“科八条”一周年：逾八成公司披露行动方案，新增产业并购超百单

Group 1 - As of May 2025, over 430 companies on the Sci-Tech Innovation Board have launched more than 760 equity incentive plans, covering over 70% of the sector [1][3] - Since the implementation of the "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" initiative in January 2023, over 80% of companies have disclosed relevant action plans [1] - In 2024 and 2025, the number of companies disclosing action plans is expected to reach 470 and 479 respectively, with full coverage among the Sci-Tech 50 and Sci-Tech 100 constituent stocks for two consecutive years [1] Group 2 - The number of disclosed industrial mergers and acquisitions on the Sci-Tech Innovation Board has exceeded 100, with disclosed transaction amounts surpassing 33 billion yuan [2] - Companies are increasing R&D investments, with the total R&D expenditure for 2024 reaching approximately 168.08 billion yuan, reflecting a compound annual growth rate of 10.7% over the past three years [2] - The median ratio of R&D investment to operating income is 12.6%, and by the end of 2024, over 120,000 invention patents had been accumulated, with more than 20,000 new invention patents added in 2024 alone [2] Group 3 - The "Eight Articles of the Sci-Tech Innovation Board" propose improvements to the equity incentive system, with many companies developing incentive plans [3] - By May 2025, over 430 companies have implemented more than 760 equity incentive plans, covering over 70% of the sector and involving more than 140,000 individuals, including directors, executives, and core technical personnel [3] - Companies are focusing on optimizing compensation structures and linking them closely to job value and performance contributions, with an emphasis on rewarding project milestones and technology transfer [3]