Core Opinion - The audit report indicates that the financial statements of Xiamen Jinlong Automotive Air Conditioning Co., Ltd. fairly reflect its financial position as of December 31, 2024, and June 30, 2025, as well as its operational results and cash flows for the year 2024 and the first half of 2025 [1][2]. Group 1: Audit Opinion - The audit opinion states that the financial statements are prepared in accordance with the relevant accounting standards and provide a true and fair view of the company's financial status [1][2]. - The report emphasizes that the financial statements are specifically prepared for the purpose of equity transfer and are not suitable for other uses [2]. Group 2: Management and Governance Responsibilities - The management is responsible for preparing the financial statements in accordance with accounting standards and ensuring that they are free from material misstatements due to fraud or error [2][3]. - The governance body is tasked with overseeing the financial reporting process of the company [2]. Group 3: Auditor's Responsibilities - The auditor's goal is to obtain reasonable assurance that the financial statements are free from material misstatement, whether due to fraud or error [2][3]. - The auditor must evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management [3][4]. Group 4: Company Overview - Xiamen Jinlong Automotive Air Conditioning Co., Ltd. was established on June 29, 2005, with a registered capital of 42 million RMB [4][5]. - The company operates in the production and sales of automotive air conditioning, industrial air conditioning, and automotive components [4][5]. Group 5: Financial Reporting Basis - The financial statements are prepared on a going concern basis and in accordance with the accrual basis of accounting [5][6]. - The financial statements include balance sheets as of December 31, 2024, and June 30, 2025, as well as profit and loss statements and cash flow statements for the relevant periods [5][6].

Group 1 - The audit report indicates that the financial statements of Beijing Aerospace Feiteng Equipment Technology Co., Ltd. fairly reflect its financial position as of February 28, 2025, and the results of operations and cash flows for the periods ending January-February 2025 and the year 2024 [1][5][6] - The company is responsible for preparing financial statements in accordance with accounting standards and ensuring that they are free from material misstatements due to fraud or error [2][3] - The audit firm has conducted its work in accordance with Chinese auditing standards, providing reasonable assurance that the financial statements are free from material misstatement [2][3] Group 2 - The company was established in 1987 and transformed into a wholly state-owned limited liability company in 2017, with a registered capital of 452,544,024.00 million yuan [3][4] - The main business of the company includes the manufacturing and sales of aerospace electrical connectors, electronic instruments, cable networks, and related products [4][5] - The company operates under the governance structure defined by the Company Law, with a shareholders' meeting as the highest authority and a board of directors as its permanent authority [4][5] Group 3 - The financial statements are prepared based on the going concern assumption, reflecting actual transactions and events in accordance with the relevant accounting standards [5][6] - The company adopts the accrual basis of accounting, with historical cost as the measurement basis for financial statements, except for certain financial instruments [5][6] - The company has established internal controls to ensure the accuracy of financial reporting and compliance with applicable accounting standards [2][3]

Audit Opinion - The audit report states that the financial statements of Founder Technology Group Co., Ltd. fairly reflect the company's financial position as of December 31, 2024, and its operating results for the year 2024 in accordance with accounting standards [2]. Key Audit Matters - Revenue recognition is identified as a key audit matter due to the inherent risk of revenue manipulation to meet specific targets. The company reported revenue of 2 billion RMB for the year 2024 [3][4]. - Asset impairment is another key audit matter, particularly concerning inventory valuation. The company’s inventory balance as of December 31, 2024, is significant, and the assessment of impairment involves management's judgment [4]. Company Overview - Founder Technology Group Co., Ltd. was established on January 2, 1985, and is a publicly listed company with a registered capital of 4.17 billion RMB. The company is headquartered in Shanghai and primarily engages in the production and sale of PCB products [8][9]. Financial Reporting Basis - The financial statements are prepared based on the going concern assumption and in accordance with the relevant accounting standards issued by the Ministry of Finance of China [10][11]. Accounting Policies - The company has established specific accounting policies and estimates related to revenue recognition and other transactions, which are detailed in the financial statement notes [10][11]. Consolidation and Control - The company consolidates 20 subsidiaries as of December 31, 2024, with an increase of 2 subsidiaries compared to the previous year. Control over subsidiaries is determined based on the ability to govern their financial and operating policies [9][18].

