Core Viewpoint - The company, Zhouming Technology, has announced the second phase of its partner stockholding plan, with a funding cap of 100 million yuan, which will be determined based on actual contributions [1] Funding Structure - The funding for this partner stockholding plan comes from two sources: 1. Employee's legal salary and other self-raised funds not exceeding 50 million yuan 2. Financing through margin trading and other legally permitted methods, also not exceeding 50 million yuan [1][1] Risk Factors - The assets from self-raised funds and financing will be combined for operation, which may amplify the gains or losses of self-raised funds. In a declining market, the net value drop of self-raised funds may exceed the stock price drop, leading to a risk of forced liquidation [1] - The company's actual controller, Lin Mingfeng, will provide guarantee responsibilities for the principal and interest of the financing from financial institutions [1] Stock Acquisition - The stocks for this partner stockholding plan will be acquired through legally permitted methods in the secondary market, including but not limited to block trades and competitive bidding [1] - The stock purchase must be completed within six months after the shareholders' meeting approves the partner stockholding plan [1]

Core Viewpoint - Beijing Stone Technology Co., Ltd. has approved the 2025 Restricted Stock Incentive Plan and conducted a self-inspection regarding insider trading, confirming no violations occurred during the review period [1][6][32]. Group 1: Incentive Plan Approval - The company held the 10th meeting of the 3rd Board of Directors on August 29, 2025, where the 2025 Restricted Stock Incentive Plan was approved [1][17]. - The plan involves granting 370,700 shares of restricted stock to 62 incentive objects at a price of 107.03 yuan per share, with the grant date set for September 17, 2025 [17][31][39]. Group 2: Insider Information and Trading - A self-inspection was conducted on insider trading activities of individuals aware of the incentive plan, covering the period from February 28, 2025, to August 29, 2025 [2][4]. - Only three individuals had stock changes due to a capital reserve distribution, and their actions were unrelated to insider information [4][5]. Group 3: Management Committee Establishment - The first meeting of the 2025 Partner Shareholding Plan was held on September 17, 2025, with all 53 participants present, representing 100% of the plan's total shares [8][9]. - A management committee was established to oversee the implementation of the shareholding plan, ensuring the protection of participants' rights [9][12]. Group 4: Legal and Financial Compliance - The company has adhered to all relevant laws and regulations regarding the incentive plan, with legal opinions confirming compliance with the necessary approvals and conditions [48][49]. - The financial impact of the incentive plan will be accounted for according to the relevant accounting standards, with expected costs being disclosed [48][49].

Meeting Summary - The third extraordinary general meeting of shareholders was held on September 17, 2025, at the company's headquarters in Beijing [2][3] - All resolutions presented at the meeting were approved without any objections [2] Resolutions Passed - The following proposals were approved: 1. The draft of the 2025 Partner Shareholding Plan and its summary [4] 2. The management measures for the 2025 Partner Shareholding Plan [5] 3. Authorization for the board to handle matters related to the 2025 Partner Shareholding Plan [5] 4. The draft of the 2025 Restricted Stock Incentive Plan and its summary [5] 5. The implementation assessment management measures for the 2025 Restricted Stock Incentive Plan [5] 6. Authorization for the board to handle matters related to the 2025 Restricted Stock Incentive Plan [5] 7. Reappointment of the accounting firm [5] Board Meeting Summary - The 11th meeting of the third board of directors was held on September 17, 2025, with all 8 directors present [11] - The board approved the granting of 370,700 restricted stocks to 62 incentive objects at a price of 107.03 yuan per share [12][17] Stock Incentive Plan Details - The restricted stock grant date is September 17, 2025, with a total of 370,700 shares granted, accounting for 0.1431% of the company's total share capital [17] - The incentive plan is valid for a maximum of 60 months, with vesting conditions specified [24] Legal and Financial Opinions - The legal opinion confirms that the granting of restricted stocks complies with relevant laws and regulations [33] - The independent financial advisor supports that the granting conditions are met and the process is compliant with regulations [33]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company has disclosed a stock incentive and partnership shareholding plan covering 62 key personnel, with a total of 370,700 restricted shares to be granted, accounting for approximately 0.1431% of the total share capital, at a grant price of 107.03 CNY per share [2][4] - The partnership shareholding plan will cover up to 53 individuals, including some directors and senior management, with a maximum of 366,300 shares, also at a repurchase price of 107.03 CNY per share [2][4] - The incentive plans are set for four years with relatively moderate targets, aiming for revenue growth rates of no less than 10%/14%/18%/22% for the years 2025 to 2028, based on 2024 revenue [10] - The company is expected to maintain high revenue growth due to an aggressive competitive strategy, with projected revenue growth rates of +66.54%/+86.22%/+73.78% for Q4 2024 and Q1/Q2 2025 [10] - The company is positioned as a leading player in the cleaning appliance sector, with strong brand recognition and potential for significant market share growth [10] Summary by Sections Company Overview - The company is engaged in the cleaning appliance industry and has a strong focus on technological innovation and product upgrades [10] Financial Projections - The projected net profits for the company from 2025 to 2027 are 2.047 billion, 2.887 billion, and 3.424 billion CNY, respectively, with corresponding P/E ratios of 26.31, 18.66, and 15.73 [10][15]