4年亏损10亿后，张家界改造大庸古城，芒果传媒2/3控股

Core Viewpoint - Zhangjiajie Tourism Group Co., Ltd. is collaborating with Mango Super Media and Hunan Electric Broadcasting Media to establish a joint venture for the renovation and operation of the Dayong Ancient City project, with an investment of 180 million yuan [1][2]. Group 1: Joint Venture Details - The joint venture, tentatively named Zhangjiajie Mango Cultural Tourism Co., Ltd., will have a registered capital of 180 million yuan, with each partner contributing 60 million yuan, representing one-third of the total capital [2][3]. - The joint venture will not be consolidated into Zhangjiajie Tourism Group's financial statements [2]. Group 2: Project Management and Operations - The joint venture will be responsible for the renovation and operation of the Dayong Ancient City project, with a total investment capped at 180 million yuan [4]. - The joint venture's board will consist of five directors, with Zhangjiajie Tourism Group nominating one director, and each of the other partners nominating two directors [4]. Group 3: Financial Arrangements - The operational fees will include a fixed annual fee of 7 million yuan starting from January 1, 2026, a ticket revenue sharing arrangement where Zhangjiajie will receive 90% and the joint venture 10%, and a performance-based floating fee capped at 50 million yuan per year [6]. - The joint venture aims to ensure that at least 30% of the distributable profits are paid out in cash to shareholders annually [4]. Group 4: Strategic Goals - The collaboration aims to enhance the quality and brand image of the Dayong Ancient City project, leveraging local culture and modern technology to create a vibrant tourist destination [6]. - The project is expected to be a significant contributor to the revitalization of Zhangjiajie's tourism industry, which has faced challenges in recent years [9].