Core Viewpoint - The company has announced a restricted stock incentive plan to attract and retain talent, aligning the interests of shareholders, the company, and core team members, while also planning an employee stock ownership plan for 2025 [2][3] Incentive Plan Details - The company plans to grant up to 7.05 million restricted stocks, accounting for approximately 1.30% of the total share capital, with an initial grant of 6.05 million shares to 283 core employees at a price of 9.15 yuan per share, which is about 50% of the closing price on September 29 of 18.70 yuan [2] - The restricted stocks will be sourced from a directed issuance or secondary market repurchase, and the company has confirmed that the stock repurchase will not affect future cash flow [3] Financial Performance - The company reported a net cash flow from operating activities of -69.17 million yuan for the first half of 2025, a decrease of 37.80% year-on-year, primarily due to slow customer payment collections, a common issue in the industry [3] - For the first half of 2025, the company achieved total operating revenue of 552 million yuan, a year-on-year increase of 12.93%, but reported a total profit of -9.4 million yuan, a decrease of 28.34%, and a net profit attributable to shareholders of -9.5 million yuan, down 39.82% year-on-year [3][4] Profit Decline Reasons - The decline in profit is attributed to increased expenses across sales, R&D, management, and finance, as well as a reduction in gross margin due to product price cuts and the need for scale efficiency, which is a challenge faced by the entire industry [4] - The revenue from power supply and motor drive products was 501 million yuan, accounting for 90.71% of total revenue, with a gross margin of 37.42%, marking a historical low for the same period [4] New Business Development - The company is focusing on expanding into the data center power supply sector, which has garnered significant market attention, with a 20% increase in stock price on September 30 within the data center power supply concept sector [4][5] - The company has indicated that data center power supply is a strategic direction for future development, although it is still in the market promotion phase and represents a relatively small portion of overall business [5] Industry Outlook - The industry is expected to have substantial growth potential, with major players like Alibaba driving demand for AI data center infrastructure, which could benefit the company as it expands its presence in the data center power supply market [5]