Nearly six months later, Meibang Apparel adjusted its incentive plan for the first time. The company announced last night that it will reduce the number of incentive stocks from no more than 6.3 million shares to no more than 5.9 million shares. At the same time, in the first exercise condition, the ROE of 2010 will be no less than 12%, and it shall be adjusted to no less than 20%. Some analysts believe that this change means that Maybank apparel may increase franchisees in the future.

According to the latest equity incentive plan disclosure, Smith Barney plans to grant up to 5.9 million shares to the incentive target, which accounts for approximately 0.587% of the total share capital, of which 5.325 million copies are issued for the first time, accounting for 0.530% of the total share capital, and 575,000 are reserved for the grant. 9.75% of the total number of stock options, accounting for 0.057% of the total share capital. It is worth noting that the company shortens the 4 years of the first exercise period, the 3 years of the second exercise period, the 2 years of the third exercise period, and the 1 year of the 4th exercise period to 1 year. 1 year.

Except for the directors and senior executives, the number of incentives to be motivated was reduced from 193 to 187. This means that 6 people will not participate in this equity incentive. In addition, the number of shares granted to Other core technicians was adjusted from 3.885 million to 3.525 million.

In addition to the above factors, the exercise conditions have also been adjusted. This time, Meibang Apparel will release its first performance indicator for the exercise period announced in April - 2010 ROE not less than 12%, and increase it to no less than 20%; at the same time, it will have net assets for 2011 to 2013. The yields were changed to no less than 20.5%, 21%, and 21.5% respectively. Interestingly, in 2009, the return on net assets of the company's apparel was 20.2%, which is close to the conditions of exercise after this adjustment.

What kind of mysteries may be hidden behind the conditions under which Meibang Apparel raises its exercise rights?

Last night, a veteran brokerage clothing researcher stated that there are two purposes for Maybank to increase the exercise conditions: firstly, it helps to push up the stock price, and secondly, raising the ROE is likely to imply an increase in the future. Because by reducing the number of direct operations and increasing participation, this measure can quickly increase the ROE. This is a good company for companies with higher marketing expenses such as Maybank.

According to statistics, in the first half of this year, the net profit of Smithland's apparel was 40.336 million yuan, a year-on-year decrease of 83%. During the period, sales gross profit margin was 42.76%, lower than the 44.52% at the end of last year. The growth rate of the three expenses increased from 45.69% at the end of last year to 50.48%.