福建万辰生物科技集团股份有限公司 2025 年限制性股票激励计划（草案）摘要 证券简称：万辰集团 证券代码：300972 福建万辰生物科技集团股份有限公司 2025 年限制性股票激励计划（草案）摘要 二〇二五年四月 福建万辰生物科技集团股份有限公司 2025 年限制性股票激励计划（草案）摘要 声明 本公司及董事会、监事会全体成员保证本激励计划及其摘要内容的真实、准 确和完整，没有虚假记载、误导性陈述或重大遗漏。 1 福建万辰生物科技集团股份有限公司 2025 年限制性股票激励计划（草案）摘要 特别提示 总数累计未超过公司股本总额的 20.00%。本激励计划中任何一名激励对象通过 全部在有效期内的股权激励计划获授的公司股票数量累计未超过公司股本总额 的 1.00%。 四、本激励计划首次授予的激励对象共计 70 人，包括公司公告本激励计划 时在公司（含分公司和控股子公司，下同）任职的核心业务人员和骨干员工，不 包括万辰集团独立董事、监事、单独或合计持有公司 5%以上股份的股东或实际 控制人及其配偶、父母、子女。 预留激励对象指本激励计划获得股东会批准时尚未确定但在本激励计划存 续期间纳入本激励计划的激励对象，应当 ...

福建万辰生物科技集团股份有限公司 2025 年限制性股票激励计划（草案） 证券简称：万辰集团 证券代码：300972 福建万辰生物科技集团股份有限公司 2025 年限制性股票激励计划（草案） 特别提示 福建万辰生物科技集团股份有限公司 2025 年限制性股票激励计划（草案） 二〇二五年四月 福建万辰生物科技集团股份有限公司 2025 年限制性股票激励计划（草案） 声明 本公司及董事会、监事会全体成员保证本激励计划及其摘要内容的真实、准 确和完整，没有虚假记载、误导性陈述或重大遗漏。 1 预留激励对象指本激励计划获得股东会批准时尚未确定但在本激励计划存 续期间纳入本激励计划的激励对象，应当在本激励计划经股东会审议通过后 12 个月内确定。预留激励对象可以包括公司董事、高级管理人员以及董事会认为需 要激励的其他员工。 一、《福建万辰生物科技集团股份有限公司 2025 年限制性股票激励计划（草 案）》由福建万辰生物科技集团股份有限公司（以下简称"万辰集团""公司" 或"本公司"）依据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司股权激励管理办法》《深圳证券交易所创业板股票上市规则》《深圳证券 交易所创 ...

上海信公轶禾企业管理咨询有限公司 关于 福建万辰生物科技集团股份有限公司 2025 年限制性股票激励计划（草案） 之 独立财务顾问报告 独立财务顾问： 二〇二五年四月 四、本独立财务顾问与上市公司之间无任何关联关系。本独立财务顾问完 全本着客观、公正的原则对本激励计划出具本独立财务顾问报告。同时，本独 立财务顾问提请广大投资者认真阅读《福建万辰生物科技集团股份有限公司 | 第一章 声 明 3 | | --- | | 第二章 释 义 5 | | 第三章 基本假设 6 | | 第四章 本激励计划的主要内容 7 | | 一、本激励计划拟授出的权益形式及涉及的标的股票来源及种类 7 | | 二、本激励计划授予权益的总额 7 | | 三、本激励计划的相关时间安排 7 | | 四、限制性股票的授予价格及确定方法 10 | | 五、限制性股票的授予与归属条件 11 | | 六、本激励计划的其他内容 15 | | 第五章 本次独立财务顾问意见 16 | | 一、对本激励计划是否符合政策法规规定的核查意见 16 | | 二、对万辰集团实行本激励计划可行性的核查意见 16 | | 三、对激励对象范围和资格的核查意见 17 | | ...

关于 福建万辰生物科技集团股份有限公司 2025 年限制性股票激励计划（草案） 之 法律意见书 国浩律师（北京）事务所 北京市朝阳区东三环北路 38 号泰康金融大厦 9 层 邮编：100026 9 th Floor, Taikang Financial Tower, No. 38 North Road East Third Ring, Chaoyang District, Beijing, 100026, China 电话/Tel: 010-65890699 传真/Fax: 010-65176800 网址/Website: http://www.grandall.com.cn 二〇二五年四月 | 释 义 1 | | --- | | 一、本次激励计划的主体资格 3 | | 二、本次激励计划的主要内容 4 | | 三、本次激励计划的法定程序 13 | | 四、本次激励计划涉及的信息披露 14 | | 五、本次激励计划的资金来源 15 | | 六、本次激励计划对公司及全体股东利益的影响 15 | | 七、结论意见 15 | 国浩律师（北京）事务所 法律意见书 法律意见书 国浩京证字【2025】第 0068 号 致： ...

