Core Viewpoint - Zhangjiajie Tourism Group Co., Ltd. (*ST Zhang) has selected Mango Excellent Media Co., Ltd. and Hunan Electric Broad Media Co., Ltd. as restructuring investors to participate in its restructuring process, with a formal investment agreement signed on November 13, 2025 [1] Group 1 - The joint venture "Zhangjiajie Mango Cultural Tourism Co., Ltd." is to be established with a registered capital of 180 million yuan, with each of the three parties contributing 60 million yuan, representing one-third of the total capital [1] - The joint venture will not be consolidated into *ST Zhang's financial statements and will be responsible for the quality improvement and actual operation of the Dayong Ancient City project [1] - The restructuring application for *ST Zhang was accepted by the Zhangjiajie Intermediate People's Court on November 3, aiming to protect the legal rights of creditors, debtors, and employees through a market-oriented and lawful process [1]

Core Viewpoint - *ST Zhanggu (000430.SZ) is progressing with the restructuring of Zhang Travel Group and has announced a partnership to enhance and operate the Dayong Ancient City project through a joint venture with partners [1] Group 1 - The subsidiary Dayong Ancient City Development Co., Ltd. plans to sign an operational cooperation agreement with the joint venture company Zhangjiajie Mango Cultural Tourism Co., Ltd. [1] - The joint venture involves collaboration with companies including Electric Broadcasting Media and Mango Super Media [1] - The focus of the partnership is on quality improvement and comprehensive operational cooperation for the Dayong Ancient City project [1]

证券代码：000430 证券简称：*ST张股 公告编号：2025-063 张家界旅游集团股份有限公司 关于子公司大庸古城项目运营合作暨关联交易的公告 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、关联交易概述 1.2025 年 11 月 3 日，张家界中院裁定受理张家界旅游集团股份 有限公司（以下简称"张旅集团"或"公司"）重整申请，为推动张 旅集团重整程序顺利进行，最大程度维护债权人、债务人、职工等相 关各方的合法权益，管理人遵循市场化、法治化原则，公平、公正、 公开地开展重整投资人招募工作。经公开招募与遴选，芒果超媒股份 有限公司（以下简称"芒果超媒"）、湖南电广传媒股份有限公司（以 下简称"电广传媒"）（"芒果超媒"和"电广传媒"合称"电广传 媒联合体"）被正式选定为重整投资人参与张旅集团重整投资并且于 2025 年 11 月 13 日与张旅集团签署《张家界旅游集团股份有限公司 之重整投资协议》（以下简称"重整投资协议"）。 2.在张旅集团重整事项逐步推进且重整投资协议签署的背景下， 公司子公司张家界大庸古城发展有限公司（以下简称"大庸古城公司"） ...

证券代码：000430 证券简称：*ST张股 公告编号：2025-062 张家界旅游集团股份有限公司 关于对外投资设立合资公司暨关联交易的公告 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。 2.在张旅集团重整事项逐步推进且重整投资协议签署的背景下， 公司、电广传媒、芒果超媒拟共同投资设立合资公司"张家界芒果文 旅有限公司"（暂定名，最终以工商注册登记为准，以下简称"合资 公司"）。合资公司注册资本为 1.8 亿元人民币，其中张旅集团货币 出资 6000 万元，占注册资本的 1/3；电广传媒货币出资 6000 万元， 占注册资本的 1/3；芒果超媒货币出资 6000 万元，占注册资本的 1/3。 合资公司将成为张旅集团不并表参股公司。 3.根据《重整投资协议》及《张家界旅游集团股份有限公司及其 子公司重整计划（草案）之出资人权益调整方案》（以下简称"《权 益调整方案》"）（详见公司分别于 2025 年 11 月 15 日、11 月 29 日披露在巨潮资讯网上的《张家界旅游集团股份有限公司关于与部分 重整投资人签署协议的公告》（公告编号：2025-051）和《权 ...

