Shijiazhuang Shangtai Technology (SZ:001301) Zheng Quan Zhi Xing·2025-07-22 16:27Core Viewpoint - The company, Shijiazhuang Shangtai Technology Co., Ltd., is issuing convertible bonds to unspecified investors, which may dilute immediate returns but includes measures to compensate for this dilution [2][7][12]. Financial Impact Analysis - The issuance of convertible bonds is analyzed under two scenarios: full conversion by March 31, 2026, and no conversion by December 31, 2026, to assess the impact on key financial metrics [2][3]. - The company's net profit for 2025 and 2026 is projected under three growth rate scenarios: 0%, 10%, and 20%, with corresponding basic and diluted earnings per share calculated for each scenario [6][9]. Measures to Mitigate Dilution - The company plans to enhance its core business operations to improve market competitiveness and profitability, thereby mitigating the risk of diluted returns [12][13]. - A commitment to efficient use of raised funds is established, ensuring that the funds are allocated to projects that align with industry trends and have strong market potential [12][13]. - The company has developed a dividend policy to ensure shareholder returns, particularly for minority shareholders, and has outlined a three-year dividend plan [13][14]. Project Justification - The funds raised will support the "Annual Production of 200,000 Tons of Lithium Battery Anode Material Integration Project," which is aligned with the company's existing business and technological capabilities [9][10]. - The project is expected to enhance the company's market position and competitive strength, contributing positively to its strategic development [9][10]. Human Resource and Technical Preparedness - The company has a well-prepared team with expertise in both carbon materials and lithium battery technology, ensuring effective project execution [10][11]. - A robust patent portfolio and ongoing technical collaborations with leading battery manufacturers position the company favorably in the market [10][11]. Commitment from Management - The company's board and senior management have made commitments to ensure the effectiveness of measures to compensate for any dilution of returns, emphasizing their responsibility to protect shareholder interests [14][15].