Core Viewpoint - The company has established a stock incentive plan for 2025 to enhance corporate governance, attract and retain talent, and align the interests of shareholders, the company, and core teams for long-term development [1][2]. Summary by Sections Assessment Objectives - The plan aims to improve the corporate governance structure and performance evaluation system for senior management and core employees, ensuring a comprehensive and objective assessment of their work performance [2]. Assessment Principles - The evaluation must reflect the performance results of the incentivized individuals and promote sustainable development through feedback and communication, adhering to principles of openness, fairness, and justice [2]. Assessment Scope - The assessment applies to all incentivized individuals defined in the plan, including directors, senior management, and core technical personnel, excluding independent directors and shareholders holding more than 5% of shares [2]. Assessment Institutions and Execution - The Compensation and Assessment Committee of the Board is responsible for organizing and implementing the stock incentive plan, while the Administrative Management Department will conduct specific assessments [3]. Performance Evaluation Indicators and Standards - The assessment period for the stock incentive plan is set for the fiscal years 2025-2026, with annual evaluations based on revenue growth targets of at least 5% for 2025 and 10% for 2026, using 2024 revenue as the baseline [4]. Individual Performance Assessment Requirements - Individual performance assessments will determine the allocation of restricted stock based on a scoring system, where scores of 90-100 yield 100% allocation, and scores below 70 yield no allocation [5]. Assessment Period and Frequency - The assessment will occur annually over the two-year period of the incentive plan [6]. Assessment Procedures - The Administrative Management Department will manage the assessment process, report results to the Compensation and Assessment Committee, which will then review and approve the results [6]. Feedback and Application of Assessment Results - Assessed individuals have the right to know their results, and any disputes can be addressed through communication or appeals to the Compensation and Assessment Committee [6]. Management of Assessment Results - The Board may adjust assessment indicators and results based on significant external changes, and all records must be archived confidentially for at least five years [7].

Group 1 - The core opinion of the legal opinion letter is that Hangzhou Guangyun Technology Co., Ltd. (hereinafter referred to as "Guangyun Technology" or "the Company") is legally qualified to implement the 2025 Restricted Stock Incentive Plan [6][36] - Guangyun Technology is a legally established joint-stock company, having transformed from a limited liability company to a joint-stock company in 2016, with its stock listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board [6][7] - The Company does not have any circumstances that would prohibit the implementation of the stock incentive plan as per the relevant regulations [8][36] Group 2 - The 2025 Restricted Stock Incentive Plan (draft) outlines the incentive method, which involves granting restricted stocks to eligible participants upon meeting certain conditions [9][10] - The plan aims to enhance the long-term incentive mechanism, attract and retain talent, and align the interests of shareholders, the company, and core team members [11][12] - The plan specifies that the initial grant of restricted stocks will be 1.5 million shares, accounting for 0.35% of the total share capital [17][19] Group 3 - The granting price for the restricted stocks is set at no less than the higher of 50% of the average trading price of the company's shares over various periods prior to the announcement [30][31] - The plan includes specific conditions for the granting and vesting of the restricted stocks, ensuring compliance with applicable regulations [33][34] - The Company has established a performance assessment system to evaluate the incentive participants, which aligns with the regulatory requirements [16][34] Group 4 - The implementation of the incentive plan requires the approval of the shareholders' meeting, and the Company has fulfilled the necessary internal decision-making procedures [39][42] - The Company has committed not to provide any financial assistance to the incentive participants for acquiring the restricted stocks [40][42] - The plan is designed to enhance the Company's incentive mechanism and improve management efficiency, contributing to sustainable development without harming the interests of shareholders [43][44]

Core Viewpoint - The company plans to repurchase shares with a total amount not less than RMB 100 million and not exceeding RMB 200 million, aimed at employee stock ownership plans or equity incentives [1][2][3] Summary by Relevant Sections Repurchase Plan Overview - The repurchase will be conducted through centralized bidding and is expected to occur within 12 months from the board's approval [3][4] - The maximum repurchase price is set at RMB 24.17 per share, which is 150% of the average trading price over the previous 30 trading days [1][5] - The total number of shares to be repurchased is estimated to be between 4.1374 million and 8.2747 million, representing 0.42% to 0.84% of the total share capital [3][5] Purpose of the Repurchase - The repurchase aims to enhance investor confidence, establish a long-term incentive mechanism, and align the interests of shareholders, the company, and employees [3][8] - The repurchased shares will be used for employee stock ownership plans or equity incentives, with a transfer period of three years post-announcement [4][9] Financial Impact - The repurchase amount, at the upper limit of RMB 200 million, would account for approximately 1.34% of the company's total assets and 2.35% of net assets as of March 31, 2025 [6][8] - The company asserts that the repurchase will not significantly impact its operations, financial status, or future development [6][8] Governance and Compliance - The board of directors approved the repurchase plan with unanimous support, and it does not require shareholder approval [2][4] - The company has confirmed that there are no plans for share buybacks or sales by major shareholders or executives in the six months prior to the board's decision [8][9] Risk Management - The company will monitor market conditions and may adjust the repurchase plan accordingly, ensuring compliance with relevant regulations [2][10] - If the shares are not transferred within the stipulated three years, they will be canceled, and the registered capital will be reduced [4][9]