证券代码：000430 证券简称：*ST 张股 公告编号：2025-064 张家界旅游集团股份有限公司 关于召开 2025 年第三次临时股东会的通知 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。 重要提示： 一、召开会议的基本情况 1、股东会届次：2025 年第三次临时股东会 2、股东会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所股票上市规则》《深 圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等法律、行政法规、部门规章、 规范性文件及《公司章程》的有关规定。 4、会议时间： （1）现场会议时间：2025 年 12 月 19 日 14:30 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 12 月 19 日 9:15-9:25，9:30-11:30，13:00-15:00；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 12 月 19 日 9:15 至 15:00 的任意时间。 5、会议的召开方式：现场表决与网络投票相结合。公司将通过深圳证券交易 ...

证券代码：000430 证券简称：*ST张股 公告编号：2025-061 张家界旅游集团股份有限公司 第十二届董事会 2025 年第七次临时会议决议公告 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。 张家界旅游集团股份有限公司（以下简称"公司"）第十二届董 事会 2025 年第七次临时会议由董事长张坚持先生提议以通讯表决方 式于 2025 年 12 月 2 日召开，会议通知以书面、电子邮件等方式于 2025 年 11 月 24 日发出，本次会议应参与表决董事 9 人，实际参与 表决董事 9 人。本次会议的召开符合《公司法》和《公司章程》的有 关规定。所议事项表决情况如下： 一、审议通过《关于公司与湖南电广传媒股份有限公司、芒果超 媒股份有限公司合资设立公司暨关联交易的议案》 同意公司与湖南电广传媒股份有限公司、芒果超媒股份有限公司 合资设立公司暨关联交易的事项，具体内容详见同日披露在巨潮资讯 网上的《张家界旅游集团股份有限公司关于对外投资设立合资公司暨 关联交易的公告》（公告编号：2025-062）。在提交本次董事会审议 前，该议案已经公司第十二届独立董事专 ...

Core Viewpoint - The company plans to enhance and operate the Dayong Ancient City project through a partnership with Zhangjiajie Mango Cultural Tourism Co., Ltd. [1] Group 1: Partnership Details - Zhangjiajie Dayong Ancient City Development Co., Ltd. intends to sign an operational cooperation agreement with Zhangjiajie Mango Cultural Tourism Co., Ltd. [1] - The joint venture company, Zhangjiajie Mango Cultural Tourism Co., Ltd., has a registered capital of 180 million yuan [1]. - Zhangjiajie Tourism Group Co., Ltd., Hunan Electric Broadcasting Media Co., Ltd., and Mango Super Media Co., Ltd. each contribute 60 million yuan, holding a 33.33% stake in the joint venture [1].

Core Viewpoint - Zhangjiajie Tourism Group Co., Ltd. has made significant progress in its restructuring plan by signing agreements with eight investors, raising nearly 1.3 billion yuan to revitalize its tourism assets, with notable participation from Caesar Travel and its affiliate [1][2][7] Group 1: Restructuring Progress - Zhangjiajie has signed restructuring agreements with eight companies, including Caesar Travel, which marks its first investment in an external tourism company [1][2] - The restructuring plan aims to alleviate Zhangjiajie's debt burden and facilitate business adjustments and transformations [4][6] - The restructuring process has been extended multiple times, indicating ongoing challenges in addressing the company's financial issues [6][7] Group 2: Financial Performance - In Q3 2025, Zhangjiajie reported revenue of 143 million yuan, a year-on-year increase of 4.82%, and a net profit of approximately 10.87 million yuan, marking a significant turnaround [8] - As of September 30, 2025, Zhangjiajie's total assets were 2.099 billion yuan, with total liabilities reaching 1.831 billion yuan, resulting in a high debt-to-asset ratio of 87.24% [8] - Despite achieving profitability in Q3, the company faces substantial short-term debt repayment pressures due to its high leverage [8] Group 3: Investment Landscape - The restructuring investors include several companies with ties to Hunan Broadcasting, indicating a strategy to leverage media resources to enhance Zhangjiajie's market presence [2][3] - The largest investor, Dacheng Caizhi, is a subsidiary of Hunan Electric Broadcasting Media, holding a significant stake in the restructuring [2][4] - Other investors with state-owned backgrounds aim to provide financial support to stabilize Zhangjiajie's operations [4][5] Group 4: Market Opportunities - Zhangjiajie possesses rich tourism resources and a large potential consumer base, making it an attractive investment opportunity despite its operational challenges [11] - The collaboration with Caesar Travel is expected to enhance Zhangjiajie's tourism offerings and operational capabilities, particularly in outbound and inbound tourism [14][19] - The partnership aims to innovate and diversify Zhangjiajie's tourism products to meet evolving market demands [10][19] Group 5: Challenges and Future Outlook - Zhangjiajie's primary challenge lies in its weak internal growth capacity, stemming from a lack of innovative tourism experiences to attract diverse consumer segments [10][11] - The company has historically relied on traditional media for promotion, which has proven ineffective in reaching targeted audiences [16] - The restructuring and collaboration with Caesar Travel may provide new avenues for growth and operational efficiency, but uncertainties remain regarding the execution of the restructuring plan [7][20]

