商贸零售/互联网电商 赛维时代（301381.SZ） 公司发布股权激励计划，关注后续经营趋势改善 2025 年 09 月 10 日 投资评级：买入（维持） | 日期 | 2025/9/9 | | --- | --- | | 当前股价(元) | 24.58 | | 一年最高最低(元) | 32.80/16.49 | | 总市值(亿元) | 99.17 | | 流通市值(亿元) | 48.01 | | 总股本(亿股) | 4.03 | | 流通股本(亿股) | 1.95 | | 近 3 个月换手率(%) | 198.41 | 股价走势图 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2024-09 2025-01 2025-05 赛维时代 沪深300 相关研究报告 《库存因素短期拖累利润，服饰品类 增长维持靓丽—公司信息更新报告》 -2025.4.29 | 黄泽鹏（分析师） | 吕明（分析师） | 姚慕宇（联系人） | | --- | --- | --- | | huangzepeng@kysec.cn | lvming@kysec.cn | yaomuyu@kysec.cn | | 证书编号 ...

Group 1 - The core viewpoint of the report is that Citic Lyon has raised the target price for Fosun Pharma's H-shares to HKD 29.6 and A-shares to RMB 40.2, reiterating the "outperform" rating for both [1] - The target price adjustment is based on an increase in industry valuations and strong stock performance of its subsidiary, Fosun Hani [1] - Fosun Pharma is expected to return to accelerated growth driven by its innovative drug business, with room for valuation recovery compared to the industry average [1] Group 2 - By the first half of 2025, Fosun Pharma's innovative drug sales are projected to exceed RMB 4.3 billion, accounting for 31% of total pharmaceutical revenue [1] - The company has shown notable performance in oncology and anti-infection sectors, achieving year-on-year growth of 6.5% and 14.0%, respectively [1] - Recently, Fosun Pharma completed two overseas licensing agreements for self-developed drugs, with potential milestone payments exceeding USD 1.1 billion, highlighting its international recognition and commercialization capabilities [1] Group 3 - Fosun Pharma's newly launched Employee Stock Ownership Plan (ESOP) sets clear performance targets for 2025-2027, with innovative drug sales targets of RMB 9.36 billion, RMB 11.23 billion, and RMB 13.48 billion [2] - The net profit targets for the same period are RMB 3.32 billion, RMB 3.96 billion, and RMB 4.77 billion, with both metrics achieving a compound annual growth rate of 20% [2] - This plan is expected to significantly enhance market confidence in the company's mid-term growth prospects [2]

Core Viewpoint - The company, Yuhuan CNC Machine Tool Co., Ltd., is undergoing a stock incentive plan that adheres to regulatory compliance and aims to enhance employee motivation and company performance [2][3][4]. Compliance with Listing Company Requirements - The financial reports for the most recent accounting year have not been issued with any adverse opinions by registered accountants [2] - The internal controls of the financial reports for the last accounting year have also not received any adverse opinions [2] - There have been no instances in the last 36 months where profit distribution did not comply with laws, regulations, or company articles [2] Compliance of Incentive Objects - The incentive plan does not include shareholders or actual controllers holding more than 5% of the company's shares [2] - No inappropriate candidates have been identified by the China Securities Regulatory Commission (CSRC) in the last 12 months [2] - There have been no significant legal violations leading to administrative penalties or market bans from the CSRC in the last 12 months [2] Compliance of Incentive Plan - The total number of shares involved in all effective stock incentive plans does not exceed 10% of the company's total share capital [2] - No single incentive object will receive more than 1% of the company's total share capital through all effective stock incentive plans [2] - The reserved rights ratio for incentive objects does not exceed 20% of the total rights to be granted in this stock incentive plan [2] Disclosure and Implementation of Incentive Plan - The plan includes detailed information on the purpose, selection criteria, and scope of the incentive objects [3] - The proposed number of rights to be granted and the types of stocks involved are clearly outlined [3] - The plan specifies the effective period, grant dates, and conditions for exercising rights [4] Performance Assessment and Compliance - The performance assessment indicators are objective, public, and transparent, promoting the company's competitiveness [5] - The plan includes provisions for the adjustment of rights and prices in case of profit distribution or other corporate actions [6] - The company has engaged independent financial advisors to ensure the feasibility and reasonableness of the incentive plan [6][8]

