31, Qingxin Environment issued an announcement. Hongguang Energy and its shareholder, Hainan Hengyuan Photovoltaic Energy Co., Ltd., have been awarded the "Hongguang Energy Qiongzhong Jiachai 100MW Agriculture , Forestry and Photovoltaic Power Generation General Contracting Project". Zhongchuang Juxin Energy Holding Group Co., Ltd., an indirect shareholder of Hongguang Energy, filed a lawsuit.
According to the announcement, because Hongguang Energy, the owner of the project, refused to deliver the project land and defaulted on the project payment, which constituted a serious breach of contract, Qingxin Environment requested the court to terminate the contract in accordance with the relevant provisions of the General Contract, and asked the defendant to pay a total of 266 million yuan in money, interest and losses.
In retrospect, the dispute originated in February 2022, when Qingxin Environment and Guangxi Construction Group Metallurgical Construction Co., Ltd. formed a consortium and signed the General Contract for Hongguang Energy Qiongzhong Jiachai 100MW Complementary Photovoltaic Power Generation Project with a total price of 648 million yuan.
The contract has been adjusted several times, and the final DC side installed capacity is set at 120 MW, and the total contract price is set at 653 million yuan. During the performance of the
contract, Qingxin Environment and the members of the consortium will promote the survey and design, equipment procurement, personnel and construction machinery mobilization and other work in accordance with the contract. However, Hongguang Energy, as the owner, did not provide all the project land in time according to the agreed time limit, and did not pay the advance payment, progress payment, settlement payment and other payments . During this period, the company communicated with Hongguang Energy for many times, and paid part of the land rent and other funds in advance according to the agreement, with a total investment of about 222 million yuan .
Since then, in order to continue to promote the project construction, the company has signed the Chattel Mortgage Contract, Accounts Receivable Pledge Contract and Equity Pledge Contract with Hongguang Energy and its shareholders respectively, but ultimately Hongguang Energy is still unable to provide land for follow-up project construction and fulfill other contractual obligations.
For this reason, the company filed a lawsuit against Hongguang Energy for breach of contract, requesting the termination of the contract and the recovery of money, interest and losses totaling 266 million yuan .
According to the announcement, the First Intermediate People's Court of Hainan Province filed a case on August 28, 2026 concerning the dispute over the construction contract of the above-mentioned construction project, with the case number of (2026) Qiong 96 No.221 at the beginning of the Republic of China. According to
the data, Qingxin Environment was established in 2001. Due to the peak of the increment of the original thermal power flue gas treatment business, the company took the new energy EPC as the second growth curve layout after the completion of the increase of Sichuan state-owned assets in 2021. At the end of 2021, the company started the project to test the water, and in 2022, it won the Hainan Qiongzhong 100MW agriculture, forestry and light complementary large order, and formally launched the ground photovoltaic EPC track. However, affected by the unfinished disputes of the project, the pressure of the superimposed industry to advance funds is high and the gross profit is low. Since 2023, the company has contracted the pace of EPC expansion of new energy. According to
the latest performance data, Qingxin Environment achieved revenue of 3.707 billion yuan in the first half of 2026, down 9.5% from the same period last year, and realized net profit of 46.2172 million yuan. By the end of June 2026, the total assets of Qingxin Environment were 23.6 billion yuan, the total liabilities were 16.76 billion yuan, and the asset-liability ratio was as high as 71.02% .
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