Group 1 - ST Zhangjiajie experienced a stock price increase of 2.97% by the end of trading on June 30, following exposure of the Da Yong Ancient City project, which has incurred a cumulative loss of 1.08 billion yuan over four years and is now on the brink of bankruptcy [2] - The company has been under other risk warnings from the Shenzhen Stock Exchange since April 17, 2023, due to negative net profits for three consecutive accounting years, raising concerns about its ability to continue as a going concern [2] - The Da Yong Ancient City project, with an investment scale of 2.443 billion yuan, has been a significant financial burden, with total assets of 1.395 billion yuan and total liabilities of 1.697 billion yuan, resulting in a negative net asset of 302 million yuan [3] Group 2 - ST Zhangjiajie, established in December 1992 and listed in 1996, is recognized as the first listed company in China's tourism sector, but unlike other tourism companies, it does not derive ticket revenue from the Zhangjiajie scenic area [3] - The company's revenue is primarily generated from environmental passenger transport, Baofeng Lake, and Yangjiajie cableway, with the Da Yong Ancient City project being classified as a heavy "liability" [3] - The tourism industry is facing challenges with the "artificial ancient city" model, which highlights the difficulties of relying on heavy asset expansion, long recovery periods, and the risk of becoming "ghost towns" due to excessive dependence on government subsidies [3]