Group 1 - The company approved a share repurchase plan on November 14, 2024, allowing for the repurchase of shares using self-owned funds and a special loan from a bank, with a total repurchase amount not exceeding RMB 35 million [1] - The repurchase price is set at a maximum of RMB 47.00 per share, with a total repurchase amount adjusted to be between RMB 40 million and RMB 80 million as of January 17, 2025 [2] - The company completed the repurchase plan by acquiring a total of 1,439,317 shares, representing 0.32% of the total share capital, with a total expenditure of approximately RMB 40.29 million [3] Group 2 - The repurchased shares will be used for employee stock ownership plans or equity incentive plans, and will not enjoy rights such as profit distribution or voting rights until utilized [6] - The company’s actual controller increased his shareholding by 887,093 shares during the repurchase period, amounting to approximately RMB 26.51 million [4] - The company’s total share capital has changed due to the conversion of convertible bonds, with 2,548,912 shares converted during the repurchase period [5]

Group 1 - The incentive plan involves the allocation of restricted stocks among various recipients, with a total of 354.74 million shares granted, representing 0.8816% of the company's total equity [1] - Key personnel, including foreign employees, are included in the incentive plan due to their significant roles in product design, marketing, and logistics, which are crucial for the company's long-term development [1] - The plan excludes independent directors, supervisors, and shareholders or actual controllers holding more than 5% of the company's shares, ensuring that the incentive is focused on core technical and business personnel [1] Group 2 - The total number of shares involved in all effective stock incentive plans does not exceed 20% of the company's total equity, and no individual recipient will receive more than 1% of the total equity through these plans [1]

Core Viewpoint - The legal opinion letter from Shanghai Dongfang Huayin Law Firm confirms that Shanghai Kaizhong Materials Technology Co., Ltd. has obtained the necessary approvals and authorizations for the repurchase and cancellation of certain restricted stocks and stock options for 2023 and 2024, in compliance with relevant laws and regulations [2][11][14]. Group 1: Legal Framework and Compliance - The law firm has verified that Kaizhong Materials is a legally established and validly existing listed company, with no circumstances requiring termination, dissolution, or liquidation as per the Company Law and relevant regulations [2][4]. - The company has provided all necessary original documents and statements, ensuring their authenticity and compliance, which the law firm has thoroughly verified [2][3]. Group 2: Stock Incentive Plans - The 2023 restricted stock incentive plan has been approved, allowing the company to grant 430,020 shares of restricted stock to four incentive objects at a price of 8.23 yuan per share [5][6]. - The 2024 stock option and restricted stock incentive plan has also been approved, with 29 individuals receiving 3.402 million stock options at an exercise price of 14.52 yuan per option, and three individuals receiving 1.386 million restricted stocks at a price of 7.09 yuan per share [8][10]. Group 3: Repurchase and Cancellation Details - The company plans to repurchase and cancel 166,600 shares of restricted stock at an adjusted price of 3.69 yuan per share, and to cancel 2,367,680 stock options at an adjusted exercise price of 10.12 yuan per option [10][12][13]. - The repurchase and cancellation are based on the failure to meet performance targets for the respective incentive plans, necessitating the cancellation of unvested stocks and unexercised options [11][12]. Group 4: Conclusion and Next Steps - The law firm concludes that the repurchase and cancellation of stocks and options have met all necessary legal requirements and that the company must fulfill its disclosure obligations and complete the necessary registration procedures [14].

Core Points - The company, Realcan Pharmaceutical Group Co., Ltd., was established in December 2009 and is registered in Yantai, Shandong Province with a registered capital of RMB 1,504.71 million [2][3][7] - The company aims to enhance health services through innovation and compliance, focusing on a digital, integrated, and intelligent pharmaceutical supply chain [8][9] - The company has undergone several rounds of public and private share issuance, with the latest being a non-public offering in 2016 [3][10] Company Structure - The company operates as a joint-stock limited company, with its legal representative being the chairman of the board [4] - The company has a total of 150,471.0471 million shares issued, all of which are ordinary shares [11][12] - The company is governed by its articles of association, which outline the rights and responsibilities of shareholders, directors, and senior management [4][16] Business Operations - The company's business scope includes the sale of various medical and pharmaceutical products, including medical devices, health foods, and agricultural products [9] - The company is committed to fulfilling its social responsibilities as a key player in the national pharmaceutical supply chain [8] Shareholder Rights and Responsibilities - Shareholders have the right to receive dividends, participate in shareholder meetings, and access company documents [16][17] - Shareholders are required to report any changes in their shareholding that exceed 3% [22][23] - The company has provisions to protect shareholder interests and ensure compliance with legal obligations [19][20]

