CSC, our first brand established in 1996, is our interpretation of Sichuan cuisine, the most popular Chinese cuisine, on the modern stage of quick service restaurants. As a professional Sichuan chef, Ms. Li Hong (李紅) has a special passion for Sichuan culinary arts. To bring out the best of Sichuan style cooking, we have insisted on preparing food freshly onsite at all of our CSC restaurants with carefully chosen ingredients and providing classic Sichuan cuisine with incredible depth and complexity of flavors combining hot, numbing, sweet, sour, savory and nutty notes. We take special pride in our 26-year endeavor to keep our delicious dishes affordable, building CSC into an everyday dining option for all. To meet the dining needs of a wide range of customers of different ages, CSC places its restaurants in diversified locations and offers a variety of choices throughout the day. With its longstanding commitment to pursuing excellence while charging reasonable prices, CSC has become one of the most beloved Chinese quick service restaurants in the major markets where it is present. According to a consumer survey conducted by Frost & Sullivan, CSC ranked first in terms of top-of-mind brand awareness of Chinese QSR brands in Southwest China. CSC is particularly popular among younger generations. In 2020, it was named the most popular Chinese quick service restaurant among young people by Alipay. As of December 31, 2022, we operated 551 CSC restaurants in China.

Rice Space, which was established in 2011, represents our approach to address quick-service dining in a more decent way to meet different flavor preferences of our customers. Understanding and respecting customers’ desire for quality meals as much as their emphasis on efficiency, we aim to build Rice Space into a “charging point” offering our customers, especially office workers, a delicious and relaxing moment during their busy everyday life. At Rice Space, we offer popular regional cuisine freshly prepared using quality ingredients in various styles, such as Hunan, Jiangsu & Zhejiang and Guangdong flavors. We introduced the charging-by-weight (稱菜) model (as opposed to charging by item) and small entrées (小碗菜) model into our business, giving customers greater variety within a given budget. All these endeavors are to enable our customers to enjoy a personalized meal with fine-dining food quality without compromising the efficiency afforded by our quick services. Starting from central business districts in metropolitans, Rice Space gradually extended its footprint nationwide. In June 2020, Rice Space came to Shanghai. Following its entry, Rice Space swiftly climbed up to the top of the most popular restaurant rankings across many districts in Shanghai released by a well-known online restaurant review platform hosted by Dianping. According to a consumer survey conducted by Frost & Sullivan, Rice Space ranked first in terms of top-of-mind brand awareness of Chinese QSR brands in Central China. Rice Space is also the fastest-growing brand among China’s top five self-operated Chinese QSR groups, as measured by growth in the number of chain restaurants from January 2019 to December 2021, with a growth rate of 114.2%, according to the Frost & Sullivan Report. As of December 31, 2021, we operated 574 Rice Space restaurants in China.