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AUDIT REPORT
Shenzhen Yingoru Technology Co., Ltd.
Rongcheng Shenzi [2026] No. 518Z0977
Rongcheng Certified Public Accountants (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 | 11-130 |
To the Shareholders of Shenzhen Yingoru Technology Co., Ltd.:
I. Audit Opinion
We have audited the financial statements of Shenzhen Yingoru Technology Co., Ltd. (hereinafter referred to as "Yingoru"), which comprise the consolidated and parent company balance sheets as of December 31, 2025, and the consolidated and parent company income statements, consolidated and parent company cash flow statements, and consolidated and parent company statements of changes in equity for the year 2025, 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 Yingoru 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 this report. We are independent of Yingoru in accordance with the Code of Ethics for Certified Public Accountants of China and have fulfilled our other ethical responsibilities in accordance with these requirements. 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) Impairment of Accounts Receivable
- Matter Description
Please refer to Note 11, Financial Instruments, and Note 5, 4, Accounts Receivable, in the notes to the financial statements.
As of December 31, 2025, the book balance of Yingoru's consolidated accounts receivable was 236.495 million RMB, with a bad debt provision of 52.6804 million RMB, and a carrying value of 183.8149 million RMB, accounting for 18.75% of total assets.
Yingoru's management (hereinafter referred to as "Management") measures the loss allowance based on the credit risk characteristics of individual accounts receivable or groups of accounts receivable, based on the expected credit losses over the entire duration. For accounts receivable with objective evidence of impairment, and other accounts receivable subject to individual assessment, the company conducts individual impairment testing to confirm expected credit losses and makes provisions for bad debts. For accounts receivable without objective evidence of impairment, the company classifies them into several groups based on credit risk characteristics and calculates expected credit losses on a group basis.