Core Viewpoint - Tesla has proposed a new compensation plan for CEO Elon Musk, valued at up to $1 trillion, to retain him for at least 10 years, but the plan faces significant scrutiny and skepticism from the public and shareholders [1][6]. Compensation Plan Details - The new compensation structure, referred to as "compensation OKR," requires Musk to achieve ambitious performance targets, including increasing Tesla's market capitalization to between $8 trillion and $8.5 trillion, which is nearly 8 times the current value [4][6]. - Profit targets are set to increase nearly 24 times to $400 billion, with a minimum threshold of $50 billion [4]. - Product delivery goals include 20 million Tesla vehicles, 10 million active FSD subscriptions, 1 million Tesla robots, and 1 million Robotaxis [4]. Shareholder Reactions - The proposed compensation plan has sparked divided opinions among shareholders, with some, including ISS, expressing strong opposition due to its astronomical figures and potential dilution of existing shareholders' equity [10][12]. - Supporters, including prominent investors like Cathie Wood, argue that the plan is justified and likely to pass, citing Tesla's significant market position and growth potential [15][12]. Upcoming Decisions - The final decision on the compensation plan will be made at the shareholder meeting on November 6, where Musk and other executives will also present Tesla's latest product roadmap and strategic priorities [17]. - The meeting is expected to be significant, not only for the compensation proposal but also for the anticipated unveiling of the new Roadster 2.0 [17][20]. Product Developments - Tesla's new Roadster 2.0 is set to be showcased this year, with production expected to begin in 2027, featuring extreme performance capabilities [20][22].

图源：盖世汽车新能源 据"鞭牛士"10月21日消息，埃隆·马斯克公开威胁说，如果得不到高额薪酬，他将离开特斯拉，或者至少辞去首席执行 官一职。 值得注意的是，该薪酬方案股份奖励需满足特定条件才能兑现：特斯拉市值需达到最高8.5万亿美元的里程碑，同时需 实现一系列运营目标，包括交付2000万辆汽车、推出100万辆自动驾驶出租车（robotaxi），以及调整后核心利润达到 4000亿美元。 起因是特斯拉股东即将对埃隆·马斯克的一项新的、备受争议的薪酬方案进行投票。据路透社10月17日报道，埃隆·马 斯克拟定了1万亿美元的薪酬方案，代理投票顾问机构ISS（机构股东服务公司）敦促股东否决这一大规模的薪酬计 划。 ...

大家好我是大魚 最近 華爾街和X上 都在瘋狂爭論 給 Musk $1 萬億 天價薪酬是否 「過度支付」？ 那些只盯著 馬斯克 拿到多少錢的人 錯過的可能會是 數萬億的增長！ 我敢說 如果你覺得 這方案太貴 你可能根本 沒看懂這場 「信任投票」 的真正價值 它不僅是讓 Musk 火力全開 更是對 Tesla 市值衝上 $8.5% 萬億 的強力保底 一旦通過 股價直奔 $600 只是起步 $1000才是 真正的目標！ 今天我們將揭秘 Musk 這次反擊 的犀利觀點 以及三大終極 催化劑如何 讓 TSLA 翻倍 大家不要錯過 今天的精彩內容 OK let‘s go 第一部分 馬斯克警告股東 咱們開門見山 來看看最近X上 最火爆的對話 有人在質疑 Musk 那個 1 萬億美元 的 天價薪酬方案 說就算Tesla 市值十年後 只達到 $2 萬億 回報率低於 S&P 500 給 CEO $200 億 有點太貴了 這話聽起來很理性 但Musk 的 回應更絕 他直接反問說 Tesla 比所有 其他汽車公司 加起來都值錢 你希望哪個CEO 來帶領Tesla？ 反正不會是我 這就是問題的 癥結所在 只看局部 你永遠看不清全貌 當 ...

