Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report suggests a positive outlook based on the stock incentive plan and growth projections. Core Viewpoints - The company has announced a restricted stock incentive plan for 2025, aiming to motivate core employees and align their interests with the company's strategic goals [1][2]. - The performance targets for the incentive plan include revenue growth rates of 16.83%, 46.03%, and 67.94% for 2025 to 2027, respectively, and net profit growth rates of at least 32.25% and 52.09% for 2026 and 2027 [2]. - The company is optimizing its organizational structure to enhance operational efficiency and collaboration across departments, focusing on a "cost leadership" strategy [3]. - A global supply chain strategy is being implemented to mitigate the impact of tariffs, with 50% of shipments to the U.S. being sourced from Southeast Asia as of mid-2025 [4]. Summary by Sections Stock Incentive Plan - The company plans to grant up to 3.5474 million shares to a maximum of 171 employees at a price of 11.86 yuan per share, representing approximately 0.99% of the total share capital [1]. - The total estimated accounting cost for the incentive plan is about 33.9278 million yuan, with annual amortization expenses projected for 2025 to 2028 [2]. Organizational Structure - The company is restructuring to implement a group-wide planning strategy, enhancing collaboration between business units (BUs) and sales teams to improve product delivery and sales performance [3]. Supply Chain Strategy - The company is increasing procurement from Southeast Asia to counteract tariff impacts, achieving a 70% order rate for Southeast Asian shipments to the U.S. [4]. - The profit forecast for the company indicates net profits of 370 million, 480 million, and 590 million yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 21.8X, 16.8X, and 13.7X [4]. Financial Projections - The company's total revenue is projected to grow from 6.074 billion yuan in 2023 to 14.354 billion yuan in 2027, with a year-on-year growth rate of 20.6% in 2027 [6]. - The gross profit margin is expected to stabilize around 34.3% from 2025 to 2027, while the return on equity (ROE) is projected to increase from 10.7% in 2025 to 14.2% in 2027 [6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company achieved revenue, net profit attributable to the parent, and net profit excluding non-recurring items of 4.044 billion, 190 million, and 224 million yuan respectively in H1 2025, representing year-on-year growth of 9%, 11%, and 40% [2][12]. - In Q2 2025, the corresponding figures were 1.953 billion, 80 million, and 104 million yuan, with year-on-year growth of 4%, 12%, and 63% [2][12]. - The company is recognized as a pioneer in cross-border home furnishing exports, with continuous improvement in competitiveness [2][22]. Revenue Summary - Revenue growth in H1 2025 was driven by new models, platforms, and regions, with a 9% year-on-year increase [13]. - By region, revenue growth was as follows: Europe +13%, USA +2%, Japan -3%, and emerging markets +86% [13]. - The B2B model saw a 36% increase in revenue, while the B2C model experienced a 5% increase [13]. - The company is actively leveraging platforms like TEMU and SHEIN to enhance revenue from other channels, which increased its share by 6 percentage points to 18% [13]. Profitability Summary - The company optimized its entire process and made structural changes, resulting in a slight increase in gross margin by 0.01 percentage points year-on-year [14]. - The net profit margin attributable to the parent company increased by 0.1 percentage points year-on-year [14]. - In Q2 2025, the gross margin improved by 0.6 percentage points, and the net profit margin attributable to the parent company increased by 0.3 percentage points [14]. Incentive Plan Summary - The company introduced a new stock incentive plan on September 5, 2024, expanding the incentive system and enhancing operational confidence [15]. - The plan covers 171 individuals with a total of 3.5474 million shares, representing 0.88% of the total share capital [15]. - The performance targets for 2025 focus on revenue, with projected values of 9.491 billion, 11.863 billion, and 13.643 billion yuan for 2025, 2026, and 2027 respectively [20]. Future Outlook - The company is expected to achieve net profits attributable to the parent of 370 million, 490 million, and 630 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 22, 17, and 13 times [22].

