张家界旅游集团股份有限公司（以下简称"公司"）股票日均换 手率连续 1 个交易日（2025 年 4 月 24 日）与前 5 个交易日日均换手 率比值达 160.96 倍，且累计换手率达 24.79%，属于《深圳证券交易 所交易规则》规定的股票交易异常波动的情况。 二、公司关注及核实情况说明 针对股票交易异常波动，公司对有关事项进行了核查，公司董事 会通过现场、短信等问询方式，对公司控股股东及实际控制人、公司 董事、监事及高级管理人员就相关问题进行了核实，现将有关情况说 明如下： 1、公司前期披露的信息不存在需要更正、补充之处。 证券代码：000430 证券简称：ST张家界 公告编号：2025-026 张家界旅游集团股份有限公司 关于公司股票交易异常波动的公告 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。 一、股票交易异常波动的情况介绍 5、公司、控股股东和实际控制人不存在关于本公司的应披露而 未披露的重大事项，或处于筹划阶段的重大事项。 6、在公司本次股票异常波动期间，不存在公司控股股东、实际 控制人及公司董事、监事、高级管理人员买卖公司股票的情况。 三、是 ...

Core Viewpoint - ST Zhangjiajie (000430) has signed a strategic cooperation agreement with Caesar Travel (000796) to establish a long-term partnership aimed at promoting high-quality development in Zhangjiajie's tourism industry [1] Group 1: Strategic Cooperation - The agreement focuses on integrating resources from both companies to enhance tourism offerings in Zhangjiajie [1] - It includes joint efforts to explore Zhangjiajie's natural resources and cultural attractions, as well as the development of complementary tourism products [1] Group 2: Areas of Collaboration - The partnership will involve deep cooperation in inbound tourism, health and wellness tourism, and educational travel [1] - Caesar Travel's global tourism channel network will be leveraged to jointly promote Zhangjiajie tourism, increasing its visibility and influence [1] Group 3: Agreement Details - The strategic cooperation agreement is valid for one year, effective from the date of signing and sealing by both parties [1]

证券代码：000430 证券简称：ST张家界 公告编号：2025-025 张家界旅游集团股份有限公司 关于签署战略合作框架协议的公告 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.《关于张家界旅游集团股份有限公司与凯撒同盛发展股份有限 公司之战略合作协议》（以下简称"本协议"或"《战略合作协议》"） 为张家界旅游集团股份有限公司（以下简称"张旅集团"或"公司"） 与凯撒同盛发展股份有限公司（以下简称"凯撒旅业"）进行战略性 合作签署的框架性意向协议，不具有强制法律约束力。 2.本协议为双方基于合作意向而达成的框架性约定，具体合作事 项需根据业务合作进展的实际情况由双方协商确定，经双方履行有效 审批程序后另行签署相关合同/协议，具体实施情况尚存在不确定性。 3.本协议对公司本年度及未来年度财务状况、经营业绩的影响存 在不确定性。 一、协议签署情况 2025 年 4 月 24 日，公司与凯撒旅业签署《关于张家界旅游集团 股份有限公司与凯撒同盛发展股份有限公司之战略合作协议》，双方 本着长期合作、自愿平等、诚实守信、互惠互利、共同发展的宗旨， 从长 ...

Core Insights - Guilin Tourism has accumulated losses of nearly 1 billion yuan since 2020, with a revenue drop of 7.58% in 2024 and a net profit loss of 204 million yuan, reflecting a significant decline of 1830.7% year-on-year [1] - Zhangjiajie, another well-known tourist operator, has also faced severe financial difficulties, leading to its stock being marked as "ST Zhangjiajie" due to continuous losses [1] - The traditional "ticket economy" model is facing severe challenges, as high ticket prices are no longer sustainable in the current competitive tourism market [2][7] Industry Challenges - The reliance on high ticket prices for profit has reached a bottleneck, with the National Development and Reform Commission urging reductions in ticket prices for state-owned scenic spots [2] - Despite ticket price reductions, such as Zhangjiajie's core scenic area ticket dropping from 248 yuan to 165 yuan, total revenue still declined by 5%, indicating that merely lowering prices does not resolve the underlying profitability issues [2] - Tourists are increasingly sensitive to ticket prices, especially when they represent a significant portion of their daily wages, limiting their willingness to pay [2][3] Shift in Consumer Expectations - Tourists now seek comprehensive experiences rather than just scenic views, leading to a redefinition of value in tourism [3][4] - Negative feedback about high ticket prices and poor experiences is prevalent on social media, highlighting the mismatch between ticket prices and the quality of service and experience provided [3][4] - Successful examples, such as the West Lake in Hangzhou, demonstrate that free access can enhance visitor satisfaction and stimulate surrounding businesses, indicating a shift towards experience-driven tourism [3][4] Need for Business Model Innovation - The traditional "high ticket price + low service" model is unsustainable, and scenic spots must evolve to meet modern consumer expectations [6][7] - Many scenic areas still operate under outdated "sightseeing 1.0" models, focusing on physical attractions while neglecting service quality and visitor experience [7] - There is a pressing need for diversified revenue streams beyond ticket sales, with successful destinations integrating secondary consumption such as hotels and performances into their business models [9] Recommendations for Future Development - Scenic areas should focus on enhancing the quality and diversity of their offerings, moving from a "ticket seller" to an "experience designer" [9] - Developing unique cultural experiences, themed routes, and high-quality service can help attract visitors and improve profitability [9] - Emphasizing digital technology and cultural integration will be crucial for creating value and meeting the evolving demands of tourists [9]

