Core Viewpoint - The company has decided to cancel the stock options from the 2023 stock option and restricted stock incentive plan that were not exercised during the first exercise period, which ended on July 25, 2025 [11][12]. Summary by Sections Stock Option and Restricted Stock Incentive Plan Overview - The company approved the 2023 stock option and restricted stock incentive plan on July 10, 2023, with independent directors expressing agreement [1][2]. - The plan was publicly announced and received no objections during the internal disclosure period [2][3]. - The plan was further approved by the shareholders on July 26, 2023, allowing the board to determine the grant dates for stock options and restricted stocks [3][4]. Granting and Registration of Stock Options - The company completed the registration of the first grant of stock options, totaling 5,757,384 options, on September 14, 2023 [4]. - The registration of the first grant of restricted stocks, totaling 420,000 shares, was completed on October 10, 2023 [4]. Adjustments and Cancellations - On April 24, 2024, the company adjusted the number and price of the stock options and restricted stocks in the incentive plan [5]. - The company completed the cancellation of 751,422 stock options that were not exercised by the end of the first exercise period on October 11, 2024 [6][11]. - The company also canceled 330,260 restricted stocks on July 29, 2025, as part of the ongoing adjustments to the incentive plan [11]. Impact of Cancellation - The cancellation of the stock options will not materially affect the company's financial status or operational results, nor will it impact the continuation of the incentive plan [11][12]. Compliance and Legal Opinions - The supervisory board confirmed that the cancellation of stock options complies with relevant regulations and does not harm the interests of the company or its shareholders [11][12]. - Legal opinions from external counsel and independent financial advisors affirmed that the necessary approvals for the cancellation were obtained and that the actions taken were in accordance with applicable laws and regulations [12].

Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [7]. Core Views - The company has launched a second phase of its restricted stock incentive plan, aiming for significant revenue growth, targeting 10 billion in revenue by 2027 [1][2]. - The incentive plan is designed to lock in the core team and anchor high growth targets over the next three years, with projected revenue growth rates of no less than 25%, 53%, and 84% for 2025 to 2027 [2]. - The company is focusing on enhancing its domestic brand presence and expanding its high-end product offerings, with notable achievements in brand rankings on e-commerce platforms [3]. - The company is also expanding its production capacity in Thailand to mitigate the impact of U.S. tariffs and accelerate its global supply chain [4]. Summary by Sections Incentive Plan - The second phase of the stock incentive plan involves granting up to 556,000 shares at a price of 47.55 yuan per share, representing 0.14% of the total share capital [1][2]. - The plan aims for revenue targets of 6.56 billion, 8.03 billion, and 9.65 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 728 million, 828 million, and 910 million yuan [2]. Domestic Market Performance - The company's main brand, Maifudi, has maintained its top position on Tmall for five consecutive years through product upgrades and comprehensive marketing strategies [3]. - The high-end brand, Friega, has achieved significant recognition in the industry and is launching innovative products aimed at premium segments [3]. International Expansion - The new factory in Thailand is expected to double production capacity and will serve as a key point to bypass tariff barriers, with an investment of approximately 200 million yuan [4]. - The company is also planning to establish a research and development center in Thailand to enhance global collaboration [4]. Financial Projections - Revenue projections for 2025 to 2027 are estimated at 6.59 billion, 8.20 billion, and 9.94 billion yuan, with net profits expected to reach 754.94 million, 1.02 billion, and 1.29 billion yuan respectively [5]. - The company anticipates maintaining high growth rates, with revenue growth rates of 26%, 24%, and 21% for the respective years [5].

Core Viewpoint - The company plans to repurchase shares with a total amount between 30 million and 50 million RMB, aimed at implementing equity incentives and/or employee stock ownership plans [2][4][6]. Summary by Sections Repurchase Plan Approval and Implementation - The company's board approved the share repurchase plan on August 15, 2025, with unanimous support [4]. - The plan does not require shareholder meeting approval as per company regulations [4]. Main Content of the Repurchase Plan - The repurchase aims to establish a long-term incentive mechanism to align the interests of shareholders, the company, and employees [6]. - The shares to be repurchased are domestic listed ordinary shares (A-shares) [6]. - The repurchase will be conducted through the Shanghai Stock Exchange via centralized bidding [6]. Repurchase Period and Conditions - The repurchase period is set for a maximum of 12 months from the board's approval date, ending on August 14, 2026 [7]. - The repurchase may be terminated early if the maximum or minimum repurchase amount is reached or if the board decides to terminate the plan [7]. Repurchase Amount and Price - The estimated number of shares to be repurchased ranges from approximately 638,300 shares (0.13% of total shares) to 1,063,800 shares (0.22% of total shares) based on the repurchase amounts [8]. - The maximum repurchase price is set at 47 RMB per share, which is 150% of the average trading price over the previous 30 trading days [9]. Funding Source - The repurchase will be funded from the company's own funds [10]. Impact on Company Structure - If the repurchase is fully utilized for equity incentives, it will slightly alter the company's capital structure, with the repurchase amount accounting for 0.64% of total assets and 0.88% of net assets as of March 31, 2025 [11][12]. Future Plans and Compliance - The company commits to not harming its debt repayment ability or ongoing operations through this repurchase [12]. - There are no current plans for major shareholders or executives to sell shares in the next three to six months [13]. Authorization for Implementation - The board has authorized management to handle all matters related to the share repurchase, including setting up a dedicated repurchase account [14][15]. Disclosure and Reporting - The company will comply with legal requirements for information disclosure during the repurchase process and will report on the progress in regular updates [17].

