ST岭南：营收下滑、转债逾期，面临多方面风险

Core Viewpoint - ST Lingnan announced that "Lingnan Convertible Bonds" cannot be redeemed on time, and its credit rating has been downgraded to C [1] Financial Performance - The company's revenue has been continuously declining, with projected revenue for 2024 at 862 million, a year-on-year decrease of 59.55%, and a net loss of 984 million, with losses narrowing by 9.86% [1] - For the first nine months of 2025, the revenue is expected to be 253 million, a year-on-year decrease of 68.75%, with a net loss of 206 million, and losses narrowing by 23.34% [1] Risks and Challenges - The company faces ongoing operational challenges, risks related to the realization of pledged assets in the credit enhancement plan, potential stock delisting, and litigation issues [1] - Recently, due to a financial loan contract dispute, the company and its subsidiaries have been named as third parties in a lawsuit, with the impact of the case currently unknown [1]