德明利2023年限制性股票激励计划回购价格调整 深度解读

核心要点

• 回购价格下调：2023年限制性股票激励计划的回购价格由13.26元/股调整为12.86元/股。
• 调整原因：此次调整因公司实施2025年度权益分派，每10股派发现金红利4元（含税），根据激励计划相关规定进行价格调整。
• 不会对公司财务产生重大影响：公司声明本次调整不会对财务状况和经营成果产生重大不利影响，亦不影响限制性股票激励计划的持续实施。
• 法律合规：广东信达律师事务所出具法律意见，认为本次调整符合相关法律法规及公司章程要求。

详细内容

一、限制性股票激励计划的回顾与进展

自2023年4月起，深圳市德明利技术股份有限公司（以下简称“德明利”或“公司”）逐步推进2023年限制性股票激励计划。期间，经过多轮董事会、监事会及股东大会的审议，通过了相关激励计划的草案、考核办法、激励对象名单调整、授予价格和数量调整、回购注销等议案，并多次依法履行信息披露义务。

具体激励计划实施过程中，因员工离职等原因多次调整激励对象人数和授予股份数量，并根据公司每年权益分派方案进行股本和价格的同步调整。例如，2023年首次授予激励对象从103人调整为102人，授予价格从34.71元/股调整为24.66元/股，后续又因权益分派等进一步调整至18.87元/股、13.26元/股等。期间公司多次回购注销已离职员工的限制性股票，并完成解除限售程序，部分激励对象股份已上市流通。

二、本次回购价格调整的具体情况

• 2026年4月1日，公司实施2025年度权益分派，每10股派发现金红利4元（含税），未送红股。
• 根据《2023年限制性股票激励计划（草案）》第十四章规定，公司发生影响股本或股票价格的事项后，应同步调整尚未解除限售的限制性股票的回购价格及数量。
• 此次权益分派后，公司将激励计划中尚未解除限售的限制性股票回购价格由13.26元/股调整为12.86元/股。
• 调整方法为：调后回购价格=原回购价格－每股分红=13.26－0.4=12.86元/股。

三、对公司和股东的影响

• 公司声明本次调整不会对财务状况和经营成果产生重大影响，激励计划将继续稳步实施。
• 回购价格下调意味着若激励对象因离职等原因触发回购注销条款时，公司需支付的回购价格减少，有助于降低激励计划潜在成本。
• 此次调整基于公司章程与监管政策，法律合规。
• 对于激励对象而言，调整回购价格后，若出现需回购注销情形，其获得的补偿金额将略有减少。

四、投资者关注要点及潜在影响

• 稀释影响有限：此次调整并未增加激励股份总量，对公司股本稀释影响有限。
• 激励计划稳定推进：持续推进激励计划有助于提升公司核心员工凝聚力和积极性，长期利好公司治理与业绩表现。
• 分红体现公司现金流健康：本次10股派发4元的分红显示公司现金流稳健，有助于提升投资者信心。
• 回购价格调整或影响激励对象离职补偿，但对公司整体价值和流通盘影响不大，属于常规技术性调整。

五、后续安排及法律合规性

本次调整已获得董事会、监事会及法律顾问广东信达律师事务所的认可并出具法律意见书。公司将持续履行信息披露义务，保障股东合法权益。

结论

本公告属于公司激励计划常规调整，显示公司对员工激励与分红的重视，回购价格的技术性下调对短期公司股价或激励计划参与者影响有限，但反映出公司治理规范和现金流健康，长期来看有利于公司价值提升和股东回报。

免责声明

本文仅供投资者参考，不构成任何投资建议。投资者需结合自身情况独立决策，市场有风险，投资需谨慎。

English Version

Demingli Adjusts 2023 Restricted Stock Incentive Plan Buyback Price: What Investors Need to Know

Key Highlights

• Buyback Price Cut: The buyback price for the 2023 restricted stock incentive plan is adjusted from RMB 13.26/share to RMB 12.86/share.
• Reason for Adjustment: This adjustment follows the company’s 2025 dividend distribution (RMB 4 cash dividend per 10 shares), in accordance with plan terms.
• No Major Financial Impact: The company declares this adjustment will not materially affect financial status or results, nor the ongoing implementation of the incentive plan.
• Legal Compliance: Guangdong Xinda Law Firm has issued a legal opinion confirming full compliance with laws and regulations.

Detailed Analysis

1. Review and Progress of the Restricted Stock Incentive Plan

Since April 2023, Demingli has advanced the 2023 Restricted Stock Incentive Plan via multiple board, supervisor, and shareholder meetings. The plan has seen several rounds of adjustments to the list of grantees, grant price, and quantity, mainly due to employee turnover and annual equity distributions. Each adjustment followed strict information disclosure and legal procedures.

For instance, the initial number of grantees changed from 103 to 102, and the grant price was adjusted from RMB 34.71/share to RMB 24.66/share, then further to RMB 18.87/share and RMB 13.26/share due to equity distributions. The company also regularly repurchased and cancelled restricted stocks from departed employees, with many shares already unlocked and listed.

2. Details of This Buyback Price Adjustment

• On April 1, 2026, Demingli distributed a cash dividend of RMB 4 per 10 shares (no bonus shares).
• According to the Plan, such actions require adjusting the buyback price and quantity of restricted stocks that have not yet been unlocked.
• Post-dividend, the buyback price is reduced from RMB 13.26/share to RMB 12.86/share (i.e., RMB 13.26 – 0.4 = RMB 12.86/share).

3. Impact on the Company and Shareholders

• The company expects no significant impact on financials or business; the incentive plan continues as planned.
• For buyback events (e.g., employees leaving), the company’s cost per repurchased share is reduced, slightly lowering potential plan costs.
• For grantees, the compensation received upon buyback is marginally reduced.
• The adjustment is routine and technical, with minimal effect on share capital or liquidity.

4. Investor Takeaways and Price Sensitivity

• Limited Dilution: No increase in restricted stock quantity, so dilution is minimal.
• Plan Stability: Ongoing incentive plan enhances staff motivation and aligns interests, a long-term positive for governance and performance.
• Healthy Dividend: The substantial cash dividend reflects strong cash flow, likely to boost investor confidence.
• Technical Adjustment: The price cut mainly impacts potential buyback events and has negligible effect on the company’s market value or trading volume.

5. Next Steps and Legal Assurance

The adjustment was approved by the board, supervisory committee and legal counsel, with due disclosure. Demingli will continue to fulfill its legal obligations and safeguard shareholder interests.

Conclusion

The announcement reflects Demingli’s commitment to regular, transparent plan management and healthy cash flow. The buyback price adjustment is a technical move with limited short-term share price impact, but signals solid governance and alignment of interests, which is positive for long-term shareholder value.

Disclaimer

This article is for information only and does not constitute investment advice. Investors should make independent decisions and be aware of market risks.

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