张家界旅游集团股份有限公司（以下简称"公司"）根据《深圳 证券交易所股票上市规则》（以下简称"《上市规则》"）及《深圳证券 交易所上市公司自律监管指引第 14 号—破产重整等事项》等相关规 定的要求，现将公司预重整相关进展情况公告如下： 一、进展情况 2024 年 10 月 16 日，公司收到湖南省张家界市中级人民法院（以 下简称"张家界中院"或"法院"）送达的《通知书》和《决定书》， 张家界中院决定对公司启动预重整，并指定张家界旅游集团股份有限 公司清算组担任预重整临时管理人（以下简称"预重整临时管理人"）。 相关情况详见公司于 2024 年 10 月 18 日披露的《关于公司被债权人 申请重整及预重整暨法院决定对公司启动预重整的公告》（公告编号 2024-042）。 2024 年 10 月 28 日，公司披露《关于公司预重整债权申报的公 告》（公告编号 2024-049）。公司债权人应于 2024 年 11 月 30 日前（含 当日），根据《张家界旅游集团股份有限公司债权申报指引》向预重 整临时管理人申报债权，说明债权数额、债权性质、有无财产担保等 事项，并提供相关证据材料。 证券代码：000430 证券 ...

[Zhangjiajie Tourism Group Co., Ltd. 2025 Semi-Annual Performance Forecast](index=1&type=section&id=%E5%BC%A0%E5%AE%B6%E7%95%8C%E6%97%85%E6%B8%B8%E9%9B%86%E5%9B%A2%E8%82%A1%E4%BB%BD%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B82025%E5%B9%B4%E5%8D%8A%E5%B9%B4%E5%BA%A6%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A) This report provides the preliminary performance forecast for the first half of 2025, indicating a significant reduction in net loss compared to the prior year [Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E8%AE%A1%E6%83%85%E5%86%B5) The company anticipates continued losses in the first half of 2025, with net loss attributable to shareholders projected to significantly narrow to RMB 30 million to RMB 36 million 2025 Semi-Annual Performance Forecast | Item | Current Reporting Period (Jan 1 - Jun 30, 2025) | Prior Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders of Listed Company** | Loss: RMB 30 million - RMB 36 million (Year-on-year loss reduction: 50.95% - 41.14%) | Loss: RMB 61.1629 million | | **Net Profit After Deducting Non-Recurring Gains and Losses** | Loss: RMB 30 million - RMB 36 million (Year-on-year loss reduction: 51.01% - 41.22%) | Loss: RMB 61.2429 million | | **Basic Earnings Per Share** | Loss: RMB 0.07/share - RMB 0.09/share | Loss: RMB 0.15/share | [Communication with Accounting Firm](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8E%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%B2%9F%E9%80%9A%E6%83%85%E5%86%B5) The company explicitly states that the financial data in this performance forecast has not been audited by an accounting firm - The data in this performance forecast has not been audited by an accounting firm[4](index=4&type=chunk) [Explanation of Performance Change](index=1&type=section&id=%E4%B8%89%E3%80%81%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) The narrowed loss in the current period is primarily attributed to reduced depreciation, amortization, and financial expenses of the subsidiary Dayong Ancient City Company - The loss for the current period narrowed year-on-year, primarily due to reduced depreciation, amortization, and financial expenses of the subsidiary Dayong Ancient City Company[5](index=5&type=chunk) [Risk Warning](index=1&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company advises investors that the disclosed performance data is a preliminary, unaudited estimate, with final accurate figures to be detailed in the 2025 semi-annual report - The company emphasizes that the current performance forecast data is a preliminary estimate, unaudited, and the final data will be based on the official semi-annual report, advising investors to make cautious decisions[6](index=6&type=chunk)

Core Viewpoint - ST Zhangjiajie (000430) expects a net profit loss attributable to shareholders of the listed company between 30 million to 36 million yuan for the period from January 1, 2025, to June 30, 2025, indicating a reduction in loss compared to the same period last year by 50.95% to 41.14% [1] Financial Performance Summary - The net profit loss after deducting non-recurring gains and losses is also projected to be between 30 million to 36 million yuan, reflecting a decrease in loss of 51.01% to 41.22% compared to the previous year [1] - The basic earnings per share are expected to be a loss of 0.07 yuan to 0.09 yuan [1] - The performance forecast data has not been audited by an accounting firm [1]

