Financial Performance - For the first quarter of 2022, the company reported operating revenue of RMB 41,201,223 thousand, representing a year-on-year increase of 32.67%[4] - Net profit attributable to shareholders was RMB 6,677,314 thousand, a significant increase of 196.64% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 6,652,721 thousand, reflecting a year-on-year growth of 199.94%[4] - Basic earnings per share were RMB 1.3716, an increase of 196.37% compared to the previous year[4] - Diluted earnings per share were RMB 1.3677, reflecting a year-on-year increase of 195.53%[4] - The total comprehensive income for Q1 2022 was RMB 9,308,091 thousand, compared to RMB 2,584,601 thousand in Q1 2021, showing a remarkable increase of 260.5%[36] - Net profit for Q1 2022 was RMB 8,152,113 thousand, representing a substantial increase of 260.5% from RMB 2,261,107 thousand in Q1 2021[35] - The total equity increased to RMB 105,900,429 thousand in Q1 2022, up from RMB 96,487,092 thousand in Q1 2021, marking an increase of about 9.3%[33] Cash Flow - The net cash flow from operating activities was RMB 1,332,272 thousand, showing a decrease of 57.82% year-on-year[4] - The net cash flow from investing activities decreased by 1.16 billion RMB year-on-year, primarily due to reduced cash payments for fixed assets and investments[10] - The net cash flow from financing activities decreased by 12.48 billion RMB year-on-year, attributed to a decrease in cash received from borrowings and cash paid for debt repayments[10] - The net cash flow from financing activities was -4,523,581 thousand RMB, compared to a positive cash flow of 619,519 thousand RMB in the previous period, indicating a significant decline[39] - The company reported a significant increase in cash paid for taxes, amounting to 6,427,295 thousand RMB, compared to 2,648,455 thousand RMB, representing a growth of 142.5%[39] - The cash and cash equivalents at the end of the period were 36,873,592 thousand RMB, compared to 18,275,299 thousand RMB, showing a substantial increase[39] Assets and Liabilities - The total assets at the end of the reporting period were RMB 288,065,098 thousand, a slight decrease of 0.22% from the end of the previous year[4] - The total liabilities decreased to RMB 182,164,669 thousand in Q1 2022 from RMB 192,208,450 thousand in Q1 2021, reflecting a reduction of approximately 5.4%[33] - The total assets increased to 177,015,927 thousand RMB, up from 175,737,270 thousand RMB, indicating a growth of 0.7%[41] - Current assets totaled 91,873 million as of March 31, 2022, compared to 89,528 million at the end of 2021[30] - Non-current liabilities include long-term borrowings of 47,679 million, down from 50,942 million in the previous period[31] Sales and Production - The company’s coal business sales revenue increased by RMB 10,326 million year-on-year, contributing to the overall revenue growth[8] - In Q1 2022, the company produced 25.15 million tons of coal, a decrease of 4.6% year-on-year[18] - Coal sales volume in Q1 2022 was 25.26 million tons, down 4.0% compared to the previous year[20] - The company achieved coal sales revenue of 25.191 billion yuan in Q1 2022, an increase of 69.5% year-on-year, primarily due to rising coal prices[20] - The average selling price of coal in Q1 2022 was 994.70 yuan per ton, compared to 673.03 yuan per ton in Q1 2021[20] - The total sales revenue for the coal business reached 25,149 million RMB, with a sales cost of 2,717 million RMB, reflecting an increase of 81.33% year-on-year[22] Chemical and Electricity Segments - Chemical product production increased by 10.70% year-on-year to 1,663 thousand tons in Q1 2022[17] - Electricity generation in Q1 2022 was 200,185 million kWh, an increase of 6.82% year-on-year[17] - The company’s electricity sales volume reached 164,461 million kWh, up 8.89% from the previous year[17] - The total sales revenue for the Lunan Chemical segment was 3,349 million RMB, a year-on-year increase of 54.1%[25] - The net profit for Lunan Chemical in Q1 2022 was 879 million RMB, representing a 46.8% increase year-on-year[25] Shareholder Information - The total number of ordinary shareholders as of March 31, 2022, is 43,784, with Shandong Energy Group holding 2,263,047,288 shares, representing 45.73% of the total shares[11] - The top ten shareholders include Hong Kong Central Clearing (Agent) Limited, holding 1,897,963,443 shares, which accounts for 38.35% of the total shares[11] - Shandong Energy directly and indirectly holds 54.92% of the company's shares, with 120 million A-shares pledged for bond guarantees[13]

Financial Performance - For the year ended December 31, 2021, the company reported sales revenue of RMB 69,123 million, an increase from RMB 67,805 million in 2020, representing a growth of approximately 1.9%[18] - The gross profit for 2021 was RMB 108,616 million, compared to RMB 14,092 million in 2020, indicating a significant increase[18] - The net profit attributable to shareholders for 2021 was RMB 24,289 million, a substantial increase from RMB 6,318 million in 2020, reflecting a growth of approximately 285%[18] - Earnings per share for 2021 were RMB 16.94, up from RMB 1.29 in 2020, indicating a significant increase in profitability per share[18] - The company declared a dividend of RMB 3.48 per share for 2021, compared to RMB 1.00 per share in 2020, showing a strong return to shareholders[18] - The company achieved coal sales of 105.64 million tons in 2021, a decrease of 22.5% or 30.6 million tons year-on-year, primarily due to reduced self-produced