Guangdong Shaoneng Group Co., Ltd. (hereinafter referred to as "the Company") held the sixth meeting of the Compensation and Assessment Committee of the 11th Board of Directors and the 41st interim meeting of the 11th Board of Directors on June 1 and June 2, 2026, respectively. The meetings reviewed and approved the proposal on the repurchase and cancellation of part of the restricted stock. Due to three initial grant incentive objects losing their eligibility upon leaving the company and four initial grant incentive objects being unable to fully lift restrictions due to retirement, the Company will repurchase and cancel a total of 258,395 restricted shares that cannot be lifted from restrictions for the reasons mentioned above. This matter has been authorized for implementation by the Company's third interim shareholders' meeting of 2025. The specific circumstances are announced as follows:
I. Relevant Approval Procedures for the Incentive Plan
(1) Approval Process
On July 3, 2025, the Company held the 18th interim meeting of the 11th Board of Directors, which reviewed and approved the proposal on the "Draft of Guangdong Shaoneng Group Co., Ltd. 2025 Restricted Stock Incentive Plan and its Summary" and the proposal on the "Implementation Assessment Management Measures of Guangdong Shaoneng Group Co., Ltd. 2025 Restricted Stock Incentive Plan," among other related proposals. On the same day, the 7th interim meeting of the 11th Supervisory Board reviewed the above proposals. The Compensation and Assessment Committee of the Board of Directors issued verification opinions on matters related to the 2025 Restricted Stock Incentive Plan. For detailed content, please refer to the announcement disclosed by the Company on July 4, 2025, on the Giant Tide Information Network regarding the "Draft of Guangdong Shaoneng Group Co., Ltd. 2025 Restricted Stock Incentive Plan."
(2) Public Disclosure of Incentive Objects
On July 7, 2025, the Company publicly announced the "List of Incentive Objects for the 2025 Restricted Stock Incentive Plan (Adjusted)" on its official website, listing the names and positions of the proposed incentive objects for internal disclosure. During the public disclosure period, employees could provide feedback to the Compensation and Assessment Committee in writing or through communication methods. By the end of the public disclosure period, the Committee did not receive any objections from individuals or organizations regarding the proposed incentive objects. For detailed content, please refer to the announcement disclosed by the Company on July 17, 2025, on the Giant Tide Information Network.
(3) Adjustments to the List of Incentive Objects
On July 7, 2025, the Company held the 19th interim meeting of the 11th Board of Directors, which reviewed and approved the proposal on adjusting the list of incentive objects for the 2025 Restricted Stock Incentive Plan. The Compensation and Assessment Committee of the Board of Directors issued verification opinions on this proposal, and the 8th interim meeting of the 11th Supervisory Board reviewed the adjusted list of incentive objects.
(4) Authorization from Shareholders
On July 23, 2025, the Company held its third interim shareholders' meeting of 2025, which reviewed and approved the proposals on the "Draft of Guangdong Shaoneng Group Co., Ltd. 2025 Restricted Stock Incentive Plan and its Summary," the "Implementation Assessment Management Measures of Guangdong Shaoneng Group Co., Ltd. 2025 Restricted Stock Incentive Plan," and the proposal to authorize the Board of Directors to handle matters related to the 2025 Restricted Stock Incentive Plan. The implementation of this incentive plan was approved, and the Board of Directors was authorized to handle all matters related to the equity incentive plan. For detailed content, please refer to the announcement disclosed by the Company on July 24, 2025, on the Giant Tide Information Network regarding the resolutions of the third interim shareholders' meeting of 2025.