Core Viewpoint - The company has established a 2025 Employee Stock Ownership Plan (ESOP) aimed at enhancing employee engagement, attracting and retaining key talent, and aligning employee interests with long-term corporate goals [1][2]. Chapter Summaries Chapter 1: General Principles - The ESOP is designed to comply with relevant laws and regulations, ensuring transparency and voluntary participation from employees [2][3]. Chapter 2: Purpose and Principles of the ESOP - The primary goal is to create a long-term benefit-sharing mechanism between employees and owners, thereby maximizing company and shareholder value [2]. - Key principles include legal compliance, voluntary participation, shared benefits, and risk-bearing by participants [2][3]. Chapter 3: Participants and Funding - Eligible participants include company directors (excluding independent directors), senior management, and core employees [4]. - Funding sources for the ESOP include employees' legal salaries, self-raised funds, and other legally permitted methods [5]. Chapter 4: Stock Source and Scale - The shares for the ESOP will be sourced from the company's repurchased A-shares, with a total stock limit not exceeding 10% of the company's total equity [5][6]. Chapter 5: Duration and Lock-up Period - The ESOP will have a defined duration and a lock-up period for the shares, with specific unlocking schedules based on performance metrics [6][7]. Chapter 6: Management and Governance - The ESOP will be managed by a committee elected by the participants, ensuring that the interests of the participants are represented [12][15]. - The management committee will oversee daily operations and ensure compliance with regulations [12][15]. Chapter 7: Rights and Obligations of Participants - Participants have rights to the benefits of the ESOP but must also bear the associated risks and cannot transfer their shares without consent [22][23]. Chapter 8: Termination and Liquidation - The ESOP can be terminated upon reaching its duration or under specific conditions, with a clear process for liquidating assets and distributing benefits to participants [19][23].

Core Viewpoint - The report outlines the independent financial advisory opinion on the fairness and reasonableness of the initial grant of restricted stock under the 2025 incentive plan for Anhui Xindong Link Technology Co., Ltd, confirming that the necessary approvals and authorizations have been obtained for the stock grant [1][11]. Summary by Sections Independent Financial Advisor's Declaration - The independent financial advisor confirms that the report is based on documents provided by the company, which are guaranteed to be legal, truthful, accurate, complete, and timely [2][3]. Approval Process for the Incentive Plan - The 2025 restricted stock incentive plan has undergone necessary approval procedures, including meetings of the board of directors and supervisory board, where relevant proposals were passed [4][6]. Initial Grant Details - The initial grant of restricted stock occurred on September 5, 2025, with a total of 2.9577 million shares granted to 129 individuals at a price of 56.89 yuan per share [7][10]. Vesting Conditions and Schedule - The vesting period for the granted shares is structured over a maximum of 60 months, with specific trading days designated for vesting, and restrictions on transfer or use as collateral before vesting [9][10]. Impact on Financial Status and Performance - The independent financial advisor recommends that the company account for the costs associated with the stock incentive plan in accordance with relevant accounting standards, noting potential dilution effects on shareholders [10][11].

Core Viewpoint - The company, Lianyun Technology (Hangzhou) Co., Ltd., has successfully completed its initial public offering (IPO) on the Sci-Tech Innovation Board, raising a total of 1.125 billion yuan with a net amount of approximately 1.033 billion yuan after deducting issuance costs [1][8]. Continuous Supervision Work - The sponsor, CITIC Securities, has established a comprehensive and effective continuous supervision work system, including a work plan and a supervision agreement with Lianyun Technology [1][2]. - Continuous supervision includes regular communication, site inspections, and due diligence to monitor the company's operational status [1][3][4]. Financial Performance - For the first half of 2025, the company's operating income reached approximately 609.72 million yuan, representing a year-on-year increase of 15.68% [14]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, increased significantly by 99.18% to approximately 35.09 million yuan [14]. - The company's cash flow from operating activities showed a significant improvement, with a net cash flow of approximately -17.97 million yuan, compared to -137.93 million yuan in the same period last year [14]. Research and Development - The company has maintained a high R&D expenditure, accounting for over 40% of its operating income, with a focus on developing advanced PCIe Gen5 controller chips and expanding into embedded storage controller chips [8][9]. - As of June 2025, the company had a R&D team of 583 people, representing 81.08% of its total workforce, and had applied for 25 invention patents in the first half of 2025 [19][17]. Market Position and Competition - Lianyun Technology holds a significant position in the SSD controller chip market, with a growing market share, while also facing competition from major players like Samsung and Western Digital [12][16]. - The company is expanding into the AIoT signal processing and transmission chip market, which is characterized by high technical barriers and competition from established international firms [12][16]. Risk Factors - The company faces several risks, including core competitiveness risks due to rapid technological changes and high R&D costs, operational risks related to customer concentration, and financial risks associated with inventory and accounts receivable [8][9][11]. - The macroeconomic environment poses additional risks, including international trade restrictions and potential impacts on the semiconductor industry [13]. Use of Raised Funds - As of June 30, 2025, the company has complied with regulations regarding the use of raised funds, with a remaining balance of approximately 779.72 million yuan after deducting issuance costs and temporary cash management [20].

