Guofang Group: Intends to transfer ownership of the equity of its wholly-owned subsidiary of its joint venture.

Guofang Group Announcement: The joint venture company Gansu Shanshan Outlet Shopping Plaza Co., Ltd., jointly invested and established by the company and Shanshan Commercial Group Co., Ltd., plans to establish a new subsidiary, and under the agreed conditions of the agreement, transfer 100% equity of the target company to the company's related party Lanzhou Guofang Real Estate Co., Ltd. If this transaction is successfully implemented, it will constitute a related party transaction between the company and Guofang Real Estate, but does not constitute a major asset restructuring as stipulated in the "Measures for the Administration of Major Asset Restructuring of Listed Companies." This transaction aims to further focus on the core business, reduce the fixed asset investment pressure and burden of Gansu Shanshan, and increase cash reserves. This transaction does not require approval from the company's shareholders' meeting.