23, Jingao Technologies announced that it would terminate the implementation of the employee stock ownership plan in 2025. On August 22,
2025, Jingao Technologies disclosed the 2025 Employee Stock Ownership Plan (Draft), which was initially established with no more than 57 holders. Including director, deputy general manager Yang Aiqing, director Cao Yangfeng, then director Jin Bin, then supervisor Li Jing, then financial officer Li Shaohui, board secretary Qin Shilong and the remaining 51 core technical personnel and key personnel of the company.
Screenshot from Jingao Technology's "Employee Stock Ownership Plan 2025 (Draft)"
on August 22, 2025. At that time, Jingao Technology said that the total amount of funds to be raised by the above-mentioned employee stock ownership plan is not more than 258.335 million yuan, with "shares" as the subscription unit, each share is 1 yuan; It is planned to acquire the shares of the Company held in the special securities account for the repurchase of Jingao Technology through non-transaction transfer and other means permitted by laws and regulations at a transfer price of 6.
According to the 2025 annual report of Jingao Technology, the number of employees holding shares in the plan is 52 . The semi-annual report of 2026 shows that the number of employee stock ownership plans has dropped to 49 .
At the same time, after the termination of the employee stock ownership plan, the underlying shares will be sold by Jingao Science and Technology at an appropriate time, and the holders will be returned according to the original amount of investment plus interest not higher than bank deposit interest for the same period, and the proceeds will be owned by the company.
Although Jingao Technologies said in the announcement that the termination of the employee stock ownership plan was caused by multiple effects, the main reason behind it should be performance pressure and lower stock prices.
According to the previous disclosure announcement, the performance appraisal of the above-mentioned plan of Jingao Science and Technology is to take 2025-2026 as the performance appraisal year, in which the net profit in 2024 is taken as the base, and the net profit loss in 2025 is reduced by no less than 5%. In 2026, the net profit turned around .
Financial data show that the net profit loss of Jingao Science and Technology in 2025 is about 4.608 billion yuan, which is basically the same as the net profit loss of about 4.656 billion yuan in 2024. In the first half
of 2026, the total revenue of Jingao Science and Technology is about 17.498 billion yuan. Down 26.8% year on year; The net profit loss was about 2.663 billion yuan , and the non-net profit deduction was about 3.022 billion yuan, both of which increased by 3.21% and 32
% respectively. The net profit of Jingao Technology in the second half of this year should reach at least 26. In the current environment of the photovoltaic industry, it is not easy to achieve this goal.
On the one hand, the domestic demand for photovoltaic installations has slowed down. From January to September this year, the new installed capacity of photovoltaic in China was only 110.2025.
The pre-installed capacity brought about by the rush to install photovoltaic and the cancellation of export tax rebate policy affected the growth of demand for photovoltaic installed capacity in 2026. It is predicted that 2026 will be the year of adjustment, and the installed capacity will reach a new low. At the same time, Jingao Technology has revised down its shipment target for this year to around 50GW.
On the other hand, the current the research of digital new energy DataBM. Com. At present, the quotation range of TOPCon components is 0.65-0.
In addition to the performance difficulties, the stock price of Jingao Technology is also under considerable pressure in the secondary market.
Since 2022, the share price of Jingao Technology has hit 58. As of the close of October 26, the share price of Jingao Technology is 6. Compared with the year's high, it has fallen by about 49.
of Photovoltaic Leading Group in Making a "Military Warrant" Come from?On the evening of
September 28, Jingke Energy disclosed the 2026 Restricted Stock Incentive Plan (Draft). The incentive plan involves no more than 1,410 incentive objects granted for the first time. Including Chairman Li Xiande, Director and General Manager Cao Haiyun, Employee Director Liu Hua, Vice General Manager Miao Gen, Vice General Manager and Core Technical Personnel Jin Hao, Vice General Manager and Secretary of the Board of Directors Jiang Rui, Chief Financial Officer Chang Chen, Core Technical Personnel Zhang Xinyu and Guo Zhiqiu, and other personnel considered by the Board of Directors to be in need of incentives. In terms of
performance evaluation, based on the net profit in 2025, the net profit in 2026 will be reduced by no less than 50%, and the net profit in 2027 will reach 30 yuan.
Trina Solar's incentive plan proposes that "net profit in 2026 will not be less than 200 million yuan ". "The cumulative value of net profit from 2026 to 2027 is not less than 3.4 billion yuan " and "the cumulative value of net profit from 2026 to 2028 is not less than 9.6 billion yuan ".
All of them put the "acceptance point" of performance reversal in 2026-2027 , which is essentially a window period for the leaders to lose money in the industry but the turning point is expected to be stronger, and send the signal of "reversible cycle and repair" to both inside and outside with the long-term performance commitment of cost.
On the other hand, in the cyclical environment of deep industry bottoming and cash expenditure tightening, photovoltaic leaders use employee stock ownership and equity incentives to lock in the core backbone talents of enterprises with equity tools, but also mobilize the enthusiasm of core personnel.
In addition, through the iteration of assessment indicators, enterprises are also shifting their business orientation from blind impulse to long-term strategic layout such as profit improvement, technology iteration and breakthroughs in new businesses such as energy storage, which also helps enterprises to accel erate the industry cycle and achieve profit reversal.
However, in the cold winter, it is not so easy for this "incentive" to be fulfilled as scheduled. The "plan cancellation" of Jingao Science and Technology also reflects that the development of photovoltaic enterprises is accelerating differentiation at the bottom of the cycle.
浙公网安备33010802003254号