Core Points - The company has completed the initial registration of its 2025 stock option incentive plan, granting 11.5 million stock options at an exercise price of 6.87 yuan per share to 17 individuals [1][3][5] Group 1: Incentive Plan Overview - The stock options were approved by the board on September 25, 2025, and the plan was publicly disclosed [1][2] - The initial grant date for the stock options is October 15, 2025, with the registration completion date set for November 14, 2025 [1][5] - The stock options will be sourced from the company's A-share ordinary stock issued to the incentive recipients [5] Group 2: Grant Conditions and Structure - The stock options will have a maximum validity period of 60 months from the grant date [6] - The waiting period for the stock options is divided into three phases, with the first exercise possible after 12 months [7][8] - The plan includes a prohibition on transferring the stock options during the waiting period [7] Group 3: Performance Assessment - The exercise of stock options is contingent upon meeting company-level performance targets, which will be assessed annually [13] - If the performance targets are not met, the corresponding stock options will be canceled [12][15] - Individual performance assessments will also determine the actual exercise amount for each recipient [15] Group 4: Financial Impact - The company will recognize the stock option costs in accordance with relevant accounting standards, with an estimated amortization of these costs over time [16] - The incentive plan is expected to positively influence the company's long-term performance by enhancing employee motivation and operational efficiency [16]