福建万辰生物科技集团股份有限公司 2025 年限制性股票激励计划实施考核管理办法 福建万辰生物科技集团股份有限公司 2025 年限制性股票激励计划 实施考核管理办法 福建万辰生物科技集团股份有限公司（以下简称"公司"或"万辰集团"） 为进一步完善公司法人治理结构，建立、健全公司长效激励约束机制，吸引和留 住核心人员和骨干员工，充分调动其积极性和创造性，有效提升核心团队凝聚力 和企业核心竞争力，有效地将股东、公司和核心团队三方利益结合在一起，使各 方共同关注公司的长远发展，确保公司发展战略和经营目标的实现，在充分保障 股东利益的前提下，按照激励与约束对等的原则，制定了《福建万辰生物科技集 团股份有限公司 2025 年限制性股票激励计划（草案）》。 为保证公司 2025 年限制性股票激励计划（以下简称"本激励计划"）的顺 利推进及有序实施，现根据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司股权激励管理办法》《深圳证券交易所创业板股票上市规则》《深圳 证券交易所创业板上市公司自律监管指南第 1 号——业务办理》等有关法律、行 政法规、规范性文件和《公司章程》的有关规定，并结合公司实际情况，特制定 本 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥10,820,875,514.95, representing a 124.02% increase compared to ¥4,830,392,702.55 in the same period last year[5] - Net profit attributable to shareholders was ¥214,852,188.58, a staggering increase of 3,344.13% from ¥6,238,216.19 year-on-year[5] - The net profit after deducting non-recurring gains and losses was ¥211,203,175.89, up 10,562.30% from ¥1,980,840.16 in the previous year[5] - Basic earnings per share rose to ¥1.1937, a 2,976.55% increase compared to ¥0.0388 in the previous year[5] - The company reported total operating revenue of ¥10,820,875,514.95 for the current period, a significant increase from ¥4,830,392,702.55 in the previous period, representing a growth of approximately 124.5%[26] - The company's net profit for the current period is CNY 387,971,056.62, compared to CNY 69,070,739.39 in the previous period, representing a significant increase[28] - Operating profit for the current period is CNY 522,559,753.12, up from CNY 114,177,836.10 in the previous period[28] - The total profit for the current period is CNY 523,610,058.59, significantly higher than CNY 113,126,326.15 in the previous period[28] - The company’s total comprehensive income for the current period is CNY 387,971,056.62, compared to CNY 69,070,739.39 in the previous period, indicating overall growth[28] Cash Flow and Liquidity - The net cash flow from operating activities was ¥714,289,079.87, reflecting a 158.82% increase from ¥275,974,753.98 in the same period last year[5] - The net cash flow from operating activities increased by 158.82% to approximately ¥714.29 million in Q1 2025, compared to ¥275.97 million in Q1 2024, primarily due to the growth in the company's bulk snack business[13] - The net cash increase for the period is CNY 706,570,626.00, compared to CNY 493,790,489.06 in the previous period, indicating strong liquidity[30] - The company has a cash and cash equivalents balance of CNY 2,915,858,421.81 at the end of the period, up from CNY 1,647,480,339.24 in the previous period[30] - Cash and cash equivalents increased to ¥2,996,082,435.53 from ¥2,380,613,526.63, representing a growth of about 25.8%[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥6,780,752,579.77, down 6.52% from ¥7,253,406,343.70 at the end of the previous year[5] - The company's total assets decreased to ¥6,780,752,579.77 from ¥7,253,406,343.70, reflecting a decline of approximately 6.5%[24] - The company's total liabilities decreased to ¥4,932,321,500.06 from ¥5,792,060,060.90, a reduction of about 14.8%[24] - The company’s inventory decreased to ¥1,453,202,940.77 from ¥2,141,250,600.07, indicating a reduction of approximately 32.2%[22] - The company’s long-term borrowings increased to ¥372,594,200.00 from ¥237,484,200.00, reflecting an increase of about 56.7%[24] Shareholder Information - The total number of common shareholders at the end of the reporting period was 5,935, with no preferred shareholders having restored voting rights[15] - The largest shareholder, Fujian Huanxi Grass Agricultural Development Co., Ltd., holds 22.75% of the shares, amounting to 40,949,000 shares, with 7,000,000 shares pledged[15] - The second-largest shareholder, Zhangzhou Jinwancheng Investment Co., Ltd., owns 16.63% of the shares, totaling 29,935,000 shares[15] - Wang Zenin, a natural person, holds 14.23% of the shares, equivalent to 25,619,115 shares, with 23,549,115 shares subject to trading restrictions[15] - The total number of restricted shares at the beginning of the period was 24,171,615, with no new restricted shares added during the reporting period[18] - The company has not identified any related party relationships among the top ten shareholders or the top ten unrestricted shareholders[15] - There were no changes in the number of restricted shares for key executives during the reporting period[18] Business Operations - The company reported a significant increase in sales costs, which reached ¥9,628,748,692.34, a 120.93% rise from ¥4,358,301,924.03 year-on-year, due to the growth in the bulk snack business[12] - The net profit for the bulk snack business in Q1 2025 was ¥387,971,056.62, a 461.70% increase from ¥69,070,739.39 in the same period last year[12] - The company plans to continue focusing on the high-quality development of its bulk snack business, enhancing operational efficiency and brand strength[12] - The company plans to continue expanding its bulk snack business and enhance cash flow generation capabilities in the future[13] - Total operating costs for the current period were ¥10,302,565,841.81, compared to ¥4,722,040,573.06 in the previous period, indicating an increase of about 118.5%[26] Research and Development - The company’s research and development expenses for the current period were ¥1,107,439.20, compared to ¥936,565.28 in the previous period, showing an increase of approximately 18.2%[26]

