证券代码：002810 证券简称：山东赫达 公告编号：2026- 013 债券代码：127088 债券简称：赫达转债 山东赫达集团股份有限公司 关于 2026 年第一季度可转换公司债券转股情况 的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 特别提示： 证券代码：002810 证券简称：山东赫达 债券代码：127088 债券简称：赫达转债 转股价格：16.76 元/股 转股起始时间：2024 年 1 月 8 日至 2029 年 7 月 2 日 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公 司自律监管指引第 15 号——可转换公司债券》等有关规定，山东赫 达集团股份有限公司（以下简称"公司"）现将 2026 年第一季度可转 换公司债券转股及公司股份变动情况公告如下： 一、可转债发行上市概况 根据中国证券监督管理委员会《关于同意山东赫达集团股份有 限公司向不特定对象发行可转换公司债券注册的批复》（证监许可 〔2023〕1099 号），公司于 2023 年 7 月 3 日公开发行了 600.00 万张 可转债，每张面值 100 元，发行总额 60 ...

关于全资子公司对外投资设立境外子公司 的公告 债券代码：127088 债券简称：赫达转债 证券代码：002810 证券简称：山东赫达 公告编号：2026-012 山东赫达集团股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1、投资标的名称：山东赫达集团股份有限公司（以下简称"公司"） 拟通过全资子公司山東赫達集團（香港）有限公司（以下简称"赫达 （香港）"）及山東赫達集團（香港）國際控股有限公司（以下简称"赫 达（香港）控股"）在泰国设立赫达金属科技（泰国）有限公司（暂 定名，最终以当地主管部门核准登记为准，下同）。公司将通过上述 主体最终投资建设泰国 20 万吨/年家电用 PCM 彩色涂层钢板生产项 目，建设家电用 PCM 彩涂钢板生产线及配套加工中心。 2、拟投资总金额：人民币 12,000 万元（或等值外币，最终投资 总额以实际投资为准），以公司自有（自筹）资金出资，实际投资金 额以中国及当地主管部门批准金额为准。 3、风险提示：本次对外投资尚需履行境内对境外投资的审批或 备案手续，以及香港、泰国当地投资许可和企业登记等审批 ...

证券代码：002810 证券简称：山东赫达 公告编号：2026-011 债券代码：127088 债券简称：赫达转债 经全体与会董事认真审议，作出决议如下： 1、审议通过《关于全资子公司对外投资设立境外子公司的议案》。 表决结果：9 票赞成，0 票反对，0 票弃权。 具体内容详见公司于 2026 年 3 月 31 日刊载在《证券时报》《中 国 证 券 报 》《 上 海 证 券 报 》《 证 券 日 报 》 和 巨 潮 资 讯 网 （www.cninfo.com.cn）的《关于全资子公司对外投资设立境外子公司 的公告》。 三、备查文件 山东赫达集团股份有限公司 关于第九届董事会第三十二次会议决议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 山东赫达集团股份有限公司（以下简称"公司"）已于 2026 年 3 月 28 日以电话及书面方式向公司全体董事发出了关于召开第九届董 事会第三十二次会议的通知（以下简称"本次会议"或"会议"）。本 次会议于 2026 年 3 月 30 日在公司会议室召开，应出席董事 9 人，实 际出席董事 9 ...

Core Viewpoint - Tianshan Aluminum is expected to achieve a net profit of 2.2 billion yuan in Q1 2026, representing a year-on-year increase of 107.92% [1] Group 1: General Performance Trends - The performance increase of Tianshan Aluminum reflects a broader trend among A-share companies, with many forecasting significant profit growth for Q1 2026 [2][3] - As of the report, 17 A-share companies have disclosed their Q1 2026 performance forecasts, with several, including Okoyi and Fuxiang Pharmaceutical, expecting net profit growth exceeding 100% [4] Group 2: Specific Company Forecasts - Okoyi anticipates a net profit of 180 million to 220 million yuan for Q1 2026, with a year-on-year growth rate of 2248.9% to 2770.9% [4] - Fuxiang Pharmaceutical expects a net profit of 52 million to 75 million yuan, marking a growth of 2222.67% to 3250.01% compared to the previous year [4] - Wanbang expects a net profit of 165 million yuan, reflecting a growth of 985.40% year-on-year [5] - Fuliwang forecasts a net profit of 40 million to 50 million yuan, with a growth rate of 183.84% to 254.81% [5] Group 3: Reasons for Performance Increases - The reasons for the expected profit increases vary by company, including improved industry conditions, new growth points, and low comparison bases from the previous year [6] - Okoyi cites rising raw material costs and increased production capacity as key factors for its growth [7] - Fuxiang Pharmaceutical benefits from the growing demand in the new energy sector, particularly in lithium battery materials [7] - Wanbang's transition from generic to innovative drugs has started to yield positive results, contributing to its performance [7] - Fuliwang attributes its growth to increased revenue from its 3C consumer electronics business and improved operational efficiency [8] - Tianshan Aluminum reports a 10% increase in aluminum production and a 17% rise in sales prices, alongside effective cost control [8]

