LNGF(SZ:002717) Nan Fang Du Shi Bao·2025-09-08 10:16Core Viewpoint - Lingnan Ecological Culture Tourism Co., Ltd. is facing significant operational challenges, including continuous losses, legal disputes, and an investigation by the China Securities Regulatory Commission (CSRC) for suspected information disclosure violations [1][2]. Financial Performance - The company has reported losses for three consecutive years, with losses of 1.554 billion yuan in 2022, 1.092 billion yuan in 2023, and 984 million yuan in 2024. In the first half of 2025, the company generated revenue of 179 million yuan but incurred a net loss of 128 million yuan [5][6]. - In 2024, the company's revenue was approximately 861.84 million yuan, reflecting a 59.55% decrease compared to the previous year [6]. Legal Issues - Lingnan is involved in multiple significant lawsuits, including a judgment requiring the company to repay 297 million yuan in principal and accrued interest to the Agricultural Bank of China, totaling approximately 308 million yuan in claims [7]. - As of September 8, 2025, 341 out of 582 bank accounts (58.59%) have been frozen due to ongoing litigation, with a total frozen amount of approximately 88.1 million yuan [7]. Management and Governance - The former controlling shareholder, Yin Hongwei, is under investigation for alleged misuse of company funds, leading to a negative opinion in the internal control audit report for 2024 [3][4]. - Yin Hongwei has faced legal actions resulting in the judicial auction of 20 million shares, which sold for approximately 33.65 million yuan [1].