Stocks | Shenhao Technology Shares Fall Over 30% in Three Sessions as Company Details Smart O&M Contract

Shenhao Technology issued an unusual trading movement announcement after its shares recorded a cumulative decline of more than 30% in closing prices over three consecutive trading days. According to Jin10, the company said it had noted heightened media attention on a smart operations and maintenance project contract it signed with Yuxinyanchen (Hangzhou) Technology Co., Ltd., with a total value of 1.17 billion yuan including tax. Based on preliminary calculations, Shenhao Technology said that after accounting for the order under both the gross method and the net method, the contract’s blended gross margin would be higher than the company’s current overall gross margin. The company said the contract was not expected to have a material impact on its 2026 operating results. Under the agreement, Shenhao Technology is to complete delivery of the first batch of trial-operation robots by December 31, 2026. Because the trial-operation stage does not meet revenue recognition conditions, the company said it cannot recognize revenue at that stage. If the company completes delivery of the first batch of robots—300 units in total—by December 31, 2027, and revenue recognition conditions are met, it said the contract would generate 120 million yuan in revenue. For 2028, the company said revenue would be about 18 million to 23 million yuan, including 13 million yuan in robot operations and maintenance service fees. It added that, under the net method, operations and maintenance personnel costs were estimated at about 5 million to 10 million yuan.