Group 1 - The company held its 22nd meeting of the 4th Board of Directors on June 18, 2025, with all 7 directors participating in the voting process, confirming the legality and validity of the meeting [1][2] - The Board approved the sale of land use rights for a total area of 28,034.20 square meters (42.05 acres) located in Shantou City, aiming to enhance asset operation efficiency and maximize shareholder value [1][2] - The company plans to sell part of the land, specifically 14,017.1 square meters (21.025 acres), to Shantou Wanzhuang Food Co., Ltd. for a price of 42,050,000.00 yuan, contributing to a total sale price of 84,100,000.00 yuan [1][2] Group 2 - The management team has been authorized to handle the sale of the land use rights, and the transaction does not constitute a related party transaction or a major asset restructuring [2]

Group 1 - The company Zhejiang Xinhecheng Co., Ltd. has approved the participation in the auction for land use rights in Hangzhou, with a bidding price not exceeding RMB 115 million [2] - The company successfully acquired the land use rights for the specified plot in Hangzhou, signing a contract with the Hangzhou Planning and Natural Resources Bureau [3] - The total area of the acquired land is 23,903 square meters, designated for commercial and business use, with a tenure of 40 years and a total transaction price of RMB 103.681 million [4] Group 2 - The purpose of acquiring the land is to support the company's expanding business scale and to establish a new headquarters in Hangzhou, enhancing management and R&D functions [4] - The company aims to leverage the favorable business environment and talent resources in the Hangzhou and Qiantang River area to attract high-end talent and improve its brand image [4] - The financial condition of the company is stable, and the funding for the land acquisition will come from self-owned or raised funds, ensuring no adverse impact on the company's main business or asset status [4]

Core Viewpoint - The company has successfully acquired a piece of state-owned land in Hangzhou for commercial use, indicating a strategic investment in real estate development [1] Group 1: Acquisition Details - The company's wholly-owned subsidiary, Shangbo Nanxing, won the bidding for the land use rights of the JG1203-28 plot in Hangzhou for 569 million yuan [1] - The land is located in the Shangcheng District, covering an area of 13,921 square meters, with a planned construction area of 48,723.5 square meters [1] - The land use is designated for commercial and business purposes, with a lease term of 40 years [1] Group 2: Financial and Project Information - The total estimated investment for the project is 1.099 billion yuan, funded by the company's own capital and some bank loans [1] - The construction period for the project is projected to be 2 to 3 years [1]

Transaction Overview - Wuhan Santour Cableway Group Co., Ltd. approved the acquisition of 100% equity of Chongyang Santour Junshuihe Tourism Development Co., Ltd. and related transactions during board meetings held on December 1 and December 19, 2022 [2] - The company also approved the transfer of certain assets of Junshuihe Company and 49% equity of Chongyang Junshuihe Ecological Farm Development Co., Ltd. due to the residential land nature of some assets, which does not align with the company's operational philosophy [2] - The assets were transferred to Chongyang Tourism Development Co., Ltd. for a price of 15.2 million yuan, and all transaction funds were received by January 2023, with only the transfer procedures pending [2] Transaction Progress - After the agreement took effect, the company transferred the land operating rights and income rights of the two residential lands to Chongyang Tourism Development Co., Ltd. However, the transfer procedures were delayed due to insufficient development investment by Chongyang Tourism [4] - According to the Urban Real Estate Management Law, the transfer of real estate requires that the development investment reaches at least 25% of the total investment, which was not met [4] Land Recovery Agreement - In October 2024, Junshuihe Company received a decision from the local government to recover the two idle land use rights, with compensation based on the paid land transfer fee of 15.2 million yuan [5] - Following this, Junshuihe Company informed Chongyang Tourism, which agreed to allow the government to recover the land use rights at the original transaction price and authorized Junshuihe Company to sign the recovery agreement [5] Completion of Land Transfer - Recently, Junshuihe Company signed the land recovery agreement with Chongyang County Land Acquisition and Storage Center and received the payment of 15.2 million yuan [6] - The company is required to transfer the land use rights within three working days after receiving the payment and is cooperating with the land registration and cancellation process [6] - This transaction is deemed to balance the interests of the company and all parties involved, ensuring legality, compliance, and reasonableness without harming the interests of the company and its shareholders [6]