SFPM(SZ:002737) Zheng Quan Zhi Xing·2025-08-12 08:08Core Viewpoint - The third unlocking condition of the 2022 employee stock ownership plan of Kweichow Moutai has not been achieved, resulting in no stocks being unlocked for the period [1][5]. Group 1: Employee Stock Ownership Plan Overview - The employee stock ownership plan was approved on September 9, 2022, during a shareholders' meeting, allowing the company to implement the plan [2]. - A total of 2,950,060 shares were transferred to the employee stock ownership plan, representing a significant portion of the company's total share capital [2]. Group 2: Unlocking Conditions and Performance Metrics - The plan has a duration of 48 months, with three unlocking phases based on performance metrics [3]. - The third unlocking phase required a revenue growth rate of at least 33% compared to the 2021 revenue, which was not met [3][5]. Group 3: Consequences of Non-Achievement - Due to the failure to meet the performance metrics, 1,032,521 shares intended for unlocking will not be released, and the shares will be reclaimed by the management committee [4][5]. - The company will sell the reclaimed shares and return the investment amount to the holders, with any remaining profits going to the company [4][5]. Group 4: Future Arrangements and Compliance - The employee stock ownership plan may be terminated if the shares cannot be fully liquidated before the expiration of the plan [5]. - The company will adhere to market trading rules and relevant regulations regarding stock transactions [5].