Group 1 - The pollution incident in a natural cave in Cili County, Zhangjiajie City, Hunan Province has prompted a comprehensive cleanup and investigation effort, with 2.7 tons of waste removed from the Yangjiapo cave in the past week [1] - The pollution is attributed to historical negligence, with waste accumulation dating back ten years when there was no unified garbage collection system and low environmental awareness among residents [1] - Local authorities are implementing multiple measures to address the pollution, including setting up no-dumping signs, enhancing livestock farm supervision, and monitoring water quality in the Liao River basin to ensure drinking water safety [2] Group 2 - The pollution was first detected on May 8, following heavy rainfall that caused wastewater to flow into the Changtan River, leading to an investigation that identified the pollution source by May 22 [2] - The Cili County Environmental Risk Investigation and Disposal Task Force has initiated legal proceedings against three livestock farmers suspected of illegal waste discharge [2] - Current monitoring results indicate that the water quality of the Liao River drinking water source is stable and meets Class II surface water standards [2]

湖南人和人（张家界）律师事务所 关于张家界旅游集团股份有限公司 2024 年度股东会的法律意见书 湘人张（2025）法意字 54 号 致：张家界旅游集团股份有限公司 湖南人和人（张家界）律师事务所接受张家界旅游集团股份 有限公司(以下简称"公司")的委托,指派本所律师参加公司 2024 年度股东会（以下简称"本次会议"）。本所律师根据《中华人 民共和国公司法》（以下简称"《公司法》"）、《上市公司股 东会规则》（以下简称"《规则》"）、《深圳证券交易所上市 公司股东会网络投票实施细则》（以下简称"《网络投票细则》"）、 《张家界旅游集团股份有限公司章程》（以下简称"《公司章程》"）， 按照律师行业公认的业务标准、道德规范和勤勉尽责精神，出具 本法律意见书。 为出具本法律意见书，本所律师谨作如下声明： 1、本所律师所发表的法律意见，仅依据本法律意见书出具日 以前发生或存在的事实并基于本所律师对有关法律、法规和规范 性文件的理解而形成。在本法律意见书中，本所律师仅就公司本 次会议的召集和召开程序、出席会议人员和召集人的资格、会议 的表决程序和表决结果等事项进行审查和见证后发表法律意见， 1 不对本次会议所审议议案 ...

证券代码：000430 证券简称：ST张家界 公告编号：2025-028 张家界旅游集团股份有限公司 特别提示： 1、本次股东大会无增加、变更、否决提案的情况； 2、本次会议审议议案均对中小投资者的表决单独计票。 一、会议召开和出席情况 （一）会议召开情况 2024 年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 1、会议召开的日期、时间： 现场会议时间为：2025 年 5 月 22 日 14:30 至 16:30 网络投票时间为：2025 年 5 月 22 日 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为： 2025 年5 月22日上午9:15－9:25、9:30－11:30，下午13:00－15:00； 通过深圳证券交易所互联网投票系统投票的具体时间为：2025 年 5 月 22 日上午 9:15-下午 15:00 期间的任意时间。 2、现场会议地点：张家界国际大酒店二楼会议室。 3、会议的召开方式：本次股东大会以现场投票与网络投票相结 合的方式召开。 4、会议召集人：公司董事会。 5、现场会议主持人：公司董事长张坚持先生 ...

Core Viewpoint - The launch of the fantasy martial arts drama "Legend of the Immortal Realm" marks a significant cultural and tourism initiative in Zhangjiajie, integrating local resources and promoting the region's unique landscape and heritage [1][5][11]. Group 1: Production and Collaboration - "Legend of the Immortal Realm" consists of 24 episodes and is produced by Shenzhen Dashi International Cultural Industry Group, with sponsorship from Shaanxi Xifeng Liquor [3][11]. - The production team includes notable figures such as Yang Buting, former deputy director of the National Film Bureau, and renowned action director Ma Zhongxuan [3][9]. - The project has received strong support from various government and cultural tourism sectors, highlighting its significance to local development [4][10]. Group 2: Cultural and Tourism Integration - The drama aims to showcase Zhangjiajie's stunning landscapes, including Wulingyuan's peaks and Tianmen Mountain's cloud sea, enhancing the region's appeal as a tourist destination [6][10]. - The integration of local products like "Yongding Mei Tea" and "Sangzhi White Tea" into the narrative exemplifies the deep connection between film, tourism, and agriculture [8][10]. - The project is positioned as a bridge between film art and tourism economy, aiming to elevate Zhangjiajie's international profile [6][11]. Group 3: Artistic and Market Potential - The series is designed to resonate with audiences through its themes of emotional growth and destiny, reflecting cultural values of belief, courage, and personal development [7][11]. - The project has been recognized by the National Radio and Television Administration, indicating its thematic depth and production quality [8]. - The collaboration with Xifeng Liquor adds a unique cultural dimension to the series, enhancing its narrative richness [11].

