Hanbo High-Tech Subsidiary Ordered to Pay 24.49 Million Yuan in First-Instance Engineering Payment Dispute

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Hanbo High-Tech's wholly owned subsidiary, Boxun Optoelectronics, has lost a first-instance ruling in a construction contract dispute and was ordered to pay approximately 24.49 million yuan in outstanding engineering payments to Shaanxi Construction First Construction Group. Hanbo High-Tech bears joint and several liability. The amount claimed in the lawsuit was 47.0395 million yuan. The court also ruled that the plaintiff has a priority right to be repaid from the discounted or auctioned proceeds of certain works in the TFT-LCD backlight and optical materials production project. Hanbo High-Tech stated that the judgment is still within the appeal period and its effectiveness remains uncertain, but the company had already estimated the related engineering payables in its 2025 annual report and has sufficient cash flow, so it is not expected to have a material adverse impact on the financial statements. The company's debt ratio has been rising in recent years, reaching 81.85 percent as of the end of the first quarter, with short-term borrowings up 95 percent year-on-year to 649.4 million yuan.

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博讯光电科技（合肥）有限公司Private▼ Negative
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Boxun Optoelectronics is the defendant ordered to pay 24.49 million yuan in the dispute.

陕西建工第一建设集团有限公司Private▲ Positive
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Shaanxi Construction First Construction Group won the case and is entitled to repayment from project proceeds.

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