China Tourism and Culture Investment Group (600358.SH) has announced a forecasted net loss for the year 2024 of 55 million to 77 million yuan, representing an increase compared to the previous year.

China Tourism and Culture Investment Group (600358.SH) has announced that the company expects to incur a net loss attributable to the owners of the parent company of 55 million to 77 million yuan in the year 2024, compared to a loss of 12.5332 million yuan in the same period last year, indicating an increase in losses. The main reasons for the expected loss in performance are: (1) the impact of core business, where the holding subsidiary Beijing New Line Zhongshi Cultural Communication Co., Ltd. experienced a decrease in operating income compared to the same period last year due to intensified market competition, as well as a decrease in gross profit margin due to changes in media policy of suppliers, resulting in a loss for New Line Zhongshi in this period. (2) The impact of non-recurring gains and losses, where in the previous period, the company recognized a relocation subsidy for listed companies of 12 million yuan in accordance with subsidy provisions after meeting income recognition conditions, however, no such events occurred in the current period.