云南旅游：第三季度归母净亏损约3518.77万元，同比增亏119.29%

Core Viewpoint - Yunnan Tourism Co., Ltd. reported significant declines in revenue and increased net losses for the third quarter of 2025, primarily due to project delays and decreased income from the tourism culture technology sector [1]. Financial Performance - In Q3 2025, the company's operating revenue was approximately 68.10 million yuan, a year-on-year decrease of 53.61% [1]. - The net loss attributable to shareholders was about 35.19 million yuan, representing a year-on-year increase in losses of 119.29% [1]. - The net loss after deducting non-recurring items was approximately 36.26 million yuan, a year-on-year decrease in losses of 67.62% [1]. - For the first three quarters of 2025, the operating revenue totaled about 185 million yuan, down 58.72% year-on-year [1]. - The net loss attributable to shareholders for the first three quarters was around 132 million yuan, reflecting a year-on-year increase in losses of 196.83% [1]. - The net loss after deducting non-recurring items for the first three quarters was approximately 135 million yuan, a year-on-year decrease in losses of 16.96% [1]. Reasons for Performance Decline - The decrease in operating revenue for the first three quarters was mainly due to the failure to sign projects on schedule and a decline in income from the tourism culture technology sector [1]. - The decline in net profit was primarily attributed to the reversal of expected liabilities related to Jiangnan Garden in the same period last year, which had contributed to non-operating income [1].