Stock Code: 002015 Stock Abbreviation: GCL Energy Technology Announcement No.: 2026-033 GCL Energy Technology Co., Ltd. Announcement on Change of Accounting Estimate The Company and all members of the Board of Directors guarantee the content of this information disclosure is true, accurate, and complete, and that there are no false records, misleading statements, or major omissions.
Special Notes:
- In accordance with the provisions of "Accounting Standards for Business Enterprises No. 22 – Financial Instruments: Recognition and Measurement," considering factors such as the change in the collection cycle of renewable energy subsidy electricity charges and based on the judgment of future economic conditions, to more reasonably reflect the expected credit loss of accounts receivable, GCL Energy Technology Co., Ltd. (hereinafter referred to as the "Company") has reassessed the expected credit loss rate for accounts receivable for renewable energy subsidies in conjunction with the latest industry policies. Effective December 1, 2025, accounts receivable for renewable energy subsidies will be provided for bad debt at an expected credit loss rate of 1.5% of the book balance. (Hereinafter referred to as the "Change of Accounting Estimate")
- In accordance with the provisions of "Accounting Standards for Business Enterprises No. 28 – Changes in Accounting Policies, Accounting Estimates and Correction of Errors," this Change of Accounting Estimate will be accounted for using the prospective application method. No retrospective adjustment to the Company's previously disclosed financial reports is required, and it will not affect the financial position, operating results, and cash flows of previous periods.
- In accordance with the relevant provisions of the "Shenzhen Stock Exchange Stock Listing Rules," this Change of Accounting Estimate falls within the scope of the Board of Directors' decision-making authority and does not require submission to the Company's shareholders' meeting for deliberation.
I. Overview of the Change of Accounting Estimate (I) Reason for Change The Company's main customers for electricity sales are power grid companies. Electricity generation revenue mainly includes benchmark electricity price revenue and renewable energy subsidy revenue. Accounts receivable mainly consist of benchmark electricity prices, renewable energy subsidies, and provincial/municipal subsidy electricity charges from power grid companies, which have a high credit rating. Benchmark electricity price revenue is settled monthly, while renewable energy subsidies are determined based on the allocation of central government funds, resulting in a longer collection cycle.