“山水旅游第一股”*ST张股重整计划完成，申请 “摘星”

Core Viewpoint - Zhangjiajie Tourism Group Co., Ltd. (*ST Zhang) has applied to revoke the delisting risk warning on its stock following the completion of its restructuring plan, although it will continue to face other risk warnings due to ongoing uncertainties in its operations and negative net profits over the past three years [1][2]. Group 1: Company Restructuring - The company was placed under delisting risk warning on November 5, 2025, after a court accepted its restructuring [1]. - The restructuring plan has been executed, and a supervisory report has been issued confirming its completion [1]. - The company has applied to the Shenzhen Stock Exchange to revoke the delisting risk warning, with a decision expected within fifteen trading days [1]. Group 2: Financial Performance - The company has reported negative net profits for the last three years, leading to continued other risk warnings on its stock [1]. - From 2020 to 2024, the company's revenue figures were 169 million, 199 million, 132 million, 420 million, and 432 million yuan, respectively, while the corresponding net profit losses were 92 million, 135 million, 260 million, 239 million, and 582 million yuan, totaling a cumulative loss of 1.308 billion yuan over five years [3]. - For the year 2025, the company anticipates a loss between 450 million and 550 million yuan, which represents a year-on-year reduction in losses of 22.69% to 5.51% [5]. Group 3: Project Development - The Duyong Ancient City project, which has significantly impacted the company's performance, was initiated with an investment exceeding 2 billion yuan but has not met operational expectations, resulting in continuous losses [2][3]. - The project took nearly five years to complete, with the chairman acknowledging indecision during its construction [3]. - The restructuring plan includes collaboration with various investors to revitalize the Duyong Ancient City project, aiming to transform it into a cultural tourism hub [4].