公司近况 3、看好Q3 服饰增长及非服饰减亏下的经营改善趋势，公司作为跨境电商服饰品牌龙头中长期空间广 阔。我们认为，1）短期看：随品牌心智提升、新品加速爬坡及供应链效率优化，公司服饰业务有望在 营收持续快增的同时，积极获取品牌溢价及小单快反生产优势，实现盈利提升；非服饰业务中，随跑步 机、电助力车等品类库存持续去化，Q3 起非服饰对盈利能力拖累有望趋于减弱，公司整体经营改善可 期；2）中长期看：公司以东南亚产能建设、终端调价等积极应对全球贸易冲击，品牌矩阵培育、平台 扩展、地区扩张等护航中长期成长。 盈利预测与估值 评论 1、2025-27 年目标值收入或归母净利润CAGR不低于25%和47%，彰显管理层信心。公司本次股权激励 考核收入或利润增长，以2024 年为基数，2025-27 年营业收入目标增速不低于25%、55%、95%，对应 2025-27 年营收CAGR25%；或归母净利润目标增速不低于70%、155%、215%，对应2025-27 年归母净 利润CAGR 47%。我们认为，本次公司激励计划目标值设立积极，彰显管理层对公司快速成长信心。 2、激励覆盖范围广且力度较大，有望调动核心人员积极性。公 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 301381 | 赛维时代 | 24.73 | 11.10% | 28.04万 | 7.05亿 | | 603613 | 国联股份 | 31.57 | 10.00% | 40.08万 | 12.38亿 | | 301110 | 育不科技 | 65.30 | 4.48% | 3.86万 | 2.47亿 | | 002315 | 焦点科技 | 49.34 | 3.11% | - 10.38万 | 5.10亿 | | 300464 | 星徽股份 | 5.72 | 2.33% | 11.68万 | 6639.71万 | | 300592 | 华凯易佰 | 11.64 | 1.93% | 8.15万 | 9435.81万 | | 600539 | 狮头股份 | 10.77 | 1.60% | 6.55万 | 7020.42万 | | 600365 | ST通葡 | 3.30 | 1.54% | 7.15万 | 2340.37万 | | 605136 | 丽人 ...

Group 1 - The company announced an incentive plan that involves granting 403.46 million restricted stocks to 329 individuals, representing 1% of the company's total share capital at the time of the announcement [1] - The grant price for the restricted stocks is set at 11.03 yuan per share, with a validity period of up to 60 months from the date of the initial grant [1] - For the first half of 2025, the company's revenue composition is as follows: 92.32% from cross-border e-commerce, 6.53% from logistics services, and 1.16% from other sources [1] Group 2 - The company's market capitalization is currently 9 billion yuan [2]

Core Viewpoint - The company is proposing a 2025 restricted stock incentive plan aimed at enhancing talent retention and competitiveness in the industry, particularly by including foreign employees as part of the incentive program [2][3][4] Group 1: Eligibility and Compliance - The company has confirmed its eligibility to implement the stock incentive plan, adhering to relevant laws and regulations, including the Company Law and Securities Law [2][4] - The plan excludes individuals who have been deemed inappropriate candidates by the stock exchange or the China Securities Regulatory Commission (CSRC) within the last 12 months [2] - The incentive plan's design and approval process comply with the necessary legal frameworks, ensuring no infringement on the interests of the company and its shareholders [4] Group 2: Incentive Targets - The incentive plan includes key personnel such as Chen Xiaolan, who is a company director and holds over 5% of the company's shares, highlighting her significant role in management [3] - The plan does not include independent directors or other major shareholders, ensuring a focus on operational management rather than ownership interests [3] - The company will publicly disclose the names and positions of the incentive targets at least 10 days prior to the shareholders' meeting [3] Group 3: Plan Approval and Implementation - The implementation of the incentive plan is contingent upon approval from the shareholders' meeting, emphasizing the need for corporate governance [4] - The plan aims to align the interests of management and shareholders, thereby enhancing operational efficiency and supporting sustainable development [4]

Group 1 - The board of directors of Saiwei Times Technology Co., Ltd. held its fifth meeting of the fourth session on September 5, 2025, with all nine directors present, confirming compliance with relevant laws and regulations [1] - The board approved the draft of the 2025 Restricted Stock Incentive Plan to attract and retain talent while aligning the interests of shareholders, the company, and core teams [1][2] - The voting results for the incentive plan showed 7 votes in favor, 0 against, and 0 abstentions, with 2 directors abstaining due to their involvement as incentive recipients [2][4] Group 2 - The board proposed to authorize the board to manage various aspects of the 2025 Restricted Stock Incentive Plan, including determining the grant date and adjusting the grant price in case of capital changes [3][4] - The board will also be responsible for confirming the eligibility and quantity of restricted stocks for the incentive recipients and managing the overall implementation of the plan [3][4] - A special resolution will be submitted to the third extraordinary general meeting of shareholders scheduled for September 22, 2025, to approve the incentive plan [4][5]

Meeting Announcement - The company will hold its third extraordinary general meeting of shareholders on September 22, 2025, at 15:00 [1] - The meeting will be conducted both in-person and via online voting [1][2] Voting Procedures - Shareholders can attend the meeting in person or authorize others to attend on their behalf [2] - Online voting will be available through the Shenzhen Stock Exchange trading system and internet voting system during specified times on the meeting day [1][5] Agenda Items - Three proposals will be discussed at the meeting, all requiring a two-thirds majority of the voting rights present for approval [2][4] - The proposals include the 2025 Restricted Stock Incentive Plan and its management measures [2][4] Registration Details - Registration for the meeting must be completed by September 17, 2025, with specific procedures outlined for both individual and corporate shareholders [4][5] - Contact information for registration and inquiries is provided [5]

