Overview - The report is a continuous supervision report by Caitong Securities for Hangzhou Langhong Technology Co., Ltd. for the first half of 2025, focusing on compliance and operational oversight [1]. Group 1: Continuous Supervision Work - The sponsor has reviewed the information disclosure documents of Langhong Technology during the reporting period [1]. - The company has established and effectively executed relevant regulations in all major aspects, although there are deficiencies in internal control regarding expense reimbursement approval processes and sales contract reviews [1][4]. - Regular checks on the company's fundraising accounts were conducted to ensure no violations in the use of raised funds [1][2]. Group 2: Issues Identified and Measures Taken - Internal control issues were identified, prompting the sponsor to guide the company in self-inspection and timely correction of problems, along with regular training on approval processes [3][4]. - Specific measures include enhancing the training of responsible personnel to improve diligence and responsibility in contract management [4][5]. - Guidance on the operation of inventory outflow processes was provided to ensure compliance with ERP system operations [5]. Group 3: Major Risks Faced by the Company - The company’s foreign sales revenue remains significant, with potential impacts from currency fluctuations, particularly if the RMB appreciates significantly against foreign currencies [8]. - The company is focused on the research, production, and sales of electronic anti-theft products, which are closely tied to the macroeconomic cycle; a downturn could negatively affect market demand [8]. - As of June 30, 2025, there are no pledges or freezes on shares held by major stakeholders, indicating a stable ownership structure [9].
朗鸿科技: 财通证券股份有限公司关于杭州朗鸿科技股份有限公司2025年半年度持续督导跟踪报告