LNGF(SZ:002717) Zheng Quan Zhi Xing·2025-07-04 16:34Core 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].