Meeting Overview - The meeting of the Supervisory Board of Guangdong Yuehai Feed Group Co., Ltd. was held on July 7, 2025, with all five supervisors present, including one participating via remote voting [1][2] - The meeting was chaired by the Supervisory Board Chairwoman, Liang Aijun, and complied with legal regulations and the company's articles of association [1] Resolutions Passed - The proposal regarding the "Shareholder Return Plan for the Next Three Years (2025-2027)" was approved with unanimous support [2] - The proposal for the "2025 Employee Stock Ownership Plan (Draft)" was discussed but will be submitted directly to the shareholders' meeting for approval due to a lack of quorum for voting [3] - The "2025 Employee Stock Ownership Plan Management Measures" was also discussed and will be submitted to the shareholders' meeting for approval due to the same voting issue [4] - The proposal to cancel certain stock options was approved unanimously, aligning with relevant laws and regulations [4] - The proposal to provide guarantees for accounts payable arising from the procurement of raw materials by subsidiaries was also approved unanimously [5]

Meeting Overview - The company will hold its first extraordinary general meeting of shareholders in 2025 on July 25, 2025 [1] - The meeting is convened by the board of directors and complies with relevant laws and regulations [1][2] - The meeting will take place at the company's conference room located at 22 Airport Road, Xiashan District, Zhanjiang, Guangdong Province [2] Voting Details - The meeting will utilize a combination of on-site voting and internet voting [2] - The record date for shareholders eligible to attend the meeting is July 18, 2025 [2] - Shareholders can vote through the Shenzhen Stock Exchange internet voting system from 9:15 AM to 3:00 PM on July 25, 2025 [4][6] Agenda Items - The main proposal for the meeting is to authorize the board of directors to handle matters related to the company's 2025 employee stock ownership plan [2][5] - This proposal requires a special resolution, needing approval from more than two-thirds of the voting rights held by attending shareholders [2] - Other proposals are ordinary resolutions, requiring a simple majority for approval [2] Registration Information - Registration for the meeting will occur on July 18, 2025, from 9:00 AM to 12:00 PM and 2:00 PM to 5:30 PM [3] - Registration can be done on-site or via mail, fax, or email, with specific documentation required [4] Contact Information - The company has provided contact details for inquiries related to the meeting, including phone and email [4]

Core Viewpoint - The announcement details the completion of the first lock-up period of the 2024 employee stock ownership plan (ESOP) for Sichuan Tianwei Food Group Co., Ltd, and confirms that the conditions for unlocking shares have been met [1][3][6] Implementation Progress of the Employee Stock Ownership Plan - The first lock-up period of the 2024 ESOP ended on July 8, 2025, following the approval of the plan at the annual shareholders' meeting on April 19, 2024 [1][2] - The purchase price for the 2024 ESOP was adjusted from 6.53 yuan per share to 6.13 yuan per share due to the company's 2023 annual equity distribution [2] Unlocking Conditions Achievement - A total of 2,646,000 shares, representing 0.25% of the company's total share capital, are eligible for unlocking [3][6] - The unlocking is structured in two phases: 50% after 12 months and the remaining 50% after 24 months from the last transfer date of the stock, which was July 8, 2024 [3][4] Performance Assessment for Unlocking - The performance target for the first unlocking period was set at a revenue of 3,476,251,642.23 yuan for 2023, with a required growth rate of at least 10% for 2024 [4][5] - The actual growth rate achieved was 10.41%, exceeding the performance requirement, thus meeting the conditions for unlocking [5] Subsequent Arrangements Post Unlocking - The management committee of the ESOP will manage the distribution of the unlocked shares, either through sale or transfer to individual accounts, while addressing any unfulfilled unlock conditions due to employee departures or performance issues [5][6] Verification by the Compensation and Assessment Committee - The board's compensation and assessment committee confirmed that the number of shares eligible for unlocking complies with the relevant regulations and that the decision-making process was lawful and did not harm the interests of shareholders [6]

