证券代码：002717.SZ 证券简称：ST 岭南 债券代码：128044.SZ 转债简称：岭南转债 岭南生态文旅股份有限公司 向不特定对象发行可转换公司债券 债券受托管理人 二〇二五年八月 重要声明 据公司《关于"岭南转债"不能按期兑付本息的公告》（公告编号：2024- 进行本息兑付。 据公司《关于公司主体及相关债券信用等级的公告》（公告编号：2024- C，下调"岭南转债"的信用等级为 C。 "岭南转债"逾期事项可能会影响其他债权人对公司的信心，从而进一步 减弱公司融资能力，加剧公司资金紧张局面。如公司无法妥善解决，公司会因 逾期债务面临进一步的诉讼、仲裁、银行账户被冻结、资产被冻结等事项，也 可能需支付相关违约金、滞纳金和罚息，将会影响公司的生产经营和业务开展， 增加公司的财务费用，同时进一步加大公司资金压力，并对公司本年度业绩产 生影响。 此外，公司债务逾期事项可能导致公司退市。如无法妥善解决，将影响公 司在资本市场的声誉，同时影响投资者对公司的信心，并进一步影响公司股票 价格。公司可能因触及交易类强制退市情形而终止上市。 二、持续经营风险 近年来公司生态环境建设与修复业务、水务水环境治理业务及文化旅 ...

Report Industry Investment Rating No relevant content provided. Report's Core View - In Q2 2025, the overall default rate of credit bonds showed a downward trend, with a new first - time defaulting entity. The default repayment rate was stable with a slight increase, mainly driven by Sunac's repayment. There were 20 newly - added default bonds, mostly in the real - estate industry with many secondary extensions. The number of urban investment non - standard risk events decreased, while the number of commercial paper overdue entities remained high. Two hot credit events were the failure of AVIC Industry Finance's off - site repayment plan and the extension of a Zhejiang construction private enterprise's debt [2][4][14]. Summary According to the Table of Contents 1. Q2 2025: Overall Default Rate Continued to Decline, Repayment Rate Showed No Obvious Increase (1) Bond Default Rate - The overall default rate of credit bonds declined. There was one new first - time defaulting entity, Xinjie Investment Holding Group Co., Ltd. The default scale in Q2 was 5.938 billion yuan, and the default rates from April to June were 1.02%, 1.02%, and 1.00% respectively, showing a downward trend. The default rate of private - enterprise credit bonds also decreased, with the default amounts from April to June being 4.588 billion yuan, 1.35 billion yuan, and 0 yuan respectively, and the default rates being 9.02%, 9.00%, and 8.92% respectively, lower than that in Q1 [14]. (2) Default Repayment Rate - The cumulative default repayment rate in Q2 2025 was stable with a slight increase. The repayment rate in April was higher than that in the previous quarter, mainly due to Sunac's repayment. The principal repayment scale in Q2 increased compared with the previous quarter, with the repayment amounts from April to June being 3.561 billion yuan, 0.266 billion yuan, and 0.016 billion yuan respectively. Sunac had the largest repayment amount, reaching 3.247 billion yuan in Q2, with a repayment progress of 29%. Many real - estate enterprises were promoting debt restructuring, but the cash repayment for investors was limited [20][24][25]. (3) Credit Event Statistics - In Q2 2025, there were 20 newly - added default bonds in domestic bonds, with a total balance of 14.049 billion yuan. Among them, 18 bonds reached extensions, mostly secondary extensions of real - estate industry bonds, and 2 bonds had substantial defaults. Other industries involved included communication equipment, non - bank finance, and medical [28]. (4) Urban Investment舆情 - The number of urban investment non - standard risk events decreased by 12 from Q1 to Q2 2025, mainly distributed in Shandong. In terms of administrative levels, district - level and prefecture - level entities accounted for 86% and 14% respectively. The number of urban investment commercial paper overdue entities remained high, with 57, 55, and 56 entities in April, May, and June respectively, mainly distributed in Shandong and Yunnan [31][33]. 2. Hotspot Analysis: AVIC Industry Finance's Off - site Repayment Plan Rejected, Zhejiang Construction Private Enterprise's Debt Extension (1) AVIC Industry Finance - AVIC Industry Finance planned to transfer off - site for orderly repayment but was not approved by the bondholders' meeting. Its stock was delisted, and it failed to disclose its 2024 annual report. As of July 23, 2025, it had 19 outstanding bonds, with a domestic bond balance of 20.47 billion yuan and overseas bonds of 300 million US dollars. With the support of AVIC Industry Group and its own equity assets that can be realized, the bond default risk was relatively controllable [39][40][49]. (2) Xinjie Holdings - Xinjie Holdings is a Zhejiang private construction enterprise. Its only outstanding bond, "23 Xinjie 01", with a balance of 350 million yuan, had its interest payment and maturity dates extended. The company's construction business income has been declining for three years, and it faces risks such as shrinking housing construction business, large asset restrictions, concentrated short - term debt repayment pressure, and increased guarantee compensation pressure [53][58][59].