证券代码：000430 证券简称：ST张家界 公告编号：2025-024 张家界旅游集团股份有限公司 关于公司股票交易异常波动的公告 张家界旅游集团股份有限公司（以下简称"公司"）股票（证券 代码：000430，证券简称：ST 张家界）于 2025 年 4 月 17 日、2025 年 4 月 18 日、2025 年 4 月 21 日连续三个交易日收盘价格涨幅偏离 值累计超过-15.95%，根据深圳证券交易所的有关规定，属于股票交 易异常波动的情形。 二、公司关注及核实情况说明 针对股票交易异常波动，公司对有关事项进行了核查，公司董事 会通过现场、短信等问询方式，对公司控股股东及实际控制人、公司 董事、监事及高级管理人员就相关问题进行了核实，现将有关情况说 明如下： 1、公司前期披露的信息不存在需要更正、补充之处。 2、公司于 2024 年 8 月 26 日披露了《关于全资子公司被债权人 申请重整的提示性公告》，于 2024 年 9 月 18 日披露了《关于法院裁 定受理全资子公司重整并指定管理人的公告》，于 2024 年 9 月 24 日 披露了《关于法院同意全资子公司在重整期间继续营业及自行管理财 产和营业 ...

Core Insights - A total of 52 listed companies released their Q1 2025 reports, with 300 companies having reported so far, showing that 184 companies experienced year-on-year net profit growth, accounting for over 61% [1] - Companies with net profit growth exceeding 100% reached 52, representing over 17% [1] - Among the listed companies from Hunan, one reported a 74.07% increase in net profit year-on-year [1] Group 1: Company Performance - Wanxiang Technology reported the highest net profit growth at 2125.5%, with Q1 revenue of 280 million yuan, a 34.47% increase year-on-year, and a net profit of 3.88 million yuan [1] - ST Zhangjiajie, which was recently labeled as a "ST" company, reported total revenue of 58.99 million yuan, a 0.64% increase, but a net loss of 31.25 million yuan, despite a 32.77% year-on-year improvement [2] - Zhuhai Group achieved a revenue of 4.80 billion yuan, an 8.50% increase, and a net profit of 277 million yuan, a 74.07% increase [2] - Lens Technology reported Q1 revenue of 17.06 billion yuan, a 10.1% increase, and a net profit of 429 million yuan, a 38.71% increase [2] - Wenkang New Energy reported a revenue of 1.41 billion yuan, a 29.46% increase, but a net loss of 63.87 million yuan, a 2101.0% decline [2] Group 2: Declining Performance - Yuhuan CNC reported revenue of 125 million yuan, a 20.11% increase, but a net profit decline of 72.04% to 334,900 yuan [3] - Xue Tian Salt Industry reported revenue of 1.13 billion yuan, a 27.24% decrease, and a net profit decline of 85.64% to 26.78 million yuan [3] - Yueyang Xingchang reported revenue of 1.06 billion yuan, a 27.85% increase, but a net profit decline of 37% to 13.61 million yuan [3] - Juewei Food reported revenue of 1.50 billion yuan, an 11.47% decrease, and a net profit decline of 27.29% to 120 million yuan [3] - Lihua Technology reported revenue of 153 million yuan, a 7.51% decrease, and a net profit decline of 15.47% to 11.65 million yuan [4]

华夏时报（www.chinatimes.net.cn）记者 王敬 北京报道 4月17日，ST张家界（000430.SZ）复牌跌停，报8.53元/股，总市值34.5亿元。 而在前一天，公司刚刚公告，由于触及深交所"其他风险警示"条件，这家拥有28年上市历史的 "山水旅 游第一股"又一次"戴帽"。 ST张家界16日披露的2024年年度报告显示，报告期内公司实现营业收入4.32亿元，同比微增2.77%，但 归母净利润却大幅亏损5.82亿元，同比增亏143.22%，扣非净利润同样亏损5.82亿元，同比增亏 142.83%。 截至2024年，公司已连续五年亏损。一直以来，大庸古城都是ST张家界的亏损主因。年报显示，公司 2024年整体净利润大幅下降，主要原因是大庸古城项目计提了大额资产减值准备，导致资产减值损失高 达4.78亿元。 《华夏时报》记者注意到，在2024年8月因#大庸古城耗资22亿日均卖票不足20张#登上微博热搜后，公 司在年报中悄然隐去了该项目的具体游客数据，仅以"系大庸古城公司计提大额资产减值准备"解释亏 损。 公司董事会办公室相关人士告诉《华夏时报》记者，不再披露购票人数是因为大庸古城下半年在进行破 ...

