Core Insights - The company, Beihang Outdoor Sports Group Co., Ltd. (referred to as "Beihang"), has submitted its IPO application to the Hong Kong Stock Exchange on November 7, 2025, with CICC and CITIC Securities as joint sponsors [1][2] - Beihang has implemented a significant equity incentive program prior to its IPO, with CEO Ma Yubiao receiving a salary of 8.881 million RMB for six months [2][12] Company Overview - Beihang specializes in outdoor apparel and equipment, and its CEO, Ma Yubiao, graduated from Hebei University of Finance and Economics in July 2010, majoring in e-commerce [2][8] - Ma has been with the company since its inception in December 2015 and has played a crucial role in digital transformation and operational efficiency [2][7] Management Structure - The board of directors consists of nine members, including six executive directors and three independent non-executive directors [5] - Key executives include Liu Zhen, the chairman and founder, and Ma Yubiao, the CEO, who oversees daily operations and strategic execution [6][9] Compensation and Incentives - The company has established an equity incentive plan, with 7,471,847 shares granted to 76 participants, including five directors and three supervisors [13] - The total compensation for executive directors for the year ending December 31, 2022, was approximately 5.333 million RMB [11]