Tianmu Lake Tourism Co.,Ltd.(SH:603136) Zhong Guo Jing Ying Bao·2025-10-09 04:44Core Viewpoint - The Tianmu Lake Animal Kingdom project in Liyang, Jiangsu Province, has been abruptly halted by local government due to various issues, marking a significant setback for Tianmu Lake Tourism Co., Ltd. [1][3] Group 1: Project Termination - The Liyang Municipal Committee has decided to terminate the implementation of the Animal Kingdom project and conduct a comprehensive investigation into related matters [3]. - Tianmu Lake confirmed the termination of its capital increase to the Animal Kingdom Company and announced a temporary shareholders' meeting to vote on this decision [1][3]. - The project was initially launched with a registered capital of 100 million yuan, with Tianmu Lake holding a 19.98% stake [3][4]. Group 2: Financial Performance - In the first half of 2025, Tianmu Lake reported approximately 246 million yuan in revenue, a year-on-year decrease of 6.49%, while net profit attributable to shareholders was about 54.73 million yuan, an increase of 4.12% [7]. - The company raised 300 million yuan through convertible bonds in 2019, but only 27.95 million yuan of the funds have been utilized for the planned projects, leading to an extension of the investment deadline to December 31, 2027 [8][9]. Group 3: Project Challenges - The Animal Kingdom project faced delays due to funding and environmental pressures, ultimately leading to its suspension [5][6]. - The project is located within a significant protection area, which restricts new constructions that may pollute the environment, complicating its development [6]. - Despite plans to optimize the construction scheme and attract social capital, the project did not resume as anticipated [6].