Financial Projections - The estimated net profit for Q1 2026 is projected to be between 9,033.86 million and 9,937.25 million CNY, representing a year-on-year growth of 100.00% to 120.00%[6] - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be between 8,898.58 million and 9,707.54 million CNY, indicating a growth of 120.00% to 140.00% compared to the same period last year[6] - The basic earnings per share is projected to be between 0.26 and 0.28 CNY, up from 0.13 CNY in the previous year[6] Market Expansion - The company has increased efforts in domestic and international market expansion, leading to significant growth in sales of high-value products like plant-based hollow capsules[8] Cost Management - Improved capacity utilization has effectively reduced fixed asset depreciation and other amortization expenses, contributing to the substantial increase in net profit[8] Cautionary Notes - Investors are advised to exercise caution and consider investment risks as the financial data will be finalized in the official Q1 2026 report[3][9] - The performance forecast is based on preliminary calculations by the finance department and has not yet been audited by the accounting firm[7] - The performance forecast period is from January 1, 2026, to March 31, 2026[4]

Financial Performance - Total revenue for 2025 was CNY 191,534.85 million, a decrease of 2.10% compared to the previous year[5] - Operating profit for 2025 was CNY 19,552.36 million, down 24.04% year-over-year[5] - Total profit for 2025 was CNY 18,352.59 million, reflecting a decline of 29.59% from the prior year[5] - Net profit attributable to shareholders was CNY 15,041.59 million, a decrease of 32.13% compared to the previous year[5] - The basic earnings per share for 2025 was CNY 0.44, down 32.31% from CNY 0.65 in the previous year[5] Assets and Equity - Total assets as of December 31, 2025, were CNY 405,598.53 million, a decrease of 2.17% from the beginning of the period[8] - Shareholders' equity attributable to the company was CNY 219,628.39 million, down 0.61% from the beginning of the period[8] Reasons for Decline - The decline in net profit was primarily due to reduced revenue, lower gross margins, and decreased investment income[9] Earnings Guidance - The company did not provide prior earnings guidance for 2025 before this announcement[10] Financial Data Status - The financial data presented is preliminary and subject to change upon final audit[3]

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1][28]. Core Insights - The global chemical industry is entering a significant upward cycle driven by anti-involution and AI demand, with China's leading companies benefiting from solid cost and efficiency advantages. The industry is expected to see a substantial increase in free cash flow as capacity expansion slows, transforming companies from cash-consuming entities to cash-generating ones. The upcoming peak season for chemicals is anticipated to enhance profitability, making it crucial to focus on demand, value, and supply dynamics for investment opportunities [3][28]. Summary by Sections Recent Trends - As of March 5, 2026, the Guohai Chemical Prosperity Index stands at 99.35, reflecting a 5.16 increase from February 26, 2026 [1]. Performance Metrics - The basic chemical sector has shown a performance increase of 7.4% over the past month, 23.6% over the past three months, and 50.8% over the past year [4]. Investment Opportunities 1. **Value-Driven Opportunities**: Potential for increased dividend yields in sectors such as coal chemicals (e.g., Hualu Hengsheng, Luxi Chemical), oil refining (e.g., Hengli Petrochemical, Sinopec), pesticides (e.g., Yangnong Chemical), and potassium fertilizers (e.g., Salt Lake Industry) [3]. 2. **Supply-Driven Opportunities**: Focus on domestic anti-involution policies and European capacity exits, with key players including PTA/Polyester (e.g., Xinfengming, Tongkun), glyphosate and organosilicon (e.g., Xingfa Group), and industrial silicon (e.g., Hoshine Silicon) [6]. 3. **Demand-Driven Opportunities**: Highlighting sectors benefiting from large-scale opportunities, including gas turbines (e.g., Zhenhua Group), refrigerants (e.g., Juhua), and energy storage (e.g., Chuanheng) [6]. Key Companies and Earnings Forecasts - The report tracks several key companies with their respective earnings per share (EPS) forecasts for 2024 to 2026, indicating a positive outlook for many, including Dongfang Shenghong, Hubei Yihua, and Wanhua Chemical [29]. Market Observations - The report notes that geopolitical tensions, particularly in the Middle East, are likely to drive oil prices higher, benefiting companies like China National Petroleum and CNOOC, while also increasing costs for petrochemical products [9][13]. Price Trends - Recent price increases have been observed in various chemical products, including MDI and TDI, with significant upward movements in raw material costs due to geopolitical events [14][18]. Conclusion - The chemical industry is positioned for a favorable outlook, driven by structural changes in supply and demand dynamics, with a focus on companies that can leverage these trends for growth and profitability [28].

