Group 1 - The company operates 74 self-operated malls and 228 managed malls as of September 30, 2025, with additional strategic partnerships for 7 home furnishing malls and 22 franchised home building material projects, totaling 358 home building material stores/industrial streets [1] - During the reporting period, the company closed 4 self-operated malls located in Chongqing, Guangzhou, Chengdu, and Changsha, while 3 malls transitioned from managed to self-operated in Tangshan, Tianjin, and 2 malls shifted from self-operated to managed in Baotou and Changzhou [1] - The company opened 1 new managed mall in Taizhou, while 29 managed malls were closed across various locations including Zhejiang, Hebei, Henan, Anhui, Sichuan, Guangdong, Liaoning, and Jiangsu [1] Group 2 - As of September 30, 2025, the company has 16 self-operated malls in preparation, with 13 owned and 3 leased, covering a planned construction area of approximately 2.63 million square meters, subject to government approval [2] - Among the managed malls in preparation, 250 signed projects have obtained land use rights or secured land plots [2]

Group 1 - The company operates 76 self-operated malls and 235 managed malls, with strategic partnerships for 7 home furnishing malls and 23 franchised home improvement projects, totaling 369 home improvement stores/industrial streets as of June 30, 2025 [1] - During the reporting period, the company closed 2 self-operated malls and transitioned 3 managed malls to self-operated status, while 2 self-operated malls were converted to managed status [1] - The company has 16 self-operated malls under preparation, with a planned construction area of approximately 2.63 million square meters, subject to government approval [1] Group 2 - The revenue from self-operated malls during the reporting period was RMB 2.482 billion, a decrease of 16.4% compared to the same period last year, with a gross margin of 71.1%, down 0.3 percentage points from 2024 [2]