LNGF(SZ:002717) Zheng Quan Zhi Xing·2025-08-22 16:36Core 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 operational challenges [2][3][4]. 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 Risks - The credit rating of the "Lingnan Convertible Bonds" 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 - The company is involved in multiple lawsuits, with 251 pending cases as of December 31, 2024, amounting to 2.95 billion yuan in claims [7]. - There is a risk of stock delisting if the company's share price remains below 1 yuan for 20 consecutive trading days [6]. Asset Management and Pledge Risks - The company has pledged assets to secure the convertible bonds, but the realizable value of these assets is uncertain due to long repayment cycles and the need for cooperation from various parties [5][6]. - The company has not yet received written consent from project owners regarding the pledge of accounts receivable and equity, which complicates the situation [5]. Management and Oversight - GF Securities has been appointed as the trustee for the convertible bonds and is monitoring the situation closely to protect the interests of bondholders [8].