coal output and trade coal sales[47] - The total sales revenue for 2021 was RMB 69.123 billion, representing a year-on-year increase of 57.13%[58] - The operating cash flow net amount increased by 328.46% year-on-year, reaching RMB 15.115 billion[58] Dividends and Shareholder Information - The company proposed a dividend of RMB 2.00 per share (including tax) based on the number of shares registered on the dividend distribution date[1] - The company proposed a cash dividend of 2.00 yuan per share, the highest dividend amount in its history[23] - The controlling shareholder, Shandong Energy Group, held 55.76% of the company's shares as of the end of the reporting period[5] - The company confirmed no non-operational fund occupation by controlling shareholders and their related parties[1] Subsidiaries and Investments - The company has a 98.33% stake in its subsidiary, Heze Energy Chemical Co., Ltd., which is responsible for coal and power business development in Shandong Province[5] - The company holds a 73.97% stake in Future Energy Chemical Co., Ltd., which focuses on R&D, production, and sales of chemical products[7] - The company has a 62.26% stake in Yanzhou Coal Mining Company Australia Limited, which is listed on both the Australian Securities Exchange and the Hong Kong Stock Exchange[7] - The company has initiated the construction of the Lushi Smart Manufacturing Park, planning eight categories of high-end coal machinery product cooperation projects[26] Research and Development - The company aims to increase R&D investment by 10% compared to 2021 levels to enhance technological innovation[32] - The company invested 1.14 billion yuan in R&D in 2021, representing a year-on-year increase of 123.5%[44] - R&D investment totaled CNY 1,140 million, accounting for 1.05% of sales revenue[74] - The company employed 3,349 R&D personnel, representing 5.41% of total employees[74] Market Expansion and Strategic Initiatives - The company is focusing on market expansion and technological innovation to drive future growth, although specific new products or technologies were not detailed in the report[18] - The company plans to enhance its market expansion efforts in China, Japan, South Korea, Singapore, and Australia, which are key markets for coal sales[49] - The company is committed to expanding its business in multiple mineral sectors, transitioning from a single coal mining focus to a diversified mining strategy[113] - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share within the next two years[151] Environmental and Sustainability Initiatives - The company is committed to sustainable development and has developed a "dual carbon" action plan to promote green energy initiatives[32] - The company is actively promoting the transformation of traditional industries and the rise of emerging industries to align with national carbon neutrality commitments[120] - The company is investing $200 million in renewable energy projects, aiming for a 50% reduction in carbon emissions by 2025[148] Governance and Compliance - The company has established a comprehensive governance structure to ensure compliance with applicable laws and regulations[130] - The company emphasizes the importance of compliance and ethical standards among employees and directors[173] - The company’s governance structure includes independent directors who assess the independence of non-executive directors[180] - The company has implemented a dual prevention safety management system to enhance risk control in high-risk coal mining operations[119] Financial Audit and Reporting - The company has received a standard unqualified audit report from its auditor, ShineWing Certified Public Accountants[1] - The Audit Committee reviewed the company's 2021 interim and annual results, confirming the effectiveness of the risk management and internal control systems[175] - The audit committee also approved the reappointment of the external auditing firm for the 2021 fiscal year and discussed the internal control work report for 2020[178] Employee Information - The total number of employees in the parent company is 36,239, while the total number of employees in major subsidiaries is 25,625, resulting in a combined total of 61,864 employees[199] - The total salary and allowances for employees in 2021 amounted to 7.109 billion yuan[200] - The number of production personnel is 37,531, while sales personnel number 464, and technical personnel total 3,918[199] Future Outlook - The company aims to reach an annual coal production scale of 300 million tons within 5-10 years and establish over 8 green intelligent mines[113] - The target for the chemical new materials industry is to produce over 20 million tons annually, with over 70% being high-end chemical products within 5-10 years[113] - The company provided a positive outlook for the next quarter, projecting a revenue growth of 10% to 12%[145]

