证券代码：300454 证券简称：深信服 公告编号：2025-055 债券代码：123210 债券简称：信服转债 深信服科技股份有限公司 关于向 2024 年度第二期限制性股票激励计 预留限制性股票来源为公司从二级市场回购的公司 A 股普通股股票和/或向 激励对象定向发行的本公司 A 股普通股股票。 (二)授予价格 根据《激励计划（草案）》，预留限制性股票授予价格与经调整后的首次授 予部分限制性股票的归属价格相同，为 32.03 元/股。 (三)授予数量 划之激励对象授予预留限制性股票（第一批） 的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 根据《深信服科技股份有限公司 2024 年度第二期限制性股票激励计划（草 案）》（以下简称"《激励计划（草案）》"）的规定，深信服科技股份有限公司 （以下简称"公司"）2024 年度第二期限制性股票激励计划（以下简称"激励计划" 或"本激励计划"）规定的限制性股票的授予条件已经成就。根据 2024 年第二次 临时股东大会的授权，公司于 2025 年 8 月 20 日召开第三届董事会第三十次会议、 ...

证券代码：688337 证券简称：普源精电 公告编号：2025-048 普源精电科技股份有限公司 关于 2024 年限制性股票激励计划第一类限制性股票第一个解 除限售期解除限售暨股票上市公告 本公司董事会及全体董事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。 重要内容提示： ? 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 本次股票上市流通总数为214,692股。 ? 本次股票上市流通日期为2025 年 8 月 28 日。 普源精电科技股份有限公司（以下简称"公司"）于 2025 年 8 月 8 日召开第 二届董事会第二十八次会议和第二届监事会第二十六次会议，审议通过了《关于 议案》，公司 2024 年限制性股票激励计划（以下简称"本次激励计划"）第一类限 制性股票第一个解除限售期解除限售条件已成就，共计 64 名符合条件的激励对象 合计可解除限售第一类限制性股票 214,692 股。现将有关事项说明如下： 一、 本次激励计划批准及实施情况 （一） 本次股权激励计划主要内容 票和/或从二级市场回购的本公司人民币 A 股普通股 ...

一、公示情况 及现场沟通等方式向公司监事会反馈相关情况，监事会对相关反馈进行记录。 二、核查情况 公司监事会对激励对象名单、激励对象的身份证件、激励对象与公司（含子 公司）签订的劳动合同或者聘用协议、激励对象于公司（含子公司）的任职情况 等相关信息进行核查。 深圳科瑞技术股份有限公司 监事会关于 2025 年股票期权与限制性股票激励计划 激励对象名单的公示情况说明及核查意见 深圳科瑞技术股份有限公司（以下简称"公司"）于2025年8月8日分别召开第 四届董事会第二十二次会议与第四届监事会第十七次会议，审议通过《关于公司 <2025年股票期权与限制性股票激励计划（草案）>及其摘要的议案》等相关议 案，根据《上市公司股权激励管理办法》的相关规定，公司对2025年股票期权与 限制性股票激励计划(以下简称"本激励计划")的激励对象名单进行内部公示，公 司监事会结合公示情况对激励对象名单进行核查，相关内容如下： 市公司股权激励管理办法》等相关法律、法规及规范性文件及本激励计划规定的 激励对象条件，激励对象的主体资格合法、有效。 特此公告。 深圳科瑞技术股份有限公司监事会 公司监事会结合公示情况及核查情况，发表核查意见如 ...

