目 录 | | | 二、资质（证明）材料复印件…………………………………第 3—7 页 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 内部控制审计报告 天健审〔2025〕7413 号 合盛硅业股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了合盛硅业股份有限公司（以下简称合盛硅业公司）2024 年 12 月 31 日 的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是合盛 硅业公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 本复印件仅供合盛硅业公司天健审〔2025〕7413 号报告后附之用，证明 天健会计师事务所（特 殊普 ...

2024 年度独立董事述职报告 合盛硅业股份有限公司 （张利萍-已离任） 作为合盛硅业股份有限公司（以下简称"公司"或"合盛硅业"）的独立董 事，本人严格按照《中华人民共和国公司法》《上市公司独立董事管理办法》等 相关法律法规和《公司章程》《独立董事工作制度》的规定和要求，在 2024 年 度诚信、勤勉、尽责、忠实履行职务，按要求积极出席 2024 年度的相关会议， 认真审议董事会各项议案，并对公司相关事项发表意见，充分发挥了独立董事及 各专业委员会委员的作用，切实维护公司和股东尤其是中小股东的合法权益。现 就 2024 年度独立董事履职情况述职如下： 一、独立董事的基本情况 （一）独立董事简介 张利萍，1962 年 10 月出生，中国国籍，马来西亚第二家园居留权（2014 年 10 月至 2024 年 10 月），本科学历，教授级高级工程师。2007 年 11 月至 2017 年 11 月任广州天赐高新材料股份有限公司研究院院长、副总经理、董事；2020 年 11 月至今任中国氟硅有机材料工业协会有机硅专家委员会秘书长；2021 年 2 月至 2024 年 2 月任公司独立董事。 （二）独立性情况 报告期内 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥5,227,980,324.55, a decrease of 3.47% compared to ¥5,415,872,264.25 in the same period last year[5] - Net profit attributable to shareholders was ¥259,660,948.80, down 50.81% from ¥527,835,068.25 year-on-year[5] - The net profit after deducting non-recurring gains and losses was ¥215,670,738.91, a decline of 58.49% compared to ¥519,606,110.63 in the previous year[5] - Basic and diluted earnings per share were both ¥0.22, representing a decrease of 51.11% from ¥0.45 in the same period last year[6] - The weighted average return on equity decreased by 0.84 percentage points to 0.79% from 1.63% year-on-year[6] - Total operating revenue for Q1 2025 was CNY 5,227,980,324.55, a decrease of 3.5% compared to CNY 5,415,872,264.25 in Q1 2024[21] - Net profit for Q1 2025 was CNY 253,535,747.11, down 51.2% from CNY 520,083,676.42 in Q1 2024[22] - Earnings per share for Q1 2025 was CNY 0.22, compared to CNY 0.45 in Q1 2024, reflecting a decline of 51.1%[23] Cash Flow and Liquidity - The net cash flow from operating activities was ¥1,648,101,759.67, a significant improvement from a negative cash flow of ¥2,594,198,652.50 in the previous year[5] - Cash inflow from operating activities was CNY 4,906,847,796.20, significantly higher than CNY 2,691,407,430.69 in Q1 2024, marking an increase of 82.5%[25] - The company reported a cash inflow of $2,359,623,932.99 from other financing activities, contributing to overall liquidity[26] - Total cash inflow from financing activities amounted to $4,626,123,932.99, while cash outflow was $4,942,632,897.12, resulting in a net cash flow of -$316,508,964.13[26] - The company reported a total cash and cash equivalents balance of $1,191,700,345.26 at the end of the period, up from $1,080,401,631.36 in the previous period[26] Assets and Liabilities - The total assets at the end of the reporting period were ¥90,768,681,759.00, showing a slight decrease of 0.01% from ¥90,773,438,669.86 at the end of the previous year[6] - The company's total assets amounted to RMB 90.77 billion, a slight decrease from RMB 90.77 billion as of December 31, 2024[17] - The total current liabilities increased to RMB 39.06 billion from RMB 37.93 billion, reflecting an increase of approximately 2.9%[19] - The company's total liabilities decreased to RMB 56.78 billion from RMB 57.94 billion, a reduction of approximately 2%[19] - The long-term borrowings decreased to RMB 13.94 billion from RMB 16.75 billion, a reduction of approximately 16.7%[19] Equity and Shareholder Information - The equity attributable to shareholders increased by 0.80% to ¥33,113,476,668.01 from ¥32,851,058,082.20 at the end of the previous year[6] - The company’s total equity increased to RMB 33.99 billion from RMB 32.83 billion, reflecting a growth of approximately 3.5%[19] - The company reported a non-recurring gain of ¥43,990,209.89 after accounting for various non-recurring