Core Points - Tesla shareholders will vote in November on a proposed 10-year compensation plan for CEO Elon Musk, valued at $1 trillion, which could become the largest in corporate history [1][3] - Tesla's board chair, Robyn Denholm, defended the compensation plan, stating that Musk needs to be incentivized through significant challenges tied to high compensation [1][3] - Denholm emphasized that the plan focuses on future performance rather than past results, asserting that Musk will receive nothing if he fails to meet the established goals [3] Summary by Sections Compensation Plan - The proposed compensation plan for Elon Musk is valued at $1 trillion, with a vote scheduled for November [1] - The plan is designed to link Musk's compensation to significant challenges, aiming to incentivize future performance [3] Board's Perspective - Robyn Denholm, who is also a member of the special committee that drafted the compensation plan, expressed that Musk is more interested in voting power than the monetary value of the compensation [3] - Denholm's comments suggest a focus on governance and influence rather than just financial rewards [3] Current Company Performance - The proposal comes at a time when Tesla's profits and vehicle sales are declining, raising questions about the appropriateness of such a large compensation plan [3] - Denholm insists that the plan is not related to past performance, indicating a forward-looking approach to Musk's compensation [3]

Executive Compensation & Corporate Strategy - Tesla's board presented Elon Musk with a performance-based compensation plan potentially worth $1 trillion [1] - The agreement requires Musk to increase Tesla's market capitalization to $85 trillion, equivalent to the combined market cap of Apple and Nvidia [1] - Musk must also deliver 1 million Optimus robots and 1 million Robotaxis to receive any compensation [1] Performance Targets & Risk Assessment - Failure to meet either the market capitalization target or the delivery of robots and Robotaxis results in zero compensation for Musk [1] - The plan is characterized as a high-stakes gamble on the future of commercial history [1]

Core Viewpoint - Tesla's board has approved a stock award of 96 million shares to CEO Elon Musk, valued at approximately $29 billion, contingent on his continued role until 2027 and restrictions on selling until 2030 [1][4]. Group 1: Stock Award Details - The stock award allows Musk to purchase shares at $23.34 each, with the total value estimated at $29 billion (approximately 208.3 billion RMB) [1]. - If a Delaware court reinstates Musk's 2018 compensation plan valued at $55 billion, this new award will automatically become void to prevent "double-dipping" [3]. Group 2: Strategic Importance of Musk - Tesla emphasized the importance of retaining Musk, stating that this incentive is crucial for his continued leadership [4]. - Following the announcement, Tesla's stock price rose over 2%, increasing its market value by $21.4 billion (approximately 153.7 billion RMB) [4]. Group 3: Historical Context and Legal Issues - The ongoing legal dispute regarding Musk's previous compensation plan has lasted seven years, with the 2018 plan initially valued at $2.6 billion but later soaring to $56 billion due to rising stock prices [6]. - The Delaware court previously invalidated the 2018 compensation plan, citing unfair approval processes by the board [6]. Group 4: Market Performance and Challenges - Tesla's stock has faced challenges, with a nearly 25% decline this year, underperforming the broader market [12]. - The company is transitioning from its primary automotive business to focus on autonomous taxi services and robotics, amid pressures on vehicle sales and brand loyalty [11].

Core Viewpoint - The company has approved a compensation plan for its directors and senior management for the year 2025, aimed at enhancing motivation and operational efficiency [1][2]. Group 1: Compensation Plan Overview - The compensation plan applies to all directors and senior management of the company [1]. - The plan includes a fixed allowance for independent directors set at 120,000 per year (pre-tax), paid monthly [1]. - Directors' compensation consists of a monthly salary and an annual bonus, with the monthly salary based on their specific roles and the annual bonus determined by performance evaluations [2]. Group 2: Senior Management Compensation - Senior management's compensation (excluding directors) also comprises a monthly salary and an annual bonus, with similar structures for salary determination and bonus allocation based on performance evaluations [2]. - The compensation and allowances are calculated based on the actual tenure of the individuals [2]. Group 3: Implementation and Governance - The plan is effective immediately and authorizes the company's management to implement the specific disbursement details [2].

