ST Zhangjiajie Co., Ltd.

Response to Inquiry Letter Regarding 2025 Annual Report of Zhangjiajie Tourism Group Co., Ltd.

Zhangjiajie Tourism Group Co., Ltd. is responding to an inquiry letter from the Shenzhen Securities Regulatory Commission regarding its 2025 annual report. The company's auditor has provided information addressing concerns about significant uncertainty in the 2024 financial condition, including substantial bank loans and projected losses. Key figures indicate expected revenue growth of 32.57% to 60,801.30 million yuan, alongside a projected loss of 48,183.13 million yuan. The company plans to enhance operational efficiency, stabilize market share, and strengthen risk management to ensure sustainable growth.

Legal Opinion on the Application to Withdraw Other Risk Warnings by Zhangjiajie Tourism Group Co., Ltd.

This legal opinion from Hunan Renhe Ren (Zhangjiajie) Law Firm addresses Zhangjiajie Tourism Group Co., Ltd.'s application to withdraw other risk warnings. The company previously faced significant stock price fluctuations and operational uncertainties, leading to these warnings. Following improvements in its financial situation and resolution of financial obligations by the end of 2025, the company applied for withdrawal on April 10, 2026. The firm concludes that Zhang Group has resolved its financial uncertainties and is no longer subject to the risk warnings.

Announcement on the Cancellation of Other Risk Warnings and Resumption of Trading by Zhangjiajie Tourism Group Co., Ltd.

Zhangjiajie Tourism Group Co., Ltd. will resume trading on May 18, 2026, after a one-day suspension. The company's stock name will change from "ST Zhangjiajie" to "Zhangjiajie" (stock code 000430), and the daily price limit will increase from 5% to 10%. This follows the cancellation of other risk warnings, approved by the Shenzhen Stock Exchange, due to improved financial reporting and operational clarity.

Announcement of Shareholders' Meeting Resolutions for Zhangjiajie Tourism Group Co., Ltd. in 2025

Announcement on Progress of Application to Withdraw Other Risk Warnings by Zhangjiajie Tourism Group Co., Ltd.

Work Report of the Board of Directors of Zhangjiajie Tourism Group Co., Ltd. for 2025

The Board of Directors of Zhangjiajie Tourism Group Co., Ltd. reported on 2025 performance, focusing on governance and compliance. Key figures include 7.22 million tourists, 45,862.34 million yuan in operating income (+6.26%), and 54,941.34 million yuan in net profit (-5.61%). The company held 8 board meetings and 4 shareholder meetings, strengthening its legal compliance and committee work. For 2026, the company targets 60,801.30 million yuan in revenue, focusing on tourism integration and risk control.

2025 Independent Director's Work Report (Peng Ximing)

Peng Ximing, an independent director of Zhangjiagang Tourism Group Co., Ltd., presents his 2025 work report. He attended 7 out of 8 board meetings and all 5 shareholder meetings. As chairperson of the audit committee, he led 6 meetings, passing 17 proposals. Peng emphasized diligence, integrity, and protecting shareholder rights, recommending enhanced governance and transparency.

Zhangjiajie Tourism Group Co., Ltd. Market Value Management System

Announcement on Provision for Credit and Asset Impairment by Zhangjiajie Tourism Group Co., Ltd.

Notice on the 2025 Annual Shareholders' Meeting of Zhangjiajie Tourism Group Co., Ltd.

Zhangjiajie Tourism Group Co., Ltd. will hold its 2025 Annual Shareholders' Meeting on May 8, 2026. The meeting, convened by the Board of Directors, will review several key proposals including the 2025 work report, financial report, profit distribution, and 2026 financial planning. Shareholders can vote on-site or online. The company will cover food and transportation expenses for attending shareholders.

Announcement of the 12th Board of Directors' Third Meeting and 2025 Resolutions of Zhangjiajie Tourism Group Co., Ltd.

Announcement on Proposed Non-Distribution of Profits for 2025 by Zhangjiajie Tourism Group Co., Ltd.

