5年累计亏损超13亿元，拿什么拯救“山水旅游第一股”？

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]