Feymer(SH:688350) Zheng Quan Zhi Xing·2025-08-29 17:15Core Viewpoint - The company has decided to terminate the 2022 employee stock ownership plan early and repurchase the unvested shares due to the inability to meet performance targets and changing internal and external conditions [9][12]. Group 1: Employee Stock Ownership Plan Details - The company will repurchase and cancel 2,667,312 shares from the 2022 employee stock ownership plan at a price calculated as the grant price plus an annual simple interest of 6% [4][10]. - The plan was initially set for a duration of 60 months, with shares unlocking in three phases based on performance metrics [4][9]. - The first unlocking phase achieved a company-level unlocking ratio of 25.35%, with a total of 629,688 shares eligible for unlocking, representing approximately 0.52% of the total share capital [7][8]. Group 2: Performance Metrics and Results - The performance targets for the unlocking phases were set based on net profit, with specific target and trigger values for each year from 2022 to 2024 [6]. - For 2022, the target net profit was 113 million yuan, while the actual net profit was 106.23 million yuan, which did not meet the target but exceeded the trigger value [7][8]. - The company reported net profits of 32.80 million yuan for 2023 and a loss of 21.14 million yuan for 2024, failing to meet the performance criteria for the second and third unlocking phases [8]. Group 3: Repurchase and Cancellation Process - The repurchase will be funded by the company's own funds, and the total number of shares to be repurchased is 2,667,312, which includes shares that were not unlocked and reserved shares [10][12]. - Following the repurchase, the total number of shares will decrease from 122,150,207 to 119,482,895, with no change in the controlling shareholder or actual controller [11][12]. - The company will proceed with the necessary legal and regulatory procedures following the completion of the share repurchase [12].