*ST创兴: 上海喜鼎建设工程有限公司审计报告

Audit Opinion - The audit of Shanghai Xiding Construction Engineering Co., Ltd. financial statements was conducted, covering the balance sheets as of June 30, 2025, December 31, 2024, and December 31, 2023, as well as the income statements, cash flow statements, and changes in equity for the periods from January to June 2025, the year 2024, and the year 2023. The financial statements are deemed to fairly reflect the company's financial position and results of operations in accordance with accounting standards [2][3]. Management and Governance Responsibilities - The management is responsible for preparing financial statements that fairly present the company's financial position and for maintaining necessary internal controls to prevent material misstatements due to fraud or error. The governance layer oversees the financial reporting process [3][4]. Financial Reporting Basis - The financial statements are prepared based on the going concern assumption, following the relevant accounting standards and guidelines. The company has evaluated its ability to continue as a going concern and found no significant doubts regarding its financial viability [5][6]. Accounting Policies - The company adheres to the accrual basis of accounting, with most financial statements measured at historical cost. Impairment provisions are made when necessary [6][7]. The company uses the Chinese Renminbi as its functional currency [7]. Revenue Recognition - Revenue is recognized when the company fulfills its performance obligations in contracts, which occurs when customers gain control of the goods or services. The transaction price is allocated based on the relative standalone selling prices of the performance obligations [30][31]. Financial Instruments - Financial instruments are recognized when the company becomes a party to the contractual provisions of the instrument. Initial measurement is at fair value, with subsequent measurement depending on the classification of the financial asset or liability [9][10]. Inventory Valuation - Inventory is classified into categories such as finished goods and materials, with costs determined using a perpetual inventory system. The company recognizes inventory impairment when the cost exceeds its net realizable value [21][22]. Fixed Assets - Fixed assets are recognized when it is probable that future economic benefits will flow to the company and the cost can be measured reliably. Depreciation is calculated using the straight-line method over the estimated useful life of the assets [26][27]. Employee Benefits - Employee benefits include short-term benefits such as salaries and bonuses, as well as post-employment benefits. The company recognizes liabilities for employee benefits when the obligation arises [28][29].