Milestone 18: Establishment of Qiancheng Tourism Development (House Garden) Sole Co., Ltd.

On January 28, 2025, Qiancheng Tourism Development (House Garden) Sole Co., Ltd., a subsidiary of the Group, was established. Operating on an "Investment + Operation + Content Output" model, it participates in the full-cycle development of cultural tourism scenic spots, resorts, and characteristic towns, providing planning, business format upgrading, and smart management services to activate resource value and enhance tourist experience and commercial revenue.