Core Points - Wanchen Group announced the approval of the second vesting period for the first batch of its 2023 second phase restricted stock incentive plan during the 35th meeting of the fourth board of directors held on September 24, 2025 [1] - The board confirmed that the vesting conditions for the first batch of the initial grant have been met, allowing for the vesting of 1,276,360 shares of restricted stock for 55 eligible incentive recipients [1] Summary by Category - **Incentive Plan Details** - The board approved the vesting conditions for the second vesting period of the first batch of the 2023 second phase restricted stock incentive plan [1] - A total of 1,276,360 shares will be vested to 55 eligible recipients as part of this incentive plan [1] - **Regulatory Compliance** - The decision was made in accordance with the "Management Measures for Equity Incentives of Listed Companies" and the relevant provisions of the company's 2023 second phase restricted stock incentive plan [1]

Core Points - Wanchen Group announced an adjustment to the grant price of its 2023 second phase restricted stock incentive plan from 18.65 yuan per share to 18.05 yuan per share [1] Summary by Category - **Company Announcement** - The company held its 35th meeting of the 4th Board of Directors on September 24, 2025, where the adjustment of the stock grant price was approved [1]

Core Viewpoint - The China Chain Store and Franchise Association held a symposium to address employment challenges in the retail sector, emphasizing the need for innovative practices and government support to stabilize employment in the industry [1][2]. Group 1: Employment Situation - The retail industry employs over 50 million people, accounting for approximately 7% of China's total employment, making it a crucial player in maintaining livelihoods and stabilizing employment [2]. - The changing market competition and demographic shifts have increased the demands on employee skills and cost management for companies [2]. Group 2: Symposium Focus - The symposium focused on three core topics: analyzing new employment forms and challenges, sharing innovative practices for stabilizing employment, and discussing the impact of new judicial interpretations on labor disputes [1]. - Companies are implementing strategies such as optimizing scheduling, advancing digital management, providing skills training, and establishing new labor relations to stabilize job positions [1]. Group 3: Government and Industry Collaboration - The outcomes of the symposium will be compiled into a report addressing common industry issues and proposed solutions, which will be submitted to relevant government departments for policy-making reference [2].

Group 1 - The third Chain Industry Conference opened in Zhengzhou, focusing on "Innovation, Restructuring, and Leading," with over 800 representatives from chain enterprises and service organizations discussing consumption upgrades and digital revolution [1] - The retail industry has entered a new cycle of stock competition, requiring enterprises to build four core capabilities: product management, member operation, scenario creation, and efficiency enhancement [3] - Data is becoming a core asset in the chain industry, with Henan Unicom aiming to create a digital transformation foundation through smart factories, smart supply chains, and smart stores [3] Group 2 - The operational model of 30,000 stores was revealed by Mixue Ice City, achieving a quality control error rate of less than 0.3% through standardized operation manuals, digital supervision systems, and tiered training mechanisms [5] - AI is reshaping the industry ecosystem, with Henan Unicom demonstrating an AI-enabled site selection system that shortens the store opening decision cycle by 60% and an AI store inspection system that improves store management efficiency by 300% [5] - CITIC Bank launched a "Five-Dimensional Leap Plan" for new consumption enterprises, offering franchise rights pledge financing with a maximum credit of 500 million yuan per brand, addressing the challenges of light asset expansion [5]

Group 1 - New leadership changes at Shandong New Star Group, with Lu Yuncheng becoming the legal representative and Gao Bing joining the board [1][2] - New Star Group, established in September 1990, operates in various sectors including distribution logistics, retail, e-commerce, financial services, and food culture, and has strong partnerships with well-known brands like Moutai and Haier [1] - The company ranked 56th in the "2024 China Chain Top 100" list with 490 stores and a revenue of 8.693 billion yuan [1] Group 2 - Lu Yuncheng's recent appointment as the party secretary marks his increased role within the company [2] - Recent changes in the board include the departure of Ye Yanli and Sun Zaiping, while Lu Yuncheng and Gao Zhong were appointed as directors [2] - Despite Lu Yuncheng's new role, he does not hold shares in New Star Group, with major shareholders being Chen Fuzhen, Ye Yanli, and Wei Qing [3] Group 3 - The passing of former chairman Wei Xindong in February 2022 led to a shift in leadership, with Chen Fuzhen taking over as chairman [1] - Internal sources indicate that Wei Qing and Wei Guoxian, sons of Wei Xindong, have not been actively involved in the company's operations [3] - The company has not officially confirmed the leadership changes, stating that Chen Fuzhen remains the chairman [3]

