid Cooling 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.
Responsibilities of Management and Governance for the Financial Statements
The management of Kesi Yu Liquid Cooling (hereinafter referred to as "management") is responsible for the preparation of the financial statements in accordance with the Accounting Standards for Business Enterprises, ensuring that they are fairly presented, and for designing, implementing, and maintaining internal controls necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing Kesi Yu Liquid Cooling's ability to continue as a going concern, disclosing as applicable matters related to going concern, and using the going concern basis of accounting unless management intends to liquidate Kesi Yu Liquid Cooling or to cease operations, or has no realistic alternative but to do so. The governance of Kesi Yu Liquid Cooling (hereinafter referred to as "governance") is responsible for overseeing the financial reporting process of Kesi Yu Liquid Cooling.
Responsibilities of Certified Public Accountants for the Audit of Financial Statements
Our objective is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an audit report that includes our opinion. Reasonable assurance is a high level of assurance, but it does not guarantee that an audit conducted in accordance with auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.