Estun launches 50%-discount equity incentive and acquires controller's loss-making asset at 9x premium

Estun disclosed its 2026 A-share restricted stock incentive plan on September 30, proposing to grant 2.99 million shares at a grant price of 14.92 yuan, about 50% of the September 30 closing price of 28.22 yuan. The performance targets are non-recurring net profit of no less than 200 million yuan in 2026 and a cumulative total of no less than 1.1 billion yuan from 2026 to 2028, while the company's historical annual peak non-recurring net profit is less than 100 million yuan.