Audit Report and Financial Statements - The audit report indicates that the financial statements of Steel Research Dahui Private Fund Management Co., Ltd. have been prepared in accordance with the relevant accounting standards and provide a true and fair view of the company's financial position as of May 31, 2025 [1][3] - The financial statements are intended solely for equity transfer assessment and are not suitable for other purposes [1][3] - The company has a registered capital of RMB 300 million, with major shareholders including Steel Research Investment Co., Ltd. holding 80% [2][3] Financial Reporting Basis - The financial statements are based on the going concern assumption, and the company is responsible for ensuring that the financial statements are free from material misstatement due to fraud or error [1][3] - The company has established internal controls to ensure the accuracy of financial reporting [1][3] Important Accounting Policies - The accounting period is from January 1 to December 31, and the company uses RMB as its functional currency [3][4] - Financial instruments are classified based on the business model and cash flow characteristics, with specific criteria for measuring at amortized cost or fair value [4][5] - Inventory is measured at cost, which includes procurement costs and processing costs, and is accounted for using the first-in, first-out method [16][17] Long-term Investments - Long-term equity investments in joint ventures and associates are accounted for using the equity method, with adjustments made for the share of profits or losses [18][19] - The company assesses long-term equity investments for impairment when there are indications that the carrying amount may not be recoverable [21] Fixed Assets and Depreciation - Fixed assets are recognized at cost and depreciated using the straight-line method over their useful lives, which range from 3 to 30 years depending on the asset type [22] - The company evaluates fixed assets for impairment and adjusts the carrying amount if the recoverable amount is less than the carrying value [22] Borrowing Costs - Borrowing costs directly attributable to the acquisition or construction of qualifying assets are capitalized, while other borrowing costs are recognized as expenses in the period incurred [23][24] Intangible Assets - Intangible assets are recognized when it is probable that future economic benefits will flow to the company and the cost can be measured reliably [25] - The company conducts impairment tests on intangible assets with finite useful lives and recognizes losses if the carrying amount exceeds the recoverable amount [26]

Core Viewpoint - The financial report of Caesar Tongsheng Development Co., Ltd. for the first half of 2025 indicates a decline in revenue and an increase in losses compared to the same period in 2024, highlighting potential challenges in operational efficiency and profitability [2][5][6]. Financial Performance - Total operating revenue for the first half of 2025 was CNY 317,064,709.40, a decrease from CNY 320,919,773.51 in the same period of 2024, reflecting a decline of approximately 0.9% [4]. - Total operating costs increased to CNY 337,614,983.44 from CNY 330,791,894.11, representing an increase of about 2.5% [4]. - The net loss for the first half of 2025 was CNY 22,096,975.36, compared to a net loss of CNY 15,250,732.29 in the first half of 2024, indicating a worsening financial situation [5][6]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,943,364,645.76, up from CNY 1,841,008,174.21 at the beginning of the year [2][3]. - Total liabilities increased to CNY 1,002,451,848.09 from CNY 984,872,330.76, showing a rise in financial obligations [3]. - The total equity attributable to shareholders was CNY 828,014,246.01, an increase from CNY 747,622,738.97, indicating a slight improvement in shareholder value despite the losses [3][5]. Cash Flow Analysis - The net cash flow from operating activities was negative at CNY -23,420,615.08, compared to CNY -63,352,190.53 in the first half of 2024, showing an improvement in cash flow management [7]. - Cash and cash equivalents at the end of the period were CNY 835,109,436.86, down from CNY 864,082,285.23 at the beginning of the year, indicating a decrease in liquidity [7][8]. Other Financial Metrics - Basic and diluted earnings per share for the first half of 2025 were both CNY -0.0151, compared to CNY -0.0105 in the same period of 2024, reflecting a decline in profitability per share [5][6]. - Other comprehensive income after tax was CNY -15,674,574.42, compared to CNY -579,330.17 in the previous year, indicating a significant increase in losses from other comprehensive sources [5].

