凌源钢铁股份有限公司回购注销2024年限制性股票激励计划部分限制性股票——法律意见书详解

【重点概述】
2026年3月，北京市重光律师事务所出具了针对凌源钢铁股份有限公司（“凌钢股份”）2024年限制性股票激励计划部分限制性股票回购注销事项的法律意见书。本次回购注销涉及1,360.618万股限制性股票，主要原因包括部分激励对象因工作调动丧失资格，以及公司2025年度业绩考核未达标，导致部分激励股票不得解除限售。

一、事件背景与决策流程

• 2024年7月至2026年3月，凌钢股份依照法律法规及公司章程，履行了董事会、监事会、薪酬与考核委员会、股东大会等多轮审批程序，对限制性股票激励计划及回购注销事项进行了充分审议。相关议案均获得通过，关联董事在表决环节均已回避。
• 2025年8月，朝阳市国资委原则同意公司实施限制性股票激励计划，具备国有控股企业实施股权激励的合规性。
• 2026年3月29日、30日，公司薪酬与考核委员会及董事会再次审议并通过了关于回购注销部分限制性股票的议案，明确拟回购注销1,360.618万股限制性股票。该事项尚需提交股东大会最终审议。

二、回购注销的具体情况

• 回购注销原因：
  • 部分激励对象（共14名，包括9名首次授予和5名预留授予对象）因组织调动不再具备激励对象资格，涉及273.4万股限制性股票需回购注销。
  • 2025年度公司未达到激励计划设定的第一个解除限售期业绩考核目标，所有激励对象对应的第一个解除限售期限制性股票（首次授予917.40万股，预留授予169.818万股）不得解除限售，须回购注销。
• 回购注销数量：
  • 共计1,360.618万股限制性股票。
• 回购价格：
  • 对于因资格丧失被回购注销的部分，回购价格为授予价（1.00元/股）加同期银行定期存款利息。
  • 对于因业绩考核未达标被回购的部分，回购价格为授予价与股票市场价格（董事会决议公告前1个交易日公司股票均价）孰低者。
• 资金来源：
  • 全部为公司自有资金。

三、对投资者及股东的重大影响

• 本次回购注销将减少公司总股本1,360.618万股，并相应减少注册资本。此举可在一定程度上提升每股收益和公司净资产收益率，对公司股价构成潜在正面影响。
• 回购注销原因之一为公司2025年度业绩未达标，反映出公司短期经营面临一定压力，业绩未能实现激励计划设定目标。此内容属于高度敏感信息，投资者需关注公司基本面变化及后续经营改进措施。
• 本次回购注销尚需股东大会审议通过，投资者须持续关注公司相关公告，及时掌握后续进展。

四、法律合规性及后续事项

• 北京市重光律师事务所认为，本次回购注销程序合规，并已获得现阶段必要批准和授权，但需股东大会最终通过。
• 公司需按照法律法规履行信息披露义务，并在股东大会通过后及时办理股份注销及注册资本减少等相关登记手续。

五、投资者需特别关注的风险和价格敏感事项

• 业绩考核未达标导致大规模激励股票未能解锁，反映公司业绩压力，或对市场情绪产生负面影响。
• 大规模回购注销有利于提升每股业绩指标，长期看有助于股东价值提升。
• 最终实施仍存不确定性（需股东大会通过），投资者应关注后续公告。

免责声明： 本文仅为根据公开披露法律意见书进行的客观解读，不构成任何投资建议。投资者据此操作，风险自负。请务必关注公司后续公告及相关法律法规变化。

English Version

Key Insights: Lingyuan Iron & Steel’s 2024 Restricted Stock Buyback and Cancellation Legal Opinion

Summary:
In March 2026, Beijing Chongguang Law Firm issued a legal opinion regarding Lingyuan Iron & Steel Co., Ltd. (“Lingyuan Steel”)’s buyback and cancellation of a portion of its 2024 restricted stock incentive plan. The action involves 13.60618 million shares, mainly due to certain incentive recipients losing eligibility through job transfers, and the company’s failure to meet performance targets for 2025, resulting in some shares being unvested and subject to buyback and cancellation.

1. Background and Approval Process

• From July 2024 to March 2026, the company followed all required legal and corporate approval procedures, including the Board, Supervisory Board, Compensation and Appraisal Committee, and Shareholders’ Meetings, with all related resolutions passed. Related directors abstained from voting.
• In August 2025, the State-owned Assets Supervision and Administration Commission (SASAC) of Chaoyang City approved the implementation, confirming compliance for a state-controlled listed company.
• On March 29-30, 2026, the Compensation and Appraisal Committee and Board approved the buyback and cancellation of 13.60618 million restricted shares, pending final shareholder approval.

2. Details of the Buyback & Cancellation

• Reasons:
  • 14 incentive recipients (9 initial, 5 reserved) lost eligibility due to transfers within the group, covering 2.734 million shares.
  • Failure to meet 2025 performance targets means the first batch of restricted shares (9.174 million initial, 1.69818 million reserved) cannot be unlocked and shall be bought back and cancelled.
• Quantity: Total of 13.60618 million restricted shares.
• Buyback Price:
  • For loss of eligibility: grant price (RMB 1.00/share) plus interest.
  • For performance failure: the lower of either grant price or the market average price of the day before the Board’s buyback resolution announcement.
• Funding Source: All from the company’s own funds.

3. Material Impacts for Investors & Shareholders

• The buyback and cancellation will reduce total share capital by over 13.6 million shares, thus boosting per-share performance indicators and return on equity, potentially supporting the share price.
• The fact that the company failed to meet 2025 performance targets, a key condition for share unlocking, may signal short-term operational challenges and could negatively affect market sentiment.
• The proposal is still subject to final shareholder approval; investors should monitor further announcements closely.

4. Legal Compliance & Next Steps

• The law firm confirms compliance up to the current stage, subject to final shareholder meeting approval.
• The company must fulfill information disclosure requirements and, upon approval, promptly complete stock cancellation and capital reduction registration.

5. Risks & Price-Sensitive Information

• The large-scale failure to unlock incentive shares due to performance shortfall highlights operational pressure and could impact sentiment.
• The buyback and cancellation are positive for long-term shareholder value by improving per-share metrics.
• Implementation uncertainty remains until shareholder approval is secured; investors should stay alert to subsequent disclosures.

Disclaimer: This article is an objective interpretation of a disclosed legal opinion and does not constitute investment advice. Investors act at their own risk. Please pay close attention to future company announcements and relevant legal or regulatory changes.

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