向不特定对象发行可转换公司债券 债券受托管理人 二〇二五年七月 重要声明 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 本报告依据《可转换公司债券管理办法》《岭南生态文旅股份有限公司与广 发证券股份有限公司关于岭南生态文旅股份有限公司 2018 年公开发行的可转换 公司债券之受托管理协议》（以下简称"受托管理协议"）《岭南生态文旅股份 有限公司公开发行可转换公司债券募集说明书》（以下简称"募集说明书"）等 相关公开信息披露文件、第三方中介机构出具的专业意见等，由债券受托管理 人广发证券股份有限公司（以下简称"广发证券"）编制。广发证券对本报告 中所包含的从上述文件中引述内容和信息未进行独立验证，也不就该等引述内 容和信息的真实性、准确性和完整性做出任何保证或承担任何责任。 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 ...

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].

Core Viewpoint - Lingnan Ecological Culture Tourism Co., Ltd. (ST Lingnan) has experienced significant stock price volatility, characterized by rapid fluctuations between涨停 (limit up) and 跌停 (limit down), reflecting high-risk speculative behavior among investors [2][4][5]. Group 1: Company Overview - ST Lingnan's main business segments include ecological environment construction and restoration (52.72% of revenue), water environment governance (42.33%), and cultural tourism (4.95%) as of the end of 2024 [3]. - The company has faced continuous net profit losses for three consecutive years from 2022 to 2024, with total losses amounting to 36.3 billion [3][6]. Group 2: Financial Performance - Total revenues for ST Lingnan from 2022 to 2024 were 25.69 billion, 21.31 billion, and 8.62 billion respectively, with net profits of -15.54 billion, -10.92 billion, and -9.84 billion [6]. - As of the end of 2024, the company had only 2.034 billion in cash while short-term borrowings reached 21.09 billion, indicating a significant liquidity crisis [6][7]. Group 3: Debt Issues - ST Lingnan has faced multiple overdue debts, with new overdue debts totaling 4.47 billion from February 22 to March 31, 2025, representing 21.25% of the audited net assets for 2023 [7]. - The company has acknowledged the potential for further legal actions and financial strain if debt issues are not resolved [7][8]. Group 4: Market Reactions - Following the designation of "ST," the stock price initially plummeted below 2 yuan, but later saw a recovery with a 40% increase during a series of涨停 days from May 19 to May 27 [4][5]. - The stock has been subject to significant speculation, with investors hoping for a turnaround due to the company's status as a state-owned enterprise undergoing reform [4][5].

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 二〇二五年五月 重要声明 本报告依据《可转换公司债券管理办法》《岭南生态文旅股份有限公司与广 发证券股份有限公司关于岭南生态文旅股份有限公司 2018 年公开发行的可转换 公司债券之受托管理协议》（以下简称"受托管理协议"）《岭南生态文旅股份 有限公司公开发行可转换公司债券募集说明书》（以下简称"募集说明书"）等 相关公开信息披露文件、第三方中介机构出具的专业意见等，由债券受托管理 人广发证券股份有限公司（以下简称"广发证券"）编制。广发证券对本报告 中所包含的从上述文件中引述内容和信息未进行独立验证，也不就该等引述内 容和信息的真实性、准确性和完整性做出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相 关事宜做出独立判断，而不应将本报告中的任何内容据以作为广发证券所作的 承诺或声明。在任何情况下，投资者依据本报告所进行的任何作为或不作为， 广发证券不承担任何责任。 一、"岭南转债"无法按期兑付 ...

Core Points - The company announced a cash dividend of 0.05 CNY per share for the fiscal year 2024, totaling 6,786,000 CNY to be distributed among shareholders [1][3] - The dividend distribution plan was approved at the annual shareholders' meeting held on April 16, 2025 [1][2] Distribution Plan - The dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the day before the dividend record date [2] - The total share capital used for the dividend calculation is 135,720,000 shares [3] Implementation Details - The cash dividends will be distributed through the clearing system of the China Securities Depository and Clearing Corporation Limited, with shareholders who have designated trading able to receive their dividends on the payment date [3] - For shareholders who have not designated trading, the dividends will be held by the China Securities Depository and Clearing Corporation Limited until they complete the necessary trading designation [3] Taxation Information - Individual shareholders holding shares for over one year will not be subject to personal income tax on the dividends, while those holding for one year or less will have taxes calculated upon the sale of shares [5] - Qualified Foreign Institutional Investors (QFII) will have a 10% withholding tax applied, resulting in a net dividend of 0.045 CNY per share [6] - For Hong Kong Stock Exchange investors, a similar 10% withholding tax applies, also resulting in a net dividend of 0.045 CNY per share [6] - Other institutional investors and corporate shareholders will receive the full dividend of 0.05 CNY per share, with tax obligations determined by local tax laws [6]

