Audit Report
Tianjian Audit [2026] No. 8588
To all shareholders of Hangzhou Guangli Microelectronics Co., Ltd.:
1. Audit Opinion
We have audited the financial statements of Hangzhou Guangli Microelectronics Co., Ltd. (hereinafter referred to as Guangli Micro), 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. We believe that the attached financial statements are prepared in accordance with the provisions of the Accounting Standards for Business Enterprises in all material respects, and fairly present the financial position of Guangli Micro as of December 31, 2025, as well as the operating results and cash flows for the year 2025.
2. Basis for Forming 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 Auditing Financial Statements" 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 Guangli Micro and have fulfilled our other ethical responsibilities. We adhered to the independence requirements for auditing public interest entities during the audit. We believe that the audit evidence we obtained is sufficient and appropriate to provide a basis for our audit opinion.
3. 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 period. The responses to these matters are in the context of our audit of the financial statements as a whole and we do not express a separate opinion on these matters.
(1) Revenue Recognition
- Description of the Matter For detailed information disclosure, please refer to notes three (twenty-four) and five (two) of the financial statements. Guangli Micro's operating revenue mainly comes from the sale of testing equipment and accessories. In 2025, Guangli Micro's operating revenue was RMB 734.9773 million, an increase of 34.40% compared to the previous year. Since operating revenue is one of Guangli Micro's key performance indicators, there is an inherent risk that management may recognize revenue improperly to achieve specific targets or expectations; therefore, we identified revenue recognition as a key audit matter.
- Audit Response We primarily implemented the following procedures:
- (1) Understand the key internal controls related to revenue recognition, evaluate the design of these controls, determine whether they are implemented, and test the operating effectiveness of the relevant internal controls;
- (2) Review sales contracts to understand the main contract terms and evaluate whether the revenue recognition methods are appropriate;
- (3) Perform detail testing and substantive analytical procedures on revenue: for software technology development and testing machine sales, we sampled and checked supporting documents related to revenue recognition, including sales contracts, sales invoices, project acceptance documents, payment receipts, logistics documents, etc.; for software tool licensing and testing service projects, we obtained sales contracts, verified the service period and pricing methods, and checked acceptance documents and payment receipts;
- (4) Confirm transaction amounts with major customers and reconcile with the books to verify the authenticity and accuracy of sales amounts;
- (5) Perform cutoff testing on revenue recognized before and after the balance sheet date to evaluate whether revenue is recognized in the appropriate period;
- (6) Check whether the information related to operating revenue has been appropriately disclosed in the financial statements.