Group 1 - The tourism market is experiencing a recovery, but there are complaints from two groups: workers traveling during holidays facing high costs and overcrowding at popular destinations [1][2] - Despite the challenges, the travel enthusiasm continues, with Ctrip reporting a 23% year-on-year increase in domestic travel bookings during the Dragon Boat Festival [3] - The overall spending on tourism has increased, which is generally positive for tourism-related companies [4] Group 2 - However, many scenic tourism companies are struggling financially, with only four out of 18 listed companies showing growth in both revenue and profit for 2024 [6][13] - Guilin Tourism, a major player, reported a net loss of 204 million yuan in 2024, a staggering decline of 1830.7% year-on-year, despite high visitor numbers [8][9] - The trend of increasing visitors leading to greater losses is noted, with some companies facing severe financial difficulties [18] Group 3 - The financial struggles of tourism companies are attributed to various factors, including a decline in visitor numbers for natural scenic spots and increased competition from new attractions [22][29] - For instance, Zhangjiajie saw a drop in visitors from nearly 80 million in 2019 to 35.7 million in 2024 [24] - Many natural scenic companies are facing challenges due to low repeat visitor rates and declining ticket prices, impacting their revenue [29] Group 4 - Theme park companies like Haichang Ocean Park are also experiencing revenue declines despite increased visitor numbers, with ticket revenue dropping from 903 million yuan in 2023 to 895 million yuan in 2024 [36] - The overall revenue for Haichang Ocean Park decreased by 0.13% due to the impact of consumer spending trends [37] - Even companies like Songcheng Performing Arts, which reported growth, are facing challenges with core project revenues declining significantly [39] Group 5 - Some companies are successfully adapting to the changing market by diversifying their offerings and focusing on new projects, such as Songcheng Performing Arts, which saw a 25.49% increase in revenue in 2024 [43] - The company has shifted its focus to popular tourist cities and lower-tier markets, resulting in significant revenue growth from new projects [45] - Innovative experiences and interactive projects are becoming essential for attracting visitors, as seen with the success of the Laojieling scenic area [54][56]

Core Viewpoint - The local tourism companies in China, once considered prestigious, are now facing significant financial losses and operational challenges, raising questions about their management and sustainability in the current market environment [2][12][26]. Financial Performance - Guilin Tourism reported a net loss of 200 million yuan in 2024, accumulating losses of nearly 1 billion yuan since 2020 [2][3]. - Qujiang Cultural Tourism incurred a loss of 131 million yuan in 2024, with total losses nearing 600 million yuan over three years [2]. - Zhangjiajie experienced a net loss of 582 million yuan in 2024, with cumulative losses exceeding 1.3 billion yuan over five years [2][10]. Management and Operational Issues - Many local tourism groups operate under a "debt-first, project-later" philosophy, leading to a mismatch between financing needs and operational capabilities [14][25]. - Management teams often lack the necessary expertise, as many come from bureaucratic backgrounds rather than tourism or business sectors [14][25]. - There is a prevalent issue of projects being initiated without proper market research or operational planning, resulting in poor performance and financial losses [16][20]. Market Dynamics - Despite high visitor numbers, many projects fail to generate profit, leading to a reliance on debt financing to sustain operations [7][21]. - The current market is becoming less forgiving, with stricter regulations on financing and project approvals, making it harder for companies to secure funding based on optimistic projections [28][29]. Future Outlook - The local tourism sector may face further declines, with many companies potentially unable to recover without significant changes to their operational models [26][29]. - There is a need for local tourism companies to acknowledge their issues and adjust their strategies, focusing on sustainable practices rather than merely seeking new funding [29].

Core Viewpoint - ST Zhangjiajie is facing significant financial distress, with high debt levels and ongoing legal issues that threaten its operational viability [2][5]. Financial Performance - As of the end of 2024, Zhangjiajie's asset-liability ratio reached 86.12%, with current liabilities amounting to 6.998 billion yuan, while current assets were only 101 million yuan, indicating severe liquidity issues [2][5]. - The company reported a revenue of 432 million yuan in 2024, a year-on-year increase of 2.77%, but incurred a net loss of 582 million yuan, a 143.22% increase in losses compared to the previous year [3][4]. - Over the past five years, Zhangjiajie has accumulated losses totaling over 1.309 billion yuan [3][4]. Legal Issues - On May 15, 2024, Zhangjiajie and its subsidiaries were sued by Hunan Construction Group for 386 million yuan, contributing to the company's financial strain [2][3]. - Hunan Construction claims damages due to project delays, seeking compensation from Zhangjiajie and other parties involved [2][3]. Operational Challenges - The Duyong Ancient City project has been a significant burden, with delays in opening and underperformance since its trial operation began in 2021 [4]. - In 2024, Duyong Ancient City generated only 4.1424 million yuan in revenue, a decrease of 20.47%, and reported a net loss of 596 million yuan, with losses doubling year-on-year [4]. Restructuring Efforts - Zhangjiajie initiated a pre-restructuring process in October 2024, with the period extended until July 16, 2025, amid concerns over its ability to meet debt obligations [5]. - The company has faced multiple lawsuits and has had bank accounts frozen, indicating a critical state of financial distress [5].

