HAITIAN CO.,LTD.(SH:603759) Zheng Quan Shi Bao Wang·2025-07-15 03:18Core Viewpoint - The company, Haitan Co., Ltd., has filed a lawsuit against the Tianfu New Area Agricultural and Rural Bureau and the Tianfu New Area Management Committee due to a contract dispute regarding the termination of its sewage treatment project, seeking compensation of 275 million yuan [1][5]. Group 1: Company Background - Haitan Co., Ltd. was listed on the Shanghai Stock Exchange in March 2021 and is the first A-share listed company in the Tianfu New Area [2]. - The company primarily engages in water supply and sewage treatment, with 2024 revenue from sewage treatment at 923 million yuan and water supply at 387 million yuan [9]. Group 2: Contractual Dispute - The dispute arises from the termination of the concession rights for the sewage treatment project, which was awarded to Haitan Co. in 2011 and was supposed to last for 25 years [2][3]. - In December 2024, the Tianfu New Area Management Committee issued an administrative decision to terminate the concession contract and recover the rights, effective January 1, 2025 [3][4]. Group 3: Legal Proceedings - The lawsuit includes three requests: to confirm the illegality of the contract termination, to demand compensation of 275 million yuan, and to have the defendants bear the litigation costs [5]. - The company has indicated that the outcome of the lawsuit remains uncertain as the court proceedings have not yet commenced [8]. Group 4: Current Status of the Project - The termination of the concession rights has left the constructed sewage treatment plant abandoned, with reports indicating it has ceased operations since December 31, 2024 [6][7]. - The nearby Huayang Water Plant project is operational, contrasting with the abandoned state of Haitan's facility [7]. Group 5: Future Prospects - Haitan Co. has recently completed a restructuring to enter the photovoltaic conductive paste market, which is expected to have significant growth potential, with a projected compound annual growth rate of over 10% for solar installations over the next decade [9].