After being

On the evening of September 23, 2025, Xinyichang (stock code: 688383), a leading enterprise in the field of domestic led equipment, issued a major litigation announcement. As a result of the long-term arrears of the downstream customer "Zhongshun" enterprise, the company has officially filed a case with the People's Court of Renhe District, Panzhihua City, Zhejiang Province (hereinafter referred to as "Zhongshun"), its legal representative Liu Wenjun, and its affiliates Zhejiang Zhongshun Semiconductor Co., Ltd. (hereinafter referred to as "Zhejiang Zhongshun"), Shenzhen Zhongshun Semiconductor Lighting Co., Ltd. (hereinafter referred to as "Shenzhen Zhongshun"). As of the date of the announcement, the case has been accepted by the court, but has not yet been heard in court.

Core of the
payment dispute: 37.42 million principal arrears, guarantee measures expired

this timeThe dispute stems from Xin Yichang's equipment procurement cooperation with Zhongshun Panzhihua. According to public information, the two parties had previously signed the Purchase and Sales Contract, and Xin Yichang had agreed to supply Zhongshun Zhihua with its core product, LED crystal stabilizers (including 240 mortgage equipment and 1 trial equipment). However, Zhongshun Zhihua had not paid the full amount of the purchase price according to the contract period, and the principal amount of the purchase price had reached 37.42 million yuan as of the time of the prosecution.

In order to resolve the dispute, the two parties signed a supplementary agreement to the Purchase and Sales Contract, which stipulated that all the machinery and equipment purchased by Zhongshun Panzhihua would provide mortgage guarantees for the unpaid goods. At the same time, Liu Wenjun, the legal representative of Zhongshun Panzhihua, and Zhejiang Zhongshun and Shenzhen Zhongshun, affiliated companies of the "Zhongshun System", issued a letter of guarantee, promising to assume joint and several guarantee responsibilities for the payment obligations of the goods.

Multiple guarantees, however, failed to turn the tide. Zhongshun Panzhihua still has not paid the arrears. As of the day before the lawsuit, the late payment liquidated damages had accumulated to 918,700 yuan. Against this background, Xin Yichang filed a clear lawsuit request: First, the four defendants were required to pay 37.42 million yuan in arrears, overdue liquidated damages (tentatively 918,700 yuan, later calculated to the actual settlement date), lawyer's fees of 180,000 yuan and litigation property preservation letter fees of 40,000 yuan, totaling 38.5587 million yuan (about 38.56 million yuan); second, the price of the company's discount, auction or sale of 240 mortgage led crystal fixing machines was confirmed.The company has the priority to be repaid, and at the same time confirms the ownership of a trial LED die bonding machine; third, it requires Liu Wenjun, Zhejiang Zhongshun, and Shenzhen Zhongshun to bear joint and several liability for the debts of Zhongshun Panzhihua.

It is worth noting that "Zhongshun" companies have previously exposed operational risks. In July 2025, Shenzhen Zhongshun announced a 2-month shutdown due to periodic operating difficulties, and its business was unable to operate normally. This may become an important inducement for its affiliated company Zhongshun Panzhihua to default on payment. Zhongshun Panzhihua itself was once regarded as a key project in the regional optoelectronics industry. It was established in December 2023 with a registered capital of 50 million yuan. It is mainly engaged in the production of LED packaging and brackets. The first phase of its LED packaging project invested 190 million yuan and was put into production in June 2024. The second phase was originally planned to invest 400 million yuan. However, it is now involved in litigation due to payment disputes, and the progress of the project may be affected.