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Audit Report
Shenzhen Chengtiandao Technology Co., Ltd.
Chengxin Audit Zi [2026] No. 518Z0519
RSM China (Special General Partnership)
Beijing, China
Table of Contents
| No. | Content | Page |
|---|---|---|
| 1 | Audit Report | 1-6 |
| 2 | Consolidated Balance Sheet | 1 |
| 3 | Consolidated Income Statement | 2 |
| 4 | Consolidated Cash Flow Statement | 3 |
| 5 | Consolidated Statement of Changes in Equity | 4-5 |
| 6 | Parent Company Balance Sheet | 6 |
| 7 | Parent Company Income Statement | 7 |
| 8 | Parent Company Cash Flow Statement | 8 |
| 9 | Parent Company Statement of Changes in Equity | 9-10 |
| 10 | Notes to Financial Statements | 11-114 |
To the Shareholders of Shenzhen Chengtiandao Technology Co., Ltd.:
I. Audit Opinion
We have audited the financial statements of Shenzhen Chengtiandao Technology Co., Ltd. (hereinafter referred to as "Chengtiandao"), which comprise the consolidated and parent company balance sheets as of December 31, 2025, the 2025 consolidated and parent company income statements, the consolidated and parent company cash flow statements, the consolidated and parent company statements of changes in equity, and the related 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 Chengtiandao as of December 31, 2025, and its 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 "Responsibilities of Certified Public Accountants for the Audit of Financial Statements" section of the audit report. We are independent of Chengtiandao in accordance with the Code of Ethics for Certified Public Accountants of China and the independence standards applicable to the audit of financial statements of public interest entities, and we 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
- Matter Description
Please refer to Note "III, 26. Revenue Recognition Principles and Measurement Methods" and Note "V, 40. Operating Income and Operating Costs" in the financial statements.
Chengtiandao's main business includes smart cards, specialized chips, semiconductor packaging materials, and liquid cooling heat dissipation products. In 2025, Chengtiandao's operating income amounted to 414.249 million RMB. Since operating income is a key performance indicator for the company and an important component of the income statement, there is an inherent risk that the management of Chengtiandao (hereinafter referred to as "Management") may manipulate the timing of revenue recognition to achieve specific targets or expectations. Therefore, we have identified revenue recognition as a key audit matter.
- Audit Response
Our audit procedures for revenue recognition mainly included:
(1) Understanding, evaluating, and testing the design and operating effectiveness of internal controls related to revenue recognition;
(2) Inspecting sales contracts, identifying contract terms and conditions related to the transfer of risks and rewards or control, and evaluating whether the timing of revenue recognition meets the requirements of the Accounting Standards for Business Enterprises;