Group 1 - The A-share market experienced a turbulent adjustment on September 9, with all three major indices closing lower and over 4,000 stocks declining [1] - The number of stocks recommended by brokerages significantly decreased, with only two companies receiving recommendations: Stanley (002588) and Bichu Electronics (688188) [1] - Bichu Electronics has a target price set by Guotou Securities at 159.1 yuan, with the latest price at 142.79 yuan per share, indicating a potential increase of 11.42% [1] Group 2 - Stanley's latest stock price is 10.21 yuan per share, with a total market capitalization of 11.8 billion yuan [2] - Stanley Agricultural Group Co., Ltd. specializes in the production and sales of compound fertilizers, grain storage, agricultural consulting, technology promotion, and agricultural trade [2]

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 159.10 CNY [5][8]. Core Views - The company has demonstrated steady revenue growth, achieving 1.103 billion CNY in revenue for the first half of the year, a year-on-year increase of 24.89%, and a net profit of 640 million CNY, up 30.32% year-on-year [1][2]. - The growth is attributed to continuous investment in research and development, market expansion, and optimization of product solutions, leading to an increase in overall order volume [2][3]. - The company is focusing on both vertical and horizontal expansion in technology, enhancing its capabilities in laser cutting and intelligent welding, while also addressing industry challenges [2][3]. Financial Performance - For the second quarter, the company reported revenue of 608 million CNY, a 20.92% increase year-on-year, and a net profit of 385 million CNY, up 29.24% year-on-year [2]. - The company expects revenues of 2.125 billion CNY, 2.689 billion CNY, and 3.417 billion CNY for 2025, 2026, and 2027 respectively, with net profits projected at 1.091 billion CNY, 1.349 billion CNY, and 1.685 billion CNY for the same years [8][10]. - The company maintains a leading position in the domestic market for low to medium power laser cutting systems and is the top manufacturer for high-power laser cutting control systems [8]. Research and Development - The company is optimizing its existing technology platforms and focusing on long-term technology planning to ensure the forward-looking and leading nature of its new technology layouts [3]. - Innovations include advanced laser cutting techniques and intelligent welding solutions that enhance production efficiency across various industries [3]. Market Position - The company is recognized as one of the first private enterprises in China to develop complete control systems for fiber laser cutting, maintaining a competitive edge in the market [8].

Core Viewpoint - The company has announced the cancellation of unvested restricted stock from its 2024 incentive plan, affecting a total of 153,552 shares due to performance evaluations not being met [8][9][11]. Group 1: Incentive Plan Approval and Implementation - The company held a board meeting on August 14, 2024, to approve the draft of the 2024 restricted stock incentive plan and its management measures [31][32]. - The plan includes a total of 1,533,000 shares, with 1,230,600 shares for initial grants and 302,400 shares reserved for future grants [22][23]. - The initial grant price is set at 65.05 yuan per share, with 24 individuals designated as initial recipients [23][43]. Group 2: Cancellation of Restricted Stock - The board and supervisory committee approved the cancellation of 153,552 shares of restricted stock that were granted but not vested due to performance ratings [8][11][56]. - Among the affected individuals, 12 had a performance rating of B+ with a 90% vesting ratio, resulting in 82,790 shares being canceled, while another 12 with a B rating had 70,762 shares canceled [8][56]. - The cancellation will not significantly impact the company's operations or the continuation of the incentive plan [10]. Group 3: Monitoring and Legal Compliance - The supervisory committee confirmed that the cancellation of the restricted stock complies with relevant regulations and does not harm shareholder interests [11][47]. - Legal opinions affirm that the necessary approvals for the vesting and cancellation of restricted stock have been obtained, and the actions are in accordance with applicable laws [12][47].

Group 1 - The company announced the cancellation of unvested restricted stock from the 2024 incentive plan during the board and supervisory meetings held on September 8, 2025 [2] - A total of 15.3552 million shares of restricted stock will be rendered invalid due to non-vesting [2] - The assessment ratings for 12 incentive recipients were B+ and B, with respective vesting ratios of 90% and 80% [2] Group 2 - For the 12 recipients rated B+, 21.2890 million shares were eligible for vesting, while 8.2790 million shares will be canceled [2] - For the recipients rated B, 12.5798 million shares were eligible for vesting, with 7.0762 million shares canceled [2]

Group 1 - The company announced the approval of the first vesting period of the 2024 restricted stock incentive plan [2] - The board also approved the cancellation of unvested restricted stocks granted under the same incentive plan [2]

