More than 600 million yuan of litigation, subsidiary bankruptcy! A photovoltaic enterprise in Jiangsu has "exploded" one after another!

On May 14, * ST Baoxin announced that the company had recently received summons, civil indictments and other litigation-related materials served by Bengbu Intermediate People's Court of Anhui Province. According to the announcement, the court has accepted two cases of disputes involving the company, involving a total amount of more than 400 million yuan .

1.

Therefore, the plaintiff, China Nuclear Baoyuan, requested the court to order Baoxin Solar to pay 133 million yuan of the original project payment and 14.5268 million yuan of liquidated damages for overdue payment of the project payment. The second

case is a dispute between the plaintiff Nanjing China Nuclear Energy Engineering Co., Ltd. and the company (hereinafter referred to as "China Nuclear Energy"), its holding subsidiaries Baoxin Solar Energy, Jiedeng Holdings and Ma Wei.

In retrospect, the case began in July 2022. Plaintiff China Nuclear Energy and Baoxin Solar Energy have suspended the construction of 2G W heterojunction battery + 2GW heterojunction " since then due to Baoxin Solar Energy. By the end of June 2024, Baoxin Solar confirmed that it was in arrears with the plaintiff's project payment of 236 million yuan, and promised to strive to pay by the end of August 2024. However, up to now, Baoxin Solar still has project payment . 2.

Therefore, the plaintiff, China Nuclear Energy, requested the court to order Baoxin Solar to pay the project arrears of 236 million yuan. The liquidated damages for overdue payment are tentatively set at 25.8041 million yuan, totaling 2.

It is noteworthy that as of the disclosure date of the announcement, * ST Baoxin and its holding subsidiaries have accumulated about 6 million yuan in new lawsuits and arbitrations. * ST Baoxin is the plaintiff.

It is understood that the People's Court of Bengshan District, Bengbu City, Anhui Province accepted the bankruptcy liquidation case of Baoxin Intelligence in August 2025, and started the reorganization on October 23 of the same year. However, as of April 23, 2026, the court finally decided to terminate the reorganization and declare its bankruptcy because Baoxin Intelligence and the administrator failed to submit the draft reorganization plan on time. According to

the data, Baoxin Intelligence is a wholly-owned subsidiary of * ST Baoxin, which was established in August 2021 and located in Bengshan District, Bengbu City, Anhui Province, focusing on the R & D and production of intelligent manufacturing and new energy equipment.

Financial data show that the total assets of Baoxin Intelligence audited on November 30, 2025 are 112 million yuan, the total liabilities are 97 million yuan, and the net assets are 0.