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].

Core Viewpoint - KPMG Huazhen LLP issued an audit report for Honghe Electronic Materials Technology Co., Ltd., confirming that the financial statements for the year ending December 31, 2024, fairly reflect the company's financial position and performance in accordance with Chinese accounting standards [1][2]. Financial Performance - The consolidated revenue for Honghe Technology in 2024 was RMB 35,834,632,875.20, a significant increase from RMB 661,154,817.93 in 2023 [8]. - The net profit for 2024 was RMB 22,800,933.92, compared to a net loss of RMB 63,094,466.24 in 2023, indicating a turnaround in profitability [8]. - The total assets as of December 31, 2024, amounted to RMB 2,508,717,827.39, slightly down from RMB 2,532,171,730.10 in 2023 [6][7]. Key Audit Matters - Revenue recognition was identified as a key audit matter, with the company primarily using a direct sales model for its electronic-grade glass fiber cloth, recognizing revenue upon transfer of control to the buyer [1][2]. - Inventory impairment provisions were also highlighted as a key audit matter, with the company assessing the net realizable value of inventory based on future selling prices and sales expense ratios [2]. Financial Position - Current assets totaled RMB 942,347,651.95 in 2024, up from RMB 870,209,234.14 in 2023, while non-current assets decreased to RMB 1,566,370,175.44 from RMB 1,661,962,495.96 [6][7]. - Current liabilities increased to RMB 620,784,788.31 in 2024 from RMB 563,098,588.12 in 2023, while non-current liabilities decreased to RMB 437,893,617.07 from RMB 542,116,273.85 [6][7]. Cash Flow Analysis - The net cash flow from operating activities for 2024 was RMB 179,479,646.23, compared to a cash outflow of RMB 97,749,484.06 in 2023, indicating improved cash generation [9]. - Cash and cash equivalents at the end of 2024 were RMB 285,433,648.94, up from RMB 175,193,236.33 in 2023, reflecting a positive cash position [9].

Audit Opinion - The audit report states that the financial statements of Jiangsu Farsen Co., Ltd. fairly reflect its financial position as of December 31, 2024, and its operating results and cash flows for the year 2024 in accordance with accounting standards [2][3]. Key Audit Matters - Revenue recognition is identified as a key audit matter, with reported revenue for 2024 amounting to 312.27 million yuan. The inherent risk of management manipulating revenue recognition timing to meet specific targets is highlighted [3][4]. - Goodwill impairment testing is another key audit matter, with a reported goodwill balance of 308.26 million yuan and cumulative impairment provision of 232.39 million yuan, resulting in a carrying value of 75.87 million yuan. The testing results depend significantly on management's estimates and assumptions regarding future cash flows and discount rates [4][5]. - Inventory, fixed assets, and intangible assets impairment are also recognized as key audit matters due to the significant amounts involved and the complexity of the impairment testing process [5]. Company Overview - Jiangsu Farsen Co., Ltd. was established on March 18, 1993, originally named Jiangyin Steel Wire Co., Ltd. The company was founded by Farsen Group and several other entities, with an initial registered capital of 60 million yuan [9][10]. - The company has undergone several capital increases and stock distributions, with the current registered capital amounting to 419.50 million yuan as of December 31, 2024 [11][12]. Business Segments - The company operates primarily in two business segments: metal products, which include various steel wire products, and environmental protection, focusing on the development and management of waste leachate treatment equipment [12]. 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 [13][14]. Accounting Policies - The company employs specific accounting policies and estimates tailored to its operational characteristics, ensuring compliance with accounting standards and reflecting its financial position accurately [13][14]. Financial Asset Classification - Financial assets are classified into categories based on the management's business model and cash flow characteristics, including those measured at amortized cost and those measured at fair value [29][30]. Foreign Currency Transactions - The company translates foreign currency transactions at the exchange rate on the transaction date and applies specific methods for monetary and non-monetary items [26][27]. Impairment Testing - The company conducts impairment testing for assets, including goodwill and inventory, based on management's estimates and assumptions, ensuring compliance with accounting standards [4][5]. Corporate Governance - 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 [6][7]. Audit Responsibilities - The auditors are tasked with obtaining reasonable assurance that the financial statements are free from material misstatement, whether due to fraud or error, and to communicate key audit matters to the governance body [7][8].

Audit Opinion - The audit report states that the financial statements of Shanghai Liangxi Technology Co., Ltd. fairly reflect its financial position and results of operations for the periods ending December 31, 2023, December 31, 2024, and June 30, 2025, in accordance with accounting standards [1][2]. Key Audit Matters - Revenue recognition is identified as a key audit matter, with reported revenues of 26.7943 million yuan, 74.3535 million yuan, and 70.7961 million yuan for the years 2023, 2024, and the first half of 2025, respectively [1][2]. - The allowance for bad debts on accounts receivable is also a key audit matter, with accounts receivable values of 2.3690 million yuan, 9.4363 million yuan, and 28.3709 million yuan as of December 31, 2023, December 31, 2024, and June 30, 2025, respectively [2][3]. Management Responsibilities - The management of the company is responsible for preparing financial statements that fairly present the company's financial position and results, and for maintaining effective internal controls to prevent material misstatements due to fraud or error [3][4]. Company Overview - Shanghai Liangxi Technology Co., Ltd. was established on June 7, 2022, and officially registered on June 20, 2022, with a business scope that includes technology services, manufacturing of electronic components, and software development [5][6]. Financial Reporting Basis - The financial statements are prepared based on the going concern assumption and in accordance with the accounting standards issued by the Ministry of Finance [6][7]. Accounting Policies - The company recognizes revenue and estimates bad debt provisions based on its operational characteristics, with specific policies detailed in the financial statement notes [7][8].

