USISH(SH:601231) Shang Hai Zheng Quan Bao·2026-01-05 19:28Key Points - The core viewpoint of the announcement is to report the results of the convertible bond conversion and stock option incentive plan for the fourth quarter of 2025, highlighting the changes in share capital and the participation in stock options by employees [1][2][3][4][5][28]. Convertible Bond Conversion - In the fourth quarter of 2025, a total of 1,406,328,000 yuan of "Huanxu Convertible Bonds" was converted into company shares, resulting in 75,687,511 shares being issued [1][7]. - As of December 31, 2025, the cumulative amount converted was 1,406,531,000 yuan, leading to a total of 75,698,035 shares, which represents 3.4255% of the total shares issued before the conversion [1][7]. - The remaining amount of unconverted "Huanxu Convertible Bonds" is 2,043,469,000 yuan, accounting for 59.2310% of the total issuance [1][7]. Stock Option Incentive Plan - For the 2015 stock option incentive plan, a total of 2,538,537 shares were exercised in the fourth quarter of 2025, with a cumulative total of 17,092,102 shares exercised, representing 85.17% of the total options available [3][20]. - In the 2023 stock option incentive plan, 175,605 shares were exercised in the fourth quarter of 2025, with a cumulative total of 5,868,640 shares exercised, representing 85.33% of the total options available [4][26]. - The exercise price for the 2015 stock option plan in the fourth quarter of 2025 was 15.54 yuan per share, while for the 2023 plan, it was 14.04 yuan per share [20][26]. Share Capital Changes - The total share capital increased by 39,958,886 shares due to the conversion of "Huanxu Convertible Bonds" from December 24 to December 31, 2025 [28]. - The controlling shareholder, Huan Cheng Technology Co., Ltd., along with its concerted party, saw its shareholding percentage diluted from 76.00% to 74.66% due to the increase in total shares [28].