股权激励方案落地执行
十年股权整理解决方案落地实施

3 月 4 日，大商股份发布 2025 年股权激励计划 (草案)，首次将激励对象聚焦于新任董事长兼总经理陈德力，旨在通过核心高管与企业利益的深度绑定，推动公司战略转型与业绩增长。作为东北地区商贸零售龙头企业，大商股份在实体业态调改、全渠道布局及资产价值重估等方面动作频出，长期发展动能值得关注。

On March 4th, Dashang Group released the 2025 equity incentive plan (draft), which for the first time focuses on the newly appointed chairman and general manager Chen Deli as the incentive target. The plan aims to promote the company's strategic transformation and performance growth through the deep binding of core executives and corporate interests. As a leading commercial and retail enterprise in Northeast China, Dashang Group has made frequent actions in physical format adjustment, omni channel layout, and asset value reassessment, and its long-term development momentum is worth paying attention to.

股权激励锚定增长目标，高管绑定强化改革动力

Equity incentives anchor growth targets, executives bind and strengthen reform momentum

根据草案，公司拟向董事长陈德力授予 310 万股限制性股票，占总股本的 0.99%，授予价格为 13.03 元 / 股，总激励成本约 3996 万元，将分三年摊销。考核目标明确要求：2025 年、2026 年扣非归母净利润同比增速均不低于 10%(剔除股份支付费用)，对应归属比例各为 50%。个人绩效分为 A/B/C 三档，仅当考核结果为 A 或 B 时，激励对象可按 100% 或 80% 的比例兑现权益。

According to the draft, the company plans to grant 3.1 million restricted shares to Chairman Chen Deli, accounting for 0.99% of the total share capital, at a grant price of 13.03 yuan per share, with a total incentive cost of approximately 39.96 million yuan, which will be amortized over three years. The assessment objectives clearly require that the year-on-year growth rate of net profit attributable to non shareholders in 2025 and 2026 shall not be less than 10% (excluding share based payment expenses), with corresponding attribution ratios of 50% each. Individual performance is divided into three levels: A/B/C. Only when the assessment result is A or B, the incentive recipient can redeem their rights at a ratio of 100% or 80%.

此次激励计划的核心在于强化管理层与公司利益的协同性。陈德力作为新任董事长，其过往在凯德、万达等企业的商业地产管理经验被视为推动大商股份战略转型的关键。激励方案以净利润增速为考核基准，表明公司对核心业务盈利能力提升的明确诉求。若目标达成，2025 年及 2026 年扣非归母净利润将分别达到 6.56 亿元、7.15 亿元 (基于 Wind 一致预期)，进一步巩固其在区域零售市场的竞争优势。

The core of this incentive plan is to strengthen the synergy between management and company interests. As the new chairman, Chen Deli's previous experience in commercial real estate management at companies such as Kaide and Wanda is seen as the key to driving the strategic transformation of Dashang Group. The incentive plan is evaluated based on the growth rate of net profit, indicating the company's clear demand for improving the profitability of its core business. If the target is achieved, the net profit attributable to non shareholders in 2025 and 2026 will reach RMB 656 million and RMB 715 million respectively (based on Wind's consistent expectation), further consolidating its competitive advantage in the regional retail market.

从财务表现看，公司 2024 年前三季度实现营收 53 亿元，归母净利润 5.3 亿元，同比增长 18%，扣非净利润 4.9 亿元，同比增幅达 24%，盈利能力改善显著。股权激励计划的推出，既是对既有业绩的认可，亦是为后续战略落地提供制度保障。

From a financial performance perspective, the company achieved a revenue of 5.3 billion yuan and a net profit attributable to the parent company of 530 million yuan in the first three quarters of 2024, a year-on-year increase of 18%. The net profit after deducting non recurring expenses was 490 million yuan, a year-on-year increase of 24%, indicating a significant improvement in profitability. The introduction of equity incentive plans is not only a recognition of existing performance, but also provides institutional guarantees for the implementation of subsequent strategies.

