China Tianying(SZ:000035) Zheng Quan Zhi Xing·2025-08-21 12:13Core Viewpoint - The report discusses the cancellation of certain stock options under the 2023 stock option incentive plan of China Tianying Co., Ltd, highlighting the necessary procedures followed and the reasons for the cancellation due to unmet performance targets [3][6][7]. Group 1: Stock Option Incentive Plan - The 2023 stock option incentive plan was approved by the company's board and supervisory board on October 7, 2023, and subsequently by the shareholders on October 24, 2023 [4][5]. - The plan includes performance targets that must be met for the options to be exercised, specifically a net profit of 838 million yuan or revenue of 9.648 billion yuan for the year 2024 [6][7]. Group 2: Cancellation of Stock Options - A total of 15.7755 million stock options, approximately 0.63% of the company's total share capital, will be canceled due to the failure to meet the performance targets and the departure of some incentive participants [7]. - The cancellation includes 14.755 million options that could not be exercised due to unmet performance criteria and 1.02 million options from individuals who left the company [7]. Group 3: Independent Financial Advisor's Opinion - The independent financial advisor, Shenzhen Tashan Enterprise Management Consulting Co., Ltd, confirms that the cancellation of stock options has followed the necessary review procedures and disclosure obligations, and does not harm the interests of the company or its shareholders [7].