Group 1 - The transportation industry is defined as a production sector that utilizes various transportation tools to facilitate the movement of passengers and goods along specific routes [1] - The main transportation tools include air transport, railways, highways, waterways, and pipelines [1] Group 2 - From 2015 to 2022, the passenger transport volume by road in China showed a declining trend, with a significant drop to 5.587 billion passengers in 2022. However, it is expected to rise to 11.781 billion passengers by 2024, reflecting a year-on-year growth of 7.0% [2] - The railway passenger transport volume in China experienced a steady increase from 2009 to 2019, but fell sharply to 2.2 billion passengers in 2020 due to the pandemic, a decrease of 39.9%. It is projected to recover to 4.31 billion passengers by 2024, with a year-on-year increase of 11.9% [6] - The civil aviation passenger transport turnover in China grew annually from 2015 to 2019, reaching 11,705.1 billion passenger-kilometers in 2019, an increase of 9.3%. However, it plummeted to 3,913.9 billion passenger-kilometers in 2022, a decline of 66.6% compared to 2019. By 2024, it is expected to reach 12,915.0 billion passenger-kilometers, showing a year-on-year growth of 25.3% [8] - The waterway passenger transport volume in China has shown fluctuations in recent years, with a significant decline following the COVID-19 pandemic. In 2021, the volume was 16 million passengers, dropping to 11.6 million passengers in 2022. It is anticipated to recover to 25.8 million passengers in 2023, with stability expected in 2024 [9]

Group 1: A-Level Tourist Attractions - The number of A-level tourist attractions in China is projected to increase annually, reaching 16,541 by the end of 2024, an increase of 820 from 2023 [1] - The number of directly employed personnel in A-level tourist attractions is expected to rise to 1.653 million by the end of 2024, an increase of 46,000 from 2023 [2] - The total number of visitors to A-level tourist attractions is anticipated to reach 6.76 billion in 2024, an increase of 1.01 billion from 2023 [4] - The total revenue generated by A-level tourist attractions is projected to be 481.42 billion yuan in 2024, an increase of 74.55 billion yuan from 2023 [5] Group 2: National Night Culture and Tourism Consumption Aggregation Areas - From 2021 to 2024, the Ministry of Culture and Tourism has announced three batches of national-level night culture and tourism consumption aggregation areas, totaling 345 [8] - The provinces with the highest number of selected areas include Shanghai, Jiangsu, Shandong, and Sichuan, each with 16 [10] - Other notable provinces include Zhejiang, Fujian, Guangdong, and Guangxi with 15 each, and Beijing, Jiangxi, Hunan, and Yunnan with 14 each [10]

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。 张家界旅游集团股份有限公司（以下简称"公司"）根据《深圳 证券交易所股票上市规则》（以下简称"《上市规则》"）及《深圳证券 交易所上市公司自律监管指引第 14 号—破产重整等事项》等相关规 定的要求，现将公司预重整相关进展情况公告如下： 证券代码：000430 证券简称：ST张家界 公告编号：2025- 030 张家界旅游集团股份有限公司 关于公司预重整事项的进展公告 一、进展情况 2024 年 10 月 16 日，公司收到湖南省张家界市中级人民法院（以 下简称"张家界中院"或"法院"）送达的《通知书》和《决定书》， 张家界中院决定对公司启动预重整，并指定张家界旅游集团股份有限 公司清算组担任预重整临时管理人（以下简称"预重整临时管理人"）。 相关情况详见公司于 2024 年 10 月 18 日披露的《关于公司被债权人 申请重整及预重整暨法院决定对公司启动预重整的公告》（公告编号 2024-042）。 2024 年 10 月 28 日，公司披露《关于公司预重整债权申报的公 告》（公告编号 2024-049）。公司 ...

Group 1 - Zhangjiajie Honghai Human Resources Co., Ltd. has been established with a registered capital of 2 million RMB, fully owned by Hunan Honghai Human Resources Co., Ltd. [1] - The legal representative of the company is Qin Fangmei, and it is located at No. 115, Ziwu Road, Dingli Building, Yongding District, Zhangjiajie City, Hunan Province [1] - The company operates in various sectors including human resources services, business training, legal consulting, project planning, and internet data services, among others [1] Group 2 - The business scope includes licensed projects such as vocational intermediary activities and internet live streaming technology services, which require approval from relevant authorities [1] - The company is classified under the national standard industry of leasing and business services, specifically in the comprehensive management services sector [1] - The business registration is valid until July 2, 2025, with no fixed term thereafter [1]

