Core Viewpoint - The company plans to repurchase shares of its B-shares to enhance shareholder value and reduce registered capital due to the persistent undervaluation of its B-shares in the market [5][9]. Group 1: Share Repurchase Plan - The company intends to repurchase a minimum of 10,227,393 shares and a maximum of 20,454,786 shares [2][9]. - The repurchase will be funded by the company's own funds [3][11]. - The purpose of the repurchase is to cancel the shares and reduce the registered capital, thereby increasing earnings per share and maintaining company value [5][15]. Group 2: Repurchase Details - The maximum repurchase price is set at $1.920 per share, which is capped at 150% of the average trading price over the 30 trading days prior to the board's decision [3][10]. - The repurchase will be conducted through a centralized bidding method on the Shanghai Stock Exchange [7]. - The repurchase period will last no more than 12 months from the date of shareholder approval [8]. Group 3: Financial Impact - The total estimated cost of the repurchase, if the maximum amount is utilized, is approximately RMB 27,830.55 million, which represents about 0.79% of total assets and 1.70% of net assets as of December 31, 2024 [12][9]. - The company asserts that the repurchase will not significantly impact its operations, financials, or future development [12]. Group 4: Shareholder Communication - The company has confirmed that its major shareholders do not have plans to reduce their holdings in the next six months [3][14]. - The company has established a dedicated securities account for the repurchase [20]. Group 5: Authorization and Compliance - The board has requested authorization from the shareholders to manage the repurchase process, including adjustments based on market conditions [17][18]. - The company will ensure compliance with legal obligations regarding creditor notifications and will protect creditor interests during the repurchase [16].

Core Viewpoint - The company plans to repurchase shares through a centralized bidding process, aiming to enhance shareholder value and reduce registered capital due to the low trading price of its B shares compared to net asset value [5][6][9]. Summary by Sections 1. Share Repurchase Plan - The company intends to repurchase no less than 10,227,393 shares and no more than 20,454,786 shares of its B shares [2][5]. - The repurchase will be funded by the company's own funds and is aimed at canceling the shares to reduce registered capital [3][8]. 2. Repurchase Details - The maximum repurchase price is set at $1.920 per share, which is capped at 150% of the average trading price over the 30 trading days prior to the board's decision [3][7]. - The repurchase period will last up to 12 months from the date of shareholder approval [4][6]. 3. Purpose of the Repurchase - The repurchase is motivated by the low liquidity and market capacity of the B share market, with the goal of increasing earnings per share and enhancing company value [5][6]. 4. Financial Impact - The total estimated cost of the repurchase, if fully executed, would be approximately RMB 27,830.55 million, which represents about 0.79% of total assets and 1.70% of net assets as of December 31, 2024 [8][9]. 5. Shareholder Communication - The company has confirmed that its major shareholders do not have plans to reduce their holdings in the next six months [3][10]. 6. Regulatory Compliance - The company has established a dedicated securities account for the repurchase and will comply with all relevant legal and regulatory requirements [3][18].

Group 1 - The company has approved a plan to repurchase its domestic listed foreign shares (B shares) at the 2024 annual general meeting, with a total repurchase fund not exceeding 100 million RMB and a maximum repurchase price of 11.50 HKD per share [1][2] - The repurchase will be conducted through centralized bidding and is set to last no more than 12 months from the date of the shareholders' meeting approval, with a target to repurchase no less than 10 million shares [1][2] - As of the latest announcement, the company has not repurchased any B shares, which accounts for 0% of the current total share capital [2] Group 2 - The company will continue to implement the repurchase plan based on market conditions and will fulfill its information disclosure obligations as required by relevant laws and regulations [2]