Paslin has responded to the Shanghai Stock Exchange's inquiry letter regarding its 2025 annual report, explaining why overseas business accounts for over 95% of revenue and why assets aged over one year surged 186.93% year-on-year. The company disclosed that the top 15 projects at period-end had total contract assets of 660 million yuan, of which Projects 1, 2, and 6, affected by North American new energy policies, led to customers not accepting and settling as agreed, totaling 379 million yuan. This was the main reason for the sharp increase in long-aged assets. Excluding these three projects, the proportion of long-aged assets fell to 40.67%, close to peer Topstar, and the company considers this reasonable. Paslin stressed that it uses the input method to recognize performance progress based on cost proportion, cost accumulation is genuine, project delays were caused by external policies, and there is no early revenue recognition or manipulation of performance progress.
Paslin Digital Technology Co LtdSSE inquiry response explains long-aged asset surge due to North American policy delays, but no clear positive or negative outcome.
Guangdong Topstar Technology Co Ltd