“山水旅游第一股”，重整重大进展！

Core Viewpoint - *ST Zhangguo has signed a restructuring investment agreement with eight investors, including three A-share companies: Electric Broadcaster Media, Mango Super Media, and Caesar Travel, to facilitate its restructuring process [2][4][5]. Group 1: Company Overview - *ST Zhangguo is a state-controlled tourism company in Zhangjiajie, known as the "first stock of mountain and water tourism," currently undergoing restructuring due to debt issues [4][12]. - The company was established in December 1992 and listed on the Shenzhen Stock Exchange in August 1996, primarily engaged in tourism resource development and related services [12]. Group 2: Restructuring Agreement - The restructuring investment agreement was signed on November 13, 2023, involving Electric Broadcaster Media, Mango Cultural Tourism Investment, Mango Super Media, and Caesar Travel, among others [8][9]. - The agreement aims to revitalize the Dayong Ancient City project through collaboration in areas such as business restructuring, traffic introduction, brand upgrading, and professional management [9]. Group 3: Financial Performance - The company's net profit attributable to shareholders for 2022, 2023, and the first three quarters of 2025 were -260 million, -239 million, and -58 million respectively, indicating ongoing financial challenges [13]. - In 2024, the operating revenue was approximately 431.61 million, showing a 2.77% increase from 2023, but the net profit attributable to shareholders was -582 million, reflecting a significant decline of 143.22% compared to the previous year [15]. Group 4: Future Prospects - If the restructuring plan is successfully implemented, it is expected to improve the company's financial structure and operational status, paving the way for sustainable development [12]. - Zhangjiajie Industrial Investment, a wholly-owned subsidiary of the Zhangjiajie Municipal Government, will support the integration of quality cultural tourism assets into *ST Zhangguo [10].