登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688072 证券简称：拓荆科技 公告编号：2025-058 拓荆科技股份有限公司 关于公司股东股份解除质押的公告 本公司董事会、全体董事及相关股东保证本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。 拓荆科技股份有限公司（以下简称"公司"）于2025年9月26日获悉，公司股东共青城芯鑫和投资合伙企 业（有限合伙）（以下简称"芯鑫和"）、共青城芯鑫全投资合伙企业（有限合伙）（以下简称"芯鑫 全"）、共青城芯鑫龙投资合伙企业（有限合伙）（以下简称"芯鑫龙"）、共青城芯鑫成投资合伙企业 （有限合伙）（以下简称"芯鑫成"）、共青城芯鑫盛投资合伙企业（有限合伙）（以下简称"芯鑫 盛"）、共青城芯鑫阳投资合伙企业（有限合伙）（以下简称"芯鑫阳"）所持有的公司股份在中国证券 登记结算有限责任公司上海分公司办理了解除质押登记手续，具体情况如下： ■ 注1：股东芯鑫和、芯鑫全、芯鑫龙、芯鑫成、芯鑫盛和芯鑫阳为公司员工持股平台，前述质押系因员 工持股平台筹措出资款借款形成，详情请参见《拓荆科技首次公开发行股票 ...

Core Viewpoint - The company has decided to repurchase and cancel a total of 220,300 restricted stocks due to the departure of certain incentive plan participants and performance evaluations not meeting the required standards [2][3][4]. Summary by Sections Repurchase and Cancellation Reasons - The repurchase is based on the departure of 10 participants from the 2022 incentive plan and 3 from the 2024 plan, leading to the cancellation of their stock options [2][3]. - A total of 241,300 restricted stocks were approved for repurchase, with 220,300 stocks actually being canceled due to one participant's stocks being frozen by the court [2][3]. Repurchase Details - The repurchase includes 168,700 stocks from the 2022 plan and 72,000 stocks from the 2024 plan, with repurchase prices set at 15.65 yuan and 18.09 yuan per stock respectively [3][4]. - The company has established a dedicated securities account for the repurchase process and expects the cancellation to be completed by October 9, 2025 [5]. Impact on Share Structure - After the cancellation, the remaining restricted stocks will total 6,382,480, and the repurchase will not affect the control of the company or its compliance with listing conditions [5][6]. Compliance and Legal Opinions - The board has confirmed that the decision-making process and disclosures comply with relevant regulations and that there are no violations of the rights of the incentive participants or creditors [7][8]. - Legal counsel has affirmed that the repurchase has received necessary approvals and adheres to applicable laws and regulations [8].

Capital Operations of Hong Kong Stock Exchange - The Hong Kong Stock Exchange (HKEX) is recognized as a major global financial center with a highly market-oriented and internationalized capital operation system [2] - HKEX offers a mature regulatory framework that supports various capital operation methods including equity financing, debt financing, mergers and acquisitions, asset securitization, equity incentives, spin-off listings, privatization, and other innovative tools [2][11] Equity Financing - Equity financing in the Hong Kong market is known for its flexibility and efficiency, supporting both IPOs and diverse refinancing channels [2] - Initial Public Offerings (IPOs) are a primary method for companies to raise equity, characterized by a registration system that emphasizes information disclosure and high review efficiency, typically taking 6-12 months [3] - Various refinancing methods include: - Placing: Selling new shares to specific investors without a general offer [3] - Rights Issue: Offering new shares to existing shareholders based on their holdings [3] - Open Offer: Similar to rights issues but open to the public [3] - Consideration Issue: Issuing shares as payment for acquisitions [3] - Share Option Scheme: Issuing options to core employees or management to purchase shares at a predetermined price [3] Debt Financing - Companies listed on HKEX can issue various types of bonds, with flexible terms and multiple currencies (HKD, USD, RMB) [3] - Corporate Bonds and Convertible Bonds (CB) are common, with CBs providing both debt and equity characteristics, allowing investors to convert bonds into shares [3] - The issuance of perpetual bonds is also noted, which allows issuers to defer interest payments and may be classified as equity for accounting purposes [4][8] Mergers and Acquisitions - The M&A framework in Hong Kong is governed by the "Code on Takeovers and Mergers," focusing on shareholder fairness [4] - Key methods include: - Takeover Offer: A direct offer to acquire shares from shareholders [4] - Scheme of Arrangement: A court-approved plan for acquiring shares [4] - Share-for-Share Swap: Acquiring a company by exchanging shares [4] - Reverse Takeover: A non-listed company acquiring a listed shell company to gain a public listing [4] Asset Securitization - The acceptance of Asset-Backed Securities (ABS) in the Hong Kong market is high, with underlying assets including receivables, lease rights, and infrastructure revenue rights [5] - The operation model involves transferring underlying assets to a Special Purpose Vehicle (SPV) that issues securities backed by future cash flows [5] Equity Incentives - Companies often use equity incentive tools to align the interests of management and shareholders [6] - Common methods include Share Option Schemes and Share Award Schemes, which provide rights to purchase shares or grant shares directly to employees [6][7] Spin-off Listings - Spin-offs allow parent companies to list subsidiaries independently, enhancing the subsidiary's financing capabilities and potentially increasing the valuation of both entities [9][10] Privatization and Delisting - Privatization occurs when major shareholders or consortiums buy out public shares to delist the company, often due to undervaluation or high compliance costs [10] - Methods include voluntary buyouts and share repurchase programs, which can signal undervaluation to the market [10] Other Innovative Tools - The introduction of SPACs (Special Purpose Acquisition Companies) in 2022 provides a new pathway for companies to go public through acquisition [10]

