DHEP(SH:600744) Shang Hai Zheng Quan Bao·2025-11-17 20:18Core Viewpoint - The company plans to issue A-shares to specific investors, raising up to 1.5 billion yuan, which may dilute immediate returns but includes measures to compensate for this dilution [1][6][7]. Financial Impact - The issuance is expected to increase the company's total share capital and net assets significantly, but may lead to a short-term dilution of earnings per share and return on equity [1][4][5]. - The company estimates that the issuance will involve approximately 250 million shares, based on the current total share capital of 2,031,124,274 shares [1][4]. Assumptions for Financial Projections - The analysis assumes no significant adverse changes in macroeconomic conditions, industry policies, or market situations [1][2]. - Three scenarios for 2026 net profit are considered: a 20% decrease, no change, or a 20% increase compared to 2025 [2][3]. Necessity and Rationality of the Issuance - The issuance aligns with national industrial policies and the company's strategic direction, focusing on expanding its core business in power generation and sales [7]. - The raised funds will be allocated to various wind power projects and to supplement working capital, supporting the company's main operations [7][9]. Resource Preparedness - The company has a strong personnel base with extensive experience in power generation and management, which supports its operational capabilities [8][9]. - The company possesses significant technical expertise and market knowledge, ensuring effective project implementation [8][9]. Measures to Mitigate Dilution - The company will enhance the supervision of raised funds to ensure they are used legally and effectively [10]. - It plans to expedite the construction of funded projects to realize expected benefits quickly [11]. - The company aims to improve operational efficiency and internal controls to enhance overall performance [12]. - A profit distribution system will be established to strengthen investor return mechanisms [13]. Commitments from Management - The board and senior management have committed to fulfilling the measures to mitigate dilution and protecting shareholder interests [14][15][17].