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 the parent company for 2024 was -984.33 million yuan, indicating a reduction in the scale of losses compared to 2023 [3]. - For the first half of 2025, the net profit attributable to the parent company was -128.27 million yuan, a 50.02% improvement from the same period in 2024 [3]. Debt and Credit Risks - The credit rating of the company's convertible bonds, "Lingnan Convertible Bonds," has been downgraded to C, indicating a high risk of default [2]. - The company is experiencing liquidity pressure due to delayed project payments and high debt levels, which may affect its ability to secure future financing [2][4]. Legal and Regulatory Issues - The company is involved in multiple lawsuits, with 251 pending cases as of December 31, 2024, amounting to 2.95 billion yuan in claims [7]. - A recent court ruling has been made against the company in a loan dispute, which may further complicate its financial situation [8]. Asset Pledge and Collateral Risks - The company has pledged its 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 internal approvals [5][6]. - There is a risk that if the company faces bankruptcy 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, which could further erode investor confidence [6].

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 loss compared to the previous year [3]. - For the first half of 2025, the company reported a net profit of -128.27 million yuan, a 50.02% improvement from the same period in 2024 [3][8]. Debt and Credit Rating - The credit rating for the "Lingnan Convertible Bond" has been downgraded to C, indicating a high risk of default [2]. - The company is experiencing liquidity pressure due to overdue debts, which may lead to lawsuits and further financial strain [2][4]. Risk Factors - The company faces ongoing operational risks due to delays in project bidding and construction, resulting in poor cash flow and high asset-liability ratios [2][4]. - There is a risk of stock delisting if the share price remains below 1 yuan for 20 consecutive trading days [6]. - The company has 251 pending lawsuits with a total claim amount of 2.95 billion yuan, which may further impact its financial stability [7]. Management and Oversight - GF Securities has been appointed as the trustee for the convertible bonds and is monitoring the situation closely to protect the interests of bondholders [8]. - The company is required to establish a joint bank account for managing pledged assets related to the bonds, but this process is still incomplete [5][8].

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][3][4]. 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]. Debt and Credit Risks - The credit rating of the "Lingnan Convertible Bonds" has been downgraded to C, indicating a high risk of default [2]. - The company is experiencing liquidity pressure due to delayed project payments and high debt levels, which may affect its ability to secure future financing [2][4]. Legal and Regulatory Issues - The company is involved in multiple lawsuits, with 251 pending cases as of December 31, 2024, amounting to 2.95 billion yuan in claims [7]. - There is a risk of stock delisting if the company's share price remains below 1 yuan for 20 consecutive trading days [6]. Asset Management and Pledge Risks - The company has pledged assets to secure the convertible bonds, but the realizable value of these assets is uncertain due to long repayment cycles and the need for cooperation from various parties [5][6]. - The company has not yet received written consent from project owners regarding the pledge of accounts receivable and equity, which complicates the situation [5]. Management and Oversight - GF Securities has been appointed as the trustee for the convertible bonds and is monitoring the situation closely to protect the interests of bondholders [8].

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][3][4]. 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% compared to the same period in 2024 [3]. Debt and Credit Risks - The credit rating of the "Lingnan Convertible Bond" has been downgraded to C, indicating a high risk of default [2]. - The company is experiencing liquidity pressure due to delayed project payments and high asset-liability ratios, which may further weaken its financing capabilities [2][4]. Legal and Regulatory Issues - As of December 31, 2024, the company had 251 pending lawsuits with a total amount involved of 2.95 billion yuan, which is 13.02% of the latest audited net assets [7]. - The company is facing increased litigation risks due to payment delays to suppliers, which may further complicate its financial situation [6][7]. Asset Pledge and Collateral Risks - The company has pledged assets to secure the "Lingnan Convertible Bond," 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 files for bankruptcy within a year of the pledge, the collateral may be revoked [5]. Stock Market Risks - The company's stock is at risk of being delisted if the closing price remains below 1 yuan for 20 consecutive trading days, as per Shenzhen Stock Exchange regulations [6]. Management and Oversight - GF Securities has been appointed as the trustee for the "Lingnan Convertible Bond" and is monitoring the situation closely to protect the interests of bondholders [10].

