Xinhan New Materials: Tianjian Accounting Firm (Special General Partnership)’s explanation on the second round review inquiry letter of Jiangsu Xinhan New Materials Co., Ltd.’s application for issuance of stocks to specific objects (2026 semi-annual financial data update)
Table of Contents Question 1……………………………………………………………… Pages 1-13
About the application of Jiangsu Xinhan New Materials Co., Ltd.
Explanation of the second-round review inquiry letter for issuance of stocks to specific objects
Tianjian Letter [2026] No. 15-35
Shenzhen Stock Exchange:
The "Second Round Review Inquiry Letter Regarding Jiangsu Xinhan New Materials Co., Ltd.'s Application for Issuance of Stocks to Specific Targets" (review letter [2026] No. 020065, hereinafter referred to as the review inquiry letter) was forwarded from CITIC Securities Co., Ltd. We have carefully reviewed the financial matters of Jiangsu Xinhan New Materials Co., Ltd. (hereinafter referred to as Xinhan New Materials Company or the company) mentioned in the audit inquiry letter, and now report as follows.
(The calculations involving proportions in this description of financial matters are calculated in units of 10,000 yuan with 2 decimal places; there are differences in the mantissa between some totals and the sum of individual data, and these differences are due to rounding)
Question one
According to the issuer’s response to the first round of inquiries, the investment project plans to add 3,000 tons of PAEK resin, 5,100 tons of thermoplastic composite materials and 5,000 tons of DFBP monomer production capacity. Currently, the issuer has approximately 6.90 tons of orders on hand for PAEK resin and thermoplastic composite materials, and 523.34 tons of orders for DFBP products. The new depreciation and amortization expenses of this project are expected to be 101.1368 million yuan in the year when the project is put into production (i.e. year T4).
The issuer is requested to: (1) Based on the current situation of market development, combined with the cooperation intentions signed with relevant customers and orders in hand, the mass production plans announced by the main target downstream manufacturers and actual demand changes, market competition, existing production capacity utilization, production and sales rates, the commissioning and realization of benefits of previous fundraising projects, etc., analyze and explain the core competitiveness of the issuer in implementing this fundraising project, and quantitatively analyze whether the new production capacity, output, and operating scale after the fundraising project reaches production have sufficient market digestibility, and it is expected to obtain orders in the future
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The compatibility of the order with the development of the industry, the specific plan and feasibility of obtaining large-scale orders in the future, a careful discussion of whether the scale of this fundraising is consistent and reasonable with changes in market demand, and whether the benefit calculation is prudent. (2) Combined with the break-even point of this investment project, the proportion of future new depreciation and amortization amounts to the company's net profit, the market demand of downstream customers and industries, competitive landscape, development trends, etc., quantitatively analyze whether future new depreciation and amortization amounts will have a significant adverse effect on the company's operating performance. Impact, indicating the specific adverse effects and countermeasures that may be suffered by the issuer's future operating performance if the industry's development speed slows down or the issuer's product development, business management, customer expansion, etc. fail to meet expectations, whether it will affect the company's ability to continue operating, and fully disclose the relevant risks.
The sponsor is requested to verify and issue a clear opinion, and the reporting accountant is requested to verify (2) and issue a clear opinion. (Audit Inquiry Letter Question 2)
- Combined with the break-even point of this investment project, the proportion of new depreciation and amortization in the company's net profit in the future, the market demand of downstream customers and the industry, competition landscape, development trends, etc., quantitatively analyze whether the new depreciation and amortization in the future will have a significant adverse impact on the company's operating performance, explain the specific adverse effects that may be suffered by the issuer's future operating performance and countermeasures if the industry's development speed slows down or the issuer's product development, business management, customer development, etc. fail to meet expectations, whether it will affect the company's ability to continue operating, and fully disclose the relevant risks.
