Stock Code: 300923 Stock Abbreviation: Yan'ao Shares
Yan'ao Electric Co., Ltd.
2026 Restricted Stock Incentive Plan
(Draft)
July 2026
Declaration
The Company and all directors guarantee that this incentive plan and its summary do not contain any false records, misleading statements, or major omissions, and assume individual and joint legal responsibility for their authenticity, accuracy, and completeness.
All incentive recipients of the Company promise that if the Company is found to have false records, misleading statements, or major omissions in its information disclosure documents, resulting in non-compliance with the arrangements for granting or exercising rights, the incentive recipients shall return all benefits obtained from this incentive plan to the Company after the relevant information disclosure documents are confirmed to contain false records, misleading statements, or major omissions.
Special Notice
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The "Yan'ao Electric Co., Ltd. 2026 Restricted Stock Incentive Plan (Draft)" (hereinafter referred to as the "Incentive Plan Draft" or "Incentive Plan") is formulated by Yan'ao Electric Co., Ltd. (hereinafter referred to as "Yan'ao Shares," "Company," or "the Company") in accordance with the "Company Law of the People's Republic of China," "Securities Law of the People's Republic of China," "Rules Governing the Listing of Stocks on the ChiNext Market of the Shenzhen Stock Exchange," "Administrative Measures for Equity Incentives of Listed Companies," "Guidelines No. 1 for Self-Regulation of Listed Companies on the ChiNext Market — Business Handling," and other relevant laws, regulations, and normative documents, as well as the "Articles of Association of Yan'ao Electric Co., Ltd." (hereinafter referred to as the "Articles of Association").
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The incentive tool adopted in this incentive plan is the first type of restricted stock. The source of the shares is the Company's A-share common stock already repurchased from the secondary market through centralized bidding (hereinafter referred to as "Target Shares").
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This incentive plan intends to grant a total of 500,000 restricted shares to the incentive recipients, accounting for approximately 0.6361% of the Company's total share capital of 78.60 million shares as of the announcement date of the incentive plan draft. This incentive plan is a one-time grant with no reserved interests.
As of the announcement date of this incentive plan draft, the total number of target shares involved in all of the Company's equity incentive plans within the validity period does not exceed 20% of the Company's total share capital. The total number of Company shares granted to any single incentive recipient through all equity incentive plans within the validity period does not exceed 1% of the Company's total share capital.
From the date of the announcement of this incentive plan to the completion of the registration of restricted shares by the incentive recipients, if the Company undergoes capital reserve conversion to share capital, distribution of stock dividends, share splits or consolidations, or rights issues, the number of restricted shares granted will be adjusted accordingly in accordance with the provisions of this incentive plan.
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The grant price of the restricted shares under this incentive plan is 15 yuan per share.
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From the date of the announcement of this incentive plan to the completion of the registration of restricted shares by the incentive recipients, if the Company undergoes capital reserve conversion to share capital, distribution of stock dividends, share splits or consolidations, rights issues, or dividend distributions, the grant price of the restricted shares will be adjusted accordingly in accordance with the provisions of this incentive plan.
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The total number of incentive recipients granted under this incentive plan is 7, including directors (excluding independent directors), senior management personnel, and other core employees of the Company.
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The validity period of this incentive plan is from the date of completion of the restricted stock grant registration until the date when all restricted shares are unlocked or repurchased and cancelled, not exceeding 60 months. The restricted shares granted to the incentive recipients will be unlocked in batches according to the agreed proportions, provided that the corresponding unlocking conditions are met for each unlocking.