Securities Code: 000820 Securities Abbreviation: *ST Energy Saving Announcement No.: 2026-054
Shenwu Energy Saving Co., Ltd.
Reply to the Inquiry Letter on the 2025 Annual Report of Shenwu Energy Saving Co., Ltd.
The Company and all members of the Board of Directors guarantee that the information disclosed is true, accurate, and complete, and that there are no false records, misleading statements, or material omissions.
Shenzhen Stock Exchange Listed Company Management Department I:
On July 6, 2026, Shenwu Energy Saving Co., Ltd. received an "Inquiry Letter on the 2025 Annual Report of Shenwu Energy Saving Co., Ltd. (Company Department Annual Report Inquiry Letter [2026] No. 818)" from the Shenzhen Stock Exchange (hereinafter referred to as the "SZSE"). The Company's Board of Directors attaches great importance to this matter and earnestly implements the requirements of the letter. After careful verification, the Company provides the following explanation for the relevant issues:
Glossary
Term | Definition
---|---
Company, Shenwu Energy Saving | Shenwu Energy Saving Co., Ltd.
Jiangsu Institute | Jiangsu Provincial Metallurgical Design Institute Co., Ltd.
Jiangsu Kunpeng | Jiangsu Kunpeng Environmental Engineering Technology Co., Ltd.
United Stand | Wuhan United Stand Energy Technology Co., Ltd.
Zhangshulou Project | Zhangshulou Coal Mine Additive and Steam Compression System Equipment Supply and Installation Project
Yuanda Environmental Protection | China Power Investment Group Yuanda Environmental Protection Engineering Co., Ltd.
Daye Special Steel | Daye Special Steel Co., Ltd.
Huangshi Project | Huangshi Dajing Town Changlong 82.35931MW Solar-Wind Complementary Photovoltaic Station Project
Furui Electric Power | Furui Electric Power Engineering Design (Shanghai) Co., Ltd.
SPIC Ronghe Leasing | SPIC Ronghe Financial Leasing Co., Ltd.
Note: Any rounding differences in the calculation results of this announcement are due to rounding.
Problem One:
The annual report shows that the company's contract assets had a closing balance of 470.35 million yuan at the end of the period, with no opening balance. The provision for bad debts for the period was 23.52 million yuan. Please provide:
(I) A breakdown of the contract assets for ongoing and unsettled engineering projects, including project name, customer name, contract amount, completion progress, confirmed revenue and cost, unsettled amount, reason for non-settlement, and estimated settlement time;
(II) An explanation of whether there are any long-term unsettled projects and related collection risks, and the adequacy of the bad debt provision.
Company Reply:
The closing balance of our company's contract assets for 2025 is 470.35 million yuan. Please refer to the table below for details:
| Principal Company | Project Name | Customer Name | Contract Amount (including tax) | Completion Progress | Confirmed Revenue | Confirmed Cost | Unsettled Amount | Reason for Non-settlement | Estimated Settlement Time |
|---|---|---|---|---|---|---|---|---|---|
| Huangshi Dajing Town 82MW Solar-Wind Complementary Project | Furui Electric Power Engineering Design (Shanghai) Co., Ltd. | 17,471.97 | 46.3% | 4,162.53 | 3,467.28 | 222.55 | See Note 1 | December 2026 | |
| Xiaozhuang Coal Mine Expansion Project | Shaanxi Coal Industry Materials Co., Ltd. Bincheng Branch | 1,780.00 | 100% | 1,415.31 | 996.12 | 178.00 | Retained 10% of contract amount as project warranty deposit. The warranty period of 1 year has not yet expired, and the warranty deposit has not reached the payment point. | December 2026 | |
| United Stand | Xuchang Iron Mine Underground Mining Refrigeration Equipment Project | Xuji Group Co., Ltd. | 698.00 | 100% | 617.70 | 461.64 | 69.80 | Retained 10% of contract amount as project warranty deposit. The warranty period of 1 year has not yet expired, and the warranty deposit has not reached the payment point. | October 2026 |
| Total | / | / | 19,949.97 | / | 6,195.54 | 4,925.04 | 470.35 |