(1) The break-even point of this investment project, the proportion of future new depreciation and amortization amounts to the company’s net profit, and a quantitative analysis of whether future new depreciation and amortization amounts will have a significant adverse impact on the company’s operating performance
After calculation, after the investment project is put into production, the overall break-even situation and depreciation and amortization situation are as follows:
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Unit: RMB 10,000 project T+1 T+2 T+3 T+4 T+5 T+6 T+7 T+8 T+9 T+10 T+11 T+12 T+13 Average after production
New depreciation and amortization for this fundraising project
Depreciation and amortization amount① 10,113.68 10,113.68 10,113.68 10,113.68 10,113.68 7,549.68 7,549.68 7,549.68 7,549.68 7,549.68 8,831.68
Impact on operating income
Current operating income② 44,380.16 44,380.16 44,380.16 44,380.16 44,380.16 44,380.16 44,380.16 44,380.16 44,380.16 44,380.16 44,380.16 New income from fundraising projects
57,850.80 105,821.60 139,448.80 168,136.00 168,136.00 168,136.00 168,136.00 168,136.00 168,136.00 168,136.00 148,007.32 into ③
Estimated operating income ④
102,230.96 150,201.76 183,828.96 212,516.16 212,516.16 212,516.16 212,516.16 212,516.16 212,516.16 212,516.16 192,387.48 =②+③
Depreciation and amortization account for operating
Proportion of income ⑤= 9.89% 6.73% 5.50% 4.76% 4.76% 3.55% 3.55% 3.55% 3.55% 3.55% 4.59% ①/④
Impact on net profit
Current net profit⑥ 6,661.14 6,661.14 6,661.14 6,661.14 6,661.14 6,661.14 6,661.14 6,661.14 6,661.14 6,661.14 6,661.14 Net new investment projects
732.50 13,131.63 21,064.14 28,248.91 28,248.91 30,221.34 30,221.34 30,221.34 30,221.34 30,221.34 24,253.28Profit (outside sales)⑦
Estimated net profit (outside
7,393.64 19,792.77 27,725.28 34,910.05 34,910.05 36,882.48 36,882.48 36,882.48 36,882.48 36,882.48 30,914.42 sold) ⑧=⑥+⑦
Depreciation and amortization are expected to account for
Net profit (outside sales) 136.79% 51.10% 36.48% 28.97% 28.97% 20.47% 20.47% 20.47% 20.47% 20.47% 28.57% Ratio ⑨=①/⑧
Note 1: The average after the production is put into operation refers to the average situation from the start of production in T+4 to T+13.
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Note 2: The net profit after the raised investment project is put into operation in the above table is the net profit of the raised investment project plus the company's net profit in 2025, which totals 66.6114 million yuan. The operating income after the raised investment project is put into production is the operating income of the raised investment project plus the company's operating income in 2025 of 443.8016 million yuan to simulate the impact of the raised investment project on the company as a whole.
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As shown in the table above, the new depreciation and amortization of the raised investment project accounts for 3.55%-9.89% of the company's expected operating income; the new depreciation and amortization of the raised investment project accounts for the company's expected net profit (external sales part, and the new depreciation and amortization amount of the raised investment project has been taken into account) is between 20.47% and 136.79%. Among them, after the project is put into production in T+4, the new depreciation and amortization will account for approximately 136.79% of the company's overall net profit. Although the new depreciation and amortization accounts for a high proportion of the company's overall net profit, the above-mentioned net profit calculation has included the impact of new depreciation and amortization; after taking into account this part of the depreciation and amortization, the new net profit for the raised investment project in T+4 is expected to be 7.325 million yuan, and the corresponding company's overall net profit is expected to be 73.9364 million yuan, both positive values. Therefore, it is expected that the risk of the company's overall net profit loss due to the new depreciation and amortization of this investment project will be small. The specific calculation is as follows: Unit: 10,000 yuan
Project Project for this fundraising ① Current level of the company ② Total in T+4 years ③ = ① + ② Estimated operating income a 57,850.80 44,380.16 102,230.96 Estimated operating cost b 49,129.85 32,554.95 81,684.80 Including: new depreciation amortization
10,113.68 - 10,113.68
Sales amountc
Estimated gross profit d=a-b 8,720.95 11,825.21 20,546.16 Estimated total profit e 861.77 7,584.47 8,446.24 Estimated net profit (including new
732.50 6,661.14 7,393.64 (increased depreciation and amortization) f
Depreciation and amortization as a share of estimated net profit
Profit (including new depreciation and amortization - - 136.79% sales) ratio g=c/f
Estimated net profit (excluding
New depreciation and amortization) 9,329.13 6,661.14 15,990.27 h=f+c*85%
Depreciation and amortization as a share of estimated net profit
Profit (excluding new depreciation - - 63.25% amortization) ratio i=c/h
Note: The operating costs in the above table are operating costs based on external sales.
