ZJQY(SH:600210) Zheng Quan Zhi Xing·2025-07-15 16:34Audit Opinion - The audit report states that the financial statements of Shanghai Zijiang New Materials Technology Co., Ltd. fairly reflect its financial position as of March 31, 2025, December 31, 2024, and December 31, 2023, in accordance with accounting standards [1][2]. Key Audit Matters - Revenue recognition is identified as a key audit matter, with reported revenues of 155.35 million yuan, 623.42 million yuan, and 711.39 million yuan for the periods ending March 31, 2025, 2024, and 2023 respectively [1]. - The company’s main product is aluminum-plastic film, and there are inherent risks of management manipulating revenue recognition to meet specific targets [1]. - The audit procedures for revenue recognition included understanding internal controls, obtaining major contracts, and analyzing revenue and gross margin changes [1]. - Expected credit losses on accounts receivable are also a key audit matter, with balances of 306,580,745.47 yuan and 306,580,745.47 yuan as of March 31, 2025, and December 31, 2024 respectively [1]. - The management's assessment of expected credit losses involves significant judgment, and the audit procedures included evaluating the appropriateness of management's estimates and reviewing the aging of accounts receivable [1]. Management and Governance Responsibilities - The management is responsible for preparing financial statements that fairly reflect the company's financial position and for maintaining necessary internal controls to prevent material misstatements due to fraud or error [2]. - The governance layer is tasked with overseeing the financial reporting process [2]. Financial Reporting Basis - The financial statements are prepared based on the assumption of going concern, and the company has not identified any significant doubts regarding its ability to continue as a going concern [6][7]. - The financial statements comply with the relevant accounting standards and regulations, ensuring a true and complete reflection of the company's financial status [6][7]. Important Accounting Policies - The company has established specific accounting policies and estimates related to financial instruments, inventory, fixed assets, and income taxes, which are detailed in the financial statement notes [6][7]. - The accounting period is based on the calendar year, and the company uses the historical cost basis for measurement, with provisions for impairment where applicable [6][7].