Xiangyu(SH:600057) Zheng Quan Zhi Xing·2025-09-04 11:14Core Viewpoint - The report discusses the adjustments and grants related to the stock incentive plan of Xiamen Xiangyu Co., Ltd., highlighting the approval processes and changes in the number of incentive targets and restricted stock quantities [4][6][14]. Summary by Sections Independent Financial Advisor's Opinion - The independent financial advisor confirms that the adjustments and grants related to the 2025 stock incentive plan have received necessary approvals and comply with relevant regulations [6][14]. - The plan has undergone required approval procedures, including resolutions from the board and shareholder meetings [4][5]. Adjustments to the Incentive Plan - The number of incentive targets has been adjusted from 991 to 928 due to 63 individuals voluntarily opting out of the plan, resulting in a reduction of restricted stock from 17,287.60 million shares to 17,199.20 million shares [6][14]. - The company plans to distribute cash dividends of RMB 2.50 per 10 shares, with the record date set for June 16, 2025 [6]. Grant Conditions and Adjustments - The grant conditions for the restricted stock include various financial and regulatory criteria that must be met by the incentive targets [8][9]. - The adjusted grant price for the restricted stock is set at RMB 2.71 per share after accounting for cash dividends [8][14]. Impact on Financial Status - The company is required to measure and account for the expenses related to the granted restricted stock in accordance with accounting standards, which may lead to potential dilution effects [14]. Conclusion - The independent financial advisor concludes that all necessary approvals for the incentive plan have been obtained, and the conditions for granting the restricted stock have been fulfilled [14].