今年9月5日，马斯克提出了万亿美元天价薪酬的计划。此后还威胁，如果不通过这个方案，他就将离开 特斯拉。"谁赞成，谁反对？" 结果，就在昨天（11月6日）晚上，特斯拉的股东大会高票通过了这个万亿美元薪酬计划。消息一出， 舆论一片哗然。而咱广大网民，一定都是看热闹的心态。他马斯克何德何能，凭啥拿这么多，特斯拉的 股东大会，凭啥还能答应他这个要求？马斯克是不是太贪心了，要知道，钱多到一定数量，那就不再是 钱，仅仅是个数字而已。 但是，你可能不知道，马斯克这万亿美元薪酬并不是一次性付清，而是要在未来10年，分12期"分期支 付"，而且支付的不是现金，而是特斯拉的股票期权。不仅如此，马斯克要想拿满1万亿美元，还有很多 KPI来考核他。 简单来看，特斯拉股票市值每增加5000亿美元，他才能拿到其中一部分薪酬，直到特斯拉市值达到8.5 万亿美元。而现在，特斯拉的市值约为1.5万亿美元，下一个目标是涨到2万亿美元，这就是33%以上的 空间。 除了市值目标外，还有其他考核指标。比如交付第2000万辆汽车，运营100万辆机器人出租车，销售100 万个机器人等等，每完成一项，马斯克才能拿到一部分。 说白了，这其实就是一个"对赌协议 ...

Group 1 - The company announced the convening of the 12th (temporary) meeting of the 11th Board of Directors and the 10th (temporary) meeting of the 11th Supervisory Board on November 6, 2025 [1] - The meetings approved the proposal regarding the fulfillment of the exercise conditions for the second exercise period of the stock option incentive plan initiated in 2022 [1] - The Board and Supervisory Board agreed to process the necessary matters for 1,590.18 million stock options for 460 eligible incentive recipients [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002865 证券简称：钧达股份 公告编号：2025-080 海南钧达新能源科技股份有限公司 关于2021年股票期权激励计划 预留授予部分股票期权注销完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 海南钧达新能源科技股份有限公司（以下简称"公司"或"钧达股份"）于2025年10月27日召开第五届董事 会第四次会议，审议通过了《关于注销2021年股票期权激励计划预留授予部分股票期权的议案》，详见 公司于2025年10月28日披露于巨潮资讯网的《关于注销2021年股票期权激励计划预留授予部分股票期权 的公告》（公告编号：2025-074）。现就有关事项说明如下： 一、本次注销2021年股票期权激励计划预留授予部分股票期权的情况说明 在2021年股票期权激励计划预留授予的第二个行权期内，公司共有2名激励对象合计188,321份期权在可 行权期内尚未行权已过时效。根据《上市公司股权激励管理办法》及《2021年股票期权激励计划（草 案）》的有关规定，公司对上述2名激励对象合计188,321份失效期权 ...

Group 1: Company Performance - In the first three quarters of 2025, the company achieved a revenue of CNY 36.809 billion, a decrease of 32.27% compared to the same period last year [2] - The net profit attributable to shareholders was CNY -3.553 billion, indicating a significant loss [2] - As of the end of Q3 2025, total assets amounted to CNY 105.38 billion, with net assets of CNY 23.174 billion [2] - In Q3 2025, revenue was CNY 12.904 billion, down 24.05% year-on-year, with a net profit of CNY -0.973 billion [2] Group 2: Shipment and Market Position - The company shipped 51.96 GW of battery modules in the first three quarters of 2025, maintaining a leading position in the industry [3] - Overseas shipments accounted for 49.78% of total shipments [3] - In Q3 2025, the company shipped 18.17 GW of battery modules [3] Group 3: Financial Strategies - The company adjusted the conversion price of its convertible bonds from CNY 38.22 to CNY 11.66 per share, effective from July 23, 2025, to enhance risk resistance [3] - A share repurchase plan was established, with a budget of CNY 200 million to CNY 400 million to buy back shares for employee stock ownership plans [3] Group 4: Market Outlook and Demand - Global new installations are projected to be between 580 GW and 600 GW in 2025, with China's new installations expected around 270 GW to 300 GW [4] - The company has begun shipping energy storage products and is focusing on strategic partnerships while utilizing existing sales channels [4] Group 5: Product Development and Pricing - The efficiency ceiling for Topcon technology is targeted between 650W and 670W, with potential for further improvements [5] - Component prices are expected to rise due to increased demand in domestic and overseas markets, particularly in the Middle East and Europe [5] - The company plans to upgrade one-third of its production capacity by the end of the year, enhancing efficiency across all production lines [5]