items[8] Operational Metrics - Total operating costs increased to CNY 5,024,908,805.72, up 5.7% from CNY 4,754,764,410.64 in the same period last year[21] - Research and development expenses decreased to CNY 84,112,222.50 from CNY 137,649,040.06, a reduction of 38.9% year-over-year[21] - Financial expenses rose to CNY 235,232,599.03, up 37.5% from CNY 171,078,467.33 in the previous year[21] - Other income increased to CNY 94,555,956.65, compared to CNY 60,150,352.64 in Q1 2024, reflecting a growth of 57.0%[21] Subsidiary and Investment Activities - In March 2025, the subsidiary, Xinjiang Eastern Hesheng Silicon Industry Co., Ltd., completed a capital increase of RMB 900 million, maintaining an 80.41% equity stake[14] - The company received $900,000,000.00 from minority shareholders as part of its financing activities[26] Foreign Exchange and Miscellaneous - The company reported a foreign exchange gain of CNY 315,384.45, a significant decrease from CNY 25,072,309.45 in the previous year[22] - The impact of exchange rate changes on cash and cash equivalents was a positive $2,592,220.34[26]

Financial Performance - The company's operating revenue for 2024 was CNY 26.69 billion, a slight increase of 0.41% compared to CNY 26.58 billion in 2023[24]. - The net profit attributable to shareholders decreased by 33.64% to CNY 1.74 billion in 2024 from CNY 2.62 billion in 2023[24]. - The basic earnings per share for 2024 was CNY 1.48, down 33.93% from CNY 2.24 in 2023[25]. - The weighted average return on equity decreased by 3.12 percentage points to 5.35% in 2024 from 8.47% in 2023[25]. - The net cash flow from operating activities for 2024 was CNY 4.52 billion, a significant recovery from a negative cash flow of CNY 790 million in 2023[24]. - The total assets increased by 8.91% to CNY 90.77 billion at the end of 2024, compared to CNY 83.34 billion at the end of 2023[24]. - The net profit after deducting non-recurring gains and losses was CNY 1.54 billion in 2024, down 29.58% from CNY 2.19 billion in 2023[24]. - The company received government subsidies amounting to CNY 79.43 million in 2024, compared to CNY 300.12 million in 2023[34]. Dividend Distribution - The company plans to distribute a cash dividend of 4.50 RMB per 10 shares, totaling approximately 527.59 million RMB based on a total share count of 1,172,432,523 shares after accounting for repurchased shares[6]. - The proposed cash dividend for 2024 is CNY 4.50 per 10 shares, amounting to CNY 527.59 million, with a base share count of 1,172,432,523 after accounting for repurchased shares[179]. - The cash dividend for 2023 represents 30.31% of the net profit attributable to ordinary shareholders, which was CNY 1,740.48 million[182]. - The cumulative cash dividend over the last three accounting years is CNY 2,366.25 million, with an average cash dividend payout ratio of 74.63%[184][185]. Governance and Compliance - The company has received a standard unqualified audit report from Tianjian Accounting Firm, ensuring the accuracy and completeness of the financial report[5]. - The board of directors has confirmed that all members attended the board meeting, ensuring proper governance and decision-making processes[4]. - The company has not reported any violations of decision-making procedures regarding external guarantees, reflecting adherence to regulatory standards[8]. - The company has established a performance evaluation mechanism for senior management, which is implemented by the Compensation and Assessment Committee[186]. - The company has implemented a robust internal control system to enhance operational management and risk prevention capabilities[146]. Risk Management - The company has outlined potential risks in its future development, which investors should be aware of[9]. - The company emphasizes the importance of investment risk awareness