Core Points - The company has established an employee stock ownership plan (ESOP) to enhance employee engagement and align interests between employees and shareholders [1][8][24] - The ESOP will allow up to 100 core employees to participate, excluding major shareholders and their relatives [3][4] - The total scale of the ESOP is capped at 26.4 million shares, representing approximately 0.38% of the company's total equity [5][6] Employee Stock Ownership Plan Principles - The ESOP adheres to principles of legality, voluntary participation, and risk-bearing by participants [1][2] - Employees are encouraged to participate voluntarily without any coercion from the company [2][3] - Participants bear their own investment risks, ensuring equality with other investors [1][2] Implementation Procedures - The company will seek employee opinions through representative bodies before implementing the ESOP [2][3] - A board resolution and legal opinions will be required prior to the shareholder meeting to approve the ESOP [2][3] - Voting will be conducted with separate counting for minority shareholders [2][3] Funding and Stock Sources - Funding for the ESOP will come from employees' legal salaries and self-raised funds, with no financial assistance from the company [4][5] - The stocks for the ESOP will be sourced from the company's repurchased shares [4][5] Pricing and Valuation - The purchase price for the shares under the ESOP is set at 4.49 yuan per share, which is 54.20% of the average repurchase price [6][8] - The pricing is designed to be fair and not detrimental to the company or its shareholders [8][9] Lock-up and Performance Assessment - The ESOP includes a lock-up period of 12, 24, and 36 months, with specific percentages of shares becoming available for release at each interval [9][10] - Performance assessments will be conducted annually from 2025 to 2027, with specific growth targets for revenue and net profit [10][11] Management and Governance - The ESOP will be managed by a committee elected by the participants, ensuring transparency and accountability [13][17] - The committee will oversee daily management and represent the interests of the participants [13][17] Rights and Obligations of Participants - Participants must comply with the ESOP regulations and cannot transfer their shares or use them as collateral during the lock-up period [19][20] - Participants have the right to attend meetings and vote on significant decisions regarding the ESOP [20][21]