Group 1: Recent Developments - Lingnan Garden has completed the acquisition of 100% equity in Hengrun Technology, marking a significant strategic move for the company [2][3] - Hengrun Technology has transitioned from a joint-stock company to a limited liability company, now operating as a wholly-owned subsidiary of Lingnan Garden [3] Group 2: Financial Strategies - The company is initiating a private placement to raise CNY 1.05 billion, with a lock-up period of 36 months, aimed at supporting its main business development [3][4] - The integration of Hengrun Technology is expected to enhance overall company value through resource and management synergies [5] Group 3: Future Strategic Planning - Lingnan Garden plans to diversify into ecological environmental protection and cultural tourism, aiming for a transformation that combines internal growth with external expansion [4][5] - The management team of Hengrun Technology will remain stable post-acquisition, with measures in place to maintain operational continuity and motivation [6][7] Group 4: Market Position and Industry Insights - The theme park market is projected to exceed CNY 30 billion in 2015, with an annual growth rate of over 30%, potentially reaching CNY 100 billion by 2020 [7][8] - Hengrun Technology aims to become a leading player in the industry within 3-5 years, leveraging its competitive advantages in the market [8]

Group 1: Company Development Strategy - The company aims to expand from "ecological landscaping" to "cultural tourism," transitioning from B2B to B2C operations [2] - Plans to create a closed-loop profit chain in cultural tourism, integrating literature, film, animation IP content, immersive experiences, and theme park operations [3] Group 2: 2016 Half-Year Performance Review - In the first half of 2016, the company achieved revenue of CNY 1.064 billion, a year-on-year increase of 65.70% [3] - Net profit attributable to shareholders reached CNY 103 million, up 47.29% year-on-year [3] - The profit distribution ratio between "ecological landscaping" and "cultural tourism" is 70:30, with expectations for the cultural tourism segment to increase its profit share [4] Group 3: Ecological Landscaping Business - The ecological landscaping business generated revenue of CNY 931 million in the first half of 2016 [4] - The company has established five regional operation centers across the country, with a total of contracts (including framework agreements) growing rapidly, including PPP contracts worth CNY 5.35 billion [4] - A successful fundraising of CNY 1.05 billion was completed to support ecological landscaping business development [4] Group 4: Cultural Tourism Business - The cultural tourism segment achieved revenue of CNY 133 million in the first half of 2016, a 61.78% increase compared to the same period in 2015 [4] - The gross profit margin for this segment reached 48.37% [4] - The company has invested in over 50 IPs and is involved in projects like the film "Tomb Raider Notes" and the animation "Violent Martial Arts Academy" [5] Group 5: Business Operations and Models - The company explores the PPP model, which positively impacts cash flow from operational activities [5] - The theme park operation model is shifting towards high-tech cultural tourism, with strategies including self-built parks and "park within a park" models to enhance customer engagement [5] - The acquisition of Demaji is driven by the need for B2C brand establishment and leveraging overseas resources [6] Group 6: Financial and Market Insights - The company's gross profit margin has slightly adjusted due to the national five regional operation centers and the impact of the "business tax reform" [7] - The company clarifies that its focus is on the cultural tourism industry chain, with VR technology being one of the tools rather than the core business [7]

Group 1: Company Strategy and Development - The company is steadily advancing its ecological landscaping business while vigorously expanding its cultural tourism sector [2][5] - The new strategy was quickly implemented after the company went public in 2014, with 2016-2017 identified as a layout year for collaborative development across business segments [3][5] - The ecological landscaping and cultural tourism sectors are expected to experience explosive growth in performance [3][5] Group 2: Ecological Landscaping Business - The ecological landscaping business has expanded into ecological environmental protection, including water conservancy and river management [3][4] - The implementation of the national PPP model is expected to provide a broad outlook for water conservancy business, which will become a new growth point for the company's ecological sector [3][4] - The company has accumulated orders of no less than 1.5 billion yuan in the past year, with an average gross profit margin of 50% [4] Group 3: Cultural Tourism Sector - The cultural tourism sector has begun to take shape, with 8 subsidiaries established under Hengrun Technology, focusing on content, tourism facilities, and integration [3][4] - The sector is expected to transition towards consumer (2C) and operational ends, with significant growth anticipated in 2017 and beyond [3][4] - The investment scale for the Zoucheng cultural tourism project is 5.1 billion yuan, with a 5-year construction period followed by a 35-year operational period [5] Group 4: Collaboration and Talent Development - The collaboration between Hengrun Technology and Demaji is evident, with Demaji focusing on low-asset operations and achieving higher gross profit margins [4] - Demaji's workforce has grown from 150 to 300, laying the groundwork for rapid business expansion [4] - The company aims to build a complete marketing industry chain around Demaji, integrating both offline and online marketing platforms [4]