in its forward-looking statements, cautioning investors against potential uncertainties[7]. - The company faces risks from macroeconomic fluctuations that could impact demand for its products in various industries, including photovoltaic and automotive sectors[133]. - Increased market competition in the industrial silicon and organic silicon sectors may lead to significant price fluctuations, affecting the company's profitability[134]. - The company is exposed to raw material price volatility, which can impact the sales prices of its products based on market supply and demand dynamics[136]. Production and Capacity - The production of industrial silicon reached 4.72 million tons in 2024, representing a year-on-year increase of 27.6%[49]. - The export volume of industrial silicon was 725,000 tons, an increase of 28.5% year-on-year[49]. - Domestic consumption of industrial silicon increased by 22.1% year-on-year, with demand from polysilicon and organic silicon sectors growing approximately 25%[49]. - The company has an industrial silicon capacity of 1.22 million tons per year and an organic silicon capacity of 1.73 million tons per year as of the end of 2024[52]. - The design capacity for industrial silicon products is 122,000 tons, with a capacity utilization rate of 153.39%[107]. Research and Development - The company holds 675 authorized patents, including 87 invention patents, and has participated in the formulation or revision of 60 industry standards[58]. - The company has established multiple R&D platforms, including a provincial high-tech enterprise R&D center and a national postdoctoral workstation[57]. - Total R&D investment reached ¥575,137,889.87, accounting for 2.15% of operating revenue[79]. - The number of R&D personnel is 2,937, representing 13.56% of the total workforce[79]. - The company plans to invest in R&D for downstream processing products and new fields such as silicon carbide[127]. Environmental Compliance - Sulfur dioxide emissions were reported at 11.149 mg/m³, while nitrogen oxides were at 35.793 mg/m³, indicating compliance with ultra-low emission standards[195]. - The company achieved a total nitrogen oxide emission of 661.815 mg, with a limit of 826 mg, reflecting effective emission control measures[195]. - The company is actively pursuing ultra-low emission upgrades in its coal-fired power plants, aligning with national environmental policies[195]. - Future projections indicate a continued focus on reducing emissions and enhancing energy efficiency across operations[195]. - The company plans to enhance its emission control technologies to further reduce pollutants in the upcoming fiscal year[198]. Strategic Initiatives - The company plans to focus on expanding its market presence and enhancing product development in the upcoming fiscal year[27]. - The company is considering strategic acquisitions to bolster its market position, with potential targets identified in the tech sector[157]. - The management emphasized a focus on sustainability, aiming to reduce carbon emissions by 30% over the next five years[158]. - The company aims to achieve carbon peak and carbon neutrality goals through continuous technological innovation and industry extension[95]. - Future growth will be supported by strategic investments in emerging industries and the cultivation of new productive forces[128].

证券代码： 603260 证券简称：合盛硅业 公告编号：2025-022 合盛硅业股份有限公司 2024年度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上海证券交易所上市公司自律监管指引第3号行业信 息披露：第十三号——化工》及相关要求，合盛硅业股份有限公司（以下简称 "公司"）现将2024年度主要经营数据披露如下： 注1：公司有机硅产品种类增加，主要产品结构优化，为更准确的数据统 计，公司按有机硅下游深加工产品的类别进行重分类，类别为：硅橡胶（包括 高温胶：生胶、混炼胶；室温胶：107胶、硅酮密封胶；液体胶）、硅油和环体 硅氧烷。 注2：上述销售量为全部对外销售数量，未包含公司自用量，以上产品自用量 分别为工业硅45.97万吨、硅橡胶11.54万吨、硅油2.61万吨、环体硅氧烷50.57万 吨；粗单体产量176.83万吨。 主要产品 2024年 1-12 月 生产量（吨） 2024年1-12月 销售量（吨） 2024年 1-12 月 销售金额（万元） 工业硅 1,871,397.11 ...

