Lingpai Technology (300530.SZ) subsidiary terminates energy storage equipment contract with a certain customer.

Zhitong Finance APP News, Leading Technology (300530.SZ) announced that its wholly-owned subsidiary, Hunan Leading Technology Energy Storage Technology Co., Ltd. (Party B), had previously signed a "100MW/200MWh Energy Storage Power Plant Project Energy Storage System Equipment Purchase Contract" with a certain client (Party A). After the original agreement was signed, the project did not start on time due to reasons such as the failure of Party A's project site land approval procedures, and is still at a standstill. Additionally, as the contract was signed over a year ago, there have been significant changes in the external market environment, with a sharp decline in energy storage equipment market prices. Continuing to fulfill the contract would cause Party A a greater economic burden than the current market price. However, in order to respond to the requirements stipulated in the contract and fulfill its own contractual obligations, Party B actively purchased raw materials and invested manpower and resources in production after the contract was signed. They stocked up according to Party A's requirements, preparing 10 energy storage devices as requested by Party A. These devices are now idle, and both parties have invested significantly. After friendly negotiations, Party A and Party B have agreed to terminate the original procurement contract and will no longer continue to fulfill it.