【盐津铺子（002847.SZ）】激励加码增强势能，注重经营利润表现——限制性股票激励计划（草案）点评（叶倩瑜/董博文/李嘉祺）

Core Viewpoint - The article discusses the stock incentive plan proposed by Yanjinpuzi for 2025, which aims to enhance employee motivation and align their interests with the company's performance through a structured profit-based assessment system [4][5]. Group 1: Stock Incentive Plan Details - The stock incentive plan involves granting 3 million shares, representing 1.10% of the company's total share capital, to 157 individuals, including key executives and core technical personnel [4]. - The grant price is set at 35.18 yuan per share, which is 50% of the average trading price on December 16 [4]. Group 2: Performance Assessment Criteria - The performance assessment for the incentive plan spans from 2026 to 2028, with specific profit targets set for each year [5]. - Company-level targets include a net profit of no less than 8.5 billion yuan in 2026, a cumulative net profit of at least 18.5 billion yuan for 2026-2027, and a total of 31 billion yuan for 2026-2028, with a compound annual growth rate of 21% [5]. - Individual performance will be evaluated annually, with a scoring system that determines the percentage of shares that can be unlocked based on performance scores [5]. Group 3: Growth Drivers and Market Position - The current incentive plan places a higher emphasis on profit targets rather than revenue, reflecting the company's growth stage and operational focus [6]. - The company is experiencing rapid expansion in its distribution channels, particularly driven by its flagship product, and has successfully entered new retail systems, indicating potential for further growth [6]. - The e-commerce channel has shown continuous improvement in profitability following prior adjustments, suggesting a solid foundation for revenue and profit growth [6].