Core Viewpoint - The company, Wenzhou Yuanfei Pet Toy Co., Ltd., has proposed a restricted stock incentive plan aimed at attracting and retaining talent, aligning the interests of shareholders, the company, and key personnel for long-term development [1][8]. Group 1: Incentive Plan Overview - The incentive plan involves granting 2,509,540 restricted shares, accounting for approximately 1.31% of the company's total share capital of 190,890,000 shares [2][13]. - The initial grant consists of 2,009,540 shares (1.05% of total shares), with a reserve of 500,000 shares (0.26% of total shares) [2][13]. - The grant price for the restricted shares is set at 9.63 yuan per share [2][20]. Group 2: Eligibility and Management - The plan targets 62 individuals, including senior and middle management, as well as core technical personnel, excluding independent directors and major shareholders [3][11]. - The plan will be managed by the company's board of directors, with a compensation and assessment committee overseeing its implementation [9][10]. Group 3: Performance Conditions - The performance assessment for the first grant will be based on the company's revenue targets for the years 2025 (1.772 billion yuan), 2026 (2.33 billion yuan), and 2027 (2.74 billion yuan) [23][24]. - The release of shares from restrictions is contingent upon meeting these performance targets, with specific percentages of shares becoming available based on the achievement of revenue goals [23][24]. Group 4: Adjustments and Compliance - The plan includes provisions for adjustments to the number of restricted shares and grant prices in the event of corporate actions such as stock splits or capital increases [28][29]. - The company commits not to provide financial assistance to incentive recipients for acquiring shares under this plan [4][5].

Group 1 - Starbucks China and Haagen-Dazs China are reportedly seeking to attract investors, with several domestic private equity firms eager to participate, likely influenced by the successful investments in McDonald's China and Yum China [1] - In 2017, McDonald's sold 80% of its China operations for $2.08 billion, resulting in a 212% return for Carlyle Group over six years, with an annualized return of 35% [1] - Yum China, which split from Yum Brands in 2016, has seen significant growth, with its revenue increasing from 46.8 billion yuan in 2016 to 81.3 billion yuan in 2024, a 74% increase [9][10] Group 2 - Yum China's store count has grown from over 7,500 at the end of 2016 to an expected 16,400 by the end of 2024, with plans to reach 20,000 by 2026 [3][32] - The company operates major brands including KFC, Pizza Hut, and Taco Bell in China, and is the largest restaurant operator in the country [3] - Spring Capital has joined the consortium to bid for Starbucks China, leveraging its successful investment in Yum China as a significant advantage [4] Group 3 - Yum China's revenue in China accounted for 53% of Yum Brands' total revenue by 2015, highlighting the importance of the Chinese market to the parent company [5] - Despite challenges between 2012 and 2015, where store growth did not translate into revenue growth, Yum China has since rebounded with strong financial performance post-split [6][9] - The company has implemented a stock incentive plan for its management and employees, which has contributed to its operational success and employee retention [25][30] Group 4 - Spring Capital and Ant Group invested a total of $4.6 billion in Yum China during its split, acquiring significant stakes in the company [13][14] - As of 2020, Spring Capital held approximately 6.3% of Yum China, making it one of the largest shareholders [17][18] - The investment has yielded a substantial return, with Spring Capital's total investment value reaching approximately $11.45 billion by 2025, reflecting a 79% return on investment [22] Group 5 - Yum China has been actively acquiring stakes in suppliers to secure its supply chain, including a 5% stake in San Nong Development, its largest poultry supplier [33] - The company also acquired a majority stake in Huang Ji Huang, a hot pot chain, for approximately $1.85 billion, further diversifying its portfolio [34] - As of 2024, Huang Ji Huang operates around 630 locations, and its performance post-acquisition is still under evaluation [34]

或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 证券代码：688480 证券简称：赛恩斯 公告编号：2025-024 赛恩斯环保股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 一、本激励计划实施的目的 ? 股权激励方式：第二类限制性股票 ? 股份来源：公司向激励对象定向发行公司 A 股普通股 为了进一步健全公司长效激励机制，吸引和留住优秀人才，充分调动公司员 工的积极性，有效地将股东利益、公司利益和核心团队个人利益结合在一起，使 各方共同关注公司的长远发展，在充分保障股东利益的前提下，按照收益与贡献 匹配的原则，根据《中华人民共和国公司法》（以下简称《公司法》）《中华人 民共和国证券法》（以下简称《证券法》）《上市公司股权激励管理办法》（以 下简称《管理办法》）《上海证券交易所科创板股票上市规则》（以下简称《上 市规则》）《科创板上市公司自律监管指南第 4 号—股权激励信息披露》（以下 简称《自律监管指南》）等有关法律、法规和规范性文件以及《赛恩斯环保股份 有限公司章程》（以下简称《公司章程》）的规定，制定本激励计划。 截至本激励计划公告日 ...

