Jing Ji Guan Cha Wang·2026-02-13 04:49Group 1 - The company plans to repurchase up to 48.904 million H-shares, representing 10% of the issued H-shares, with a maximum repurchase price set at 105% of the average closing price over the previous five days [2] - As of June 2025, the company has already repurchased over 53 million H-shares, indicating the sustainability of the buyback program [2] - The stock price of H-shares has increased from HKD 30 per share in the second half of 2025 to HKD 42.56 per share on February 9, 2026, reflecting market confidence [3] Group 2 - As of September 2025, the company has over CNY 6 billion in cash and approximately CNY 900 million in interest-bearing debt, ensuring sufficient cash flow for the buyback [4] - The company's TTM price-to-earnings ratio is 19.19, and the price-to-book ratio is 1.85, indicating a reasonable valuation range [4] - The company faces operational pressure due to high accounts receivable, which accounts for 76% of revenue, and a significant inventory balance of CNY 9.47 billion, which has increased by 46.47% year-on-year [5] Group 3 - The company’s buyback plan may boost market sentiment in the short term, but long-term effects will depend on financial stability and industry risks [7] - The company is pursuing a "diversified strategy" and plans to allocate 11.41% of its budget to R&D in 2024, which supports future growth [7]