Core Viewpoint - The company has established a value management system aimed at enhancing its market value and shareholder returns through strategic management practices and compliance with relevant laws and regulations [1][2]. Group 1: Purpose and Principles of Value Management - The core purpose of value management is to align the company's market value with its intrinsic value by focusing on core business, improving operational efficiency, and enhancing competitiveness [3]. - The basic principles of value management include compliance, systematic thinking, honesty and integrity, normalization, and proactivity [2][3]. Group 2: Organizational Structure and Responsibilities - The board of directors leads the value management efforts, with the chairman as the primary responsible person and the board secretary overseeing specific tasks [5]. - The board is responsible for establishing an internal control system for value management, considering investor interests in major decision-making processes [6][7]. Group 3: Main Methods of Value Management - The company should focus on its core business and improve profitability through methods such as mergers and acquisitions, equity incentives, cash dividends, investor relations management, information disclosure, and share buybacks [5][6]. - Mergers and acquisitions are aimed at acquiring quality resources and enhancing core competitiveness [5]. - Equity incentives and employee stock ownership plans are designed to align employee interests with company performance [6]. Group 4: Monitoring and Early Warning Mechanism - The company’s board secretary office is responsible for monitoring key financial indicators and initiating early warning mechanisms when thresholds are approached [8]. - In the event of significant stock price declines, the company will analyze the causes, communicate with investors, and may implement measures such as share buybacks or cash dividends to stabilize the stock price [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9] Core Views - The company reported a 28% year-on-year increase in net profit attributable to shareholders in Q2, aligning with expectations, and demonstrated strong performance in orders and cash flow [2] - In the first half of 2025, the company achieved total revenue of 3.4 billion yuan, a 20% year-on-year increase, and a net profit of 640 million yuan, reflecting a 30% year-on-year growth [2] - The growth is attributed to increased investment in the oil and gas industry in the Middle East, sustained high demand for oil service equipment, and strong orders from major clients like Saudi Aramco and ADNOC [2] - The company has a robust order backlog, with contract liabilities of 500 million yuan in the first half of 2025, a 123% year-on-year increase, and a net cash ratio of 1.4, showing improvement [2] Financial Performance - The company maintained a high gross margin of 35.8% in the first half of 2025, with a net profit margin of 18.9%, reflecting a year-on-year increase of 1.5 percentage points [3] - The company’s expense ratio decreased to 12.0%, benefiting from economies of scale and improved operational efficiency [3] - The company launched a stock incentive plan in July 2025, aimed at motivating key employees and demonstrating confidence in long-term growth [4] Financial Forecasts - The company’s revenue is projected to grow from 6.238 billion yuan in 2024 to 10.423 billion yuan in 2027, with a compound annual growth rate of approximately 17.32% [1][10] - Net profit attributable to shareholders is expected to increase from 1.156 billion yuan in 2024 to 2.064 billion yuan in 2027, with a compound annual growth rate of approximately 16.62% [1][10] - The latest diluted EPS is forecasted to rise from 1.50 yuan in 2024 to 2.69 yuan in 2027 [1][10]

Core Viewpoint - The company plans to repurchase its shares through a centralized bidding process on the Shanghai Stock Exchange, aiming to enhance investor confidence and improve its incentive mechanisms [1][4]. Summary by Sections Repurchase Plan Approval and Implementation - The board of directors approved the share repurchase plan on August 21, 2025, with unanimous support [1]. - The repurchase will be executed within 12 months from the board's approval date [4]. Purpose and Use of Repurchased Shares - The repurchased shares will be used for employee stock ownership plans or equity incentives [2][5]. - If the shares are not transferred within three years after the repurchase, they will be canceled [2][10]. Repurchase Price and Amount - The maximum repurchase price is set at RMB 10.37 per share, which is 150% of the average trading price over the previous 30 trading days [2][6]. - The total repurchase amount will be no less than RMB 40 million and no more than RMB 80 million [2][5]. Funding Source - The repurchase will be funded through a special loan from CITIC Bank, with a maximum loan amount of RMB 100 million [2][7]. Impact on Share Structure - The repurchase is expected to affect the company's share structure, with an estimated repurchase of approximately 771.45 million shares if the maximum amount is utilized, representing about 1.24% of the total share capital [5][7]. Management and Disclosure - The management is authorized to make decisions regarding the timing and execution of the repurchase based on market conditions [4][11]. - The company will fulfill its disclosure obligations regarding the progress of the repurchase [1][11].