Core Points - The "Hundred Days of Millions of Recruitment Special Action" launched online recruitment events in four sectors: modern services, healthcare, chain operations, and the internet, with participation from 25,000 employers and a recruitment demand exceeding 916,000 positions [1] Group 1: Modern Services Sector - The modern services sector will feature over 8,600 employers offering positions such as software testing engineers, after-sales engineers, and sales managers, with a recruitment demand of 141,000 positions [1] Group 2: Healthcare Sector - The healthcare sector will involve over 1,200 employers providing roles like pharmaceutical formulation researchers, medical affairs consultants, and medicinal chemistry researchers, with a recruitment demand of 9,000 positions [1] Group 3: Chain Operations Sector - The chain operations sector will include 12,000 employers offering positions such as store managers, purchasers, and salespersons, with a recruitment demand of 651,000 positions [1] Group 4: Internet Sector - The internet sector will have over 3,100 employers providing roles like software development engineers, data analysts, and operational support, with a recruitment demand of 115,000 positions [1] Group 5: Live Streaming Recruitment Event - On July 31, a live streaming recruitment event titled "Employment Online" was held, featuring employment officials from Shaanxi, Gansu, and Ningxia, showcasing job opportunities in manufacturing, finance, real estate, and business services, including positions like mechanical design engineers, breeding technicians, wealth managers, property managers, and e-commerce specialists [1]

Group 1 - The "Hundred Days of Millions of Recruitment" initiative is launching online recruitment events for four sectors: modern services, healthcare, chain operations, and the internet, with participation from 25,000 employers and a recruitment demand exceeding 916,000 positions [1] - The modern services sector will involve over 8,600 employers, offering positions such as software testing engineers, after-sales engineers, and sales managers, with a recruitment demand of 141,000 [1] - The healthcare sector will have over 1,200 employers, providing roles like pharmaceutical formulation researchers, medical affairs consultants, and medicinal chemistry researchers, with a recruitment demand of 9,000 [1] - The chain operations sector will include 12,000 employers, offering positions such as store managers, purchasers, and salespersons, with a recruitment demand of 651,000 [1] - The internet sector will feature over 3,100 employers, providing roles like software development engineers, data analysts, and operational support, with a recruitment demand of 115,000 [1] Group 2 - On July 31, a live-streaming recruitment event titled "Employment Bureau Chief Enters the Live Room" will be held, featuring employment officials from Shaanxi, Gansu, and Ningxia, focusing on industries such as manufacturing, finance, real estate, and business services [2] - The event will offer positions including mechanical design engineers, breeding technicians, wealth management advisors, property management, and e-commerce specialists [2] - Employers and job seekers can access the recruitment events through platforms like the China Public Recruitment Network, the National Talent Network, and the main page of the Employment Online initiative [2]