Core Viewpoint - The company, Lingnan Ecological Culture and Tourism Co., Ltd., is facing significant financial difficulties, including the inability to repay its convertible bonds on time, which may lead to further legal and financial repercussions [2][4][6]. Financial Performance - In 2024, the company's operating revenue was 861.84 million yuan, a decline of 59.55% compared to 2023 [3]. - The net profit attributable to shareholders for 2024 was -984.33 million yuan, indicating a reduction in the scale of losses compared to 2023 [3]. - For the first quarter of 2025, the net profit attributable to shareholders was -66.40 million yuan, a decrease of 26.36% in losses compared to the same period in 2024 [3]. Bond Default Risk - The company announced that it could not make timely principal and interest payments on the "Lingnan Convertible Bonds," leading to a downgrade of its credit rating to C [2][4]. - The default on the bonds may undermine creditor confidence, further straining the company's financing capabilities and exacerbating its liquidity issues [2][4]. Legal and Operational Risks - The company is currently involved in multiple lawsuits, with 251 pending cases and a total claim amount of approximately 2.95 billion yuan [6][7]. - The ongoing financial strain has resulted in delayed payments to suppliers, potentially increasing the number of legal disputes [7]. Asset Pledge and Collateral Risks - The company has pledged its receivables and equity from project companies as collateral for the convertible bonds, but the realizable value of these assets is uncertain due to long collection periods and lack of market reference [5][6]. - There is a risk that if the company files for bankruptcy within a year of the collateral establishment, the pledge may be revoked [5][6]. Stock Delisting Risk - The company's stock is at risk of being delisted if its closing price remains below 1 yuan for 20 consecutive trading days, as per the Shenzhen Stock Exchange regulations [6].

Core Viewpoint - The announcement details the credit rating results for Jin Hong Holdings Group Co., Ltd. and highlights the company's ongoing financial difficulties, including defaults on bonds and significant losses in equity [2][5]. Financial Performance - In 2024, the company reported total operating revenue of 1.307 billion, a year-on-year increase of 6.12% [3] - The gas business generated revenue of 1.261 billion, up 4.92%, while the mining business saw a substantial increase of 54.45%, reaching 46 million [3] - As of the end of 2024, total assets amounted to 2.450 billion, a decrease of 9.51% from the previous year, and total equity fell by 60.27% to 146 million due to accumulated losses [3] Debt Obligations - The company has not been able to fully repay the principal on the "15 Jin Hong Bond" and "16 Zhongyou Jin Hong MTN001" [4] - As per the latest debt repayment plan, the company is required to repay 16.5% of the principal of the "15 Jin Hong Bond" by November 30, 2023, and 22% by June 30, 2024 [4] - As of March 31, 2025, the company had not met its funding targets for these repayments, and by May 30, 2025, it had paid 688 million in principal and interest, with a remaining principal of 112 million [4] Credit Rating - Due to ongoing financial struggles, the credit rating agency has maintained the company's long-term credit rating at C, as well as the ratings for the "15 Jin Hong Bond" and "16 Zhongyou Jin Hong MTN001" at C [5] - The company continues to face other risk warnings, has been listed as a dishonest executor, and is involved in multiple lawsuits [5]