Fund Utilization - As of December 31, 2024, the company has four fundraising special accounts, with specific details on the actual use of raised funds available in the attached report [1] - The company has not used idle raised funds to temporarily supplement working capital as of December 31, 2024 [1] - The company approved the use of up to RMB 120 million of temporarily idle raised funds for cash management, investing in low-risk, high-liquidity products [1] Project Adjustments - The company has made adjustments to the implementation methods and locations of three fundraising projects due to ongoing challenges in land construction and the need for time to complete digital production workshops [3][4] - The total investment amounts for the projects have been reduced, with specific adjustments detailed for each project [3] Surplus Fund Management - The company has permanently supplemented working capital with surplus funds from a completed project, amounting to RMB 8.938 million, while retaining special accounts until all pending payments are settled [2] Compliance and Reporting - The company has strictly adhered to relevant laws and regulations regarding the storage and use of raised funds, ensuring timely and accurate disclosures [6] - There are no violations in the management and use of raised funds as of December 31, 2024 [6] Profit Distribution - The company plans to distribute a cash dividend of RMB 1.10 per 10 shares, totaling approximately RMB 9.639 million, which represents 36.69% of the net profit attributable to shareholders for the year [81][82] - The profit distribution plan is subject to approval at the upcoming annual shareholders' meeting [83] Audit and Governance - The company has proposed to reappoint Tianjian Accounting Firm as the auditor for the 2025 fiscal year, with the decision pending shareholder approval [8][73] - The audit committee has evaluated the performance of the accounting firm, affirming its compliance and capability to conduct audits effectively [75]

一、薪酬结构 证券代码：002818 证券简称：富森美 公告编号:2025-009 成都富森美家居股份有限公司 2025 年度董事、监事和高级管理人员薪酬方案 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 成都富森美家居股份有限公司（以下简称"公司"）于 2025 年 2 月 27 日召 开的第六届董事会第二次会议审议通过了《关于 2025 年度董事薪酬的议案》《关 于 2025 年度监事薪酬的议案》和《关于 2025 年度高级管理人员薪酬的议案》。 上述议案中《关于 2025 年度董事薪酬的议案》《关于 2025 年度监事薪酬的议案》 尚须提交公司 2024 年度股东会审议。 现将公司 2025 年度董事、监事和高级管理人员薪酬方案公告如下： 1、基本薪酬 基本薪酬是满足董事、监事和高级管理人员的基本生活所需及职务工作保障， 基本薪酬的设计及标准主要根据岗位价值、重要性、工作强度、承担责任等因素 综合制定，基本薪酬按月支付。 2、绩效奖励 绩效奖励是以公司年度经营目标和经营业绩为依据，结合个人工作表现、工 作成绩并经薪酬与考核委员会考核后于年终一次性提取 ...

成都富森美家居股份有限公司 二、年度薪酬标准 1、2025 年公司董事（含兼任公司管理职务的董事）年度薪酬（津贴）标准 为： 第六届董事会薪酬与考核委员会关于 2025 年度董事、监事和高 级管理人员的薪酬方案的审核意见 根据《中华人民共和国公司法》《上市公司治理准则》《公司章程》和《董 事会薪酬与考核委员会实施细则》等相关规定，成都富森美家居股份有限公司 （以下简称"公司"）董事会薪酬与考核委员会，根据《成都富森美家居股份有 限公司董事、监事和高级管理人员薪酬制度》的相关规定，本着有利于发挥激 励与约束、奖励与惩罚的作用，体现岗位责、权、利对等，薪酬与岗位价值高 低、承担责任大小相符的原则，对 2025 年度董事、监事和高级管理人员报酬标 准提出如下方案： 一、薪酬结构 1、基本薪酬 基本薪酬是满足董事、监事和高级管理人员的基本生活所需及职务工作保障， 基本薪酬的设计及标准主要根据岗位价值、重要性、工作强度、承担责任等因素 综合制定，基本薪酬按月支付。 2、绩效奖励 绩效奖励是以公司年度经营目标和经营业绩为依据，结合个人工作表现、工 作成绩并经薪酬与考核委员会考核后于年终一次性提取和发放。 董事长：薪酬为 ...