2026 First Quarter Report

This report presents the 2026 first quarter financial results. Key figures show a 13.34% increase in operating income to 66.86 million yuan. Profit from subsidiaries surged by 1,079.33% to 306.02 million yuan, while profit from the main business improved by 31.21% to a loss of 21.42 million yuan. The company reported a net profit of 305.97 million yuan, a significant turnaround from a loss in the previous period. Basic and diluted earnings per share rose to 0.38 yuan.

Special Audit Report on the Summary of Non-operating Fund Occupation and Other Related Fund Transactions for 2025

This special audit report reviews Zhangjiajie Tourism Group Co., Ltd.'s non-operating fund occupation and related transactions for 2025. The audit confirms the Company's compliance with relevant regulations and standards. While a summary table is provided, specific figures for occupation amounts and related parties are not detailed in the document. The report's purpose is to ensure financial transparency and adherence to regulatory requirements.

Summary of Non-Operating Fund Occupation and Other Related Fund Transactions for 2025

Special Report on the Independence of Independent Directors

This special report assesses the independence of three independent directors at Zhang Jia Sheng Travel Group Co., Ltd. The assessment, based on regulatory guidelines, found that Mr. Yang Zhi, Mr. Wang Zhaofeng, and Ms. Mo Luoming all meet the criteria for independence. They hold no conflicting positions or responsibilities, ensuring their compliance with relevant regulations and the "Management Measures for Independent Directors of Listed Companies."

2025 Annual Audit Report

Summary of the 2025 Annual Report

This annual report provides insights into the company's economic performance and financial situation for 2025. The company's main business includes tourism management and travel agency services. Key figures show total revenue increased by 38.39% to 2,888,390,907.38 yuan, while net profit decreased by 5.61% to -549,313,368.15 yuan. Despite a 6.26% rise in operating income to 458,623,410.61 yuan, the company experienced a significant net loss.

Rules of Procedure for Board Meetings (Revised March 2026)

These revised Rules of Procedure for Board Meetings of Zhangjiajie Travel Group Co., Ltd. aim to ensure the scientific, standardized, and orderly conduct of board meetings. The board, comprising at least nine directors including one independent director, is responsible for the company's affairs. Key authorities include approving financial reports, major investments, and supervising management. Meetings are held regularly, with provisions for special committees to assist the board.

Rules of Procedure for Shareholders' Meetings (Revised March 2026)

Announcement on the Revision of the Articles of Association and Governance Systems of Zhangjiajie Tourism Group Co., Ltd.

Zhangjiajie Tourism Group Co., Ltd. announced a revision of its Articles of Association and governance systems. The revisions were approved at the second interim board meeting on March 4, 2026. The registered capital remains 404,817,686 yuan. These changes, based on Chinese Company Law, require shareholder approval.

Announcement on Changes in Certain Directors and Senior Management of Zhangjiajie Tourism Group Co., Ltd.

Notice of Zhangjiajie Tourism Group Co., Ltd. on Convening the First Extraordinary Shareholders' Meeting of 2026

Zhangjiajie Tourism Group Co., Ltd. is convening its First Extraordinary Shareholders' Meeting of 2026 on March 20, 2026. The meeting's purpose is to vote on proposals including amendments to the company's Articles of Association and Rules of Procedure, and the election of the 13th Board of Directors. Shareholders can register on-site or vote online via the Shenzhen Stock Exchange system. Key dates include the registration deadline of March 16, 2026.

Announcement on Cumulative Litigation and Arbitration Situations of Zhangjiajie Tourism Group Co., Ltd.

Zhangjiajie Tourism Group Co., Ltd. reports ongoing litigation and arbitration cases totaling approximately 3,790.09 million yuan as of February 26, 2026. The company and its controlling shareholders are involved in claims and arbitration with amounts ranging from 964.55 million yuan to 2,825.54 million yuan. No single case exceeds 1,000 million yuan, and the company will handle accounting and disclosures according to regulations, advising investors to be aware of risks.