Core Viewpoint - The article discusses the role and effectiveness of the second type of restricted stock in the A-share market, highlighting its importance in enhancing company value and promoting innovation [1]. Group 1: Application of Second Type of Restricted Stock - The A-share market offers three main equity incentive tools: first type restricted stock, second type restricted stock, and stock options, each differing in shareholder rights, grant discounts, and funding timing [2]. - Since the introduction of the second type of restricted stock in 2019, its penetration rate has been steadily increasing, with many companies in the "two innovation boards" preferring this option for equity incentives [2]. - The second type of restricted stock typically employs a "staged unlocking" mechanism, with the first release of restrictions occurring 12 months after the grant, and full release often taking 36 to 48 months [2]. Group 2: Practical Effects of Second Type of Restricted Stock - Companies implementing the second type of restricted stock have generated excess returns for investors, with average cumulative excess returns of 9.2%, 4.8%, and 6.9% over one, two, and three years, respectively, after the grant [3]. - From 2019 to 2024, companies using this incentive saw average revenue growth rates of 24.3%, 25.9%, and 30.5% in the implementation year, the first year, and the second year, respectively, significantly higher than the A-share market averages [3]. - The average net profit growth rates for these companies were 23.5%, 20.2%, and 7.0% over the same periods, also surpassing the market averages [3]. - R&D expenditure growth rates for companies using the second type of restricted stock were 27.9%, 28.1%, and 24.4%, notably higher than those of companies using stock options and the first type of restricted stock [3]. Group 3: Experience from Mature Markets - In mature markets, restricted stock units (RSUs) are commonly granted at a "0 yuan/share" price, with a significant portion of CEO compensation in the S&P 500 now coming from RSUs [4][5]. - The shift from stock options to RSUs in the U.S. was driven by changes in accounting policies and the desire for more effective employee incentives [4][5]. - The design of equity incentives in these markets emphasizes performance and loyalty, with many companies using a combination of performance and time-based unlocking conditions [5]. Group 4: Insights and Recommendations - The growth in equity incentives among A-share technology companies shows an increase in both quantity and quality, but there remains a gap in frequency, scale, and success rates compared to U.S. counterparts [6]. - It is essential to view equity incentives as tools for motivation rather than mere profit distribution, focusing on their ability to enhance company performance and shareholder returns [6]. - There is a need to improve the adaptability and inclusiveness of equity incentive systems for technology companies, ensuring that long-term incentives are closely tied to the company's long-term value [6].

Group 1 - The core point of the article is the approval of the 2025 restricted stock incentive plan by the board's remuneration and assessment committee of Jiangsu Zhaosheng Microelectronics Co., Ltd, which includes a list of 336 eligible incentive recipients [1][3] - The incentive plan aims to motivate core technical personnel, including some foreign employees, to enhance the stability and development of the company's talent pool [2][3] - The grant date for the restricted stock is set for August 21, 2025, with a grant price of 35.58 yuan per share, totaling 2.78328 million shares to be awarded [3] Group 2 - The adjustment of the incentive recipient list was made due to the departure of some personnel, reducing the number from 340 to 336, and this adjustment is within the authorization of the 2025 second extraordinary general meeting [2][3] - The incentive recipients meet the qualifications set forth by relevant laws and regulations, ensuring the legality and validity of their participation in the incentive plan [3]

Core Viewpoint - The article emphasizes the importance of a well-designed equity structure in partnership entrepreneurship, highlighting that the era of solo entrepreneurship has passed and that the equity design directly impacts a company's future and fate [1]. Group 1: Equity Structure Design - When starting a partnership, equity ratios should be determined based on the shareholders' financial, resource, and technical backgrounds [1]. - A dynamic equity structure should be designed to allow adjustments based on the company's development and the contributions of shareholders [1]. - Many founders lose control of their companies as they grow; strategies to maintain control are essential [1]. Group 2: Risk Management and Responsibilities - The article discusses why some individuals are required to repay debts after a company's bankruptcy while others are not, emphasizing the need for a firewall to protect shareholders from joint liability and other risks [1]. Group 3: Training Program - The article introduces a training program titled "Equity Design and Partnership Implementation Practical 8-Day Experience Camp," aimed at helping participants master the key aspects of equity structure design and partnership implementation [1]. - The program includes two live online sessions with equity design experts, video courses, and opportunities for face-to-face interaction to address practical challenges and blind spots in equity design [6][10]. - The schedule outlines various topics, including equity agreements for startups, effective partnership design, and dynamic adjustments to equity structures to avoid shareholder conflicts [9].

Core Viewpoint - The company has proposed a 2025 Restricted Stock Incentive Plan, which has been reviewed and deemed compliant with relevant laws and regulations, aiming to enhance its long-term incentive mechanism and attract talent [1][2][3][4] Group 1: Compliance and Eligibility - The company does not have any prohibitive circumstances for implementing the stock incentive plan as per the relevant laws and regulations [1] - The individuals included in the incentive plan meet the qualifications set forth in the Company Law, Securities Law, and other relevant regulations, ensuring they are appropriate candidates [2] Group 2: Approval and Process - The incentive plan will be publicly announced internally for at least 10 days after board approval, allowing for feedback before it is presented to the shareholders [3] - The plan's formulation and review process align with legal requirements, ensuring that the granting and vesting arrangements for restricted stocks do not violate any laws or harm the interests of the company and its shareholders [3][4] Group 3: Benefits of the Plan - The implementation of the incentive plan is expected to strengthen the company's long-term incentive mechanism, retain top talent, and align the interests of shareholders, the company, and the core team [4]