Core Viewpoint - The company, Lingnan Ecological Culture and Tourism Co., Ltd., is facing significant financial difficulties, including the inability to repay its convertible bonds on time, which may lead to further legal and operational challenges [2][4][6]. Financial Performance - In 2024, the company's operating revenue was 861.84 million yuan, a decline of 59.55% compared to 2023 [3]. - The net profit attributable to shareholders for 2024 was -984.33 million yuan, indicating a reduction in the scale of losses compared to 2023 [3]. - For the first quarter of 2025, the net profit attributable to shareholders was -66.40 million yuan, a decrease in losses by 26.36% compared to the same period in 2024 [3]. Debt and Credit Risks - The company has announced that it cannot repay the principal and interest of the "Lingnan Convertible Bonds" on time, leading to a downgrade of its credit rating to C [2]. - The overdue status of the bonds may undermine creditor confidence, further straining the company's financing capabilities and exacerbating its liquidity issues [2][4]. Legal and Operational Challenges - As of December 31, 2024, the company had 251 pending lawsuits with a total amount in dispute of 2.95 billion yuan, which represents 12.75% of the company's latest audited net assets [6][7]. - The company is experiencing delays in project bidding and construction, which have negatively impacted cash flow and operational performance [2][4]. Asset Pledge and Collateral Risks - The company has pledged its equity in Lingnan Water Group Co., Ltd. as collateral for the convertible bonds, but the realizable value of these assets is uncertain due to the nature of the receivables and the need for cooperation from various parties [5][6]. - There is a risk that if the company is declared bankrupt within a year of the collateral establishment, the pledge may be revoked [5]. Stock Market Risks - The company's stock is at risk of being delisted if its share price remains below 1 yuan for 20 consecutive trading days, as per the Shenzhen Stock Exchange regulations [6].

Open Market Operations - The central bank announced a 7-day reverse repurchase operation of 164 billion yuan at a fixed rate of 1.40% on June 11, with 214.9 billion yuan of reverse repos maturing on the same day, resulting in a net withdrawal of 50.9 billion yuan [1]. Funding Conditions - Continuous net withdrawal by the central bank had little impact on short-term funding rates in the interbank market, with overnight pledged repo rates slightly rising to around 1.36% and 7-day pledged repo rates increasing by over 2 basis points [3]. Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit among major banks remained stable at around 1.67% [6]. Bond Market - The closing prices for government bond futures showed an increase, with the 30-year main contract rising by 0.23%, the 10-year by 0.06%, the 5-year by 0.07%, and the 2-year by 0.02% [11]. Economic and Trade Negotiations - The Chinese and U.S. trade representatives engaged in professional and in-depth discussions in London, reaching a framework agreement based on previous communications between the two countries' leaders [12]. - U.S. Commerce Secretary expressed that the negotiations were progressing smoothly, highlighting the importance of the discussions [12]. Global Macro Developments - The Bank of England is considering increasing the flexibility of its Indexed Long-Term Repo (ILTR) tool, raising the total available reserves for each auction from 25 billion pounds to 35 billion pounds [14]. Bond Market Events - Several companies faced significant debt repayment issues, including R&F Properties failing to repay "20 R&F Properties PPN001" and Shenzhen Longguang Holdings unable to settle 29.8457 billion yuan in debt [16]. - The issuance of "Er Yong Bonds" by commercial banks is accelerating, with planned issuances exceeding 770 billion yuan [16].

Group 1 - Ukraine will skip the payment of GDP-linked bonds due on June 2 [1]

Group 1 - The core issue is that Sichuan Blu-ray Development Co., Ltd. failed to make timely and full payment of principal and interest on its first phase medium-term notes, "21 Blu-ray MTN001," triggering cross-default protection clauses [1][2] - The bond was issued with a total scale of 1 billion and a coupon rate of 7.50%, with an original maturity date of March 11, 2023 [6] - The issuer held a bondholder meeting on July 27, 2021, but failed to reach a waiver resolution, leading to a substantial default on August 2, 2021 [2][3] Group 2 - As of the announcement date, there is no specific repayment arrangement plan for the bond [3] - The company plans to maintain good communication with bondholders and respond to their demands [3][4] - The company aims to develop and implement a repayment plan and secure repayment funds as soon as possible [5][6]