文峰大世界连锁发展股份有限公司发布股份回购报告，拟最高1.2亿元回购用于员工持股计划或股权激励

要点梳理

• 回购规模：公司计划以自有资金回购不低于人民币8,000万元（含）、不超过12,000万元（含）的股份。
• 回购价格上限：不高于3.48元/股，约为回购决议前30个交易日均价的150%。
• 回购股份数量：预计回购2,298.85万股至3,448.27万股，占公司总股本的1.24%至1.87%。
• 回购用途：全部用于员工持股计划或股权激励，不涉及减少注册资本或可转债转换。
• 回购期限：自董事会审议通过后12个月内完成。
• 资金来源：全部为公司自有资金，不涉及外部融资。
• 实施方式：通过集中竞价交易在二级市场实施。

对投资者和股东的影响及须关注事项

• 可能影响股价的因素：
  • 大额股份回购一般被市场视为公司管理层对未来发展前景充满信心，有助于提振市场信心，稳定甚至推动公司股价。
  • 回购股份全部用于员工持股计划或股权激励，有望进一步优化公司治理结构，激发管理团队与核心骨干积极性，提升公司整体竞争力。
• 风险提示：
  • 若公司股价持续高于回购价格上限3.48元/股，回购方案可能无法实施。
  • 如公司经营或财务状况发生重大变化，回购计划可能面临调整或终止。
  • 若回购股份未能在三年内全部用于员工持股或股权激励，剩余股份将依法注销。
• 股东减持关注：
  • 部分董事及高管参与的员工持股计划将于2026年6月29日到期，届时剩余未出售股份将在到期前结合市场及持有人意愿进行处置。
  • 除上述情况，控股股东、实际控制人及持股5%以上的大股东在未来3个月和6个月暂无明确减持计划。如有减持将依法及时披露。
• 财务影响：
  • 截至2025年12月31日，公司总资产62.01亿元，净资产40.84亿元，货币资金5.55亿元。回购上限1.2亿元分别占总资产1.94%、净资产2.94%、货币资金21.64%。
  • 公司自评财务状况及偿债能力良好，回购不会影响正常经营和上市地位。
• 回购后股份结构：
  • 回购股份全部锁定用于员工持股计划或股权激励，暂不影响总股本及上市条件。
• 回购操作授权：
  • 董事会授权董事长或董事会秘书全权办理回购相关事宜，包括设立专用账户、调整实施方案、报批等。
• 回购专用账户已开立：
  • 公司已在中登上海分公司开立回购专用证券账户（B884312903）。

投资者需要特别关注：

1. 本次大额股份回购若顺利实施，短期内有望对公司股价形成正面影响。
2. 若公司未能顺利实施员工持股计划或激励，则回购股份存在被注销的风险。
3. 如高管及主要股东未来有减持计划，公司将严格依规披露，投资者需持续关注相关公告。

免责声明

本文仅为基于公司公告内容的新闻解读，不构成投资建议。投资者请根据自身风险承受能力，理性决策，并持续关注公司后续公告及市场变化。公司回购及员工持股计划的实施进展、财务及经营状况变化可能影响公司股价，投资需谨慎。

English Version

Winteam World Chain Announces Share Buyback Plan up to RMB 120 Million for Employee Incentive Schemes

Key Highlights

• Buyback Size: The company plans to repurchase shares worth no less than RMB 80 million and no more than RMB 120 million using its own funds.
• Buyback Price Cap: Not exceeding RMB 3.48/share, about 150% of the 30-day average prior to the board resolution.
• Estimated Repurchase Volume: 22.99 million to 34.48 million shares, accounting for 1.24% to 1.87% of total share capital.
• Purpose: All repurchased shares will be used for employee stock ownership plans or equity incentives, not for capital reduction or debt conversion.
• Buyback Period: Within 12 months from the board approval date.
• Source of Funds: Entirely from internal funds, no external financing involved.
• Method: Repurchase via centralized bidding in the secondary market.

Investor Impact and Key Matters to Watch

• Potential Price Sensitive Factors:
  • Large-scale buybacks are typically viewed as strong management confidence in the company’s future, which may boost market sentiment and support the share price.
  • The use of buybacks for employee incentives should improve corporate governance and motivate management and key talent, strengthening long-term competitiveness.
• Risk Warnings:
  • If the share price stays above the cap of RMB 3.48, the buyback may not proceed.
  • If the company’s operations or finances change significantly, the plan may be adjusted or terminated.
  • If repurchased shares are not used for incentives within 3 years, they will be cancelled as required by law.
• Shareholder Reductions:
  • Some directors and executives’ ESOPs expire on June 29, 2026, and unsold shares may be disposed of before expiration depending on market and participant preference.
  • Other than this, controlling shareholders, actual controllers, and holders of more than 5% have no clear reduction plans in the next 3–6 months. Any such plans will be disclosed promptly.
• Financial Impact:
  • As of December 31, 2025, the company had RMB 6.2 billion in assets, RMB 4.08 billion in equity, and RMB 554 million in cash. The buyback upper limit (RMB 120 million) is 1.94% of total assets, 2.94% of equity, and 21.64% of cash.
  • Management believes its finances and solvency remain strong, and the buyback will not affect operations or listing status.
• Post-Buyback Share Structure:
  • All repurchased shares will be locked for incentives, not affecting total share capital or listing status.
• Operational Authorization:
  • Full authority has been given to the chairman or board secretary for all buyback matters, including account setup, plan adjustment, and regulatory filing.
• Special Account:
  • A dedicated repurchase securities account (B884312903) has been opened at CSDC Shanghai.

Investor Takeaways

1. If implemented, the large-scale buyback could positively impact the share price in the short term.
2. If incentive plans are not executed smoothly, repurchased shares could be cancelled, which may affect capital allocation.
3. Any future share reduction plans by key executives or major shareholders will be disclosed per regulations—stay updated on announcements.

Disclaimer

This article is an interpretation of the company’s public filing and does not constitute investment advice. Please assess your own risk tolerance and make rational investment decisions. Changes in the company’s buyback progress, incentive implementation, or financial/operational status may affect the share price—invest with caution.

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