浙江东望时代科技股份有限公司2025年度业绩预告及重大事项详解

一、业绩大幅下滑，商誉集中减值——核心影响因素全曝光

2025年，浙江东望时代科技股份有限公司（下称“东望时代”）及其子公司浙江正蓝节能科技股份有限公司（“正蓝节能”）与重庆汇贤优策科技有限公司（“汇贤优策”）业绩出现显著下滑，触发了商誉集中减值，计提金额高达2.8亿元至3.6亿元。本次业绩预告及相关事项的会计师回复，详尽披露了业绩下滑、商誉减值、担保逾期计提预计负债等核心事项，对投资者极具参考和警示价值。

（一）业绩下滑的核心原因

• 正蓝节能、汇贤优策业绩承诺期表现：
  2022-2024年正蓝节能业绩承诺完成率分别为79.41%、88.24%、102.75%；汇贤优策分别为73.55%、111.86%、115.83%。但2025年净利润同比大幅下滑，正蓝节能下降59.41%，汇贤优策下降65.08%。
• 业务结构变化：
  系统建设交付、设备销售等一次性业务大幅缩减，核心管理层变动影响客户维护及新项目拓展。
• 成本刚性上升：
  热水供应服务成本增加，水电费、折旧摊销、维护费等刚性支出显著提升。学校对热水系统标准要求提高，设备升级改造投入增加。
• 客户、供应商结构变化：
  核心客户未延续合作，单一客户大额业务收缩，设备销售和工程安装收入大幅减少。汇贤优策系统建设交付业务高度依赖创始人渠道，核心团队变动后该业务减少82.27%。
• 管理层变动：
  正蓝节能创始人许根华因家庭原因长期无法全身心管理；汇贤优策董事长及总经理李晓东、副总经理谭淑娅于2025年离任，导致核心客户资源维护、新项目攻坚能力受影响，业务推进迟滞。

（二）商誉集中减值——计提金额巨大，未来业绩承压

• 计提商誉减值： 本期商誉减值准备总计2.8亿元至3.6亿元，涉及正蓝节能、汇贤优策及其子公司。
• 减值测试主要参数： 收入、利润、毛利率等参数均按2025年实际发生情况调整，未来年度收入、利润预测显著下调。正蓝节能、汇贤优策2025年毛利率分别为35.05%、19.28%，较上年预测分别实现率仅76.60%、60.56%。
• 折现率变化： 正蓝节能2025年税前折现率为12.49%（上年12.13%）；汇贤优策为13.15%（上年12.65%），反映行业风险溢价及国债利率变动。
• 利润率显著下滑： 正蓝节能未来预测期利润率由上年27.67%降至16.12%；汇贤优策由22.43%降至12.75%。
• 前期减值计提合理： 2024年前公司经营正常，未出现减值迹象，前期减值计提无不及时、不充分情形。

（三）重大担保逾期，计提预计负债达1.71亿元

• 担保逾期涉诉： 公司为杭州益荣房地产开发有限公司提供的担保金额2.81亿元已逾期并涉诉。
• 预计负债计提： 基于案件诉讼进展、抵押物价值（10,656万元）、已还款金额（16,600万元）、债务本金及利息，律师预计公司将承担连带清偿责任，风险敞口金额约为1.71亿元，已计提预计负债。
• 抵押物价值与诉讼风险： 抵押资产预评估价值总体超过最高额抵押担保债权数额，但已处置房产、纾困方案落实存在不确定性。
• 价格敏感事项： 此项预计负债计提将对公司利润造成重大影响，诉讼结果存在不确定性，属价格敏感事项。

（四）会计师核查意见——风险仍在，审计尚未完成

• 业绩下滑及商誉减值： 业绩大幅下滑主要受一次性业务缩减、核心管理层变动、成本上升等因素影响，商誉减值准备计提合理。
• 预计负债计提： 预计负债计提依据充分，金额准确，符合会计准则。
• 审计尚未最终完成： 审计工作仍在进行，最终意见以年度审计报告为准。

二、对投资者的提示

• 本次业绩预告及会计师回复披露的信息对公司后续利润、资产负债表、现金流构成重大影响，属于价格敏感事项。
• 业绩大幅下滑、商誉集中减值、担保逾期计提预计负债均可能影响公司股价，投资者需高度关注公司后续公告及诉讼进展。
• 公司正在采取维稳措施，努力对冲管理层变动带来的负面影响，但短期经营压力显著，长期影响尚需观察。

三、免责声明

本新闻稿仅基于会计师事务所对业绩预告相关事项的回复，内容涉及公司经营、财务、诉讼等重大事项，实际情况以公司公告及年度审计报告为准。投资者应充分评估相关风险，作出理性投资决策。本文不构成任何投资建议。

