LINGSTEEL announced that the company's chairman, Mr. Zhang Peng, proposed that the company repurchase a portion of its shares through centralized bidding. The total amount for the repurchase is between 50 million and 100 million yuan, with the repurchase price not exceeding 150% of the average trading price of the company's A-shares over the 30 trading days prior to the board's approval of the repurchase plan. The funds will come from the company's own funds and self-raised funds, and the repurchased shares are intended for purposes allowed by laws and regulations, such as implementing equity incentives. The repurchase period is within 12 months from the date the board approves the plan. Mr. Zhang Peng has not bought or sold the company's shares in the six months prior to the proposal and has no plans to increase or decrease holdings during the repurchase period. The company will formulate the repurchase plan as soon as possible and fulfill the review procedures and information disclosure obligations