Financial Report and Audit Report of Shanghai Hanxun Information Technology Co., Ltd. for the Most Recent Year

Audit Report

Audit Opinion

We have audited the financial statements of Shanghai Hanxun Information Technology Co., Ltd. (hereinafter referred to as "Shanghai Hanxun"), 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. In our opinion, the attached financial statements have been prepared in accordance with the provisions of the Accounting Standards for Business Enterprises and fairly present, in all material respects, the financial position of Shanghai Hanxun as of December 31, 2025, and its operational results and cash flows for the year 2025.

Basis for 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" in this report further elaborates on our responsibilities under these standards. In accordance with the "Independence Standards for Certified Public Accountants No. 1 - Requirements for Independence in Financial Statement Audits and Reviews" and the Code of Ethics for Certified Public Accountants in China, we are independent of Shanghai Hanxun and have fulfilled our other ethical responsibilities. We have adhered to the independence requirements for auditing public interest entities. We believe that the audit evidence we have 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 current period. These matters were addressed in the context of our audit of the financial statements as a whole and in forming our audit opinion, and we do not express a separate opinion on these matters. The key audit matters identified in our audit are summarized as follows:

(1) Recognition of Accounts Receivable

As described in Note 5 (4) to the financial statements: As of December 31, 2025, the company had accounts receivable of RMB 1,318,383,600, with a provision for bad debts of RMB 329,784,800, resulting in a net book value of RMB 988,598,800, which accounts for 25.30% of total assets. Due to the significance of the existence and recoverability of accounts receivable on the company's financial statements, we identified the recognition of accounts receivable as a key audit matter.

• Audit Response:
  1. Review the relationship between the cumulative debits of accounts receivable and the main business revenue; calculate the accounts receivable turnover ratio and compare it with industry levels.
  2. Implement confirmation procedures and reconcile the confirmation results with the amounts recorded by management.
  3. Recalculate the provision for bad debts based on the expected credit loss model in accordance with the new financial instruments standards and evaluate the accuracy of the provision.
  4. Analyze the aging of accounts receivable, customer credit status, and verify against post-period collections to assess the reasonableness of management's provision for bad debts.