Guangzhou Restaurant announced that the company plans to invest in the construction of the Likoufuyuan District upgrade project through its wholly-owned subsidiary, Likoufu Food Company. The project is located in Nancun Town, Panyu District, Guangzhou, with a total construction area of 147,000 square meters, with a total investment of about 1,551 billion yuan. The capital is owned and raised, of which 472 million yuan has been raised, and the construction period is 60 months. The project will build new plants 4, 5, 7, and 8, transform plants 1, 2, and 3, expand production capacity and upgrade production lines. Currently, construction of Plant 4 has started, and the remaining plants are subject to relevant approval before implementation. The matter has been reviewed and approved by the board of directors of the company. There is no need to submit it to the shareholders' meeting for consideration, and it does not constitute a related transaction or major asset restructuring. The project has risks such as construction progress falling short of expectations and production capacity release falling short of expectations.

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