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]

证券代码：000430 证券简称：ST张家界 公告编号：2025-027 张家界旅游集团股份有限公司 关于公司及子公司诉讼的公告 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。 特别提示： 1.案件所处的诉讼阶段:法院已受理，尚未开庭。 2.上市公司所处的当事人地位:被告。 3.涉案的金额:385,777,004.64 元(除诉讼相关费用外)。 4.对上市公司损益产生的影响:截至本公告日，上述诉讼案件尚 未开庭审理，对公司本期利润或期后利润的影响尚具有不确定性。公 司将根据诉讼的进展情况及时履行信息披露义务，敬请广大投资者谨 慎决策，注意投资风险。 一、本次诉讼事项受理的基本情况 2025 年 5 月 14 日，张家界旅游集团股份有限公司（以下简称"张 旅集团"或"公司"）、公司全资子公司张家界大庸古城发展有限公 司（以下简称"大庸古城"）收到湖南省张家界市中级人民法院（以 下简称"张家界中院"）分别送达的《民事起诉状》《应诉通知书》， 获悉湖南建工集团有限公司（以下简称"湖南建工集团"）起诉张旅 集团、大庸古城，并将上海市政工程设计研究总院（集团）有限公司 ...

Core Viewpoint - The ST sector has shown a positive performance with a 1.11% increase, leading among concept sectors, while some stocks within the sector have reached their daily limit up [1][2]. Group 1: ST Sector Performance - As of May 9, the ST sector increased by 1.11%, with 123 stocks rising, including *ST Huicheng, ST Xuefa, and *ST Dongyi, which hit the daily limit up [1]. - Notable gainers in the ST sector included ST Xiangxue (up 8.70%), ST Kaili (up 7.54%), and ST Xindongli (up 5.26%) [1]. - The stocks with the largest declines included *ST Dongtong (down 5.73%), ST Huaxi (down 5.08%), and *ST Mubang (down 4.99%) [1]. Group 2: Capital Flow Analysis - The ST sector experienced a net outflow of 341 million yuan from major funds, with 88 stocks receiving net inflows [2]. - The stock with the highest net inflow was *ST Jinglun, which saw a net inflow of 50.59 million yuan, followed by *ST Xingguang and *ST Nanzhi with net inflows of 27.10 million yuan and 21.03 million yuan, respectively [2]. - In terms of net inflow ratios, *ST Chuangxing, *ST Heke, and *ST Lihang led with net inflow ratios of 86.30%, 76.60%, and 58.28% respectively [3]. Group 3: Individual Stock Performance - The top performers in the ST sector based on daily change included *ST Jinglun (up 3.23%), *ST Xingguang (up 4.82%), and *ST Nanzhi (up 2.61%) [3][4]. - Other notable gainers included ST Zhangjiajie (up 5.00%) and ST Shengtun (up 1.44%) [4]. - Conversely, *ST Dongtong and ST Huaxi were among the largest decliners, with significant drops of 5.73% and 5.08% respectively [6].

Core Viewpoint - Zhangjiajie Lotus International Airport has introduced five innovative service measures to enhance passenger travel experience during the peak travel period of the May Day holiday, ensuring a worry-free journey from check-in to boarding [1][9]. Group 1: Efficient Check-in Services - The airport has established a "No Checked Baggage Counter" at the B check-in island, allowing travelers without checked luggage to complete check-in quickly, promoting an "arrive and go" efficient travel experience [1]. - The "Le Xiang Yong" service platform enables travel agencies and tour guides to pre-book team check-in services, allowing them to skip queues and receive boarding passes in advance. Since the start of the flight season, 237 teams and 4,019 passengers have benefited from this service [3]. Group 2: Streamlined Security Checks - To improve efficiency during peak times, the airport has increased early morning staff and opened additional security check channels 30 minutes earlier. A pre-check area for luggage has also been established to assist passengers in ensuring compliance with carry-on regulations [5][6]. - Special assistance is provided for travelers with large luggage, mobility issues, and vulnerable groups such as the elderly, children, and pregnant women, with dedicated personnel to help with luggage retrieval and priority boarding [5]. Group 3: Volunteer Services - A volunteer service team composed of party members and youth league members is actively providing assistance in key areas such as check-in halls, security checkpoints, and boarding areas, offering help with travel procedures, route guidance, inquiries, and maintaining order [8]. - During peak times, the team enhances crowd management to reduce waiting times, embodying the concept of "service with warmth" [8].