Core Viewpoint - The legal opinion letter issued by Grandway Law Offices confirms that Anhui Xindong Link Micro System Co., Ltd. has complied with all necessary legal procedures for the implementation of its 2025 Restricted Stock Incentive Plan, including the approval and authorization for the initial grant of restricted stocks [1][3][9] Group 1: Approval and Authorization - The company has completed the required legal procedures for the initial grant of restricted stocks, including approvals from the board of directors, supervisory board, and shareholders' meeting [3][4] - The board's remuneration and assessment committee has provided verification opinions on the incentive plan and the list of recipients [4][5] - The relevant directors recused themselves from voting on the incentive plan to ensure compliance with regulations [5][6] Group 2: Details of the Grant - The initial grant date for the restricted stocks is set for September 5, 2025, following the approval of the shareholders' meeting [6][8] - A total of 295.77 million shares will be granted to 129 eligible recipients at a price of 56.89 yuan per share [6][8] - The grant price meets the legal requirements, being above the stipulated thresholds based on historical trading averages [8] Group 3: Grant Conditions - The grant of restricted stocks is contingent upon the company not experiencing any adverse conditions, such as negative audit opinions or significant financial issues [9] - The recipients must also not be subject to any disqualifying circumstances, ensuring compliance with the incentive plan's conditions [9] Group 4: Conclusion - The legal opinion concludes that the grant of restricted stocks adheres to all relevant laws, regulations, and the provisions of the incentive plan [9]

Core Viewpoint - Midea Group is proceeding with the repurchase and cancellation of certain restricted stocks as part of its incentive plans for 2022 and 2023, following legal compliance and necessary approvals [1][3]. Group 1: Legal Compliance and Approval - The law firm confirms that Midea Group has provided all necessary documentation and assurances for the legal opinion regarding the stock repurchase [2]. - The company has completed the required procedures for the repurchase, including approval from the Compensation and Assessment Committee [2][3]. Group 2: Details of the Stock Repurchase - For the 2022 incentive plan, Midea Group will repurchase and cancel a total of 178,667 shares from 8 individuals who are no longer suitable as incentive targets [4]. - For the 2023 incentive plan, the company will repurchase and cancel a total of 123,750 shares from 10 individuals, including 123,000 shares from 9 individuals and 750 shares due to a job adjustment [4]. - The total number of shares to be repurchased and canceled amounts to 302,417 shares, which will be funded entirely from the company's own funds [4]. Group 3: Notification to Creditors - Midea Group will notify creditors regarding the reduction in share capital, allowing them 45 days to declare their claims [5]. - Creditors who do not exercise their rights within the specified period will still retain the validity of their claims, and the company will continue to fulfill its obligations [5].

Group 1 - The company plans to acquire 100% equity of Wuhan Shengyisheng Optoelectronics Technology Co., Ltd. through a combination of issuing shares and cash payment, with a total transaction price of RMB 158 million [9][10][11] - The acquisition is expected to enhance the company's capabilities in the fiber optic gyroscope and optical communication sectors, creating synergies and expanding its product offerings [14][17] - The transaction will not result in a change of control for the company, as the actual controller remains the same [15][18] Group 2 - The company has committed to performance guarantees for the acquired entity, with net profit targets set at RMB 11.2 million for 2025, RMB 18 million for 2026, and RMB 22.5 million for 2027 [23][24] - If the performance targets are not met, the performance guarantee parties are obligated to compensate the company, primarily using the shares obtained from the transaction [24][26] - The transaction is subject to regulatory approvals and has already completed necessary decision-making processes [17][18] Group 3 - The company will issue 6,406,376 shares, representing 4.97% of the total share capital post-transaction, with an adjusted issue price of RMB 21.95 per share [11][12] - The total assets, equity attributable to shareholders, and revenue are expected to increase post-transaction, enhancing the company's profitability [16][17] - The company has taken measures to protect minority shareholders' rights during the transaction process, including fair pricing and information disclosure [21][22]