主要产品 2025年一季度 2025年一季度 2025年一季度 生产量（吨） 销售量（吨） 销售金额（万元） 工业硅 362,001.96 259,845.84 242,735.84 硅橡胶 226,025.16 173,572.55 206,862.68 硅油 17,856.49 16,876.97 18,036.19 环体硅氧烷 119,887.90 8,824.01 10,762.31 一、主要产品的产量、销量及收入实现情况（不含税） 二、主要产品的价格变动情况（不含税） 证券代码：603260 证券简称：合盛硅业 公告编号：2025-023 合盛硅业股份有限公司 2025年第一季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上海证券交易所上市公司自律监管指引第3号行业信息披 露：第十三号——化工》及相关要求，合盛硅业股份有限公司（以下简称"公司"） 现将2025年第一季度主要经营数据披露如下： 注1：公司有机硅产品种类增加，主要产品结构优化，为更准确的数据统计，公司 按有机硅下 ...

合盛硅业（603260）公告，2025年第一季度营收为52.28亿元，同比下降3.47%；净利润为2.6亿元，同 比下降50.81%。 ...

Investment Rating - The report maintains a "Buy" rating for several key companies in the industry, including Wanhuah Chemical, Hualu Hengsheng, and Yuntianhua, among others [6]. Core Insights - The report emphasizes the acceleration of domestic substitution in new materials, particularly in semiconductor quartz sand and glass materials, driven by the ongoing trade conflicts and tariff policies [8][10]. - It highlights the importance of stable market measures being implemented to support the chemical industry, including increased investment in key sectors and support for state-owned enterprises [8][10]. - The report identifies potential investment opportunities in various segments, including AI materials, electronic gases, and nylon, suggesting a focus on companies like Lianrui New Materials and Saint Quan Group [8][10]. Summary by Sections Market Overview - The total number of listed companies in the industry is 428, with a total market value of 32,783.26 billion and a circulating market value of 29,223.51 billion [3]. - The report notes a significant decline in the indices for basic chemicals and petrochemicals, with respective decreases of 5.1% and 5.8% as of April 11, 2025 [16]. Key Industry Trends - The report discusses the impact of tariff policies on domestic demand, particularly in the mining and construction sectors, which are expected to see increased investment [8]. - It also mentions the stabilization of oil prices, which is anticipated to create cost reduction opportunities for chemical products [8]. Company Recommendations - Specific companies are recommended based on their performance and market positioning, including Wanhuah Chemical, Hualu Hengsheng, and Yuntianhua, which are expected to benefit from favorable market conditions [6][8]. - The report suggests monitoring companies involved in the production of high-purity quartz sand and AI materials, as these sectors are poised for growth [8][10]. Price Trends - The report indicates that as of April 11, 2025, the average price of domestic industrial silicon is 10,507.0 yuan/ton, reflecting a week-on-week decrease of 1.3% and a year-on-year decrease of 21.3% [9]. - It also notes fluctuations in the prices of various chemical products, with some experiencing significant price increases while others have seen declines [22][23].

