*ST Lingnan announced that “Lingnan Convertible Bonds” is unable to pay principal and interest on schedule, and that the credit ratings of the company's principal and “Lingnan Convertible Bonds” have all been downgraded to C. Revenue in 2025 was 112 million yuan, down 86.99% year on year, net loss was 2,336 million yuan, and loss increased by 137.29%; Q1 revenue in 2026 was 40 million yuan, down 41.27% year on year, net loss was 134 million yuan, and loss increased by 101.10%. Furthermore, risks such as monetization of pledged assets, delisting of company shares, and lawsuits still exist in credit enhancement plans. As of July 14, 2026, the amount involved in additional lawsuits and arbitration was 196 million yuan, totaling 14.53% of the absolute value of net assets. The company will hold the first “Lingnan Bond Exchange” 2026 bondholders' meeting on August 3.

*ST Lingnan announced that “Lingnan Convertible Bonds” is unable to pay principal and interest on schedule, and that the credit ratings of the company's principal and “Lingnan Convertible Bonds” have all been downgraded to C. Revenue in 2025 was 112 million yuan, down 86.99% year on year, net loss was 2,336 million yuan, and loss increased by 137.29%; Q1 revenue in 2026 was 40 million yuan, down 41.27% year on year, net loss was 134 million yuan, and loss increased by 101.10%. Furthermore, risks such as monetization of pledged assets, delisting of company shares, and lawsuits still exist in credit enhancement plans. As of July 14, 2026, the amount involved in additional lawsuits and arbitration was 196 million yuan, totaling 14.53% of the absolute value of net assets. The company will hold the first “Lingnan Bond Exchange” 2026 bondholders' meeting on August 3.