Montage Technology(SH:688008) Zheng Quan Shi Bao Wang·2025-12-10 12:45Core Viewpoint - The company has revised its incentive plan by converting 11.4 million stock appreciation rights into restricted stock, aiming to align the long-term interests of the company, shareholders, and core management, while also addressing feedback from the capital market [1][2]. Group 1: Incentive Plan Adjustment - The adjustment to the incentive plan is a response to market feedback and is intended to help the company manage costs effectively while promoting long-term development and shareholder value [1]. - The original incentive plan was launched during a period of low market sentiment, with a net profit target of 3.5 times the average net profit from 2021 to 2023, and a market capitalization assessment of 100 billion yuan [1]. - Following the announcement of the original plan, the company's stock price increased by 6%, leading the semiconductor sector [1]. Group 2: Financial Performance and Market Reaction - For the first three quarters of 2025, the company reported a revenue of 4.1 billion yuan, a year-on-year increase of 58%, and a net profit of 1.6 billion yuan, up 67% [2]. - The original incentive plan's stock appreciation rights, while not diluting shareholder equity, required quarterly expense recognition, leading to increased costs as the company's stock price rose [2]. - The company acknowledged investor concerns regarding the rising stock appreciation expense and is actively researching optimization proposals [2]. Group 3: Future Implications of the Revised Plan - The revised incentive plan eliminates concerns about rising stock appreciation expenses due to stock price increases, ensuring no cash costs for the company [3]. - The change in the form of compensation for two core management members from cash to stock further aligns the interests of the company, shareholders, and management [3]. - The optimization of the incentive plan is seen as a proactive response to investor suggestions, reinforcing the company's commitment to long-term performance and value creation for investors [3].