Xinguang Optic-Electronics(SH:688011) Chang Jiang Shang Bao·2025-11-27 07:48Core Viewpoint - New Light Optoelectronics (688011.SH) is launching a stock incentive plan amid a recovery in its stock price, aiming to motivate key personnel despite recent financial struggles [1][2]. Summary by Sections Stock Incentive Plan - The company plans to disclose a restricted stock incentive plan for 2025, granting up to 1.5 million shares, which is approximately 1.50% of its total share capital of 100 million shares [1]. - The grant price for the restricted stock is set at 22.77 CNY per share, representing a discount of about 50.5% compared to the market closing price of 46 CNY on the announcement date [1]. Performance Assessment - The incentive plan targets 65 individuals, accounting for 15.93% of the total workforce of 408 employees as of December 31, 2024, including directors, senior management, and core technical personnel [1]. - The performance assessment for the incentive plan will focus solely on absolute revenue figures, without considering net profit [1]. Revenue Targets - The assessment period for the incentive plan spans three fiscal years from 2026 to 2028, with specific revenue targets set at a minimum of 3.5 million CNY for 2026, 4.5 million CNY for 2027, and 6.5 million CNY for 2028 [2]. - If the company meets the revenue targets, the incentive recipients can unlock 100% of their shares; if they meet only the minimum requirements, they can unlock 80% [2]. Recent Financial Performance - The company's revenue has been under pressure, with reported revenues of 15 million CNY in 2022, 16.2 million CNY in 2023, and 17.2 million CNY in 2024, reflecting year-on-year growth rates of 4.22%, 8.25%, and 5.99% respectively [2]. - The net profit has been negative over the past three years, with losses of 24.67 million CNY, 39.17 million CNY, and 67.96 million CNY, indicating a worsening trend [2]. Growth Requirements - For the 2026 revenue target of 30 million CNY, the company needs to achieve approximately 74% growth compared to its 2024 revenue of 17.2 million CNY [3]. - The 2028 target of 65 million CNY represents a significant increase, requiring the company to reach 3.78 times its 2024 revenue [3].