Core Viewpoint - Zhangjiajie Tourism Group Co., Ltd. has been placed under special treatment due to poor operating conditions, with its stock name changed to "ST Zhangjiajie" and trading limits reduced to 5% [1][2] Financial Performance - In 2024, the net profit attributable to shareholders of ST Zhangjiajie increased its loss by 143.22% year-on-year, marking the highest loss in history [2] - The company has reported continuous losses for five consecutive years, with total losses amounting to approximately 1.11 billion, 1.44 billion, 2.71 billion, 2.40 billion, and 5.82 billion from 2020 to 2024, respectively [3] - As of the end of 2024, the asset-liability ratio reached 86.12%, significantly exceeding the industry average [6] Business Operations - ST Zhangjiajie primarily relies on transportation services for revenue, including eco-friendly passenger transport and cable car operations, which are vulnerable to factors like ticket price reductions and competition from other attractions [3] - The Duyong Ancient City project, which has been heavily criticized for its poor performance, has contributed significantly to the company's financial woes, with an asset impairment provision of 478 million reported [5][6] Restructuring Efforts - The company is currently undergoing a pre-restructuring process, with a court ruling allowing for a three-month extension to facilitate the recruitment of strategic investors [8] - As of January 2025, 46 potential investors have expressed interest in participating in the restructuring, with a total of 368 million in deposits received [8] Market Conditions - The tourism market is becoming increasingly competitive, and the company faces significant challenges in attracting visitors to its less popular attractions, such as Baofeng Lake and the Zhangjiajie International Hotel [9][10] - Experts suggest that the company needs to focus on eliminating ineffective assets and redesigning its core products to adapt to changing consumer trends in the tourism sector [10]

ST股走到了命运的分叉口 又是一年财报季，ST股也走到了命运的分岔口，有的即将"披星戴帽"，而有些则有望化解危机，实 现"摘星脱帽"。 4月16日，去年巨亏近52亿的中交地产（000736.SZ）"披星戴帽"，股票简称变更为*ST中地。4月17日， 号称"山水旅游第一股"的张家界（000430.SZ），股票简称将变更为"ST张家界"，该公司近年亏损累 累，三年累计亏损超10亿元。 只隔了一天，同样亏损连连的张家界，也加入ST股行列。从4月17日起，该股被实施其他风险警示，简 称变更为"ST张家界"。 张家界被ST的原因，是连续三年净利润为负，且2024年的年审报告显示公司持续经营能力存在不确定 性。2020年至2024年，该公司净利润分别亏损0.92亿元、1.35亿元、2.6亿元、2.39亿元和5.82亿元，累 计亏损金额超过13亿元。 已经"披星戴帽"近一年的*ST银江，又遇风波。据该公司最新披露，因多份财报存在虚假记载，公司及 实控人王辉等共计10人，被浙江证监局合计罚款超2500万元。受此影响，公司股票自4月16日起被叠加 实施其他风险警示。 在上述ST股陷入泥潭之际，另一些ST股则有望打赢"翻身仗"。 ...

Group 1 - Zhangjiajie Tourism Group Co., Ltd. will be marked as "ST" starting from April 17, 2025, due to negative net profits for the last three fiscal years and uncertainty regarding its ability to continue as a going concern [1][3] - The stock will be suspended for one day on April 16, 2025, and the trading limit will be reduced from 10% to 5% [1] - The company has a history of being marked as "ST" multiple times due to financial issues, indicating ongoing challenges in its financial health [3][6] Group 2 - In 2024, the company reported a total revenue of 432 million yuan, a year-on-year increase of 2.77%, but a net loss of 582 million yuan, which is a 142.83% increase in losses compared to the previous year [7][10] - The significant losses are attributed to the Duyong Ancient City project, which incurred a net loss of 596 million yuan and led to an asset impairment provision of 478 million yuan, accounting for 83.9% of the total profit [7][9] - The company has recorded a cumulative loss of approximately 1.348 billion yuan over the past five years, with continuous negative net profits since 2020 [9][10] Group 3 - The company is actively working on restructuring efforts, with 47 potential investors having submitted formal applications for restructuring as of February 12, 2025 [11] - The court has extended the pre-restructuring period by three months, now set to end on July 16, 2025, to facilitate the restructuring process [11]