390 A-share companies roll out equity incentive plans in 2025, up 20.74%; metrics shift to shipments, R&D
As of July 27, 390 A-share listed companies had disclosed equity incentive plans in 2025, a 20.74% year-on-year increase, with 432 plans in total, up 18.03%. Electronics, machinery, and power equipment sectors accounted for over 45% of plans. Light manufacturing surged 400%, social services 280%, and non-ferrous metals 200%. Sun Paper granted 63 million restricted shares (2.25% of total) with 2026-2028 profit growth targets of 10%, 20%, and 30%. Performance metrics are shifting from profit to product shipments, clinical trials, overseas revenue, and relative market cap.
As of July 27, 390 listed companies had disclosed equity incentive plans in 2025, a 20.74% increase year-on-year, with a total of 432 plans, up 18.03%.
By industry, the electronics, machinery, and power equipment sectors issued 101, 52, and 48 plans respectively, together accounting for over 45% of the total. Light manufacturing, social services, and non-ferrous metals saw year-on-year growth of 400%, 280%, and 200% respectively. The light manufacturing sector released 19 plans, up 280% from the same period last year. On June 8, Sun Paper announced a plan to grant 63 million restricted shares to 1,489 employees including key technical staff, representing 2.25% of total share capital. The performance conditions require that, based on 2025 non-GAAP net profit attributable to the parent, the growth rates for 2026, 2027, and 2028 be no less than 10%, 20%, and 30% respectively.
By instrument, restricted shares accounted for nearly 80% of plans, with Class I restricted shares at about 30% and Class II restricted shares at about 50%, the latter's share increasing from the prior year.
Performance metrics in equity incentive plans are evolving. Innovent Biologics' 2026 restricted share plan uses revenue or clinical trial counts as metrics. Maxscend's plan targets shipments of L-PAMiD, an integrated RF front-end module combining low-noise amplifiers, power amplifiers, switches, filters, and duplexers. Kingsoft Office's plan evaluates overseas revenue and WPS365 revenue. Kexing Pharmaceutical's plan introduces a relative market-capitalization growth metric.