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]

Group 1 - The company, Daqian Ecological Environment Group Co., Ltd., approved the temporary use of idle raised funds not exceeding RMB 115 million to supplement working capital, ensuring it does not affect the construction of investment projects and the planned use of raised funds [1] - The approval was made during the fifth board meeting and the seventh supervisory board meeting held on June 27, 2024, with a usage period not exceeding 12 months from the date of approval [1] - The company has fully repaid the temporarily used raised funds of RMB 115 million back to the special account for raised funds as of the date of this announcement [2]

证券代码：300948 证券简称：冠中生态 债券代码：123207 债券简称：冠中转债 青岛冠中生态股份有限公司 投资者关系活动记录表 编号：2025-003 | 投资者关系活动 | □特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | 其他 2025 年青岛辖区上市公司投资者网上集体接待日活动 | | 参与单位名称及 | 参与公司 2025 年青岛辖区上市公司投资者网上集体接待日活动的投 | | 人员姓名 | 资者 | | 时间 | 2025 年 5 月 12 日(星期一)下午 15:00-17:00 | | 地点 | 全景网"投资者关系互动平台"（https://ir.p5w.net） | | 上市公司接待人 | 1、总经理许剑平女士 | | 员姓名 | 2、副总经理、董事会秘书张方杰先生 | | | 3、财务总监徐宏先生 公司于 2025 年 5 月 12 日参加了由青岛证监局指导，青岛市上市公司 | | | 协会与深圳市全景网络有限公司联合举办的"2025 年青岛辖区上市公 | ...

证券代码：002717.SZ 证券简称：ST 岭南 向不特定对象发行可转换公司债券 债券受托管理人 二〇二五年五月 重要声明 本报告依据《可转换公司债券管理办法》《岭南生态文旅股份有限公司与广 发证券股份有限公司关于岭南生态文旅股份有限公司 2018 年公开发行的可转换 公司债券之受托管理协议》（以下简称"受托管理协议"）《岭南生态文旅股份 有限公司公开发行可转换公司债券募集说明书》（以下简称"募集说明书"）等 相关公开信息披露文件、第三方中介机构出具的专业意见等，由债券受托管理 人广发证券股份有限公司（以下简称"广发证券"）编制。广发证券对本报告 中所包含的从上述文件中引述内容和信息未进行独立验证，也不就该等引述内 容和信息的真实性、准确性和完整性做出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相 关事宜做出独立判断，而不应将本报告中的任何内容据以作为广发证券所作的 承诺或声明。在任何情况下，投资者依据本报告所进行的任何作为或不作为， 广发证券不承担任何责任。 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 风险提示 一、"岭南转债"无 ...

证券代码：300948 证券简称：冠中生态 债券代码：123207 债券简称：冠中转债 青岛冠中生态股份有限公司 投资者关系活动记录表 编号：2025-002 年公司的经营预算目标为实现利润总额 0-500 万元，较上年度增长 100%-110%。公司资金链平稳正常，截至 2025 年一季度末，公司货币 资金及各项在手理财产品余额为 3.59 亿元。目前公司部分项目受益于 专项债或专项扶持资金的预算安排，回款进度明显加快，但整体影响 不是太明显。公司会持续跟进各项目所在地的化债政策和实施方案， 积极推动涉及项目通过化债方式回款。公司将继续聚焦主业，坚持全 产业链的经营模式，提升公司在生态修复领域的竞争力，提高公司整 体盈利能力；注重投资者长期持续回报，适时采用增加现金分红金额、 股份回购等方式回馈投资者。感谢您的关注。 Q5：公司之后的盈利有什么增长点？ 回复：尊敬的投资者，您好。从目前的在手订单情况及业务结构 看，预计综合性治理、土地整治将是主要的业绩增长点。且当前公司 在零碳建筑、工厂化育苗（温室种植）、污水处理、发酵工艺及设备 等方向做了一些技术储备，在主业扎实、经营稳定基础上公司会内外 双向努力发掘新 ...