Core Viewpoint - The report outlines the independent financial advisory opinion on the employee stock ownership plan (ESOP) proposed by Zhiyou Technology Co., Ltd., emphasizing its feasibility, benefits for sustainable development, and non-detrimental impact on shareholder interests [1][2][3]. Summary by Sections 1. Definitions - The report defines key terms related to the employee stock ownership plan, including "Zhiyou Technology," "employee stock ownership plan," and "participants" [1]. 2. Declaration - The independent financial advisor confirms that the report is based on information provided by Zhiyou Technology and emphasizes the accuracy and completeness of the data [2][3]. 3. Basic Assumptions - The report is based on assumptions regarding the stability of current laws and regulations, the reliability of provided information, and the absence of unforeseen adverse factors affecting the ESOP [3]. 4. Main Content of the Employee Stock Ownership Plan - The ESOP participants include key personnel such as directors, supervisors, senior management, and core technical/business staff, with a maximum of 46 participants initially [4][5]. - The plan allows for the redistribution of unclaimed shares among eligible employees if some choose not to participate [8]. 5. Funding Sources and Stock Details - The total funding for the ESOP is capped at RMB 14.57 million, with each share priced at RMB 1.00 [8][9]. - The shares will be sourced from the company's repurchased stock, with a total of up to 1.2285 million shares allocated for the plan [9][10]. 6. Purchase Price Determination - The purchase price for the shares under the ESOP is set at RMB 11.86 per share, reflecting 60% of the average trading price prior to the announcement of the plan [11][12]. 7. Duration and Lock-up Period - The ESOP has a maximum duration of 60 months, with a lock-up period of 12 months from the date of share transfer [15][16]. 8. Performance Assessment - The performance assessment for the ESOP spans from 2025 to 2027, with specific revenue and profit growth targets set for each year [17][18]. 9. Management Structure - The ESOP will be managed by a management committee elected by the participants, responsible for daily operations and representing the interests of the participants [21][22]. 10. Voting Procedures - The voting process for the management committee and other significant decisions will follow a structured procedure, ensuring that all participants can express their opinions and vote [23][24].

Core Viewpoint - The legal opinion letter from Beijing Zhonglun Law Firm confirms that Zhiyou Home Technology Co., Ltd. is compliant with relevant laws and regulations regarding its 2025 Restricted Stock Incentive Plan and Employee Stock Ownership Plan, ensuring that these plans do not harm the interests of the company and its shareholders [6][12][22]. Group 1: Company Overview - Zhiyou Home Technology Co., Ltd. is a legally established and effectively existing joint-stock company listed on the Shenzhen Stock Exchange, with a registered capital of 401.5 million RMB [9][10]. - The company has been approved to publicly issue up to 40,150,000 shares, and its stock is listed under the name "Zhiyou Technology" with the stock code "301376" [10][11]. Group 2: Incentive Plan Details - The 2025 Restricted Stock Incentive Plan aims to enhance the company's governance structure and motivate employees to improve performance, with a total of up to 3.5474 million shares to be granted, accounting for approximately 0.88% of the company's total share capital [11][14][19]. - The plan includes specific provisions regarding the purpose, management, eligibility of incentive objects, stock allocation, and the conditions for granting and vesting of restricted stocks [11][14][19]. Group 3: Employee Stock Ownership Plan - The 2025 Employee Stock Ownership Plan is designed for key personnel who significantly impact the company's performance, with a maximum of 46 participants, excluding major shareholders and their relatives [23][24]. - The funding for the plan will come from the employees' own resources, and the company will not provide any financial assistance for acquiring the stocks [22][24]. Group 4: Compliance and Procedures - The plans have undergone necessary internal decision-making processes and have received approval from independent directors and the supervisory board, ensuring compliance with legal requirements [22][32]. - The company is required to hold a shareholders' meeting to approve the plans, with non-associated shareholders voting separately to ensure transparency and fairness [34][37].

Core Viewpoint - The company is implementing a restricted stock incentive plan for 2025 to enhance its governance structure, improve employee motivation, and ensure steady performance growth, aligning with its strategic goals [1][5]. Group 1: Assessment Objectives and Principles - The assessment aims to improve the company's governance structure and create a balanced value distribution system to motivate employees and ensure performance growth [1]. - The evaluation must adhere to principles of fairness, transparency, and objectivity, focusing on performance metrics to maximize shareholder interests [1]. Group 2: Assessment Subjects and Institutions - The incentive plan applies to all designated recipients, including directors, senior management, and key technical and business personnel [1]. - The assessment will be led by the Board's Compensation and Assessment Committee, with a dedicated working group responsible for implementation and data collection [2]. Group 3: Assessment Indicators and Standards - The performance assessment for the incentive plan spans three fiscal years (2025-2027), with specific revenue and net profit growth targets set for each year [2]. - The targets for 2025 include a revenue growth rate of 16.83% and a net profit growth rate of 32.25%, with subsequent years showing increasing targets [2][3]. Group 4: Assessment Procedures and Results Management - The assessment will occur annually, with results reported to the Board for determining the allocation of restricted stocks [4]. - Recipients can appeal their assessment results within five working days, and the Board will review and adjust if necessary [4]. Group 5: Additional Provisions - The plan is subject to approval by the shareholders' meeting and will be implemented upon its effectiveness [5].

