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  Time2018/5/16SizeBig Middle Small

Shenyang, Liaoning Province, China, May 15, 2018 V NF Energy Saving Corporation. (NASDAQ: NFEC) ("NF Energy" or the "Company"), a leading energy saving services and solutions provider for Chinas power, petrochemical, coal, metallurgy, construction, and municipal infrastructure development industries, today reported its financial results for the three months ended March 31, 2018.

2018 First Quarter Results Highlight:
1.Total revenues were $147,079 and $1,036,041 for the three month ended March 31, 2018 and 2017, respectively, which decreased by $888,962, or 85.80% if compared total revenues for the three month ended March 31, 2017.
2.The gross profit was $31,437 and $125,782 for the three month ended March 31,  2018 and 2017, respectively, which decreased by $94,345, or 75%, if  compared  to gross profit for the three month ended March 31, 2017.
3.The net loss was $449,168 and $424,239 for the three month ended March 31,   2018 and 2017, respectively, which increased by $24,929 if compared to net   loss for the three month ended March 31, 2017.

The decrease of the total revenues in first quarter 2018 were mainly due to the declined in added-value tax rate by 1% (from 17% to 16%) according to the policy issued by the Chinese government in 1 May 2018 so as to delay the recognized revenue, the declined in added-value tax rate by 1% (from 17% to 16%) according to the policy issued by the Chinese government in 1 May 2018 so as to delay the recognized revenue as considered. On the other hand, the revenues relating to the delivered inventories were recognized without the receipt in the end of 2017 which were written down along with the received receipt in the first quarter of 2018. Additionally, the revenues derived from the subsidiaries was decreased if compared with the corresponding period in 2017 which also led to decrease the total revenues.

About NF Energy Saving Corporation

NF Energy Saving Corporation (NASDAQ:  NFEC) is a China-based provider of integrated energy conservation solutions utilizing energy-saving equipment, technical services and energy management re-engineering project operations to provide energy saving services to clients. The Companys customers are mainly concentrated in the electrical generation (large-scale thermal power generation, hydroelectric power, and nuclear power), water supply, and heat supply industries. The majority of revenues are from energy efficient flow control solutions including equipment and energy efficiency project services. For more information, visit http://www.nfenergy.com

Safe Harbor Statement

The statements contained herein that are not historical facts are considered "forward-looking statements." Such forward-looking statements may be identified by, among other things, the use of forward-looking terminology such as "believes," "expects," "may," "will," "should," or "anticipates" or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. In particular, statements regarding the efficacy of investment in research and development are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including, but not limited to, the effect of political, economic, and market conditions and geopolitical events; legislative and regulatory changes that affect our business; the availability of funds and working capital; the actions and initiatives of current and potential competitors; investor sentiment; and our reputation. We do not undertake any responsibility to publicly release any revisions to these forward-looking statements to take into account events or circumstances that occur after the date of this report. Additionally, we do not undertake any responsibility to update you on the occurrence of any unanticipated events, which may cause actual results to differ from those expressed or implied by any forward-looking statements. The factors discussed herein are expressed from time to time in our filings with the Securities and Exchange Commission available at http://www.sec.gov.

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