Core Viewpoint - The company has announced an adjustment to the stock option exercise price as part of its 2021 incentive plan, which has been approved by the board and supervisory committee [1][6][8] Group 1: Approval Process - The adjustment of the stock option exercise price has undergone the necessary approval procedures, including independent opinions from the company's independent directors [1][4][8] - The company held multiple meetings to review and approve various related proposals regarding the incentive plan [2][3][5] Group 2: Specifics of the Adjustment - The stock option exercise price was adjusted from 11.14 RMB to 11.12 RMB per share due to a cash dividend distribution of 0.02 RMB per share [6][7] - The adjustment complies with relevant regulations and will not affect the implementation of the incentive plan or the company's financial status [7][8] Group 3: Impact of the Adjustment - The adjustment of the stock option exercise price is deemed not to have a substantial impact on the company's financial condition and operational results [8] - The supervisory committee has confirmed that the adjustment aligns with legal regulations and the company's incentive plan [8] Group 4: Legal Opinion - The legal opinion from a law firm confirms that the necessary authorizations and approvals for the adjustment have been obtained, and it complies with relevant regulations [8]

中富通集团股份有限公司 监事会关于公司 2025 年限制性股票激励计划 首次授予激励对象名单的审核意见及公示情况说明 公司及监事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 第五届董事会第八次会议及第五届监事会第五次会议审议通过了《公司 2025 年 限制性股票激励计划（草案）>及其摘要的议案》等相关议案，并于 2025 年 6 月 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）的相关规定， 对《2025 年限制性股票激励计划（草案）》（以下简称"《激励计划》"）首次 授予激励对象的姓名和职务在公司内部进行了公示，公司监事会结合公示情况对 公司 2025 年限制性股票激励计划（以下简称"本激励计划"）首次授予激励对 象进行了核查，相关公示情况及核查方式如下： 一、公示情况及核查方式 （一）公示情况 证券代码：300560 证券简称：中富通 公告编号：2025-038 公司于 2025 年 6 月 11 日在巨潮资讯网（www.cninfo.com.cn）上公告了《激 励计划》及其摘要、《2025 年限制性股票激励计划首次授予激励对象名单》等文 件，并于 2 ...

长江证券承销保荐有限公司 关于北京晶品特装科技股份有限公司 使用部分超募资金回购公司股份的核查意见 长江证券承销保荐有限公司（以下简称"长江保荐"、"保荐机构"）作为北京 晶品特装科技股份有限公司（以下简称"晶品特装"、"公司"）首次公开发行股票 并上市持续督导的保荐机构，根据《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求》《上海证券交易所科创板上市公司自律监管指引第 份》等有关法律法规的规定，对晶品特装本次使用部分超募资金回购公司股份的 事项进行了核查，具体情况如下： 一、回购方案的审议及实施程序 （二）2025 年 6 月 17 日，公司召开第二届董事会第十一次会议，审议通过 了《关于使用部分超募资金以集中竞价交易方式回购公司股份方案的议案》。公 司全体董事出席会议，以 9 票赞成、0 票反对、0 票弃权的表决结果通过了该项 议案。根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引 第 7 号——回购股份》《北京晶品特装科技股份有限公司章程》（以下简称"《公 司章程》"）的相关规定，本次回购股份方案经三分之二以上董事出席的董事会 会议决议后即可实施，无需提交公司股东会 ...

Core Viewpoint - The company plans to repurchase shares using its own funds ranging from RMB 25 million to 50 million, aimed at employee stock ownership plans or equity incentives [2] Group 1: Share Repurchase Plan - The company intends to repurchase shares at a price not exceeding RMB 6.22 per share, estimating the number of shares to be repurchased between 4,019,293 and 8,038,585, which represents approximately 0.72% to 1.45% of the total issued share capital [2] - The repurchase period is set for 12 months from the date of the board's approval [2] - If the company does not implement the equity incentive or employee stock ownership plan within 36 months after the repurchase, it will cancel the repurchased shares [2] Group 2: Implementation Status - As of the announcement date, the company has repurchased a total of 7,519,700 shares, accounting for 1.35% of the total share capital, with the highest transaction price at RMB 4.35 per share and the lowest at RMB 3.038 per share, totaling RMB 30,000,000 [3] - The actual execution of the repurchase aligns with the board-approved plan, with the total repurchase amount meeting the lower limit of the planned range [3] Group 3: Impact of Share Repurchase - The repurchase is expected to enhance the company's long-term incentive mechanism, protect shareholder rights, and boost investor confidence without significantly affecting the company's operations, finances, or future development [3] - The repurchase will not alter the company's control or its status as a listed company [3] Group 4: Shareholder Transactions - The chairman and actual controller of the company engaged in stock transactions during the repurchase period, with one instance of a family member mistakenly buying and selling shares [4] - Other executives and major shareholders did not engage in stock transactions during the specified period [5] Group 5: Expected Changes in Share Structure - The repurchase of 7,519,700 shares may lead to a change in the share structure, with the proportion of unrestricted circulating shares decreasing from 83.11% to 81.19% post-repurchase [5] Group 6: Compliance and Future Arrangements - The repurchase adheres to relevant regulations and guidelines set by the Shenzhen Stock Exchange [6] - The repurchased shares will be held in a special account and will not carry voting rights or other shareholder privileges during the holding period [6]

Core Viewpoint - The article discusses the complexities of equity structure in modern enterprises, emphasizing the need for a balance between team motivation, stable development, and founder control retention. Equity Structure Design - The premise of equity design is "same share, same right" [1] - Different voting rights and decision-making mechanisms exist between the board of directors and the shareholders' meeting, with a "one person, one vote" system typically applied [2] - Control rights are categorized as follows: - 67% absolute control (amend company articles, increase capital) - 51% relative control (major decision voting) - 34% veto power - 20% defined competitive power - 10% dissolution rights - 5% shareholding changes affecting listing - 3% proposal rights [3] Board of Directors - Board members are elected by the shareholders' meeting and are accountable to it, with specific voting thresholds for decision-making [4] Founder Considerations - Founders must consider how to prevent control dilution during financing, which involves complex, personalized design [5] Employee Equity Incentives - Key aspects of employee equity incentives include fairness across different positions and sustained motivation post-acquisition of equity: - Excess profit incentive method - Virtual stock with on-the-job dividends - Gradual registration stock incentive method - Option stock incentive [6][7] Investor Considerations - Investors prioritize capital rights, with shareholding ratios varying by funding stage: - Seed stage (5%-10%, valuation between 3 million to 6 million) - Angel round (10%-20%, valuation between 10 million to 50 million) [8][9] - Voting rights often include veto rights and protective clauses due to safety concerns and trust issues with founding teams [10] - Priority rights include preferential dividend rights, anti-dilution rights, and other special rights to ensure quick capital entry and exit [11] Course Offerings - The article promotes a course on equity design covering the entire lifecycle from initial setup to exit strategies, with practical case studies and strategies for control stability [12][13]

Summary of Key Points Core Viewpoint - The company, Shanghai Ziyan Food Co., Ltd., announced the repurchase and cancellation of 746,750 restricted stocks due to the departure of five incentive targets and the failure to meet performance targets for the first release period of the 2024 restricted stock incentive plan [1][2][3]. Group 1: Reasons for Repurchase and Cancellation - The repurchase and cancellation of restricted stocks were necessitated by the departure of five incentive targets who no longer qualified for the incentive program [3]. - The company did not meet the performance assessment targets for the first release period, with a revenue growth rate of -5.28% and a net profit growth rate of 4.88%, resulting in a 0% release ratio for the incentive stocks [4][5]. Group 2: Details of the Repurchase and Cancellation - A total of 173 incentive targets are involved in this repurchase, with 746,750 stocks to be canceled, of which a portion is due to unmet performance targets [4][5]. - The company has set up a dedicated securities account for the repurchase and expects the cancellation to be completed by June 19, 2025, reducing the total share capital from 414,260,500 shares to 413,513,750 shares [5]. Group 3: Company Commitments and Legal Compliance - The company assures that the decision-making process and information disclosure regarding the repurchase comply with relevant laws and regulations, and there are no violations of the rights of incentive targets or creditors [6]. - The legal opinion confirms that the repurchase and cancellation process has followed necessary procedures and is in accordance with the company's incentive plan and applicable regulations [6].

Core Viewpoint - The company has successfully achieved the conditions for the first exercise period of the 2024 stock option incentive plan, allowing for the exercise of 6.0115 million stock options [1][8][14] Group 1: Incentive Plan Approval and Implementation - The stock option incentive plan has been approved and implemented following the necessary decision-making procedures and information disclosure [1][2] - The first exercise period for the stock options is set from May 31, 2024, to May 30, 2026, with a 50% exercise ratio [6][8] - The total number of stock options granted in the first round is 13.5 million, with an exercise price initially set at 5.95 yuan per share [5][6] Group 2: Exercise Conditions and Performance Targets - The performance targets for the first exercise period require a revenue increase of at least 11.43% from the previous year, with 2024 revenue projected at 2.687733 billion yuan [8][12] - The exercise conditions include the absence of negative audit opinions and compliance with legal regulations [7][13] Group 3: Adjustments and Notifications - The exercise price has been adjusted from 5.95 yuan to 5.94 yuan due to dividend distributions [5][6] - The company has publicly disclosed the list of incentive recipients and has not received any objections during the public notice period [2][12] Group 4: Monitoring and Legal Compliance - The supervisory board has verified that the incentive recipients meet all legal and regulatory requirements for participation in the stock option plan [12][14] - Independent financial advisors have confirmed that the conditions for the first exercise period have been met and that the necessary approvals have been obtained [14]