Riyue Heavy Industry to repurchase, cancel restricted shares after employee departures

Riyue Heavy Industry Co., Ltd. is repurchasing and cancelling 75,000 restricted shares issued under its 2023 Restricted Stock Incentive Plan. This action follows the departure of three incentivized employees who no longer meet the eligibility criteria of the plan.

The repurchase price for these restricted shares has been set at 11.89 yuan per share, totaling approximately 891,750.00 yuan. This calculation accounts for dividend distributions for 2022, 2023, and 2024. The company confirmed that funds for this repurchase will be drawn from its own capital.

The decision was approved at the company's Board of Directors' meeting on October 29, 2025. This repurchase and cancellation falls within the scope of authorization granted by the 2023 First Interim Shareholders' Meeting, thus bypassing the need for further shareholder approval. The company will complete the necessary procedures to reduce its registered capital.