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - Trump's tariff policies have a significant impact on the global financial market and有色金属 prices. Short - term price fluctuations are intense, and the medium - term supply - demand fundamentals of various metals are still the main factors affecting prices [3][18][37] - For different metals, the report provides corresponding trading strategies based on their supply - demand relationships, cost factors, and policy impacts [3][10][23] 3. Summary by Related Catalogs Copper - **Market Review**: The Shanghai Copper 2504 contract closed at 75,400 yuan, up 4.23%, and the Shanghai Copper Index increased its position by 3,919 lots to 543,300 lots. The spot premium decreased [2] - **Important Information**: As of April 10, the national mainstream copper inventory decreased significantly. It is expected that the supply will be tight next week, and the demand increase will be limited, and the inventory is expected to continue to decline [2] - **Logic Analysis**: Trump's tariff suspension announcement led to a short - term rebound in LME copper. The fundamentals show a back structure, and the impact of the trade war on orders may appear after April. It is recommended to short on rebounds [3] - **Trading Strategy**: Hold short positions and wait and see for arbitrage [3] Alumina - **Market Review**: The Alumina 2505 contract rose 35 yuan/ton to 2,790 yuan/ton, and the position increased by 20,444 lots to 392,500 lots. The spot price decreased in most regions [5] - **Related Information**: Multiple alumina plants are undergoing maintenance, and new production lines are put into operation. The national alumina inventory increased, and the price of imported bauxite decreased [6][7] - **Logic Analysis**: Although the short - term supply - demand surplus situation is alleviated, it is difficult to change in the medium - term. It is recommended to short after the rebound [9] - **Trading Strategy**: Short the price, wait and see for arbitrage, and buy put options [10][11] Electrolytic Aluminum - **Market Review**: The Shanghai Aluminum 2505 contract closed at 19,805 yuan/ton, up 360 yuan/ton, and the position decreased by 19,603 lots to 509,800 lots. The spot price increased [13] - **Related Information**: Trump adjusted the tariff policy, and China counter - imposed tariffs. The US 10 - year Treasury yield soared. The domestic aluminum inventory decreased, and the CPI and PPI data were released [14][16] - **Trading Logic**: Trump's tariff suspension led to a market rebound. The tariff may affect aluminum exports, and the domestic second - quarter demand and inventory will support the basis and month - to - month spread [18] - **Trading Strategy**: Wait and see for the short - term due to macro - uncertainty, expect the AL05 - 08 contract spread to widen, and wait and see for options [23] Zinc - **Market Review**: The Shanghai Zinc 2505 rose 2.92% to 22,705 yuan/ton, and the position of the Shanghai Zinc Index decreased by 17,515 lots to 208,600 lots. The downstream procurement was cautious [21] - **Related Information**: As of April 10, the domestic zinc ingot inventory decreased, and the spot trading improved [22] - **Logic Analysis**: In April, the domestic zinc concentrate supply is still loose, and the smelting plant is profitable. The consumption in April is expected to be boosted [25] - **Trading Strategy**: The zinc price runs strongly in the short - term and can be shorted on highs in the long - term. Wait and see for arbitrage and options [26] Lead - **Market Review**: The Shanghai Lead 2505 rose 1.97% to 16,800 yuan/ton, and the position of the Shanghai Lead Index decreased by 7,357 lots to 81,800 lots. The spot price increased, and the supply and demand were weak [28] - **Related Information**: As of April 10, the domestic lead ingot inventory decreased [29] - **Logic Analysis**: In April, the supply of primary lead may decrease due to maintenance, and the raw materials of secondary lead smelters are in short supply. The consumption is weak, and attention should be paid to imports [30] - **Trading Strategy**: The lead price may rebound in the short - term, and there is a risk of further decline. Wait and see for arbitrage and options [31][33] Nickel - **Market Review**: The main contract of Shanghai Nickel NI2505 fell 2,690 to 121,600 yuan/ton, and the position of the index increased by 7,287 lots. The spot premium decreased [35] - **Related Information**: The EU announced counter - measures against US tariffs, and the Fed's attitude towards interest rate cuts is cautious [36] - **Logic Analysis**: The short - term raw materials are tight, and the spot premium is strong. The medium - term supply may be in surplus, and it is recommended to short after the rebound [37] - **Trading Strategy**: The nickel price is weak, wait and see for arbitrage and options [38][39][40] Stainless Steel - **Market Review**: The main SS2505 contract fell 35 to 12,675 yuan/ton, and the position of the index decreased by 734 lots. The spot price range is 12,700 - 13,200 yuan/ton for cold - rolled and 12,700 - 12,800 yuan/ton for hot - rolled [43] - **Related Information**: The EU may impose import restrictions on stainless steel [44] - **Logic Analysis**: The nickel price is weak, and the stainless steel