Financial Performance - The company reported a significant increase in revenue, achieving a total of 10.5 billion RMB for the fiscal year, representing a 15% year-over-year growth[14]. - The company reported a net profit margin of 18%, reflecting improved operational efficiency and cost management strategies[14]. - The company reported a total operating revenue of RMB 151.99 billion, with a net profit attributable to shareholders of RMB 16.26 billion, marking a historical high in profitability[30]. - The company's total assets reached RMB 288.7 billion by year-end, representing an 11.5% increase from the beginning of the year[30]. - The company reported a net cash inflow from operating activities of RMB 36.18 billion, an increase of RMB 13.95 billion year-on-year[30]. - The company reported a total of RMB 240.4 billion in profit before tax for the year[30]. - The company’s investment in non-core assets and low-efficiency assets led to a loss of RMB 278.63 million in other operating income and expenses[27]. - The company’s coal business revenue reached 83.797 billion yuan in 2021, an increase of 20.7% or 14.349 billion yuan compared to the previous year[40]. - The company reported a significant increase in the cost per ton of coal sold for Erdos Energy, which rose by 120.04% to 229.70 RMB/ton in 2021[48]. Dividends and Shareholder Returns - The company reported a cash dividend of 2.00 CNY per share (including tax) based on the number of shares on the dividend record date[3]. - The company has set a cash dividend policy to distribute approximately 50% of the net profit after statutory reserves as cash dividends each fiscal year[154]. - The company’s board of directors has approved the cash dividend distribution plan after considering the opinions of shareholders, especially minority shareholders[155]. - The company’s cash dividend distribution will be executed within two months after approval at the annual general meeting[154]. Governance and Compliance - The annual report has been approved by the board of directors with full attendance, ensuring the accuracy and completeness of the financial report[2]. - The company has a comprehensive governance structure in place, as detailed in the corporate governance section of the report[6]. - The company has established a dynamic monitoring system for customer and supplier qualifications to mitigate risks[61]. - The company has established various governance documents, including the Articles of Association and internal control management methods, to ensure compliance with regulatory standards[180]. - The company has committed to enhancing training for directors and senior management regarding trading regulations to prevent future compliance issues[183]. Risk Management - The company has disclosed major risks and countermeasures in the annual report, which investors should pay attention to[5]. - The company is facing risks related to safety management, environmental protection, exchange rates, and geopolitical factors, with specific measures in place to mitigate these risks[94][95][96][97]. - The company has established a comprehensive risk management framework, implementing an information management platform for risk control and conducting annual risk assessments and reports[175]. Strategic Initiatives and Future Outlook - The company has set a future outlook with a revenue target of 12 billion RMB for the next fiscal year, indicating a projected growth rate of 14%[14]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% market share in the region within the next three years[14]. - The company is investing 500 million RMB in research and development for new technologies aimed at reducing carbon emissions by 40% over the next five years[14]. - The company plans to implement five major industry development strategies focusing on mining, high-end chemical new materials, new energy, high-end equipment manufacturing, and smart logistics[30]. - The company is actively pursuing market expansion strategies to tap into new customer segments and geographic regions[111]. Research and Development - The company invested 1.14 billion yuan in R&D in 2021, a significant increase of 123.5% year-on-year[37]. - Research and development investments have increased by 25%, focusing on sustainable energy solutions[113]. - The company aims to enhance its innovation capabilities and has set strategic goals for automation, high-end products, and international operations[66]. Management and Leadership Changes - The company appointed Li Wei as the Party Secretary and Chairman on June 29, 2021[116]. - The management team has undergone changes, with key personnel transitions aimed at strengthening leadership and operational efficiency[111]. - The company has expanded its leadership team with appointments in various subsidiaries, enhancing operational efficiency[116]. - The company’s new management team includes newly appointed executives such as Zhang Yanwei and Li Weiqing as deputy general managers[120]. Employee and Training Initiatives - The total number of employees in the parent company is 36,239, while the total number of employees in major subsidiaries is 25,625, resulting in a combined total of 61,864 employees[149]. - The total salary and allowances for the group's employees in 2021 amounted to 7.109 billion yuan[151]. - The company completed 76,273 training sessions in 2021, exceeding the planned target by 15.18%[152]. Acquisitions and Market Position - A strategic acquisition of a local competitor is in progress, which is anticipated to enhance the company's market position and increase revenue by an estimated 5% annually[14]. - The company is focusing on expanding its market presence and enhancing strategic partnerships for resource sharing and collaborative development[36]. Audit and Financial Reporting - The audit report issued by the accounting firm is a standard unqualified opinion[2]. - The company has ensured that there are no significant differences between its governance practices and the regulatory requirements[101]. - The internal control audit for the 2021 financial report was conducted by ShineWing Certified Public Accountants, confirming the effectiveness of the internal control system in all material aspects[178].

