Core Viewpoint - The company is proposing an employee stock ownership plan (ESOP) for 2025, which requires approval from the shareholders' meeting to be implemented. The plan's success is uncertain due to various factors, including employee participation and funding sources [1][2]. Group 1: Plan Overview - The ESOP is designed in accordance with relevant laws and regulations, including the Company Law and Securities Law of the People's Republic of China [2]. - The plan is voluntary, with a maximum of 111 employees participating, including key management and core personnel [2][9]. - The total funding to be raised through the plan is capped at 27.216 million yuan, with each share priced at 9.45 yuan [3][13]. Group 2: Funding and Share Allocation - The funding sources for the ESOP include employees' own funds and legally permitted methods, with no financial assistance provided by the company [3][12]. - The total number of shares held by the ESOP will not exceed 10% of the company's total equity, and individual employee holdings will not exceed 1% [4][9]. - The plan includes a reserve of 382,000 shares, accounting for 13.26% of the total shares, to attract and retain talent [3][11]. Group 3: Lock-up and Vesting Period - The ESOP has a duration of 80 months, with shares vesting in three phases: 30% after 12 months, 30% after 24 months, and 40% after 36 months [5][18]. - The plan allows for early termination or extension under certain conditions, subject to approval from the holders' meeting [17][23]. Group 4: Performance Assessment - The plan includes performance targets for both company and individual levels, with specific revenue growth rates set for the years 2025 to 2027 [19][20]. - If performance targets are not met, unvested shares may be repurchased by the company at the original investment amount plus interest [20][21]. Group 5: Management and Governance - The ESOP will be managed by a committee representing the participants, ensuring the protection of their rights and interests [22]. - Any changes to the plan must be approved by a two-thirds majority of the holders' meeting [23].