Core Viewpoint - Shanghai Sanyou Medical Instruments Co., Ltd. has announced the granting of restricted stock to 55 eligible participants under its 2025 Restricted Stock Incentive Plan, with a total of 4.782 million shares to be granted at a price of 11.12 yuan per share, representing 1.43% of the company's total share capital as of the announcement date [2][10][24]. Summary by Sections Restricted Stock Grant Details - Grant Date: September 26, 2025 [10] - Total Shares Granted: 4.782 million shares [10] - Grant Price: 11.12 yuan per share [10] - Number of Eligible Participants: 55 [10] Decision-Making Process - The decision to grant restricted stock was approved during the fourth board meeting on September 26, 2025, following prior approvals from the compensation and assessment committee and the shareholders' meeting [3][4][24]. - The internal announcement of the eligible participants took place from August 25 to September 3, 2025, with no objections received [3]. Compliance with Regulations - The granting of restricted stock complies with the relevant regulations, including the "Management Measures for Equity Incentives of Listed Companies" [7][19]. - The board confirmed that both the company and the eligible participants met all necessary conditions for the grant [8][15]. Accounting and Financial Impact - The fair value of the restricted stock will be calculated using the Black-Scholes model, with the stock price at the grant date set at 19.84 yuan per share [16][17]. - The estimated impact on the company's net profit due to the stock incentive plan will be recognized as an expense over the vesting period [18]. Legal and Financial Advisory Opinions - Legal opinions confirm that the granting of restricted stock has received the necessary approvals and complies with applicable laws and regulations [19][20]. - Independent financial advisors have also validated that the granting conditions have been met and are in accordance with relevant legal frameworks [20].

Core Points - The company, Aishu Co., Ltd. (600732.SH), has announced the determination of September 26, 2025, as the reserved grant date for its incentive plan [1] - The company will grant a total of 3.9825 million restricted stocks to 76 incentive recipients [1] - Additionally, the company will grant 635,000 stock options to 19 incentive recipients [1]

Core Viewpoint - The company announced a stock incentive plan aimed at motivating its core management and technical personnel, covering 466 individuals and granting a total of 16.8 million stock options, which represents approximately 1.98% of the company's total share capital [1] Group 1: Stock Incentive Plan Details - The plan includes an initial grant of 15.6 million stock options, accounting for 92.87% of the total options, with 1.2 million options reserved, representing 7.13% [1] - The exercise price for the initially granted stock options is set at 66.61 yuan per option [1] Group 2: Impact on Company Performance - The incentive plan covers over 15% of the company's total workforce, indicating a large-scale engagement of core personnel across various business lines, which is expected to enhance team motivation and performance [2] - The performance metrics for unlocking the stock options are based on net profit and net profit excluding non-recurring gains, with targets set for 2025-2028 showing a required growth of 10% to 150% compared to 2024 [2] - The projected compound annual growth rate (CAGR) for net profit and net profit excluding non-recurring gains from 2024 to 2028 is estimated at 25.7%, reflecting the company's confidence in future performance [2] Group 3: Financial Projections and Ratings - The estimated share-based payment expenses for the initial grant are projected to be 0.45, 0.63, 1.01, 0.51, and 0.16 billion yuan for the years 2025 to 2029, respectively [3] - The company is expected to enter a high growth phase due to rising demand in specialized integrated circuits and eSIM sectors, with limited impact from the share-based payment expenses on overall performance [3] - The profit forecasts for 2025-2027 have been revised upward to 1.701, 2.447, and 3.458 billion yuan, respectively, with the current price-to-earnings ratios projected at 42, 29, and 21 times [3]