新任董事长领衔调改，多维布局释放资产价值

The newly appointed chairman leads the adjustment and multi-dimensional layout to release asset value

陈德力自 2024 年底上任后，提出 “构建大平台、聚焦大消费、成就大生态” 的三 “大” 战略，重点对超市及百货业态进行全面调改。公司计划通过门店优化、业态升级及区域拓展，提升运营效率与盈利能力。截至 2024 年三季度末，公司旗下百货、超市及电器门店数量分别为 61 家、24 家与 9 家，自有物业占比达 49%，核心商圈布局夯实资产价值基础。

After taking office at the end of 2024, Chen Deli proposed the three "big" strategies of "building a big platform, focusing on big consumption, and achieving a big ecosystem", with a focus on comprehensively adjusting the supermarket and department store formats. The company plans to improve operational efficiency and profitability through store optimization, business upgrading, and regional expansion. As of the end of the third quarter of 2024, the company has 61 department stores, 24 supermarkets, and 9 electronics stores respectively, with its own properties accounting for 49%. The core business district layout has solidified the asset value foundation.

实体场景调改方面，大商股份持续推进 “一固三新” 战略，即巩固传统百货优势，发力新零售、新消费与新生态。旗下麦凯乐、新玛特、千盛等品牌覆盖高端百货、购物中心及流行消费场景，并通过 “天狗” 平台实现线上线下融合，强化全渠道服务能力。2024 年三季度末，公司货币资金储备达 35 亿元，为调改提供充足资金支持。此外，2023 年 56% 的分红率亦凸显其对股东回报的重视。

In terms of physical scene adjustment, Dashang Group continues to promote the "one fixed, three new" strategy, which consolidates the advantages of traditional department stores and focuses on new retail, new consumption, and new ecology. Its brands such as Macalline, New Mart, and Qiansheng cover high-end department stores, shopping centers, and popular consumption scenes, and achieve online and offline integration through the "Tengu" platform to strengthen omnichannel service capabilities. At the end of the third quarter of 2024, the company's monetary capital reserve reached 3.5 billion yuan, providing sufficient financial support for the adjustment and reform. In addition, the 56% dividend rate in 2023 also highlights its emphasis on shareholder returns.

从行业视角看，商贸零售企业正面临消费习惯变迁与竞争加剧的双重挑战，调改成效将成为估值重塑的关键。大商股份依托核心地段物业资源及高管团队的转型决心，有望通过效率提升与业态创新打开增长空间。

From an industry perspective, commercial retail enterprises are facing dual challenges of changing consumer habits and intensifying competition, and the effectiveness of adjustments will become the key to valuation reshaping. Relying on the core property resources and the transformation determination of the executive team, Dashang Group is expected to open up growth space through efficiency improvement and business innovation.

风险提示：行业竞争加剧、消费复苏不及预期、门店调改效果滞后、股权激励草案变动风险。

Risk Warning: Industry competition intensifies, consumer recovery falls short of expectations, delayed effects of store restructuring, and risks associated with changes in equity incentive proposals.

第三篇：北交所股权激励成为趋势，52 家公司发布激励方案

Third article: Equity incentives on the Beijing Stock Exchange have become a trend, with 52 companies releasing incentive plans

北交所近期出现了股权激励方案的发布热潮，包括开特股份、新威凌、华洋赛车、恒太照明、青矩技术等多家上市公司纷纷加入这一行列。这一趋势表明，北交所上市公司对股权激励的重视程度日益增强，旨在通过激励机制激发公司管理层和核心员工的积极性，增强员工的归属感，并推动业绩目标的实现。

The Beijing Stock Exchange has recently seen a surge in the release of equity incentive plans, with many listed companies including Kaite Shares, New Weiling, Huayang Racing, Hengtai Lighting, Qingju Technology, and others joining the ranks. This trend indicates that listed companies on the Beijing Stock Exchange are increasingly valuing equity incentives, aiming to stimulate the enthusiasm of management and core employees through incentive mechanisms, enhance employees' sense of belonging, and promote the achievement of performance goals.