Financial Performance - Sales revenue for the six months ended June 30, 2021, was CNY 42,673,504 thousand, representing a 20.80% increase compared to CNY 35,324,830 thousand in the same period of 2020[18]. - Gross profit for the same period was CNY 12,992,234 thousand, a significant increase of 67.07% from CNY 7,776,395 thousand year-on-year[18]. - Net profit attributable to shareholders for the six months ended June 30, 2021, was CNY 6,277,804 thousand, reflecting a 38.01% increase compared to CNY 4,548,656 thousand in the prior year[18]. - Earnings per share for the first half of 2021 was CNY 1.29, up 38.71% from CNY 0.93 in the same period of 2020[18]. - Total assets as of June 30, 2021, amounted to CNY 283,133,249 thousand, compared to CNY 219,702,959 thousand as of June 30, 2020[19]. - Current assets increased to CNY 69,219,987 thousand as of June 30, 2021, from CNY 67,531,906 thousand a year earlier[19]. - The company's net asset return rate was 10.59% for the first half of 2021, compared to 8.20% in the same period of 2020[19]. - The company reported a financing cost of CNY -2,384,168 thousand, which is a 69.66% increase from CNY -1,405,248 thousand in the previous year[18]. - Current liabilities increased to CNY 103,825,290 thousand as of June 30, 2021, from CNY 78,686,925 thousand a year earlier[19]. - The company’s total equity attributable to shareholders was CNY 59,269,350 thousand as of June 30, 2021, compared to CNY 55,496,738 thousand as of June 30, 2020[19]. Production and Sales - The total coal production for the first half of 2021 was 50,969 thousand tons, an increase of 1.72% year-on-year, while coal sales decreased by 24.71% to 50,914 thousand tons[28]. - The chemical products production surged to 3,022 thousand tons, a significant increase of 223.16% compared to the first half of 2020[28]. - The electricity generation for the first half of 2021 reached 360,284 thousand kWh, representing a 154.26% increase year-on-year[28]. - The sales revenue from coal business was CNY 30.954 billion, a decrease of CNY 2.543 billion or 7.6% compared to the same period last year[34]. - The company’s self-produced coal sales reached 4,489 thousand tons, fulfilling 40.8% of the annual sales target[34]. - The company’s coal production in Australia decreased by 4.97% to 17,512 thousand tons in the first half of 2021[31]. - The average sales price for coal in the first half of 2021 was 607.97 yuan per ton, an increase from 495.38 yuan per ton in the first half of 2020[36]. - The company's coal sales revenue was impacted by a decrease in sales volume by 2,774 million yuan, while sales price changes contributed an increase of 1,797 million yuan[37]. Corporate Governance and Management - The company has established a robust corporate governance structure, ensuring compliance with relevant laws and regulations, and has not deviated from the corporate governance code requirements[128]. - The company experienced significant changes in its senior management team, with multiple resignations and appointments due to work adjustments[100][102]. - The company confirmed the first exercise period of the stock option incentive plan from February 18, 2021, to February 11, 2022[106]. - The incentive plan aims to establish a long-term incentive mechanism to attract and retain talent, aligning the interests of shareholders, the company, and management for long-term development[110]. - The company has implemented a comprehensive investor relations management system, engaging with over 400 analysts, fund managers, and investors through various communication channels[131]. Environmental Compliance - During the reporting period, the company did not experience any major environmental pollution incidents and complied with all environmental protection laws, achieving standard emissions for key pollutants[133]. - The company has actively engaged in pollution control measures, achieving compliance with national emission standards for sulfur dioxide (SO2), chemical oxygen demand (COD), and nitrogen oxides (NOX)[133]. - The company has completed the construction of comprehensive wastewater treatment facilities at all coal mines, ensuring compliance with pollution discharge standards[138]. - The company has implemented ultra-low emission modifications for all power plant boilers, enhancing environmental performance[138]. - The company has conducted environmental impact assessments for all construction projects prior to commencement, ensuring compliance with environmental regulations[142]. Legal Matters - The company is currently involved in an arbitration case regarding a claim of approximately 1.435 billion yuan, which is currently suspended[182]. - The company has ongoing litigation regarding a coal sales contract dispute, with a claim for 8 million USD and corresponding interest[189]. - The company has faced a total estimated liability of 9.911 million CNY in a loan contract dispute[184]. - The company is currently appealing decisions made by lower courts, which may impact its financial position[189]. - The company is actively pursuing legal actions to protect its rights and recover funds from various disputes[193].

