HAERS(SZ:002615) Zheng Quan Ri Bao Wang·2026-02-12 03:44Core Viewpoint - Zhejiang Hars Vacuum Vessel Co., Ltd. has announced a dual incentive plan consisting of a restricted stock incentive plan and an employee stock ownership plan, aiming for significant growth in revenue and net profit over the next three years despite current market challenges [1][4]. Group 1: Incentive Structure - The incentive plan combines restricted stock and employee stock ownership, targeting five core executives with 3.6 million shares (0.77% of total shares) and a broader team of up to 50 employees with 2.68895 million shares (0.58% of total shares) [2]. - The grant price for both plans is set at 4.46 yuan per share, approximately 50% of the average price before the announcement, which is reasonable and compliant with regulatory requirements [2]. - A long lock-up period is established, requiring a minimum of 15 months before the first batch can be liquidated, extending to 39 months for subsequent batches, effectively binding the interests of the incentive recipients to the company's long-term performance [2]. Group 2: Performance Targets - The performance assessment is based on the average performance from 2023 to 2024, rather than a low point in 2025, indicating a commitment to high growth targets [3]. - The revenue and net profit targets are ambitious, with goals set for 2026 to achieve a 55% increase (target value) and a 45% increase (trigger value) compared to the baseline, with further increases planned for 2027 and 2028 [3]. Group 3: Long-term Strategy - The company is currently facing short-term operational pressures, with a projected decline in net profit of over 70% in 2025, contrasting sharply with the high growth targets set in the incentive plan [4]. - The decline is attributed to external factors such as changes in international trade and raw material price fluctuations, which are common challenges in the industry [4]. - The incentive plan is strategically aligned with the company's transformation phase, where new production capacities and brand developments are expected to mitigate risks and enhance profitability [4]. Group 4: Organizational Transformation - The incentive plan signifies a shift from traditional employment relationships to a partnership model, emphasizing long-term value creation over short-term performance metrics [5]. - By including a core team of 50 individuals, the plan ensures that key personnel are engaged in the company's growth, avoiding dilution of incentives while maintaining focus on critical business areas [5]. - A three-tier performance assessment mechanism is established, linking company, team, and individual goals, which reinforces accountability and alignment with the company's strategic objectives [5]. Group 5: Market Confidence - The introduction of the dual incentive plan is a declaration of confidence in the company's long-term strategy, aiming to maintain high expectations despite short-term market fluctuations [6]. - Investors are encouraged to assess the company's long-term value based on actions taken by management and the core team, particularly when personal wealth is closely tied to the company's performance [6].