Group 1 - The company granted 4,861,400 stock appreciation rights (approximately 3% of the total issued share capital of 162 million shares) to 29 incentive recipients, including directors and senior management, on April 27, 2021 [1] - The performance assessment targets for the second vesting period of the stock appreciation rights, starting from April 27, 2024, have been met, with 2022 revenue reported at 7.697 billion RMB and a net profit of 51.50 million RMB [1] - The compound annual growth rate (CAGR) of net profit from 2020 to 2022 was 77.02%, exceeding the benchmark enterprises' 75th percentile or industry average [1] Group 2 - The stock appreciation rights granted on April 27, 2021, will enter the third vesting period starting April 27, 2025 [2] - In 2023, the company reported revenue of 7.969 billion RMB and a net profit of 34.17 million RMB, with a return on equity of 2.66% [2] - The net asset return rate for 2023 did not meet the benchmark enterprises' 75th percentile or industry average, resulting in the expiration of 1,620,466 stock appreciation rights (one-third of the total granted) [2]