It is expected that the project will reach the break-even point in the first year after it is put into production. The project's own income can cover the impact of depreciation and amortization of the raised-invested project. As the production capacity of the raised-invested project increases, the company's overall operating scale will continue to increase, and the operating income and profits will further increase. The impact of the overall depreciation and amortization amount on the company's net profit is relatively controllable, and it is not expected to have a major adverse impact on the company's operating performance.
The company has additionally disclosed the following risks in the Prospectus: "
(3) New depreciation, amortization and R&D investment in investment projects with raised funds lead to a decline in the company’s operating performance
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risk
The capital expenditure of this raised investment project is relatively high. It is expected that after the completion of the project construction, the annual new depreciation and amortization expenses will be up to 101.1368 million yuan, and the new depreciation and amortization amount will be relatively large. Since the construction of raised investment projects requires a certain period of time, after the project is implemented, if the downstream demand does not meet expectations, or the investment project with raised funds cannot achieve the expected economic benefits according to the original plan, the depreciation and amortization expenses of new assets and R&D investment will have an adverse impact on the company's future operating performance. "
(2) Market demands, competition landscape, and development trends of downstream customers and industries
- The main target downstream manufacturers have announced mass production plans and actual demand changes.
After preliminary market research, the company has formulated a clear market development plan for the production capacity digestion of this investment project. The main target downstream customers of this fundraising project are currently in large-scale mass production, and many entities have publicly disclosed subsequent production expansion plans. It is expected that the actual demand in the industry will maintain a sustained growth trend.
The company has applied for exemption from disclosure of the announced mass production plans and actual demand changes of its main target downstream manufacturers.
- Cooperation intentions signed with relevant customers and orders on hand
According to interviews with major intended customers and the company's historical operating conditions, the fine chemical industry has the characteristics of short delivery cycles and fast inventory turnover. Since the delivery date cannot be accurately determined before the production equipment is completed, a formal purchase and sales contract is generally signed after the relevant production capacity of the manufacturer is completed and put into production. Before that, the willingness to cooperate is generally expressed verbally and in other forms. Therefore, the amount of orders on hand for the products related to this fundraising project before the production capacity construction is completed is small and has no reference significance. In order to strengthen cooperation expectations, this fundraising project has reached cooperation intentions with some target customers by signing existing orders, intention framework purchase agreements, strategic cooperation agreements, and making quotations to some target customers.
As of August 26, 2026, the orders on hand and cooperation intentions for products related to this fundraising project are as follows:
Unit: tons signed agreement
war signed
This product has orders in hand, directional framework procurement, quoted price, total strategic cooperation agreement
purchase agreement
PAEK resin and heat
3.07 706.00 515.94 1,225.01 Plastic composite materials
DFBP 285.68 1,050.00 1,335.68
Note 1: Orders on hand refer to orders in which the purchase volume and amount have been clearly agreed upon; intention framework purchase agreements refer to agreements with a cooperation period of more than one year and specific annual intended purchase volumes. Specific purchases are based on purchase orders.
