South Central Media: Intends to use the raised fund of 48 million yuan to invest in the upgrade and renovation project of Hunan Book City.

Announcement from Zhongnan Media: Provincial Xinhua Bookstore, a wholly-owned subsidiary, and its branches and subsidiary plan to use the raised funds of 48 million yuan to implement the Hunan Book City upgrade project. The project is planned to have a construction period of 20 months, with expected profits starting in the fourth year of operation. The total planned investment for the project is 48 million yuan, with core implementation including restructuring of internal functional zones, upgrading of interior space decoration, and renovation of the building facade. After completion of the project, it is expected to bring in cumulative revenue of 270 million yuan and cumulative net profit of 868.17 thousand yuan for Provincial Xinhua Bookstore in the next ten years, with an investment payback period of 9 years.