Core Viewpoints - The report anticipates potential positive factors for the A-share market in the next month, including domestic growth stabilization and possible negotiations on US-China tariffs, which may drive market rebounds [4][10] - The report suggests that the current tariff shock is a significant black swan event, but due to its occurrence at the beginning of a bull market, the impact on market valuation may have already been completed [11] - The report recommends a value-oriented investment strategy, focusing on sectors that can provide both offensive and defensive opportunities, such as banks, steel, construction, and consumer sectors [12] Stock Recommendations - The report lists the "Top Ten Gold Stocks" for May 2025, which includes companies from various sectors such as food and beverage, home appliances, banking, power utilities, computing, media, electronics, new consumption, and energy [3][13] - Specific stocks highlighted include: - Wanchen Group (300972.SZ) in the food and beverage sector, with a projected EPS growth from -0.46 in 2023 to 6.67 in 2025 [3][14] - Xing Shuai Er (002860.SZ) in home appliances, with a projected EPS growth from 0.56 in 2023 to 0.73 in 2025 [3][18] - Qingdao Bank (002948.SZ) in banking, with a projected EPS growth from 0.61 in 2023 to 1.04 in 2025 [3][21] - New Energy (601918.SH) in power utilities, with a projected EPS growth from 0.81 in 2023 to 1.06 in 2025 [3][25] - Zhaoyi Information (688258.SH) in computing, with a projected EPS growth from 0.46 in 2023 to 0.81 in 2025 [3][29] - Tencent Holdings (0700.HK) in media, with a projected EPS growth from 11.89 in 2023 to 23.67 in 2025 [3][34] - Lens Technology (300433.SZ) in electronics, with a projected EPS growth from 0.61 in 2023 to 1.39 in 2025 [3][38] - Blukoo (0325.HK) in new consumption, with a projected EPS growth from -1.38 in 2023 to 5.53 in 2025 [3][41] - Yanzhou Coal Mining (600188.SH) in energy, with a projected EPS growth from 2.01 in 2023 to 1.39 in 2025 [3][45] - Xianhe Co., Ltd. (603733.SH) in new consumption, with a projected EPS growth from 0.94 in 2023 to 2.54 in 2025 [3][46] Industry Insights - The food and beverage sector, represented by Wanchen Group, is expected to strengthen its competitive position with a significant increase in store numbers and a focus on the snack retail market [14][15] - The home appliance sector, represented by Xing Shuai Er, is experiencing stable growth in white goods, driven by national subsidy policies [18][19] - The banking sector, represented by Qingdao Bank, shows strong loan growth and improved asset quality, with a focus on manufacturing and green loans [21][22] - The power utility sector, represented by New Energy, is expected to benefit from rising coal demand and improved cost management [25][26] - The computing sector, represented by Zhaoyi Information, is positioned for growth with its unique low-code development platform, SnapDevelop, which has a strong market potential [29][30] - The media sector, represented by Tencent Holdings, is seeing robust growth in its gaming and advertising businesses, with significant contributions from its social media platforms [34][35] - The electronics sector, represented by Lens Technology, is benefiting from the growth of the smartphone market and strong partnerships with major clients [38][39] - The new consumption sector, represented by Blukoo, is leveraging its IP commercialization strategy to drive growth and expand its market presence [41][42] - The energy sector, represented by Yanzhou Coal Mining, is focused on increasing coal production and improving cost efficiency amid fluctuating coal prices [45][46]