Core Viewpoint - Shanghai Fuje Environmental Technology Co., Ltd. has approved its 2025 Employee Stock Ownership Plan (ESOP) to enhance employee engagement and align interests between employees and shareholders [1][2][3] Summary by Sections Employee Stock Ownership Plan Overview - The ESOP aims to establish a mechanism for shared interests and risk between employees and shareholders, enhancing employee motivation and company competitiveness [10][12] - The total amount of funds to be raised through the ESOP is capped at 9 million RMB, with each share priced at 1 RMB, allowing for a maximum of 9 million shares to be subscribed [3][12] Participants and Funding - The plan will involve up to 130 employees, including 10 directors and senior management, with a maximum of 260,000 shares allocated to them, representing 28.89% of the total shares [12][14] - The funding sources for the ESOP will include employees' legal salaries, self-raised funds, and other legally permitted means, with no financial assistance provided by the company [3][18] Stock Acquisition and Management - The ESOP will acquire company A-shares through the secondary market, with the purchase price determined by market conditions [5][18] - The plan will be managed by a committee responsible for daily oversight and management, ensuring that the interests of the participants are safeguarded [21][27] Duration and Lock-up Period - The ESOP will have a duration of 36 months, with a lock-up period of 12 months starting from the completion of the last stock purchase [6][19] - Upon expiration of the lock-up period, the management committee will decide on the timing for selling the acquired stocks [6][19] Rights and Obligations of Participants - Participants will voluntarily join the ESOP, and their rights include dividend rights and investment income, while they will waive voting rights associated with the shares [22][23] - Participants are responsible for their own investment risks and must comply with the plan's regulations [10][22] Plan Adjustments and Termination - The ESOP can be modified or terminated based on the decisions made by the participants during meetings, requiring a two-thirds majority for significant changes [35][36] - The plan will automatically terminate if the company undergoes a change in control or if the stock purchase is not completed within the specified timeframe [35][36]

Group 1 - The company held its first holder meeting for the 2025 Employee Stock Ownership Plan (ESOP) on July 7, 2025, with 41 participants representing 16,787,977.44 shares, which is 100% of the total shares in the plan [1][2] - The meeting approved the establishment of a management committee for the 2025 ESOP to oversee daily management and represent holders' rights, consisting of three members with a term lasting for the duration of the plan [1][2] - The meeting also elected three members to the management committee: Hong Kaihua, Liu Longtao, and Zhang Ximei, all of whom do not hold more than 5% of the company's shares and have no affiliations with major shareholders or management [2][3] Group 2 - The management committee was authorized to handle various matters related to the ESOP, including share recovery, participation in financing activities, and management of the plan's assets [2][3] - The authorization for the management committee is effective from the date of the meeting until the termination of the ESOP [3]

Group 1 - The company held the first meeting of the 2025 Employee Stock Ownership Plan (ESOP) on July 7, 2025, with 96 participants representing 28,098,000 shares, which is 100% of the total shares in the plan [1][2] - The meeting approved the establishment of a management committee for the 2025 ESOP to enhance management efficiency and protect the rights of the plan holders [1] - The committee consists of three members, with a chairperson elected for a term that aligns with the duration of the ESOP [2] Group 2 - The meeting also elected three members to the management committee: Zhou Yang, Cui Lin, and Chen Longxiang, with unanimous approval from all participants [2] - The first meeting of the management committee was held on the same day, electing Zhou Yang as the chairperson [2] - The management committee was authorized to handle various matters related to the ESOP, including convening meetings, supervising daily management, and managing assets [3]

Core Viewpoint - Jianglong Shipbuilding Technology Co., Ltd. announced the achievement of the unlocking conditions for the third lock-up period of its 2022 employee stock ownership plan, allowing for the unlocking of 1,739,433 shares, which represents 0.4606% of the company's total share capital [1][9]. Summary by Sections Employee Stock Ownership Plan Approval Process - The company held meetings to approve the employee stock ownership plan and its management measures, with independent directors and legal advisors providing their opinions [1][2]. Performance Assessment for Unlocking - The performance targets for the unlocking periods were established, with specific revenue and net profit thresholds set for 2022, 2023, and 2024 [7][8]. - The company achieved a revenue of 1,729,394,701.49 yuan in 2024, surpassing the target of 1.52 billion yuan for the third lock-up period [8]. Individual Performance Evaluation - A total of 74 participants achieved a 100% unlocking ratio, while no participants had an unlocking ratio of 80% or 0% [9]. - Individual performance evaluations are categorized into four levels: Excellent, Good, Qualified, and Unqualified, determining the actual unlocking ratio for each participant [8][9]. Subsequent Arrangements - The company will proceed with the authorized disposal of the employee stock ownership plan's rights in accordance with relevant stock trading regulations [10]. Opinions from Committees - The Compensation and Assessment Committee and the Supervisory Committee both confirmed that the unlocking conditions were met and the procedures were legal and effective [10].

