ST岭南：营收下滑、转债逾期，面临多重风险

Core Viewpoint - The company ST Lingnan announced that its "Lingnan Convertible Bond" cannot be redeemed on time, leading to a downgrade of its credit rating to C, which may impact its financing and performance, potentially resulting in delisting [1] Financial Performance - In 2024, the company's revenue is projected to be 862 million, a year-on-year decline of 59.55%, with a net loss of 984 million, a decrease in loss scale by 9.86% compared to the previous year [1] - For the first nine months of 2025, revenue is expected to be 253 million, reflecting a year-on-year drop of 68.75%, with a net loss of 206 million, narrowing the loss by 23.34% [1] Risks and Challenges - The company faces uncertainty regarding the monetization of pledged assets under its credit enhancement plan, along with risks of stock delisting and litigation [1] - Recently, the company has been prosecuted for alleged collusion in bidding [1]