坡国

坡 = 土 + 皮 : Pinocchio (p) is out for a walk in front of the observatory (o1). He thinks that the ground is slanted (坡), but in fact somebody but some clay (土) into his leather shoes (皮) and so it is him who is sloping (坡).

国 = 囗 + 玉 : Mnemonic symbol: a nation's flag. Let's say the Chinese flag.

In the observatory's kitchen (o2) Gitta Giraffe (gu) is practising her ballet performance. She got a whole crate (囗) full of jade bracelets (玉) and flags (国) and fixed one flag to each jade bracelet. This makes a perfect combination for throwing the ring with the flag waving behind it and catching the ring again after a few pirouettes.