Core Viewpoint - Hunan Broadcasting and Television Group has officially entered the restructuring of *ST Zhang stock, marking a significant step in revitalizing the tourism industry in Zhangjiajie and promoting the region as a world-renowned tourist destination [1][2]. Group 1: Strategic Cooperation and Investment - A strategic cooperation signing ceremony was held between Hunan Broadcasting and Television Group, Zhangjiajie Municipal Government, and Zhangjiajie Economic Development Investment Group, aimed at restructuring *ST Zhang stock and revitalizing its assets [1]. - A total of 17 investors, including major companies like Electric Broadcasting Media and Mango Cultural Tourism, plan to invest approximately 1.586 billion yuan in the restructuring process [1][4]. Group 2: Tourism Resource and Business Model - Zhangjiajie City possesses unique tourism resources, including a world geological park and several national-level scenic spots, making *ST Zhang stock the largest tourism group in the area [2]. - The company operates a comprehensive resource model that includes travel agencies, scenic spots, tourism transportation, hotels, and online marketing platforms [2]. Group 3: Restructuring Goals and Plans - The restructuring plan aims to revitalize existing assets like the Dayong Ancient City while attracting quality industry resources and additional capital to optimize business operations [5]. - The restructuring is part of a broader strategy to enhance the cultural and tourism integration in Hunan Province, with a focus on creating new tourism products and experiences [3][4]. Group 4: Future Development and Innovation - The initiative includes the development of a series of innovative products and experiences, such as the "Ecological Fantasy" and "Mango IP" themed attractions, aimed at transforming Dayong Ancient City into a trendy cultural landmark [3]. - Hunan Broadcasting has positioned the deep integration of culture and tourism as a core strategy, leveraging its media advantages to promote tourism projects across the province [3].

Core Insights - Hunan Broadcasting and Television Group (Hunan TV) has signed a strategic cooperation framework agreement with Zhangjiajie City Government and Zhangjiajie Economic Development Investment Group, marking its entry into the restructuring of Zhangjiajie Tourism Group [1] - The collaboration aims to integrate cultural and tourism resources, enhancing the local tourism industry and contributing to Hunan's goal of becoming a world-class tourist destination [2] Group 1: Strategic Collaboration - The partnership is a key initiative to implement Hunan Province's strategy of building a world tourism destination centered around Zhangjiajie [2] - Hunan TV's subsidiaries, Hunan E-Guang Media and Mango Super Media, have invested approximately 15.86 billion in Zhangjiajie Tourism Group, reflecting confidence in the company's post-restructuring value [2][3] - The collaboration follows a previous strategic agreement between Zhangjiajie Tourism Group and Hunan E-Guang Media, focusing on resource integration and industry mergers [2] Group 2: Resource Integration and Transformation - Zhangjiajie Tourism Group, known as the "first stock of mountain and water tourism," possesses significant tourism assets, including various transportation and accommodation services [3] - The partnership aims to leverage Hunan TV's media resources and technological capabilities to enhance Zhangjiajie Tourism Group's offerings, transitioning it from a traditional operator to an innovative comprehensive cultural tourism service provider [3][4] - The collaboration is expected to activate existing tourism assets and broaden profit margins through a new business model that combines content creation and digital technology [4] Group 3: Future Prospects - The restructuring of Zhangjiajie Tourism Group is seen as a critical move for optimizing tourism resource allocation in Hunan [4] - The project at Duyong Ancient City is set to be a transformative initiative, aiming to attract more visitors and enhance Zhangjiajie's status as a global tourist destination [4] - With ongoing infrastructure projects, the partnership is anticipated to facilitate a shift from sightseeing tourism to a more comprehensive vacation experience in Zhangjiajie [4]