Farsoon Technologies (688433.SH) announced a buyback plan on the evening of November 11: it intends to repurchase 25 million to 50 million yuan of its shares at a maximum price of 95.94 yuan per share (about 49% above the market price on the announcement date), to be executed through centralized bidding within three months of board approval. The funds will come from IPO over-raised proceeds, with the purpose of safeguarding corporate value and shareholder interests; the company will sell the repurchased shares under applicable rules 12 months after the buyback results are announced, and any shares not transferred within three years will be cancelled to reduce registered capital. The same board meeting also approved an increase in the comprehensive credit facility to be sought from financial institutions for 2026. Operating highlights: revenue for the first three quarters of 2026 was 510 million yuan (+28.11%), and net profit attributable to shareholders was 19.5773 million yuan (+34.48%); 3D printing powder materials accounted for 11.28% of revenue, while equipment and auxiliary components accounted for 79.64%. Buyer value: a leading domestic powder-bed equipment manufacturer is putting real money into a buyback, signaling management's confidence in the company's value and order momentum; with powder materials contributing more than 10% of revenue, the linkage between equipment installations and material consumption is shown relatively directly at an integrated manufacturer.