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Beijing Capital Online Technology Co., Ltd. Response to the Shenzhen Stock Exchange's Inquiry Letter Regarding Beijing Capital Online Technology Co., Ltd.'s Application for Issuance of Shares to Specific Objects
Dahua Audit Word [2026] 0011007501
Shenzhen Stock Exchange:
Pursuant to the requirements of the Inquiry Letter on the Review of Beijing Capital Online Technology Co., Ltd.'s Application for Issuance of Shares to Specific Objects (Inquiry Letter [2026] 020048), issued by the Listing Review Center of your exchange on May 26, 2026, Da Hua Certified Public Accountants (Special General Partnership) has conducted a thorough investigation and verification of the matters related to the inquiry letter for Beijing Capital Online Technology Co., Ltd. (hereinafter referred to as "Capital Online," "the Issuer," or "the Company") and provides the following responses item by item:
Question One
According to the application materials, the Company's main business revenue includes IDC service revenue, cloud host and related service revenue, and other revenue. In each reporting period, the Company achieved operating revenues of 124,328.73 million yuan, 139,678.94 million yuan, and 123,658.91 million yuan, respectively. The proportion of IDC service sales has been declining, while the proportion of cloud host and related services sales has been increasing. The net profit attributable to shareholders of the listed company in each period was -34,007.90 million yuan, -30,314.40 million yuan, and -17,003.50 million yuan, respectively, showing continuous losses.
In each reporting period, the Company's comprehensive gross profit margin was 4.29%, 8.07%, and 13.05%, respectively. Among them, the gross profit margin of IDC services was 12.72%, 13.27%, and 18.65%, and the gross profit margin of cloud host and related services was -15.53%, 0.18%, and 7.06%. The Company's IDC services are divided into self-built and resold, with reselling being the main method.
The Issuer has established five overseas subsidiaries: Beijing Capital Online USA, Beijing Capital Online Singapore, Inter-City Connect (USA), Inter-City Connect (Cayman), and Beijing Capital Online Hong Kong, to carry out relevant overseas businesses. It has deployed overseas cloud computing network nodes in multiple countries and regions through overseas data centers; some high-performance computing equipment or key components are sourced from overseas.
At the end of each reporting period, the Company's accounts receivable balance was 36,534.09 million yuan, 30,429.69 million yuan, and 29,016.35 million yuan, accounting for 29.39%, 21.79%, and 23.46% of operating revenue, respectively.
At the end of each reporting period, the Company's fixed assets amounted to 70,634.07 million yuan, 74,271.32 million yuan, and 62,101.90 million yuan, accounting for 33.88%, 37.99%, and 30.34% of total assets, respectively. The balance of construction in progress at the end of each period was 13,465.07 million yuan, 4,121.08 million yuan, and 9,923.68 million yuan, respectively.
At the end of each reporting period, the Company's goodwill amounted to 19,286.64 million yuan, 18,091.12 million yuan, and 18,091.12 million yuan, accounting for 9.25%, 9.25%, and 8.84% of total assets, respectively.
As of December 31, 2025 (the latest period-end), the Company's recognized financial investment amounted to 551.48 million yuan.