Tongqinglou said at the 2026 semi-annual online performance briefing held on September 10 that the core of the company's current phased decline in profits is the centralized opening and climbing of the Fumao series of new stores, leading to an increase in start-up costs, depreciation and amortization, and financial expenses, and a phased weakening of demand for food and beverage banquets. This is a phased phenomenon under “triple transformation and superposition”, not a deterioration in the fundamentals of the main business. After opening a new Fumao Hotel store, it usually takes 1 to 2 years to cultivate a slope. Currently, the operating data of stores that have already opened is gradually improving, and some stores have successfully left the cultivation period and achieved profits. As the full business format of each Fumao store matures, the sector will gradually release performance in the next 1 to 2 years; in the next 3 to 5 years, the stock Fumao project will basically complete the overall climb, forming a stable profit model, while also depositing mature assets to support the implementation of the company's long-term strategy.

Tongqinglou said at the 2026 semi-annual online performance briefing held on September 10 that the core of the company's current phased decline in profits is the centralized opening and climbing of the Fumao series of new stores, leading to an increase in start-up costs, depreciation and amortization, and financial expenses, and a phased weakening of demand for food and beverage banquets. This is a phased phenomenon under “triple transformation and superposition”, not a deterioration in the fundamentals of the main business. After opening a new Fumao Hotel store, it usually takes 1 to 2 years to cultivate a slope. Currently, the operating data of stores that have already opened is gradually improving, and some stores have successfully left the cultivation period and achieved profits. As the full business format of each Fumao store matures, the sector will gradually release performance in the next 1 to 2 years; in the next 3 to 5 years, the stock Fumao project will basically complete the overall climb, forming a stable profit model, while also depositing mature assets to support the implementation of the company's long-term strategy.