Core Insights - Shanghai Bairun Investment Holding Group Co., Ltd. (Bairun Shares) reported a revenue of 1.489 billion yuan and a net profit attributable to shareholders of 389 million yuan for the first half of 2025 [2] - The company's main business is divided into two segments: alcoholic beverages and flavoring agents, with alcoholic beverages accounting for 88.49% of total revenue [2] - Bairun Shares maintains a leading position in the pre-mixed cocktail market, with its core brand "RIO" holding the number one market share nationally for several consecutive years [2] Business Segments - The alcoholic beverages segment, primarily consisting of pre-mixed cocktails and spirits, is the core revenue source for the company [2] - The flavoring agents segment contributes 11.51% to the total revenue [2] Market Position and Strategy - Bairun Shares continues to strengthen its brand advantage through channel innovation, product innovation, and digital marketing [2] - The company invests in enhancing R&D capabilities, expanding its product matrix, and strengthening brand building to address increasing market competition [2] - The Laizhou Distillery, a key whiskey production base, leads in production capacity and barrel aging quantity, supporting the long-term development of the spirits business [2]

Core Viewpoint - Huabao International (00336) experienced a significant stock price increase of over 15%, attributed to strong financial performance in the first half of the year, with notable growth in revenue and profit [1] Financial Performance - The company reported a revenue of 1.621 billion RMB for the first half of the year, representing a year-on-year increase of 2.5% [1] - Net profit attributable to equity holders reached 118 million RMB, showing a substantial year-on-year growth of 298.1% [1] - Basic earnings per share were reported at 3.66 cents, with an interim dividend of 1.2 HK cents and a special dividend of 3.2 HK cents proposed [1] Business Segments - The increase in revenue was primarily driven by rapid growth in the overseas business of tobacco flavoring materials, with the revenue from the tobacco raw materials segment increasing by 45.3% to 238 million RMB [1] - The flavoring materials segment also saw a revenue increase of 7.6% to 405 million RMB, supported by gradual capacity release and the acquisition of new customers [1] Industry Insights - Huabao International is recognized as a leading player in the domestic tobacco flavoring market [1] - According to Guosheng Securities, heated non-burning (HNB) tobacco requires significantly more flavoring agents compared to traditional tobacco, with the amount needed being 6-10 times greater for the same quality of tobacco [1] - Despite the shorter length of HNB tobacco sticks, the overall flavoring requirement per stick is still 3-5 times that of traditional tobacco [1]

Group 1 - The core business of Huabao International includes the research, production, sales, and service of flavors, fragrance raw materials, tobacco raw materials, and new tobacco products, as well as financial investment services [1] - As of August 26, Huabao International's stock price increased by 10.13%, reaching 4.35 HKD per share with a trading volume of 85.87 million HKD [1] - The company emphasizes consumer demand and technological innovation, adhering to a "diversified development" strategy, and has evolved into a modern, international multinational enterprise group [1] Group 2 - As of the mid-year report in 2025, Huabao International reported total operating revenue of 1.621 billion CNY and a net profit of 118 million CNY [2]

Core Viewpoint - The company is conducting a self-examination of its 2025 restricted stock incentive plan, ensuring compliance with relevant regulations and internal governance standards [1]. Compliance Requirements - The financial reports for the most recent accounting year did not receive a negative opinion or inability to express an opinion from registered accountants [2] - There have been no instances in the last 36 months where profit distribution was not conducted according to laws, regulations, or company articles [2] - The incentive plan does not provide loans or any form of financial assistance to the incentive objects [2] Incentive Object Compliance - The incentive plan includes foreign employees who play significant roles in the company's strategic development, management, technology research, project construction, business expansion, and corporate culture [3] - The inclusion of foreign employees as incentive objects is justified based on the company's actual needs and long-term sustainable development goals [3] Regulatory Compliance - The company has not been identified as an inappropriate candidate by the China Securities Regulatory Commission (CSRC) in the last 12 months [4] - There have been no major violations or administrative penalties imposed by the CSRC in the last 12 months [4] Incentive Plan Specifics - The total number of shares involved in all effective stock incentive plans does not exceed 20% of the company's total equity [6] - The plan includes performance assessment indicators for directors and senior management [6][7] - The plan's effective period does not exceed the stipulated duration from the date of grant [7] Disclosure and Transparency - The incentive plan's purpose, criteria for selecting incentive objects, and the number of rights to be granted are clearly outlined [7] - The plan includes detailed conditions for exercising rights, including performance assessment indicators and the rationale behind them [8][9] - The company has committed to ensuring that all related disclosure documents do not contain false records or misleading statements [10] Governance and Oversight - The remuneration and assessment committee has provided opinions on the incentive plan's alignment with the interests of the company and all shareholders [12] - The company has engaged legal counsel to issue opinions in accordance with the regulations governing stock incentive plans [12]

