ZMD(SH:688636) Zheng Quan Zhi Xing·2025-09-02 11:14Core Viewpoint - The company plans to issue shares to specific investors, which will dilute immediate returns but aims to enhance long-term financial performance and shareholder value [2][6][11] Financial Impact of the Share Issuance - The issuance will increase the total share capital and net asset scale, but short-term earnings per share (EPS) will be diluted due to the time lag in realizing economic benefits from the raised funds [2][4] - The projected net profit for 2025 is estimated at CNY 19,454,997.86, with a net profit of CNY 12,124,271.19 after excluding non-recurring gains and losses [3] Assumptions and Projections - The company has outlined three scenarios for 2025 net profit: remaining flat, increasing by 10%, or decreasing by 10% compared to 2024 [4][5] - The total amount to be raised from the issuance is estimated at CNY 213.4 million, excluding related issuance costs [4] Key Financial Metrics Post-Issuance - The total share capital is expected to rise from 112,561,524 shares to approximately 174,146,300 shares post-issuance [5] - Basic EPS is projected to decrease from CNY 0.17 to CNY 0.12 under the flat profit scenario, and further to CNY 0.10 under a 10% profit decline scenario [6][5] Relationship of Fundraising Projects to Existing Business - The fundraising projects are aligned with the company's focus on providing customized embedded modules and solutions, particularly in high-reliability embedded computing for critical applications [7][8] - The projects aim to enhance the company's R&D capabilities and expand its product offerings, thereby strengthening its market position [8] Measures to Mitigate Dilution of Immediate Returns - The company will implement strict management of the raised funds to ensure compliance and effective use [9] - It plans to expedite the investment projects to achieve expected benefits sooner, thereby enhancing sustainable profitability [9][10] - The governance structure will be improved to ensure efficient decision-making and protect shareholder interests [10] Commitments from Management and Major Shareholders - The board and senior management have committed to not transferring benefits unfairly and to link their compensation to the execution of the return compensation measures [11][12] - Major shareholders have pledged not to interfere with the company's management or infringe on its interests [12]