Core Viewpoint - The article discusses the severe congestion experienced at Zhangjiajie National Forest Park during peak tourist seasons, highlighting the inadequacies in crowd management and infrastructure that lead to long wait times for visitors [3][8][12]. Group 1: Congestion Issues - Zhangjiajie has faced significant congestion issues during peak times, with reports of visitors waiting for hours to descend the mountain, leading to frustrations and even missed flights [3][6][7]. - On May 2, 2023, the park received 64,339 visitors, a 45.22% increase year-on-year, with approximately 34,000 visitors on the second day alone, contributing to the congestion [11][15]. - The park's infrastructure, including the world's highest outdoor elevator, the Bailong Elevator, and the Tianzi Mountain cableway, has limited capacity, exacerbating the congestion problem [9][11]. Group 2: Management and Capacity - Despite the congestion, the park's management believes that the visitor numbers are still below the maximum capacity, which is set at 61,730 for peak times, indicating a disconnect between perceived and actual capacity [13][15]. - The article suggests that the park's management has not effectively implemented crowd control measures, as the visitor numbers on peak days do not trigger the necessary traffic and entry controls [16][18]. - The need for improved transportation efficiency and additional access routes to alleviate congestion is emphasized, as current bottlenecks at key transport points remain unresolved [17][22]. Group 3: Financial Aspects - Zhangjiajie Tourism Group, which operates the park, has faced financial difficulties, being labeled as "ST Zhangjiajie" due to continuous losses exceeding 1.3 billion [23][24]. - Despite the losses, certain attractions like the Bailong Elevator have proven to be profitable, generating significant tax revenue and visitor numbers, indicating potential for financial recovery if managed properly [24][25]. - The article highlights the complexity of changing the existing profit structures within the park, which may hinder efforts to improve visitor experience and infrastructure [26].

5月4日，张家界市武陵源区委旅游工作委员会办公室发布情况通报称，受2日客流激增影响，当晚19:20 至20:30返城车流高峰时段，张家界国家森林公园南门至武陵源城区的部分路段出现拥堵，车辆通行受 阻，导致接驳的城景客运专线车辆通行效率降低，部分游客在景区南门外栖凤岗亭候车处滞留。情况发 生后，有关部门立即加大交通疏导力度并增加接驳车辆，21:53游客全部接送完毕。 张家界市武陵源区委旅游工作委员会办公室称，为做好"五一"假日旅游接待工作，武陵源区采取了涉旅 岗位工作人员全员上岗、提早开放景区、延长服务时间、分时分站预约等措施，但仍然存在游客乘坐电 梯、缆车、环保车排队时间较长等现象。这反映出武陵源区在旅游高峰时段的综合管理能力方面还存在 较大差距。在此，对所有受影响的游客表示诚挚的歉意。有关部门将深刻汲取教训，科学实施景区限 流、优化分时分站预约、强化交通疏导和运力保障等措施，切实提升旅游管理和接待服务水平，为广大 游客提供良好的旅游环境。 （文章来源：南方都市报） 5月4日，南都记者注意到，湖南张家界市武陵源区委旅游工作委员会办公室发布情况通报称，5月2日， 张家界市武陵源区客流激增，导致张家界国家森林公园 ...

Market Overview - The Shanghai Composite Index fell by 0.20% on April 28, with five industries rising, led by banking and steel, which increased by 0.98% and 0.53% respectively [1] - The real estate and comprehensive sectors experienced the largest declines, down by 3.66% and 2.52% respectively [1] - The social services sector ranked third in terms of decline for the day [1] Capital Flow - The main capital outflow from both markets totaled 29.894 billion yuan, with only two sectors seeing net inflows: steel (200 million yuan) and oil & petrochemicals (66.933 million yuan) [1] - The electronics sector had the largest net outflow, totaling 3.104 billion yuan, followed by the automotive sector with a net outflow of 2.516 billion yuan [1] Social Services Sector - The social services sector declined by 2.19% with a net capital outflow of 524 million yuan [2] - Out of 77 stocks in this sector, 10 rose while 63 fell, including one stock that hit the daily limit down [2] - The top three stocks with the highest net outflows included Zhongxin Tourism (59.004 million yuan), Zhonggong Education (54.230 million yuan), and Guomai Technology (44.444 million yuan) [2] Notable Stocks in Social Services - The stock *ST Chuan Zhi saw a net inflow of 54.911 million yuan, while ST Zhangjiajie and Gangyan Nake followed with inflows of 18.9027 million yuan and 16.4099 million yuan respectively [4] - The stocks with the largest capital outflows included Zhongxin Tourism (-5.90037 million yuan), Zhonggong Education (-5.423 million yuan), and Guomai Technology (-4.4444 million yuan) [2][3]