KINGSUN(SZ:300235) Zheng Quan Zhi Xing·2025-08-25 16:53Summary of Key Points Core Viewpoint - The company announced that the performance conditions for the first vesting period of the 2024 restricted stock incentive plan were not met, resulting in the cancellation and expiration of certain granted but unvested restricted stocks [1][7]. Group 1: Overview of the 2024 Restricted Stock Incentive Plan - The 2024 restricted stock incentive plan was approved on May 13, 2024, allowing the grant of 988,900 shares to three incentive targets, representing 0.3928% of the company's total share capital of 251,746,635 shares [1][2]. - The grant price was set at 4.43 yuan per share, with a maximum validity period of 36 months, divided into two vesting periods, each with a 50% vesting ratio [1][2]. Group 2: Granting and Adjustment of Restricted Stocks - On May 17, 2024, the company granted a total of 988,900 restricted stocks to three incentive targets, with the distribution confirmed by the supervisory board [2]. - The grant price was adjusted from 4.48 yuan to 4.43 yuan due to the implementation of the 2023 annual profit distribution plan [2]. Group 3: Performance Conditions and Non-Achievement - The performance conditions for the first vesting period required a 10% increase in revenue compared to 2023 as a trigger value and a 25% increase as a target value [5][6]. - The company reported a revenue of 92,147,310.26 yuan for 2024, which represented a 9.43% decrease from 2023, failing to meet the performance conditions [7]. Group 4: Cancellation of Restricted Stocks - The board of directors approved the cancellation of 494,450 shares of restricted stock that were to vest in the first period due to the unmet performance conditions [7][8]. - The decision was made in compliance with relevant laws and regulations, and it was confirmed that this cancellation would not adversely affect the company's operations or core team stability [8][9]. Group 5: Legal and Compliance Aspects - The legal opinion confirmed that the cancellation of unvested restricted stocks was in accordance with the company's incentive plan and relevant regulations [8][9]. - The company has fulfilled its disclosure obligations regarding this matter and will continue to comply with legal requirements for information disclosure [9].