Group 1: Company Overview and Market Dynamics - The core growth driver for the company's data center business in the domestic market is primarily from the telecommunications and internet sectors, while traditional industries like finance maintain relatively stable growth due to their specific development rhythms and demand characteristics [2][3] - In overseas markets, Southeast Asia and the Middle East are significant contributors to current business growth, driven by rapid digital economy development and accelerated infrastructure construction [2] Group 2: Renewable Energy Business Insights - The company's overseas renewable energy business has established a solid foundation in key regions such as Europe, Asia-Pacific, and Africa, despite experiencing short-term fluctuations in 2024 due to local inventory issues [3] - As of 2025, the European storage market demand is significantly recovering, leading to a resurgence in the company's storage business, supported by an expanding pool of quality customer resources and a steady increase in orders from core clients [3] Group 3: Strategic Initiatives and Future Outlook - The company has implemented an equity incentive plan targeting key management and technical personnel to strengthen its talent foundation and align with its long-term strategic goals [3] - The company expresses clear and firm confidence in its future development prospects, aiming to leverage the collective efforts of its core team to achieve long-term value growth [3] - The company ensures compliance with information disclosure regulations, maintaining the accuracy and timeliness of disclosed information without any significant leaks of undisclosed material information [3]

Core Points - The company, Shuanglin Co., Ltd. (300100.SZ), announced a restricted stock incentive plan for 2025, proposing to grant a total of 1.9375 million shares, which represents approximately 0.34% of the company's total share capital at the time of the announcement [1] - The initial grant will consist of 1.55 million shares, accounting for 80% of the total proposed grants and 0.27% of the company's total share capital [1] - A reserve of 387.5 thousand shares will be set aside, making up 20% of the total proposed grants and 0.07% of the company's total share capital [1] - The total number of shares involved in all effective stock incentive plans does not exceed 20% of the company's total share capital [1] - No individual incentive recipient will receive more than 1% of the company's total share capital through all effective stock incentive plans [1]

Core Viewpoint - Helenzheng announced its R&D investment as a percentage of revenue for 2022-2024, indicating a commitment to innovation and stability in its workforce [1] Group 1: R&D Investment - The R&D investment as a percentage of revenue is projected to be 4.33% in 2022, 3.73% in 2023, 4.08% in 2024, and 4.69% in the first half of 2025 [1] - The company maintains a stable R&D team, with 15% of its workforce dedicated to research and development in 2024, highlighting this as a core competitive advantage [1] Group 2: Equity Incentive Plan - In 2023, the company launched a new equity incentive plan involving 91 participants and 20.8 million shares, which represents approximately 2% of the total share capital at that time [1] - The company plans to continue exploring additional incentive methods to enhance employee motivation and retention [1]

上 市 公 司 2025 年 09 月 26 日 紫光国微 (002049) —— 股权激励保障长期增长，把握公司成长新起点 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 09 月 25 日 | | --- | --- | | 收盘价（元） | 84.00 | | 一年内最高/最低（元） | 86.77/48.36 | | 市净率 | 5.6 | | 股息率%（分红/股价） | 0.25 | | 流通 A 股市值（百万元） | 71,352 | | 上证指数/深证成指 | 3,853.30/13,445.90 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 14.95 | | 资产负债率% | 27.23 | | 总股本/流通 A 股（百万） | 850/849 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 09-25 10-25 11-25 12-25 01-25 02-25 03-25 04-25 05-25 06-25 ...