LNGF(SZ:002717)2023-04-28 16:00Financial Performance - Lingnan Eco & Culture-Tourism Co., Ltd. reported no cash dividends or stock bonuses for the fiscal year 2022[7]. - The company’s financial report for 2022 was confirmed to be true, accurate, and complete by the board of directors and management[6]. - The report period for the financial statements covers from January 1, 2022, to December 31, 2022[15]. - The company's operating revenue for 2022 was ¥2,568,665,761.33, a decrease of 46.48% compared to ¥4,799,436,513.85 in 2021[23]. - The net profit attributable to shareholders was -¥1,509,264,909.26, representing a decline of 3,311.92% from ¥46,989,526.76 in the previous year[23]. - The net cash flow from operating activities was -¥369,820,281.38, a decrease of 49.43% compared to -¥247,488,605.72 in 2021[23]. - The basic earnings per share dropped to -¥0.90 from ¥0.03 in 2021, marking a decline of 3,100.00%[23]. - Total assets at the end of 2022 were ¥17,217,672,220.53, down 9.79% from ¥19,086,037,664.69 at the end of 2021[23]. - The net assets attributable to shareholders decreased by 31.16% to ¥3,330,167,232.11 from ¥4,837,534,222.86 in 2021[23]. - The company reported a significant drop in net profit after deducting non-recurring gains and losses, with a figure of -¥1,527,293,518.92 for 2022[24]. - The company is facing uncertainty regarding its ability to continue as a going concern, as indicated by the negative net profit figures over the last three accounting years[23]. Business Operations and Strategy - The company has undergone changes in its business scope since its listing, focusing on landscape engineering and municipal projects[20]. - The company aims to enhance its market presence through strategic expansions in ecological restoration and cultural tourism, aligning with national green development goals[35]. - The management emphasizes the importance of ecological safety and sustainable development as key components of its operational strategy[37]. - The company is actively involved in government-funded public infrastructure projects, which are crucial for urban landscape and ecological restoration efforts[38]. - The company has established a dual main business structure of "ecological environment + cultural tourism," enhancing its competitive position in the industry[61]. - The company is focusing on optimizing its management model to enhance operational efficiency and resource allocation[64]. - The company aims to deepen collaboration across its three major segments: ecological environment construction, water environment governance, and cultural tourism[63]. - The company is focusing on high-quality projects with fast payment cycles and good operational efficiency to enhance development quality[118]. Market Trends and Future Outlook - The environmental protection and restoration sector is expected to grow due to increasing urbanization and demand for ecological services, with urban green space expanding from 2.3678 million hectares in 2012 to 3.4798 million hectares in 2021[38]. - The 2023 domestic tourism market is expected to see approximately 4.5 billion tourists, a year-on-year increase of 73%, recovering to about 76% of 2019 levels[46]. - The expected domestic tourism revenue for 2023 is around 4 trillion yuan, representing a year-on-year growth of approximately 89%, recovering to about 71% of 2019 levels[46]. - The company is exploring market expansion opportunities, particularly in the cultural tourism sector, but lacks specific numerical targets[125]. Risk Management - The company has faced no significant risks that could materially impact its operations during the reporting period[6]. - The management has outlined potential risks that the company may encounter in the future, which are detailed in the report[6]. - The company reported a significant increase in impairment provisions due to delayed payments and longer aging of receivables, leading to a year-on-year increase in impairment reserves[69]. - The company is facing multiple legal disputes, which may lead to uncertain costs and negatively affect its operational performance[122]. Governance and Compliance - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with legal requirements and maintaining the interests of minority shareholders[129]. - The company has established a strategic partnership with Tencent for tourism projects, enhancing its market position in the Greater Bay Area[126]. - The company has implemented a reasonable selection mechanism for senior management personnel, ensuring effective control over daily operations[131]. - The company has established a clear framework for shareholder rights and obligations, adhering to relevant laws and regulations[196]. - The company emphasizes the importance of transparency in its financial dealings and governance practices[196]. Research and Development - The company has a total of 469 authorized patents and 58 high-tech products, reflecting its commitment to research and innovation[66]. - R&D investment amounted to ¥99,232,069.18 in 2022, a decrease of 48.71% from ¥193,463,128.00 in 2021[86]. - The company aims to develop a low-cost, efficient decentralized wastewater treatment technology using fast-growing plants and composite microbial agents[85]. - The company is conducting research on the carbon sequestration capacity of typical landscaping plants in South China, establishing a carbon sink capability information database[86]. Human Resources and Management - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to 858.92 million CNY[154]. - The company has a performance-based remuneration system for its directors and senior management, which is assessed annually[153]. - The company has established a systematic incentive system tailored for various subsidiaries and business lines, significantly enhancing the retention of core talent[169]. - The company’s training program, launched in March 2017, aims to cultivate composite talents aligned with strategic development needs[170]. Social Responsibility - The company has actively participated in social responsibility initiatives, including poverty alleviation and rural revitalization efforts, aligning with national strategies[188]. - Lingnan Ecological Cultural Tourism Co., Ltd. actively participates in rural revitalization projects, enhancing community happiness through effective management models[191]. - The company is involved in the design and construction of the Jin Tan Town Luohuling Agricultural Tourism Boutique Village project, integrating leisure agriculture and cultural experiences[191].