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The strategic cooperation agreement refers to the long-term cooperation between the two parties in the field of purchase and sale of the product. The specific annual purchase volume has not been agreed, but the customer hopes that the company can reserve production capacity; the quoted price refers to the business that the company has contacted the customer, and the customer has initially expressed their intention to cooperate and then makes a quotation to the company.
Note 2: In addition to orders on hand and intention framework purchase agreements, the company has signed strategic cooperation agreements with some well-known companies in the special engineering plastics industry for this fundraising project. The above-mentioned sales volume of the signed strategic cooperation agreement is calculated based on public information and internal communications, and based on the proportion of the two alternative suppliers that the customer expects to choose.
Note 3: The PAEK resin and thermoplastic composite materials in the above table are not separated into specific products. This is mainly because the purchase products of the intention framework purchase agreement and strategic cooperation agreement signed by the company and the customer include PAEK resin and thermoplastic composite materials, and are not further separated in the contract. At the same time, the downstream customers of this investment project are mainly product manufacturing manufacturers. When producing products, they will choose to purchase resin or composite materials according to their needs at that time and further process them.
The specific circumstances of the framework agreement or strategic cooperation agreement signed by the company and its customers have applied for exemption from disclosure.
(1) The company has a rich reserve of customer resources and a strong ability to develop new customers. It can fully develop the new needs of existing customers while further exploring the needs of potential customers.
- The company and its subsidiary Heritage have been deeply involved in the industry for many years and have a mature customer base, which will help absorb the production capacity of this investment project.
The company has been operating DFBP for many years and is now one of the leaders in the DFBP industry, establishing a good industry reputation and brand image. The subsidiary Heritage Company has been operating the PAEK business for many years and has mature production and R&D experience in PAEK resin and composite materials. With its technological accumulation in the fields of high-performance resins, composite materials, and DFBP, it has formed an extensive and continuously deepening customer cooperation network.
The company has applied for exemption from disclosure of the existing customer expansion of each product of this investment project.
Depending on the progress of the investment project construction, the company will deepen cooperation with other existing special engineering plastics industry companies and expand the product varieties of business cooperation.
- In recent years, the company has also actively developed new customers and strengthened forward-looking industrial layout
The company has always adhered to the concept of forward-looking layout, based on long-term development planning, and seized strategic opportunities for industrial development. In order to seize the rapid expansion opportunities in the PAEK material industry brought by emerging markets such as humanoid robots and low-altitude economy, and seize the window period for industry development, the company has continued to promote new customer development work and front-end market expansion work in recent years, striving to establish stable cooperation needs before the investment project is completed and put into production.
The company has applied for exemption from disclosure regarding the new customer expansion of each product of this investment project.
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- Some target downstream customers have made clear their production expansion plans and expressed long-term cooperation intentions to the company or hope to reserve production capacity. The implementation of this fundraising project is necessary.
In order to ensure the smooth implementation of the investment project with funds raised this time and the effective digestion of production capacity after completion, the company has formulated a clear and implementable market expansion plan, and simultaneously carried out preliminary market promotion and customer reserve work. According to preliminary research, the main target downstream customers of this fundraising project currently have large-scale mass production, and many entities have publicly disclosed subsequent production expansion plans. At the same time, the company also communicated with some major target downstream manufacturers and learned that relevant customers have formulated medium- and long-term production capacity expansion plans, and the purchase demand for products related to this fundraising project is expected to continue to grow. Some customers have clearly expressed their hope to establish a long-term and stable purchasing and sales cooperation relationship with the company for the products of this fundraising project in the future or hope that the company will reserve production capacity. As downstream customers gradually implement production expansion projects, the business of this investment project is expected to further increase in volume. Therefore, the implementation of this fundraising project is necessary. Some target customers’ cooperation intentions have applied for exemption from disclosure.
