Shengyang Co., Ltd.: The company's liquid-cooled energy storage system products have not yet been delivered, nor have they generated operating revenue.

Shengyang Co., Ltd. stock trading has experienced serious abnormal fluctuations, and a risk warning announcement is issued. Recently, the company’s main business and operating fundamentals have not undergone significant changes. The company has noticed market discussions about its liquid cooling, sodium-ion batteries, solid-state batteries, and other businesses. The relevant explanations are as follows: As of now, the company’s liquid cooling energy storage system products are in the stage of market promotion and application implementation, with projects won but not yet delivered, nor generating revenue; the company’s sodium-ion battery products and solid-state battery products have completed third-party verification tests and are currently in pilot application in typical scenarios, but have not yet generated revenue, and large-scale production still requires a longer cycle. The above-mentioned related businesses are affected by multiple factors such as industry policies, market demand, competitive landscape, technological level, customer recognition, and project implementation. Whether they can proceed smoothly in the future, whether they can form stable business income and achieve profitability are uncertain. It is expected that in the short term, they will not have a significant impact on the company’s operating performance.