HSPC(SH:603353) Zheng Quan Zhi Xing·2025-07-09 10:17Core Viewpoint - The company announced the repurchase and cancellation of 1,488,000 restricted stocks due to unmet performance targets in the 2024 incentive plan, which did not allow for the lifting of restrictions on these stocks [1][3]. Group 1: Repurchase and Cancellation Details - The repurchase and cancellation of restricted stocks were approved during the board and supervisory meetings held on April 24, 2025, based on the company's performance not meeting the required standards [1][2]. - The repurchase involves 96 individuals, including 2 directors and 2 senior management personnel, with a total of 1,488,000 shares being repurchased at a price of 9.24 yuan per share plus bank interest [3][4]. - The cancellation of these shares is expected to be completed by July 14, 2025, with necessary legal procedures to follow [4][5]. Group 2: Performance Criteria - The performance criteria for lifting the restrictions included a minimum of 10% growth in either total refined oil sales or net profit compared to 2023 [2][3]. - The company did not meet these performance targets, leading to the inability to lift restrictions on the granted restricted stocks [3]. Group 3: Capital Structure Changes - Following the repurchase and cancellation, the company's capital structure will change, with the number of restricted shares decreasing from 2,976,000 to 1,488,000, while the total shares will reduce from 173,394,000 to 171,906,000 [4][5]. Group 4: Compliance and Commitments - The board confirmed that the decision-making process and information disclosure comply with relevant regulations and internal management measures [4][5]. - The company has committed to ensuring the accuracy and completeness of the information regarding the repurchase and cancellation process [5].