demand is poor. It is expected to be weak in the short - term [45] - **Trading Strategy**: The price fluctuates weakly, and pay attention to domestic stimulus policies. Wait and see for arbitrage [46][47] Tin - **Market Review**: The Shanghai Tin 2505 contract closed at 257,200 yuan/ton, down 2,220 yuan/ton, and the position increased by 392 lots to 77,660 lots. The spot price decreased [49] - **Related Information**: The Bisie tin mine in Congo (Kinshasa) is resuming production, and Indonesia may increase the mining royalty rate. The Myanmar earthquake affects the resumption of production [50][52][53] - **Logic Analysis**: The resumption of production in Congo (Kinshasa) affects the price, and the supply in Indonesia and Myanmar is uncertain. The downward space of the tin price may be limited [54] - **Trading Strategy**: The supply contradiction is weakened, and the macro - sentiment improves. Be cautious in operation and wait and see for options [55][56] Industrial Silicon - **Market Review**: The industrial silicon futures main contract opened slightly higher and fluctuated narrowly, closing at 9,555 yuan/ton. The spot price of some grades decreased [58] - **Related Information**: Trump suspended tariffs on some countries, and a 100,000 - ton industrial silicon project was put into operation [59] - **Logic Analysis**: The inventory is high, and the price is difficult to reverse. The cost decreases, and the short - term price may rebound [60] - **Trading Strategy**: Operate within the range, wait and see for options, and participate in the reverse arbitrage of Si2511 and Si2512 [61] Polysilicon - **Market Review**: The polysilicon futures main contract opened high and closed low, closing at 42,190 yuan/ton, down 1.01%. The spot price of some enterprises decreased [62] - **Related Information**: Trump suspended tariffs on some countries [63][64] - **Logic Analysis**: In April, the polysilicon industry will reduce inventory. There are risks of insufficient warehouse receipts and falling spot prices. Adjust the trading strategy [65] - **Trading Strategy**: Go long in the short - term and avoid short - selling. Hold the positive arbitrage of PS2506 and PS2511, and hold the reverse arbitrage of PS2511 and PS2512 [66] Lithium Carbonate - **Market Review**: The main 2505 contract rose 1,060 to 70,540 yuan/ton, and the position of the index decreased by 4,973 lots. The spot price increased [67] - **Related Information**: A photovoltaic project was signed [68] - **Logic Analysis**: The trade war may affect lithium battery exports. The supply is expected to increase after May, and the price may fluctuate weakly [69][71] - **Trading Strategy**: Close short positions appropriately below 70,000, enter the market again on rebounds, wait and see for arbitrage, and sell out - of - the - money call options [72]

Core Viewpoint - The company is committed to enhancing shareholder value through high-quality development and effective communication with investors, while focusing on operational efficiency and core competitiveness. Group 1: Company Operations and Strategy - The company emphasizes "stable production and management" with a goal of "cost reduction and efficiency enhancement," focusing on the "coal-electricity-silicon" industrial chain to improve production technology and market share of industrial silicon and organic silicon products [1] - In 2024, the industrial silicon segment has increased daily output and reduced electricity consumption per ton, with some furnaces achieving daily outputs exceeding 70 tons and electricity consumption below 10,000 kWh per ton [2] - The organic silicon segment has improved production capacity from 300 tons/day to 330-350 tons/day through technological upgrades, leading to significant energy savings [2] - The silicon carbide segment has achieved leading product yield in China, with 6-inch substrates in mass production and crystal yield exceeding 95% [2] Group 2: Shareholder Return Plans - The company has distributed approximately 3.461 billion yuan in cash dividends over the past three years, representing 64.91% of the average net profit attributable to shareholders during that period [3] - A proposal for a cash dividend of 30% of the net profit attributable to shareholders for the 2024 fiscal year is under consideration, pending approval from the board and shareholders [3] Group 3: Investor Communication and Market Value Management - The company aims to enhance transparency in information disclosure to provide accurate investment decision-making information to shareholders [3] - Various communication channels, including "Shanghai Stock Exchange e-Interaction," investor hotlines, and performance briefings, are utilized to foster a trusting relationship with investors [3] - The company is developing a market value management plan to maximize shareholder interests and enhance investment value [4] Group 4: Share Buyback Plan - As of December 26, 2024, the company has repurchased 9,774,418 shares, accounting for 0.83% of total share capital, with a total expenditure of approximately 500 million yuan [5] - The repurchased shares are intended for employee stock ownership plans or equity incentives, aimed at enhancing the long-term motivation of the management team and promoting sustainable development [5]