Core Viewpoint - The company has entered into a joint venture agreement with Nanshan Hungary to establish a company in Hungary aimed at acquiring a warehouse, enhancing its overseas investment strategy and logistics capabilities in Europe [1][2] Group 1: Joint Venture Details - The joint venture will have a registered capital of €10,000 (approximately RMB 83,349), with the company contributing €4,000 (approximately RMB 33,339.60) for a 40% stake, while Nanshan Hungary will contribute €6,000 (approximately RMB 50,009.40) for a 60% stake [1] - The maximum capital commitment for the joint venture is approximately €49.83 million (around RMB 415 million), with the company planning to invest up to €19.93 million (approximately RMB 166 million) from its own funds [1] Group 2: Warehouse Acquisition Purpose - The primary purpose of the joint venture is to acquire a warehouse located northeast of Budapest, with a total leasable area of approximately 46,125 square meters, including 43,483 square meters of storage and 2,642 square meters of office space [2] - The warehouse currently has a 100% occupancy rate, with tenants including internationally recognized automotive manufacturers, parts suppliers, logistics service providers, and local electronic distributors [2] Group 3: Strategic Importance - The joint venture aligns with the company's overseas investment strategy, as Hungary serves as a crucial bridge for trade between China and Europe, enhancing the company's logistics resource layout in key European locations [2] - The partnership with Nanshan Group, which has extensive experience in logistics, urban development, asset management, and manufacturing, aims to leverage both parties' strengths to improve logistics solutions and competitiveness [2]