华润双鹤药业股份有限公司回购注销部分限制性股票公告深度解读

要点概述

• 回购注销数量：10,059股限制性股票。
• 回购价格：5.654元/股，总金额约6万元，全部为公司自有资金。
• 原因：4名激励对象第三个解除限售期因绩效考核未达标，激励股份被公司回购注销。
• 实施流程合规：公司历次回购注销均履行完备内部决策程序和信息披露义务。
• 对股本结构影响：公司总股本由1,038,582,511股减少至1,038,572,452股，有限售条件流通股减少。
• 对公司经营影响：对公司财务状况、经营业绩无重大影响，不影响员工持股激励计划的继续实施。
• 法律合规性：本次回购注销已取得现阶段必要批准和授权，符合相关法律法规。

详细内容解读

一、回购注销事件背景

华润双鹤药业股份有限公司根据2021年限制性股票激励计划（2022年12月修订稿），于2026年3月18日召开第十届董事会第十八次会议，通过《关于回购注销部分激励对象已获授但尚未解除限售的限制性股票的议案》。由于4名首次授予激励对象在第三个解除限售期绩效考核未达标，公司将对其已获授但尚未解除限售的共计10,059股限制性股票进行回购注销。

二、回购价格及调整依据

回购价格为5.654元/股。该价格系在最初授予价7.54元/股基础上，根据派息情况多次调整而来，具体调整如下：

• 2021年度权益分派：每股0.48元
• 2022年半年度权益分派：每股0.289元
• 2022年度权益分派：每股0.289元
• 2023年度权益分派：每股0.257元
• 2024年半年度权益分派：每股0.10元
• 2024年度权益分派：每股0.371元
• 2025年半年度权益分派：每股0.10元

综上，回购价格为5.654元/股，低于议案审议前一交易日均价，符合公司激励计划及相关法规要求。

三、资金来源与操作流程

本次回购注销资金总额约为6万元，全部使用公司自有资金。涉及股本结构调整：有限售条件流通股由5,604,620股减至5,594,561股，总股本由1,038,582,511股降至1,038,572,452股。以中国证券登记结算上海分公司出具的最终股本结构表为准。

四、对公司及股东的影响

1. 对公司影响：本次回购注销对公司财务状况和经营业绩无重大影响，不影响激励计划继续实施。
2. 对股东影响：公司总股本略微减少，稀释效应极小。因激励对象未达业绩目标而回购注销股份，体现公司严格的激励与约束机制，有助于提升公司治理水平。

五、决策与法律合规性

公告详细列举了限制性股票激励计划自2021年底至今的全部决策流程、信息披露、激励对象公示、债权人通知、股份登记与注销等环节，每一项变动均履行了董事会、监事会、股东大会等决策程序，并公开披露，符合国资委及上市公司股权激励管理办法等法律法规要求。

投资者需要关注的重点及潜在影响

• 本次回购注销规模较小，对公司基本面无实质性影响，但公司持续推进激励计划、严格考核与奖惩机制，有助于提升管理层积极性与公司治理，长期来看有助于公司价值提升。
• 公司多次实施回购注销，显示激励计划与公司业绩考核高度相关，相关考核未达标的激励股份将被注销，有望持续优化股权结构。
• 由于回购注销股份数量有限，对短期二级市场股价影响非常有限，不构成重大价格敏感信息。

结论

华润双鹤药业本次回购注销部分限制性股票事件整体属于公司股权激励计划正常实施过程中因业绩考核未达标所做的股份回收与注销，符合公司治理和信息披露规范。该事项反映公司严格执行激励与约束并重的机制，有助于提升管理效能，但由于涉及股份数量极小，对公司业绩和资本结构无实质性影响，预计不会对股价产生明显波动。

免责声明

本文内容基于公司公告整理，仅供投资者参考，不构成任何投资建议。投资者据此操作，风险自负。

English Version

China Resources Double-Crane Pharmaceutical Detailed Announcement on Buyback and Cancellation of Restricted Stock

Key Highlights

• Number of shares to be bought back and cancelled: 10,059 restricted shares.
• Buyback price: RMB 5.654 per share, total amount about RMB 60,000, entirely from company funds.
• Reason: Four incentive recipients failed the third performance assessment period, and their awarded but unvested shares are subject to buyback and cancellation.
• Procedural compliance: The company completed all internal decision-making and information disclosure processes for each buyback cancellation.
• Impact on capital structure: Total shares will decrease from 1,038,582,511 to 1,038,572,452 shares; restricted circulating shares will decrease.
• Impact on business operations: No significant impact on the company’s financial position or performance; does not affect the ongoing employee stock incentive plan.
• Legal compliance: The buyback has received all necessary approvals and authorizations, fully in line with regulations.

Detailed Analysis

1. Background of the Buyback

According to the 2021 Restricted Stock Incentive Plan (December 2022 revision), China Resources Double-Crane Pharmaceutical held its 18th meeting of the 10th Board on March 18, 2026, and approved the buyback and cancellation of restricted shares that had been granted but not yet vested to four incentive recipients due to their failure to meet the performance requirements for the third vesting period, totalling 10,059 shares.

2. Buyback Price and Adjustment Basis

The buyback price is RMB 5.654 per share, calculated from the initial grant price of RMB 7.54 and adjusted for the company’s several cash dividends as follows:

• 2021 annual dividend: RMB 0.48 per share
• 2022 interim dividend: RMB 0.289 per share
• 2022 annual dividend: RMB 0.289 per share
• 2023 annual dividend: RMB 0.257 per share
• 2024 interim dividend: RMB 0.10 per share
• 2024 annual dividend: RMB 0.371 per share
• 2025 interim dividend: RMB 0.10 per share

After adjustments, the buyback price is RMB 5.654 per share, which is lower than the average trading price before the Board meeting, in compliance with the company’s incentive plan and relevant regulations.

3. Funding Source and Operational Details

Total funding for this buyback cancellation is about RMB 60,000, fully from company-owned funds. The capital structure will be adjusted: restricted circulating shares will decrease from 5,604,620 to 5,594,561, and total shares from 1,038,582,511 to 1,038,572,452 (subject to final confirmation from the Shanghai Clearing House).

4. Impact on Company and Shareholders

Company impact: No material impact on financials or operations, nor any effect on the ongoing execution of the stock incentive plan.
Shareholder impact: Total shares decrease slightly—minimal dilution. The strict implementation of performance-based stock cancellation demonstrates robust governance, which is positive for long-term shareholder value.

5. Decision-Making and Legal Compliance

The announcement details the comprehensive decision-making, disclosure, and implementation processes for the restricted stock plan from 2021 to date, with all steps conducted via the Board, Supervisory Board, General Shareholder Meetings, public disclosures, and regulatory filings, fully compliant with CSRC and SOE rules.

Key Points for Investors & Potential Impact

• This is a small-scale buyback with minimal direct impact on fundamentals, but the company’s persistent enforcement of incentive and penalty mechanisms may improve governance and long-term value.
• Frequent buybacks of unvested shares due to unmet performance targets highlight the close link between the incentive plan and company performance, which helps optimize the capital structure.
• Given the small number of shares involved, short-term market price impact should be insignificant, and this is not a material price-sensitive event.

Conclusion

This buyback and cancellation event reflects the normal operation of China Resources Double-Crane’s equity incentive plan and strict adherence to performance assessment. It underscores the company’s commitment to aligning management incentives with performance, but as the number of shares involved is very small, there should be no notable impact on earnings or the share price.

Disclaimer

The content above is for informational purposes only and is not investment advice. Investors should make decisions at their own risk.

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