Response of RSM China (LLP) to the Audit Inquiry Letter Regarding the Application for Issuance of Shares to Specific Targets by Shenzhen Inhemeter Co., Ltd.
RSM Special Audit [2026] No. 518Z1220
Shenzhen Inhemeter Co., Ltd. (hereinafter referred to as the "Company" or "Inhemeter") received the "Audit Inquiry Letter Regarding the Application for Issuance of Shares to Specific Targets by Shenzhen Inhemeter Co., Ltd." (Audit Letter [2026] No. 020040) (hereinafter referred to as the "Inquiry Letter") from the Listing Examination Center of the Shenzhen Stock Exchange on May 14, 2026. In accordance with the requirements of the Inquiry Letter, RSM China (LLP) (hereinafter referred to as "we" or "the accountants") has conducted a thorough verification and implementation of the issues in the Inquiry Letter that require verification and expression of opinions by the accountants. The relevant responses are as follows, for your review.
Unless otherwise specified, the abbreviations or definitions used in this response are consistent with those in the "Prospectus for the Issuance of Shares to Specific Targets by Shenzhen Inhemeter Co., Ltd. (Declaration Draft)" (hereinafter referred to as the "Prospectus").
The fonts used in this response represent the following meanings:
| Item | Font Style |
|---|---|
| Questions listed in the Inquiry Letter | Bold, Black |
| Answers to the questions | Songti, Times New Roman |
| Modifications to the Prospectus and other application documents | Kaiti, Bold |
If there is any discrepancy between the total sum and the sum of the listed figures in this response, it is due to rounding.
Table of Contents
Question 1: 3
Question 2: 108
Question 1
According to the declaration materials, from 2022 to the first nine months of 2025, the company's operating income was 342,526,300 yuan, 270,716,400 yuan, 253,697,400 yuan, and 301,541,200 yuan, respectively. The company's net profit attributable to the parent company was -60,685,900 yuan, -40,779,100 yuan, -89,655,400 yuan, and -44,669,400 yuan, respectively, remaining negative, mainly due to fierce downstream market competition and large-scale R&D investment. The company's comprehensive gross profit margins were 21.80%, 21.89%, 20.38%, and 18.54%, respectively, with the overall gross profit margin level lower than the industry average. The net cash flow from operating activities was -27,662,300 yuan, -6,899,400 yuan, 787,800 yuan, and 17,003,200 yuan, respectively, showing an overall growth trend.
From the end of 2022 to the end of September 2025, the book value of the company's accounts receivable was 220,836,000 yuan, 190,700,100 yuan, 173,704,300 yuan, and 192,107,000 yuan, respectively, accounting for 40.12%, 44.55%, 39.25%, and 38.09% of the total current assets at the end of each period. The proportion of accounts receivable within one year for the issuer is over 60%. According to the declaration materials, from 2023 to 2024, the company's accounts receivable turnover rate continued to decline.
From the end of 2022 to the end of September 2025, the book value of the issuer's inventory was 97,185,100 yuan, 64,491,100 yuan, 103,409,100 yuan, and 109,454,500 yuan, respectively, accounting for 9.39%, 6.70%, 10.10%, and 10.13% of assets.
From the end of 2022 to the end of September 2025, the company's fixed assets mainly consisted of houses and buildings, machinery and equipment, office equipment, and others, with book values of 183,183,100 yuan, 185,453,600 yuan, 366,822,900 yuan, and 350,504,600 yuan, respectively, accounting for 17.70%, 19.27%, 35.81%, and 32.43% of assets, with high amounts and proportions. The book value of the issuer's construction in progress was 155,729,800 yuan, 219,060,000 yuan, 104,360,600 yuan, and 123,805,200 yuan, respectively, accounting for 15.05%, 22.76%, 10.19%, and 11.46% of assets.
From 2022 to the first nine months of 2025, the company's R&D expenses were 53,346,300 yuan, 56,478,400 yuan, 64,075,400 yuan, and 47,996,000 yuan, respectively, accounting for 15.57%, 20.86%, 25.26%, and 15.92% of operating income for each period.