Tianmu Lake Tourism Co.,Ltd.(SH:603136) Xin Lang Cai Jing·2025-10-10 21:07Core Viewpoint - The Tianmu Lake Animal Kingdom project in Liyang, Jiangsu Province, has been terminated due to various challenges, marking a significant setback for Tianmu Lake Tourism Co., Ltd. and highlighting broader issues in the company's investment strategy [3][4]. Group 1: Project Termination - The Liyang Municipal Committee has decided to terminate the Animal Kingdom project and conduct a comprehensive investigation into related matters [3]. - Tianmu Lake confirmed the termination of its investment in the Animal Kingdom project and announced plans to hold a shareholder meeting to vote on related matters [3][4]. Group 2: Financial Performance - In the first half of 2025, Tianmu Lake reported revenues of approximately 246 million, a year-on-year decrease of 6.49%, while net profit attributable to shareholders was about 54.73 million, an increase of 4.12% [6]. - Despite a slight improvement in profitability, the company has paused new project investments and construction plans [6]. Group 3: Investment Challenges - Tianmu Lake raised approximately 300 million through convertible bonds in 2019, but only 27.95 million has been utilized for the planned projects, indicating a utilization rate of less than 10% [6][7]. - The company has redirected idle funds into financial investments due to delays in project execution, particularly for the Nanshan Xiaozhai Phase II project and the Yushui Hot Spring renovation [7]. Group 4: Regulatory and Environmental Issues - The Animal Kingdom project faced regulatory challenges as it was located within a significant protection area, leading to complications in obtaining necessary permits [5]. - The project was also impacted by environmental concerns, which contributed to its suspension [4][5].