LNGF(SZ:002717) Nan Fang Du Shi Bao·2025-09-09 12:39Core Viewpoint - Lingnan Ecological Culture Tourism Co., Ltd. is facing significant operational challenges, including continuous financial losses, legal disputes, and an investigation by the China Securities Regulatory Commission (CSRC) for alleged information disclosure violations [1][2][4]. Financial Performance - The company has reported consecutive losses over the past three years, with losses of 1.55 billion yuan in 2022, 1.09 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 operating 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 ruling 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 have been frozen due to ongoing litigation, representing 58.59% of the company's total bank accounts, with a total frozen amount of approximately 88.1 million yuan [7]. Management and Governance - The company's former controlling shareholder, Yin Hongwei, has faced legal issues, including the unauthorized transfer of 200 million yuan from the company, which remains unpaid as of December 31, 2024 [5][4]. - Yin Hongwei's shares, totaling 20 million, were auctioned for 33.65 million yuan due to debt disputes, with previous shares also subjected to forced sales [2][4]. Stock Performance - As of September 8, 2025, the stock price of ST Lingnan was 1.60 yuan per share, with a total market capitalization of approximately 2.91 billion yuan [8].