[Lingnan Eco & Culture Tourism Co., Ltd. 2025 H1 Earnings Forecast](index=1&type=section&id=%E5%B2%AD%E5%8D%97%E7%94%9F%E6%80%81%E6%96%87%E6%97%85%E8%82%A1%E4%BB%BD%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B8%202025%20%E5%B9%B4%E5%8D%8A%E5%B9%B4%E5%BA%A6%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A) [H1 2025 Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E8%AE%A1%E6%83%85%E5%86%B5) The company anticipates a net loss for H1 2025, though the loss is expected to narrow compared to the prior year [Forecast Period](index=1&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%9C%9F%E9%97%B4) This earnings forecast covers the financial period from January 1, 2025, to June 30, 2025 - This earnings forecast covers the first half of 2025[2](index=2&type=chunk) [Forecast Details](index=1&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) The company projects a narrowed net loss and improved basic earnings per share for H1 2025 compared to the same period last year H1 2025 Performance Forecast vs. H1 2024 | Item | This Reporting Period (2025 H1) | Same Period Last Year (2024 H1) | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | Loss: RMB 130 million – 195 million | Loss: RMB 259.46 million | | **Net Profit after Deducting Non-recurring Items** | Loss: RMB 130.1 million – 195.1 million | Loss: RMB 257.70 million | | **Basic Earnings Per Share (EPS)** | Loss: RMB 0.07/share – RMB 0.11/share | Loss: RMB 0.15/share | [Communication with Auditors](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8E%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%B2%9F%E9%80%9A%E6%83%85%E5%86%B5) The current earnings forecast is based on preliminary internal calculations and has not yet been audited by an accounting firm - This earnings forecast is **unaudited** and represents the company's preliminary estimates[3](index=3&type=chunk) [Explanation of Performance Changes](index=1&type=section&id=%E4%B8%89%E3%80%81%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) The H1 loss is attributed to reduced construction revenue from lower demand and delayed payments, while operating expenses remained fixed - Key reasons for the loss include **reduced construction revenue** due to market changes, **delayed client payments** impacting project progress, and **fixed operating costs** despite lower income[4](index=4&type=chunk) - Plans for the second half of the year include actively pursuing new orders, accelerating project completions, and strengthening collections of outstanding receivables[4](index=4&type=chunk) [Risk Warning](index=1&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) Investors are advised that these preliminary figures may differ from the final, audited H1 2025 report and should exercise caution - This forecast is a preliminary estimate; final data will be in the official 2025 semi-annual report, and **investors should exercise caution**[6](index=6&type=chunk)

Core Viewpoint - 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 financial repercussions [2][4][6]. 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 Risk - The credit rating for the "Lingnan Convertible Bond" 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 - As of December 31, 2024, the company had 251 pending lawsuits with a total claim amount of 2.95 billion yuan, which represents 11.16% of the company's latest audited net assets [6][7]. - The company is at risk of being delisted if its stock price remains below 1 yuan for 20 consecutive trading days [6]. Asset Pledge and Collateral Risks - The company has pledged its receivables and equity as collateral for the "Lingnan Convertible Bond," but the realizable value of these assets is uncertain due to long collection periods and lack of market reference [5][6]. - There is a risk that if the company files for bankruptcy within a year of the collateral establishment, the pledge may be revoked [5]. Management and Oversight - GF Securities has been appointed as the trustee for the "Lingnan Convertible Bond" and is responsible for monitoring the company's compliance and the interests of bondholders [7][9].

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 年度第二十二次临时受托管理事务报告 债券受托管理人 二〇二五年七月 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。 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 近年来公司生态环境建设与修复业务、水务水环境治理业务及文化旅游业 务均遭受了重大的冲击。公司工程项目招投标延迟、开工延迟，项目施工周期 及结算进展均受重大影响，回款情况不佳，资产负债率较高，盈利能力及偿债 能力持续 ...