在今年1月完成第一期偿付的基础上，ST岭南近期公布了第二期偿付方案。 公司将以每13张偿付1张，不足13张的偿付1张为准。债券实际面额保持不变，并按偿付数量扣减持有人所持仓 的债券数量。公司已将超3100万元资金划转至中国证券登记结算有限责任公司深圳分公司，用于岭南转债第二 期偿付。 第二期偿付金额超3100万元 7月28日晚间，ST岭南公告称，公司在今年1月22日召开了岭南转债2025年第一次债券持有人会议，审议通过 了《关于岭南转债偿债方案的议案》。 根据岭南转债偿债方案，公司已于2025年1月27日完成了岭南转债第一期偿付，第一期偿付后剩余债券本金为 41072.13万元，扣除第一期因处于司法/质押冻结状态而未偿付的0.21万元本金后，剩余债券本金为41071.92万 元。 对于第二期偿付，公告称，在2025年7月31日前，公司将以岭南转债剩余债券数量扣除第一期因司法/质押冻结 而暂未偿付的债券数量为基础（即410.72万张）进行部分偿付。具体偿付标准为，每13张偿付1张，不足13张 的偿付1张。债券实际面额保持不变，并按偿付数量扣减持有人所持仓的债券数量。公司已将3168.24万元划转 至中国证券登记 ...

Core Viewpoint - The company is facing significant financial challenges, including a substantial decline in revenue and net profit, which may impact its ability to meet obligations related to the "Lingnan Convertible Bond" [4][5][6]. Group 1: Bond Payment and Management - The second phase of repayment for the "Lingnan Convertible Bond" is scheduled for July 31, 2025, with partial repayment based on the number of bonds held [2][10]. - The actual face value of the bonds will remain unchanged, and the number of bonds held by investors will be adjusted according to the repayment [9][10]. - The bond trustee, GF Securities, is closely monitoring the situation and will ensure that the interests of bondholders are protected [10]. Group 2: Financial Performance - In 2024, the company's revenue was 861.84 million yuan, a decrease of 59.55% compared to 2023 [4]. - The net profit attributable to shareholders for 2024 was -984.33 million yuan, indicating a reduction in the scale of losses compared to the previous year [4]. - For the first quarter of 2025, the net profit attributable to shareholders was -66.40 million yuan, a 26.36% decrease in losses compared to the same period in 2024 [4]. Group 3: Operational Risks - The company is experiencing operational difficulties due to delays in project bidding and construction, leading to liquidity pressures and a high debt-to-asset ratio [3][5]. - There is a risk of litigation and arbitration due to payment delays to suppliers, with 251 pending lawsuits amounting to approximately 294.64 million yuan [8]. Group 4: Market and Regulatory Risks - The company's stock is at risk of delisting if the closing price remains below 1 yuan for 20 consecutive trading days [7]. - The company has not yet secured written consent for pledging accounts receivable and equity from project companies as collateral for the convertible bonds, which adds uncertainty to the asset's realizable value [6][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 the parent company 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 the parent company 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 repay the principal and interest of the "Lingnan Convertible Bond" on time, leading to a downgrade of its credit rating to C [2][4]. - The default on the bond may undermine other creditors' confidence in the company, exacerbating its financial strain and potentially leading to lawsuits and asset freezes [2][4]. Operational Challenges - The company has faced significant impacts on its ecological environment construction, water management, and cultural tourism businesses, resulting in delayed project bidding and construction [2][4]. - High asset-liability ratios and declining profitability have led to liquidity pressures [2][4]. Legal and Regulatory Issues - The company is involved in multiple lawsuits, with 251 pending cases as of December 31, 2024, amounting to 2.95 billion yuan in claims [6][7]. - The company faces risks of stock delisting if its share price remains below 1 yuan for 20 consecutive trading days [6]. Collateral and Asset Risks - The company has pledged its equity in Lingnan Water Group 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 are concerns regarding the potential for the collateral to be invalidated if the company files for bankruptcy within a year of the pledge [5][6].

Core Viewpoint - 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]. Debt and Credit Risk - The credit rating for the "Lingnan Convertible Bond" has been downgraded to C, indicating a high risk of default [2]. - The company is experiencing liquidity pressure due to delayed project payments and high debt levels, which may affect its ability to secure future financing [2][4]. Legal and Regulatory Issues - As of December 31, 2024, the company had 251 pending lawsuits with a total claim amount of 2.95 billion yuan, which represents 11.16% of the company's latest audited net assets [6][7]. - The company is at risk of being delisted if its stock price remains below 1 yuan for 20 consecutive trading days [6]. Asset Pledge and Collateral Risks - The company has pledged its receivables and equity as collateral for the "Lingnan Convertible Bond," 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]. Management and Oversight - GF Securities has been appointed as the trustee for the "Lingnan Convertible Bond" and is responsible for monitoring the company's compliance and the interests of bondholders [7][9].

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 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].