Pinggao Electric announced that starting June 1, 2026, it will change the method for making bad debt provisions on receivables from China Electrical Equipment Group and its affiliated companies, shifting from no provision to the expected credit loss method. This change in accounting estimate increases credit impairment losses for the first half of 2026 by 81.1074 million yuan, reduces net profit attributable to the parent company by 74.5355 million yuan, and correspondingly reduces net assets attributable to the parent company as of June 30, 2026 by 74.5355 million yuan.
Henan Pinggao Electric Co LtdChange in accounting estimate increases credit impairment losses and reduces profit by 74.5 million yuan.
