Core Viewpoint - Zhangjiajie Tourism Group Co., Ltd. (referred to as "Zhang Group") is undergoing restructuring and has announced plans to establish a joint venture with Hunan Electric Media Co., Ltd. and Mango Super Media Co., Ltd. to invest in the renovation and operation of the Dayong Ancient City project, with a total investment of up to 180 million yuan [1][2] Group 1: Joint Venture and Investment - The joint venture, tentatively named "Zhangjiajie Mango Cultural Tourism Co., Ltd.," will have a registered capital of 180 million yuan, with each party contributing 60 million yuan, representing one-third of the capital [2] - The joint venture will not be consolidated into Zhang Group's financial statements and will be controlled indirectly by Mango Media Co., Ltd. [2] - The board of the joint venture will consist of five directors, with Zhang Group nominating one and the other two companies nominating two each [2] Group 2: Operational Agreement - The operational cooperation agreement will allow the joint venture to manage the Dayong Ancient City project until the end of 2045 [3] - The operational fees will include a fixed annual fee of 7 million yuan starting from January 1, 2026, and a revenue-sharing model for ticket sales [3] - The joint venture aims to enhance the project’s quality and brand image by leveraging local culture and modern technology [3] Group 3: Financial Performance and Restructuring - Zhang Group has faced continuous losses over the past five years, with reported revenues of 1.69 billion yuan in 2020 and projected revenues of 4.32 billion yuan in 2024 [4] - The company reported a net profit loss of 223.97 million yuan in the first three quarters of the current year, although it showed signs of recovery in the third quarter with a profit of 10.87 million yuan [4] - A total of 17 investors have signed restructuring investment agreements, committing approximately 1.586 billion yuan to revitalize the Dayong Ancient City project [5]

（原标题：湖南广电强势入局张旅集团重整 "大庸古城"项目有望焕新重生） 与之相关的一个背景是，2025年11月3日，张家界中院裁定受理张旅集团重整申请。经公开招募与遴 选，芒果超媒、电广传媒（"芒果超媒"和"电广传媒"合称"电广传媒联合体"）被正式选定为重整投资人 参与张旅集团重整投资并且于2025年11月13日与张旅集团签署《张家界旅游集团股份有限公司之重整投 资协议》（以下简称"重整投资协议"）。 据经济观察网了解，此次战略合作，也是全面落实湖南省委、省政府关于大庸古城重整盘活工作要求的 标志行动，是推进张家界文旅产业转型升级、加快建设世界知名旅游目的地的重大举措。 公告披露，大庸古城项目位于张家界市永定区解放路152号、是一个总占地约240亩的大型文旅综合项 目，以助力张家界市建设国际风景旅游城市为目标，按照"一场、二院、三街、四巷、五翼、六馆、七 绝、八景、九府、十坊、北苑南楼"的整体思路，悉心打造的集"吃、住、游、购、娱"于一体的文旅综 合体项目。 随着合资运营公司组建，湖南广电表示将抽调最强力量，全面启动张家界大庸古城提质改造工程。据经 济观察网了解，改造后的大庸古城将以"青春大庸城"为主题，按照 ...

据深交所网站消息，12月4日，张家界旅游集团股份有限公司（以下简称"张旅集团"）发布《关于子公 司大庸古城项目运营合作暨关联交易的公告》与《关于对外投资设立合资公司暨关联交易的公告》，拟 与重整投资人共同设立合资公司，投资1.8亿元对大庸古城项目实施提质改造与综合运营合作。 公告内容显示，11月3日，张家界中院裁定受理张旅集团重整申请，经公开招募与遴选，芒果超媒股份 有限公司（以下简称"芒果超媒"）、湖南电广传媒股份有限公司（以下简称"电广传媒"）（"芒果超 媒"和"电广传媒"合称"电广传媒联合体"）被正式选定为重整投资人参与张旅集团重整投资并且于11月 13日与张旅集团签署《张家界旅游集团股份有限公司之重整投资协议》。 在张旅集团重整事项逐步推进且重整投资协议签署的背景下，公司子公司张家界大庸古城发展有限公司 （以下简称"大庸古城公司"）拟与公司、电广传媒、芒果超媒共同投资设立的合资公司"张家界芒果文 旅有限公司"（暂定名，最终以工商注册登记为准，以下简称"合资公司"）签订《大庸古城运营合作协 议》，拟对大庸古城项目实施提质改造与综合运营合作。 根据《权益调整方案》及《重整投资协议》，同时鉴于电广传媒、芒果 ...

Core Viewpoint - The company, Hunan Electric Media Co., Ltd. (电广传媒), is actively participating in the restructuring of Zhangjiajie Tourism Group Co., Ltd. (张旅集团) and has signed a restructuring investment agreement to enhance the quality development of the Zhangjiajie cultural tourism industry [1] Group 1 - The company, along with Mango Excellent Media Co., Ltd. (芒果超媒) and Zhangjiajie Tourism Group, plans to jointly invest in establishing a new entity named Zhangjiajie Mango Cultural Tourism Co., Ltd. (张家界芒果文旅有限公司) [1] - The registered capital of the joint venture is set at RMB 180 million, with each party contributing RMB 60 million, representing approximately 33.33% ownership for each [1] - The joint venture will serve as the operational platform for the Duyong Ancient City project, focusing on quality improvement and actual management of the project [1]

每经AI快讯，12月3日，电广传媒(000917.SZ)公告称，公司拟以自有资金6000万元与芒果超媒、张家界 旅游集团共同投资设立"张家界芒果文旅有限公司"，合资公司将负责大庸古城项目的提质改造与实际经 营。本次投资构成关联交易，关联董事已回避表决。 （文章来源：每日经济新闻） ...

Core Viewpoint - Zhangjiajie Tourism Group Co., Ltd. (*ST Zhang) has selected Mango Excellent Media Co., Ltd. and Hunan Electric Broad Media Co., Ltd. as restructuring investors to participate in its restructuring process, with a formal investment agreement signed on November 13, 2025 [1] Group 1 - The joint venture "Zhangjiajie Mango Cultural Tourism Co., Ltd." is to be established with a registered capital of 180 million yuan, with each of the three parties contributing 60 million yuan, representing one-third of the total capital [1] - The joint venture will not be consolidated into *ST Zhang's financial statements and will be responsible for the quality improvement and actual operation of the Dayong Ancient City project [1] - The restructuring application for *ST Zhang was accepted by the Zhangjiajie Intermediate People's Court on November 3, aiming to protect the legal rights of creditors, debtors, and employees through a market-oriented and lawful process [1]

智通财经APP讯， *ST张股(000430.SZ)发布公告，在张旅集团重整事项逐步推进且重整投资协议签署的 背景下，公司子公司张家界大庸古城发展有限公司(以下简称"大庸古城公司")拟与公司、电广传媒、芒 果超媒共同投资设立的合资公司"张家界芒果文旅有限公司"(暂定名，最终以工商注册登记为准，以下 简称"合资公司")签订《大庸古城运营合作协议》，拟对大庸古城项目实施提质改造与综合运营合作。 ...

Core Viewpoint - The company plans to enhance and operate the Dayong Ancient City project through a partnership with Zhangjiajie Mango Cultural Tourism Co., Ltd. [1] Group 1: Partnership Details - Zhangjiajie Dayong Ancient City Development Co., Ltd. intends to sign an operational cooperation agreement with Zhangjiajie Mango Cultural Tourism Co., Ltd. [1] - The joint venture company, Zhangjiajie Mango Cultural Tourism Co., Ltd., has a registered capital of 180 million yuan [1]. - Zhangjiajie Tourism Group Co., Ltd., Hunan Electric Broadcasting Media Co., Ltd., and Mango Super Media Co., Ltd. each contribute 60 million yuan, holding a 33.33% stake in the joint venture [1].

Core Viewpoint - Zhangjiajie Tourism Group's restructuring has made significant progress with investments from 17 enterprises totaling approximately 1.586 billion yuan, despite a lackluster market reaction [1][2] Investment and Restructuring - The restructuring model involves strategic investments from various sectors, including content, channels, and branding, aimed at revitalizing projects and addressing debt [2] - The involvement of local government and state-owned enterprises is crucial, indicating strong local support for the restructuring process [2] Investor Contributions - The 17 participating enterprises bring diverse strengths, including project revitalization, business expansion, resource integration, and asset management, providing comprehensive support for the group's restructuring [3] - Key investors like Hunan Electric Media and Mango Cultural Tourism will focus on enhancing the Duyong Ancient City project through product development and marketing strategies [3] - After the restructuring plan is executed, Caesar Travel Industry will leverage its resources to foster collaboration with Zhangjiajie Tourism Group, aiming to expand business scale and improve revenue and profit levels [3] Financial Challenges - The Duyong Ancient City project has been a significant financial burden, with continuous losses contributing to the group's overall financial strain [5][7] - From 2022 to 2024, the group's net profits were -260 million yuan, -239 million yuan, and -582 million yuan, indicating a worsening financial situation [5] - As of June 30, 2025, the company had current liabilities of 757 million yuan against current assets of only 115 million yuan, highlighting severe short-term solvency issues [6] Project Performance - The Duyong Ancient City project has accumulated losses of 1.08 billion yuan from 2021 to 2024, with total assets of 1.395 billion yuan and total liabilities of 1.697 billion yuan, resulting in negative net assets [8] - The project has been criticized for its poor market positioning and execution, with the chairman acknowledging the misjudgment in replicating similar projects without proper market analysis [8] - The restructuring is seen as a critical opportunity to address these challenges, with expectations that strategic investors will enhance the project's content and customer experience [8]

Core Viewpoint - Zhangjiajie Tourism Group has signed a restructuring investment agreement with several investors, aiming to revitalize its operations by leveraging the unique tourism resources of the Zhangjiajie region [1][2] Group 1: Company Overview - Zhangjiajie Tourism Group is recognized for its stunning natural landscapes, often referred to as a "paradise on earth" [1] - The company is in a restructuring phase, collaborating with notable investors in the cultural, tourism, and entertainment sectors, including Hunan Electric Media, Mango Cultural Tourism, and Shenzhen Dacheng Caizhi [1] Group 2: Investment and Strategic Focus - The restructuring investment agreement includes key projects such as the Dayong Ancient City, which is crucial for the successful execution of the restructuring efforts [2] - The investment aims to integrate and enhance the tourism resources in the Zhangjiajie area, which have not yet been fully utilized by the listed company [2] Group 3: Expert Insights - Industry experts believe that the restructuring presents an opportunity for Zhangjiajie Tourism Group to transform its operations, particularly by shifting focus from heavy investment to operational efficiency and cultural integration [2] - The Dayong Ancient City project is expected to undergo significant changes, transitioning from a focus on physical development to cultural enrichment and collaborative marketing strategies [2]