据统计，自北交所开市以来，已有 52 家上市公司发布了股权激励方案，其中星昊医药、天润科技、星辰科技等 9 家公司已发布了两次激励计划。从行业分布来看，机械设备行业占比最高，其次是计算机、电力设备、汽车和医药生物行业。

According to statistics, since the opening of the Beijing Stock Exchange, 52 listed companies have released equity incentive plans, among which 9 companies including Xinghao Pharmaceutical, Tianrun Technology, and Xingchen Technology have released two incentive plans. From the perspective of industry distribution, the mechanical equipment industry has the highest proportion, followed by the computer, power equipment, automotive, and pharmaceutical biotechnology industries.

开源证券北交所研究中心总经理诸海滨指出，上市公司在推出股权激励方案时，需要综合考虑市场环境、行业情况等多方面因素，以确保激励效果的最大化。

Zhu Haibin, General Manager of the Research Center of Open Source Securities Beijing Stock Exchange, pointed out that when launching equity incentive plans, listed companies need to comprehensively consider various factors such as market environment and industry conditions to ensure the maximization of incentive effects.

东源投资首席分析师刘祥东表示，股权激励对上市公司及市场均具有正面影响。对于上市公司而言，股权激励有助于稳定管理层，激发员工积极性，吸引和保留人才，从而推动公司业绩增长，提升中长期价值。对于市场来说，股权激励能够增强市场信心，优化资源配置，并激励公司在技术、产品、服务等方面的创新，推动公司向高质量发展转型。

Liu Xiangdong, Chief Analyst of Dongyuan Investment, stated that equity incentives have a positive impact on both listed companies and the market. For listed companies, equity incentives help stabilize management, stimulate employee motivation, attract and retain talent, thereby driving company performance growth and enhancing medium - to long-term value. For the market, equity incentives can enhance market confidence, optimize resource allocation, and motivate companies to innovate in technology, products, services, and other aspects, promoting the company's transformation towards high-quality development.

股权激励制度被视为连接上市公司与高管、核心人员的重要纽带，通过给予一定比例的公司股份或股权，激励他们为公司发展贡献力量，增强归属感和忠诚度，更重要的是激发积极性，促进长期目标的实现。

The equity incentive system is regarded as an important link connecting listed companies with executives and core personnel. By giving a certain proportion of company shares or equity, it motivates them to contribute to the company's development, enhance their sense of belonging and loyalty, and more importantly, stimulate their enthusiasm and promote the achievement of long-term goals.

在激励方式上，上市公司定向发行股票是最常见的方式，其次是结合上市公司定向发行股票和提取激励基金买入流通股的方式。刘祥东补充道，股权激励方式多样，结合业绩考核，可以选择股票期权、限制性股票、业绩股票等多种工具，灵活设计激励方案，满足不同企业发展阶段和目标的需求。

In terms of incentive methods, targeted stock issuance by listed companies is the most common approach, followed by a combination of targeted stock issuance by listed companies and the use of incentive funds to purchase tradable shares. Liu Xiangdong added that there are various ways of equity incentives, and combined with performance evaluation, various tools such as stock options, restricted stocks, and performance stocks can be selected to flexibly design incentive plans to meet the needs of different stages and goals of enterprise development.

统计数据显示，股权激励方案发布当年，北交所公司的业绩增速较高，营收和归母净利润的同比增速平均值分别达到 25.88% 和 34.43%。其中，79.01% 的公司实现营收增长，76.54% 的企业实现归母净利润增长。

Statistics show that in the year when the equity incentive plan was released, the performance growth rate of the Beijing Stock Exchange company was relatively high, with an average year-on-year growth rate of 25.88% for revenue and 34.43% for net profit attributable to shareholders. Among them, 79.01% of companies achieved revenue growth, and 76.54% of enterprises achieved net profit growth attributable to shareholders.

北交所公司的股权激励计划通常包含 3 年的业绩考核要求。例如，新威凌的股权激励计划设定了明确的业绩考核目标，包括营业收入和净利润的具体指标。青矩技术的激励计划也提出了类似的考核要求，显示了公司对业绩增长的期望。

The equity incentive plan of the Beijing Stock Exchange usually includes a 3-year performance evaluation requirement. For example, the equity incentive plan of New Weiling sets clear performance evaluation targets, including specific indicators of operating income and net profit. The incentive plan of Qingju Technology also proposes similar assessment requirements, demonstrating the company's expectations for performance growth.

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