昇兴股份：拟11.57亿定增扩产 前次募投效益未达预期

Core Viewpoint - The company plans to raise up to 1.157 billion yuan through a private placement of shares to fund new production facilities and improve liquidity, amid pressure on its financial performance due to market demand fluctuations in the food and beverage sector [1][2]. Group 1: Fundraising and Investment Plans - The company intends to issue up to 293 million A-shares to no more than 35 specific investors, with total fundraising not exceeding 1.157 billion yuan [1]. - The raised funds will primarily be allocated to two new can and food can production bases in Vietnam (5.4 billion yuan) and an additional two can production lines in Neijiang, Sichuan (2.7 billion yuan), with the remaining 347 million yuan designated for working capital [1]. Group 2: Financial Performance and Challenges - For the first three quarters of 2025, the company's net profit attributable to shareholders was 217 million yuan, with a net profit of 196 million yuan after excluding non-recurring gains and losses [1]. - As of September 2025, the company's debt-to-asset ratio stood at 57.93%, with accounts receivable valued at 1.701 billion yuan and inventory valued at 1.109 billion yuan [1]. - The company attributes its performance fluctuations to changes in demand within the downstream food and beverage industry, and the high debt level is a key reason for the planned fundraising to supplement working capital [1]. Group 3: Previous Fundraising and Project Performance - In 2021, the company raised a net amount of 737 million yuan through a private placement, but several projects faced significant changes, including a 137 million yuan alteration in the "Yunnan Qujing canning and can production line construction project," which was ultimately terminated due to market conditions [2]. - The overall effectiveness of completed projects has fallen short of expectations, with three major projects generating a total benefit of 14.6229 million yuan, significantly below the promised 107.255 million yuan, attributed to project delays and market environment changes [2].