Feilu(SZ:300665) Zheng Quan Zhi Xing·2025-08-25 20:08Core Viewpoint - The company is issuing shares to specific investors, which will dilute immediate returns, and has outlined measures to compensate for this dilution while ensuring the protection of minority shareholders' interests [1][5][6]. Financial Impact Analysis - The total amount raised from the issuance is expected to be no more than 323.20 million yuan, leading to an increase in total share capital and net assets, which may result in a short-term dilution of earnings per share and return on equity [1][2]. - Post-issuance, the total share capital will increase from 218,945,730 shares to 258,945,730 shares [2]. - The projected net profit attributable to shareholders for 2025 is estimated at -135.65 million yuan, with various scenarios predicting different levels of loss reduction or increase [3][4]. Key Financial Metrics - Under different scenarios, the basic and diluted earnings per share are projected to be as follows: - Scenario 1: Basic EPS of -0.74, -0.64, -0.63 [4] - Scenario 2: Basic EPS of -0.74, -0.57, -0.57 [4] - Scenario 3: Basic EPS of -0.74, -0.70, -0.69 [4] - The weighted average return on equity is expected to decline significantly, with estimates ranging from -29.52% to -44.45% across scenarios [4]. Necessity and Reasonableness of the Issuance - The funds raised will be used to supplement working capital, aligning with the company's current development needs and enhancing its capital strength for sustainable growth [5][6]. Measures to Compensate for Dilution - The company plans to focus on its core business to enhance profitability and reduce the impact of dilution [6][7]. - Strict management and oversight of the raised funds will be implemented to ensure they are used legally and effectively [7]. - The company aims to improve operational management and internal controls to enhance efficiency and profitability [7]. - A profit distribution policy will be established to ensure stable returns to shareholders, particularly in cash dividends [8]. Commitments from Key Stakeholders - The controlling shareholder and actual controller have committed to ensuring the effectiveness of the measures to compensate for the dilution of immediate returns [9]. - Directors and senior management have also made commitments to align their performance with the execution of these compensation measures [9].