证券代码：002717 证券简称：ST 岭南 公告编号：2025－079 根据《深圳证券交易所股票上市规则》等规则的要求，岭南生态文旅股份有限公 司（以下简称"公司"）对公司连续十二个月累计的诉讼、仲裁事项进行了统计，现将 有关内容公告如下： 岭南生态文旅股份有限公司 关于累计诉讼、仲裁情况的公告 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。 一、累计诉讼的基本情况 截至2025年7月10日，公司及控股子公司连续十二个月内新增尚未披露的诉讼、 仲裁事项的涉案金额合计约为11,875.93万元，涉案金额累计达公司最近一期经审计 归属于母公司净资产的11.16%。 具体情况详见附件《连续十二个月内累计未披露诉讼、仲裁案件情况统计表》。 二、其他尚未披露的诉讼、仲裁事项 附件：连续十二个月累计未披露诉讼、仲裁案件情况统计表 序号 收到应诉通知 书/传票时间 原告/申请人 被告/被申请人 案由 涉案金额 （万元） 案件进展 1 2025/6 岭南生态文旅股份有限公司 湘潭市城市建设投资经营有限责任公司 湘潭城乡建设发展集团有限公司 建设工程合同 纠纷 4,790.2 ...

Core Insights - In the first half of 2025, 55 listed companies in the cultural tourism sector were analyzed, with 31 experiencing an increase in market value and 24 seeing a decline [3][18] - The highest market value increases were recorded by Wanda Hotel Development at 173.65%, Feiyang Group at 140.7%, and Jinma Amusement at 92.68% [3][4] - Conversely, the largest declines were seen in Lujing Technology at -48.03%, Lingnan Holdings at -43.34%, and Yingxin Development at -26.03% [6][7] Market Value Changes - As of June 30, 2025, the total market value of Wanda Hotel Development was 2.699 billion, while Feiyang Group and Jinma Amusement had market values of 0.126 billion and 4.521 billion respectively [4][7] - Ctrip led the market with a total value of 274.37 billion, followed by China Duty Free at 124.57 billion and Huazhu at 74.53 billion [8][9] - The overall market value of the remaining 52 companies was 390 billion, indicating a significant concentration of value among the top three companies [8] Sector Performance - The cultural tourism sector showed a mixed performance, with scenic area companies generally performing well, such as Haichang Ocean Park with a 39.1% increase and Zhangjiajie with a 28.55% increase [12][13] - Hotel companies also showed varied results, with Huazhu leading at 745.31 billion, while Atour saw a 20.41% increase [14][15] - Online travel companies experienced declines, with Ctrip and Tuniu dropping by 14.94% and 17.79% respectively, while Tongcheng saw a modest increase of 6.08% [16][17] Company-Specific Developments - Wanda Hotel Development's significant increase in market value was attributed to the sale of its subsidiary Wanda Hotel Management for 2.5 billion, which is expected to improve its financial structure [6][7] - Lujing Technology's decline was linked to negative media coverage regarding its management capabilities in scenic area operations [7][8] - The overall performance of cultural tourism companies reflects ongoing operational pressures, with some companies like Fosun Tourism Culture delisting from the Hong Kong stock market [18][19]

Group 1 - Lingnan Ecological Cultural Tourism Co., Ltd. (referred to as "Lingnan Co." or "the company") has received a court ruling from the Sichuan Free Trade Zone People's Court regarding the forced sale of shares held by shareholder Yin Hongwei [1] - A total of 5,000,000 shares, accounting for 0.27% of the company's total shares, were sold at an average price of 1.8206 yuan per share [1] - After the forced execution, Yin Hongwei's total shareholding decreased from 272,791,617 shares (14.99%) to 267,791,617 shares (14.71%) [1] Group 2 - Yin Hongwei does not belong to the company's controlling shareholders or their concerted actors, and the forced execution of shares will not lead to a change in the company's control or adversely affect its operations [1][2]

一、 股东所持股份被强制执行的情况 1、本次被强制执行的股份情况 证券代码：002717 证券简称：ST 岭南 公告编号：2025－078 岭南生态文旅股份有限公司 关于股东部分股份被司法强制执行完成的公告 尹洪卫保证向本公司提供的信息内容真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。本公司及董事会全体成员保证公告内容与信息披露义务人提供 的信息一致。 岭南生态文旅股份有限公司（以下简称"岭南股份"、"公司"）已于 2025 年 6 月 3 日披露了《关于股东部分股份将被司法强制执行的提示性公告》，公司股东尹洪卫 先生收到四川自由贸易试验区人民法院（以下简称"四川自贸法院"）送达的《执行 裁定书》，裁定在三十个交易日内以市场价强制卖出被执行人尹洪卫先生持有的 5,000,000 股岭南股份股票，本次四川自贸法院司法处置的股票占公司总股本的 0.27%。 近日，公司收到股东尹洪卫先生出具的《告知函》，获悉其本次被司法强制执行 的股份已执行完毕，现将相关情况公告如下： 2、截至 2025 年 7 月 4 日，本次司法强制执行已实施完毕，本次股份变动情况 与此前已披露的计划一致，不存在差异，也不存在违规情 ...

