Market Performance - On August 25, the infrastructure sector rose by 1.12% compared to the previous trading day, with China Communications Construction Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up by 1.51%, while the Shenzhen Component Index closed at 12441.07, up by 2.26% [1] Individual Stock Performance - China Communications Construction Co., Ltd. (603815) closed at 9.34, with a gain of 10.01% and a trading volume of 176,500 shares, amounting to a transaction value of 162 million yuan [1] - Tonglin Co., Ltd. (605303) closed at 22.04, up by 9.98%, with a trading volume of 15,100 shares [1] - Pudong Construction (600284) closed at 8.95, increasing by 6.04%, with a trading volume of 957,200 shares [1] - ST Lingnan (002717) closed at 1.73, up by 4.85%, with a trading volume of 1,456,800 shares [1] - Other notable stocks include Hangzhou Garden (300649) at 19.44 (+3.85%) and Meili Ecology (000010) at 4.84 (+3.42%) [1] Capital Flow Analysis - On the same day, the infrastructure sector experienced a net outflow of 67.69 million yuan from institutional investors and a net outflow of 107 million yuan from speculative funds, while retail investors saw a net inflow of 175 million yuan [2] - The capital flow for key stocks showed that China Electric Power Construction (601868) had a net inflow of 71.48 million yuan from institutional investors, while ST Lingnan (002717) had a net inflow of 59.75 million yuan [3] - China Communications Construction Co., Ltd. (603815) recorded a net inflow of 52.10 million yuan from institutional investors, despite a net outflow from speculative and retail investors [3]

Core Viewpoint - The company, Lingnan Ecological Culture and Tourism Co., Ltd., is facing significant financial difficulties, including the inability to repay its convertible bonds on time, which may lead to further legal and operational challenges [2][3][4]. Financial Performance - In 2024, the company's operating revenue was 861.84 million yuan, a decline of 59.55% compared to 2023 [3]. - The net profit attributable to shareholders for 2024 was -984.33 million yuan, indicating a reduction in the scale of losses compared to 2023 [3]. - For the first quarter of 2025, the net profit attributable to shareholders was -66.40 million yuan, a decrease of 26.36% in losses compared to the same period in 2024 [3]. Debt and Credit Risks - The credit rating of the "Lingnan Convertible Bonds" has been downgraded to C, indicating a high risk of default [2]. - The company is experiencing liquidity pressure due to delayed project payments and high debt levels, which may affect its ability to secure future financing [2][4]. Legal and Regulatory Issues - The company is involved in multiple lawsuits, with 251 pending cases as of December 31, 2024, amounting to 2.95 billion yuan in claims [7]. - There is a risk of stock delisting if the company's share price remains below 1 yuan for 20 consecutive trading days [6]. Asset Management and Pledge Risks - The company has pledged assets to secure the convertible bonds, but the realizable value of these assets is uncertain due to long repayment cycles and the need for cooperation from various parties [5][6]. - The company has not yet received written consent from project owners regarding the pledge of accounts receivable and equity, which complicates the situation [5]. Management and Oversight - GF Securities has been appointed as the trustee for the convertible bonds and is monitoring the situation closely to protect the interests of bondholders [8].

证券代码：002717 证券简称：ST 岭南 公告编号：2025-090 岭南生态文旅股份有限公司 关于诉讼的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 重要内容提示： 1、案件所处的阶段：终结执行 2、上市公司所处的当事人地位：被执行人 3、涉案的金额：18,632.46万元 成都银行股份有限公司天府新区分行（以下简称 "原告"或"申请执行人"）因 借款合同纠纷向成渝金融法院提起诉讼，被告或被执行人为岭南生态文旅股份有限公 司、尹洪卫。公司已于2024年3月16日披露的《关于累计诉讼、仲裁情况的公告》（公 告编号：2024－028）中载明此案件情况。 二、民事判决书的主要内容 4、对上市公司损益产生的影响：终结本次执行程序后，申请执行人发现公司有可 供执行财产的，可以再次申请执行，目前暂无法预计对公司本期或期后利润的影响。 公司将密切关注案件的后续进展，依据有关会计准则的要求和案件实际进展情况进行 相应的会计处理。 一、本次诉讼案件的基本情况 成渝金融法院出具了（2024）渝87民初42号《民事判决书》，主要内容如下： 1、被告岭南生态文旅股份 ...

证券代码：002717.SZ 证券简称：ST 岭南 债券代码：128044.SZ 转债简称：岭南转债 岭南生态文旅股份有限公司 向不特定对象发行可转换公司债券 2025 年度第二十七次临时受托管理事务报告 债券受托管理人 二〇二五年八月 重要声明 本报告依据《可转换公司债券管理办法》《岭南生态文旅股份有限公司与广 发证券股份有限公司关于岭南生态文旅股份有限公司 2018 年公开发行的可转换 公司债券之受托管理协议》（以下简称"受托管理协议"）《岭南生态文旅股份 有限公司公开发行可转换公司债券募集说明书》（以下简称"募集说明书"）等 相关公开信息披露文件、第三方中介机构出具的专业意见等，由债券受托管理 人广发证券股份有限公司（以下简称"广发证券"）编制。广发证券对本报告 中所包含的从上述文件中引述内容和信息未进行独立验证，也不就该等引述内 容和信息的真实性、准确性和完整性做出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相 关事宜做出独立判断，而不应将本报告中的任何内容据以作为广发证券所作的 承诺或声明。在任何情况下，投资者依据本报告所进行的任何作为或不作为， 广发证券 ...

