Pinggao Electric: Wins State Grid Projects Worth About CNY 998 Million, Equal to 7.97% of 2025 Revenue

36Kr learned that Pinggao Electric announced that the company, its subsidiaries and joint ventures have been named winning bidders in the fifth public tender for substation equipment (including cables) and the direct (single-source) procurement of substation equipment for State Grid Corporation of China's 2026 power transmission and transformation projects. The total winning amount is approximately CNY 998 million, equal to 7.97% of 2025 operating revenue. Of this, the public tender projects account for about CNY 922 million, and the direct procurement projects for about CNY 76 million. The company has not yet signed formal business contracts with relevant State Grid Corporation of China entities, so contract terms remain uncertain. Delivery timing will be determined by actual contract requirements, and the impact on the company's current-period performance is uncertain.