(2) The orders that can be obtained in the future are expected to be consistent with the development of the industry
As mentioned above, the main target downstream customers of this fundraising project currently have a large scale of mass production, and many entities have disclosed subsequent expansion plans. It is expected that the actual demand in the industry will maintain a sustained growth trend. It is expected that the orders that can be obtained in the future will match the development of the industry.
- Market competition
The products of this investment project are mainly PAEK resin, thermoplastic composite materials and DFBP products. Overall, although the supply of related industries is expected to continue to expand, the supply and demand pattern of the industry will still remain in short supply; after the investment project is completed and put into production, there will still be considerable market space to undertake new production capacity. The production expansion situation and production capacity gap of related product industries are as follows:
(1) PAEK resin
According to Frost & Sullivan statistics, driven by the growth of downstream demand, global PAEK resin manufacturers may continue to promote production capacity expansion, but the industry as a whole is still in short supply. From 2029 to 2032, the global PAEK production capacity supply gap will increase from 2,329 tons to 8,877 tons. The specific situation is as follows:
Unit: tons area 2026 2027 2028 2029 2030 2031 2032
1. Global demand for PAEK resin
Global PAEK Resin Demand
15,533 18,349 21,586 26,329 32,558 38,701 46,877
Quantity (tons)
2. Global PAEK resin production capacity
Global PAEK production capacity (tons) 15,300 17,000 19,500 24,000 28,000 33,000 38,000
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Field 2026 2027 2028 2029 2030 2031 2032
3. Capacity gap
Global PAEK resin production capacity
233 1,349 2,086 2,329 4,558 5,701 8,877
notch
4. Market share of this fundraising project
The company’s current fundraising projects
322 644 858 1,073 New sales (tons)
This fundraising project is put into production
The company's products are expected to have a global market share of 1.22% 1.98% 2.22% 2.29%
Note: In the "8,100 tons of high-performance resin, composite materials and supporting engineering construction project with an annual output", 1,073 tons of PAEK resin production capacity is exported, and 1,927 tons of PAEK resin production capacity is used for self-use as raw materials required for the subsequent composite material production of the project.
According to the analysis in the above table, if this investment project is gradually put into production in 2029, there will be a large capacity gap in the industry market, and it is expected that the industry's production capacity supply will not be able to meet the industry market demand. In addition, from the perspective of market share, the global market share of related products after this project is put into production is relatively low, only 2.29%, and the market share is expected to be reasonable.
(2) Thermoplastic composite materials
According to Frost & Sullivan statistics, affected by national policy support and the performance advantages of thermoplastic composite materials, the market size and production capacity construction of thermoplastic special engineering plastic composite materials are expected to continue to grow, but the overall production capacity gap is still large. From 2026 to 2032, the global demand for thermoplastic special engineering plastic composite materials is expected to increase from 431,500 tons to 762,200 tons, and the production capacity gap will increase from 11,500 tons to 102,200 tons. The details are as follows:
Unit: 10,000 tons
Project 2026 2027 2028 2029 2030 2031 2032 Global Thermoplastic Specialty Engineering
43.15 51.99 55.43 62.02 65.23 70.64 76.22 Plastic composite material demand
Global Thermoplastic Specialty Engineering
42.00 50.00 53.00 58.00 60.00 63.00 66.00Plastic composite material production capacity
Capacity gap 1.15 1.99 2.43 4.02 5.23 7.64 10.22 The company’s new investment projects this time
0.15 0.31 0.41 0.51
Increase sales
After this fundraising project is put into production
The company's products are expected to have a global market share of 0.24% 0.48% 0.58% 0.67%
Note: Except for the Frost & Sullivan Report, no historical data on the market demand or market size of thermoplastic composite materials has been found from public channels.
