Table of Contents
I. Audit Report: Pages 1–6
II. Financial Statements: Pages 7–14
(I) Consolidated Balance Sheet: Page 7
(II) Parent Company Balance Sheet: Page 8
(III) Consolidated Income Statement: Page 9
(IV) Parent Company Income Statement: Page 10
(V) Consolidated Cash Flow Statement: Page 11
(VI) Parent Company Cash Flow Statement: Page 12
(VII) Consolidated Statement of Changes in Equity: Page 13
(VIII) Parent Company Statement of Changes in Equity: Page 14
III. Notes to Financial Statements: Pages 15–90
IV. Appendices: Pages 91–95
[Image: Audit firm seal]
Audit Report
Tian Jian Shen [2026] No. 5064
To the Shareholders of Hangzhou High-Tech Material Technology Co., Ltd.:
I. Audit Opinion
We have audited the financial statements of Hangzhou High-Tech Material Technology Co., Ltd. (hereinafter referred to as "Hangzhou High-Tech"), which comprise the consolidated and parent company balance sheets as of December 31, 2025, and the consolidated and parent company income statements, cash flow statements, and statements of changes in equity for the year 2025, as well as the related notes to the financial statements.
In our opinion, the accompanying financial statements present fairly, in all material respects, the consolidated and parent company financial position of Hangzhou High-Tech as of December 31, 2025, and its consolidated and parent company operating results and cash flows for the year 2025 in accordance with the Accounting Standards for Business Enterprises.
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, we are independent of Hangzhou High-Tech 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, we do not provide a separate opinion on these matters.
(I) Revenue Recognition
- Matter Description
For relevant information disclosure, please refer to Note III (24) and V (1) of the financial statements.
Hangzhou High-Tech's operating revenue is primarily derived from the sale of polymer plastic cable products. In 2025, the operating revenue of Hangzhou High-Tech was RMB 39,175.20 ten thousand. Since operating revenue is a key performance indicator for Hangzhou High-Tech, there is an inherent risk that management may recognize revenue inappropriately to achieve specific targets or expectations, and revenue recognition involves complex information systems and significant management judgment. Therefore, we identified revenue recognition as a key audit matter.