AMER(SZ:002201) 3 6 Ke·2025-10-22 00:02Core Viewpoint - The legal disputes between Huari Wind Power and Jiuding New Materials highlight the underlying tensions and trust issues within the wind power supply chain, exacerbated by financial pressures and delayed payments following a period of rapid industry growth [2][6][9]. Company Overview - Huari Wind Power and Jiuding New Materials, once partners in the wind power industry, are now embroiled in lawsuits over claims exceeding 139 million yuan, revealing deep-seated conflicts that have emerged post the "installation rush" [2][3]. - The partnership began in 2016, with Jiuding supplying key components to Huari, but tensions escalated in 2020 when a procurement agreement led to disputes over delivery delays and payment defaults [3][4]. Legal Disputes - Huari claims Jiuding failed to deliver 31 wind turbine blade sets on time, resulting in additional costs of approximately 16.59 million yuan for alternative procurement [4]. - Conversely, Jiuding asserts that Huari owes it over 90.59 million yuan in unpaid invoices, which have accumulated since 2020 [5][6]. Industry Context - The disputes reflect broader issues within the wind power sector, particularly the financial strain and supply chain management challenges that have arisen since the peak installation period in 2020, when new installations surged by 178% [6][7]. - The industry has seen a trend of extended payment terms from manufacturers to suppliers, leading to increased accounts receivable days from 127 days in 2019 to 189 days in 2021 [7]. Implications for the Supply Chain - The ongoing litigation may disrupt Huari's supply chain stability, as Jiuding may prioritize other clients if the disputes continue [8]. - Jiuding faces the risk of losing market share despite winning the legal battle, as other manufacturers may become wary of engaging with a supplier that litigates against major clients [8]. Future Outlook - The outcomes of these lawsuits could set precedents for how disputes are handled in the wind power industry, emphasizing the need for clearer communication and risk-sharing mechanisms among supply chain partners [9]. - The situation underscores a shift in the industry from rapid expansion to a focus on quality and efficiency, as companies must adapt to a changing market landscape [9].