Group 1 - The "Hundred Days of Millions of Recruitment" initiative is launching four online recruitment events in the modern services, healthcare, chain operation, and internet industries, with participation from 25,000 employers and a recruitment demand exceeding 916,000 positions [1] - The modern services sector will involve over 8,600 employers, offering positions such as software testing engineers, after-sales engineers, and sales managers, with a recruitment demand of 141,000 [1] - The healthcare sector will have over 1,200 employers, providing roles like pharmaceutical formulation researchers, medical affairs consultants, and medicinal chemistry researchers, with a recruitment demand of 9,000 [1] - The chain operation sector will include 12,000 employers, offering positions such as store managers, purchasers, and salespersons, with a recruitment demand of 651,000 [1] - The internet sector will involve over 3,100 employers, providing roles like software development engineers, data analysts, and operational support, with a recruitment demand of 115,000 [1] Group 2 - On July 31, a live-streaming recruitment event titled "Employment Bureau Chief Enters the Live Room" will be held, featuring employment officials from Shaanxi, Gansu, and Ningxia, focusing on industries such as manufacturing, finance, real estate, and business services [2] - Employers will offer positions including mechanical design engineers, breeding technicians, wealth managers, property managers, and e-commerce specialists [2] - Job seekers can access the recruitment events through platforms like the China Public Recruitment Network, the National Talent Network, and the main page of the Employment Online initiative [2]

Group 1 - The core viewpoint of the article emphasizes the transformation of the chain economy in China, highlighting its role as a significant driver of structural growth in the consumer market [4] - The number of chain stores among the top 100 chain enterprises in China is projected to reach 257,200 by 2024, with a sales scale of 2.13 trillion yuan [4] - The chain restaurant penetration rate is expected to increase from 19% in 2021 to 23% in 2024, indicating accelerated adoption of the chain model across various sectors [4] Group 2 - The rise of the chain economy is attributed to both internal factors, such as refined enterprise management and the widespread use of technology, and external factors, including macro policies promoting stable, efficient, and branded consumption [4] - The shift from decentralized competition to organized growth in the chain industry is crucial for enhancing consumer quality and upgrading the economy [4] - The founder of Yima Chain Industry Group, Dr. Ma Ruiguang, stated that the next five years will be a critical window for regional chain brands to expand nationally and structurally [4][6] Group 3 - The effective conversion of chain enterprises' expansion capabilities into "high-quality employment" is a shared focus for policymakers and businesses [6] - Each standard chain store can directly create 3 to 7 jobs, and with a density of 50 stores, indirect employment can exceed 100 jobs through related sectors [6] - Yima is exploring a model combining "city partners + entrepreneurial incubation + training output" to promote store expansion and build a sustainable grassroots employment ecosystem [6]

Core Insights - The "10 Trillion City Center" New Quality Business Development Conference was held in Foshan, focusing on exploring new commercial dynamics, models, and scenarios through a collaborative mechanism between government and industry associations [1][2] - The establishment of the "10 Trillion City Center" Business Development Alliance aims to enhance resource flow and cooperation among six major GDP city centers, addressing the challenges of homogenization in urban competition [2][3] - The alliance has shown significant results in mechanism construction, resource sharing, and market expansion, with over 40 investment projects initiated in Foshan and more than 10 commercial brands expanding into alliance cities [2][6] Industry Reports and Trends - The 2024 Guangdong Chain Operation Development Report indicates that the top 100 chain enterprises in Guangdong achieved a sales scale of 537.6 billion yuan, a decrease of 1.1% from the previous year, while the number of stores increased by 7.1% to 188,000 [4] - The average gross profit margin for listed chain enterprises fell to 35.7%, the lowest in five years, highlighting the challenges faced by the industry [4] - Emerging economic systems such as ice and snow economy, silver economy, and sports economy are being prioritized to help chain enterprises break through traditional business frameworks [5] Regional Development and Collaboration - The alliance emphasizes the creation of a cross-regional commercial collaboration network, effectively breaking down regional barriers and establishing a differentiated commercial ecosystem [3][6] - Foshan's commercial transformation is being supported by the alliance's practices, which provide replicable experiences for urban commercial upgrades [6][7] - The introduction of new brands and platforms in Foshan, such as 24 first stores and major platforms like Douyin and Sam's Club, indicates a growing commercial capacity [7] Economic Performance - In 2024, Foshan's social retail sales reached 88.211 billion yuan, a growth of 1.4% year-on-year, with significant increases in tourism revenue and visitor numbers [7] - The city is actively promoting cultural and commercial integration through various events and initiatives, aiming to enhance its status as a commercial consumption center [8]