Core Points - The company is implementing a stock incentive plan to attract and retain talent, aligning the interests of shareholders, the company, and key personnel for long-term development [10][19][30] - The plan involves granting 19.1 million restricted stocks, accounting for 3.10% of the company's total share capital, with an initial grant of 18.1 million shares [3][19] - The grant price for the restricted stocks is set at 9.62 yuan per share, with adjustments possible based on corporate actions [4][24] Summary by Sections Incentive Plan Overview - The incentive plan is based on various laws and regulations, including the Company Law and Securities Law, and aims to establish a long-term incentive mechanism [1][10] - The plan will be executed after approval from the shareholders' meeting and must comply with relevant regulations from the Hong Kong Stock Exchange if applicable [7][11] Stock Grant Details - The plan proposes to grant 19.1 million restricted stocks, with 18.1 million for the initial grant and 1 million reserved for future grants [3][19] - The initial grant represents 94.76% of the total, while the reserved portion accounts for 5.24% [3][20] - The total number of stocks involved in all effective incentive plans will not exceed 10% of the company's total share capital [3][20] Eligibility and Conditions - A total of 135 individuals will be granted stocks, representing 11.02% of the company's workforce [4][16] - Eligible participants include directors, senior management, and key personnel, excluding independent directors and major shareholders [6][16] - The plan specifies that no loans or financial assistance will be provided to participants for acquiring the stocks [10][11] Vesting Schedule - The restricted stocks will vest in three phases: 30% after 12 months, 30% after 24 months, and 40% after 36 months [5][21] - The vesting is contingent upon meeting performance targets set for the years 2026 to 2028 [27][30] Performance Metrics - The performance metrics for the incentive plan will focus on revenue growth rates, which are critical for assessing the company's operational status and market competitiveness [28][30] - The plan includes both company-level and individual performance assessments to determine the vesting of stocks [27][30] Adjustments and Compliance - The plan allows for adjustments to the number of restricted stocks and grant prices based on corporate actions such as stock splits or capital increases [24][31] - The company commits to ensuring that the implementation of the incentive plan does not violate any listing conditions [11][12]

事会提出、监事会/薪酬与考核委员会发表明确意见、律师发表专业意见并出具法律意 见书后，公司在指定网站按要求及时准确披露激励对象相关信息。 华宝香精股份有限公司 董事会 华宝香精股份有限公司 获授的限制 获授限制性股 获授限制性股 姓名 职务 性股票数量 票占授予总量 票占当前总股 （万股） 的比例 本比例 一、董事、高级管理人员 袁肖琴 董事、总裁 150 7.85% 0.24% 李小军 董事、副总裁 80 4.19% 0.13% 韩鹏良 董事、副总裁 80 4.19% 0.13% 侯晓勤 副总裁兼董事会秘书 65 3.40% 0.11% 贠秋冬 副总裁 80 4.19% 0.13% 任玉津 财务总监 50 2.62% 0.08% 二、公司（含控股子公司）的核 心管理、技术、业务人员及董事 会认为需要激励的其他人员（均 1,305 68.32% 2.12% 为公司或控股子公司的员工， 共 129 人） 三、首次授予部分合计 1,810 94.76% 2.94% 四、预留限制性股票 100 5.24% 0.16% 合计 1,910 100% 3.10% 注：1、上述任何一名激励对象通过全部有效的股权激励计划获授 ...

