5月20日晚间，粤桂股份发布公告，公司拟向特定对象发行A股股票募集资金不超过9亿元，用于10万吨/ 年精制湿法磷酸项目等三大项目建设。 时隔十年，粤桂股份（000833）(000833.SZ)再次进行募资。 长江商报记者注意到，10万吨/年精制湿法磷酸项目与粤桂股份硫化工产业板块子公司云硫矿业的产品 深度相关。粤桂股份上一次实施定增就是在2015年，用于收购云硫矿业，并进行配套建设。 粤桂股份表示，这些项目的实施将加快公司在新能源材料制造领域的战略布局，推动公司产业转型升 级。 拟募资9亿推动产业链延伸 十年前，为拿下云硫矿业的股权，粤桂股份曾进行募资。2015年8月31日，粤桂股份进行募资，实际募 集资金净额约17.27亿元，主要用于收购云浮广业硫铁矿集团有限公司100%股权，同时配套投入相关项 目建设。当年10月12日，公司再度定向增发，实际募集资金净额约5.64亿元，继续补充收购云浮广业硫 铁矿集团的配套资金，并用于硫化工产业链的整合与升级。 业绩方面，2024年，粤桂股份营业收入约为28亿元，同比下降16.8%；净利润为2.79亿元，同比增长 320%。报告期，云硫矿业凭借资源优势和技术创新，保持行业 ...

Core Viewpoint - The company is issuing A-shares to specific investors, which may dilute immediate returns for existing shareholders, but it has proposed measures to mitigate this impact and ensure the protection of minority investors' interests [1][4][10]. Financial Impact Analysis - The total number of shares before the issuance is 802,082,221, and after the issuance, it will increase to 958,482,221 [2]. - Under three scenarios for net profit growth in 2025 compared to 2024 (flat, +10%, -10%), the basic and diluted earnings per share (EPS) will be affected as follows: - Scenario 1 (flat): Basic EPS will decrease from 0.3473 to 0.2906 [2]. - Scenario 2 (+10% growth): Basic EPS will decrease from 0.3473 to 0.3197 [3]. - Scenario 3 (-10% decline): Basic EPS will decrease from 0.3473 to 0.2616 [3]. Necessity and Reasonableness of the Issuance - The issuance is aimed at enhancing the company's overall profitability, improving financial conditions, and increasing risk resistance [4][5]. - The raised funds will be allocated to projects such as a 100,000 tons/year refined wet phosphoric acid project and a quartz sandstone mining project, which align with the company's strategic goals [5][8]. Talent and Technology Reserves - The company has established a comprehensive management system and possesses a skilled team in non-metallic mining and chemical sectors, which supports the implementation of the fundraising projects [6]. - The company is recognized as a national high-tech enterprise and has a strong foundation in research and development, which will aid in the successful execution of the projects [6]. Measures to Mitigate Dilution of Immediate Returns - The company will implement strict management of the raised funds, ensuring they are used for designated projects and subject to regular audits [7][8]. - The company plans to enhance its governance structure to ensure shareholder rights are protected and to maintain a sustainable development trajectory [8][9]. - A revised profit distribution policy has been established to strengthen the investor return mechanism, including a three-year dividend plan [9]. Commitments from Management - The company's board and senior management have committed to ensuring that the measures to mitigate the dilution of immediate returns will be effectively implemented [10]. - The actual controller and major shareholders have also pledged not to interfere with the company's management and to adhere to the established measures [10].