Core Points - The Changsha Beichen Delta Joy City will be independently operated by Beichen Group starting September 20, 2025, following the expiration of the contract with Joy City [1][3] - The project has seen significant improvements in foot traffic, sales, and regional capabilities during its four years of operation, establishing a sustainable foundation for the Beichen business district to evolve into a "provincial-level nighttime consumption gathering area" [3][5] - Joy City will ensure the continuity of member rights and benefits during the transition, with a gratitude reward program for members running from August 19 to September 19, 2025 [4] Company Operations - The Changsha Beichen Delta Joy City will be renamed "Changsha Beichen Hui" and aims to provide diverse consumer experiences and high-quality services [1] - New brands such as Domino's Pizza and Yuegaojia Supermarket are being introduced to the mall, indicating ongoing operational activities [3] - Joy City has demonstrated strong performance across its national portfolio, with significant sales and foot traffic increases reported during recent promotional events [4] Industry Trends - The transition of operations from Joy City to Beichen Group reflects a growing maturity in the commercial environment of Changsha and a diversification of asset management entities [5] - The Changsha Beichen Delta commercial project is positioned as a core project within the Beichen Delta business district, benefiting from the foundational support provided by Joy City's management expertise [4][5]

Core Viewpoint - The Changsha Beichen Triad Delta Joy City will transition to independent operation by Beichen Group starting September 20, 2025, following the expiration of the contract with Joy City Commercial Management Team, which will withdraw in an orderly manner [1][3]. Group 1: Operational Transition - The transition is described as a normal contractual expiration, with Joy City having significantly improved foot traffic, sales, and regional capabilities during its four-year operation [3]. - The project will be renamed "Changsha Beichen Hui" and aims to provide diverse consumer experiences and high-quality services [1]. Group 2: Performance Highlights - Since its opening in September 2021, the project has become a new commercial landmark in Changsha, achieving a transformation from "real estate value" to "emotional value" [4]. - Joy City introduced over 200 brands by the end of 2024, with a notable increase in flagship and concept stores, leading to a 120% sales increase during the "Joy New Festival" in 2024 [5]. - The project has recorded over 40 million visitors by July 2025, maintaining nearly 20% growth in foot traffic over the past two years [5]. Group 3: Brand and Membership Management - To ensure member rights, Joy City has announced a "Member Points Appreciation Return" event from August 19 to September 19, 2025, allowing members to redeem points before the transition [7]. - Members can continue to use their points at all Joy City locations nationwide after the transition, ensuring seamless continuity of membership benefits [8]. Group 4: Future Prospects - The Beichen Group is set to build on the operational foundation established by Joy City, with expectations for further development in the Changsha Beichen Triad Delta commercial project [8]. - The transition reflects a growing maturity in the commercial environment of Changsha and a diversification of asset management entities [8].