Beijing Capital Online Science & Technology Co., Ltd.
Response to the Shenzhen Stock Exchange's "Audit Inquiry Letter Regarding Beijing Capital Online Science & Technology Co., Ltd.'s Application for Issuance of Shares to Specific Objects"
Da Hua Audit [2026] No. 0011008264
Shenzhen Stock Exchange:
In accordance with the requirements of the "Audit Inquiry Letter Regarding Beijing Capital Online Science & Technology Co., Ltd.'s Application for Issuance of Shares to Specific Objects" (Audit Letter [2026] No. 020048) (hereinafter referred to as the "Inquiry Letter") issued by your Listing Audit Center on May 26, 2026, Da Hua Certified Public Accountants (Special General Partnership) has conducted a diligent review and implementation of the relevant matters in the Inquiry Letter regarding Beijing Capital Online Science & Technology Co., Ltd. (hereinafter referred to as "Capital Online," the "Issuer," or the "Company"), and provides the following itemized responses:
Question 1
According to the application materials, the Company's main business revenue includes IDC service revenue, cloud hosting and related service revenue, and other income. During the reporting periods, the Company achieved operating income of 1,243.2873 million RMB, 1,396.7894 million RMB, and 1,236.5891 million RMB, respectively. The proportion of IDC service sales has continued to decline, while the proportion of cloud hosting and related service sales has continued to rise. The net profit attributable to shareholders of the listed company for each period was -340.079 million RMB, -303.144 million RMB, and -170.035 million RMB, respectively, indicating continuous losses.
During the reporting periods, the Company's comprehensive gross profit margins were 4.29%, 8.07%, and 13.05%, respectively. Among them, the gross profit margins for IDC services were 12.72%, 13.27%, and 18.65%, while the gross profit margins for cloud hosting related services were -15.53%, 0.18%, and 7.06%. The Company's IDC services are divided into self-built and subleased, with subleasing being the primary mode.
The Issuer has established five overseas subsidiaries, including Capital Online (USA), Capital Online (Singapore), Inter-City Interconnect (USA), Inter-City Interconnect (Cayman), and Capital Online (Hong Kong), to conduct relevant overseas business. It has deployed overseas cloud computing network nodes through overseas data centers in multiple countries or regions around the world; some high-performance computing equipment or key components are sourced from overseas.
At the end of each reporting period, the Company's accounts receivable balances were 365.3409 million RMB, 304.2969 million RMB, and 290.1635 million RMB, accounting for 29.39%, 21.79%, and 23.46% of operating income, respectively.
At the end of each reporting period, the Company's fixed asset amounts were 706.3407 million RMB, 742.7132 million RMB, and 621.019 million RMB, accounting for 33.88%, 37.99%, and 30.34% of total assets, respectively; the ending balances of construction in progress for each period were 134.6507 million RMB, 41.2108 million RMB, and 99.2368 million RMB.
At the end of each reporting period, the Company's goodwill amounts were 192.8664 million RMB, 180.9112 million RMB, and 180.9112 million RMB, accounting for 9.25%, 9.25%, and 8.84% of total assets, respectively.
As of December 31, 2025 (the end of the most recent period), the Company identified financial investment amounts of 5.5148 million RMB.