Group 1 - The incentive plan involves the allocation of restricted stocks among various recipients, with a total of 354.74 million shares granted, representing 0.8816% of the company's total equity [1] - Key personnel, including foreign employees, are included in the incentive plan due to their significant roles in product design, marketing, and logistics, which are crucial for the company's long-term development [1] - The plan excludes independent directors, supervisors, and shareholders or actual controllers holding more than 5% of the company's shares, ensuring that the incentive is focused on core technical and business personnel [1] Group 2 - The total number of shares involved in all effective stock incentive plans does not exceed 20% of the company's total equity, and no individual recipient will receive more than 1% of the total equity through these plans [1]

Core Viewpoint - The company is proposing a 2025 Restricted Stock Incentive Plan aimed at enhancing employee motivation and aligning their interests with the company's long-term goals through stock ownership [1][2]. Summary by Sections Incentive Plan Overview - The plan will grant a total of up to 3.5474 million shares, representing 0.88% of the company's total share capital of 40.23885 million shares [2][12]. - The grant price for the restricted stock is set at 11.86 yuan per share [2][17]. Eligibility and Participants - The plan will include up to 171 participants, including directors, senior management, and core technical and business personnel, excluding independent directors and major shareholders [3][11]. - Participants must not have been deemed inappropriate by regulatory authorities in the past 12 months [3][4]. Plan Duration and Vesting - The effective period of the plan is up to 60 months from the grant date, with specific vesting schedules based on performance criteria [6][14]. - Vesting will occur in three phases: 30% after 12 months, 40% after 24 months, and 30% after 36 months [15][18]. Performance Metrics - The performance assessment will be based on company-level metrics such as revenue growth and net profit growth over the years 2025 to 2027 [18][21]. - Specific targets include a revenue growth rate of 16.83% for 2025 and 67.94% for 2027, with corresponding net profit growth targets [18][21]. Adjustments and Compliance - The plan includes provisions for adjustments in the number of shares and grant price in case of corporate actions like stock splits or capital increases [22][23]. - The plan will be subject to approval by the company's shareholders and must comply with relevant laws and regulations [31]. Financial Implications - The estimated costs associated with the incentive plan will be recognized in the company's financial statements, impacting operating results [26][27]. - The plan is expected to enhance employee engagement and operational efficiency, potentially leading to greater overall company performance [27].

致欧家居科技股份有限公司 声明 证券简称：致欧科技 证券代码：301376 本公司及全体董事、监事保证本激励计划及其摘要不存在虚假记载、误导性 陈述或重大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 致欧家居科技股份有限公司 （草案） 二〇二五年九月 致欧家居科技股份有限公司 2025 年限制性股票激励计划（草案） 特别提示 一、本激励计划依据《中华人民共和国公司法》《中华人民共和国证券法》 《深圳证券交易所创业板股票上市规则》《上市公司股权激励管理办法》《深圳 证券交易所创业板上市公司自律监管指南第 1 号——业务办理》等法律、法规、 规章、规范性文件以及《致欧家居科技股份有限公司章程》的有关规定而制定。 二、本激励计划采取的激励工具为第二类限制性股票。股票来源为致欧家居 科技股份有限公司（以下简称"公司"或"本公司"）向激励对象定向发行公司 A 股 普通股。 三、本激励计划拟向激励对象授予权益总计不超过 354.74 万股，占本激励 计划草案公告时公司股本总额 40,238.85 万股的 0.88%。本次授予为一次性授予， 无预留权益。 截至本激励计划草案公告日，公司全部在有效期内的股权激 ...

Group 1 - The company, Zhiyou Home Technology Co., Ltd., is undergoing a stock incentive plan that complies with relevant regulations [1][6]. - The stock incentive plan does not exceed 20% of the company's total share capital [2][3]. - The plan includes specific performance assessment indicators for the incentive recipients, ensuring alignment with company goals [4][6]. Group 2 - The company has confirmed that there are no negative opinions or inability to express opinions in the audit report [1][5]. - The incentive plan has been reviewed and approved by the board, ensuring that related parties did not participate in the voting process [6][8]. - The company has committed to full disclosure of the incentive plan details, including the rights and obligations of both the company and the incentive recipients [5][8].

证券代码：301376 证券简称：致欧科技 公告编号：2025-061 一、董事会会议召开情况 致欧家居科技股份有限公司（以下简称"公司"）第二届董事会第十六次会议（以 下简称"会议"）于 2025 年 8 月 29 日以书面的方式通知全体董事，会议于 2025 年 董事长宋川主持。本次会议应出席董事 9 名，实际出席董事 9 名。公司监事、高 级管理人员列席了会议。本次会议的召开和表决程序符合《中华人民共和国公司 法》等法律、法规、规范性文件和《公司章程》的有关规定，会议合法有效。 二、董事会会议审议情况 （一）审议通过了《关于公司<2025 年限制性股票激励计划（草案）>及其摘 要的议案》 为进一步完善公司治理结构，健全公司的激励约束机制，形成良好均衡的价 值分配体系，充分调动员工的积极性、激励员工更勤勉地开展工作，以保证公司 业绩稳步提升，确保公司发展战略和经营目标的实现，根据《公司法》《证券法》 《上市公司股权激励管理办法》《深圳证券交易所创业板股票上市规则》《深圳证 券交易所创业板上市公司自律监管指南第 1 号——业务办理》等有关法律、法规 和规范性文件以及《公司章程》的规定，公司拟定了《2025 ...