Core Points - The company announced the approval of the first vesting period of the 2024 restricted stock incentive plan [1] - The company also declared the cancellation of certain unvested restricted stocks from the 2024 incentive plan [1] Summary by Categories Company Actions - The third supervisory board meeting approved the proposal regarding the first vesting period of the restricted stock incentive plan for 2024 [1] - The company decided to void certain unvested restricted stocks that were part of the 2024 incentive plan [1]

上海柏楚电子科技股份有限公司 关于 2024 年限制性股票激励计划首次授予部分第一个归属期 符合归属条件的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 一、股权激励计划批准及实施情况 （一）公司 2024 年限制性股票激励计划（以下简称"本次激励计划"）方 案及履行的程序 1、本次激励计划主要内容 （1）股权激励方式：第二类限制性股票 证券代码：688188 证券简称：柏楚电子 公告编号：2025-036 （2）授予数量（调整后）：本次激励计划拟授予的限制性股票数量为 153.30 万股，其中首次授予 123.06 万股，占本次授予权益总额的 80.27%；预留部分 30.24 万股，占本次授予权益总额的 19.73%，实际预留授予 29.85 万股。 （3）授予价格（调整后）：65.05 元/股，即满足授予条件和归属条件后， 1 限制性股票拟归属数量：33.8688 万股 归属股票来源：上海柏楚电子科技股份有限公司（以下简称"公司"） 向激励对象定向发行公司 A 股普通股股票 激励对象可以每股65 ...

证券代码：688188 证券简称：柏楚电子 公告编号：2025-037 上海柏楚电子科技股份有限公司 关于作废公司 2024 年限制性股票激励计划部分已授予尚 未归属的限制性股票的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 上海柏楚电子科技股份有限公司（以下简称"公司"）于 2025 年 9 月 8 日召 开的第三届董事会第十八次会议、第三届监事会第十六次会议审议通过了《关于 作废公司 2024 年限制性股票激励计划首次授予部分已授予尚未归属的限制性股 票的议案》，现将相关事项公告如下： 一、公司 2024 年限制性股票激励计划已履行的决策程序和信息披露情况 （1）2024 年 8 月 14 日，公司召开第三届董事会第三次会议，审议通过了 《关于<上海柏楚电子科技股份有限公司 2024 年限制性股票激励计划（草案）> 及其摘要的议案》、《关于<上海柏楚电子科技股份有限公司 2024 年限制性股票 激励计划实施考核管理办法>的议案》以及《关于提请股东大会授权董事会办理 公司 2024 年限制性股票激励计划相关事宜的 ...

上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于上海柏楚电子科技股份有限公司 2024 年限制性股票激励计划首次授予部分第一个归属期 归属条件成就及部分限制性股票作废相关事项的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 关于上海柏楚电子科技股份有限公司 2024 年限制性股票激励计划首次授予部分第一个归属期 归属条件成就及部分限制性股票作废相关事项的 法律意见书 致：上海柏楚电子科技股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受上海柏楚电子科技股份 有限公司（以下简称"公司"或"柏楚电子"）的委托，并根据柏楚电子与本所 签订的《专项法律服务合同》，担任公司 2024 年限制性股票激励计划（以下简称 "本次股权激励计划"）的专项法律顾问，根据《中华人民共和国证券法》（以下 简称"《证券法》"）、《中华人民共和国公司法》（以下简称"《公司法》"）、《上市 公司股权激励管理办法》（以下简称"《管理办法》"）、《科创板上市公司自律监管 指南第 ...

关于 2024 年限制性股票激励计划首次授予部分第一个归属 上海柏楚电子科技股份有限公司监事会 本次拟归属的 24 名激励对象符合《公司法》、《证券法》等法律、法规和规 范性文件以及《公司章程》规定的任职资格，符合《管理办法》、《上市规则》等 法律、法规和规范性文件规定的激励对象条件，符合公司本次激励计划规定的首 次授予部分激励对象范围，其作为公司本次激励计划首次授予部分激励对象的主 体资格合法、有效，激励对象获授首次授予部分限制性股票的归属条件已成就。 监事会同意本次激励计划首次授予部分第一个归属期归属名单。 上海柏楚电子科技股份有限公司监事会 2025 年 9 月 8 日 期归属名单的核查意见 上海柏楚电子科技股份有限公司（以下简称"公司"）监事会依据《中华人 民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简 称"《证券法》"）、《上市公司股权激励管理办法》（以下简称"《管理办法》"）、《上 海证券交易所科创板股票上市规则》（以下简称"《上市规则》"）、《科创板上市公 司自律监管指南第 4 号——股权激励信息披露》等相关法律、法规及规范性文 件和《上海柏楚电子科技股份有限公司章 ...