Audit Opinion - The audit report concludes that the financial statements of Shanghai Xinggan Semiconductor Co., Ltd. fairly reflect the company's financial position as of May 31, 2025, December 31, 2024, and December 31, 2023, as well as its operational results and cash flows for the periods from January to May 2025, the year 2024, and the year 2023 [2][3]. Management and Governance Responsibilities - The management of the company is responsible for preparing the financial statements in accordance with accounting standards and ensuring that the statements are free from material misstatements due to fraud or error [3][4]. - The governance layer is tasked with overseeing the financial reporting process of the company [3]. Auditor's Responsibilities - The auditor's goal is to obtain reasonable assurance that the financial statements are free from material misstatement, whether due to fraud or error [3][4]. - The auditor identifies and assesses risks of material misstatement and designs audit procedures to address these risks [3][4]. - The auditor evaluates the appropriateness of accounting policies selected by management and assesses the reasonableness of accounting estimates and disclosures [3][4]. Company Overview - Shanghai Xinggan Semiconductor Co., Ltd. is headquartered in Shanghai, with a registered capital of RMB 8.022352 million as of May 31, 2025 [5][6]. - The company primarily engages in technology development in the semiconductor, electronics, and integrated circuit sectors [5][6]. Financial Reporting Basis - The financial statements are prepared on a going concern basis, and the company has assessed its ability to continue as a going concern for the next 12 months without any significant issues [5][6]. Important Accounting Policies - The company follows specific accounting policies and estimates in accordance with accounting standards, ensuring that the financial statements accurately reflect its financial status and operational results [5][6]. - The accounting year runs from January 1 to December 31, and the functional currency is RMB [5][6]. Consolidation and Mergers - The company consolidates financial statements based on control, including subsidiaries and structured entities [7][8]. - The accounting treatment for mergers and acquisitions is specified, including the recognition of identifiable assets and liabilities at fair value on the acquisition date [6][7][8].

Company Overview - Suzhou Shangsheng Electronics Co., Ltd. is primarily engaged in the research, development, production, and sales of automotive speakers, audio systems, new electronic components, digital audio and video coding and decoding devices, high-end audio equipment, and related products [1][2]. Financial Information - The registered capital of the company is RMB 160 million, with significant contributions from various stakeholders, including Suzhou Shangsheng Investment Management Co., Ltd. and others [1]. - The financial statements were approved by the company's board of directors on April 27, 2023 [1]. Accounting Policies - The company prepares its financial statements based on the going concern principle, indicating a history of profitable operations and financial resources to support ongoing activities [1][3]. - The financial statements comply with the requirements of the enterprise accounting standards, reflecting the company's financial position and performance accurately [1][3]. Consolidation Scope - The company includes all controlled subsidiaries in its consolidated financial statements, ensuring that all significant internal transactions and balances are eliminated during consolidation [3][4]. - The consolidation scope is determined based on control, and any changes in the consolidation scope for the year 2022 are detailed in the notes [3][4]. Financial Instruments - Financial instruments are recognized when the company becomes a party to the contractual provisions of the financial asset or financial liability [5][6]. - The classification and measurement of financial assets depend on the company's business model for managing financial assets and the contractual cash flow characteristics of the financial assets [6][7]. Inventory Management - The company employs a perpetual inventory system, valuing inventory at actual cost, which includes procurement, processing, and other costs [14]. - Inventory is measured at the lower of cost and net realizable value, with provisions for inventory write-downs when necessary [14]. Long-term Investments - Long-term equity investments are initially measured at cost, with adjustments made for any differences between the initial investment cost and the fair value of identifiable net assets acquired [15][16]. - The company uses the equity method for investments in entities over which it has significant influence or joint control, recognizing its share of the investee's profits or losses [17][18]. Real Estate and Fixed Assets - Investment properties are measured at cost and depreciated over their useful lives, with specific depreciation rates outlined for different asset categories [19][20]. - Fixed assets are also measured at cost, with depreciation calculated using the straight-line method based on the estimated useful life of the assets [19][20].

