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 ...

Group 1: Company Overview - Lingnan Ecological Culture Tourism Co., Ltd. has developed into a national group enterprise integrating ecological environment and landscape construction, cultural tourism, and investment operations after 21 years of cultivation [5] - The company aims to focus on three major business sectors: ecological environment construction and restoration, water management, and cultural tourism [5] Group 2: Strategic Direction - The company has actively adjusted its strategy, reducing high-risk businesses while emphasizing the development of "solidifying landscaping, expanding water services, and strengthening cultural tourism" [3] - Key business layouts include urban cultural tourism complexes, EPC projects, and new rural projects, with a focus on major cities in the Beijing-Tianjin-Hebei region, Guangdong-Hong Kong-Macao Greater Bay Area, and Yangtze River Delta [3] Group 3: Financial Strategies - The company maintained stable main business operations over the past year, achieving reasonable growth in total financing while maintaining a balanced debt ratio [4] - Future financing strategies include optimizing the financing structure, increasing support from state-owned policy banks, and reducing financing costs to lower the debt ratio [4] Group 4: Market Opportunities - The implementation of policies such as the "Guangdong-Hong Kong-Macao Greater Bay Area" and "Socialist Demonstration Zone" will provide broader opportunities for the company's development [4] - The company is committed to contributing to the construction of a beautiful China and the ecological development of the Guangdong-Hong Kong-Macao Greater Bay Area [4]

Group 1: Company Overview - Lingnan Ecological Culture Tourism Co., Ltd. was established in 1998 and listed on the SME board in 2014 (Stock Code: SZ.002717) [3] - The company has developed into a national group integrating ecological landscape, soil and water governance, culture and tourism, investment, and operation, with four business groups: landscaping, water affairs, culture, and design [3][4] Group 2: Business Strategy - The company has actively adjusted its strategy, focusing on "solidifying landscaping, expanding water affairs, and strengthening cultural tourism" [3] - Emphasis on quality development, actual profit situations, and accelerated cash collection [3] - Key business layouts include urban cultural tourism complexes, EPC projects, and new rural projects, particularly in key cities like Beijing-Tianjin-Hebei, Guangdong-Hong Kong-Macao Greater Bay Area, and Yangtze River Delta [3][4] Group 3: Operational Qualifications - The company holds multiple first-class qualifications, including national landscape engineering design, municipal public engineering construction, and water conservancy construction [4] - Recognized as a national high-tech enterprise and has received numerous honors, including the National Contract-abiding and Trustworthy Enterprise [4] Group 4: Business Segments and Case Studies - **Landscaping Group**: Engaged in landscape engineering, municipal projects, and soil restoration, with notable projects like the Dongguan Songshan Lake Ecological Park [5] - **Water Affairs Group**: Focuses on urban water services and sewage treatment, with key projects such as the Beijing Tongzhou North Canal Rubber Dam Reconstruction [5] - **Cultural Group**: Involves high-tech cultural products and tourism destination operations, with examples like the Suzhou Flying Over Jiangsu 3D Cinema [5] - **Design Group**: Offers comprehensive solutions for urban landscape planning and environmental restoration, with projects like the Beijing Wenyu River Park Conceptual Planning [5][6] Group 5: Future Strategy - The company aims to strengthen its focus on ecological environment construction, water governance, and cultural tourism, while maintaining a professional group management model [6] - Plans to deepen industry collaboration and provide systematic solutions and high-quality operational services [6] Group 6: Investor Relations - The investor relations activity took place on November 7, 2019, in Shanghai, attended by eight investors and representatives from various investment firms [2][7] - The company adheres to regulations and has not disclosed any significant undisclosed information during the roadshow [7]

Group 1: Company Overview - Lingnan Ecological Culture Tourism Co., Ltd. has developed into a national group enterprise integrating ecological environment and landscape construction, cultural tourism, and investment operations over 21 years [5] - The company achieved operating revenue of 735 million yuan in 2018, representing a year-on-year growth of 16.72%, and a net profit of 140 million yuan, with a year-on-year increase of 14.42% [3] Group 2: Strategic Direction - The current strategic focus is on "solidifying landscaping, expanding water services, and strengthening cultural tourism" [3] - The company emphasizes quality development and actual profit situations while accelerating cash collection [3] Group 3: Market Opportunities - The policies of the "Guangdong-Hong Kong-Macao Greater Bay Area" and "Socialist Demonstration Zone" are expected to provide broader opportunities for the company's development [4] - The company is actively participating in mature market competition, particularly in key cities such as the Beijing-Tianjin-Hebei region, Guangdong-Hong Kong-Macao Greater Bay Area, and Yangtze River Delta [3] Group 4: Financing Strategies - In 2019, the company maintained stable main business operations and achieved reasonable growth in total financing while maintaining a balanced debt ratio [4] - The company is optimizing its financing structure and increasing support from state-owned policy banks and large state-owned commercial banks [4] Group 5: Future Development Strategy - Future strategies will focus on ecological environment construction and restoration, water environment governance, and cultural tourism, aiming to enhance the water and cultural tourism sectors [5] - The company plans to build a solid foundation for the entire industry chain by leveraging professional group management and continuous development of related industries [5]