Core Points - The company has announced the achievement of conditions for the first exercise period of its 2024 stock option incentive plan, allowing 743 eligible participants to exercise a total of 7,569,150 stock options at an adjusted exercise price of RMB 29.1848 per share [6][12][43] Summary by Sections Incentive Plan Overview - The stock option incentive plan was approved by the company's board on August 7, 2024, and the first exercise period was set to begin after a 12-month waiting period [2][5][43] - The plan allows for the issuance of stock options to incentivize key personnel and align their interests with those of shareholders [12][43] Exercise Conditions - The first exercise period has been confirmed as meeting the necessary conditions, with the company achieving a revenue of RMB 3.652 billion and a net profit of RMB 179 million, surpassing the set performance targets [12][43] - A total of 743 participants are eligible to exercise their options, with the number of options available for exercise being 7,569,150 [12][43] Adjustments to Exercise Price - The exercise price was adjusted from RMB 29.48 to RMB 29.1848 due to the company's implementation of cash dividends [31][35][41] - The adjustment follows the formula P = P0 - V, where P0 is the original exercise price and V is the total dividend per share [31][35] Board and Committee Approvals - The adjustments and conditions for the exercise were reviewed and approved by the board and relevant committees, ensuring compliance with legal and regulatory requirements [12][43][44] - The board meeting held on October 30, 2025, confirmed that all procedures were followed correctly and that the adjustments would not adversely affect the company's financial status or the interests of shareholders [12][43][44]

Investment Rating - The investment rating for the company is maintained as "Accumulate" [4] Core Views - The company's net profit attributable to shareholders decreased by 167% year-on-year in Q3 2025, with a total revenue of 880 million yuan for the first three quarters of 2025, representing a decline of 19.5% [1] - The gross margin for Q3 2025 was 35.6%, down 12.9 percentage points year-on-year, with a net profit margin of -7.1% [2] - The company is actively pursuing high-quality asset acquisitions and has implemented stock option incentives to demonstrate long-term confidence [2][3] Financial Performance Summary - In Q3 2025, the company reported a revenue of 285 million yuan, a decrease of 18.75% year-on-year, and a net profit of -30 million yuan, marking a shift from profit to loss [1] - For the first three quarters of 2025, the operating cash flow net amount was 560 million yuan, down 22.66% year-on-year, indicating relatively stable cash flow performance [1] - The company’s investment income decreased by 43.90% to 15.58 million yuan due to declining profits from joint ventures and associates [2] Profit Forecast - The company is expected to see net profits attributable to shareholders of 35 million yuan, 116 million yuan, and 226 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 144.0, 43.2, and 22.3 [4]

Core Viewpoint - Longpan Technology (02465) experienced a stock price increase of over 6% following the announcement of its Q3 2025 performance, indicating positive market reaction to the financial results [1] Financial Performance - For the first three quarters of 2025, Longpan Technology reported revenue of approximately 5.825 billion yuan, reflecting a year-on-year growth of 2.91% [1] - The net loss attributable to shareholders narrowed to approximately 110 million yuan, a decrease of 63.53% compared to the previous year [1] - The basic loss per share was reported at 0.16 yuan [1] Stock Option Incentive Plan - Longpan Technology announced a stock option incentive plan for 2025, proposing to grant 6.85 million stock options to incentive targets, which represents 1.00% of the company's total share capital at the time of the announcement [1] - This grant is a one-time allocation with no reserved rights [1]

Core Viewpoint - The company has disclosed its third-quarter financial report, emphasizing the authenticity and completeness of the information provided by its board and management [2][3]. Financial Data - The financial report for the third quarter is not audited [3]. - The company reported significant non-recurring gains and losses, which are detailed in the financial statements [3]. - The total number of shares held under the employee stock ownership plan is 12,547,618, representing 2.49% of the total share capital as of the reporting period [6]. Shareholder Information - The company has implemented an employee stock ownership plan, purchasing 20,731,400 shares, which is 4.54% of the total share capital, with a total transaction amount of RMB 327.20 million [5]. - The stock ownership plan's lock-up period is set to expire on March 8, 2025 [6]. Incentive Plans - The company approved a stock option incentive plan on June 3, 2024, granting 10.12 million stock options at an exercise price of RMB 13.60 per option [7]. - Adjustments were made to the stock option plan, reducing the number of options to 9.735 million due to the cancellation of options for certain individuals who no longer meet the criteria [8]. - As of June 13, 2025, 386,320 stock options were exercised, representing 20.92% of the total options available for exercise [10].

Core Points - The company has reported its third-quarter financial results, ensuring the accuracy and completeness of the information disclosed [1][2][9] - The company has made provisions for asset impairment totaling 87.72 million yuan, primarily related to receivables and inventory [10][14] - The company adjusted the exercise price of its 2023 stock option incentive plan from 8.93 yuan to 8.82 yuan due to a recent cash dividend distribution [22][25] Financial Data Summary - Cash and cash equivalents decreased by 44.24% compared to the previous year due to increased working capital needs during the production peak [4] - Trade financial assets increased by 100% due to the purchase of financial products that were not redeemed [4] - Accounts receivable increased by 69.01% as business entered a peak season [5] - Prepaid accounts increased by 364.41% due to higher prepayments for raw materials [5] - Other current assets decreased by 87.37% due to a reduction in deductible input tax [5] - Construction in progress increased by 44.98% due to investments in new workshops [5] - Long-term deferred expenses increased by 48.52% due to increased renovation costs [5] - Total liabilities increased, with accounts payable rising by 49.44% and tax payable increasing by 61.99% [5] Impairment Provision Details - The company recognized an inventory impairment provision of 5.55 million yuan based on the lower of cost or net realizable value [11] - Accounts receivable impairment provisions totaled 98.75 million yuan, reflecting expected credit losses [12] - Financial guarantee contract impairment losses were recorded at 6.41 million yuan [13] Stock Option Plan Adjustment - The adjustment of the stock option exercise price was approved by the board and is within the authorized scope from the shareholders' meeting [25][26] - The adjustment does not materially affect the company's financial status or operational results [25]

Core Viewpoint - The company has disclosed its third-quarter financial report, highlighting significant revenue growth in various sectors and changes in accounting practices due to new regulations [3][12]. Financial Data - The company reported revenue growth in its key sectors: New Energy and Industrial Technology at 30.6 billion yuan (up 21% year-on-year), Smart Building Technology at 28.1 billion yuan (up 25%), and Robotics and Automation at 22.6 billion yuan (up 9%) [3]. - The company has made retrospective adjustments to its financial data due to the implementation of the Ministry of Finance's new accounting standards, specifically regarding warranty-related costs [3]. Management Changes - The company announced the resignation of Vice President Mr. Berlin, effective October 29, 2025, while he will continue to hold other positions within the company [10][11]. - The board expressed gratitude for Mr. Berlin's contributions during his tenure as Vice President [11]. Board Resolutions - The board unanimously approved the third-quarter report with 10 votes in favor [12]. - The board appointed Mr. Xu Dingbo as the Chief Independent Non-Executive Director, in line with revised corporate governance codes [13]. - The board authorized management to adjust the exercise price of existing stock option incentive plans following the mid-year profit distribution [13][14].