Xingyuan Environment(SZ:300266) Zheng Quan Zhi Xing·2025-05-12 13:31Core Viewpoint - The company is issuing A-shares to specific investors, which may dilute immediate returns for existing shareholders, and has proposed measures to mitigate this impact [1][6][10] Group 1: Impact of Share Issuance - The issuance of shares is expected to increase the total share count from 1,553,807,314 to 1,793,807,314 [4] - The company reported a net loss of 302.26 million yuan for 2024, with a net loss of 374.84 million yuan after excluding non-recurring gains and losses [2][4] - Three scenarios for 2025 net profit were analyzed: 1. Continued loss at 302.26 million yuan [3] 2. Loss reduced by 50% to 151.13 million yuan [5] 3. Profit of 10 million yuan [5] Group 2: Financial Metrics Post-Issuance - Basic earnings per share (EPS) before issuance is -0.19 yuan, projected to improve to -0.17 yuan post-issuance under the first scenario [4] - The diluted EPS is expected to change from -0.19 yuan to -0.17 yuan post-issuance [4] - The weighted average return on equity (ROE) is projected to decrease from -22.64% to -20.71% post-issuance under the first scenario [4] Group 3: Measures to Mitigate Dilution - The company plans to enhance operational efficiency and improve cash flow management to counteract the dilution of immediate returns [6][7] - A comprehensive dividend policy has been established to ensure fair returns to investors, including specific conditions for cash dividends [8] - The company has committed to strict governance and compliance with regulations to protect shareholder interests [8][9] Group 4: Commitments from Management - The company's board and senior management have made commitments to ensure the effectiveness of measures to mitigate the dilution of immediate returns [9][10] - The controlling shareholder has also pledged not to interfere with the company's management and to uphold shareholder interests [9][10]