Group 1: Company Strategy and Development - The company began a strategic transformation in the second half of 2018, focusing on reducing high-risk businesses and promoting the development strategy of "solidifying landscaping, expanding water services, and strengthening cultural tourism" [3] - In 2019, the company adopted a more prudent development approach, shifting from "competing for projects" to "selecting projects," concentrating on coastal areas like the Yangtze River Delta and Pearl River Delta, while controlling project initiation conditions to pursue stable profit margins and good cash flow [3] - The company aims to develop into a national group integrating ecological environment and landscaping, cultural tourism, and investment operations, focusing on three major business sectors: ecological environment construction and restoration, water services, and cultural tourism [4] Group 2: Financial Performance and Funding - In 2019, the company maintained stable main business operations, achieving reasonable growth in total financing while maintaining a balanced debt ratio [4] - The company is optimizing its financing structure and increasing support from state-owned policy banks and large state-owned commercial banks, which provide substantial credit limits, long terms, and low interest rates, ensuring reliable funding for overall development [4] - Future plans include using various financing methods to reduce costs, optimize debt structure, and gradually lower the debt ratio to support rapid business development [4] Group 3: Policy Impact and Market Opportunities - The company is committed to contributing to the construction of a beautiful China and supporting the ecological development and green rise of the Guangdong-Hong Kong-Macao Greater Bay Area and the socialist demonstration zone with Chinese characteristics [3] - The ongoing implementation of policies related to the Greater Bay Area and the Shenzhen demonstration zone is expected to create broader opportunities for the company's future operations [3] Group 4: Potential for Spin-off Listing - The company is actively researching the feasibility of related policies and operations regarding a potential spin-off listing, although the relevant supporting rules have not yet been officially released, indicating some uncertainty [5] - Financial data for the years 2016-2018 has been disclosed in detail in the company's annual reports, providing transparency to investors [5]

Group 1: Business Performance - In 2018, the ecological environment construction and restoration business generated revenue of 4.299 billion CNY, a year-on-year increase of 40.59%, accounting for approximately 49% of total revenue [3] - The water and environmental governance business achieved revenue of 3.150 billion CNY, with a remarkable year-on-year growth of 279.89%, contributing about 36% to total revenue [3] - The cultural tourism business reported revenue of 1.392 billion CNY, representing about 16% of total revenue [3] - The overall operating profit distribution among the three business segments is approximately 3:4:3 [3] Group 2: Future Strategies - The company aims to expand its water services, solidify its landscaping business, strengthen cultural tourism, and enhance design capabilities [3] - Future initiatives will focus on improving quality and efficiency, emphasizing actual profit, and accelerating cash collection [3] - Key areas for business development include urban cultural tourism complexes, EPC projects, and new rural projects, with a focus on major cities such as Beijing-Tianjin-Hebei, Guangdong-Hong Kong-Macao Greater Bay Area, Yangtze River Delta, and Chengdu-Chongqing [3] Group 3: Subsidiary Performance - Subsidiary Hengrun Group achieved a performance completion rate of 152% in 2018, with revenue of 131.84 million CNY [4] - Lingnan Water Group completed its performance with a rate of 102%, generating revenue of 79.65 million CNY [4] - Demaji achieved a performance completion rate of 105%, with revenue of 44.53 million CNY [4] Group 4: Virtual Reality Business - Hengrun Group, a key subsidiary, is involved in theme cultural creative design and has successfully applied VR products in multiple cultural tourism projects [4] - Demaji, another subsidiary, focuses on global brand creative marketing and has VR-related services, including the MJ holographic concert tour [4] Group 5: Corporate Governance - The company adheres to regulations such as the Shenzhen Stock Exchange's guidelines for small and medium-sized enterprises, ensuring no significant undisclosed information leaks occurred during the investor relations activities [5]

Group 1: Company Overview and Strategic Direction - Lingnan Ecological Culture Tourism Co., Ltd. began its strategic transformation in the second half of 2018, focusing on reducing high-risk businesses and promoting the development strategy of "solidifying landscaping, expanding water services, and strengthening cultural tourism" [3] - In the first half of 2019, the company shifted from "competing for projects" to "selecting projects," concentrating on coastal areas like the Yangtze River Delta and Pearl River Delta, while controlling project commencement conditions to pursue stable profit margins and good cash flow [3] Group 2: Financial Performance - For the first half of 2019, the company achieved operating revenue of CNY 3.304 billion, with a net profit attributable to shareholders of CNY 209 million [3] - The ecological environment construction and restoration business generated revenue of CNY 1.494 billion, with a gross profit of CNY 373 million and a net profit of CNY 46 million [3] - The water environment governance business reported revenue of CNY 1.315 billion, with a gross profit of CNY 278 million and a net profit of CNY 88 million [3] - The cultural tourism business achieved revenue of CNY 495 million, with a gross profit of CNY 211 million and a net profit of CNY 82 million [3] Group 3: Future Development Plans - In the second half of 2019, the company plans to continue advancing its development strategy of "solidifying landscaping, expanding water services, and strengthening cultural tourism" [3] - The cultural tourism industry is expected to benefit from improved policies and development environments, with the government encouraging the creation of small and thematic cultural tourism products [4] - The company aims to push more projects to fruition in the third and fourth quarters of 2019 to meet annual targets [4] Group 4: Financing and Debt Management - In the first half of 2019, the company maintained stable main business operations and achieved a total financing amount that grew steadily, while keeping a balanced debt ratio [5] - The company is optimizing its financing structure and increasing support from state-owned policy banks and large commercial banks, which provide substantial credit limits and favorable terms [5] - Future plans include using various financing methods to reduce costs and optimize debt structure, gradually lowering the debt ratio to support rapid business development [5] Group 5: Business Expansion and Strategic Focus - The company emphasizes quality and efficiency in business development, focusing on urban cultural tourism complexes, EPC projects, and new rural projects [6] - The strategic focus will be on ecological environment construction and restoration, water environment governance, and cultural tourism, aiming to enhance profitability in these sectors [6] - The company plans to leverage its strengths in various sectors to create a solid foundation for a comprehensive industry chain and provide high-quality operational services [6]