Core Viewpoint - ST Lingnan (002717.SZ) announced that its subsidiary, Shanghai Hengrun Digital Technology Group Co., Ltd. (Hengrun Group), is facing bankruptcy liquidation due to its inability to repay debts and lack of repayment capacity [1][3] Group 1: Bankruptcy Application and Financial Status - Hengrun Group has been applied for bankruptcy liquidation by creditor Shanghai Dingce Financing Leasing Co., Ltd. due to its inability to repay due debts [3] - As of March 31, Hengrun Group reported total assets of 843 million yuan, total liabilities of 556 million yuan, and net assets of 287 million yuan [7] - The company has provided a guarantee for Hengrun Group's debts amounting to 154 million yuan, with an additional 82 million yuan in receivables from Hengrun Group [8] Group 2: Legal Proceedings and Company Response - Hengrun Group has submitted an objection to the bankruptcy application, asserting that it is not insolvent and has the basis for continued operation [7] - The company did not disclose specific litigation information related to the bankruptcy application, citing that the debt amounts did not meet the disclosure threshold [3][4] - The company has reported a cumulative litigation amount of approximately 139 million yuan over the past twelve months, which is 13.02% of its latest audited net assets [3] Group 3: Financial Performance - In the first quarter, Hengrun Group generated revenue of 16.43 million yuan with a net loss of 13.86 million yuan, while ST Lingnan reported revenue of 67.60 million yuan and a net loss of 66.40 million yuan [8]

Group 1 - The company, Lingnan Ecological Culture and Tourism Co., Ltd., has received a bankruptcy liquidation application for its subsidiary, Shanghai Hengrun Digital Technology Group Co., Ltd., from Shanghai Dingce Financing Leasing Co., Ltd. due to Hengrun Group's inability to repay debts and lack of repayment capacity [1][4] - As of the announcement date, Hengrun Group has not received any court ruling regarding the acceptance of the bankruptcy liquidation application, indicating significant uncertainty regarding the situation [1][5] - Hengrun Group's total assets as of December 31, 2024, were 863.38 million yuan, accounting for 6.01% of the company's audited total assets, with total liabilities of 562.23 million yuan and a net loss of 86.63 million yuan for the year [3][4] Group 2 - The company has submitted a bankruptcy application objection to the court, asserting that it does not meet the criteria for insolvency and that there is a basis for continued operation [4][5] - If the bankruptcy liquidation process is initiated, Hengrun Group will no longer be included in the company's consolidated financial statements, which may impact the company's profit and total liabilities [5] - The company has provided a joint liability guarantee for Hengrun Group's debts, with a guarantee balance of 7.71 million yuan, and there is a risk of being required to fulfill this guarantee if Hengrun Group enters bankruptcy [5]

Group 1 - The core point of the article highlights the financial performance and stock activity of ST Lingnan, indicating a significant drop in revenue while showing growth in net profit [1] - As of August 14, 2025, ST Lingnan's stock closed at 1.65 yuan, down 2.37%, with a turnover rate of 4.53% and a trading volume of 724,900 hands, amounting to 121 million yuan [1] - The latest quarterly report shows total revenue of 67.6 million yuan, a year-on-year decrease of 77.85%, while net profit attributable to shareholders reached 66.4 million yuan, a year-on-year increase of 26.36% [1] Group 2 - The company has a current ratio of 0.695, a quick ratio of 0.671, and a debt-to-asset ratio of 91.69%, indicating potential liquidity issues [1] - ST Lingnan has made investments in 82 companies and participated in 1,704 bidding projects, showcasing its active engagement in the market [2] - The company holds 40 trademark registrations and 341 patents, along with 42 administrative licenses, reflecting its commitment to intellectual property and regulatory compliance [2]

近日，ST岭南公告称，其控股子公司恒润集团被鼎策融资以不能清偿到期债务且明显缺乏清偿能力为 由，向上海市第三中级人民法院申请破产清算。恒润集团已提交《破产申请异议书》及证据资料。截至 公告披露日，恒润集团未收到法院裁定受理文件，是否进入破产清算程序存在重大不确定性。若进入破 产清算，恒润集团将不再纳入公司合并报表，或影响公司财务指标，公司还面临担保及往来款无法收回 风险。此外，公司未收到相关人员未来六个月减持计划，但联席董事长、总裁尹洪卫股份存在被动减持 风险。 ...

特别提示： 证券代码：002717 证券简称：ST 岭南 公告编号：2025-089 岭南生态文旅股份有限公司 关于子公司被申请破产清算的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 公司控股子公司上海恒润数字科技集团股份有限公司（以下简称"恒润集团"） 已向上海市第三中级人民法院提交《破产申请异议书》并附相关证据资料。截至本公 告披露日，恒润集团尚未收到法院裁定受理破产清算的相关文件，上海鼎策融资租赁 有限公司（以下简称"鼎策融资"）对恒润集团提出的破产清算申请是否被法院受理， 恒润集团是否进入破产清算程序尚存在重大不确定性。敬请广大投资者谨慎决策，注 意投资风险。 一、子公司被申请破产清算情况概述 岭南生态文旅股份有限公司（以下简称"公司"）于近日获悉：申请人上海鼎策 融资租赁有限公司以公司控股子公司上海恒润数字科技集团股份有限公司不能清偿 到期债务且明显缺乏清偿能力为由向上海市第三中级人民法院申请对恒润集团破产 清算。根据《中华人民共和国企业破产法》第十条第一款之规定，恒润集团对申请如 有异议，应在收到法院通知之日起七日内向上海市第三中级人 ...

格隆汇8月11日丨ST岭南(002717.SZ)在互动平台表示，公司暂无计划加入全运会建设，重大事项请以公 司发布的公告为准。 ...