Audit Report
Audit Report No. [2026] ZG11187
To all shareholders of AVIC Shanda High-Temperature Alloy Materials Co., Ltd.:
1. Audit Opinion
We have audited the financial statements of AVIC Shanda High-Temperature Alloy Materials Co., Ltd. (hereinafter referred to as "Shanda Co."), including the balance sheet as of December 31, 2025, the income statement, cash flow statement, statement of changes in equity for the year 2025, and the 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 in all material respects and fairly present the financial position of Shanda Co. as of December 31, 2025, as well as its operating results and cash flows for the year 2025.
2. 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 Auditing 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 Shanda Co. 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 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: