对于天目湖而言，这次转让也算是及时止损。动物王国项目已投入资金虽然仅1998万元，但项目持续拖 延，潜在损失可能放大。 公告称，本次评估选用的评估方法为资产基础法。本次关联交易价格以评估值为定价依据，经交易双方 友好协商确定，资产定价公平、合理，符合相关法律、法规的规定，不存在损害公司及股东特别是中小 股东利益的情形。交易款项分两期支付，第一期914万元将在协议签署后5个工作日内支付，第二期在工 商登记手续办理完毕后5个工作日内支付。 动物王国项目最早可追溯至2022年，据天目湖2022年3月30日公告，公司与关联方江苏天目湖控股集团 有限公司共同投资设立动物王国公司，注册资本1亿元。天目湖以货币出资1998万元，持股19.98%。 2024年项目开工，天目湖动物王国文旅综合体项目计划投资35.5亿元，占地面积约1800亩，建设成为一 个集公共教育、文化休闲、旅游养生为一体的国内示范性文旅综合体。建成后，预计年接待游客量可达 400万人次。 据智通财经，在该项目终止前，今年4月动物王国项目还被作为省级重点项目推广。7月份，有传闻天目 湖动物王国项目停工，当地知情人士称，该项目或遭遇资金和环保的双重压力而被迫停 ...

就在开工仪式前两天，天目湖公告称，为保障项目建设资金要求，推动项目按计划、有步骤地顺利实 施，动物王国公司拟将注册资本由1亿元增至10亿元，其中天目湖拟以自有资金分阶段对动物王国公司 增资1.80亿元，本次增资完成后，天目湖对动物王国公司持股比例不变，仍为19.98%。动物王国公司拟 通过原股东增资和引入其他投资者的方式融资，溧阳投资公司及其他投资者以现金和非货币财产评估作 价方式出资，增资总金额为7.20亿元。 不过受国内外经济形势影响，国内文旅消费市场对产品预期发生变化，动物王国项目的实际可行性与预 期出现偏差。2025年9月18日，天目湖再度披露公告，称参股公司动物王国公司已决定终止动物王国项 目的实施，该项目下的相关配套项目及全部运营一并终止，公司同时决定终止原定按持股比例19.98% 向动物王国公司增资1.80亿元的计划。本次增资计划终止后，公司对动物王国公司的累计出资为1998万 元。 也正是在前述背景下，天目湖拟转让其所持有的动物王国公司4.5944%股权。天目湖表示，本次关联交 易有利于优化资产结构，提高资产运营效率，符合公司整体发展战略及全体股东的根本利益，不会对公 司财务状况及持续盈利能力 ...

Core Viewpoint - The Tianmu Lake Animal Kingdom project in Liyang, Jiangsu Province, has been terminated due to various challenges, marking a significant setback for Tianmu Lake Tourism Co., Ltd. and highlighting broader issues in the company's investment strategy [3][4]. Group 1: Project Termination - The Liyang Municipal Committee has decided to terminate the Animal Kingdom project and conduct a comprehensive investigation into related matters [3]. - Tianmu Lake confirmed the termination of its investment in the Animal Kingdom project and announced plans to hold a shareholder meeting to vote on related matters [3][4]. Group 2: Financial Performance - In the first half of 2025, Tianmu Lake reported revenues of approximately 246 million, a year-on-year decrease of 6.49%, while net profit attributable to shareholders was about 54.73 million, an increase of 4.12% [6]. - Despite a slight improvement in profitability, the company has paused new project investments and construction plans [6]. Group 3: Investment Challenges - Tianmu Lake raised approximately 300 million through convertible bonds in 2019, but only 27.95 million has been utilized for the planned projects, indicating a utilization rate of less than 10% [6][7]. - The company has redirected idle funds into financial investments due to delays in project execution, particularly for the Nanshan Xiaozhai Phase II project and the Yushui Hot Spring renovation [7]. Group 4: Regulatory and Environmental Issues - The Animal Kingdom project faced regulatory challenges as it was located within a significant protection area, leading to complications in obtaining necessary permits [5]. - The project was also impacted by environmental concerns, which contributed to its suspension [4][5].

Core Viewpoint - The Tianmu Lake Animal Kingdom project in Liyang, Jiangsu Province, has been abruptly halted by local government due to various issues, marking a significant setback for Tianmu Lake Tourism Co., Ltd. [1][3] Group 1: Project Termination - The Liyang Municipal Committee has decided to terminate the implementation of the Animal Kingdom project and conduct a comprehensive investigation into related matters [3]. - Tianmu Lake confirmed the termination of its capital increase to the Animal Kingdom Company and announced a temporary shareholders' meeting to vote on this decision [1][3]. - The project was initially launched with a registered capital of 100 million yuan, with Tianmu Lake holding a 19.98% stake [3][4]. Group 2: Financial Performance - In the first half of 2025, Tianmu Lake reported approximately 246 million yuan in revenue, a year-on-year decrease of 6.49%, while net profit attributable to shareholders was about 54.73 million yuan, an increase of 4.12% [7]. - The company raised 300 million yuan through convertible bonds in 2019, but only 27.95 million yuan of the funds have been utilized for the planned projects, leading to an extension of the investment deadline to December 31, 2027 [8][9]. Group 3: Project Challenges - The Animal Kingdom project faced delays due to funding and environmental pressures, ultimately leading to its suspension [5][6]. - The project is located within a significant protection area, which restricts new constructions that may pollute the environment, complicating its development [6]. - Despite plans to optimize the construction scheme and attract social capital, the project did not resume as anticipated [6].

Core Points - The Tianmu Lake Animal Kingdom cultural tourism project in Liyang, Jiangsu, with an investment of 3.55 billion yuan, has been halted after just one year of construction [2][3] - The local government has decided to terminate the project and conduct a comprehensive investigation into related matters to ensure the safety of state assets and social stability [2][3] Project Overview - The project was planned to cover approximately 1,800 acres and featured a combination of animals and amusement attractions [2] - It was included in several key project lists, such as Jiangsu Province's key cultural and tourism industry projects and Changzhou's major industrial construction project library [2] Reasons for Suspension - The suspension is attributed to issues related to environmental assessments, land use approvals, and funding [3] - There is no public record of the environmental impact assessment approval for the project, which is critical given the restrictions outlined in the Tianmu Lake Protection Regulations [3] - The application for land use planning permits was rejected due to inconsistencies with land planning purposes [3] Broader Industry Context - The rapid growth of the cultural tourism market has led many regions to launch large-scale projects, often with excessive expectations [4] - The high-profile nature of the Tianmu Lake project raised concerns about the decision-making process and potential issues with compliance and funding [4] - The situation reflects broader challenges in the industry, including impulsive decision-making and the persistence of performance-driven project mentality [4]

Core Viewpoint - The Tianmu Lake Animal Kingdom cultural tourism complex project in Liyang, Jiangsu, with a planned investment of 3.55 billion yuan, has been halted after just one year of construction due to financial and environmental pressures, including missing environmental impact assessment procedures [1][3]. Group 1: Project Overview - The Tianmu Lake Animal Kingdom project was a key cultural tourism initiative in Jiangsu province, with a total planned investment of 3.55 billion yuan [1][3]. - The project has been officially confirmed to be halted, and the local government is now seeking to introduce social capital for its future [1][3]. Group 2: Environmental Concerns - The project is located within an important protection area of Tianmu Lake, which focuses on water source conservation, forest protection, and wetland protection, prohibiting new projects that discharge pollutants [2][3]. - There is no public record of an environmental impact assessment approval or processing for the Animal Kingdom project on the Liyang government’s official website [2][3].

Group 1 - The company held its 15th meeting of the 6th Board of Directors on September 17, 2025, with all 9 attending directors and senior management present, complying with relevant regulations [2] - The Board approved the termination of the capital increase plan for its associate company, Jiangsu Tianmuhu Animal Kingdom Tourism Co., Ltd., due to the decision to halt the comprehensive tourism project and related operations [3] - The Board authorized management to negotiate the resolution of prior investment disposal and service contract fulfillment with the Animal Kingdom company [3] Group 2 - The Board agreed to convene the first extraordinary shareholders' meeting of 2025 to review the aforementioned proposals, with all 9 votes in favor [3]