Suzhou Tiamai Thermal Technology Co., Ltd. Audit Report 2025 Annual
Gongzheng Tianye Certified Public Accountants, SGP Wuxi, Jiangsu, China
Audit Report Su Gong W [2026] No. A551
To the Shareholders of Suzhou Tiamai Thermal Technology Co., Ltd.:
I. Audit Opinion We have audited the financial statements of Suzhou Tiamai Thermal Technology Co., Ltd. (hereinafter referred to as "Suzhou Tiamai"), which comprise the consolidated and parent company balance sheets as of December 31, 2025, the consolidated and parent company income statements, the consolidated and parent company cash flow statements, and the consolidated and parent company statements of changes in equity for the year 2025, as well as the notes to the financial statements.
In our opinion, the accompanying financial statements have been prepared in all material respects in accordance with the Accounting Standards for Business Enterprises and fairly present the consolidated and parent company financial position of Suzhou Tiamai as of December 31, 2025, and its consolidated and parent company operating results and cash flows for the year 2025.
II. Basis for Audit Opinion We conducted our audit in accordance with the Auditing Standards for Certified Public Accountants of China. Our responsibilities under these standards are further described in the "Certified Public Accountant's Responsibilities for the Audit of the Financial Statements" section of the audit report. In accordance with the Code of Ethics for Certified Public Accountants of China and the independence standards for Chinese certified public accountants, we are independent of Suzhou Tiamai, have fulfilled the independence requirements for the audit of financial statements of public interest entities, and have fulfilled other professional ethical responsibilities. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
III. 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 opinion thereon, we do not provide a separate opinion on these matters.
(I) Revenue Recognition
- Description of the Matter Suzhou Tiamai's revenue is primarily derived from the sale of vapor chambers, thermal interface materials, heat pipes, thermal modules, and graphite thermal films. The operating revenue for 2025 was 1,117.3106 million RMB. For disclosures regarding revenue in the financial statements, please refer to Note III, 29 and Note V, 32. As operating revenue is one of the key performance indicators for Suzhou Tiamai, there is an inherent risk that management (hereinafter referred to as "Management") may manipulate revenue recognition to achieve specific targets or expectations; therefore, we have identified revenue recognition as a key audit matter.