Group 1 - The company is established as a joint-stock limited company in accordance with the Company Law and other relevant regulations [1][2] - The registered capital of the company is RMB 223.49 million [2] - The company was approved by the China Securities Regulatory Commission for its initial public offering of 23,648,889 shares on March 23, 2018, and was listed on the Shanghai Stock Exchange on April 17, 2018 [1][2] Group 2 - The company's business scope includes manufacturing and sales of display devices, optical devices, and electronic components, among others [3][4] - The company aims to operate lawfully, share benefits, and create social value while providing substantial returns to shareholders [3] Group 3 - The company has a total of 223.49 million shares, all of which are ordinary shares with a par value of RMB 1 per share [5][6] - The company can increase or decrease its registered capital based on resolutions passed by the shareholders' meeting [6][7] Group 4 - The company’s shares can be transferred legally, but there are restrictions on the transfer of shares held by directors and senior management within certain time frames [9][10] - The company maintains a shareholder register based on the records provided by the securities registration agency [11] Group 5 - The shareholders' meeting is the company's authority, responsible for electing directors, approving profit distribution plans, and making decisions on capital increases or decreases [22][23] - The company must hold an annual shareholders' meeting within six months after the end of the previous fiscal year [28]

Core Viewpoint - The company has conducted a review of the incentive object list for its 2025 stock option incentive plan, confirming that all selected individuals meet the necessary criteria and conditions for participation [1][2]. Summary by Sections Incentive Plan Overview - The company’s board of directors' remuneration and assessment committee has verified the list of incentive objects for the 2025 stock option incentive plan, ensuring compliance with relevant laws and regulations [1]. - The incentive plan includes core personnel who have an employment or labor relationship with the company, excluding independent directors, supervisors, and shareholders holding more than 5% of the company's shares [1]. Eligibility Criteria - The plan specifies several disqualifying conditions for potential participants, including: 1. Being recognized as inappropriate candidates by the stock exchange within the last 12 months 2. Being identified as inappropriate by the China Securities Regulatory Commission (CSRC) within the last 12 months 3. Having received administrative penalties or market entry bans from the CSRC due to significant violations within the last 12 months 4. Meeting any disqualifying conditions as per the Company Law 5. Being prohibited from participating in stock option incentives by laws and regulations 6. Other conditions recognized by the CSRC [1][2]. Granting Details - The board has concluded that all selected incentive objects meet the conditions set forth in the management regulations and the draft plan, confirming the legality and validity of their qualifications [2]. - The grant date for the stock options is set for July 21, 2025, with a total of 17,659,962 stock options to be awarded to 10 incentive objects at a specified exercise price [2].

A 股代码：688981 A 股简称：中芯国际 公告编号：2025-017 港股代码：00981 港股简称：中芯国际 中芯国际集成电路制造有限公司 首次授予部分第四个归属期及 预留授予部分第三个归属期符合归属条件的公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ? 限制性股票拟归属数量：1,120.82 万股（首次授予部分 983.59 万股、预 留授予部分 137.23 万股） ? 归属股票来源：公司向激励对象定向发行公司 A 股普通股股票。 一、本次股权激励计划批准及实施情况 （一）本次股权激励计划方案及履行的程序 （1）股权激励方式：第二类限制性股票。 （2）授予数量：授予的限制性股票总量为 7,565.04 万股，约占公司 2021 年 科创板限制性股票激励计划（以下简称"激励计划"）草案公告时公司股本总额 告时公司股本总额的 0.85%；预留 811.52 万股，约占激励计划草案公告时公司股 本总额的 0.10%。 （3）授予价格：20 元/股，即满足授予条件和归属条件后，激励对象可以每 股 ...

Core Viewpoint - The company announced the repurchase and cancellation of certain restricted stocks and stock options from its 2022 incentive plan due to unmet performance targets, along with adjustments to the repurchase price [2][11][12] Group 1: Repurchase and Cancellation Details - The company will repurchase and cancel 456,000 shares of restricted stock that cannot be released due to performance assessment failures [10][11] - The adjusted repurchase price for the restricted stocks is set at 2.405 yuan per share, calculated after accounting for dividends [11][12] - The total number of stock options to be canceled amounts to 5,133,079, including those from departed employees and those not exercisable due to performance reasons [10][11] Group 2: Approval and Legal Compliance - The repurchase and cancellation plan was approved in the 23rd meeting of the 8th Board of Directors and the Supervisory Board [2][12] - Legal opinions confirm that the repurchase and cancellation comply with relevant laws and regulations, and necessary approvals have been obtained [12][14] - The company will disclose changes in its total shares and capital structure following the completion of the repurchase [11][12]

Core Points - The company has completed the registration of its fourth restricted stock incentive plan, granting 2.529 million shares to 93 eligible participants [1][2] - The stock grant date was set for June 16, 2025, and the registration date for the restricted stocks is July 18, 2025 [1][5] - The total funds raised from this stock grant amount to 29,513,430.00 yuan, which will be used to supplement the company's working capital [6][7] Group 1: Stock Grant Details - The total number of restricted stocks granted is 2.529 million shares, with 93 individuals receiving the grants [1][2] - Nine participants voluntarily forfeited their shares, leading to a reduction in the number of recipients from 102 to 93 [2] - The distribution of shares among key personnel includes 7.90 million shares for the general manager and 5.00 million shares for several directors and vice presidents [2] Group 2: Lock-up and Release Conditions - The lock-up periods for the granted stocks are set at 12, 24, and 36 months, with specific percentages of shares becoming eligible for release at each interval [3][4] - After the lock-up period, shares that do not meet the release conditions will be repurchased and canceled by the company [4] Group 3: Financial Impact - The total cost of the granted restricted stocks is estimated at 33.3322 million yuan, which will be amortized over the years 2025 to 2028 [6][7] - The stock grant is expected to have an impact on the company's net profit during the effective period, but it will not affect cash flow [7]

Core Viewpoint - The announcements from Kuozi Jiao indicate significant operational pressures and market challenges faced by the company, highlighted by the major shareholder's plan to reduce holdings and the cancellation of stock options due to unmet performance targets [1][3][9]. Shareholder Actions - Major shareholder Liu Ansheng plans to reduce his holdings by up to 10 million shares, representing 1.67% of the total shares, between August 12, 2025, and November 11, 2025, potentially cashing out approximately 336 million yuan based on the latest closing price [1][3]. - Liu Ansheng has previously reduced his holdings, totaling 9.8999 million shares and cashing out around 528 million yuan since September 2018 [6]. Market Reaction - Following the announcements, Kuozi Jiao's stock price fell by 0.5%, with a current price of 33.56 yuan per share and a total market capitalization of 20.136 billion yuan [2]. Performance Challenges - Kuozi Jiao's recent financial performance shows stagnation, with 2024 revenue at 6.015 billion yuan (up 0.89% year-on-year) and net profit at 1.655 billion yuan (down 3.83% year-on-year) [8]. - The company failed to meet the performance targets set for its stock incentive plan, leading to the cancellation of nearly 1.88 million restricted shares due to not achieving a 30% growth in either net profit or revenue compared to 2022 [9][10]. Industry Context - Kuozi Jiao faces intense competition in the high-end liquor market, particularly from leading brands like Gujing Gongjiu, and struggles with brand recognition and positioning outside its home province [11]. - The current challenges reflect broader systemic issues within the regional liquor industry, exacerbated by changing consumer preferences and increased competition, indicating a narrowing window for regional brands to adapt [11].

证券代码：301278 证券简称：快可电子 公告编号：2025-041 苏州快可光伏电子股份有限公司 关于终止实施 2023 年限制性股票激励计划暨回购注销、作废限制性 股票暨调整第一类限制性股票回购价格的公告 于公司 2023 年限制性股票激励计划（草案）及其摘要的议案》、《关于公司 2023 年限制性股票激励计划实施考核管理办法的议案》、《关于提请股东大会授权董 事会办理 2023 年限制性股票激励计划相关事宜的议案》，公司 2023 年限制性股 票激励计划获得批准。并披露了《关于 2023 年限制性股票激励计划内幕信息知 情人及激励对象买卖公司股票情况的自查报告》。 别召开第五届董事会第八次会议、第五届监事会第七次会议，审议并通过《关于 调整 2023 年限制性股票激励计划相关事项的议案》、《关于向激励对象首次授 予限制性股票的议案》。公司独立董事对此发表了独立意见。监事会对本次授予 限制性股票的激励对象名单进行审核并发表了核查意见。 会第十二次会议，会议审议通过了《关于 2023 年限制性股票激励计划首次授予 部分第一个解除限售期及归属期符合解除限售条件及归属条件的议案》《关于作 废 2023 年限制 ...