Pu Ran Shares Sets Restricted Stock Plan, 94 Grantees, RMB202.06 Price, 2026 Revenue Target RMB3.5 Billion
Pu Ran Shares released a restricted stock incentive plan on August 6, 2026, granting 917,093 shares to 94 employees at RMB202.06 per share, a 46.1% discount to the closing price, representing 0.62% of share capital. The plan sets revenue targets of RMB3.5 billion, RMB4.2 billion, RMB5 billion and RMB6 billion for 2026-2029. The company's 2025 revenue was RMB2.32 billion, up 28.62% year-on-year, implying required growth of 20.7% to reach the 2026 trigger and 50.88% to reach the target.
On August 6, 2026, after market close, Pu Ran Shares released the draft of its 2026 restricted stock incentive plan. The plan proposes to grant 917,093 restricted shares to 94 incentive recipients, representing approximately 0.62% of the company's total share capital, at a grant price of RMB202.06 per share. This price represents a discount of approximately 46.1% from the closing price on the same day. The performance assessment targets set revenue for 2026 through 2029 at no less than RMB3.5 billion, RMB4.2 billion, RMB5 billion and RMB6 billion, respectively.
Among the incentive recipients, only the company's board secretary and chief financial officer, Qian Jiamei, is a senior executive, proposed to receive 100,000 shares, accounting for 10.9% of the total. The remaining 93 individuals are "personnel deemed by the board to require incentive", receiving 633,674 shares, or 69.1% of the total. An additional 183,419 shares are reserved, representing 20% of the total restricted shares to be granted. The incentive recipients include some foreign employees, due to the company's global business and strategic supply chain system construction needs.
The performance assessment indicators are divided into target values and trigger values. For 2026, the revenue target is RMB3.5 billion, with a trigger of RMB2.8 billion; for 2027, the target is RMB4.2 billion, trigger RMB3.0 billion; for 2028, target RMB5.0 billion, trigger RMB3.5 billion; for 2029, target RMB6.0 billion, trigger RMB4.0 billion. When actual revenue reaches the target value, the company-level vesting ratio is 100%; when it reaches the trigger but falls below the target, the vesting ratio is calculated as actual revenue divided by the target; if the trigger is not met, all restricted shares for the corresponding assessment year for all recipients shall not vest. Individual performance assessments are divided into four grades: "excellent and good performance", "basically meeting performance", "improvement performance", and "unqualified performance", with corresponding vesting ratios of 100%, 70%-90%, 30%-50% and 0%, respectively.
According to the 2025 annual report, the company's 2025 revenue was approximately RMB2.32 billion, a year-on-year increase of 28.62% from 2024. Corresponding to the 2026 assessment indicators, to reach the trigger of RMB2.8 billion, revenue would need to grow by 20.70%; to reach the target of RMB3.5 billion, growth of 50.88% would be required.