Cost Dispute! Well-Known Lighting Company Recovers Millions in Construction Funds

On April 24, Longteng Lighting Group Co., Ltd. (Stock Abbreviation: Longteng Shares, Stock Code: 874559) issued the "Major Arbitration Announcement (Resubmission)," disclosing a major arbitration matter arising from disputes over construction engineering costs.

In this arbitration, the plaintiff is Longteng Shares , and the defendant is Dalian Clean Energy Group Co., Ltd.

The "Announcement" shows that the "facts of the case and cause of the dispute" in this arbitration are: Due to the Longteng Company's EPC general contracting of the "Dalian Urban Landscape Lighting (Phase I) Project" commissioned by Dalian Clean Energy Group, after the project acceptance inspection was completed, Dalian Clean Energy Group delayed the settlement audit, and both parties have disputes regarding the construction cost.

Longteng Shares requests Dalian Clean Energy Group Co., Ltd. to pay the due construction project funds of approximately 70.5341 million CNY, overdue payment liquidated damages, and bear the arbitration fees, preservation fees, and preservation insurance fees for the case.

Longteng Shares stated that previously, the company received a notice of acceptance on May 19, 2025, and the first hearing was held on July 21, 2025. On April 16, 2026, the second hearing of the arbitration case took place. The latest progress is: due to disputes over construction project cost, the third-party appraisal institution commissioned by the arbitration has issued an appraisal report, but both parties still have disagreements regarding the report; currently, the case has not yet been arbitrated.

对于“此次仲裁事项对公司的影响”，龙腾股份分析表示，截至公告披露日，公司各项业务均正常开展。此次仲裁，龙腾股份作为原告，涉案金额较大，若仲裁请求获得支持，将有助于公司回收大额工程款，增强资金周转能力，对公司经营产生积极影响。但由于案件尚未判决，最终结果存在不确定性，目前未对公司经营造成重大不利影响。

In response, Longteng Shares has taken relevant countermeasures. It is reported that Longteng Shares has accrued corresponding bad debt provisions for the receivable engineering project funds in accordance with enterprise accounting standards and the assessment of recoverability of the involved amounts. Currently, Longteng Shares is actively promoting arbitration proceedings to assert its legitimate rights and interests in accordance with the law, striving for a favorable arbitration award. At the same time, Longteng Shares will closely monitor the progress of the case and, based on the arbitration outcome and payment status, promptly adjust the amount of bad debt provision or reverse it in accordance with relevant regulations.

Public records show that Longteng Shares was listed on the National Equities Exchange and Quotations (NEEQ) in 2024. After more than twenty years of careful development, it has now become a "five-dimensional integrated" smart city lighting integrator covering product R&D, manufacturing, lighting design, engineering implementation, and service operations. Its products are mainly applied in smart city lighting fields such as urban roads, public spaces and buildings, and cultural tourism night tours.

在城市照明产品制造领域，公司自创立以来，始终坚持路灯的研发和制造，根据客户需求，结合项目实施的地域文化内涵，先后研发设计出了文化定制路灯多系列产品。在城市照明工程领域，公司同时拥有“城市及道路照明工程专业承包壹级”、“照明工程设计专项甲级”、“电子与智能化工程专业承包壹级”等资质，实施了众多夜景照明项目、文旅夜游项目以及道路照明项目。

Regarding performance, in 2025, Longteng Shares achieved revenue of approximately 476 million yuan, a year-on-year increase of 31.42%, mainly driven by the combined growth of engineering and product revenues. Among them, the proportion of engineering revenue increased further compared to the previous year, with a year-on-year growth exceeding 50%, primarily due to the smooth progress and revenue recognition of the Tianjin project; net profit attributable to shareholders of the listed company was approximately -24.4782 million yuan, a year-on-year increase of 72.47%.

Lighting engineering construction revenue increased by 52.71% year-on-year, lighting product sales revenue increased by 15.57% year-on-year, lighting engineering design revenue increased by 16.91% year-on-year, and lighting engineering O&M revenue decreased by 15.83% year-on-year. The main reasons are: the company seized market recovery opportunities and intensified efforts to expand engineering businesses, resulting in rapid growth in lighting engineering construction revenue; meanwhile, it continued to optimize its product structure, maintaining steady growth in lighting product sales; the company focused on enhancing design capabilities, with engineering design revenue continuing its growth trend; however, lighting engineering O&M revenue declined year-on-year mainly because some previously signed long-term O&M contracts were completed as agreed, while new O&M projects are still in the business negotiation phase and have not yet generated scaled revenue. Additionally, other business revenue increased by 7.62% year-on-year, having a minimal impact on the company's overall performance.

Looking ahead to 2026, Longteng Shares stated that the company will fully leverage the operational advantages of its smart park, continuously expand its market, optimize its revenue structure, further enhance profitability and operational quality, and drive high-quality development for the company.

Source: Company announcements, Dazhaoming