GANSU EC(SZ:000552) Zhong Guo Neng Yuan Wang·2025-12-17 01:54Core Viewpoint - Gansu Energy Chemical Co., Ltd. is facing a lawsuit from China Chemical Engineering Fourth Construction Co., Ltd. over a construction contract dispute involving a total amount of 52.08 million yuan [1][2]. Group 1: Lawsuit Details - The lawsuit centers around a construction contract signed on October 21, 2023, for the installation of the purification and synthesis unit of the first phase of the Jinyuan Coal Power Clean and Efficient Gasification Project, with a total contract value of 80.18 million yuan [2]. - As of August 25, 2025, Gansu Energy Chemical's subsidiary has paid 69.25 million yuan in progress payments, leaving 8.89 million yuan pending settlement upon project completion [2]. - The dispute primarily involves additional project costs due to design changes and site verification, which the parties could not agree upon [2]. Group 2: Financial Implications - China Chemical Engineering is seeking a total of 51.45 million yuan in remaining project payments, along with overdue payment interest of 623,300 yuan, and claims priority rights over the proceeds from the auction or valuation of the involved project [2]. - The court has implemented asset preservation measures, freezing bank deposits of 42.08 million yuan and 10 million yuan for the two companies involved [2]. - Gansu Energy Chemical reported a revenue of 6.12 billion yuan for the first three quarters of 2025, a year-on-year decline of 21.56%, and a net profit attributable to shareholders of -275 million yuan, indicating a shift from profit to loss [3]. Group 3: Project Significance - The Jinyuan Coal Power Clean and Efficient Gasification Project has a total investment of 5.467 billion yuan and aims to create a benchmark for the integrated industrial chain of "coal, electricity, and chemical construction + new energy" [3]. - Upon full production, the project is expected to generate annual sales revenue of 2.7 billion yuan and convert 1.725 million tons of raw coal annually [3]. - The project has already commenced production of high-value-added chemical products, including 300,000 tons of synthetic ammonia, 350,000 tons of urea, and 100,000 tons of methanol [3].