泰和新材发布2022年限制性股票激励计划部分股票回购注销公告，业绩未达标致激励计划提前终止

主要亮点

• 回购注销数量大：泰和新材本次拟回购注销2022年限制性股票激励计划下5,529,000股限制性股票，约占公司总股本的0.65%。回购注销完成后，公司总股本将由857,057,183股减少至851,528,183股。
• 回购价格下调：因公司2025年度利润分配，回购价格由8.60元/股调整为8.58元/股。
• 业绩考核未达标：2025年度业绩指标未达标，导致第三个解除限售期未成就，相关限制性股票需全部回购注销。
• 涉及激励对象人数多：本次回购注销涉及共378名激励对象，包括因业绩未达标需回购注销的372人，以及因个人、客观原因离职的6人。
• 回购资金来源：回购总金额约为4,745万元，资金来源为公司自有资金。
• 回购注销需股东会审议：本次事项尚需提交公司股东大会审议。
• 本次回购注销后激励计划已全部实施完毕：2022年限制性股票激励计划未解除限售的股份将归零。

事件详情

泰和新材集团股份有限公司（以下简称“泰和新材”或“公司”）于2026年5月11日召开董事会，审议通过了《关于公司2022年限制性股票激励计划第三个限售期解除限售条件未成就暨回购注销部分限制性股票及调整回购价格的议案》。公司2025年度业绩未达到激励计划设定的第三个解除限售期业绩考核条件，公司拟回购注销激励对象持有的限制性股票共计5,529,000股。回购价格因2025年度利润分配由8.60元/股调整为8.58元/股。

业绩考核及回购注销原因

根据激励计划规定，2023-2025年公司净利润平均值增长率须不低于62%，或2025年净利润增长率不低于115%，或同业75分位水平；加权平均净资产收益率须不低于13%（三年均值）或2025年不低于16%。2025年资产负债率不得高于60%。
经会计师事务所审计，公司2025年业绩未达标，激励对象涉及的限制性股票不能解除限售，需按规定回购注销。

回购注销范围及对象

• 业绩未达标：372名激励对象，限制性股票5,472,000股
• 个人/客观原因离职：6名激励对象，限制性股票57,000股
• 合计：378名激励对象，5,529,000股限制性股票，占公司当前总股本的0.65%

回购价格调整及依据

回购价格调整为8.58元/股。离职激励对象的回购价格为8.58元/股（个人原因）或8.58元/股加同期银行存款利息（客观原因）。

资金安排与后续影响

• 回购资金总计约4,745万元，全部来源于公司自有资金。
• 本次回购注销完成后，公司2022年限制性股票激励计划未解除限售股份全部归零，激励计划彻底实施完毕。
• 公司管理层表示，相关事项不会对公司的财务状况和经营成果产生实质性影响，也不会影响管理团队的稳定性和积极性。

股本结构变化

注：以中国证券登记结算有限责任公司深圳分公司出具的股本结构表为准。

投资者需关注的重点及潜在影响

• 股权激励考核失败反映公司业绩压力，或影响市场对公司未来成长性的预期，存在一定负面情绪。
• 激励对象大规模回购注销，可能对管理层激励效果有一定削弱，需关注核心人员流失及管理层稳定性。
• 回购注销导致公司总股本减少，理论上对每股收益和每股净资产有正向提升。
• 本次回购注销尚需股东会审议，后续需关注相关决议进展及实施情况。

法律意见与后续安排

山东松茂律师事务所认为：公司本次回购注销已获得必要内部批准与授权，符合《公司法》《上市公司股权激励管理办法》《公司章程》《激励计划》相关规定。回购注销原因、数量、价格、资金来源、股本变动均合规。公司需及时履行信息披露义务，办理减少注册资本和股份注销登记等手续。

总结

本次泰和新材限制性股票回购注销事项，反映出公司2025年业绩未达标，导致部分股权激励全部失效并提前终止，涉及回购注销数量和金额均较大。此举可能影响市场对公司业绩及管理层激励机制的信心，但股份回购注销后总股本下降，对每股指标构成边际利好。投资者应重点关注后续股东会审议进展、公司业绩改善情况及管理层稳定性变化。

