Wise Living Technology Co., Ltd. has renewed its master supply agreement with Shuangliang Boiler for a fresh three-year term from 8 April 2026 to 31 December 2028, setting a unified annual cap of RMB5.50 million for each year. The framework covers the purchase of heat-services equipment, devices and related services, primarily 5-ton boilers.
Historical utilisation under the prior 2023-2025 agreement was modest. Against caps of RMB4.00 million, RMB4.50 million and RMB4.70 million, actual purchases amounted to RMB1.48 million, RMB2.19 million and RMB0.78 million, translating into utilisation rates of 37.1%, 48.8% and 16.6%, respectively. No transactions occurred between 1 January 2026 and 7 April 2026.
Management attributes the earlier shortfall to a slowdown in new real-estate developments, which dampened demand for heating infrastructure. Looking ahead, the Board expects demand to rebound on:
1. Expansion of the Group’s heated service area to 52.6 million sq.m. as at 31 December 2025, up 5.2% year-on-year. 2. Commissioning of the Baotou Tuyou New Industrial Park steam-supply project, now in trial operations and slated for full launch in 2026. 3. Three additional heating projects planned for 2026 in Taiyuan City, Xi County and Hulunbuir City.
To meet these requirements, Wise Living Technology plans to procure 12 units of 5-ton boilers annually. With market prices rising from approximately RMB400,000 per unit in 2023 to around RMB450,000 currently, the estimated yearly procurement value is RMB5.40 million, close to the proposed cap. A buffer has been built in to accommodate further raw-material price fluctuations.
The Board concludes that the renewed agreement’s terms are on normal commercial footing and that the RMB5.50 million cap provides adequate headroom for operational expansion through 2028.