YTO(SH:600233) Zheng Quan Zhi Xing·2025-06-25 18:06Core Viewpoint - The report outlines the independent financial advisory opinion regarding the third stock option incentive plan of YTO Express Co., Ltd., detailing the approval process, grant conditions, and specific terms of the stock options to be awarded to eligible employees [1][2][3]. Summary by Sections Section 1: Independent Financial Advisor's Role - The independent financial advisor, Shanghai Xinguang Yihe Enterprise Management Consulting Co., Ltd., was commissioned to provide an opinion on the third stock option incentive plan of YTO Express [1]. Section 2: Information Assurance - YTO Express has assured the independent financial advisor that the information provided regarding the incentive plan is true, accurate, and complete, with no false records or significant omissions [2]. Section 3: Basic Assumptions - The report is based on several assumptions, including no significant changes in laws, regulations, or market conditions, and the accuracy of the information provided by YTO Express [4][5]. Section 4: Approval Process - The approval process for the incentive plan included meetings of the board and supervisory committee, public disclosure of the incentive object list, and a shareholders' meeting where the plan was approved [6][7]. Section 5: Initial Grant Details - The initial grant of stock options occurred on June 25, 2025, with a total of 9.273 million options awarded to 139 individuals at an exercise price of 10.16 RMB per share [7][10]. Section 6: Grant Conditions - The grant of stock options is contingent upon the fulfillment of specific conditions, including the absence of certain negative events affecting the company or the incentive objects [11][12]. Section 7: Performance Targets - The performance targets for the stock options are based on net profit growth rates and business completion rates, with specific targets set for each exercise period [9][10].