Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][4][13]. Core Viewpoints - The company's stock incentive plan demonstrates confidence in its long-term development, with a total of 5.2462 million shares to be granted, accounting for 0.99% of the total share capital. The initial grant includes 4.197 million shares at a price of 126.9 yuan per share, consistent with the closing price on July 30 [3][5]. - The incentive plan targets a broad range of employees, including directors, senior management, and core technical and business personnel, with 606 core personnel receiving 81.13% of the granted shares, highlighting the company's emphasis on talent [3][5]. - The performance assessment for the initial grant is set for the fiscal years 2025-2026, with revenue and net profit growth targets based on 2024 figures, requiring at least 10% and 20% growth respectively for the two years [6][7]. - The company continues to innovate and expand its product offerings, including a consumer-grade 3D texture UV printer and a desktop charging dock, which are expected to contribute to revenue growth [4][9]. Summary by Sections Stock Incentive Plan - The company announced a stock incentive plan to grant a total of 5.2462 million shares, with the first grant of 4.197 million shares to no more than 608 individuals at a price of 126.9 yuan per share [3][5]. - The performance targets for the first grant are based on 2024 figures, requiring revenue growth of no less than 10% in 2025 and 20% in 2026, or net profit growth of no less than 10% and 20% respectively [6][7]. Financial Impact - The estimated cost of the stock incentive plan is 70.866 million yuan, with amortization of 29.737 million yuan in 2025, 32.888 million yuan in 2026, and 8.2413 million yuan in 2027, which is expected to have a limited impact on overall performance [8][13]. Product Innovation - The company has been focusing on product innovation, with significant revenue growth in its energy storage business, which reached 3.02 billion yuan in 2024, a year-on-year increase of 184% [9]. - Recent product launches include the soundcore AeroClip earphones and the eufyMake E1 3D printer, which achieved a crowdfunding record of 46.76 million USD on Kickstarter [9][10].