ST岭南公告称，"岭南转债"无法按期兑付本息，其信用等级被下调为C。公司近年业务受冲击，营收持 续下滑，2024年营收8.62亿元，同比降59.55%，净亏9.84亿元，亏损缩窄9.86%；2025年1 - 9月营收2.53 亿元，同比降68.75%，净亏2.06亿元，亏损缩窄23.34%。公司还面临持续经营、增信计划抵质押资产变 现、股票退市、诉讼等风险。近日，因金融借款合同纠纷，公司和子公司被列为第三人涉诉，案件未开 庭，影响未知。 ...

Group 1 - The company, Lingnan Ecological Culture and Tourism Co., Ltd., is facing significant financial difficulties, with a reported revenue of 861.84 million yuan in 2024, a decline of 59.55% compared to 2023 [3] - The net profit attributable to shareholders for 2024 was -984.33 million yuan, indicating a decrease in the scale of losses compared to the previous year [3] - The company has a high asset-liability ratio and declining profitability, leading to liquidity pressure and operational challenges [2][4] Group 2 - The company has issued convertible bonds known as "Lingnan Convertible Bonds" (code: 128044.SZ), which are currently at risk of defaulting on interest payments [2][8] - The credit rating for "Lingnan Convertible Bonds" has been downgraded to C, reflecting the company's deteriorating financial condition [2] - The company is facing potential litigation and arbitration due to overdue debts, which could further impact its financial stability and operational capabilities [2][6] Group 3 - The company has pledged assets 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 of the company's stock being delisted if the share price remains below 1 yuan for 20 consecutive trading days [6] - As of the end of 2024, the company had 251 pending lawsuits with a total claim amount of approximately 2.95 billion yuan, indicating a significant legal risk [6][7]