Sungrow Power Supply(300274) 证券之星· Zheng Quan Zhi Xing·2025-05-16 11:30Core Viewpoint - The announcement details the completion of the second vesting period for the reserved portion of the 2022 restricted stock incentive plan of Yangguang Electric Power Co., Ltd, confirming that the vesting conditions have been met and outlining the relevant details of the stock incentive plan [1][22]. Summary by Sections Stock Incentive Plan Overview - The 2022 restricted stock incentive plan was approved by the company's board and supervisory committee, with a total of 6.5 million shares to be granted, accounting for 0.42% of the company's total share capital at the time of the announcement [2][3]. - The grant price for the restricted stock is set at 35.54 yuan per share, allowing the incentive recipients to purchase shares at this price after meeting the vesting conditions [2][3]. - The plan includes a maximum of 468 incentive recipients, primarily core and key employees of the company [2][3]. Vesting Schedule and Performance Targets - The vesting schedule is divided into four periods, with each period allowing for 25% of the granted shares to vest, contingent upon meeting specific performance targets [2][3]. - Performance targets for the first vesting period require a 40% increase in revenue or a 70% increase in net profit for 2022 compared to 2021 [4][5]. - Subsequent vesting periods have progressively higher performance targets, with the final period requiring a 160% increase in revenue and a 190% increase in net profit by 2025 compared to 2021 [4][5]. Recent Developments - As of April 25, 2025, the board confirmed that the vesting conditions for the reserved portion of the second vesting period have been met, allowing for the registration of vested shares [19][20]. - The company has adjusted the grant price to 24.46 yuan per share due to capital adjustments and stock dividends, affecting the total number of shares that remain unvested [18][22]. - The total number of incentive recipients has been adjusted due to departures, with the current number of recipients for the first grant reduced to 408 [17][22]. Listing and Circulation of Shares - The shares from this vesting period will be listed for circulation on May 16, 2025, with a total of 11.13 million shares involved [21][22]. - There are no restrictions on the sale of these shares post-vesting, and the company plans to use the funds raised from this incentive for working capital [21][22]. Legal Compliance - The legal opinion confirms that the vesting conditions have been met and that the adjustments to the incentive plan comply with relevant laws and regulations [22].