NATIONSTAR(SZ:002449) Zheng Quan Zhi Xing·2025-07-10 11:12Core Viewpoint - The announcement details the potential dilution of immediate returns due to the issuance of A-shares to specific investors, along with measures to compensate for this dilution and commitments from relevant parties [1][4][14]. Financial Impact - The company plans to raise a maximum of 981.32 million yuan (approximately 98.13 million) through the issuance of up to 185,543,150 shares, which will increase the total share capital from 618,477,169 shares to 804,020,319 shares [1][2]. - The basic earnings per share (EPS) under three scenarios (flat, 20% increase, and 20% decrease in profit) are projected to be 0.0833 yuan, 0.1000 yuan, and 0.0667 yuan respectively, indicating a potential dilution effect [2][3]. - The weighted average return on equity (ROE) is expected to decrease from 1.35% to 1.08% under the scenario of a 20% decrease in profit [3]. Necessity and Reasonableness of the Issuance - The funds raised will be used for projects related to Mini/Micro LED production, optical sensing, smart home displays, and other initiatives that align with the company's existing business and national industrial policies [4][5]. - The projects are expected to enhance the company's core competitiveness and sustainable development capabilities, providing a strong market outlook [4][11]. Project Implementation Readiness - The company has established a solid foundation in terms of personnel, technology, and market management to ensure the successful implementation of the fundraising projects [5][6][7]. - The company has a strong R&D capability, with a 2024 R&D investment of 190.85 million yuan, representing 5.50% of revenue, and has filed over 1,200 patents [7][8]. Measures to Mitigate Dilution Risk - The company will enhance fundraising management, accelerate project implementation, and ensure efficient use of raised funds to improve profitability [11][12]. - It will strengthen strategic partnerships with existing clients and explore new business markets to maintain competitive advantage [12][13]. - The company will also improve its governance structure to protect shareholder rights and ensure compliance with relevant regulations [12][13]. Commitments from Relevant Parties - The company's board and senior management have committed to ensuring the effectiveness of measures to compensate for the dilution of immediate returns [14][15]. - The controlling shareholder and actual controller have also made commitments to not interfere with the company's management and to compensate for any losses incurred due to non-compliance with these commitments [14][15].