Stock Code: 000820 Stock Abbreviation: *ST Energy Saving Announcement No.: 2026-053
Shenwu Energy Saving Co., Ltd.
Response to the Inquiry Letter Regarding the 2025 Annual Report of Shenwu Energy Saving Co., Ltd.
To: Listing Management Department No. 1, Shenzhen Stock Exchange:
Shenwu Energy Saving Co., Ltd. received the "Inquiry Letter Regarding the 2025 Annual Report of Shenwu Energy Saving Co., Ltd." (Company Department Annual Report Inquiry Letter [2026] No. 98) from the Shenzhen Stock Exchange (hereinafter referred to as the "SZSE") on May 7, 2026. The Board of Directors attaches great importance to this matter and has earnestly implemented the requirements of the letter. Following a careful review, the responses to the relevant questions are as follows:
Definitions
| Term | Definition |
|---|---|
| Company, Shenwu Energy Saving | Shenwu Energy Saving Co., Ltd. |
| CSRC | China Securities Regulatory Commission |
| Shenwu Group | Shenwu Technology Group Co., Ltd. |
| Lianhe Liben | Wuhan Lianhe Liben Energy Technology Co., Ltd. |
| Jiangsu Institute | Jiangsu Metallurgical Design Institute Co., Ltd. |
| Hubei Fuyao | Hubei Fuyao Green Power Co., Ltd. |
| Wuhan Jinghui | Wuhan Jinghui Enterprise Management Consulting Co., Ltd. |
| Huachuang Securities | Huachuang Securities Co., Ltd. |
| Tiantaiyue Company | Wuhan Tiantaiyue Enterprise Management Consulting Co., Ltd. |
| Zhongqing Shihezi | Zhongqing Advanced Battery Manufacturing (Shihezi) Co., Ltd. |
| Fuyao Power | Fuyao Power Engineering Design (Shanghai) Co., Ltd. |
| Shangqiu Huanjing | Shangqiu Huanjing Construction Engineering Co., Ltd. Xuzhou Branch |
| Wuhan Juncheng | Wuhan Juncheng Investment Co., Ltd. |
| Xiangyang Investment | Hubei Hongtai Xiangyang Investment Co., Ltd. |
| Nanjing Xuyang | Nanjing Xuyang Engineering Technology Co., Ltd. |
| Macheng Project | Fuyang Energy Jingmen Duodao District Macheng Town Linju 40MWp Agricultural-Photovoltaic Complementary Project |
| Huangshi Project | Huangshi Dawang Town Changlong 82.35931MW Fishery-Photovoltaic Complementary Project |
| Mengjin Project | Luoyang Pingluo New Energy Co., Ltd. Mengjin District Independent Energy Storage Project |
| Xinjiang Project | Xinjiang Shihezi 6GW High-Efficiency Battery Intelligent Manufacturing Project |
| Pingluo New Energy | Luoyang Pingluo New Energy Co., Ltd. |
Note: Any discrepancies in the calculation results in this announcement are due to rounding.
Question 1:
The annual report shows that your company achieved an operating income of 331 million yuan during the reporting period, a year-on-year increase of 537.52%, with operating income after deductions of 330 million yuan. In the fourth quarter of the reporting period, your company achieved an operating income of 261 million yuan, accounting for 78.91% of the annual operating income. Your company's net profit after deducting non-recurring gains and losses (hereinafter referred to as "net profit after deduction") has been negative for 8 consecutive years, and the unrecovered loss has reached one-third of the total paid-in capital. Please explain:
(1) Explain the specific details of the top ten projects for which revenue was recognized in 2025, including customers, business types, product attribution and transfer arrangements, pricing policies with customers and suppliers, contract amounts, revenue recognition amounts and timing, project cycles, project acceptance timing and status, whether execution progress deviates from agreements, major settlement and acceptance terms and models, basis for revenue recognition, whether the over-time or point-in-time method was used and the basis thereof, whether the gross or net method was used and the basis thereof, whether there is a related party relationship between the project's customers and suppliers, project payment amounts and timing, whether there are situations where payment timing and methods differ from contract agreements, subsequent project operation status, etc. Explain whether the revenue recognition method and basis differ from the revenue recognition policies of previous years and whether they comply with the provisions of the "Accounting Standards for Business Enterprises."