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According to the analysis in the above table, if the investment project is gradually put into production in 2029, the industry market demand will be large and is expected to reach 762,200 tons in 2032. However, the total production capacity in the industry is only 660,000 tons, and the production capacity gap will reach 102,200 tons. It is expected that the industry's production capacity supply cannot meet the industry market demand. In addition, from the perspective of market share, the global market share of related products after this project is put into production is relatively low, only 0.67%, and the market share is expected to be reasonable.
(3)DFBP
According to Frost & Sullivan statistics, the current global DFBP market as a whole shows a balance between supply and demand. As the demand for downstream PEEK resin continues to grow, it is expected to promote the continued expansion of the DFBP market. From 2029 to 2031, the global DFBP production capacity gap is expected to increase from 4,214 tons to 5,464 tons, and the overall production capacity supply cannot meet industry demand. The details are as follows:
Unit: tons
Field 2026 2027 2028 2029 2030 Global DFBP demand in 2031
11,404 13,749 16,092 20,214 22,803 27,464
total
Global DFBP production capacity
11,000 12,000 14,000 16,000 18,000 22,000
Capacity gap 404 1,749 2,092 4,214 4,803 5,464
The company’s new sales volume 1,558 2,078 2,597 Investment in this financing project
The estimated global market share of postpartum company products is 7.71% 9.11% 9.46%
Note: 2,403 tons of the "annual output of 5,000 tons of monomers and supporting engineering construction projects" are self-use production capacity and are used as raw materials required for the production of the "annual output of 8,100 tons of high-performance resins, composite materials and supporting engineering construction projects". The remaining 2,597 tons of production capacity are available for export
According to the analysis in the above table, if the investment project is gradually put into production in 2029, the industry market demand will be large. By 2032, the industry's production capacity gap will be approximately 5,464 tons, and industry production capacity is expected to be unable to meet industry market demand. In addition, from the perspective of market share, the global market share of related products after the project is put into production is relatively low, only 9.46%, and the market share is expected to be reasonable.
(3) If the industry development speed slows down or the company’s product development, operation management, customer expansion, etc. fail to meet expectations, the company’s future operating performance may be affected by specific adverse effects and countermeasures, whether it will affect the company’s ability to continue operating, and the relevant risks shall be fully disclosed
- If the development of the industry slows down or the company's product development, operation management, customer expansion, etc. fail to meet expectations, the company's future operating performance may be specifically adversely affected.
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If the development of the industry slows down or the company's product development, business management, customer expansion, etc. fail to meet expectations, the company may face adverse effects such as lower-than-expected operating income, higher depreciation and amortization expenses, pressure on gross profit margins, erosion of operating profits, and continued intensification of operating pressure.
- Whether the company’s specific measures to deal with the above adverse situations affect the company’s ability to continue operating
The company has formulated the following measures to deal with the above adverse situations:
(1) Reasonably plan project construction and production capacity release progress
The company's current fundraising project will be implemented steadily as planned, and production capacity will be released in a gradual and orderly manner. There will be no pressure to digest concentrated production capacity in the short term. The company will reasonably control the pace of production capacity deployment based on downstream terminal market demand and the expansion progress of new and old customers; at the same time, it will continue to deepen customer docking and business collaboration, reserve order resources in advance to match new production capacity, and ensure stable and reasonable production capacity utilization.
(2) Expand cross-industry application markets and diversify single industry cycle risks
The downstream application fields of Project 1 of this fundraising are relatively diverse and scattered, including humanoid robots, low-altitude economy, medical care, aerospace, new energy vehicles, modified material manufacturers, profile manufacturers, etc. In order to diversify the cyclical risks of a single industry, the company has actively expanded its multi-industry customer pool, reduced its dependence on a single industry, and reasonably diversified business risks.
(3) Continue to strengthen product research and development through multiple channels to ensure product development progress
The company has been deeply involved in the special engineering plastics industry for many years and has established a high-level independent research and development technical team. Through preliminary verification and R&D work on PAEK resin, plates and rods, composite modification, and prepregs, the company has formed an integrated and systematic product development and verification system. In addition, the company continues to study various performance indicators of products, consolidate the core competitiveness of products, and ensure product development progress by co-building a composite material collaborative innovation center with Donghua University and other methods.