Group 1: Strategic Development - The company is advancing towards a broader platform development with a focus on "big ecology + general tourism" integrated business model [2][3] - The strategic development blueprint is becoming clearer, emphasizing "water ecological governance + ecological landscaping + cultural tourism" [3] Group 2: Performance Overview - For the first half of 2017, the company's net profit is expected to range between CNY 1.65 billion and CNY 2.06 billion, indicating a growth of 60% to 100% [3] - In Q1 2017, the company reported an operating income of CNY 5.18 billion, a year-on-year increase of 28.37%, with a net profit of CNY 47.83 million, up 68.12% [3] Group 3: Order Situation - As of 2017, the company has disclosed new signed orders amounting to approximately CNY 8 billion, with additional undisclosed orders [4] - Cumulative orders on hand from 2015 to 2016 exceed CNY 20 billion, with over CNY 4 billion in cultural tourism orders [4] Group 4: Financial Management - The company ensures the quality of receivables from PPP projects, with internal assessments including project receivables [4] - The company plans to purchase its own shares through the secondary market, with a scale of approximately CNY 200 million [5] Group 5: Financing Capability - The company has prepared for its orders with sufficient liquidity, including CNY 3 billion in cash as of Q1 2017 and plans to apply for bank credit of up to CNY 5 billion [5] - The company has established an industrial merger fund and an insurance company to facilitate financing [5] Group 6: Future Projects - The company is focusing on upgrading existing tourist towns rather than building new ones, aiming to enhance visitor flow and create culturally distinctive towns [6]

Financial Performance - In 2016, Lingnan Garden achieved an operating income of approximately 2.6 billion CNY, a year-on-year increase of 36%, and a net profit of about 0.4 billion CNY, up by 55% [2][3] - The financial forecast for 2017 estimates an operating income of around 4.6 billion CNY, representing a 78% increase, with a net profit of approximately 0.44 billion CNY, a growth of 68% [3] - The cultural tourism projects have increased their net profit contribution to 30% of the total [3] Strategic Development - The company is expanding from ecological industries to cultural tourism, with successful acquisitions of Hengrun Technology and Demaji, both exceeding performance commitments [3] - Lingnan Garden is focusing on a "big ecology" and "pan-entertainment" strategy, integrating these sectors to create a closed-loop profit chain [3][5] - The company plans to leverage PPP policies and market trends to accelerate the implementation of its strategic layout [3] Order and Project Status - In 2016, the company secured new orders worth approximately 10 billion CNY in ecological landscaping, with Hengrun Technology contributing around 2 billion CNY [4] - The current order backlog is about 20 billion CNY, including framework agreements, with the Zoucheng project entering the design and budgeting phase, requiring an initial investment of about 0.5 billion CNY [4] - The company maintains a high order execution rate of over 70%, with most PPP projects being executed in joint ventures [5][7] Business Expansion and Innovation - The Shanghai Modern Tribe VR theme park project, led by Hengrun Technology, is expected to officially operate by mid-2017, marking a significant breakthrough in cultural tourism [6] - The company is actively pursuing international collaborations in water ecological governance, with a focus on sewage treatment and water purification technologies [6][9] - Lingnan Garden aims to enhance its marketing strategies by integrating high-tech exhibitions and expanding into the 2C market through innovative marketing approaches [8] Challenges and Future Outlook - The slight decline in gross margin in 2016 was attributed to regional development and tax reforms, although net profit margins in ecological landscaping improved [7] - The company is in a phase of investment in IP development, with plans to convert these into games and films over the next 1-2 years [9] - The outlook for 2017 is optimistic, with expectations for significant contributions from the "big ecology" and "pan-entertainment" strategies [10]

Group 1: Company Performance in 2019 - The company achieved an operating income of 7.957 billion yuan and a net profit attributable to shareholders of 328 million yuan in 2019 [3] - Operating cash flow net amount reached 1.270 billion yuan, a year-on-year increase of 997.13% [3] - The revenue from ecological environment construction and restoration was 3.154 billion yuan, with an operating profit of 140 million yuan [4] Group 2: Business Segment Performance - Water and environmental governance business generated 3.767 billion yuan in revenue, achieving an operating profit of 178 million yuan, exceeding performance commitments by 104.62% [4] - Cultural tourism business recorded an operating income of 1.035 billion yuan, with an operating profit of 122 million yuan [4] - The revenue structure improved, with ecological environment construction and restoration revenue share decreasing from 48.62% in 2018 to 39.64% in 2019, while water and environmental governance increased from 35.62% to 47.34% [4] Group 3: Future Plans and Strategic Directions - In 2020, the company aims to leverage opportunities in key markets such as the Guangdong-Hong Kong-Macao Greater Bay Area and Yangtze River Delta, focusing on smart water management and urban water supply [5] - The company plans to enhance its core competencies in comprehensive planning, product integration, and operational capabilities to ensure high-quality and stable business development [5] - The potential spin-off of subsidiary Demaji for public listing is under consideration, aligning with strategic planning and shareholder interests [5]

Group 1: Company Overview - Lingnan Ecological Culture Tourism Co., Ltd. focuses on high-end equipment and integrated services for cultural tourism projects, with products including immersive amusement equipment and interactive experience devices [3]. - The company has established partnerships with major theme parks and tourist attractions, such as Shanghai Haichang Ocean Park and Shanghai Disney [3]. Group 2: Corporate Structure and Financing - The subsidiary Hengrun Group underwent a restructuring to become a joint-stock company, enhancing governance and operational standards, and improving financing channels [3][4]. - The company plans to raise up to 122 million CNY through a private placement, which will support project implementation and improve overall profitability [4]. Group 3: Debt Financing and Financial Stability - The company maintains a stable main business and reasonable growth in total financing, with a balanced debt ratio [5]. - Support from major state-owned banks provides reliable funding, with large credit limits and low interest rates, ensuring the company's overall development [5].