Core Viewpoint - The company has made significant adjustments to its A-share issuance plan, increasing the maximum number of shares to be issued to specific investors from 21,418,292 shares to 30,032,755 shares due to changes in its total share capital resulting from various corporate actions [20][26]. Group 1: Company Overview - The company is identified as Yirui Technology Group Co., Ltd., with stock code 688301 and convertible bond code 118025 [19]. - The company has undergone changes in its total share capital due to annual profit distribution, convertible bond conversion, and stock incentive plans [20][26]. Group 2: Financial Data - The company plans to use up to RMB 4.6 billion of temporarily idle raised funds for cash management, focusing on low-risk, high-liquidity financial products [35][43]. - The company has confirmed that the use of idle funds will not affect the progress of its investment projects and will enhance the efficiency of fund utilization [48][52]. Group 3: Corporate Governance - The company’s board and supervisory board have ensured the accuracy and completeness of the half-year report and have taken responsibility for its content [1][9]. - The company has appointed a new financial director, Jiang Yan, to ensure the continuity of financial management [30][32]. Group 4: Significant Resolutions - The supervisory board approved several key resolutions, including adjustments to the A-share issuance plan, the use of idle funds for cash management, and the use of self-owned funds for project financing with subsequent reimbursement from raised funds [11][17][63]. - The company has established a clear operational process for using self-owned funds for project expenses, ensuring compliance with relevant regulations [59][61].

Core Viewpoint - The company, Guangdong Meixin Technology Co., Ltd., is implementing a restricted stock incentive plan aimed at attracting and retaining talent, aligning the interests of shareholders, the company, and core team members to ensure long-term development and achievement of business goals [1][8]. Summary by Sections Incentive Plan Overview - The incentive plan is based on various laws and regulations, including the Company Law and Securities Law of the People's Republic of China [1]. - The total number of restricted stocks to be granted is 1 million shares, accounting for approximately 2.26% of the company's total share capital of 44.26 million shares [2][12]. - The grant price for the restricted stocks is set at 30.63 yuan per share [4][19]. Granting and Eligibility - The initial grant will be awarded to 55 individuals, including directors, senior management, and key technical personnel [3][10]. - The plan has a maximum validity period of 60 months from the date of the first grant registration [3][6]. Conditions and Restrictions - The plan specifies that no loans or financial assistance will be provided to the incentive recipients [4][11]. - The incentive recipients must not include independent directors, foreign personnel, or major shareholders [4][10]. - The plan will not lead to a distribution of shares that violates listing conditions [5][14]. Performance Assessment - The performance assessment for the restricted stocks will be based on the company's revenue and net profit growth over the years 2025 to 2027 [20][25]. - Specific performance targets include a 10% revenue growth in 2025, 25% in 2026, and 40% in 2027 [20][23]. Adjustments and Compliance - Adjustments to the number of restricted stocks and grant prices will be made in case of capital increases, stock dividends, or other corporate actions [26][27]. - The plan includes provisions for the repurchase and cancellation of stocks if performance conditions are not met [24][28].

Core Viewpoint - The company has the qualifications to implement the 2025 restricted stock incentive plan, as confirmed by the remuneration and assessment committee [1][2]. Group 1: Eligibility and Compliance - The company has verified that it meets the necessary qualifications for implementing the stock incentive plan, including compliance with relevant laws and regulations [1][2]. - The incentive plan does not include company directors, supervisors, senior management, or shareholders holding more than 5% of the company's shares [2]. Group 2: Disclosure and Approval Process - The company will publicly disclose the names and positions of the incentive plan participants at least 10 days prior to the shareholders' meeting [3]. - The remuneration committee will provide its review opinions on the list of incentive participants five days before the shareholders' meeting [3]. Group 3: Benefits and Objectives - The incentive plan aims to enhance employee cohesion and the company's core competitiveness, contributing to sustainable development without harming the interests of the company and its shareholders [3].

