Highton Development(SH:603162) Zheng Quan Zhi Xing·2025-07-21 11:31Core Viewpoint - The company plans to issue A-shares to specific investors in 2025, which may dilute immediate returns but includes measures to mitigate this impact and protect minority shareholders' interests [1][5][8]. Group 1: Impact of the Issuance - The issuance will increase the total share capital from 91,687.87 million shares to 95,521.09 million shares [2]. - Three scenarios for net profit in 2025 were analyzed: a decrease of 10%, remaining flat, and an increase of 10% compared to 2024 [1][2]. - Basic earnings per share (EPS) before the issuance is projected at 0.60 yuan, which may rise to 0.61 yuan post-issuance under certain profit scenarios [2][3]. Group 2: Necessity and Rationality of Fundraising Projects - The fundraising projects align with national industrial policies and the company's development strategy, enhancing profitability and shareholder interests [4]. - The projects are closely related to the company's core business, ensuring no significant changes in operations post-issuance [4]. Group 3: Measures to Mitigate Dilution of Immediate Returns - The company aims to enhance capacity and develop its main business to improve sustainable profitability [5]. - Internal controls will be improved to reduce operational costs, thereby increasing profit levels [6]. - Strict management of the raised funds will be implemented to ensure legal and effective use [6]. - The company will expedite the implementation of fundraising projects to achieve expected returns quickly [6]. - A cash dividend policy will be strictly followed to provide reasonable returns to investors [7][8]. Group 4: Commitments from Key Stakeholders - The company's board and senior management have committed to ensuring the effectiveness of measures to mitigate return dilution [9][10]. - The controlling shareholder has also pledged not to harm the company's interests and to fulfill compensation responsibilities if necessary [9][10].