Group 1: Company Overview and Strategic Positioning - Lingnan Garden's strategic positioning is as a "creator of beautiful life - ecological environment and cultural tourism operator" [2] - The company focuses on "big ecology" and "pan-leisure" with a dual operational model of "water ecological governance + ecological landscaping + cultural tourism" [3] Group 2: Recent Developments and Financial Performance - As of July 5, 2017, the company received notice from the China Securities Regulatory Commission regarding the review of its asset acquisition through share issuance [3] - The estimated net profit for the first half of 2017 is projected to be between CNY 165.18 million and CNY 206.48 million, representing a year-on-year increase of 60%-100% [4] - The company has signed new orders worth approximately CNY 12 billion in 2017, with significant projects including "Huangyao Ancient Town Comprehensive Project Agreement" and "Huangchuan All-region Tourism and Ecological Environment Project Agreement" [4] Group 3: Employee Stock Ownership Plan - The first phase of the employee stock ownership plan has been approved by the shareholders' meeting, with a total scale of approximately CNY 200 million [4] - The shares will be transferred from the actual controller to core employees, with a lock-up period of 1 year [4] Group 4: Financial Preparedness and Risk Management - The company has prepared sufficient funds for existing and new orders, including approximately CNY 300 million in cash as of Q1 2017 and plans to apply for bank credit of no more than CNY 5 billion [5] - The company has established an industrial merger fund and insurance company for financing preparations [5] - Risk management strategies include breaking down orders and linking payment collection to the performance evaluation of the general manager [5] Group 5: Future Development and Market Focus - Lingnan Garden is focusing on the development of characteristic towns, emphasizing cultural heritage and stable tourist flow [6] - The company has been exploring various environmental fields since 2011, with a current focus on water ecological governance and river management due to market potential [6]

Group 1: Business Structure and Performance - In 2019, the ecological environment construction and restoration business generated revenue of CNY 3.154 billion, with a profit of CNY 140 million [3] - The water environment governance business achieved revenue of CNY 3.767 billion, with a profit of CNY 178 million, exceeding performance commitments by 104.62% [3] - The cultural tourism business recorded revenue of CNY 1.035 billion, with a profit of CNY 122 million [3] - Revenue structure optimization: ecological environment construction and restoration revenue share decreased from 48.62% in 2018 to 39.64% in 2019; water environment governance increased from 35.62% to 47.34% [3] Group 2: Subsidiary Developments - The subsidiary Demaji has developed an online exhibition interactive marketing system utilizing mobile internet, video live streaming, and VR/AR technologies [4] - The split of subsidiary Hengrun Technology to the Growth Enterprise Market is expected to enhance performance and innovation, reflecting positively on the overall company performance [4] Group 3: Financing and Capital Structure - The company plans to raise up to CNY 1.22 billion through a non-public offering to enhance project implementation and operational capabilities [5] - The fundraising will optimize the capital structure, reduce asset-liability ratios, and improve creditworthiness and financing capabilities [5] Group 4: Future Business Plans - In 2020, the company aims to leverage opportunities in key markets such as the Guangdong-Hong Kong-Macao Greater Bay Area and Yangtze River Delta, focusing on smart water management and urban water supply [6] - The company will enhance core competencies in comprehensive planning, product integration, and operational capabilities to ensure high-quality and stable business development [6]

编号：2020-003 证券代码：002717 证券简称：岭南股份 | --- | --- | --- | |----------|------------------------|---------------------------------------------------------------------| | | | | | | □ 特定对象调研 | 分析师会议 | | 投资者关 | □ 媒体采访 □业绩说明会 | | | 系活动类 | □ 新闻发布会 □路演活动 | | | 别 | □ 现场参观 | | | | | □其他 （请文字说明其他活动内容） | | 参与单位 | | 光大证券 武慧东、光大证券 孙伟风、光大证券 范佳瓅、光大证券 濮维 | | 名称及人 | | 娜、光大证券 邬亮、光大证券 蒋友炜、光大证券 张亦潇、新华基金 付 | | 员姓名 | | 伟、农业银行 公晓辉、广发证券 黄伟鑫、中天证券 南海升、五矿信托 张 | | | | 文立、工银瑞信基金 周智硕、征金资本 柴硕、新华资产 惠宇翔、海富通 | | | | 基金 高峥、国海证券 岳立军、富利达基金 樊继浩、东信资本 ...