兖矿能源2021年A股限制性股票激励计划第三个解除限售期达成及回购注销进展——投资者详解

要点摘要

• 公司2021年A股限制性股票激励计划的第三个解除限售期即将届满，解除限售条件已全部达成。
• 拟解除限售限制性股票3,744.0936万股，涉及1,161名激励对象，占公司总股本0.37%。
• 对不符合激励条件的18名员工（含因绩效考核或职务变动等原因）回购注销62.8524万股限制性股票。
• 回购价格因利润分配进行了调整，当前回购价格为0.6833元/股。
• 业绩考核目标充分达成，2024年度扣非归母净利润同比2020年增长112.57%，高于行业均值。
• 本次事项已获得必要批准和授权，尚需依法办理后续手续并履行信息披露义务。

详细内容

一、激励计划背景及批准流程

兖矿能源集团股份有限公司（以下简称“兖矿能源”或“公司”）于2021年启动A股限制性股票激励计划，旨在进一步完善公司治理结构，激发核心员工积极性，推动公司持续稳健发展。该计划经过公司董事会、监事会、控股股东山东能源集团有限公司及股东大会多轮审议批准，并严格遵循相关法律法规，获得了全部必要的政策和程序性批准。激励计划涉及的各项议案分别于2021年12月至2026年2月间陆续通过公司各级治理机构审议。

二、第三个解除限售期相关情况

根据激励计划，限制性股票分三个解除限售期，分别为授予登记日起24、36、48个月。第三个解除限售期自2026年2月24日（授予登记日2022年2月24日后48个月）起至2027年2月23日止，可解除限售比例为34%。

本次共有1,161名激励对象符合解除限售条件，包括公司董事、高管及其他核心员工。拟解除限售的限制性股票数量为3,744.0936万股，占公司当前总股本的0.37%。其中，董事、高管解锁数量为39.78万股，其他激励对象为3,704.3136万股。

三、解除限售条件及业绩考核达成情况

公司及激励对象均未发生法律法规禁止解除限售的情形。2024年度业绩考核目标为：扣非归母净利润较2020年增长不低于60%，且高于同行业均值；2024年扣非每股收益不低于2.15元/股且高于行业均值。实际完成情况为：2024年度扣非归母净利润增长率为112.57%，扣非每股收益经调整后为2.70元/股，均显著超出目标，远高于行业均值。

个人绩效考核方面，1158名激励对象考核为“优秀、良好”，3人为“达标”，考核结果为“不合格”的人数为0。绩效考核达标但系数未达1的限制性股票，将由公司回购注销。

四、回购注销部分限制性股票及回购价格调整

因职务调动、绩效考核等原因，18名激励对象（15人因不再符合激励条件，3人因绩效考核系数为0.8）共计62.8524万股限制性股票需被公司回购注销。回购资金总额约63.54万元，全部来源于公司自有资金。

回购价格依据分红情况进行了调整：2024年度利润分配（每股派息0.54元）及2025年半年度利润分配（每股派息0.18元）后，回购价格由1.4033元/股调整为0.6833元/股。

五、对股东和投资者的潜在影响

• 业绩目标显著超预期，显示公司盈利能力和管理层激励机制有效，有望提振市场信心。
• 限制性股票解除限售将增加流通股数量，短期内或对股价产生一定稀释压力，但由于解锁比例较低（占总股本0.37%），整体影响有限。
• 回购注销机制的严格执行，体现公司对激励对象合规考核的重视，有助于完善公司治理。
• 后续如有大股东、高管减持或市场对解锁股票流通产生预期，可能引发股价波动，投资者应及时关注公司公告。

结论

兖矿能源本次限制性股票激励计划第三个解除限售期的顺利实施，既反映了公司近年来业绩的强劲增长，也展示了公司规范治理和激励约束机制的有效性。相关事项的进展对公司股价具有一定的指引意义，投资者应持续关注后续解除限售及回购注销进展及公司信息披露。

免责声明：本文内容基于上海市锦天城律师事务所出具的法律意见书公开信息编辑，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

Yankuang Energy 2021 A-Share Restricted Stock Incentive Plan: Third Vesting Period Unlocked and Partial Buyback/Cancelation – Detailed Investor Update

Key Points

• The third vesting period of the 2021 A-share restricted stock incentive plan is about to expire, and all unlocking conditions are satisfied.
• 3,744.0936 million restricted shares will be unlocked for 1,161 grantees, accounting for 0.37% of current total share capital.
• 62.8524 million restricted shares will be bought back and canceled from 18 grantees who no longer meet conditions (including performance or job changes).
• Buyback price adjusted to RMB 0.6833 per share after dividends.
• Performance targets have been fully met: 2024 net profit (excl. non-recurring items) grew 112.57% from 2020, well above the industry average.
• All approvals and authorizations obtained; further procedures and disclosures will be completed according to law.

Details

1. Background and Approvals

Yankuang Energy Group Company Limited (“Yankuang Energy” or “the Company”) launched its 2021 A-share restricted stock incentive plan to enhance governance and motivate core staff. The plan was approved by the board, supervisory board, controlling shareholder (Shandong Energy Group), and shareholders’ meetings between December 2021 and February 2026, strictly following all legal and regulatory requirements.

2. Details of the Third Vesting Period

The plan has three vesting periods at 24, 36, and 48 months post-grant. The third period runs from February 24, 2026 (48 months after grant registration) to February 23, 2027, with 34% of granted restricted shares eligible for unlocking.

A total of 1,161 grantees (including directors, executives, and key staff) are eligible. 37.44 million shares (0.37% of share capital) will be unlocked, with directors/execs unlocking 397,800 shares and other grantees 37,043,136 shares.

3. Vesting Conditions and Performance Achievement

Neither the company nor grantees triggered any legal restrictions on unlocking. 2024 performance targets: net profit (excl. non-recurring items) must grow by at least 60% vs. 2020 and exceed industry average; EPS (excl. non-recurring items) of no less than RMB 2.15/share and above peer average. Actual: 2024 net profit up 112.57%, EPS (adjusted) 2.70/share, both well above targets and peers.

1,158 grantees rated “Excellent/Good,” 3 “Meets Standard” (with 0.8 individual unlocking ratio), and none “Unqualified.” Shares from individuals not reaching full score will be bought back and canceled.

4. Buyback/Cancelation and Price Adjustment

Due to job changes and performance, 18 grantees (15 no longer eligible, 3 with partial unlocking) will have 628,524 restricted shares bought back and canceled. Total funds used: ~RMB 635,400, from company’s own capital.

Buyback price was adjusted downward from RMB 1.4033 to RMB 0.6833 per share after dividend payouts in 2024 and mid-2025.

5. Potential Impact for Shareholders and Investors

• Strong performance targets exceeded, proving company’s profitability and effective incentives, likely to boost market confidence.
• Unlocking of restricted shares increases float, causing minor dilution (0.37% of capital); overall impact limited.
• Strict buyback and cancelation of unqualified shares shows robust governance and discipline.
• Potential for price volatility if major shareholders or management sell unlocked stock; investors should closely monitor future disclosures.

Conclusion

The smooth progress of the third vesting under the restricted stock plan highlights Yankuang Energy’s strong recent performance and effective governance. This news is relevant for share price trends, and investors should stay alert for future unlocking, buyback/cancelation, and disclosures.

Disclaimer: This article is compiled from the official legal opinion by AllBright Law Offices and is for reference only. It does not constitute investment advice. Investors act at their own risk.

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