Sinocelltech(SH:688520) Zheng Quan Zhi Xing·2025-06-05 13:14Core Viewpoint - The company plans to issue A-shares to specific investors in 2025, which may dilute immediate returns for existing shareholders, but it has proposed measures to mitigate this impact [1][5][9]. Impact on Earnings Per Share - The issuance is expected to increase the total share capital from 44,533.57 million shares to 48,986.93 million shares [2]. - In a scenario where the net profit attributable to shareholders decreases by 10%, the diluted earnings per share (EPS) would drop from 0.24 to 0.18 yuan [2]. - If the net profit remains flat compared to 2024, the diluted EPS would decrease from 0.24 to 0.20 yuan [4]. - In a scenario where the net profit increases by 10%, the diluted EPS would slightly decrease from 0.24 to 0.23 yuan [4]. Necessity and Reasonableness of the Issuance - The issuance aims to supplement working capital to support business growth, especially in the high-investment biopharmaceutical and vaccine sectors [5][6]. - Continuous R&D investment is crucial for maintaining competitive advantages, and the funds will support ongoing innovation [5][6]. - The issuance will help reduce operational and financial risks by improving the company's financial structure and liquidity [6]. Use of Proceeds - All proceeds from the issuance will be used to enhance working capital, accelerating the R&D process and enriching the product pipeline [6][7]. Measures to Mitigate Dilution of Immediate Returns - The company will manage the raised funds strictly according to legal regulations to ensure proper usage [7][8]. - A detailed plan for the use of funds will be implemented to enhance business development and market competitiveness [7]. - The company will improve governance and internal controls to protect investor interests and ensure efficient fund utilization [8]. - A profit distribution policy will be established to optimize returns for investors, with a commitment to cash dividends when conditions allow [8][9]. Commitments from Management - The board of directors and senior management have committed to ensuring the effectiveness of the proposed measures to mitigate dilution [9][10]. - The actual controller and major shareholders have also made commitments to not interfere with the company's management and to protect shareholder interests [10][11].