Core Viewpoint - The company plans to repurchase its A-shares using its own funds through a centralized bidding method, with a total repurchase amount between RMB 40 million and RMB 80 million, aimed at employee stock ownership plans or equity incentives [2][3][10]. Summary by Sections Repurchase Plan Details - The repurchase amount will not be less than RMB 40 million and not exceed RMB 80 million [2]. - The repurchase price will not exceed RMB 25 per share, which is 150% of the average trading price over the last 30 trading days prior to the board's decision [2][12]. - The repurchase will be conducted through a centralized bidding method [3][7]. - The repurchase period is set for 12 months from the board's approval date [3][8]. Purpose and Use of Repurchased Shares - The repurchase aims to enhance investor confidence and align the interests of shareholders and the management team, with shares intended for employee stock ownership plans or equity incentives [6][10]. - The repurchased shares must be transferred within three years for the stated purpose, or they will be canceled [10][12]. Financial Impact and Conditions - The total assets of the company as of September 30, 2025, are RMB 4.873 billion, with net assets of RMB 2.093 billion and revenue of RMB 2.314 billion for the first nine months of 2025 [14]. - The maximum repurchase amount of RMB 80 million represents 1.64% of total assets, 3.82% of net assets, and 3.46% of revenue [14]. - The company asserts that the repurchase will not significantly impact its operations, financial status, or future development [14]. Shareholder and Management Plans - As of November 4, 2025, major shareholders and management have no plans to reduce their holdings in the next three to six months [3][16]. - The company will disclose any future shareholding changes in accordance with legal requirements [3][16]. Authorization and Implementation - The board has authorized management to execute the repurchase plan within legal limits, including adjustments based on market conditions [18][19]. - The company will maintain transparency and comply with disclosure obligations throughout the repurchase process [21].