Core Viewpoint - The company has approved the 2025 Employee Stock Ownership Plan (ESOP) and its management guidelines, aiming to enhance employee engagement and company governance, with the proposal to be submitted for shareholder approval [1][2][3]. Group 1: Board Meeting Details - The 11th meeting of the 8th Board of Directors was held on September 1, 2025, with all 9 directors present, and the meeting was conducted via communication methods [1]. - The meeting's resolutions were passed with unanimous support, with 8 votes in favor and no opposition or abstentions [1][3]. Group 2: Employee Stock Ownership Plan - The company plans to implement the 2025 Employee Stock Ownership Plan to improve the profit-sharing mechanism between employees and owners, thereby enhancing company competitiveness and sustainability [2]. - The plan was discussed in a staff representative meeting prior to the board's review, receiving employee support for its implementation [2]. Group 3: Management Guidelines and Authorizations - The management guidelines for the 2025 Employee Stock Ownership Plan were also approved unanimously, ensuring effective implementation of the plan [3]. - The board has requested authorization from the shareholders to handle all matters related to the employee stock ownership plan, which will be valid until the plan's completion [6]. Group 4: Upcoming Shareholder Meeting - The company has scheduled the second extraordinary general meeting of shareholders for September 17, 2025, to discuss the approved employee stock ownership plan and other related matters [6].

Group 1 - The company is implementing a 2025 employee stock ownership plan, which has been reviewed and approved by the supervisory board in accordance with relevant regulations [1][2] - The plan aims to attract and retain talented management and key employees, enhancing the company's appeal and cohesion while aligning the interests of the company, shareholders, and employees [2] - The supervisory board confirms that the implementation of the employee stock ownership plan will not harm the interests of the company and all shareholders, and there are no forced participation or financial assistance arrangements involved [1][2]

Meeting Overview - The 9th meeting of the 8th Supervisory Board of Guangdong Demei Fine Chemical Group Co., Ltd. was held on September 1, 2025, via communication voting, with all three supervisors present [1] - The meeting was legally convened in accordance with the Company Law of the People's Republic of China and the company's articles of association [1] Agenda Items - The Supervisory Board approved the draft of the 2025 Employee Stock Ownership Plan with a vote of 2 in favor, 0 against, and 0 abstentions, with related supervisor Kong Qingcheng abstaining from the vote [2] - The board confirmed that the Employee Stock Ownership Plan complies with relevant laws and regulations and is beneficial for the company's sustainable development without harming the interests of the company and all shareholders [2][3] Management Guidelines - The 2025 Employee Stock Ownership Plan Management Measures were also approved with a similar voting outcome, ensuring the smooth implementation and standardized operation of the employee stock ownership plan [3] - The management measures are designed to protect the interests of the company and all shareholders [3]

Core Viewpoint - The legal opinion confirms that the procedures for convening and holding the 2025 First Extraordinary General Meeting of Shareholders of Beijing Zhiyuan Huilian Software Co., Ltd. comply with relevant laws and regulations, ensuring the legality and validity of the resolutions made during the meeting [3][4][9]. Group 1: Meeting Procedures - The company’s board of directors made a resolution to convene the meeting and notified shareholders 15 days prior, in accordance with the company’s articles of association [3][4]. - The meeting was held at the designated location and time, with provisions for both on-site and online voting [4][6]. Group 2: Attendance and Voting - A total of 110,383,895 shares were eligible for voting, with 64 shareholders participating in online voting [5][6]. - All directors, supervisors, and senior management attended the meeting either in person or via communication methods [5][6]. Group 3: Voting Results - The proposals discussed included the 2025 Restricted Stock Incentive Plan, which received 99.0467% approval from the voting shareholders [6][7]. - Other proposals, such as the Employee Stock Ownership Plan and related management measures, also received significant support, with approval rates around 87% to 99% [8][9]. Group 4: Legal Conclusion - The legal opinion concludes that all aspects of the meeting, including the convening, attendance, and voting procedures, were in compliance with the Company Law and the company’s articles of association, rendering the resolutions legally valid [9].

