2025 Annual Financial Report
1. Audit Report
Audit Opinion Type: Standard Unqualified Audit Report
Signing Date: March 30, 2026
Audit Firm Name: Shinewing Certified Public Accountants (Special General Partnership)
Audit Report Number: XYZH/2026BJAA12B0062
Certified Public Accountants: Luo Jun, Wang Wenjie
Audit Report Text
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Audit Opinion
We have audited the financial statements of Beijing Wanjie Technology Co., Ltd. (hereinafter referred to as Wanjie Technology), including the consolidated and parent company balance sheets as of December 31, 2025, the consolidated and parent company income statements, consolidated and parent company cash flow statements, consolidated and parent company statements of changes in equity, and related notes to the financial statements. We believe that the attached financial statements have been prepared in accordance with the provisions of the Accounting Standards for Business Enterprises in all material respects, and fairly reflect the financial position of Wanjie Technology as of December 31, 2025, as well as the operating results and cash flows for the year 2025. -
Basis for Forming 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" further elaborates on our responsibilities under these standards. In accordance with the independence requirements applicable to public interest entities in the Code of Ethics for Certified Public Accountants in China, we are independent of Wanjie Technology and have fulfilled our other responsibilities regarding independence and ethics. We believe that the audit evidence we obtained is sufficient and appropriate to provide a basis for our audit opinion. -
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 period. Our responses to these matters are in the context of our audit of the financial statements as a whole and in forming our opinion thereon, and we do not express an opinion on these matters separately.- Revenue Recognition
Key Audit Matter: Wanjie Technology's operating revenue for 2025 was 1,093,997,137.54 RMB, an increase of 17.61% compared to 2024. Since operating revenue is one of Wanjie Technology's key performance indicators, there is an inherent risk of management manipulating revenue to meet specific targets or expectations; therefore, we identified revenue recognition as a key audit matter. Relevant disclosures can be found in the notes to the financial statements, Note 3, 23 and Note 5, 37.
Audit Response:
- Understand and evaluate the design and operating effectiveness of key internal controls related to revenue recognition and perform internal control testing;
- Perform analytical procedures on revenue and costs to analyze whether changes in operating revenue and costs are reasonable and whether gross margin changes align with industry trends;
- Select samples to examine sales contracts, identify terms and conditions for the transfer of control of goods or services, and evaluate whether the timing of revenue recognition complies with the requirements of the Accounting Standards for Business Enterprises;
- Select samples for detailed testing of revenue recognition based on business type, including checking sales contracts, acceptance certificates, sales invoices, bank remittance slips, and other supporting evidence to verify the accuracy of revenue amounts;
- Implement confirmation procedures with significant customers to verify the quantity of completed acceptance and accounts receivable balances, and review the accuracy, authenticity, and completeness of revenue;
- Perform cutoff testing on revenue recognition before and after the balance sheet date to evaluate whether revenue is recorded in the appropriate accounting period;
- Check whether information related to revenue has been appropriately disclosed in the financial statements.
- Revenue Recognition