Core Viewpoint - The company, Huapengfei (300350.SZ), focuses on providing global comprehensive logistics services tailored to the needs of manufacturing and import-export trade clients, and has not yet ventured into the commercial aerospace industry [1] Group 1: Business Overview - The main business of the company is global comprehensive modern logistics services [1] - The company offers global logistics solutions based on customer needs and the characteristics of supply chain segments [1] - Additional services include procurement agency and supply chain trade management for core client enterprises [1]

Audit Opinion - The audit report states that the financial statements of Zhangjiagang Free Trade Zone Foreign Investment Service Co., Ltd. fairly reflect its financial position as of March 31, 2025, and its operating results and cash flows for the first quarter of 2025 [1][2]. Basis for Audit Opinion - The audit was conducted in accordance with Chinese Certified Public Accountant auditing standards, ensuring independence and adherence to professional ethics [2][3]. - Sufficient and appropriate audit evidence was obtained to support the audit opinion [2]. Management and Governance Responsibilities - 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 [2]. - 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]. - The auditor assesses risks of material misstatement and designs audit procedures to address these risks [3][4]. Company Overview - Zhangjiagang Free Trade Zone Foreign Investment Service Co., Ltd. was established on August 18, 1998, with a registered capital of 467.3316 million RMB [6]. - The company provides various services related to foreign investment, construction, production, management, and international trade [6]. Financial Reporting Basis - The financial statements are prepared based on the going concern assumption and comply with the relevant accounting standards issued by the Ministry of Finance [6][7]. - The company has assessed its ability to continue as a going concern and found no significant uncertainties regarding its operations for the next 12 months [6]. Important Accounting Policies - The company has established specific accounting policies and estimates for revenue recognition and other transactions based on its operational characteristics [6]. - The financial statements reflect the company's financial position and results of operations accurately as of March 31, 2025 [6]. Financial Instruments - Financial assets are classified into categories based on the management's business model and cash flow characteristics [17][22]. - The company recognizes expected credit losses for financial assets based on historical data and future economic conditions [17][20]. Inventory and Costing - Inventory is classified into raw materials, low-value consumables, and finished goods, with costs determined using the weighted average method [23]. - The company assesses the net realizable value of inventory and recognizes impairment losses when necessary [23][24].