This is a prospective, multi-center, single-arm clinical trial to evaluate the Peripheral Balloon-Expandable Covered Stent System for treating stenosis and/or occlusion in the common and external iliac arteries. The safety and effectiveness of the stent system will be compared to pre-set performance goals. All treated subjects will have follow-up visits at discharge, and at 1, 6, 12, 24, and 36 months after the procedure.

Inclusion Criteria:

• Participants aged 18 to 80 years, regardless of sex;
• Participants diagnosed with atherosclerotic disease of the common iliac or external iliac artery;
• Participants with a Rutherford classification of 2 to 4 for the target limb;
• Participants or their legal representatives must be able to understand the study's purpose, demonstrate adequate compliance with the study protocol, and sign the informed consent form.

Exclusion Criteria:

• Pregnant or planning to become pregnant, or breastfeeding women;
• Participants who have previously had a vascular graft implanted in the native iliac artery;
• Participants who have had a stroke or myocardial infarction within 3 months prior to enrollment;
• Participants with known uncorrectable bleeding disorders or severe coagulation abnormalities (PT or APTT ≥ 2 times the upper limit of normal; or platelet count < 80×10^9/L);
• Participants with serum creatinine ≥ 221 μmol/L (2.5 mg/dL) or currently undergoing dialysis;
• Alanine aminotransferase (ALT) or aspartate aminotransferase (AST) ≥ 2 times the upper limit of normal;
• Severe anemia (hemoglobin level < 60.0 g/L);
• Participants known to be allergic or intolerant to cobalt-based alloys, expanded polytetrafluoroethylene (ePTFE), aspirin, clopidogrel, heparin, rivaroxaban, paclitaxel, contrast agents, or other study materials and medications;
• Participants who have undergone vascular intervention within 30 days prior to surgery or who plan to undergo vascular intervention within 30 days following surgery;
• Participants who have received intra-arterial thrombolysis treatment in the target vessel within 14 days prior to enrollment;
• Participants with significant organ dysfunction or other severe conditions that may lead to non-compliance with the study protocol, affect data interpretation, or have a life expectancy insufficient to complete the clinical trial;
• Participants currently involved in a clinical trial of investigational drugs, biologics, or medical devices;
• Other conditions that, in the investigator's opinion, make the participant unsuitable for the clinical trial.