Core Viewpoint The audit firm Gongzheng has conducted a thorough review of Wuxi Commercial Building Dae Dong Co., Ltd.'s long-term equity investments and financial disclosures, concluding that there are no impairment indicators for these investments, and the financial health of the associated companies remains stable. Group 1: Long-term Equity Investments - The company's long-term equity investment balance as of 2024 is RMB 2.486 billion, with no impairment recognized in the past three years [2][3] - Significant investments include RMB 600 million in Shanghai Jidaohang New Energy Development Partnership, which has been ongoing since 2022 [2][3] - The audit firm has requested detailed disclosures regarding the investment structures, cash flows, and financial performance of the companies involved [2][3] Group 2: Financial Performance of Invested Companies - Wuxi Sanfeng Building Management Co., Ltd. reported revenues of RMB 151.17 million and a net loss of RMB 399.28 million over the past three years, with stable asset values [4][5] - Anhui Tao-Liu New Materials Research Institute has faced continuous losses, prompting the company to exit its investment in early 2025 [6][7] - Wuxi Commercial Building Group Dae Dong Automobile Co., Ltd. has shown stable profitability with net profits of RMB 18.73 million, RMB 19.94 million, and RMB 21.59 million over the last three years [5][8] Group 3: Investment Strategy and Market Position - The investment in Shanghai Jidaohang focuses on the rapidly growing new energy vehicle sector, aligning with national strategic initiatives for carbon neutrality [8][9] - Jidaohang has established a comprehensive investment structure in the new energy vehicle industry, with significant investments in companies like Shanghai Jixiang Zhichu and Yundu Automobile [9][10] - The governance structure of Jidaohang ensures professional and standardized investment processes, with no identified risks of fund misappropriation [20][24] Group 4: Cash Flow and Investment Activities - The company has reported cash outflows for investment activities totaling RMB 60 million over the past three years, with no indications of fund misappropriation [21][22] - The cash flow from investment activities includes significant payments for fixed assets and equity acquisitions, reflecting a strategic focus on growth and stability [21][22] - The audit firm has confirmed that the investment activities align with the company's strategic objectives and financial health [22][24]