Fulai New Material(SH:605488) Zheng Quan Zhi Xing·2025-09-02 16:14Core Viewpoint - The company plans to issue A-shares to specific investors, which may dilute immediate returns, but it has proposed measures to compensate for this dilution and has received commitments from relevant parties to ensure these measures are implemented [1][2][6]. Financial Impact Analysis - The company estimates that the total number of shares will increase from 28,020.93 million to 30,665.25 million after the issuance, leading to a decrease in net profit attributable to shareholders from 10,186.96 million to 9,168.27 million [4][5]. - Basic earnings per share are projected to decline from 0.36 to 0.31, and diluted earnings per share are expected to decrease from 0.36 to 0.31 under the first assumption [4][5]. - Under different performance scenarios for 2026, the net profit could remain stable or increase, affecting earnings per share positively or negatively [5]. Necessity and Reasonableness of Fundraising - The fundraising project aligns with national policies and the company's strategic needs, promising good market prospects and potential returns [6][7]. - The increase in total assets and net assets post-issuance is expected to enhance the company's financial strength and reduce financial risks [6]. Business Relationship and Market Position - The company operates in the label printing materials and electronic functional materials sectors, which are experiencing significant growth due to market demand for high-performance, eco-friendly solutions [8][9]. - The electronic functional materials segment has seen revenue growth of 61.91% in 2024 and 28.02% in the first half of 2025, indicating a strong market position and growth potential [8]. Measures to Mitigate Dilution of Immediate Returns - The company will implement strict management of the raised funds to ensure they are used effectively and for designated projects [11][12]. - Operational efficiency will be enhanced through improved internal management and cost reduction strategies [12]. - The company plans to refine its profit distribution policy to ensure stable returns for investors, particularly small shareholders [12]. Commitments from Relevant Parties - The company's board and senior management have committed to ensuring the effectiveness of the measures to compensate for the dilution of immediate returns [13]. - The controlling shareholder has also made commitments to uphold the interests of the company and its investors [13].