Hershey's equity incentive plan targets high growth over three years, promising future growth potential.

On the evening of February 11, Haers (002615.SZ) disclosed a new round of restricted stock incentive plan and employee stock ownership plan, clearly outlining the detailed performance targets for the three assessment years from 2026 to 2028. Meanwhile, the incentive plan anchors to the relatively high base of the average performance for 2023-2024, demonstrating management's strong confidence in achieving rapid growth in the company's performance over the next three years. Although the 2025 performance forecast indicates temporary operational pressure, supported by the broad space in the cup and bottle industry, the steady release of overseas production capacity, and the continuous enhancement of its own brand value, the company's long-term growth logic is clear, and its development prospects are promising.

Equity Incentive Plan Anchored to High Benchmark Aims for Three Years of High Growth

According to this incentive plan, the company has set progressive and demanding assessment standards for operational growth from 2026 to 2028: 2026 operating revenue or non-GAAP net profit must increase by no less than 45% (trigger value) and 55% (target value) compared to the 2023-2024 average; 2027 corresponding growth must be no less than 70% (trigger value) and 80% (target value); 2028 further increases to no less than 100% (trigger value) and 110% (target value).

It is worth noting that the performance assessment base for this equity incentive plan did not choose the lower performance under temporary pressure in 2025, but rather anchored to the relatively high base of the average performance for 2023-2024. It is reported that 2023-2024 were two years of stable and positive operational momentum for Haers. In 2024, the company's operating revenue reached 3.332 billion yuan, a year-on-year increase of 38.40%, and net profit attributable to shareholders reached 287 million yuan, maintaining positive growth for many consecutive years. The average performance for these two years forms a solid and relatively high assessment foundation.

Compared to some companies in the industry that choose performance trough years as the assessment base to reduce incentive difficulty, Haers' proactive choice of a higher performance base fully demonstrates that management has a clear understanding of the company's own development potential and is confident in achieving high-quality future performance growth.

Short-term Performance Pressure Does Not Alter Long-term Positive Trend

From a short-term operational perspective, Haers' 2025 performance faces some pressure. The performance forecast recently disclosed by the company shows that the estimated net profit attributable to shareholders for 2025 is between 54.8 million yuan and 81.6 million yuan, a year-on-year decrease of 71.52% to 80.88%. The company's temporary pressure is more a result of external environmental changes and does not alter its fundamentally positive long-term outlook.

With the rise of health-conscious consumption, the outdoor economy, and national trend culture, cup and bottle products have evolved from simple drinking tools into consumption carriers that combine function, aesthetics, and social attributes. Market demand continues to expand, bringing new growth momentum to the industry. At the same time, the capacity ramp-up at Haers' Thailand production base is gradually completing, which will effectively optimize the global supply chain layout, enhance the ability to cope with external risks, and provide solid support for overseas market expansion and cost control.

More importantly, under the new consumption wave, the company continues to deepen its own brand building. Through product innovation, channel upgrades, and brand marketing, the transformation from manufacturing to brand operation is gradually being translated into core competitiveness, driving the dual enhancement of the company's profitability and brand premium capability. This transformation is gradually materializing as core competitiveness—business intelligence data shows that the company's Year of the Horse titanium cup has remained in the top three in the industry for seven consecutive days, confirming the dual enhancement of brand premium capability and profitability.

This restricted stock incentive plan and employee stock ownership plan essentially deeply bind core employees and the management team with the company's long-term development. Through a mechanism of shared interests and risks, it fully stimulates internal vitality and operational motivation, providing stable organizational support for achieving performance targets. It not only helps attract and retain core talent but also allows the team to focus on implementing medium- to long-term strategies, promoting breakthroughs in both scale and efficiency.

For Haers, short-term performance fluctuations are not a reversal of the trend. At the current juncture, with the effective implementation of the incentive mechanism, the release of dividends from overseas production capacity, and the continuous strengthening of its own brand momentum, the company is expected to achieve high-quality and rapid development, and its long-term investment value deserves continued market attention.