3 月 4 日，大商股份發(fā)布 2025 年股權(quán)激勵計劃 (草案)，首次將激勵對象聚焦于新任董事長兼總經(jīng)理陳德力，旨在通過核心高管與企業(yè)利益的深度綁定，推動公司戰(zhàn)略轉(zhuǎn)型與業(yè)績增長。作為東北地區(qū)商貿(mào)零售龍頭企業(yè)，大商股份在實(shí)體業(yè)態(tài)調(diào)改、全渠道布局及資產(chǎn)價值重估等方面動作頻出，長期發(fā)展動能值得關(guān)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.

股權(quán)激勵錨定增長目標(biāo)，高管綁定強(qiáng)化改革動力

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

根據(jù)草案，公司擬向董事長陳德力授予 310 萬股限制性股票，占總股本的 0.99%，授予價格為 13.03 元 / 股，總激勵成本約 3996 萬元，將分三年攤銷?？己四繕?biāo)明確要求：2025 年、2026 年扣非歸母凈利潤同比增速均不低于 10%(剔除股份支付費(fèi)用)，對應(yīng)歸屬比例各為 50%。個人績效分為 A/B/C 三檔，僅當(dāng)考核結(jié)果為 A 或 B 時，激勵對象可按 100% 或 80% 的比例兌現(xiàn)權(quán)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%.

此次激勵計劃的核心在于強(qiáng)化管理層與公司利益的協(xié)同性。陳德力作為新任董事長，其過往在凱德、萬達(dá)等企業(yè)的商業(yè)地產(chǎn)管理經(jīng)驗(yàn)被視為推動大商股份戰(zhàn)略轉(zhuǎn)型的關(guān)鍵。激勵方案以凈利潤增速為考核基準(zhǔn)，表明公司對核心業(yè)務(wù)盈利能力提升的明確訴求。若目標(biāo)達(dá)成，2025 年及 2026 年扣非歸母凈利潤將分別達(dá)到 6.56 億元、7.15 億元 (基于 Wind 一致預(yù)期)，進(jìn)一步鞏固其在區(qū)域零售市場的競爭優(yōu)勢。

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.

從財務(wù)表現(xiàn)看，公司 2024 年前三季度實(shí)現(xiàn)營收 53 億元，歸母凈利潤 5.3 億元，同比增長 18%，扣非凈利潤 4.9 億元，同比增幅達(dá) 24%，盈利能力改善顯著。股權(quán)激勵計劃的推出，既是對既有業(yè)績的認(rèn)可，亦是為后續(xù)戰(zhàn)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.

新任董事長領(lǐng)銜調(diào)改，多維布局釋放資產(chǎn)價值

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

陳德力自 2024 年底上任后，提出 “構(gòu)建大平臺、聚焦大消費(fèi)、成就大生態(tài)” 的三 “大” 戰(zhàn)略，重點(diǎn)對超市及百貨業(yè)態(tài)進(jìn)行全面調(diào)改。公司計劃通過門店優(yōu)化、業(yè)態(tài)升級及區(qū)域拓展，提升運(yùn)營效率與盈利能力。截至 2024 年三季度末，公司旗下百貨、超市及電器門店數(shù)量分別為 61 家、24 家與 9 家，自有物業(yè)占比達(dá) 49%，核心商圈布局夯實(shí)資產(chǎn)價值基礎(chǔ)。

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.

實(shí)體場景調(diào)改方面，大商股份持續(xù)推進(jìn) “一固三新” 戰(zhàn)略，即鞏固傳統(tǒng)百貨優(yōu)勢，發(fā)力新零售、新消費(fèi)與新生態(tài)。旗下麥凱樂、新瑪特、千盛等品牌覆蓋高端百貨、購物中心及流行消費(fèi)場景，并通過 “天狗” 平臺實(shí)現(xiàn)線上線下融合，強(qiáng)化全渠道服務(wù)能力。2024 年三季度末，公司貨幣資金儲備達(dá) 35 億元，為調(diào)改提供充足資金支持。此外，2023 年 56% 的分紅率亦凸顯其對股東回報的重視。

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.

