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Sunpower bags M&S contracts worth RMB55.7 million from long-standing repeat customer SINOPEC
* Repeat contracts affirm strength of Sunpower’s long-standing partnerships with reputable customers
* Emphasizes Sunpower’s capabilities to supply superior products and services to industry giants
* Expected to have a positive financial impact on FY2019 and FY2020 performance

Under the contracts, Sunpower will provide high-end environment protection products and services to SINOPEC, with delivery anticipated to be completed by 2020. This is expected to have a positive impact on the Group’s FY2019 and FY2020 results. Leveraging on its proprietary technical capabilities and manufacturing expertise, Sunpower has partnered with SINOPEC for over 20 years and has also supplied superior equipment and services to a number of industry giants such as BASF, BP, Shell, Petrofac, CNOOC, CNPC and State Power Investment Corporation (SPIC), amongst others.

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Sunpower secures M&S tender worth approximately RMB49 million from repeat customer SINOPEC
* A strong vote of confidence in Sunpower’s ability to supply superior equipment and solutions for large-scale petrochemical projects in the M&S segment
* Reaffirms Sunpower’s stable and close partnership with its repeat customer SINOPEC
* Expects positive financial impact on FY2019 and FY2020 performance

Sunpower Group Ltd. (“中圣集团”) announced that it has secured a manufacturing and services (“M&S”) tender worth approximately RMB49 million from repeat customer Sinopec Nanjing Engineering & Construction Incorporation. (“中石化南京工程有限公司”, “Nanjing Engineering & Construction”), a subsidiary of SINOPEC, one of the largest integrated energy and chemical companies in China.

Under the tender, Sunpower will provide flare packages, consisting of detachable elevated flares and a flare gas recovery system, to Nanjing Engineering & Construction for the Gulei Refinery and Chemical Integration Project, the largest petrochemical industry cooperation project on both sides of the Taiwan Straits. Following the delivery of the flare packages in 2020, a positive impact is expected on the Group’s FY2019 and FY2020 financial results.

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Sunpower secures M&S contracts worth RMB 71.7 million from strategic partner Wanhua Chemical Group
* Attests to Sunpower’s ability to build strong, long-standing bonds with strategic partner
* Underscores Sunpower’s technological and manufacturing capabilities in serving leading industry players
* Expects positive financial impact mainly in FY2019

Sunpower Group Ltd. (" 中圣集团 ") announced that it has secured a series of Manufacturing and Services (“M&S”) contracts worth an aggregate value of RMB71.7 million from its strategic partner, Wanhua Chemical Group Co., Ltd (“万华化学集团股份有限公司”, “Wanhua Chemical”).

Wanhua Chemical’s main business segments consist of four parts - polyurethane, petro-chemicals, performance solutions and special chemicals - and it is a world-class player in polyurethanes and petrochemicals. Under the contracts, Sunpower provides energy-saving piping products including insulating pipe supports, low-friction pipe supports and cryogenic pipe supports to Wanhua Chemical. Delivery of the products is expected to be completed in 2019 and will have a positive impact mainly on the Group’s FY2019 financial results. Moreover, Sunpower is a strategic supplier to Wanhua Chemical and has supplied a number of heat exchangers to its core projects.

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SunPower 1Q2021 Result
Rev RMB882m (vs 672m)
GP  RMB187m (vs 154m)
NP  RMB86m  (vs 220m)

The Group’s business turned in robust growth in 1Q 2021 compared to 1Q 2020, due mainly to continued strong operational execution, continued ramping up of existing GI projects, new GI projects commenced production, and supportive business conditions as a result of excellent pandemic control that resulted in a stable and reliable YoY growth, led in particular by the GI business.

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