股权激励含金量十足，企业业绩股价双提升

Core Insights - The enthusiasm for implementing equity incentive plans among A-share listed companies has been steadily increasing, becoming a crucial tool for enhancing corporate vitality and aligning the interests of talent and shareholders [1][4] - As of May 2025, over 5,600 equity incentive plans have been implemented in the A-share market over the past two decades, involving more than 2,900 listed companies, which accounts for over 54% of the total [1] - The majority of companies that have implemented equity incentives have seen both stock price and performance improvements, with central enterprises showing particularly significant excess returns [1][3] Summary by Categories Implementation Trends - The number of companies implementing equity incentives continues to grow, with private enterprises showing a notable increase, reaching a 19-year high in 2024 [3] - The second type of restricted stock has become the mainstream incentive tool, and performance assessment indicators are becoming more flexible and diversified [3] Performance Impact - In the year of implementation, nearly 88% of companies reported revenue growth, over 76% reported net profit growth, and close to 93% saw an increase in return on equity (ROE) [3] - The positive impact of equity incentives tends to diminish over time, but they still provide sustained benefits to companies [3] Market Response - Investors are advised to explore excess returns based on four dimensions: incentive strength, performance assessment targets, industry, and choice of incentive tools [3] - Among companies that implemented equity incentives and are predicted to have a net profit growth rate exceeding 20% over the next three years, 25 companies have been favored by the market, with an average increase of over 15% year-to-date [3]