Core Viewpoint - The Guangdong Demai Fine Chemical Group Co., Ltd. has established a 2025 Employee Stock Ownership Plan (ESOP) to enhance employee engagement and align their interests with the company's growth, while ensuring compliance with relevant laws and regulations [1][2]. Summary by Sections General Principles - The ESOP is based on principles of legal compliance, voluntary participation, and risk-bearing by employees [2]. - Participation is open to company directors (excluding independent directors), senior management, supervisors, and core management/technical/business personnel, with a maximum of 1,000 participants [3]. Funding and Stock Source - The funding for the ESOP will come from employees' legal salaries, self-raised funds, and other legally permitted means, without any financial assistance from the company [3]. - The stock for the ESOP will be sourced from shares repurchased by the company, totaling no more than 9,920,205 shares, which represents a specific percentage of the company's total capital [4]. Stock Purchase Price - The purchase price for the repurchased shares under the ESOP is set at 3.31 RMB per share, reflecting a strategy to reward employees for their contributions and to promote the company's sustainable growth [5]. Management Structure - The ESOP will be managed by a management committee authorized by a meeting of the participants, ensuring the protection of their rights and interests [6][9]. - The management committee will consist of three members elected by the participants, with responsibilities including asset management and decision-making regarding stock distribution [9][10]. Duration and Lock-up Period - The ESOP will have a duration of 180 months, starting from the approval date by the shareholders' meeting [13]. - The stock acquired through the ESOP will be unlocked in two phases, with 50% becoming available after 12 months and the remaining 50% after 24 months [14]. Performance Assessment - The ESOP includes performance assessments at both the company and individual levels, with specific profit targets set for 2025 and 2026 based on the previous year's net profit [15][16]. - If performance targets are not met, the corresponding stock rights will be forfeited and returned to the management committee for redistribution [17]. Asset Composition and Distribution - The assets of the ESOP will consist of the rights associated with the stocks held, cash deposits, and any other investment returns [18]. - During the lock-up period, any dividends received will be reinvested into the ESOP and distributed according to the participants' shares after the lock-up period ends [19]. Changes and Termination - The ESOP can be modified or terminated under specific circumstances, including changes in the company's control or other significant corporate events [23][24]. - The management committee has the authority to handle any unforeseen situations that arise during the implementation of the ESOP [23].

Group 1: Financial Performance - The company achieved a revenue of 89,957.63 million yuan in the first half of 2025, representing a year-on-year growth of 13.33% [4] - The net profit attributable to shareholders was 8,852.03 million yuan, a decrease of 10.43% compared to the previous year [4] - The decline in profit was primarily due to increased share-based payment expenses related to the employee stock ownership plan and reduced investment income [4] Group 2: Accounts Receivable Management - The company reported 800 million yuan in accounts receivable as of mid-2025 [2] - A comprehensive credit assessment and systematic tracking of accounts receivable and collections are in place to manage and optimize cash flow [2][3] - Regular collection efforts are conducted to identify and address potential bad debts [3] Group 3: Shareholder Agreements - The agreement among major shareholders, signed on December 12, 2017, is set to expire, with an automatic three-year extension if there are no objections [3] Group 4: Research and Development - The company plans to continue increasing its investment in research and development based on its strategic planning [4] - A new subsidiary focused on industrial robotics has been established to enhance product development in this area [3] Group 5: Product Development and Market Expansion - The company has signed a strategic joint venture agreement with UBTECH to develop components for intelligent service robots and humanoid robots [3] - The company is also producing communication connectors applicable to servers [4]

