Core Viewpoint - The company has announced a share repurchase plan for part of its A-shares, aimed at implementing an employee stock ownership plan, with a total repurchase amount not exceeding 2 billion RMB and not less than 1 billion RMB, at a maximum price of 40 RMB per share [2][3][4]. Summary by Sections 1. Approval and Implementation Process - The board of directors approved the share repurchase plan on March 27, 2025, and the announcement was made on March 28, 2025 [2]. - The repurchase does not require shareholder approval as it falls within the board's authority [2]. 2. Main Content of the Repurchase Plan - The repurchase period is from March 28, 2025, to March 27, 2026 [2]. - The repurchase amount is set between 1 billion RMB and 2 billion RMB [3][5]. - The maximum repurchase price is capped at 40 RMB per share, with an estimated repurchase quantity of up to 50 million shares [2][3][4]. - The shares will be used for an employee stock ownership plan, and any unutilized shares after 36 months will be canceled [2][4]. 3. Purpose of the Repurchase - The repurchase is based on confidence in the company's future development and aims to enhance the governance structure and align the interests of management and shareholders [3][4]. 4. Repurchase Method - The shares will be repurchased through a centralized bidding method on the Shanghai Stock Exchange [3]. 5. Financial Impact - The repurchase amount, if at the upper limit of 2 billion RMB, would represent approximately 0.7% of the company's total assets and 1.8% of the net assets attributable to shareholders [7]. - The company’s total assets as of December 31, 2024, were 290.113 billion RMB, with cash and cash equivalents at 55.584 billion RMB [7]. 6. Shareholding Structure Post-Repurchase - The repurchase of up to 50 million shares would account for approximately 0.53% of the total share capital, while the lower limit of 25 million shares would represent about 0.27% [6][7]. 7. Management and Oversight - The management is authorized to handle all matters related to the repurchase, including setting up a dedicated securities account and determining the timing and pricing of the repurchase [10]. 8. Risk Factors - The company acknowledges potential risks, including the possibility of the stock price exceeding the repurchase price cap, which could hinder the implementation of the plan [11].