美联新材：拟定增募资10亿投建产业化项目 前次募投效益远低于预期

Core Viewpoint - Meilian New Materials (300586.SZ) plans to raise up to 1 billion yuan through a private placement of A-shares to fund its new energy and polymer materials industrialization project, with a total investment of 2.767 billion yuan [1] Financial Performance - The company's net profit attributable to the parent company, excluding non-recurring gains and losses, is projected to be 305 million yuan, 101 million yuan, and 33 million yuan for the years 2022 to 2024 respectively, with a loss of 27.394 million yuan reported for the first nine months of 2025 [1] - In 2023, the company distributed cash dividends amounting to 35.5608 million yuan, while no profit distribution occurred in 2022 and 2024 [1] Fund Utilization - In 2021, the company raised approximately 458 million yuan through a private placement, with about 248 million yuan utilized for the fundraising project by December 31, 2025, and surplus funds along with interest income totaling approximately 221 million yuan permanently supplementing working capital [1] - The core fundraising project, "Functional Masterbatch and Biodegradable Masterbatch Industrialization Project," had a committed investment of about 326 million yuan, but the actual investment was only around 115 million yuan, resulting in a discrepancy of 211 million yuan [1] Project Outcomes - The project is set to conclude by the end of 2023, but as of the end of 2025, the capacity utilization rate was only 8.08%, with net profits of -711,500 yuan and 164,300 yuan for 2024 and 2025 respectively, significantly below the expected targets [1]