Group 1 - The company held the ninth meeting of the fourth supervisory board, which was legally valid with all three supervisors present [1] - The supervisory board unanimously approved the 2025 Employee Stock Ownership Plan, confirming its compliance with relevant laws and regulations [2][3] - The board believes that the employee stock ownership plan will enhance corporate governance and create a balanced value distribution system, benefiting the company's sustainable development [2][3] Group 2 - The supervisory board also approved the 2025 Restricted Stock and Stock Option Incentive Plan, which aligns with legal requirements and aims to attract and retain talent [3][4] - The plan is designed to integrate the interests of shareholders, the company, and employees, promoting long-term development without harming the interests of the company and its shareholders [3][4] - The board confirmed that there are no prohibitive circumstances for implementing the incentive plan, and the company is qualified to proceed [3][4] Group 3 - The 2025 Incentive Plan Management Measures were approved to ensure the plan's smooth implementation and compliance with legal standards [4] - The assessment indicators for the incentive plan are deemed scientific and reasonable, aimed at achieving the plan's objectives and enhancing corporate governance [4] - The board will publicly disclose the list of incentive plan participants before the shareholders' meeting, ensuring transparency [6]

Core Viewpoint - Shenzhen Kaili Biomedical Technology Co., Ltd. is undergoing a review of its compliance with various regulations regarding its stock incentive plan and related disclosures [1][3][6]. Compliance Requirements - The financial report for the most recent accounting year did not receive a negative opinion or inability to express an opinion from the registered accountant [3]. - There have been no instances in the last 36 months where profit distribution was not conducted according to laws, regulations, or company articles [3]. - The stock incentive plan must not exceed 20% of the company's total share capital [3][4]. Incentive Object Compliance - The incentive plan includes individuals holding 5% or more of the company's shares, with justifications for their inclusion [3][4]. - No major violations leading to administrative penalties from the China Securities Regulatory Commission (CSRC) have occurred in the last 12 months [3][4]. - The plan must disclose the names, positions, and number of rights granted to directors and senior management [4][5]. Disclosure Completeness - The plan must detail compliance with the Stock Incentive Management Measures, including the purpose and scope of the incentive [4][5]. - The total number of rights to be granted and their percentage of the company's total share capital must be specified [4][5]. - The plan must include the effective period, authorization date, and conditions for exercising rights [4][5]. Performance Assessment - The performance assessment indicators for exercising rights must be disclosed, ensuring they are objective and reasonable [4][5]. - The plan must clarify the rights and obligations of both the company and the incentive objects, including dispute resolution mechanisms [5][6]. Legal and Procedural Compliance - The company must ensure that the stock incentive plan does not harm the interests of the company and all shareholders [5][6]. - Legal opinions from law firms must be obtained to confirm compliance with relevant regulations [5][6].

Core Viewpoint - Shenzhen Inovance Technology Co., Ltd. has announced the commencement of the second exercise period for its sixth stock option incentive plan, allowing 225 eligible participants to exercise a total of 371,727 stock options at a price of 59.90 yuan per option [1][2]. Group 1: Stock Option Details - The stock options available for exercise are priced at 59.90 yuan each, with a total of 371,727 options available for 225 eligible participants, representing 0.0138% of the company's total share capital [1]. - The exercise of stock options will be subject to adjustments in case of dividends, capital increases, stock splits, or other corporate actions [2]. - The exercise must occur within the specified period, and any unexercised options will automatically expire [2]. Group 2: Financial Impact - The company will recognize the fair value of the stock options based on the closing price on the grant date, and will adjust the expected number of exercisable options based on performance indicators and actual exercise numbers [2][3]. - If all options are exercised, the total share capital will increase by 371,727 shares, which may dilute the earnings per share but will not significantly impact the company's financial condition or operational results [2]. Group 3: Fund Utilization and Tax Arrangements - Funds raised from the exercise of stock options will be used to supplement the company's working capital [3]. - The individual income tax obligations of the participants will be borne by them, with the company responsible for withholding and remitting the relevant taxes according to national tax regulations [3]. Group 4: Additional Information - The company will provide updates on the exercise status, changes in incentive participants, adjustments to stock option parameters, and any changes in share distribution resulting from the exercise [3].