出品：新浪财经上市公司研究院 作者：浪头饮食/ 郝显 近日，神农种业发布以简易程序向特定对象发行股票预案，定增终于开始落地。 本次神农种业拟融资不超1.44亿元，其中1.04亿元将用于"油菜'良种+良法'示范推广项目"，4000万元用 于补充流动资金，占到募资总额的38%。 由于连续亏损，神农种业已经面临较大的资金压力，目前账面货币资金5137.23万元，而短期有息负债 为1276.75万元，长期借款达到2.1亿元。另一方面，公司还在逆势扩张，先后启动"神农水产种源科技产 业园项目"及"油菜'良种+良法'示范推广项目"，同样需要源源不断的资金投入。 神农种业拟募资不超1.44亿元 账面货币资金仅5137.23万元 神农水产种源科技产业园项目是公司2022年12月启动的项目，主要用于水产种质资源的保护、开发，水 产苗种的选育、繁育和生产，项目建设周期36个月，计划总投资12.8亿元，其中自有资金3亿元，银行 贷款9.8亿元。 本次拟投建的"油菜'良种+良法'示范推广项目"由子公司湖南神农大丰实施，拟选取长沙、益阳、衡 阳、常德、郴州、岳阳六个湖南主要油菜种植地区建立一级区域销售中心。同时在下属区县设立28个网 ...

Core Viewpoint - The company is planning to issue shares through a simplified procedure to specific targets in 2025, which may dilute immediate returns for shareholders, and has outlined measures to mitigate this impact [1][2][6]. Group 1: Issuance Details - The company will issue 50 million shares, raising a total of 144 million yuan [3][4]. - The issuance is expected to be completed by September 30, 2025, but this date is only for calculation purposes and does not indicate the actual completion date [2][4]. - The total share capital before the issuance is 102.4 million shares [3]. Group 2: Financial Impact Analysis - The company anticipates three scenarios for net profit in 2025 based on the 2024 net profit of -50.6165 million yuan, with projections of a 10% decrease, no change, or a 10% increase [2][4]. - The diluted earnings per share (EPS) before the issuance is -0.0494 yuan, which may change to -0.0544 yuan or -0.0537 yuan depending on the profit scenario [4][5]. - The weighted average return on equity (ROE) is projected to be -7.70% before the issuance, potentially improving to -6.32% or -6.02% after the issuance [5]. Group 3: Necessity and Reasonableness of the Issuance - The issuance is deemed necessary to support the company's strategic goals and enhance its competitive position in the agricultural sector, particularly in seed innovation and sales [6][9]. - The company plans to leverage existing business advantages to promote the "Qingyou" series of rapeseed seeds, focusing on expanding its market presence in the Yangtze River basin [6][8]. Group 4: Measures to Mitigate Dilution - The company will implement various measures to enhance profitability and shareholder returns, including strict management of raised funds and adherence to regulatory requirements [10][11]. - A three-year shareholder return plan (2025-2027) will be established to ensure consistent profit distribution and enhance transparency in cash dividends [10][11]. Group 5: Commitment from Stakeholders - The controlling shareholder and management have committed to not interfere with the company's operations and to protect shareholder interests [12]. - They have also pledged to ensure that measures to mitigate the dilution of immediate returns are effectively implemented [12].