Core Viewpoint - ST Zhangjiajie has returned to profitability in Q3 2025 after five years, reporting a significant increase in net profit and revenue compared to the previous year [2][3]. Financial Performance - In Q3 2025, ST Zhangjiajie achieved operating revenue of 143 million yuan, a year-on-year increase of 4.82%, and a net profit of 10.87 million yuan, marking a substantial growth of 405.29% [2]. - For the first three quarters of 2025, the company reported an operating revenue of 337 million yuan, up 8.51% year-on-year, while net profit improved by 65.4% to a loss of 22.40 million yuan [2]. - Cumulatively, since 2020, ST Zhangjiajie has incurred losses totaling 1.33 billion yuan [2]. Factors Influencing Performance - The improvement in net profit is attributed to reduced depreciation and amortization expenses, lower financial costs, and tax relief on property and land use [3]. - Non-recurring gains played a significant role in the performance improvement, with non-recurring gains totaling 10.51 million yuan, of which government subsidies accounted for 10.43 million yuan, or 99.27% of the total [3]. - Financial expenses decreased by 60.62% to 17.81 million yuan, benefiting from the cessation of interest on the Duyong Ancient City project and a reduction in borrowing rates [3]. Project Impact - The Duyong Ancient City project, which has been a financial burden, reported a substantial impairment provision of 478 million yuan in 2024, leading to a net loss of 596 million yuan for that project [3]. - If the losses from the Duyong Ancient City project were excluded, ST Zhangjiajie would have been profitable in 2024 [3]. Cash Flow and Debt Situation - For the first three quarters of 2025, the net cash flow from operating activities was 41.89 million yuan, a decrease of 39.07% compared to the previous year [4]. - The core business profitability remains under pressure, especially after excluding the government subsidies [4]. - Sales expenses surged by 63.04% to 18.53 million yuan, while non-current liabilities due within one year increased by 45.38%, indicating ongoing debt pressure [4]. Restructuring and Legal Matters - ST Zhangjiajie is undergoing a bankruptcy restructuring process, which has been extended four times, with the latest deadline set for January 16, 2026 [6]. - As of February 12, 2025, 47 potential investors have submitted applications for the restructuring, with 45 providing restructuring proposals [6]. - The company faces uncertainties regarding the acceptance of its restructuring application by the court, which could lead to delisting risks if the restructuring fails [7].

Core Insights - The tourism and scenic area sector experienced a decline of 1.26% on October 30, with Caesar Travel leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Major stocks in the tourism sector showed varied performance, with Dalian Shenya rising by 2.27% to a closing price of 50.41, while Caesar Travel fell by 5.43% to 6.09 [2] - The trading volume for Caesar Travel was significant at 1.24 million shares, with a transaction value of 770 million yuan [2] Capital Flow - The tourism and scenic area sector saw a net outflow of 341 million yuan from main funds, while retail investors contributed a net inflow of 330 million yuan [2][3] - Dalian Shenya had a net inflow of 6.57 million yuan from main funds, while Caesar Travel experienced a net outflow of 1.52 million yuan [3]

Core Viewpoint - ST Zhangjiajie has reported a single-quarter profit for the first time in years, but the overall financial situation remains precarious due to high debt levels and ongoing losses [2][3][4]. Financial Performance - In Q3 2025, ST Zhangjiajie achieved revenue of 143 million yuan, a year-on-year increase of 4.82%, and a net profit of 10.87 million yuan, marking a significant year-on-year growth of 405.29% [2][3]. - Despite the quarterly profit, the company recorded a cumulative net loss of 22.40 million yuan for the first three quarters of 2025, continuing a six-year trend of losses [4][5]. Debt and Financial Health - As of September 30, 2025, ST Zhangjiajie had total assets of 2.099 billion yuan and total liabilities of 1.831 billion yuan, resulting in a debt-to-asset ratio of 87.24% [4][5]. - The company's cash and current liabilities ratio is only 11.84%, with a current ratio of 0.14, indicating significant short-term repayment pressure [4][5]. Impact of Tourism Market - The recovery of the inbound tourism market has contributed to ST Zhangjiajie's improved performance, with 722,300 inbound visitors and total spending of 376 million USD from January to July 2025, reflecting year-on-year increases of 14.2% and 16.42% respectively [3][4]. - The Tianmen Mountain scenic area alone welcomed 370,000 foreign tourists in the first half of 2025, setting a record [3][4]. Challenges and Risks - The company's financial difficulties are largely attributed to the Duyong Ancient City project, which has incurred significant losses, totaling over 1 billion yuan from 2020 to 2024 [5][6]. - The reliance on non-recurring income, such as government subsidies, raises concerns about the sustainability of the reported profits [5][6]. Restructuring Efforts - ST Zhangjiajie is currently undergoing a pre-restructuring process, with the latest deadline extended to January 16, 2026, amid ongoing challenges in reaching consensus with creditors and attracting strategic investors [7][9]. - The company’s ability to successfully restructure and manage its debt will be crucial for its survival and future growth [9][11]. Industry Context - The challenges faced by ST Zhangjiajie are reflective of broader issues within the traditional tourism sector, where many companies are grappling with high debt levels and changing consumer behaviors post-pandemic [8][11]. - The case of ST Zhangjiajie serves as a cautionary tale for the industry, highlighting the importance of sound financial management and strategic investment decisions [8][11].