從行業(yè)視角看，商貿(mào)零售企業(yè)正面臨消費(fèi)習(xí)慣變遷與競爭加劇的雙重挑戰(zhàn)，調(diào)改成效將成為估值重塑的關(guān)鍵。大商股份依托核心地段物業(yè)資源及高管團(tuán)隊(duì)的轉(zhuǎn)型決心，有望通過效率提升與業(yè)態(tài)創(chuàng)新打開增長空間。

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.

風(fēng)險提示：行業(yè)競爭加劇、消費(fèi)復(fù)蘇不及預(yù)期、門店調(diào)改效果滯后、股權(quán)激勵草案變動風(fēng)險。

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：北交所股權(quán)激勵成為趨勢，52 家公司發(fā)布激勵方案

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

北交所近期出現(xiàn)了股權(quán)激勵方案的發(fā)布熱潮，包括開特股份、新威凌、華洋賽車、恒太照明、青矩技術(shù)等多家上市公司紛紛加入這一行列。這一趨勢表明，北交所上市公司對股權(quán)激勵的重視程度日益增強(qiáng)，旨在通過激勵機(jī)制激發(fā)公司管理層和核心員工的積極性，增強(qiáng)員工的歸屬感，并推動業(yè)績目標(biāo)的實(shí)現(xiàn)。

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.

據(jù)統(tǒng)計，自北交所開市以來，已有 52 家上市公司發(fā)布了股權(quán)激勵方案，其中星昊醫(yī)藥、天潤科技、星辰科技等 9 家公司已發(fā)布了兩次激勵計劃。從行業(yè)分布來看，機(jī)械設(shè)備行業(yè)占比最高，其次是計算機(jī)、電力設(shè)備、汽車和醫(yī)藥生物行業(yè)。

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.

開源證券北交所研究中心總經(jīng)理諸海濱指出，上市公司在推出股權(quán)激勵方案時，需要綜合考慮市場環(huán)境、行業(yè)情況等多方面因素，以確保激勵效果的最大化。

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.

東源投資首席分析師劉祥東表示，股權(quán)激勵對上市公司及市場均具有正面影響。對于上市公司而言，股權(quán)激勵有助于穩(wěn)定管理層，激發(fā)員工積極性，吸引和保留人才，從而推動公司業(yè)績增長，提升中長期價值。對于市場來說，股權(quán)激勵能夠增強(qiáng)市場信心，優(yōu)化資源配置，并激勵公司在技術(shù)、產(chǎn)品、服務(wù)等方面的創(chuàng)新，推動公司向高質(zhì)量發(fā)展轉(zhuǎn)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.

股權(quán)激勵制度被視為連接上市公司與高管、核心人員的重要紐帶，通過給予一定比例的公司股份或股權(quán)，激勵他們?yōu)楣景l(fā)展貢獻(xiàn)力量，增強(qiáng)歸屬感和忠誠度，更重要的是激發(fā)積極性，促進(jìn)長期目標(biāo)的實(shí)現(xiàn)。

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.

在激勵方式上，上市公司定向發(fā)行股票是最常見的方式，其次是結(jié)合上市公司定向發(fā)行股票和提取激勵基金買入流通股的方式。劉祥東補(bǔ)充道，股權(quán)激勵方式多樣，結(jié)合業(yè)績考核，可以選擇股票期權(quán)、限制性股票、業(yè)績股票等多種工具，靈活設(shè)計激勵方案，滿足不同企業(yè)發(fā)展階段和目標(biāo)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.

統(tǒng)計數(shù)據(jù)顯示，股權(quán)激勵方案發(fā)布當(dāng)年，北交所公司的業(yè)績增速較高，營收和歸母凈利潤的同比增速平均值分別達(dá)到 25.88% 和 34.43%。其中，79.01% 的公司實(shí)現(xiàn)營收增長，76.54% 的企業(yè)實(shí)現(xiàn)歸母凈利潤增長。

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.

北交所公司的股權(quán)激勵計劃通常包含 3 年的業(yè)績考核要求。例如，新威凌的股權(quán)激勵計劃設(shè)定了明確的業(yè)績考核目標(biāo)，包括營業(yè)收入和凈利潤的具體指標(biāo)。青矩技術(shù)的激勵計劃也提出了類似的考核要求，顯示了公司對業(yè)績增長的期望。

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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