Group 1 - The company held its first meeting of the second employee stock ownership plan on July 6, 2025, with 207 out of 210 holders attending, representing 96.47% of the total shares involved in the plan [1][2] - The meeting approved the establishment of a management committee for the second employee stock ownership plan to ensure its smooth operation and protect the rights of the holders [1][3] - The management committee consists of three members, elected by the holders, with the chairman selected by a majority vote among the committee members [2][3] Group 2 - The meeting also elected three members to the management committee, all of whom are company employees, ensuring no conflicts of interest with major shareholders or controlling entities [2][3] - The management committee was authorized to handle various matters related to the employee stock ownership plan, including initial and change registrations of shares, stock sales after lock-up periods, and distribution of benefits [3][4] - The authorization for the management committee is effective from the date of the meeting until the termination of the employee stock ownership plan [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock price in the next six months [1][5]. Core Insights - The company has demonstrated resilience in its core automotive interior business, achieving a revenue of 2.098 billion yuan in 2024, a year-on-year increase of 16.35%, significantly exceeding its target [5]. - The first unlocking phase of the employee stock ownership plan has been completed, with 36 holders unlocking a total of 4.6706 million shares, accounting for 0.32% of the total share capital [5]. - The company is expected to see a recovery in profits in 2025, with a projected net profit of 2.17 billion yuan, reflecting a growth trajectory supported by product structure optimization and the potential of the filter business as a second growth driver [5]. Financial Performance Summary - **Revenue Forecast**: The company’s main revenue is projected to grow from 2.098 billion yuan in 2024 to 2.343 billion yuan in 2025, representing a 12% year-on-year increase [4][6]. - **Net Profit Forecast**: The net profit is expected to rise from 163 million yuan in 2024 to 217 million yuan in 2025, marking a 33% increase [4][6]. - **Earnings Per Share (EPS)**: EPS is forecasted to increase from 0.11 yuan in 2024 to 0.15 yuan in 2025 [4][6]. - **Gross Margin**: The gross margin is expected to stabilize at around 24% from 2025 onwards [4][6]. - **Return on Equity (ROE)**: ROE is projected to improve from 4% in 2024 to 6% in 2025 [4][6]. Business Segment Performance - **Automotive Interior Business**: This segment achieved a revenue of 1.926 billion yuan in 2024, with a year-on-year growth of 20.88%, driven by the recovery in the automotive industry and an increase in orders for new energy vehicle components [5]. - **New Energy Business**: The new energy segment faced challenges, with revenue declining by 17.99% to 172 million yuan in 2024 due to insufficient grid consumption capacity and falling market prices [5]. - **Filter Business**: The company’s filter business is expected to contribute positively as production ramps up, with plans to launch new products in 2025 [5].

Core Viewpoint - The company has successfully completed the second lock-up period of its 2023 employee stock ownership plan, allowing for the unlocking of 1.8915 million shares, which represents 30% of the total shares in the plan and 0.47% of the company's total share capital [1][3][6] Summary by Sections 1. Employee Stock Ownership Plan Overview - The company approved the 2023 employee stock ownership plan during meetings held on March 30, April 20, and subsequent meetings, granting the board full authority to manage the plan [1][2] - The purchase price for the shares in the plan was adjusted from 6.28 yuan/share to 6.21 yuan/share on May 22, 2023 [2] - As of June 30, 2023, the company transferred 6,305,000 shares to the employee stock ownership plan, accounting for 1.58% of the total share capital [2] 2. Conditions for Unlocking Shares - The employee stock ownership plan has three unlocking phases, with the second phase's conditions met as of July 7, 2025, after the lock-up period ended on June 29, 2025 [3][4] - The unlocking conditions require either a net profit of 260% based on the 2022 figures or a specific revenue target for 2023, with performance evaluated by an independent accounting firm [5][6] 3. Performance Evaluation - The performance of the 105 participants in the plan was rated as excellent, resulting in a 100% unlocking ratio for the personal level [6] - The total number of shares eligible for unlocking in this phase is 1.8915 million, with all participants meeting the performance criteria [6] 4. Future Arrangements - A meeting will be held for plan participants to decide on the distribution of rights and benefits based on the board's evaluations [7] - The management committee will determine the timing and quantity of stock sales in accordance with market conditions and the plan's regulations [7][8]