北京首钢股份有限公司 回购报告书

Core Viewpoint - Beijing Shougang Co., Ltd. plans to repurchase a portion of its A-shares for the implementation of an equity incentive plan, with a maximum repurchase price of RMB 6.50 per share [2][5]. Summary by Sections Repurchase Plan Overview - The repurchase will be conducted through centralized bidding, with an estimated quantity of 40 million to 80 million shares, accounting for 0.52% to 1.03% of the company's total share capital [2][10]. - The total estimated repurchase amount is approximately RMB 26 million to RMB 52 million, based on the upper limit of the repurchase price [10][11]. Purpose and Conditions - The purpose of the repurchase is to establish a long-term incentive mechanism, enhance investor confidence, and align with the company's development strategy and financial condition [5][6]. - The repurchase complies with relevant regulations, including having been listed for over six months and having no major legal violations in the past year [6][7]. Implementation Details - The repurchase will occur within 12 months from the board's approval, with specific conditions for early termination [12][19]. - The funding sources for the repurchase include the company's own funds and a special loan for stock repurchase, with a commitment from a bank to provide up to RMB 468 million [11][22]. Financial Impact and Management Analysis - As of June 30, 2025, the company's total assets were approximately RMB 12.94 billion, with sufficient liquidity to cover the repurchase costs without affecting its operational capabilities [15]. - The repurchase is expected to improve the company's long-term incentive mechanisms, thereby enhancing team cohesion and competitiveness [15]. Disclosure and Compliance - The company will adhere to strict disclosure requirements throughout the repurchase process, including timely updates on the progress and any changes to the plan [22].