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：2025-047 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 2024 年 11 月 22 日，公司披露《张家界旅游集团股份有限公司 关于预重整临时管理人公开招募重整投资人延期的公告》（公告编号 2024-054）。为方便意向投资人准备材料、进行内部决策，吸引更多 意向投资人参与，保障各方参与重整投资的权利，最大限度保护公司 债权人利益，预重整临时管理人决定延长意向投资人报名截止时间至 2024 年 12 月 25 日。 2025 年 1 月 6 日，公司披露《关于公开招募重整投资人的进展 公告》（公告编号 2025-002）。截至 2025 年 1 月 5 日，共有 46 家 （以联合体形式报名算作 1 家） ...

Core Viewpoint - The Hunan provincial government highlights the achievements of Zhangjiajie in its "14th Five-Year Plan," focusing on high-quality development and the goal of becoming a world-class tourist destination [1] Group 1: Economic and Social Development Achievements - Zhangjiajie has positioned itself as a benchmark city for inbound tourism, transitioning from "peak forest secrets" to a "world stage" over the past five years [1] - By 2024, the city expects a significant increase in tourism, with visitor numbers and total tourism expenditure projected to grow by 88.62% and 104.35% respectively compared to 2020 [1] Group 2: Inbound Tourism Growth - Inbound tourist numbers are forecasted to surge from 31,000 in 2020 to 1.8306 million in 2024, marking a 59-fold increase and a 33.58% rise compared to the best year before the pandemic [1] - The city has successfully attracted visitors from 183 countries and regions, showcasing its global appeal [1]

湖南人和人（张家界）事务所 关于张家界旅游集团股份有限公司 2025 年第一次临时股东会的法律意见书 致：张家界旅游集团股份有限公司 湖南人和人（张家界）事务所（以下简称"本所"），接 受张家界旅游集团股份有限公司（以下简称"公司"）的委 托，指派本所律师出席公司 2025年第一次临时股东会（以 下简称"本次会议"），并根据《中华人民共和国公司法》（ 以下简称"《公司法》"）、《中华人民共和国证券法》（以 下简称"《证券法》"）、《上市公司股东会规则》（以下简 称"《股东会规则》"）以及《张家界旅游集团股份有限公 司章程》 （以下简称"《公司章程》"）的规定出具本法 律意见。 本所依据本法律意见书出具日之前已经发生或存在的事 实及中国（为出具本法律意见书之目的，本法律意见书中的 "中国"仅指中国大陆地区，不包括香港特别行政区和澳门 特别行政区及台湾地区）现行法律、法规及规范性文件发表 法律意见。 本所同意将本法律意见书作为公司本次会议公告的法定 文件，随公司其他公告一并提交深圳证券交易所审查并予公 告。 1 在本法律意见书中，本所律师仅对本次会议的召集和召 开程序、出席会议人员的资格、召集人的资格、会议表决程 ...

证券代码：000430 证券简称：ST张家界 公告编号：2025-046 张家界旅游集团股份有限公司 2025 年第一次临时股东会决议公告 2、现场会议地点：张家界国际大酒店二楼会议室。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开的日期、时间： 现场会议时间为：2025 年 10 月 27 日 14:30 至 16:00 网络投票时间为：2025 年 10 月 27 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 10月27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 10 月 27 日上午 9:15-下午 15:00 期间的任意时间。 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、本次股东会无增加、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。 3、会议的召开方式：本次股东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 ...

Core Insights - The tourism and scenic spots sector increased by 0.57% on October 27, with Dalian Shengya leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Sector Performance - Dalian Shengya (600593) closed at 49.80, up 6.68% with a trading volume of 172,100 shares and a transaction value of 843 million [1] - Other notable performers include: - Tibet Tourism (600749) at 18.58, up 1.75% [1] - Peijiang Co. (002033) at 8.72, up 1.40% [1] - Lingnan Holdings (000524) at 13.81, up 0.95% [1] - Caesar's Rotating Industry (000796) at 6.14, up 0.82% [1] Capital Flow - The tourism and scenic spots sector experienced a net outflow of 77.52 million from institutional investors, while retail investors saw a net inflow of 187 million [2] - Key individual stock capital flows include: - Dalian Shengya with a net inflow of 65.19 million from institutional investors [3] - Caesar's Rotating Industry with a net inflow of 35.32 million from institutional investors [3] - Jiuhua Tourism (661809) with a net inflow of 8.69 million from institutional investors [3]

Core Viewpoint - The company has disclosed its third-quarter financial report and announced the need for a shareholder meeting to approve amendments to its articles of association and governance rules [5][24][27]. Financial Data - The third-quarter financial report has not been audited [5][19]. - The company confirms that there are no adjustments or restatements of previous accounting data [3]. Governance Changes - The board and supervisory committee have approved amendments to the company's articles of association and governance rules, which will be submitted for shareholder approval [7][20][24]. - The supervisory committee's powers will be transferred to the audit committee, and relevant terms in the articles of association will be updated accordingly [24]. Shareholder Meeting - The second extraordinary general meeting of shareholders for 2025 is scheduled for November 17, 2025, at 14:30 [17][28]. - Shareholders can participate in the meeting through both on-site and online voting [29][30]. - The deadline for shareholder registration is November 11, 2025 [30].

Core Insights - ST Zhangjiajie reported a revenue of 143 million yuan for Q3 2025, reflecting a year-on-year growth of 4.82% [1] - The net profit attributable to shareholders reached 10.87 million yuan, showing a significant year-on-year increase of 405.29% [1] Financial Performance - Revenue for the third quarter was 143 million yuan, up 4.82% compared to the same period last year [1] - Net profit attributable to shareholders was 10.87 million yuan, which is a remarkable increase of 405.29% year-on-year [1]