Pinuo: The transfer of assets sold by the wholly-owned subsidiary has been completed.

Piano Announcement: Piano Home Furnishings Co., Ltd., a wholly-owned subsidiary of Piano, has sold a land use right and factory building it holds by public listing transfer, with a transaction price of 95 million yuan. The subject assets have completed the transfer procedures and have been registered under Tianjin Shenghai Technology Development Co., Ltd. Tianjin Shenghai has obtained the Real Estate Certificate. This sale is primarily for the purpose of optimizing resource allocation and revitalizing existing assets, and will not have a significant impact on the company's financial and operational situation.