Core Viewpoint - Zhangjiajie Tourism Group Co., Ltd. is moving forward with its restructuring process by establishing joint ventures with Hunan Electric Media Co., Ltd. and Mango Super Media Co., Ltd. to enhance its operational capabilities and improve the quality of its tourism projects [10][12][31]. Group 1: Board Meeting Resolutions - The board meeting on December 2, 2025, approved the establishment of a joint venture with Hunan Electric Media and Mango Super Media, which will be named Zhangjiajie Mango Cultural Tourism Co., Ltd. with a registered capital of 180 million RMB [11][12][31]. - The board also approved the operational cooperation for the Dayong Ancient City project, which will involve the joint venture in managing and enhancing the project [4][39]. - All resolutions were passed unanimously with 9 votes in favor, and the matters will be submitted for shareholder approval [3][5]. Group 2: Joint Venture Details - The joint venture will have a capital structure where each party contributes 60 million RMB, representing one-third of the total capital [11][21]. - The joint venture aims to leverage local culture and modern technology to enhance the Dayong Ancient City project, creating a vibrant tourism destination [31][54]. - The operational cooperation agreement outlines the responsibilities and rights of each party, including profit-sharing arrangements and management structures [48][52]. Group 3: Financial and Operational Implications - The establishment of the joint venture is expected to significantly improve the operational efficiency and market appeal of the Dayong Ancient City project, contributing to the overall growth of Zhangjiajie’s tourism sector [31][54]. - The operational cooperation will include a fixed annual fee of 7 million RMB and a profit-sharing model based on ticket sales, with 90% going to the company and 10% to the joint venture [52][53]. - The joint venture will also focus on marketing and promoting the Dayong Ancient City project through various media channels, enhancing its visibility and attractiveness to tourists [26][31].

合资公司注册资本1.8亿元，公司、芒果超媒、张家界旅游集团分别出资6000万元，出资比例约 33.33%。合资公司作为受托经营大庸古城项目的合作载体，出资负责大庸古城项目提质改造与实际经 营。 人民财讯12月3日电，电广传媒（000917）12月3日公告，根据公司"文旅+投资"的战略布局，公司积极 参与张家界旅游集团重整，并于11月13日签署《重整投资协议》。为推动张家界文旅产业高质量发展， 公司、芒果超媒（300413）股份有限公司(简称"芒果超媒")、张家界旅游集团拟共同投资设立"张家界芒 果文旅有限公司"。 ...

高唐县委常委、副县长张婷婷在致辞中表示，当京沪动脉与黄河战略在此交汇，当济南都市圈与京津冀的活力在此激荡，今日的高唐正 站在"九省通衢"的新坐标（603040）上，这座"金三角"中心城市，已准备好用最肥沃的创业土壤、最温暖的营商环境，让每位投资者的 梦想都能如双海湖的荷花般绚丽绽放。高唐县承诺凡浙商踏足之处，必有"最多跑一次"的政务春风；凡项目落地之时，定见"店小二"式 的全程呵护。 高唐之美，美在湖水相映；高唐之机，机在文旅相融。推介会上，高唐旅游大使刘春阳带领与会嘉宾开启了一场"高唐文旅发现之旅"。 文旅兴则百业旺，合作深则机遇广。6月1日，借"锦绘高唐鲤跃钱潮——唐小鲤IP全球首发暨高唐锦鲤产业指数发布会"契机，高唐县重 点文旅项目招商推介会在杭州白马湖国际会展中心同步举办，向投资机构、文旅企业全面推介高唐文旅产业投资价值与发展机遇。 一城山水一城诗，半卷丹青半卷情。高唐，是"江北水城"的诗意栖居，是"书画之乡"的笔墨流芳，更是文旅产业蓬勃发展的热土。2800 年历史长河浸润，高唐县恰似镶嵌在鲁西平原的文化明珠，等待与江南文创共谱华章。与会人员在现场共同观看了高唐县文旅宣传片， 在光影流转间领略了高唐的 ...

Investment Rating - The report does not explicitly state an investment rating for the industry but highlights the positive impact of local state-owned enterprises (SOEs) in the cultural tourism sector, particularly in relation to the success of the film "Ne Zha 2" [1][4]. Core Insights - The success of "Ne Zha 2" is attributed to the robust support from local SOEs in infrastructure development, cultural resource integration, and industry platform establishment, which are crucial for enhancing the competitiveness of the cultural tourism industry [1][4]. - Local SOEs are actively investing in the cultural tourism sector, driven by policy support, resource advantages, and the growing consumer market, thereby playing a significant role in optimizing industry layout and enhancing competitiveness [4][5]. - The cultural tourism industry is experiencing a shift towards diversified, personalized, and high-quality development, creating ample market opportunities for local SOEs [6][12]. Summary by Sections Section 1: Support from Local SOEs for "Ne Zha 2" - The film's success is linked to the contributions of local SOEs in urban infrastructure and cultural industry investments, with over 14,000 operational cinemas and more than 86,000 screens in China as of 2023, surpassing the U.S. [2][3]. Section 2: Policy, Resources, and Market Demand - National policies emphasize enhancing cultural tourism product supply and diversifying consumption scenarios, supported by local government initiatives such as project subsidies and easing foreign investment restrictions [4][5]. - The cultural tourism sector is projected to generate revenues of 14,151 billion yuan in 2024, with a year-on-year growth of 6.0%, and domestic travel expected to reach 5.75 trillion yuan, reflecting a 17.1% increase [6][12]. Section 3: Current Status and Case Studies of Local SOEs in Cultural Tourism - Local SOEs are integrating regional cultural tourism resources and managing them effectively, with examples including the establishment of the Xuzhou Cultural Tourism Group and the acquisition of Tianmu Lake assets by Liyang City Investment Group [9][10][11]. - The restructuring of Xuzhou Cultural Tourism Group has led to diversified business operations, with revenues reaching 650 million yuan in 2023, a significant increase from 18 million yuan in 2018 [10][12]. Section 4: Recommendations for Local SOEs in Cultural Tourism Investment - Local SOEs should deepen resource integration and asset revitalization, utilizing financial tools like REITs to enhance asset liquidity and market value [13][14]. - Emphasizing technological empowerment and innovation, local SOEs can reshape the cultural tourism value chain by implementing smart services and data asset management [14][15]. - Strengthening industry collaboration across cultural and tourism sectors can enhance the overall ecosystem, as demonstrated by successful partnerships like the one between Chengdu Cultural Tourism Group and Tencent [15].