VASTDATA(SH:603138) Zheng Quan Zhi Xing·2025-07-01 16:30Core Viewpoint - The independent financial advisor report evaluates the stock option incentive plan of Beijing Haoliang Data Technology Co., Ltd., confirming its compliance with relevant laws and regulations, and its potential positive impact on the company's sustainable development and shareholder interests [22][30][32]. Group 1: Incentive Plan Overview - The 2025 stock option incentive plan aims to enhance the company's operational quality and industry position through stock options granted to directors, senior management, and core personnel [5][14]. - The total number of stock options to be granted is 17,659,962, accounting for 6.00% of the company's total share capital at the time of the announcement [7][6]. - The plan includes a waiting period before options can be exercised, with a maximum duration of 117 months [8][29]. Group 2: Performance Assessment - The performance assessment for the incentive plan is based on the company's revenue from database products and services, with specific targets set for each performance period [18][31]. - The first performance period requires a revenue of no less than 600 million yuan by 2028, with a cumulative revenue target of no less than 500 million yuan [18][20]. - The performance indicators are designed to align the interests of the management with those of the shareholders, ensuring that the incentive plan promotes sustainable growth [30][31]. Group 3: Pricing and Conditions - The exercise price for the stock options is set at 12.84 yuan per share, determined based on market conditions and regulatory requirements [13][25]. - The plan stipulates that the funding for exercising options must come from the participants themselves, with no financial assistance from the company [24][26]. - The plan includes strict conditions under which options can be granted and exercised, ensuring compliance with legal and regulatory standards [22][24]. Group 4: Long-term Strategy - The incentive plan is part of the company's broader strategy to attract and retain high-quality talent in the competitive database software industry, which is crucial for its long-term success [14][26]. - The plan is expected to foster a culture of performance and accountability among key personnel, aligning their efforts with the company's strategic goals [15][30]. - The implementation of the incentive plan is anticipated to have a positive impact on the company's operational capabilities and shareholder value over time [30][32].