Group 1 - The company has implemented a restricted stock incentive plan, with a total of 320 million shares allocated, representing 100% of the plan [1] - Among the total shares, 295.77 million shares (92.43%) are granted to directors, senior management, and core technical personnel, while 24.23 million shares (7.57%) are reserved for future grants [1] - The total number of shares granted to any individual under the incentive plan does not exceed 1% of the company's total share capital, and the total shares involved in the plan do not exceed 20% of the company's total share capital [1][2] Group 2 - The reserved equity proportion does not exceed 20% of the total equity to be granted under the incentive plan [2] - The company will disclose relevant information about the incentive objects in a timely and accurate manner after obtaining opinions from the remuneration and assessment committee and legal counsel [2]

Core Viewpoint - The company has approved a stock incentive plan, granting 2.9577 million restricted shares to 129 eligible participants at a price of 56.89 yuan per share, representing 0.74% of the total share capital as of the announcement date [1][12]. Summary by Sections Stock Grant Details - The first grant date for the restricted stock is set for September 5, 2025, with a total of 2.9577 million shares to be awarded [1][12]. - The stock incentive plan is classified as a second category of restricted stock [1]. Decision-Making Process - The decision to grant the restricted stock has undergone the necessary approval processes, including reviews by the board's remuneration and assessment committee [1][2]. - The plan aligns with the previously approved stock incentive plan by the company's second extraordinary general meeting in 2025 [3]. Eligibility and Conditions - The grant conditions have been met, with the company confirming that it has not faced any disqualifying events in the past year [4][5]. - The eligible participants include directors, senior management, and core technical personnel, excluding independent directors and major shareholders [11][12]. Vesting Schedule - The restricted stock will vest over a maximum period of 60 months, with specific vesting periods outlined [6][8]. - The vesting schedule includes multiple phases, with the first vesting occurring 12 months after the grant date [7][8]. Accounting and Financial Impact - The company will use the Black-Scholes model to determine the fair value of the restricted stock for accounting purposes [13]. - The estimated total expense for the stock grant will be amortized over the vesting period, impacting the company's net profit during the effective period [14]. Legal and Advisory Opinions - Legal opinions confirm that the stock incentive plan complies with relevant laws and regulations [15]. - An independent financial advisor has also validated the plan's adherence to legal requirements and the appropriateness of the grant details [15].

Core Viewpoint - The company conducted a self-examination regarding insider trading related to its 2025 Restricted Stock Incentive Plan, confirming that no insider trading occurred among the identified insiders during the specified period [1][4]. Group 1: Self-Examination Process - The company held meetings on August 15, 2025, to review and approve the draft of the 2025 Restricted Stock Incentive Plan and disclosed relevant announcements on August 19, 2025 [1]. - The self-examination was conducted in accordance with the relevant laws and regulations, including the Management Measures for Equity Incentives of Listed Companies and the Shanghai Stock Exchange's rules [1]. Group 2: Trading Activities of Insiders - During the self-examination period, key executives, including the general manager and other senior management, sold a total of 2,900,000 shares due to personal financial needs, with specific reductions of 1,200,000 shares by the general manager and 1,600,000 shares by a vice president [2]. - These transactions were conducted according to previously disclosed reduction plans and did not involve insider information, thus not constituting insider trading [2]. Group 3: Conclusion of the Self-Examination - The company confirmed that all trading activities by insiders complied with the relevant regulations, and no insider trading or leakage of insider information related to the incentive plan was found [3][4]. - The examination included documentation from China Securities Depository and Clearing Corporation, which verified the trading activities of the insiders [4].

Core Viewpoint - The company has verified the list of incentive recipients for the 2025 Restricted Stock Incentive Plan, ensuring compliance with relevant laws and regulations [1][2]. Group 1: Incentive Plan Details - The 2025 Restricted Stock Incentive Plan includes 129 recipients who meet the eligibility criteria, with a grant date set for September 5, 2025 [2]. - The grant price for the restricted stock is set at 56.89 yuan per share, totaling 2.9577 million shares to be awarded [2]. Group 2: Eligibility Criteria - The incentive recipients do not fall under any disqualifying conditions, such as being deemed inappropriate candidates by the stock exchange or regulatory authorities within the last 12 months [1]. - All recipients have an employment or labor relationship with the company and do not include independent directors or major shareholders [2].