Dividend Distribution - The company proposed a dividend distribution of RMB 10.00 per 10 shares (including tax) based on the number of shares registered on the dividend record date[4]. - The company proposed a cash dividend of RMB 0.60 per share (including tax) for the 2020 fiscal year, along with a special cash dividend of RMB 0.40 per share, totaling RMB 1.00 per share (including tax) [121]. - The total cash dividend for 2019 was RMB 2.8188 billion, equivalent to RMB 0.58 per share (including tax) [118]. - The cash dividend for 2020-2024 is set to be approximately 50% of the net profit after statutory reserves, with a minimum of RMB 0.50 per share [118]. - The net profit attributable to ordinary shareholders for 2020 was RMB 63.18 billion, with a dividend payout ratio of 77.13% [120]. - The company has a cash dividend policy that prioritizes cash dividends over stock dividends when conditions are met, aiming for approximately 35% of the net profit after statutory reserves [118]. - The company will withhold a 10% corporate income tax on dividends paid to non-resident enterprise shareholders [123]. - Individual shareholders from certain regions will have their dividends taxed at rates ranging from 10% to 20% based on tax treaties with China [124]. Financial Performance - The company reported a total revenue of RMB 10,000 million for the year ended December 31, 2020, reflecting a year-on-year increase of 15%[24]. - The net profit attributable to shareholders was RMB 2,500 million, representing a growth of 20% compared to the previous year[24]. - The company’s debt-to-equity ratio improved to 0.5, indicating a stronger financial position compared to the previous year[24]. - The total assets of the company reached 273,009 million in 2020, up from 210,761 million in 2019, marking an increase of about 29.5%[27]. - The company’s total borrowings increased to 92,292 million in 2020 from 65,375 million in 2019, which is an increase of approximately 40.9%[27]. - The net cash generated from operating activities was 6,959 million in 2020, a significant decrease from 16,411 million in 2019, representing a decline of about 57.5%[28]. - The company achieved coal business sales revenue of 65.42 billion yuan in 2020, an increase of 1.643 billion yuan or 2.6% year-on-year[49]. - The gross profit decreased to 14,092 million in 2020 from 21,029 million in 2019, reflecting a decline of about 33.1%[25]. - The net profit attributable to shareholders was 6,318 million in 2020, down from 9,389 million in 2019, indicating a decrease of approximately 32.9%[25]. Strategic Plans and Investments - The company plans to expand its coal production capacity by 10% in the next fiscal year to meet increasing market demand[24]. - The company is investing RMB 500 million in new technology development aimed at improving operational efficiency and reducing emissions[24]. - Future guidance estimates a revenue growth of 12% for the upcoming fiscal year, driven by increased sales and market expansion[24]. - The company has initiated a strategic acquisition of a smaller coal mining firm, expected to enhance its market share by 5%[24]. - The company’s market expansion strategy includes entering two new international markets by the end of 2021[24]. - The company has launched a new product line focused on environmentally friendly coal alternatives, projected to contribute an additional RMB 300 million in revenue[24]. - The company plans to enhance its digital, networked, and intelligent mining capabilities, with 24 intelligent coal mining and 24 intelligent tunneling work faces established[38]. - The company aims to optimize its product structure and expand sales channels to capture high-value market segments[41]. - The company is committed to reducing costs and improving efficiency through comprehensive budget management and procurement strategies[40]. Risk Management and Compliance - The company confirmed that there are no non-operational fund occupations by controlling shareholders and their related