Core Viewpoint - The company has announced the early termination of its second employee stock ownership plan due to the failure to meet performance targets for the corresponding unlocking periods [1][4][6]. Summary by Sections Employee Stock Ownership Plan Overview - The second employee stock ownership plan was approved by the company's board and shareholders, with a total subscription amount of 29,749,426 yuan and participation from 44 employees [3]. - The plan involved the transfer of 4,249,918 shares (0.36% of total shares) from the company's repurchase account at a price of 7 yuan per share [3]. Performance and Unlocking Conditions - The plan had a duration of 48 months, with shares unlocking in three phases based on performance assessments for the years 2022, 2023, and 2024 [4]. - None of the performance targets were met, leading to the decision that the shares would not be unlocked and would be reclaimed by the management committee for sale [4]. Early Termination Reasons - The plan was originally set to expire on January 29, 2026, but was terminated early after all shares were sold by July 25, 2025 [6]. - The board approved the early termination without needing to present it to the shareholders for further approval [6]. Termination and Future Arrangements - Following the early termination, the management committee will handle the liquidation and distribution of any remaining assets from the employee stock ownership plan [6].

Meeting Overview - The first extraordinary general meeting of Ningbo Deye Technology Co., Ltd. is scheduled for September 16, 2025, at 14:00 [2][5] - The meeting will be held at the R&D Building, 7th Floor, No. 26, Yongjiang South Road, Beilun District, Ningbo [2][5] - Shareholders must arrive 15 minutes before the meeting to register and present necessary documents [1][2] Agenda Items - The meeting will discuss several proposals, including the 2025 semi-annual profit distribution plan, the reappointment of the accounting firm, and the increase of foreign exchange hedging limits [5][6][8] - The profit distribution proposal suggests a cash dividend of 1.108 RMB per share, totaling approximately 1.00 billion RMB based on the number of shares eligible for distribution [5][6] - The proposal to reappoint Lixin Certified Public Accountants for the 2025 financial report audit with a total fee of 1.5 million RMB has been put forward [6][8] - A proposal to increase the foreign exchange hedging limit from 1.5 billion USD to 3 billion USD has been introduced to manage foreign exchange risks effectively [8][10] Employee Stock Ownership Plan - The company plans to implement an employee stock ownership plan to enhance employee engagement and company competitiveness [10][11] - The management plan for the employee stock ownership initiative has been drafted and will be presented for approval [12][14] - The board seeks authorization from shareholders to manage all matters related to the employee stock ownership plan, including establishment, changes, and termination [14][15]

Core Viewpoint - The company plans to repurchase shares through a centralized bidding method, with a total amount between RMB 500 million and RMB 600 million, primarily for employee stock ownership plans or equity incentives [2][21]. Summary by Sections Repurchase Plan - The repurchase amount will not be less than RMB 500 million and not more than RMB 600 million [2]. - The funds for the repurchase will come from self-owned or self-raised funds, including special loans for stock repurchase [11]. - The repurchased shares will be used entirely for the company's employee stock ownership plan or equity incentives [2][6]. - The maximum repurchase price is set at RMB 11.82 per share, which is 150% of the average trading price over the last 30 trading days prior to the board's decision [2][10]. Implementation Details - The repurchase will be conducted through a centralized bidding method [3][7]. - The implementation period for the repurchase is set for a maximum of 12 months from the board's approval date [4][7]. - If the repurchase amount reaches the upper limit, the plan will be completed early [8]. Purpose of Repurchase - The repurchase aims to enhance investor confidence and maintain the rights of shareholders, reflecting the company's confidence in its future development [6][12]. - The repurchased shares will be transferred within three years after the repurchase results are announced; otherwise, they will be canceled [6][14]. Shareholder Information - The company has confirmed that major shareholders, including directors and senior management, do not have plans to reduce their holdings in the next three to six months [4][13]. Financial Impact - As of June 30, 2025, the company's total assets were approximately RMB 40.63 billion, with a net asset of RMB 16.29 billion and a debt-to-asset ratio of 55.79% [12]. - The repurchase will not significantly impact the company's debt repayment ability and is expected to enhance shareholder value [12].