Group 1 - The legal opinion letter is regarding the 2025 Second Extraordinary General Meeting of Suzhou Guangge Technology Co., Ltd. [1][2] - The meeting was conducted with a combination of on-site and online voting, held on September 1, 2025 [4][3] - The legal opinion confirms that the meeting's convening and procedures comply with relevant laws and regulations [3][4] Group 2 - A total of 50 shareholders attended the meeting, holding 44,283,275 voting shares, which is 67.6675% of the total voting shares [6][4] - The meeting's resolutions included the approval of the 2025 Restricted Stock Incentive Plan and related management measures, all requiring a two-thirds majority [8][11] - The voting results showed overwhelming support for the proposals, with 99.2881% approval from non-related shareholders for key resolutions [8][10][12] Group 3 - The legal opinion letter will be submitted to the Shanghai Stock Exchange along with other announcement documents [2] - The legal team ensured that all facts and conclusions presented in the opinion are accurate and complete, adhering to legal responsibilities [2][3] - The meeting's resolutions included the authorization for the board to handle matters related to the 2025 employee stock ownership plan [15][16]

Core Viewpoint - Joyo's stock performance has been declining significantly, with a maximum drop of over 80% despite the employee stock ownership plan remaining profitable due to low acquisition prices [1] Group 1: Company Performance - Joyo's financial performance has been under pressure, with a continuous decline in earnings for four consecutive years from 2021 to 2024 [1] - The company reported its 2025 semi-annual results, indicating ongoing challenges in its business operations [1] Group 2: Stock Performance - Joyo's stock price has experienced a maximum decline of over 80%, reflecting investor concerns regarding its financial health [1] Group 3: Employee Stock Ownership Plan - The employee stock ownership plan remains in a profitable state primarily because half of the shares were acquired at a price of 1 yuan per share [1] - The first phase of the employee stock ownership plan involved acquiring 8 million shares through a non-trading transfer at 1 yuan per share, while the company repurchased these shares at an average price of 17.01 yuan per share [1] - Additionally, 8 million shares were purchased in the secondary market for a total amount of approximately 1.21 billion yuan, resulting in an average purchase price of around 15 yuan per share [1]

Core Viewpoint - Joyo's performance has been under pressure for four consecutive years, with a significant decline in both revenue and profit, while its employee stock ownership plan remains profitable despite the overall downturn in stock price and performance [1][2][4]. Financial Performance - Joyo's revenue peaked in 2020 at 11.224 billion yuan and net profit at 940 million yuan, but by 2024, revenue and net profit had dropped to 8.849 billion yuan and 122 million yuan respectively [2]. - In the first half of 2025, Joyo reported a revenue of 3.987 billion yuan, a year-on-year decrease of 9.11%, and a net profit of 123 million yuan, down 30.02% year-on-year [2]. - The company's gross margin and net margin have also declined from 32.05% and 8.16% in 2020 to 25.50% and 1.20% in 2024 respectively [3]. Market Competition - The small home appliance industry is highly competitive, which has contributed to Joyo's declining performance. Despite being a leading brand, Joyo's market share has not improved [3]. - Accounts receivable have increased significantly from 212 million yuan in 2020 to 1.078 billion yuan in 2024, indicating potential issues with product sales [3]. Employee Stock Ownership Plan - Joyo's employee stock ownership plan was implemented in 2022, with a total of 12.9 million shares at a price of 1 yuan per share for half of the shares, while the average repurchase price was 17.01 yuan per share [4][5]. - The plan is limited to senior executives and core management, with a maximum of 45 participants [6]. - The plan has performance assessment periods from 2022 to 2026, with a total of five unlock periods, each allowing for a 20% release of shares [9].

Group 1 - The company has completed the sale of all shares held under the 2024 employee stock ownership plan, leading to the termination of the plan [1][2] - The 2024 employee stock ownership plan involved the purchase of 87,700 shares, representing 0.0579% of the company's total share capital, with a total transaction amount of RMB 11.83 million at an average price of RMB 134.91 per share [2] - The lock-up period for the purchased shares was 12 months, starting from the date of the last stock registration under the plan [2] Group 2 - The company adhered to market trading rules and regulations during the implementation of the employee stock ownership plan, ensuring no insider trading occurred [2] - Following the completion of the employee stock ownership plan, the management committee will handle asset liquidation and distribution based on the authorization from the holders' meeting [2]