Core Viewpoint - Yunnan Tourism Co., Ltd. plans to issue A-shares to specific investors, which may dilute immediate returns for existing shareholders, and the company has committed to measures to mitigate this impact [1][2][7]. Financial Impact Analysis - The issuance of shares is expected to increase the total share capital from 1,012,434,813 shares to 1,053,891,115 shares, with an estimated fundraising amount of 1.905 billion yuan [4]. - The projected net profit for 2025 under three scenarios shows potential losses ranging from -26.18 million yuan to -39.27 million yuan, depending on the performance relative to 2024 [6][8]. - Basic and diluted earnings per share are projected to improve from -0.3233 yuan to a range of -0.2484 to -0.3726 yuan, depending on the profit scenario [4][6]. Necessity and Reasonableness of the Issuance - The funds raised will be used for the construction of the Chuzhou Overseas Chinese Town Cultural Tourism Equipment Industrial Park and to repay interest-bearing debts, which aligns with the company's existing business operations [8][10]. - The project aims to enhance production capacity and improve the company's capital structure, thereby increasing profitability and competitive strength [8][10]. Project Implementation and Technical Readiness - The company has a strong technical team with nearly 50 professionals and a history of innovation, ensuring the successful implementation of the fundraising projects [9]. - The company has established a solid market foundation and brand advantage, which will support the execution of the investment projects [10]. Measures to Mitigate Dilution of Immediate Returns - The company will implement strategies to enhance operational efficiency and increase future earnings to offset the dilution of immediate returns from the share issuance [11]. - Strict adherence to regulations regarding the management and use of raised funds will be maintained to prevent misuse and ensure effective project execution [11][12]. Commitment from Key Stakeholders - The company's board and senior management have committed to fulfilling their responsibilities and ensuring the effectiveness of measures to compensate for any dilution of immediate returns [13].