Beijing Haixin New Energy sued for over 1 bn yuan in unfinished project dispute

Beijing Haixin New Energy Technology Co., Ltd. announced on November 21, 2025, that it has been named as a defendant in a lawsuit filed by Xiaoyi Pengfei Industrial Co., Ltd. The lawsuit, awaiting formal hearing, was filed with the Lvliang Intermediate People's Court. The plaintiff is seeking 1,013,533,296 yuan in compensation for operational losses, land resettlement, technology service fees, and capital occupation losses stemming from an unbuilt project.

The lawsuit alleges that a December 21, 2019, agreement stipulated that costs for the unfinished projects would be borne by Beijing Runfeng Wealth Investment Center (Limited Partnership), named as Defendant 1. If Defendant 1 or Beijing Haixin New Energy (Defendant 2) denies these claims, the plaintiff requests that Beijing Haixin New Energy be held liable, with Beijing Runfeng Wealth Investment Center sharing joint and several liability.

Beijing Haixin New Energy has engaged a legal team, which assesses the probability of the company incurring these losses as low. The company's operations remain normal, and its main business continues to improve. The outcome of the case is uncertain, and the company cannot currently estimate its impact on current or future period profits.