Audit Opinion - The audit report concludes that the financial statements of Guangdong Institute of Building Science Group Co., Ltd. (hereinafter referred to as "the Company") fairly reflect its financial position as of December 31, 2022, 2023, and 2024, in accordance with accounting standards [1][2][3]. Key Audit Matters - Revenue recognition is identified as a key audit matter due to its significant impact on the Company's profits and the complexity of its revenue streams. The audit involved evaluating internal controls, testing key controls, and verifying the accuracy of revenue recognition through various procedures [1][2]. - The recoverability of accounts receivable and contract assets is another key audit matter, with the Company reporting accounts receivable and contract assets totaling RMB 618.2 million and RMB 134.0 million in provisions for bad debts and impairment, respectively. The audit assessed management's estimates and judgments regarding the recoverability of these assets [2][3]. Management and Governance Responsibilities - The management of the Company 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 [2][3]. Company Overview - The Company was established on December 25, 2013, and has undergone several changes in its capital structure, with a registered capital of RMB 313.9 million as of December 31, 2024. The major shareholder is Guangdong Provincial Construction Engineering Group Co., Ltd., holding 73.62% of the shares [3][4]. Financial Reporting Basis - The financial statements are prepared based on the going concern assumption and in accordance with the accounting standards issued by the Ministry of Finance. The reporting period is from January 1 to December 31 each year [11][12]. Accounting Policies - The Company adopts specific accounting policies and estimates that reflect its operational characteristics, including revenue recognition and the treatment of financial instruments. The financial statements are presented in Renminbi [11][12]. Financial Instruments - Financial assets are classified at initial recognition based on the business model and cash flow characteristics. The Company categorizes its financial assets into those measured at amortized cost, those measured at fair value with changes recognized in other comprehensive income, and those measured at fair value with changes recognized in profit or loss [20][21]. Consolidation and Control - The Company consolidates its financial statements based on control, including all subsidiaries. Internal transactions are eliminated in the consolidation process, and any losses from impairment are fully recognized [9][10]. Revenue and Expense Recognition - The Company recognizes revenue based on the completion of performance obligations and assesses the timing of revenue recognition to ensure it aligns with the accounting period [11][12]. Cash and Cash Equivalents - Cash and cash equivalents are defined as cash on hand and deposits that are readily available for payment. The Company ensures that its cash management practices align with its operational needs [17][18]. Conclusion - The audit report and financial statements provide a comprehensive overview of the Company's financial health, operational structure, and adherence to accounting standards, reflecting its commitment to transparency and accountability in financial reporting [1][2][3].

Audit Opinion - The audit report states that the financial statements of Yunnan Tin Indium Laboratory Co., Ltd. fairly reflect its financial position and operating results as of December 31, 2024, in accordance with accounting standards [1][2][3]. Management and Governance Responsibilities - The management is responsible for preparing the financial statements in accordance with accounting standards and maintaining internal controls to prevent material misstatements due to fraud or error [2][3]. - The governance body oversees the financial reporting process [2]. 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 assesses risks of material misstatement and designs audit procedures to address these risks [3][4]. Company Overview - Yunnan Tin Indium Laboratory Co., Ltd. was established on August 24, 2016, and renamed on June 18, 2024, with a registered capital of 130 million RMB [5]. - The company operates in mineral resource research, technology development, and related services [5]. Financial Reporting Basis - The financial statements are prepared on a going concern basis, following the accounting standards issued by the Ministry of Finance [5]. - The company adheres to the accounting policies and estimates outlined in the financial statement notes [5]. Important Accounting Policies - The accounting period is based on the calendar year, from January 1 to December 31 [5]. - The company uses the historical cost principle for accounting, except for certain financial assets measured at fair value [5][6]. Consolidation Method - The consolidation scope is determined based on control, including the company and all subsidiaries [7][8]. - The financial results of subsidiaries are included in the consolidated financial statements from the date control is obtained [8][9]. Financial Instruments - Financial assets are classified based on the business model and cash flow characteristics, including those measured at amortized cost and fair value [13][14]. - The company recognizes expected credit losses based on credit risk assessments [17][23].

Audit Report - The audit opinion states that the financial statements of Yalong River Basin Hydropower Development Co., Ltd. fairly reflect its financial position as of December 31, 2024, and its operational results for the year 2024 in accordance with accounting standards [1][2][3] - The audit was conducted following the Chinese Certified Public Accountant auditing standards, ensuring independence and adherence to professional ethics [1][2] Financial Statements - The financial statements include consolidated and parent company balance sheets, income statements, cash flow statements, and changes in equity statements for both consolidated and parent company [1][2] - The company’s financial report was approved for release on March 31, 2025 [2] Company Overview - Yalong River Basin Hydropower Development Co., Ltd. was established in November 2012, with major shareholders including State Development & Investment Corporation and Sichuan Investment Group [2] - The company primarily operates in the hydropower sector, focusing on the development, construction, management, and sale of electricity from hydropower stations [2][3] Accounting Policies - The financial statements are prepared based on the accrual basis of accounting, with historical cost as the primary measurement basis [3] - The company follows the accounting standards issued by the Ministry of Finance, ensuring compliance and accurate reflection of its financial status [3] Capital Structure - The company has undergone several capital increases, with the registered capital reaching RMB 473 million as of the latest report [2][3] - The ownership structure includes significant stakes held by State Development & Investment Corporation and Sichuan Investment Group, reflecting a stable capital base [2] Financial Reporting - The financial report adheres to the principles of continuous operation, indicating that the company is expected to continue its operations for the foreseeable future [2][3] - The report includes detailed notes on significant accounting policies, estimates, and the basis for preparing the financial statements [3][4]