Core Viewpoint - The company has completed the registration of its 2025 stock option incentive plan, which aims to attract and retain talent while aligning the interests of shareholders, the company, and the incentive recipients [2][19]. Group 1: Decision Process and Approval - The decision-making process for the incentive plan involved multiple meetings of the board and supervisory committee, with approvals obtained on June 9, 2025, and subsequent meetings held to finalize the plan [2][3][4]. - The plan was publicly announced, and no objections were raised during the public notice period [3][4]. Group 2: Initial Grant Details - The initial grant date for the stock options is set for July 22, 2025, with a total of 2.9302 million options granted to 133 recipients at an exercise price of 37.13 yuan per option [4][5]. - The registration of the stock options is expected to be completed by August 15, 2025 [4][5]. Group 3: Waiting Period and Exercise Arrangement - The waiting period for the stock options is structured over 12, 24, and 36 months from the completion of registration, with specific conditions under which options can be exercised [7][9]. - The exercise of options is restricted during certain periods, including prior to the announcement of financial reports and during significant events affecting stock prices [7][8]. Group 4: Performance Assessment Requirements - The incentive plan includes performance assessment requirements at both the company and individual levels, with company performance evaluated over the fiscal years 2025-2027 [12][13]. - If the company does not meet performance targets, the options for all recipients will be canceled for that period [12]. Group 5: Fair Value and Cost Implications - The fair value of the stock options is determined using the Black-Scholes model, with an estimated incentive cost of 20.8232 million yuan for the plan [16][17]. - The cost will be amortized over the duration of the incentive plan, impacting the company's operating performance [17][18]. Group 6: Impact of the Incentive Plan - The implementation of the incentive plan is expected to enhance the company's governance structure, attract and retain talent, and align the interests of various stakeholders towards the company's long-term development [19].