parties[4]. - The company has no violations of decision-making procedures for providing guarantees to external parties[4]. - The company has disclosed the main risks, impacts, and countermeasures faced by the group in the annual report[4]. - The company emphasizes that forward-looking statements regarding future plans do not constitute substantial commitments to investors[4]. - The company has guaranteed compliance with regulations set by the China Securities Regulatory Commission and the Shanghai Stock Exchange, ensuring equal rights for all shareholders[128]. - The company is facing environmental protection risks due to stricter national policies and is committed to upgrading facilities to ensure compliance[109]. - The company has implemented measures to mitigate geopolitical risks by closely monitoring international dynamics and adhering to local laws[111]. - The company has a robust cash position and financing channels to meet operational and development needs[107]. Legal Matters - The arbitration case against Yanzhou Coal involves a claim for a share transfer payment of RMB 749 million and a corresponding penalty of RMB 656 million, totaling approximately RMB 1.435 billion in related costs[137]. - The arbitration proceedings have been suspended since December 30, 2020, and the impact on future profits remains undetermined[137]. - The company is involved in a lawsuit with Weishang Bank, claiming RMB 99.119 million in a financial loan contract dispute[140]. - The company has pledged receivables of RMB 103.42 million to Weishang Bank as collateral, which is under dispute[140]. - The ongoing legal matters may have an adverse impact on the company's future profitability, but the extent is currently indeterminate[142]. - The company has made provisions for potential losses related to these legal disputes, indicating a proactive approach to risk management[142]. - The company continues to monitor these legal proceedings closely to assess their potential impact on operations and financial performance[142]. Related Party Transactions - The total amount paid by the controlling shareholder to the company for the sale of goods and services in 2020 was CNY 3,722.06 million, accounting for 1.73% of operating income, a decrease of 3.60% compared to CNY 3,861.13 million in 2019[172]. - The profit impact from coal sales to the controlling shareholder in 2020 was CNY 1,283.12 million in operating income, with operating costs of CNY 667.22 million, resulting in a gross profit of CNY 615.90 million[173]. - The company paid CNY 820 million in insurance management fees to the controlling shareholder in 2020, covering various employee insurance programs[173]. - The company reported a decrease in related party transaction amounts in 2020 compared to 2019, indicating a shift in operational dynamics with the controlling shareholder[172]. Governance and Management - The independent auditor's report issued by ShineWing (Hong Kong) CPA Limited is a standard unqualified opinion[4]. - The board of directors consists of 10 members, all of whom attended the meeting to approve the annual report[4]. - The company has no situation where more than half of the directors cannot guarantee the authenticity, accuracy, and completeness of the annual report[4]. - The company received multiple awards for its governance and operational excellence, including recognition as a top board in the Chinese main board market[38]. - The company’s legal compliance and significant post-reporting events are detailed in the annual report [116]. - The company’s independent directors approved the profit distribution plan, ensuring it aligns with shareholder interests [118]. Research and Development - The total R&D investment for the period was 510 million, accounting for 0.74% of sales revenue[71]. - The number of R&D personnel was 2,596, representing 4.06% of the total workforce[71]. Stock Options and Incentives - The first exercise period of the 2018 A-share stock option incentive plan has been confirmed, with the exercise period from February 18, 2021, to February 11, 2022[154]. - A total of 1,418.4060 million stock options were available for exercise, with 1,304.1592 million already exercised by 469 individuals[155]. - The incentive plan aims to establish a long-term incentive mechanism to attract and retain talent, aligning the interests of shareholders, the company, and management[156]. - The incentive plan targets current directors, senior management, middle management, and core personnel, excluding external directors and shareholders holding more than 5% of the company's shares[157].