C&S Paper updates on share repurchase program, expands scope and funding

C&S Paper has announced an update on its share repurchase program, initially approved at its Sixth Board of Directors' Eighth Meeting. The company intends to repurchase shares using its own funds through centralized bidding, aiming for a total repurchase value of no less than RMB 3,000 million and no more than RMB 6,000 million. The repurchase price will not exceed RMB 9.77 per share, with the repurchase period spanning 12 months from April 2, 2025, to April 1, 2026. These repurchased shares are intended for future employee stock ownership plans or equity incentive schemes.

Subsequent adjustments, approved at the Sixth Board of Directors' Tenth and Twelfth Meetings, have expanded the repurchase program. The total repurchase amount was first revised to no less than RMB 11,000 million and no more than RMB 16,000 million. A further adjustment increased this to no less than RMB 16,000 million and no more than RMB 21,000 million. Additionally, the funding source was broadened to include both self-owned funds and self-raised funds (including bank repurchase-specific loans).

As of November 30, 2025, C&S Paper has cumulatively repurchased 24,594,700 shares through its dedicated securities account, representing approximately 1.91% of its total share capital. The highest transaction price was RMB 8.69 per share, and the lowest was RMB 6.01 per share, totaling an aggregate transaction value of RMB 187,102,027 (excluding transaction fees). Of these, 23,000,000 shares were transferred to the company's Fourth Phase Employee Stock Ownership Plan on September 9, 2025, leaving 1,594,700 shares in the dedicated account.