Core Viewpoint - The company is actively preparing new projects in Qingdao and Taizhou, with significant progress made on both fronts, aiming for timely and high-quality delivery of these projects by their respective opening dates [1] Group 1: Qingdao Project - The Qingdao project includes the Qian Guqing Grand Theatre and a complex that has already reached the topping-out stage, with the main structure of the themed street area completed [1] - The next steps for the Qingdao project involve internal and exterior decoration, as well as the installation of stage machinery and equipment [1] - The owner is fully committed to advancing the subsequent construction to ensure the project opens on schedule in July 2026 [1] Group 2: Taizhou Project - The Taizhou project was initially scheduled to open in May 2028, but it is currently progressing smoothly, with the possibility of an earlier opening not being ruled out [1]

Core Viewpoint - Songcheng Performance has made significant progress on its Qingdao and Taizhou projects, with a focus on ensuring high-quality openings in 2026 and potentially earlier in 2028, respectively [1] Group 1: Project Updates - The Qingdao Qian Guqing project has completed the main structure of the theater and complex, with ongoing construction of the parking lot [1] - The Taizhou project, originally scheduled to open in May 2028, is progressing well and may open earlier than planned [1] Group 2: Financial Insights - In the first three quarters, the company confirmed design and planning fees totaling 100 million yuan for the Qingdao and Taizhou projects [1] - Light asset income will be recognized in stages based on the work results submitted to the owners, with most service fees expected to be realized before the project openings [1]