English Version

Zhejiang Dongwang Times Tech Co., Ltd. 2025 Earnings Preview and Major Issues Detailed

1. Sharp Earnings Decline & Massive Goodwill Impairment—Key Drivers Revealed

In 2025, Zhejiang Dongwang Times Tech Co., Ltd. (“Dongwang Times”) and its subsidiaries Zhejiang Zhenglan Energy Saving Tech Co., Ltd. (“Zhenglan Energy”) and Chongqing Huixian Youce Tech Co., Ltd. (“Huixian Youce”) suffered a significant decline in earnings, triggering a concentrated goodwill impairment totaling RMB 280–360 million. The auditor’s response provides granular disclosures on earnings deterioration, goodwill impairment, overdue guarantees, and provision for contingent liabilities—all crucial for investors.

(1) Core Reasons for Earnings Decline

• Performance Commitment Results:
  2022–2024, Zhenglan Energy completed 79.41%, 88.24%, 102.75% of performance targets; Huixian Youce completed 73.55%, 111.86%, 115.83%. In 2025, net profits plummeted—Zhenglan Energy by 59.41%, Huixian Youce by 65.08%.
• Business Structure Changes:
  Sharp reduction in one-off business such as system delivery and equipment sales. Management changes affected customer relationships and new project development.
• Rigid Cost Increases:
  Rising costs in hot water supply services, utility bills, depreciation, maintenance. Schools raised standards for water temperature control, requiring equipment upgrades.
• Customer/Supplier Structure Changes:
  Key customers did not renew contracts; one-off sales from major clients shrank. Huixian Youce’s system delivery business, highly dependent on its founder’s channels, fell 82.27% after management change.
• Management Changes:
  Zhenglan Energy’s founder Xu Genhua was unable to manage due to family issues; Huixian Youce’s Chairman/GM Li Xiaodong and Deputy GM Tan Shuya left in 2025, causing business delays and weakened new project execution.

(2) Concentrated Goodwill Impairment—Large Provision, Future Earnings Pressure

• Goodwill Impairment Provision: This period’s goodwill impairment totals RMB 280–360 million, covering Zhenglan Energy, Huixian Youce and subsidiaries.
• Key Parameters: Income, profit, margin projections were adjusted per 2025 actuals. Future revenue/profit forecasts were sharply cut. Zhenglan Energy and Huixian Youce 2025 gross margins are 35.05% and 19.28%, respectively, only achieving 76.60% and 60.56% of prior forecasts.
• Discount Rate Changes: Zhenglan Energy’s pre-tax discount rate for 2025 is 12.49% (prior 12.13%), Huixian Youce 13.15% (prior 12.65%), reflecting market risk premium and government bond rate shifts.
• Profit Margin Decline: Zhenglan Energy’s future forecasted profit margin drops from 27.67% to 16.12%; Huixian Youce from 22.43% to 12.75%.
• Prior Impairments Reasonable: Prior to 2024, business was normal, no impairment triggers, so prior provisions were timely and sufficient.

(3) Major Guarantee Overdue, RMB 171 Million Contingent Liability Provision

• Overdue Guarantee & Litigation: The company’s guarantee for Hangzhou Yirong Real Estate (RMB 281 million) is overdue and now in litigation.
• Contingent Liability Provision: Based on litigation progress, collateral value (RMB 106.56 million), repayments (RMB 166 million), debt principal and interest, lawyers expect Dongwang Times to bear joint liability, with exposure estimated at RMB 171 million, for which a provision is made.
• Collateral & Litigation Risk: Collateral appraised value generally covers maximum guarantee, but asset disposal and rescue plan implementation remain uncertain.
• Price Sensitive: This provision will materially impact profits; litigation outcome is uncertain, making it highly price sensitive.

(4) Auditor’s Review—Risks Persist, Final Audit Pending

• Earnings Decline & Goodwill Impairment: Sharp earnings drop is mainly due to reduced one-off business, management changes, cost increases; goodwill impairment is reasonable.
• Contingent Liability Provision: Provision is well-founded, accurate, and complies with standards.
• Audit Not Yet Complete: Audit ongoing; final opinion depends on annual audit report.

2. Investor Alert

• This earnings forecast and audit reply disclose matters materially impacting profits, balance sheet, and cash flow. All are price sensitive.
• Sharp earnings drop, concentrated goodwill impairment, and contingent liability provisions may impact share price. Investors should closely follow future announcements and litigation progress.
• The company is taking stabilizing measures to counter management changes, but short-term operating pressure is significant; long-term impact remains to be seen.

3. Disclaimer

This article is based solely on the auditor’s response to the earnings preview and related matters. The content covers major business, financial, and litigation issues; actual results depend on company announcements and the annual audit report. Investors should fully assess risks and make rational decisions. This does not constitute investment advice.

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