(4) Introduce a professional management team to optimize the entire process management and control of this fundraising project
In view of the asset-heavy, long-term and high-tech characteristics of this fundraising project, the company has established a special management team for this fundraising project and carried out in-depth binding through equity cooperation, thereby effectively reducing the investment risk in the early stage of the project. At the same time, the company continues to improve the internal control system, strengthen project progress, budget, and production assessment management mechanisms, implement refined production management measures, optimize personnel allocation, improve supply chain inventory management, and reduce warehousing costs and inventory depreciation risks.
(5) Continue to promote customer expansion and stabilize downstream demand through the signing of long-term framework agreements.
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The company has reserved a certain customer base in advance for this fundraising project and formulated a clear market development plan for production capacity digestion. Up to now, the company has continued to promote customer expansion and signed long-term procurement framework agreements and strategic cooperation agreements with many customers to stabilize downstream demand.
In summary, the company has formulated specific measures to deal with the above adverse situations, which are not expected to affect the company's ability to continue operating.
- Full disclosure of relevant risks
The company has additionally disclosed the following risks in the Prospectus:
“(4) The risk of changes in assumptions related to the calculation of the benefits of this fundraising project and the benefits not meeting expectations
The company has fully demonstrated the investment project with funds raised this time, but the demonstration is based on factors such as current national industrial policies, industry development trends, market environment, technical level, customer demand, product market prices, raw material costs, and the expected pace of production capacity ramp-up. During the actual operation of the project, the market itself has other uncertain factors, which may still cause this fundraising project to face certain market risks after implementation. If the industry's development speed slows down in the future or the company's product development, operation management, customer expansion, etc. fail to meet expectations, or if fierce price competition in the downstream industry leads to a decrease in product unit prices, it may cause the actual benefits and internal rate of return of the investment projects with raised funds to fall short of expectations. The company may face adverse effects such as lower-than-expected operating income, higher depreciation and amortization expenses that put pressure on gross profit margins, erosion of operating profits, and continued intensification of operating pressure. "
2. Verification procedures and opinions
- Verification procedures
(1) Check the feasibility study report of the company’s current fundraising project and the industry research report on the products related to this fundraising project, and review the public announcement information of the main target downstream customers of this fundraising project;
(2) Obtained and reviewed the company’s orders and intention contracts related to the products of this fundraising project, and verified the company’s orders on hand and the signing of intention orders;
(3) Obtain and review the benefit calculation draft of this fundraising project, combine historical production and sales data and industry development trends, evaluate the supporting basis for forecasted revenue growth rate and sales volume assumptions, and analyze whether the forecast scale matches existing orders and market expansion capabilities; analyze the accuracy and rationality of the fixed asset depreciation and intangible asset amortization provisions of this fundraising project based on relevant accounting standards and the status of the fundraising project, and analyze the impact of the new depreciation and amortization of this fundraising project on the company's operating performance.
- Verification opinions
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After verification, we believe that the new depreciation and amortization amount in the future will not have a major adverse impact on the company's operating performance, and the overall impact is relatively controllable; if the industry development speed slows down or the company's product development, operation management, customer expansion, etc. do not meet expectations, the company may face adverse effects such as lower-than-expected operating income, higher depreciation and amortization expenses, pressure on gross profit margins, erosion of operating profits, and continued intensification of operating pressure; the company has formulated countermeasures for relevant adverse factors, which are not expected to affect the company's ability to continue operating, and have fully disclosed relevant risks.
Please note this for review.
Tianjian Certified Public Accountants (Special General Partnership) Chinese Certified Public Accountant:
Hangzhou, China Chinese Certified Public Accountant:
September 3, 2026
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