Core Viewpoint - The company is proposing a 2025 Restricted Stock Incentive Plan aimed at enhancing its long-term incentive mechanism to attract and retain talent, aligning the interests of shareholders, the company, and core team members for sustainable development [8][9][22]. Group 1: Incentive Plan Overview - The incentive plan involves granting 4,034,582 restricted shares, accounting for approximately 1.00% of the company's total share capital at the time of the announcement [2][14]. - The initial grant will consist of 3,997,060 shares, representing about 99.07% of the total shares to be granted, while 37,522 shares are reserved for future grants [2][14]. - The grant price for the initial shares is set at 11.03 yuan per share, which is based on the average trading price of the company's shares prior to the announcement [21][22]. Group 2: Eligibility and Conditions - The plan is designed for 329 eligible participants, including directors, senior and middle management, and key technical personnel, excluding independent directors [5][11]. - The eligibility criteria ensure that participants have not been deemed inappropriate by regulatory bodies within the last 12 months [6][11]. - The plan stipulates that the shares granted will not confer shareholder rights until they are vested, and they cannot be transferred or used as collateral before vesting [2][5]. Group 3: Vesting Schedule and Performance Targets - The vesting of the initial grant will occur in three phases: 30% after 12 months, 30% after 24 months, and 40% after 36 months from the grant date [5][18]. - Performance targets for the vesting periods are set, with revenue growth of at least 25% for 2025 and 55% for 2026, based on 2024 figures [23][24]. - If the performance targets are not met, the shares will not vest and will be forfeited [23][24]. Group 4: Governance and Oversight - The plan requires approval from the company's board and shareholders, with the board responsible for its implementation and oversight [9][10]. - The remuneration and assessment committee will review the plan and ensure compliance with relevant laws and regulations [10][11]. - Any changes to the plan must be approved by the board and disclosed to shareholders [10][30]. Group 5: Adjustments and Accounting Treatment - Adjustments to the number of shares and grant price may occur due to corporate actions such as stock splits or dividends [27][28]. - The accounting treatment for the shares will follow relevant accounting standards, with expenses recognized over the vesting period based on the fair value of the shares [29][30].

Core Viewpoint - The legal opinion letter from Shanghai Junlan Law Firm confirms that Saiwei Times Technology Co., Ltd. is eligible to implement its 2025 Restricted Stock Incentive Plan, having complied with relevant laws and regulations [4][11]. Group 1: Company Background - Saiwei Times Technology Co., Ltd. was established on June 27, 2016, and is a publicly listed company on the Shenzhen Stock Exchange since July 12, 2023, with the stock code "301381" [4][5]. - The company has a registered capital of RMB 403.4582 million and operates in various sectors including clothing design and sales, e-commerce, and technology development [5][6]. Group 2: Incentive Plan Details - The 2025 Restricted Stock Incentive Plan aims to establish a long-term incentive mechanism to attract and retain talent, aligning the interests of shareholders, the company, and core team members [9][10]. - The plan includes provisions for the management structure, criteria for selecting incentive recipients, and details on the number and distribution of restricted stocks [6][7]. Group 3: Legal Compliance and Procedures - The plan has undergone necessary procedures including drafting, review, and public disclosure, and is set to be approved by shareholders with at least two-thirds of the voting rights [5][9]. - The legal opinion confirms that the plan adheres to the requirements set forth in the Management Measures and Regulatory Guidelines, ensuring no violations of laws or regulations [11][12]. Group 4: Impact on Stakeholders - The implementation of the incentive plan is expected to enhance the company's incentive mechanism and improve management efficiency, benefiting the sustainable development of the company [10][11]. - The plan does not involve any financial assistance to the incentive recipients, ensuring compliance with relevant regulations [8][10].

Group 1 - The company has announced a stock incentive plan that involves granting restricted stock to its middle management and key technical personnel, totaling 403.4582 million shares, which represents 1% of the company's total share capital at the time of the announcement [2][3] - The stock incentive plan is designed to motivate and retain key employees, with a specific allocation of shares reserved for 319 individuals categorized as middle management and core technical staff [2] - The total number of shares involved in the incentive plan does not exceed 20% of the company's total share capital at the time of the announcement, ensuring compliance with regulatory requirements [3]

Core Viewpoint - The article discusses the compliance requirements and conditions for the stock incentive plan of Saiwei Times Technology Co., Ltd, emphasizing the need for adherence to regulations and the importance of transparency in the implementation of such plans [1][3][4]. Compliance Requirements - The financial reports for the most recent accounting year did not receive a negative opinion or inability to express an opinion from registered accountants [3]. - There have been no instances in the last 36 months where profit distribution did not comply with laws, regulations, or company articles [3]. - The stock incentive plan must not exceed 20% of the company's total share capital in terms of the total number of shares involved [4][5]. Incentive Object Requirements - The incentive plan must not include shareholders holding more than 5% of the company's shares unless justified [3]. - No individuals have been identified as inappropriate candidates by the China Securities Regulatory Commission (CSRC) in the last 12 months [3]. - The plan must disclose the names, positions, and number of shares granted to directors and senior management [5][6]. Plan Disclosure Requirements - The stock incentive plan must clearly state its purpose, the basis for selecting incentive objects, and the number of rights to be granted [4][5]. - The plan must include details on the vesting period, grant date, and any conditions for exercising rights [5][6]. - The plan must ensure that the performance assessment indicators are objective, clear, and beneficial for enhancing the company's competitiveness [6][7]. Legal and Procedural Compliance - The company must ensure that the stock incentive plan complies with the "Management Measures for Stock Incentives" and that all procedures for drafting, reviewing, and publicizing the plan are followed [7][8]. - Independent financial advisors must provide complete and compliant professional opinions regarding the plan [11][12].