Group 1 - The company has initiated the Shanghai Liubai Urban Renewal Project, aiming to demolish and rebuild existing structures to create a comprehensive boutique shopping center that meets modern consumer demands [1] - As of the date of the annual report disclosure, the company has not yet obtained the construction planning permit and construction permit, which prevents the commencement of engineering construction [1] - The project is located at a key intersection of major urban development axes, connecting important functional areas such as the Xujiahui area and the Xujiahui Sports Park [1] Group 2 - A public participation draft for the "C030202 Unit Control Detailed Planning" has been announced, which clarifies land use, building indicators, and road red lines for the area [2] - Significant changes in building indicators from the public draft may require the company to adjust the project design, total investment, and construction timeline [2] - The company will closely monitor the progress of the public draft and communicate with relevant government departments to ensure compliance with necessary adjustments [2]