免责声明：本新闻稿仅供投资者参考，不构成投资建议。投资有风险，决策需谨慎。请关注公司后续公告及实际业绩表现。

English Version

Thyssen New Materials Announces Major Cancellation of Restricted Stock Incentive Plan Shares as Performance Targets Missed

Key Highlights

• Large-scale Share Cancellation: 5,529,000 restricted shares under the 2022 incentive plan will be repurchased and cancelled, accounting for 0.65% of total shares. After cancellation, the total share capital will decrease from 857,057,183 to 851,528,183 shares.
• Repurchase Price Adjusted: Due to 2025 profit distribution, the repurchase price is adjusted from RMB 8.60/share to RMB 8.58/share.
• Performance Missed: For 2025, the company failed to meet the performance targets set for the third unlock period, leading to all related restricted shares being repurchased and cancelled.
• Wide Impact: 378 incentive recipients are affected, including 372 for performance reasons and 6 due to resignation or other reasons.
• Funding: The total repurchase amount is about RMB 47.45 million, fully funded by the company’s own funds.
• Shareholder Vote Needed: The repurchase and cancellation are subject to shareholder approval.
• Plan Now Complete: After this cancellation, all unvested shares under the 2022 incentive plan will be zeroed out, marking the plan’s completion.

Event Details

On May 11, 2026, Thyssen New Materials convened a board meeting and approved the cancellation of 5,529,000 restricted shares under the 2022 incentive plan, as 2025’s performance criteria for the third unlock period were not met. The cancellation price is adjusted from RMB 8.60 to RMB 8.58 per share due to the 2025 dividend distribution.

Performance Assessment & Reasons for Cancellation

According to the incentive plan, average net profit growth from 2023-2025 must be no less than 62%, or 2025 net profit growth no less than 115%, or meet the 75th percentile in the industry. Weighted average ROE must be at least 13% (three-year average) or 16% for 2025, with a debt ratio below 60% in 2025. The company failed these targets as audited by its accounting firm, triggering the mandatory repurchase and cancellation of the relevant shares.

Scope & Affected Individuals

• Performance Not Met: 372 incentive recipients, 5,472,000 shares
• Resignations/Other: 6 incentive recipients, 57,000 shares
• Total: 378 recipients, 5,529,000 shares, about 0.65% of total share capital

Repurchase Price and Basis

Price is set at RMB 8.58/share. For those who left for personal reasons, the price is RMB 8.58/share; for objective reasons, RMB 8.58/share plus bank interest.

Funding & Impact

• About RMB 47.45 million, from company funds.
• All unvested shares under the 2022 plan will be zeroed out after cancellation.
• The company states this has no material impact on its financials or management stability.

Share Capital Structure Changes

Note: Pending final figures from the official share structure report.

Investor Focus & Potential Impact

• Performance-related incentive plan failure signals earnings pressure and may negatively impact market sentiment toward future growth.
• Large-scale share cancellation may weaken management incentives and could affect key personnel retention.
• Share capital reduction could marginally boost per-share metrics such as EPS and NAVPS.
• Shareholder approval needed; track progress and implementation closely.

Legal Opinion & Next Steps

Shandong Songmao Law Firm confirms all necessary internal approvals and regulatory compliance. The company must disclose information promptly and complete registration/capital reduction formalities.

Summary

Thyssen New Materials’ restricted stock repurchase and cancellation reflects missed 2025 performance targets, resulting in a complete termination of part of its equity incentive plan. The scale is significant and could impact market confidence in both the company’s performance and management incentives, though the share capital reduction is a technical positive for per-share metrics. Investors should monitor shareholder meeting outcomes, management stability, and future performance trends.

Disclaimer: This report is for informational purposes only and does not constitute investment advice. Investment involves risks. Please follow official company announcements and actual performance.

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