Audit Report
Tianjian Audit [2026] No. 3764
To all shareholders of Zhejiang Taotao Vehicle Co., Ltd.:
1. Audit Opinion
We have audited the financial statements of Zhejiang Taotao Vehicle Co., Ltd. (hereinafter referred to as Taotao Vehicle), 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 enterprise accounting standards in all material respects and fairly present the financial position of Taotao Vehicle 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 the Audit of Financial Statements" in the audit 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 Taotao Vehicle 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.