Core Viewpoint - The company is implementing a stock incentive plan to attract and retain talent, aligning the interests of shareholders, the company, and key personnel for long-term development [10][11]. Group 1: Incentive Plan Overview - The incentive plan involves granting 19.1 million restricted stocks, accounting for approximately 3.10% of the company's total share capital at the time of the announcement [3][15]. - The initial grant consists of 18.1 million shares, representing 94.76% of the total grant, with a reserved portion of 1 million shares, accounting for 5.24% [3][15]. - The grant price for the restricted stocks is set at 9.62 yuan per share [4][20]. Group 2: Eligibility and Participants - A total of 135 individuals will receive the initial grant, representing 11.02% of the company's total workforce of 1,225 employees as of December 31, 2024 [4][13]. - Eligible participants include directors, senior management, core management, technical, and business personnel, excluding independent directors and major shareholders [4][6]. Group 3: Vesting and Performance Conditions - The restricted stocks will vest in three phases: 30% after 12 months, 30% after 24 months, and 40% after 36 months [5][18]. - The performance assessment for vesting will be based on the company's financial targets for the years 2026 to 2028 [21][23]. Group 4: Compliance and Legal Framework - The incentive plan is established in accordance with relevant laws and regulations, including the Company Law and Securities Law of the People's Republic of China [1][10]. - The plan will not lead to a violation of the company's shareholding distribution requirements for listing [9]. Group 5: Financial Implications - If all restricted stocks are fully subscribed, the company will raise approximately 174.12 million yuan, which will be used to supplement working capital [30].

北京市中伦律师事务所 关于华宝香精股份有限公司 的法律意见书 二零二五年八月 法律意见 北京市中伦律师事务所 关于华宝香精股份有限公司 的法律意见书 致：华宝香精股份有限公司 | | 释 义 | | | --- | --- | --- | | 除非另有所指，本法律意见书所使用下列词语具有的含义如下： | | | | 公司 | 指 | 华宝香精股份有限公司 | | 《激励计划（草案）》 | | 指 华宝香精股份有限公司 2025 年限制性股票激励计划（草案） | | 本次激励计划、本计划 | | 指 华宝香精股份有限公司 2025 年限制性股票激励计划 | | 限制性股票、第二类限 | | 符合本激励计划授予条件的激励对象，在满足相应归属条件后 | | 指 | | | | 制性股票 | | 分次获得并登记的本公司股票 | | | | 在公司（含控股子公司）任职的董事、高级管理人员、核心管 | | 激励对象 指 | | 理、技术、业务人员以及董事会认为需要激励的其他人员（均 | | | | 为公司或控股子公司的董事或员工） | | 授予日 指 | | 公司向激励对象授予限制性股票的日期，授予日必须为交易日 | | ...

Core Viewpoint - The company has developed a restrictive stock incentive plan for 2025 to attract and retain talented personnel, aligning the interests of shareholders, the company, and core team members for long-term development [1] Group 1: Assessment Objectives and Principles - The assessment aims to evaluate the performance of incentive targets comprehensively, ensuring the smooth implementation of the stock incentive plan and promoting sustainable development of the company [1] - The assessment principles emphasize fairness, transparency, and alignment of the stock incentive plan with the performance and contributions of the incentive targets [2] Group 2: Assessment Scope and Institutions - The assessment applies to all incentive targets involved in the stock incentive plan, including directors, senior management, and other key personnel [2] - The board's remuneration and assessment committee leads the assessment, supported by relevant departments such as human resources and finance [2][3] Group 3: Performance Evaluation Indicators and Standards - The performance evaluation for the stock incentive plan spans three accounting years from 2026 to 2028, with specific performance targets set for each year [2] - Individual performance assessments will determine the actual number of restricted stocks that incentive targets can claim based on their performance [3] Group 4: Assessment Procedures and Results Management - The human resources department is responsible for conducting assessments and reporting results to the remuneration and assessment committee [3] - Incentive targets have the right to know their assessment results and can appeal if they disagree with the outcomes [3][4] - Assessment results are confidential and must be archived for at least five years, with provisions for corrections if influenced by external factors [3][4]

Group 1 - The core point of the article is that Huabao Co., Ltd. announced an incentive plan to grant 19.1 million restricted stocks to 135 individuals, representing 3.1% of the company's total share capital of approximately 616 million shares [1][1][1] - The grant price for the restricted stocks is set at 9.62 yuan per share, with a maximum validity period of 60 months from the date of grant [1][1][1] - As of the report, Huabao Co., Ltd. has a market capitalization of 11.9 billion yuan [1][1][1] Group 2 - For the year 2024, Huabao Co., Ltd.'s revenue composition is entirely from fragrances, accounting for 100% [1][1][1]