Core Viewpoint - The company has approved a share repurchase plan to enhance investor confidence and align the interests of shareholders and employees through stock incentive programs [1][2]. Summary by Sections Share Repurchase Plan - The company will repurchase shares through centralized bidding, with a total fund not exceeding RMB 200 million and not less than RMB 100 million, at a price not exceeding RMB 29.33 per share, within a period of up to 12 months [1]. Repurchase Execution - The actual repurchase occurred from September 1 to September 3, 2025, with a total of 8,952,800 shares repurchased, accounting for 0.42% of the total share capital. The highest transaction price was RMB 23.73 per share, and the lowest was RMB 21.38 per share, with a total transaction amount of RMB 199,963,337.44 (excluding transaction fees) [1]. Impact on Share Capital Structure - The repurchase will not change the total share capital, which remains at 2,136,443,234 shares. The proportion of restricted shares will increase from 11.58% to 12.00%, while unrestricted shares will decrease from 88.42% to 88.00% [1]. Effects on Company Operations - The repurchase aligns with the company's strategy and is expected to enhance long-term investment value, boost employee motivation, and support sustainable development without adversely affecting financial or operational capabilities [1]. Compliance with Regulations - The company confirmed that there were no discrepancies between the actual repurchase and the approved plan, including the total amount spent and the price range of the repurchased shares [1][2]. Future Arrangements for Repurchased Shares - The repurchased shares will be held in a dedicated account and will not have voting rights or profit distribution until they are utilized for employee stock ownership plans or incentive programs. If not used within 36 months, the shares will be canceled [2].

Group 1 - The company has approved the 2023 Employee Stock Ownership Plan (ESOP) and related proposals during board and shareholder meetings held on October 31, 2023, and November 16, 2023, respectively [1][2] - A total of 29 employees participated in the ESOP, subscribing to 3,521,745 shares, with a total payment of 3,521,745 yuan, corresponding to 256,500 shares sourced from the company's repurchased A-shares [1][2] - As of the announcement date, the ESOP holds 868,818 shares, representing 0.81% of the company's total share capital [2] Group 2 - The ESOP has a duration of 60 months, starting from the date the first stock transfer is completed to the ESOP account [2] - The reserved stock will be unlocked in two phases, with 50% of the shares released after 12 months and the remaining 50% after 24 months, contingent on the company's performance and participant assessments [2] - The company will continue to monitor the implementation of the ESOP and fulfill its information disclosure obligations as required by laws and regulations [3]

资料来源：顺丰控股2025年半年度报告 编者按：ESG年报解读为搜狐财经及价值公司100联合发起的针对各公司ESG报告披露情况的解读专 栏。 参考上交所《上市公司治理准则》、港交所《环境、社会及管治守则》等文件，搜狐财经迭代完善各行 业ESG测评体系标准，并以最新标准为依托，以2024年公司ESG报告为主要数据来源，对公司环境资 源、社会责任及公司管治进行了评价。 本文为"顺丰控股"篇。 出品 | 搜狐财经 研究员 | 张子豪 8月29日至9月2日，顺丰控股A股股价从每股47.92元跌至每股41.82元，累计跌幅达12.73%。其中，8月 29日跌7.91%，9月1日跌3.97%，9月2日跌2.29%。同期，港股股价也大幅下挫，8月29日跌11.62%。市 值则蒸发超300亿元。 截止9月3日收盘，顺丰控股微涨0.50%，收于42.03元/股。 资料来源：Wind 与同期深证成指微跌相比，顺丰控股的跌幅明显超出市场预期。 根据顺丰控股近期发布的2025年半年报数据，公司上半年实现营业收入1468.58亿元，同比增长9.26%； 归属于上市公司股东的净利润57.38亿元，同比增长19.37%，虽然扣除非经常性损 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Views - The company demonstrates steady profit growth, and the accelerated share buyback reflects confidence in its future [6] - The company reported a significant revenue increase of 19.99% year-on-year for the first half of 2025, with a net profit growth of 25.31% [8] - The company plans to use between 60 million to 120 million RMB for share repurchase, indicating strong confidence in its business development [8] Financial Performance Summary - Revenue for 2023 is projected at 1,381 million RMB, with a year-on-year growth rate of 1.95% [7] - Revenue is expected to grow to 1,599 million RMB in 2024, representing a 15.81% increase [7] - The net profit attributable to shareholders is forecasted to be 85 million RMB in 2023, with a growth rate of 15.01% [7] - The company’s gross margin for the first half of 2025 was 27.40%, up by 2.01 percentage points year-on-year [8] - The company’s total assets are projected to reach 3,606 million RMB by 2025 [9] Order and Contract Status - The company’s total orders on hand at the end of the reporting period amounted to 3,376 million RMB, a decrease of 9.80% year-on-year [8] - Contract liabilities were reported at 1,192 million RMB, down 14.80% year-on-year [8] Share Buyback and Confidence - The company has accelerated its share buyback process, having repurchased 6.6264 million shares, which is 2.15% of its total share capital [8] - This buyback is aimed at employee stock ownership plans or equity incentives, reflecting the company's confidence in future business growth [8] Earnings Forecast and Valuation - The forecasted net profit for 2025 is 1.09 billion RMB, with subsequent years showing continued growth [8] - The price-to-earnings ratio (P/E) is projected to decrease from 33X in 2025 to 24X in 2027 [8]