Core Viewpoint - Three Squirrels has submitted its IPO application to the Hong Kong Stock Exchange, aiming to become the first "A+H" snack company if successful [1] Fundraising Purpose - The funds from the IPO will be used to strengthen the supply chain, enhance sales networks and brand awareness, expand product offerings, pursue strategic alliances and acquisitions, and for working capital and other general corporate purposes [1] Supply Chain Development - The company plans to establish new supply chain bases by building multiple production lines across various regions in China and setting up a factory in Vietnam to achieve economies of scale and cost advantages [2][3] Sales Network Expansion - Three Squirrels will focus on advertising on short video platforms like Douyin and Kuaishou, as well as enhancing offline store networks, reflecting a shift in sales channel strategy [4] Strategic Shift - The company has transitioned from a focus on brand building and sales channels to a more integrated approach emphasizing supply chain efficiency and cost reduction, aligning with its core strategy of "high-end cost performance" [5][6] Competitive Landscape - The snack industry is highly competitive with increasing homogenization and the rise of new entrants, necessitating Three Squirrels to adapt its strategies, particularly in offline sales where it has historically been weaker [6][7]

Group 1 - Since April, the global capital markets have experienced significant volatility, with the A-share market showing recovery after a sharp decline on April 7. Sectors such as leisure food, general retail, beverage and dairy, and agriculture have seen cumulative gains exceeding 11% since April, marking them as bright spots in the market [1] - Multiple brokerage research teams have actively provided professional analysis and macroeconomic outlooks, indicating a strong belief that the upward trend in the Chinese stock market is far from over [1][2] - Central Huijin's liquidity support for stabilizing the stock market has been emphasized, with analysts expressing confidence in the government's commitment to maintaining market stability [2] Group 2 - Analysts predict that the funding environment will remain relatively loose in May, primarily driven by medium to long-term capital entering the market. The focus will shift to technology, green sectors, consumption, and infrastructure in the medium term [3] - The performance of recommended stocks by brokerages has been closely monitored, with 43 brokerages recommending 265 stocks in April, of which 120 stocks outperformed the Shanghai Composite Index, representing 45.28% [5] - Notably, three stocks have seen gains exceeding 50% in April, with Wanchen Group leading at 53.11%, followed by Kexing Pharmaceutical at 52.99%, and Xianda Co. at 51.76% [5][6] Group 3 - The most recommended stock in April was Qingdao Beer, which was recommended by nine brokerages, showing a modest gain of 1.51%. In contrast, Gree Electric, recommended by seven brokerages, experienced a slight decline of 0.53% [6] - The brokerage stock combination index reflects the "mining" capability of brokerage research teams, with only ten brokerage stock combination indices showing an increase since April [6]

商业世界的故事、逻辑、认知。由"和讯商业"团队出品。 以下文章来源于和讯商业 ，作者孟圆 和讯商业 . 螳螂捕蝉，黄雀在后，零食行业的后来者不只一位，量贩渠道的力量正在不断渗透。 随着市场竞争 加剧，行业逻辑也正在被改写。 截至4月24日收盘，洽洽食品（002557.SZ）报价23.99元，日跌7.37%，盘中一度逼近跌停，已触 及近三年最低水平。这主要是受一季度业绩超预期下滑影响。 面对近期股价接连下跌，洽洽食品此前在投资者互动平台表示，公司正在实施回购股份计划。 2024年，洽洽食品还算交出一份稳定的答卷，营收净利润双增长，业绩稍有回暖，但同时公布的 2025年一季报却再遭滑铁卢，营收下降超13%，净利润下滑近七成。另一端，竞争对手三只松鼠 （300783.SZ）则高歌猛进，以106.22亿元的营收和49.3%的增速，重回百亿营收高位。 从年报来看，三只松鼠显得从容许多。 2024年，三只松鼠结束营收连续四年的下滑状态，以106.22 亿元的营收创历史新高，同比增速达49.3% ；实现归母净利润 4.08 亿元，增长85.51%；归母扣非 净利润3.19亿元，同比大增214.3%，其增长动力主要来自抖音等 ...