Response to Inquiry Letter Regarding 2025 Annual Report of Zhangjiajie Tourism Group Co., Ltd.
Shenzhen Securities Regulatory Commission, Company Management Department:
Zhongshen Zhonghuan Certified Public Accountants (Special General Partnership) (hereinafter referred to as "this firm" or "we") acts as Zhangjiajie Tourism Group Co., Ltd. (hereinafter referred to as "Zhangjiajie Group" or "the company") for the planning of the 2025 annual financial report. On April 10, 2026, the company submitted the 2026 110013 number of the financial report without any specific opinion.
On April 20, 2026, Shenzhen Securities Regulatory Commission issued an inquiry letter regarding the 2025 annual report of Zhangjiajie Group (Company Department Letter [2026] No. 5). In response, we have provided the necessary information regarding the inquiries raised in the letter.
Inquiry 1: The company’s 2024 financial report is subject to significant uncertainty regarding the financial condition.
The inquiry states that "by December 31, 2024, the company’s bank loans are expected to reach 5.98 billion yuan, with a repayment period of five years." Additionally, the company’s annual report indicates that "2026 is expected to generate revenue of 60,801.30 million yuan, with a growth rate of 32.57%."
- The company’s financial situation is as follows: the total amount is 48,183.13 million yuan, with a projected loss of 48,183.13 million yuan. The company is expected to clarify the situation regarding the financial report and explain whether the company has made adequate provisions for potential risks.