Company: XXC
Filing Date: 2025-11-18
Form Type: 20-F
Source: 0001213900-25-111691
Chunk: 75

Company: XINXU COPPER INDUSTRY TECHNOLOGY Ltd
Filing Date: 2025-11-18
Form: 20-F
Item: Item 19
Chunk 75
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 risk of bias in management’s judgments and assumptions in estimating these
cash flows.

Our
audit procedures related to the Company’s assertion on its ability to continue as a going concern included the following, among
others:

We
reviewed the Company’s working capital and liquidity ratios, inventory purchasing plan, and uses and sources of cash used in management’s
assessment of whether the Company has sufficient liquidity to fund operations for at least one year from the financial statement issuance
date. This testing included inquiries with management, the Company’s financing arrangements in place as of the report date, market
and industry factors and consideration of the Company’s relationships with its financing partners.

/s/ Fortune CPA, Inc

We
have served as the Company’s auditor since 2023.

Garden
Grove, CA

November
17, 2025

PCAOB
# 6901

F-2

XINXU COPPER INDUSTRY TECHNOLOGY LIMITED

                                                                                                                                       2025                      2024                   
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  ASSETS                                                                                                                                                                                
  Current assets:                                                                                                                                                                       
  Cash                                                                                                                                 $            188,550      $             573,839  
  Notes receivable                                                                                                                                  107,231                          —  
  Accounts receivable, net                                                                                                                        9,300,479                  9,883,308  
  Inventories                                                                                                                                    17,320,746                  9,994,516  
  Advances to suppliers, net                                                                                                                      2,918,042                  3,878,727  
  Advances to suppliers, related parties                                                                                                                  —                    118,527  
  Prepaid IPO costs                                                                                                                               1,687,631                  1,165,782  
  Other receivables                                                                                                                                 111,804                    652,700  
  Due from related parties                                                                                                                                —                      5,228  
  Total current assets                                                                                                                           31,634,483                 26,272,627  
  Property and equipment, net                                                                                                                     4,361,772                  4,118,937  
  Land use rights                                                                                                                                   729,879                    737,260  
  Deferred tax assets                                                                                                                               476,283                    469,493  
  Long-term deferred expenses                                                                                                                       115,457                    209,461  
  TOTAL ASSETS                                                                                                                         $         37,317,874