Zhejiang Sunriver Culture Tourism (600576.SH) plans to jointly establish Xiangyuan Aviation with Xiangyuan Holding and others to expand into the new business format of aerial tourism.

Zhejiang Sunriver Culture Tourism (600576.SH) announced that, based on the company's nationwide tourism destination layout and the promising prospects of integrating general aviation with the tourism market in the future, in response to the national policy of upgrading new quality productivity, enriching the diversified supply of tourism destination products, and further enhancing the tourist experience, Zhejiang Sunriver Culture Tourism plans to jointly invest with its indirectly controlled shareholder Xiangyuan Holdings and Liu Jiangtao to establish Xiangyuan Aviation. Xiangyuan Aviation has a registered capital of 50 million RMB. Among them, Zhejiang Sunriver Culture Tourism will invest 40 million RMB, holding an 80% stake; Xiangyuan Holdings will invest 5 million RMB, holding a 10% stake; and Liu Jiangtao will invest 5 million RMB, holding a 10% stake. This external investment and related party transaction to establish Xiangyuan Aviation is a comprehensive exploration by Zhejiang Sunriver Culture Tourism in the field of aerial tours in scenic areas. In the future, the company will actively expand the new format of aerial tourism through Xiangyuan Aviation, utilizing the industry and resource advantages formed by Xiangyuan Holdings' years of layout in the tourism industry, together with Mr. Liu Jiangtao's rich experience in both aviation and tourism industries. By using general aviation equipment such as electric vertical take-off and landing aircraft in various tourist destinations under the company's umbrella to explore the application of aerial sightseeing tours, the company aims to further enhance the market competitiveness and influence of its tourism products, promote tourism service consumption, and drive high-quality development of the tourism industry. This external investment and related party transaction aligns with the company's overall strategic planning, adheres to the national advocacy of upgrading new quality productivity in cultural and tourism scenes, benefits in enriching the company's business model and enhancing operational efficiency, accelerating innovative development, and improving the company's comprehensive competitiveness. It holds important guiding significance for the company's long-term development.