Shengmei Shanghai Order Backlog Hits 17.07B Yuan, Up 88.2%

Order backlog is a leading indicator, so an 88% year-on-year jump points to demand well ahead of what revenue has yet captured — the gap between bookings and recognized revenue is where the real story sits for equipment suppliers. What matters is whether that backlog converts on schedule, since the figure is unaudited and spans both delivered-but-unrecognized and future-delivery equipment. Whether the mix shifts toward the latter, and how recognition timing plays out, is the open question.