Core Viewpoint - The board of directors of Shenzhen Biyimi Electronics Co., Ltd. held its 17th meeting of the second session, approving several key proposals including the 2025 semi-annual report, the cancellation of the supervisory board, and the implementation of a stock incentive plan [1][2][3][4][5][6][7][8][9][10][11][12]. Group 1: Board Meeting Details - The meeting was held on August 15, 2025, with all 7 directors present, complying with relevant laws and regulations [1]. - The board approved the 2025 semi-annual report, confirming its compliance with legal requirements and accurately reflecting the company's financial status [2]. Group 2: Financial Reports and Fund Usage - The board approved the special report on the storage and actual use of raised funds for the first half of 2025, confirming no violations in fund usage [2][3]. - The board agreed on the necessity of using raised funds for capital contributions and loans to wholly-owned subsidiaries to enhance project implementation and efficiency [6][7]. Group 3: Structural Changes - The board approved the cancellation of the supervisory board, transferring its responsibilities to the audit committee, and proposed amendments to the company’s articles of association [3][4]. - The board also agreed to revise and add certain management systems in accordance with updated regulations [4][5]. Group 4: Incentive Plans - The board reviewed and approved the draft of the 2025 restricted stock incentive plan, aimed at attracting and retaining talent while aligning interests among shareholders, the company, and employees [7][8]. - The board proposed to authorize the board to manage the implementation of the incentive plan, including determining eligibility and conditions for participants [9][10]. Group 5: Upcoming Shareholder Meeting - The board agreed to convene the first extraordinary general meeting of shareholders in 2025 on September 5, 2025, to discuss the approved proposals [11][12].

北京德恒（深圳）律师事务所 关于深圳市必易微电子股份有限公司 法律意见 深圳市福田区金田路 4018 号安联大厦 B 座 11 楼 电话:0755-88286488 传真:0755-88286499 邮编:518026 北京德恒（深圳）律师事务所 关于深圳市必易微电子股份有限公司 北京德恒（深圳）律师事务所 关于深圳市必易微电子股份有限公司 法律意见 德恒 06G20250060-00002 号 致：深圳市必易微电子股份有限公司 北京德恒（深圳）律师事务所（以下简称"德恒"）接受深圳市必易微电子股 份有限公司（以下简称"公司"或"必易微"）的委托，担任公司 2025 年限制 性股票激励计划的法律顾问。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"）发布的《上市公司股权激励管理办 法》（以下简称"《股权激励管理办法》"）及上海证券交易所（以下简称"上 交所"）发布的《上海证券交易所科创板股票上市规则》（以下简称"《上市规 则》"）《科创板上市公司自律监管指南第 4 号——股权激励信息披露》（以下 简称 ...

Core Viewpoint - The company has proposed a restricted stock incentive plan for 2025, aiming to attract and retain talent while aligning the interests of shareholders, the company, and key personnel [10][12]. Group 1: Incentive Plan Overview - The incentive plan involves granting a total of up to 623,700 restricted shares, accounting for approximately 0.89% of the company's total share capital of 69,837,819 shares [2][18]. - The initial grant will consist of 499,000 shares, representing 80.01% of the total proposed grant, while 124,700 shares will be reserved for future grants [2][18]. - The grant price for the restricted shares is set at 19.34 yuan per share [26]. Group 2: Eligibility and Conditions - Eligible participants include core technical personnel, technical backbones, business backbones, and other individuals deemed necessary for motivation by the board, with a maximum of 158 participants [3][14]. - The plan stipulates that any participant must not have been identified as an inappropriate candidate by regulatory authorities in the past twelve months [6][14]. - The shares granted will not confer shareholder rights until they are vested, and they cannot be transferred or used as collateral before vesting [2][4]. Group 3: Vesting and Performance Criteria - The vesting period for the restricted shares is set for a maximum of 60 months, with shares vesting in stages based on performance criteria [4][21]. - The performance targets for the incentive plan include a revenue growth rate of 15% for 2025, 30% for 2026, and 45% for 2027, based on the 2024 revenue as a baseline [27][29]. - The plan includes both company-level performance assessments and individual performance evaluations, with specific metrics for revenue growth and gross margin [28][29]. Group 4: Stock Source and Repurchase - The restricted shares will be sourced from shares repurchased from the secondary market or newly issued shares directed to the incentive participants [16][17]. - The company has previously announced a share repurchase plan with a total fund of no less than 42 million yuan and no more than 84 million yuan, aimed at supporting employee stock ownership plans or equity incentives [17][18]. Group 5: Governance and Oversight - The shareholders' meeting is the highest authority for approving the implementation, modification, and termination of the incentive plan, while the board of directors manages its execution [12][13]. - The compensation committee is responsible for reviewing the plan's alignment with the company's sustainable development and ensuring compliance with relevant laws and regulations [13].

证券代码：688045 证券简称：必易微 公告编号：2025-034 深圳市必易微电子股份有限公司 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： 一、股权激励计划目的 为了进一步建立、健全公司长效激励机制，吸引和留住优秀人才，充分 调动其积极性，有效地将股东利益、公司利益和骨干团队个人利益结合在一 起，使各方共同关注公司的长远发展，在充分保障股东利益的前提下，按照 收益与贡献对等的原则，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》"）、《上市公 司股权激励管理办法》（以下简称"《管理办法》"）、《上海证券交易所科 创板股票上市规则》（以下简称"《上市规则》"）、《上海证券交易所科创 板上市公司自律监管指南第 4 号——股权激励信息披露》（以下简称"《自律 监管指南第 4 号》"）等有关法律、法规和规范性文件以及《深圳市必易微电 子股份有限公司章程》（以下简称"《公司章程》"）的规定，制定本激励计 划。 截至本激励计划草案公告日，本公司正在实施 2 ...