北京市中伦律师事务所 关于通化东宝药业股份有限公司 法律意见书 二〇二五年九月 北京市中伦律师事务所 关于通化东宝药业股份有限公司 法律意见书 致：通化东宝药业股份有限公司 北京中伦律师事务所（以下简称"本所"）接受通化东宝药业股份有限公司（以 下简称"通化东宝"、"公司"）委托，担任公司 2025 年员工持股计划（以下简称 "本期员工持股计划"）的法律顾问。本所律师根据《中华人民共和国公司法》 （以 下简称"《公司法》"）、 《中华人民共和国证券法》 （以下简称"《证券法》"）、中 国证券监督管理委员会（以下简称"中国证监会"）《关于上市公司实施员工持股 计划试点的指导意见》 以任何形式向本所所做陈述、说明或声明及所提供文件资料（包括但不限于书面 文件、电子邮件、电子版文件及传真件等，无论是否加盖公章）真实、有效，不 存在任何隐瞒、疏漏、误导之处；所提供的其他形式的文件资料与原件完全一致； 法律意见书 一切足以影响法律意见书的事实和文件均已向本所披露。 《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见书出具之 日以前已经发生或者存在的事实，严格履行了法定 ...

Core Viewpoint - Suzhou Goodwill Electronics Co., Ltd. has announced the achievement of the unlocking conditions for the second unlocking period of its 2022 employee stock ownership plan, allowing for the release of 300,000 shares, which is 0.04% of the company's total share capital [1][10]. Summary by Sections Employee Stock Ownership Plan Approval and Implementation - The employee stock ownership plan was approved during meetings held on September 23, 2022, and October 19, 2022 [2]. - The company completed the non-trading transfer of 4.83 million shares to the employee stock ownership plan on December 22, 2022, at a price of 4.68 yuan per share [3]. Unlocking Conditions and Performance Assessment - The plan has a duration of 120 months, with stock unlocking occurring in three phases based on performance targets [4]. - The second unlocking period's performance target was set at a minimum revenue of 10 billion yuan, with a threshold of 9.2 billion yuan [6]. - The company achieved revenues of 3.27 billion yuan in 2022, 4.09 billion yuan in 2023, and 5.64 billion yuan in 2024, totaling 12.99 billion yuan, surpassing the target for the second unlocking period [7]. Personal Performance Assessment - Individual performance is evaluated on a scale from A+ to D, with the unlocking of shares contingent on both company and individual performance [8]. - Out of 78 participants, 70 remain eligible, with 8 having left the company, resulting in a total of 300,000 shares available for unlocking [10]. Future Announcements - The next unlocking period will commence 24 months after the distribution announcement made on September 8, 2023, with further notifications to be issued [10].

Core Viewpoint - The employee stock ownership plan (ESOP) of Huanrui Century has raised concerns due to the disproportionate allocation of shares to the newly appointed board secretary, Yang Shuai, who acquired 14.83% of the total shares offered, significantly higher than other executives [1][4][7]. Summary by Sections Employee Stock Ownership Plan - Huanrui Century announced an ESOP on August 28, 2025, intending to grant up to 10.1167 million shares, representing approximately 1.0313% of the company's total equity, to no more than 35 core personnel [1]. - The shares are sourced from the company's repurchase account, with a subscription price of 2.45 yuan per share, which is 72.91% of the repurchase price and 50% of the average trading price prior to the announcement [3]. Share Allocation and Performance - Yang Shuai's allocation of 14.83% is 7.5 times higher than that of other executives, such as the vice chairman and vice general manager, who received only 1.98% each [4]. - The stock price on August 29 was 5.18 yuan, indicating that participants could potentially gain over 100% upon unlocking their shares [3]. Financial Performance and Targets - Huanrui Century set a performance target for the ESOP, requiring a minimum 20% revenue growth in 2025 compared to 2024 [9]. - The company reported a revenue of 198 million yuan in the first half of 2025, an increase of 83.72% year-on-year, with a target of exceeding 264 million yuan in the second half to meet the performance goal [9]. - Despite the revenue growth, the company has faced significant losses, totaling 1.739 billion yuan over the past five years, with a net loss of 6.3938 million yuan in the first half of 2025 [9][10]. Market Reactions and Regulatory Scrutiny - The generous ESOP amidst ongoing losses has led to skepticism regarding the company's decision-making [10]. - The lenient performance evaluation criteria for unlocking shares, where achieving a "qualified" rating allows for an 80% unlock rate, has also drawn criticism [10]. - Similar past controversies involving ESOPs in other companies have led to regulatory scrutiny, indicating a potential for increased oversight in Huanrui Century's case [12][13].