Industry adjustment period, proceed cautiously with construction. Senying Window Industry's two additional raised-funds investment projects have been delayed.

Every Reporter | Wendo

On March 27, after the market closed, Senying Window Industry (SZ301227, stock price 37.12 yuan, market value 3.535 billion yuan) announced that the company’s board of directors reviewed and approved relevant proposals, deciding to postpone the expected usable dates for the “Energy-saving Window Supporting Aluminum Profile Production Capacity Upgrade Project” and the “Energy-saving Window Supporting Insulated Glass Intelligent Manufacturing Project” from March and April of this year to September 2026.

This is the second adjustment to project schedules following the company’s delay of two other fundraising projects last November.

This reflects that, against the backdrop of a deep adjustment in the real estate industry, window and door companies are cautiously advancing their capacity expansion plans according to changes in the market environment.

The company stated that this postponement is an adjustment made under the condition that the implementation entity, purpose, and total investment of the fundraising investment projects remain unchanged, based on actual operational development strategy needs and the specific circumstances of project construction.

This is not the first time Senying Window Industry has adjusted the schedule of its fundraising projects. According to a previous announcement by the company, on November 7, 2025, the company’s board of directors reviewed and approved another proposal to postpone a fundraising project, delaying the expected usable dates for the “150,000 square meters annual production of energy-saving UPVC windows project” and the “300,000 square meters annual production of custom energy-saving aluminum alloy windows project” to May 2027. At that time, the company explained that the delay was based on the principle of prudence, taking into account the current market environment, industry development trends, and the progress of project implementation.

According to the company’s 2022 prospectus, the net amount raised from its IPO (initial public offering) was 824 million yuan, of which the excess raised funds amounted to 150 million yuan.

Initially, the main purposes of the funds raised from the IPO included three projects: the Harbin 150,000 square meters annual production of custom energy-saving wooden windows construction project, the Nanjing 250,000 square meters annual production of custom energy-saving wooden windows project, and supplementing working capital, with a total planned investment of 673 million yuan.

However, with changes in the market environment, the company has made multiple adjustments to its fundraising projects. Overall, these adjustments are shifting towards energy-saving product directions. The two major postponed fundraising projects are new projects added after Senying Window Industry went public.

As of December 31, 2025, Senying Window Industry has cumulatively used 524 million yuan of the raised funds, of which 389 million yuan was directly invested in fundraising investment projects.

The postponement adjustment of the fundraising projects by Senying Window Industry reflects the current real challenges faced by the door and window industry.

According to the information disclosed by the company, under the changes in the real estate industry, the energy-saving window industry in which the company operates is under pressure. After experiencing its first loss in 2024, Senying Window Industry expects to incur a net loss attributable to shareholders of 42 million to 53 million yuan in 2025.

Against this backdrop, the development path of window companies has shifted from low-cost, large-scale expansion to high-quality development centered on “energy-saving, low-carbon, intelligent, and comfortable.” To align with this trend, the company is actively promoting channel transformations, adjusting product structures, and optimizing capacity layouts. “The complex external operating environment and internal strategic transformation needs require higher demands on the company’s operational efficiency and resource allocation capabilities,” Senying Window Industry stated, indicating that it is advancing the construction of fundraising projects more cautiously.

Specifically regarding the “Energy-saving Window Supporting Aluminum Profile Production Capacity Upgrade Project” and the “Energy-saving Window Supporting Insulated Glass Intelligent Manufacturing Project,” Senying Window Industry explained that although the projects had undergone sufficient feasibility verification in the early stages, their actual execution has been affected by external environments, market changes, and implementation progress. In particular, the procurement, delivery, validation, and installation debugging cycles for some imported process equipment are longer and need to be integrated with the company’s intelligent production management system, which hindered achieving the planned usable state within the original timeline.

Both postponed projects focus on the energy-saving window field, which is also an industry trend that the company is optimistic about. Public reports indicate that the existing building area in urban areas of China is approximately 66.2 billion square meters, with energy consumption lost through windows and doors accounting for over 50%. In the northern heating zone alone, the standard coal consumed for housing heating each year reaches about 400 million tons. Many old communities still use windows and doors with poor insulation and airtightness, significantly increasing residents’ heating and cooling costs and exacerbating building energy consumption. Furthermore, although the deep adjustment in the real estate industry has led to a contraction in new residential demand, the demand for stock housing renovation and old house renovations has increased, providing new growth points for the industry.

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Editor: Wei Zirong