Core Viewpoint - The company has failed to utilize over 90% of the 300 million RMB raised five and a half years ago for specific projects, with most funds remaining idle in cash management [3][5][6]. Group 1: Fund Utilization - The company raised 300 million RMB through a bond issuance in 2019, with a net amount of 289.7 million RMB available for the "Nanshan Xiaozhai Phase II Project" and "Yushui Hot Spring (Phase I) Renovation Project" [5]. - As of June 30, 2025, only 1.02% of the planned 229.7 million RMB for the Nanshan Xiaozhai Phase II Project has been invested, amounting to 2.3452 million RMB, while 42.68% of the 60 million RMB for the Yushui Hot Spring project has been utilized, totaling 25.6082 million RMB [5][6]. Group 2: Project Delays - The company announced an extension of the investment timeline for both projects from December 31, 2025, to December 31, 2027, due to external factors and market conditions affecting execution [6]. - The company claims that the projects are still being pursued, with ongoing feasibility assessments and design work for the Nanshan Xiaozhai Phase II Project [6]. Group 3: Capital Increase for Animal Kingdom Project - The company planned to increase its investment in Jiangsu Tianmu Lake Animal Kingdom Tourism Co., Ltd. by 17.982 million RMB to support project funding, but this increase has not yet been executed, despite being announced over a year ago [7]. - The Animal Kingdom project has reportedly faced construction halts, with machinery found inactive on-site, raising concerns about the project's progress [7][9]. Group 4: Shareholding and Disclosure Issues - The major shareholder of the Animal Kingdom project has changed, with a new entity holding 77.0052% of the shares, which is not a state-owned enterprise, contradicting the company's claims about following state-owned capital arrangements [8]. - The company has been criticized for not providing complete and accurate disclosures regarding its shareholding in the Animal Kingdom project, particularly in its 2025 semi-annual report [8].

Core Viewpoint - The company has failed to utilize over 90% of the 300 million RMB raised five and a half years ago for specific projects, with most funds still sitting idle in financial management [2][3]. Group 1: Fund Utilization - The company raised 300 million RMB through a convertible bond issuance approved by the China Securities Regulatory Commission, with a net amount of 289.7 million RMB available for the "Nanshan Xiaozhai Phase II Project" and "Yushui Hot Spring (Phase I) Renovation Project" [3]. - As of June 30, 2025, only 234.52 thousand RMB (1.02%) has been invested in the Nanshan Xiaozhai Phase II Project, while 25.6 million RMB (42.68%) has been invested in the Yushui Hot Spring (Phase I) Renovation Project [3]. Group 2: Project Delays - The company announced an extension of the investment timeline for both projects from December 31, 2025, to December 31, 2027, due to external factors and market conditions affecting project execution [4]. - The company is actively optimizing the Nanshan Xiaozhai Phase II Project and has partially commenced the renovation of the Yushui Hot Spring, but the progress has been slower than planned [4]. Group 3: Capital Increase for Animal Kingdom Project - The company planned to increase its investment in Jiangsu Tianmuhu Animal Kingdom Tourism Co., Ltd. by 17.982 million RMB to support project funding, but this increase has not yet been executed, and rumors of project suspension have emerged [5]. - The Animal Kingdom project, with a total investment of 3.55 billion RMB, has reportedly halted construction, with machinery on-site inactive [5]. Group 4: Shareholding Changes - The major shareholder of the Animal Kingdom project has changed, with the new largest shareholder being a cooperative rather than a state-owned entity, which raises questions about the company's previous claims regarding its shareholding percentage [6]. - The company has not disclosed its exact shareholding percentage in the Animal Kingdom project in its latest reports, which may violate information disclosure requirements [6]. Group 5: Environmental Concerns - Some reports suggest that the suspension of the Animal Kingdom project may be related to planning and environmental issues, particularly due to its location within a natural ecological protection area [7].