Group 1 - The core point of the article is that Songcheng Performing Arts plans to acquire 100% equity of Songcheng Industrial from its controlling shareholder, Songcheng Group, for a total price of 963 million yuan, which will make Songcheng Industrial a wholly-owned subsidiary and included in the consolidated financial statements [2][4]. Group 2 - Songcheng Industrial's main assets include approximately 92,400 square meters of land use rights and about 94,500 square meters of buildings, primarily generating income from leasing to Songcheng Scenic Area for parking and operational purposes [4]. - Upon successful completion of the transaction, the area of Songcheng Scenic Area will expand from 67 acres to approximately 200 acres [4]. - As of October 31, 2025, the assessed value of Songcheng Industrial is approximately 963 million yuan, reflecting an estimated increase of 779 million yuan over the book value, resulting in a valuation increase rate of 422.74% [4]. - The company stated that the assessment reflects the market value of Songcheng Industrial as of the benchmark date, and the transaction price does not exceed the assessed value, ensuring fairness and reasonableness [4]. Group 3 - Following the acquisition, Songcheng Performing Arts plans to develop various types of immersive performances, several small theaters, and enhance facilities such as parking spaces and extreme experience areas [4]. - As of the end of Q3 this year, the company has approximately 4.6 billion yuan in cash and trading financial assets, which will support ongoing cash inflows from scenic area operations [5]. - After the acquisition, the company plans to invest around 500 million yuan in renovations and upgrades, with an estimated construction period of about two years, which is seen as a key move to create a "second growth curve" and deepen its competitive advantage [5].