ZTG(SZ:000430) 经济观察报·2025-05-16 10:26Core Viewpoint - ST Zhangjiajie is facing significant financial distress, with high debt levels and ongoing legal issues that threaten its operational viability [2][5]. Financial Performance - As of the end of 2024, Zhangjiajie's asset-liability ratio reached 86.12%, with current liabilities amounting to 6.998 billion yuan, while current assets were only 101 million yuan, indicating severe liquidity issues [2][5]. - The company reported a revenue of 432 million yuan in 2024, a year-on-year increase of 2.77%, but incurred a net loss of 582 million yuan, a 143.22% increase in losses compared to the previous year [3][4]. - Over the past five years, Zhangjiajie has accumulated losses totaling over 1.309 billion yuan [3][4]. Legal Issues - On May 15, 2024, Zhangjiajie and its subsidiaries were sued by Hunan Construction Group for 386 million yuan, contributing to the company's financial strain [2][3]. - Hunan Construction claims damages due to project delays, seeking compensation from Zhangjiajie and other parties involved [2][3]. Operational Challenges - The Duyong Ancient City project has been a significant burden, with delays in opening and underperformance since its trial operation began in 2021 [4]. - In 2024, Duyong Ancient City generated only 4.1424 million yuan in revenue, a decrease of 20.47%, and reported a net loss of 596 million yuan, with losses doubling year-on-year [4]. Restructuring Efforts - Zhangjiajie initiated a pre-restructuring process in October 2024, with the period extended until July 16, 2025, amid concerns over its ability to meet debt obligations [5]. - The company has faced multiple lawsuits and has had bank accounts frozen, indicating a critical state of financial distress [5].