普冉股份股权激励覆盖七成员工 董监高及股东却频繁减持套现

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued guidelines to encourage listed companies to establish long-term incentive mechanisms, emphasizing the alignment of interests between management, employees, and the company to enhance value creation [1] Group 1: Company Overview - Puran Co., Ltd. specializes in the design and sales of non-volatile memory chips, including NOR Flash and EEPROM, as well as microcontroller chips and analog products [2] - The company went public on the Shanghai Stock Exchange's Sci-Tech Innovation Board in August 2021, raising a net amount of 1.246 billion yuan from the issuance of 9.0572 million shares at a price of 148.90 yuan per share [2] Group 2: Equity Incentive Plans - Puran has implemented four equity incentive plans since its listing, with the first plan proposed just two months after the IPO, indicating a proactive approach to incentivizing employees [3][4] - The 2021 incentive plan aimed to grant 350,000 restricted stocks at a price of 44.67 yuan per share, significantly lower than the average trading price prior to the announcement [3] - The performance targets for the 2021 plan were not met in the first two assessment periods, with revenues of 9.25 billion yuan and 11.27 billion yuan in 2022 and 2023, respectively, falling short of the required targets [3][4] Group 3: Performance and Targets - The 2022 incentive plan also set ambitious revenue targets, with the company achieving 11.27 billion yuan in 2023, which did not meet the first target but was close to the trigger value for the second [4] - The 2024 plan set a target of 18.04 billion yuan for 2024, which was achieved, resulting in a 100% vesting rate for that period [6] - The 2025 plan has set even higher targets, with required revenue growth rates of 70% and 120% for the first two assessment periods [7] Group 4: Shareholder Actions - Major shareholders and executives have been actively reducing their holdings, with significant amounts of shares sold shortly after the expiration of lock-up periods [9][11] - The total shares sold by major shareholders amounted to approximately 2.8027 million shares, generating around 390 million yuan, while another major shareholder completely exited their position, realizing about 584 million yuan [12]