Core Viewpoint - The company, Lingnan Ecological Culture and Tourism Co., Ltd., is currently involved in a lawsuit initiated by the Agricultural Development Bank of China due to a financial loan contract dispute, which may have uncertain impacts on its profits [1][5]. Group 1: Lawsuit Details - The lawsuit was filed by the Agricultural Development Bank of China, Dongguan Branch, against Lingnan Water (Lianping) Co., Ltd. and Lingnan Ecological Culture and Tourism Co., Ltd. for a loan amount of RMB 199,452,405 [1][2]. - The interest accrued until June 4, 2025, is estimated at RMB 8,081,441.24, with penalties and compound interest also applicable [1][2]. - The loan was originally for RMB 515 million, designated for a PPP project in Lianping County, with a term of 180 months and an annual interest rate of 4.9% [2][3]. Group 2: Project Status and Implications - The PPP project has been suspended due to a directive from the Lianping County Finance Bureau, which has affected the loan agreement and the need for further funding [3][4]. - The company has provided a joint liability guarantee for the loan, and the lawsuit may lead to the early termination of the loan contract, impacting the company's financial standing [5][6]. - The company is actively seeking solutions and engaging with the bank to address the lawsuit and its implications on future profits [5][6].

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 financial repercussions [2][4][6]. 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]. Bond Default Risk - The company announced that it could not make timely principal and interest payments on the "Lingnan Convertible Bonds," leading to a downgrade of its credit rating to C [2][4]. - The default on the bonds may undermine creditor confidence, further straining the company's financing capabilities and exacerbating its liquidity issues [2][4]. Legal and Operational Risks - The company is currently involved in multiple lawsuits, with 251 pending cases and a total claim amount of approximately 2.95 billion yuan [6][7]. - The ongoing financial strain has resulted in delayed payments to suppliers, potentially increasing the number of legal disputes [7]. Asset Pledge and Collateral Risks - The company has pledged its receivables and equity from project companies as collateral for the convertible bonds, but the realizable value of these assets is uncertain due to long collection periods and lack of market reference [5][6]. - There is a risk that if the company files for bankruptcy within a year of the collateral establishment, the pledge may be revoked [5][6]. Stock Delisting Risk - The company's stock is at risk of being delisted if its closing price remains below 1 yuan for 20 consecutive trading days, as per the Shenzhen Stock Exchange regulations [6].

证券代码：002717 证券简称：ST 岭南 公告编号：2025-077 岭南生态文旅股份有限公司 关于重大诉讼的公告 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、案件所处的诉讼阶段：法院已受理，一审中 2、上市公司所处的当事人地位：被告 3、涉案的金额：20,821.67万元（诉讼金额暂计至2025年6月4日） 4、对上市公司损益产生的影响：目前案件尚未开庭审理，该诉讼事项对公司本期 利润或期后利润的具体影响尚存在不确定性。 一、本次诉讼事项受理的基本情况 岭南生态文旅股份有限公司（以下简称"公司"或"被告"）近日收到东莞市第一 人民法院送达的 《传票》《民事起诉状》等相关起诉材料，因金融借款合同纠纷，中 国农业发展银行东莞市分行（以下简称"农发银行"或"原告"）向东莞市第一人民法 院提起诉讼。 截至本公告披露日，本案件尚未开庭审理。现将诉讼事项公告如下： 二、本次诉讼案件的基本情况 （一）受理机构：东莞市第一人民法院 （二）受理地点：广东省东莞市 （三）诉讼当事人 原告：中国农业发展银行东莞市分行 被告：岭南水务（连平）有限公司（被 ...