Group 1 - The football concept sector rose by 2.25%, ranking third among concept sectors, with 27 stocks increasing, including Co-Creation Turf, Guangdong Media, and Tianfu Culture Tourism hitting the daily limit [1][2] - Leading stocks in the football concept sector included Jinling Sports, Aibisen, and Kevin Education, which rose by 9.93%, 6.06%, and 4.55% respectively [1][2] - The sector experienced a net inflow of 700 million yuan from main funds, with 19 stocks receiving net inflows, and 8 stocks seeing inflows exceeding 10 million yuan [2][3] Group 2 - Tianfu Culture Tourism topped the net inflow list with 525 million yuan, followed by Guangdong Media, Co-Creation Turf, and Jinling Sports with net inflows of 139 million yuan, 54.5 million yuan, and 28.3 million yuan respectively [2][3] - The net inflow ratios for Tianfu Culture Tourism, Co-Creation Turf, and Guangdong Media were 25.59%, 18.82%, and 12.06% respectively [3] - Stocks with notable performance included Tianfu Culture Tourism with a daily increase of 9.97% and a turnover rate of 22.66%, and Guangdong Media with a daily increase of 9.99% and a turnover rate of 10.99% [3][4]

Core Viewpoint - The company has announced a stock incentive plan for employees, aiming for significant revenue and profit growth from 2025 to 2027, reflecting strong confidence in its development trajectory [1][2]. Revenue Growth Targets - The company targets revenue growth rates of no less than 16.83%, 46.03%, and 67.94% for the years 2025, 2026, and 2027 respectively, with corresponding revenue goals of 94.9 billion, 118.6 billion, and 136.4 billion yuan, representing year-on-year increases of 17%, 25%, and 15% [1]. - Trigger values for revenue growth are set at 10.99%, 38.73%, and 59.54% for the same years, with respective revenue targets of 90.2 billion, 112.7 billion, and 129.6 billion yuan, indicating year-on-year increases of 11%, 25%, and 15% [1]. Profit Growth Targets - The profit growth targets are set at no less than 32.25% and 52.09% for 2026 and 2027, with corresponding profit goals of 4.4 billion and 5.1 billion yuan, reflecting a year-on-year increase of 15% for 2027 [2]. - Trigger values for profit growth are established at 25.64% and 44.48% for the same years, with respective profit targets of 4.2 billion and 4.8 billion yuan, also indicating a year-on-year increase of 15% for 2027 [2]. Recent Financial Performance - In the first half of 2025, the company achieved revenue of 40.44 billion yuan, a year-on-year increase of 8.68%, and a net profit attributable to shareholders of 1.90 billion yuan, up 11.03% year-on-year [3]. - The non-recurring net profit attributable to shareholders reached 2.24 billion yuan, reflecting a significant year-on-year increase of 40.10% [3]. - Revenue growth was primarily driven by European and emerging markets, while short-term challenges included U.S. tariff adjustments and changes in Amazon's sales model [3]. Supply Chain and Operational Improvements - The company is optimizing its supply chain by shifting production capacity to Southeast Asia to mitigate U.S. tariff impacts, with approximately 50% of shipments to the U.S. now sourced from this region [4]. - The company has piloted a new sales model in Europe, leveraging lower platform fees and its logistics capabilities, resulting in a 59.50% year-on-year increase in revenue from B2B channels [4]. - The company has also improved its warehousing and logistics efficiency, leading to a net profit margin of 4.1% in Q2, despite external pressures [4]. Profitability Forecast - The company forecasts revenues of 93 billion, 115 billion, and 135 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 15%, 23%, and 18% [5]. - Profit projections for the same period are 3.7 billion, 5.0 billion, and 6.3 billion yuan, with corresponding price-to-earnings ratios of 22, 16, and 13 [5].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5]. Core Views - The company reported a revenue of 1.953 billion in Q2 2025, a year-on-year increase of 3.9%, and a net profit attributable to the parent company of 80 million, up 12.1% year-on-year. The first half of 2025 saw a revenue of 4.04 billion, an 8.7% increase year-on-year, with a net profit of 190 million, up 11.0% year-on-year [1][2]. - The revenue growth in the first half of 2025 was primarily driven by the European and emerging markets, despite challenges such as fluctuating U.S. tariff policies and increased competition [1][3]. - The company has made strategic adjustments to optimize costs and enhance market insights, leading to growth in both revenue and profit [1][2]. Revenue Breakdown - In the first half of 2025, revenue by category included furniture series at 2.12 billion (up 12%, 53% of total), home series at 1.44 billion (up 7.9%, 36% of total), pet series at 290 million (down 7.3%, 7% of total), and sports and outdoor series at 160 million (up 20.2%, 4% of total) [3]. - Revenue by region showed Europe at 2.57 billion (up 12.77%, 64% of total), North America at 1.37 billion (up 1.94%, 34% of total), and other regions at 41 million (up 86.25%, 1% of total) [3]. Channel Performance - Revenue by channel indicated a decline in B2C sales through Amazon at 2.42 billion (down 4.56%, 60% of total), while other platforms saw significant growth, with a 60% increase to 730 million (18% of total). B2B online sales grew by 59.5% to 460 million (11% of total) [4]. - The company has deepened collaborations with emerging platforms like TEMU and SHEIN, leveraging agile market responses and supply chain advantages [4]. Cost Management and Supply Chain - The company has increased procurement from Southeast Asia, completing about 50% of its capacity transfer for shipments to the U.S. by mid-2025, with a 70% order rate from Southeast Asia [5]. - In logistics, the company has established a significant price advantage in the last-mile delivery segment in Europe, enhancing both efficiency and cost [5]. Financial Projections - The adjusted profit forecast for 2025-2027 estimates net profits of 380 million, 470 million, and 630 million respectively, with corresponding P/E ratios of 21, 17, and 13 [11]. - Revenue projections for 2025 are set at 9.157 billion, with a growth rate of 12.72% [12].

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].

丨证券研究报告丨 联合研究丨公司点评丨致欧科技（301376.SZ） [Table_Title] 致欧科技 2025H1 业绩&股权激励点评：关 注 Q4 旺季恢复，经营信心增强 报告要点 [Table_Summary] 公司 2025H1 实现营收/归母净利润/扣非净利润 40.44/1.90/2.24 亿元，同比+9%/+11%/+40%； 其中 2025Q2 对应 19.53/0.80/1.04 亿元，同比+4%/+12%/+63%。收入端：新模式、新平台、 新地区贡献增量，Q2 增速放缓因受关税扰动和 SC-VC 销售结构切换影响；盈利端：全流程优 化及结构性变化打造盈利韧性。看好公司作为家居跨境出海先锋，竞争力持续提升。公司新推 股权激励计划完善激励体系，扩大激励范围，强化经营信心。 分析师及联系人 [Table_Author] 蔡方羿 李锦 米雁翔 应奇航 秦意昂 SAC：S0490516060001 SAC：S0490514080004 SAC：S0490520070002 SAC：S0490524080008 SAC：S0490524110002 SFC：BUV463 SFC：BUV258 请 ...

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].