来源：金融界 经营范围含许可项目：旅游业务;住宿服务;营业性演出;高危险性体育运动（潜水）;通用航空服务（依 法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以批准文件或许可证件为准） 组织文化艺术交流活动;旅游开发项目策划咨询;农村民间工艺及制品、休闲农业和乡村旅游资源的开发 经营;会议及展览服务;专业设计服务;露营地服务;租赁服务（不含许可类租赁服务）;商业综合体管理服 务;柜台、摊位出租;食品互联网销售（仅销售预包装食品）;健身休闲活动;农产品的生产、销售、加 工、运输、贮藏及其他相关服务;文物文化遗址保护服务;信息技术咨询服务;电影摄制服务;摄像及视频 制作服务（除依法须经批准的项目外，自主开展法律法规未禁止、未限制的经营活动） 企业名称张家界青溪云廷旅游投资有限公司法定代表人赵国辉注册资本1200万人民币国标行业住宿和餐 饮业>住宿业>一般旅馆地址湖南省张家界市永定区教字垭镇青云桥村狮子脑企业类型有限责任公司 （非自然人投资或控股的法人独资）营业期限2025-5-15至无固定期限登记机关张家界市市场监督管理 局 天眼查App显示，近日，张家界青溪云廷旅游投资有限公司成立，法定代表人为 ...

Core Viewpoint - ST Zhangjiajie is facing a lawsuit from Hunan Construction Group for a total amount of 386 million yuan, which is part of ongoing financial difficulties and restructuring efforts [1][2][3] Group 1: Legal Issues - Hunan Construction Group filed a lawsuit against ST Zhangjiajie and its subsidiary, Duyong Ancient City Development Co., claiming damages due to project delays [1][2] - The lawsuit involves a construction contract for the Duyong Ancient City project, with claims of significant losses due to delays attributed to both ST Zhangjiajie and a third-party design firm [2][3] - The total amount claimed in the lawsuit is 386 million yuan, with additional claims for priority repayment rights and joint liability for debts [3] Group 2: Financial Performance - ST Zhangjiajie reported a net loss of 582 million yuan in 2024, marking the largest loss since its listing, primarily due to the underperformance of Duyong Ancient City [4][5] - The company has experienced continuous losses since 2020, with cumulative losses increasing each year, totaling 2.39 billion yuan in 2023 [5] - As of the first quarter of 2025, ST Zhangjiajie had total assets of 2.1 billion yuan and total liabilities of 1.82 billion yuan, resulting in a debt-to-asset ratio of 87.55% [5] Group 3: Restructuring Efforts - The company is currently undergoing a pre-restructuring process, which has been extended until July 16, 2025, to facilitate potential recovery [4] - A total of 47 potential investors have expressed interest in the restructuring process, with 45 submitting investment proposals [5] - The company aims to leverage new investments to revitalize its tourism assets and improve operational capabilities, focusing on sustainable development [5]

Group 1 - The company Zhangjiajie Tourism Group Co., Ltd. and its wholly-owned subsidiary, Zhangjiajie Dayong Ancient City Development Co., Ltd., are involved in a bankruptcy debt confirmation dispute initiated by Hunan Construction Group Co., Ltd. [1][2] - The lawsuit has been accepted by the Zhangjiajie Intermediate People's Court, with the case number and details of the parties involved specified [1][2] - The plaintiff, Hunan Construction Group, claims significant losses due to a construction delay of 1,070 days caused by the defendants and the third party, seeking compensation [2] Group 2 - The total amount claimed by Hunan Construction Group in the bankruptcy debt is approximately RMB 530 million, with RMB 144 million confirmed by the management of Dayong Ancient City [2] - As of the announcement date, the company has reported two additional lawsuits with a total amount of approximately RMB 21 million, with no other undisclosed litigation matters [2] - The impact of the ongoing lawsuit on the company's current and future profits remains uncertain until the court's judgment is made [2]