Company Overview - Guangzhou Huali Technology Co., Ltd. was approved for public issuance of RMB ordinary shares (A shares) on May 10, 2021, becoming a listed company on the Growth Enterprise Market [1] - The company is a comprehensive service provider for the distribution and operation of commercial gaming and amusement equipment in China, covering design, research and development, production, sales, and operation [1] - As of December 31, 2024, the registered capital of the company is RMB 146,692,000 [1] Financial Reporting Basis - The financial statements are prepared based on the going concern assumption and in accordance with the relevant accounting standards and guidelines [2] - The accounting year runs from January 1 to December 31, and the company uses RMB as the functional currency for its domestic subsidiaries [2] Accounting Policies and Estimates - The financial statements reflect the company's financial position, operating results, changes in owners' equity, and cash flows accurately and completely [2] - The company has established significance criteria for various financial items, such as accounts receivable and payable, which exceed 1% of total assets or RMB 10 million [3] Business Combinations - The company follows specific accounting treatments for business combinations, distinguishing between combinations under common control and those not under common control [5][6] - Costs directly related to business combinations, such as audit and legal fees, are recognized in the current period's profit and loss [4][7] Financial Instruments - Financial assets are classified into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss [15][16] - Financial liabilities are classified similarly, with initial recognition at fair value and subsequent measurement based on their classification [18][19] Credit Risk and Impairment - The company assesses credit risk and expected credit losses for financial assets, applying a three-stage model based on changes in credit risk since initial recognition [24][25] - Impairment losses are recognized in profit or loss, and the company evaluates financial assets for significant increases in credit risk at each reporting date [27][28]

Company Overview - Shanghai Huide Technology Co., Ltd. was established on March 1, 2016, and listed on the Shanghai Stock Exchange in August 2018. The company operates in the chemical raw materials and chemical products manufacturing industry [1][2]. - As of December 31, 2024, the company has issued a total of 14.11537 million shares, with a registered capital of RMB 180 million [1]. Financial Reporting Basis - The financial statements are prepared in accordance with the accounting standards issued by the Ministry of Finance and are based on the assumption of going concern [2][3]. - The company's accounting period is 12 months, and the functional currency is Renminbi, with a subsidiary using Hong Kong dollars [2][3]. Accounting Policies and Estimates - The company follows specific accounting policies and estimates tailored to its operational characteristics, including the treatment of financial instruments and fixed assets [1][2]. - The company recognizes financial assets and liabilities upon entering into financial instrument contracts, classifying them based on the business model and cash flow characteristics [9][10]. Consolidation and Control - The company consolidates financial statements based on control, including all subsidiaries. Control is defined as having power over the investee and the ability to affect returns [4][5]. - The company treats the entire corporate group as a single accounting entity, applying uniform accounting policies for consolidated financial statements [5][6]. Revenue Recognition and Financial Instruments - Revenue is recognized based on the completion of performance obligations, and financial instruments are classified at initial recognition based on their characteristics [9][10]. - The company assesses expected credit losses for financial instruments, considering past events, current conditions, and forecasts of future economic conditions [15][16]. Inventory and Cost Measurement - Inventory is classified into raw materials, finished goods, and work in progress, measured at cost, and subject to lower of cost or net realizable value [21][22]. - The company uses a perpetual inventory system and applies a weighted average method for cost calculation [21]. Long-term Investments - Long-term equity investments are accounted for using the cost method or equity method, depending on the level of control or influence over the investee [22][24]. - The initial investment cost for equity investments is determined based on the fair value of identifiable net assets at the acquisition date [24][25]. Fixed Assets and Depreciation - Fixed assets are recognized when they are expected to generate economic benefits and are measured at cost, including any necessary subsequent expenditures [27][28]. - Depreciation is calculated using the straight-line method over the estimated useful life of the assets [28]. Borrowing Costs - Borrowing costs directly attributable to the acquisition or production of qualifying assets are capitalized, while other borrowing costs are recognized as expenses in the period incurred [29][30]. Intangible Assets - Intangible assets are initially measured at cost, including purchase price and related expenses necessary to prepare the asset for its intended use [30]. - Intangible assets with finite useful lives are amortized over their useful lives, while those with indefinite lives are not amortized [30].

Core Insights - The publication aims to provide analytical opinions on accounting treatments based on China's accounting standards and international financial reporting standards, referencing other capital market practices when necessary [3] - The book is intended to help market participants better understand the relevant regulations of China's accounting standards and international financial reporting standards, facilitating effective professional judgment [3] - The initiative encourages all participants in the capital market to enhance research on accounting issues faced by listed companies, promoting the improvement of financial information disclosure quality [3]