ST Lingnan: Declining revenue, overdue convertible bonds, facing multiple risks.

ST Lingnan announced that the company is facing multiple risks. The "Lingnan Convertible Bonds" are unable to be redeemed on time, and the company's main body and bond credit rating have been downgraded to C. In terms of performance, in 2024, the operating income was 862 million yuan, a year-on-year decrease of 59.55%, and the net profit was a loss of 984 million yuan, a decrease of 9.86%; from January to September 2025, the operating income was 253 million yuan, a year-on-year decrease of 68.75%, and the net profit was a loss of 206 million yuan, which narrowed the loss by 23.34%. The uncertainty of realizing the pledged assets in the credit enhancement plan, and the risk of delisting of stocks. As of January 21, 2026, there were new lawsuits and arbitration involving a total of 131 million yuan, accounting for 12.34% of the latest audited net assets attributable to the mother company.