永杉锂业“伪市值管理”疑云：锂盐业务持续承压 高管却集体涨薪 新股权激励被质疑“放水”

Group 1 - The core issue revolves around "pseudo market value management" practices in A-share listed companies, particularly focusing on companies like Yongshan Lithium and their questionable stock incentive plans [1][2] - Yongshan Lithium's stock incentive plan failed to meet performance targets, leading to significant increases in executive compensation despite poor business performance [2][20] - The China Securities Regulatory Commission (CSRC) has emphasized the need for effective long-term incentive mechanisms to align the interests of management and employees with those of the company [1][2] Group 2 - Yongshan Lithium's main business segments, molybdenum and lithium salt, have both underperformed, resulting in a decline in overall revenue and profitability [3][4] - In 2024, Yongshan Lithium reported a net profit of 0.43 billion yuan, achieving only 85.75% of its performance target, raising concerns about the effectiveness of its incentive mechanisms [14] - The company's executive compensation has increased significantly, with total compensation for executives reaching 6.42 million yuan in 2024, a 34.79% increase year-on-year [20] Group 3 - The 2022 stock option and restricted stock incentive plan was criticized for its low performance thresholds and potential for benefiting executives disproportionately [6][12] - The 2024 incentive plan has been designed with lower performance targets, which has led to skepticism regarding its ability to effectively motivate executives [11][12] - The ongoing decline in lithium prices and market conditions poses a significant risk to Yongshan Lithium's future performance and the viability of its incentive plans [19][14]