Group 1 - ST Zhangjiajie experienced a stock price increase of 2.97% by the end of trading on June 30, following exposure of the Da Yong Ancient City project, which has incurred a cumulative loss of 1.08 billion yuan over four years and is now on the brink of bankruptcy [2] - The company has been under other risk warnings from the Shenzhen Stock Exchange since April 17, 2023, due to negative net profits for three consecutive accounting years, raising concerns about its ability to continue as a going concern [2] - The Da Yong Ancient City project, with an investment scale of 2.443 billion yuan, has been a significant financial burden, with total assets of 1.395 billion yuan and total liabilities of 1.697 billion yuan, resulting in a negative net asset of 302 million yuan [3] Group 2 - ST Zhangjiajie, established in December 1992 and listed in 1996, is recognized as the first listed company in China's tourism sector, but unlike other tourism companies, it does not derive ticket revenue from the Zhangjiajie scenic area [3] - The company's revenue is primarily generated from environmental passenger transport, Baofeng Lake, and Yangjiajie cableway, with the Da Yong Ancient City project being classified as a heavy "liability" [3] - The tourism industry is facing challenges with the "artificial ancient city" model, which highlights the difficulties of relying on heavy asset expansion, long recovery periods, and the risk of becoming "ghost towns" due to excessive dependence on government subsidies [3]

Core Viewpoint - The tourism industry, once expected to thrive, is now facing significant challenges, highlighted by the bankruptcy of Qinghai Tourism Investment Group and the struggles of various tourism companies despite an increase in domestic travel and spending [2][3][4][8]. Group 1: Industry Challenges - Qinghai Tourism Investment Group and its subsidiaries have filed for bankruptcy, shocking the tourism sector [3]. - The company, which aimed for significant growth and public listing, mismanaged its resources, leading to a loss of 4.8 billion in registered capital [4]. - 44 listed companies in the tourism sector reported their Q1 earnings, with 25 experiencing negative revenue growth, accounting for 56.8% of the total [4]. Group 2: Financial Performance - Major airlines like China Southern Airlines, China Eastern Airlines, and Air China reported substantial losses in Q1, with losses of 747 million, 995 million, and 2.044 billion respectively [7]. - Despite a 26.4% increase in domestic travel and an 18.6% rise in spending, the tourism industry is struggling financially [8][9]. Group 3: Market Dynamics - The tourism market is saturated, with an increase in A-level scenic spots and travel agencies, yet average income has dropped by nearly 40% [31]. - Online travel platforms like Ctrip and Tongcheng are thriving, with Ctrip reporting a net profit of approximately 4.3 billion in Q1, showcasing the "shovel effect" where service providers profit while actual tourism businesses struggle [28][30]. Group 4: Shifts in Consumer Behavior - The tourism industry is transitioning to a 2.0 era, where experiential value is prioritized over mere scarcity of resources [46][50]. - Successful attractions like Jiuhua Mountain and Disney have capitalized on immersive experiences, contrasting with traditional scenic spots that fail to adapt [39][41]. Group 5: Future Outlook - Many tourism platforms are likely to face severe financial difficulties or bankruptcy if they cannot adapt to the changing market dynamics and consumer preferences [55][56]. - The current environment suggests a need for a significant restructuring within the tourism sector to eliminate ineffective players and allow successful entities to thrive [58][59].

Group 1 - The core issue of the Dayong Ancient City is its significant financial losses, amounting to 1.08 billion yuan over four years since its trial operation began in June 2021, leading to near bankruptcy [2][3] - The project, with an investment scale of 2.443 billion yuan, has been under scrutiny, and the local government has initiated corrective measures following media exposure [2][4] - The company operating Dayong Ancient City has been placed under restructuring by the Zhangjiajie Intermediate People's Court due to poor operational performance, resulting in its stock being marked with risk warnings [2][3] Group 2 - The decision-making process behind the Dayong Ancient City project has been criticized for being impulsive, with local officials promoting it as a major tourism project without proper market analysis [4][5] - The project was launched amidst a nationwide trend of developing ancient towns, with over 2,800 such projects initiated around the same time, leading to oversaturation and competition [3][4] - The operational model of Dayong Ancient City has been deemed unsustainable, with only the parking lot generating revenue, while the main attractions remain underutilized [6] Group 3 - The media coverage has prompted local authorities to reflect on past decision-making failures and the need for accountability to prevent similar issues in the future [5][6] - The situation highlights a broader trend of poorly conceived tourism projects across the country, where many lack unique characteristics and ultimately fail to attract visitors [6] - The urgency for restructuring and rethinking strategies is emphasized, as other similar projects should learn from Dayong Ancient City's challenges to avoid repeating mistakes [6]