Company and Industry Summary Company Overview - The company is focused on the production and sales of capsules, with significant growth expected in the European market, projecting sales to reach approximately 121 million units this year, up from around 81 million units last year [1] - The company is expanding its production capacity in the U.S., with plans to start production in August, targeting a capacity of 20 billion units, with future expansion plans to accommodate 40-50 billion units [1] Industry Insights - The company aims to become the global leader in smart capsule technology, with optimistic projections for growth in the coming years, particularly by 2026 [2] - The industry is experiencing a shift, with many companies accelerating the release of new products and a general expectation of capacity increases by the end of the year [3] - The real estate markets in the U.S. and Europe are showing signs of recovery, which may positively impact related industries, including pharmaceuticals and food [4] Key Financial Metrics - The company reported a significant increase in delivery volumes to end customers, with January's delivery reaching 22 million units, indicating strong demand [5] - The company has noted that the delivery volume to end customers is a critical metric, as it reflects actual market demand rather than just shipping figures [6] - There is a projected increase in the delivery volume for 2026, with expectations of substantial growth in both domestic and international markets [14] Competitive Landscape - The company is positioned well against competitors, many of whom are divesting non-core businesses to focus on their main operations due to competitive pressures from Chinese firms [10] - U.S. companies are struggling to compete on price with Chinese manufacturers unless they have significant advantages or monopolistic positions [11] Production and Pricing - The average price for products in the U.S. market is around $300 per million units, with the company maintaining a competitive edge through cost-effective production [21] - The company has established a new trade company in the U.S. to streamline operations and improve market presence [22] Challenges and Opportunities - The company faces challenges in establishing production facilities in the U.S. due to funding and regulatory hurdles, but has successfully navigated these issues [16] - The company has built strong relationships in the U.S. market over the past 11 years, which has helped reduce costs for clients and improve market penetration [17] Future Outlook - The company anticipates a significant increase in production capacity and sales, with projections for 2026 aiming for around 300 billion units, contingent on successful project implementations in the U.S. [19][20] - The company is optimistic about the growth potential in emerging markets, particularly in Australia and Canada, where sales have increased significantly [7] Conclusion - The company is well-positioned for growth in the capsule production industry, with strong demand indicators, strategic expansions, and a focus on maintaining competitive pricing. The recovery of real estate markets and the company's established presence in the U.S. market further bolster its outlook for the coming years.

Company and Industry Summary Company: Shandong Heda Key Points Industry Overview - The company operates in the plant capsule and cellulose industry, with a focus on both domestic and international markets, particularly the U.S. and Europe [2][10]. Sales Performance - In January and February 2026, the company achieved record sales in cellulose and plant capsules, with plant capsule deliveries to end customers reaching 2.8 billion units per month, an increase of 1.1 to 1.5 times compared to the average monthly level in 2025 [2][4]. - The company’s capsule business recorded actual revenue of 20.6 billion units in 2025, showing a significant increase compared to 2024 [3]. U.S. Market Developments - The decision to establish a factory in the U.S. has received positive responses from existing customers, with commitments to increase procurement and new customers beginning to place orders [2][6]. - Major competitors in the U.S. market, such as Roquette and Lonza, are either closing their U.S. operations or divesting their capsule businesses, providing the company with significant opportunities to increase market share [2][7]. Production Capacity and Strategy - The domestic factory has ramped up production to over 30 billion units, with plans to support the U.S. factory's production schedule [2][8]. - The U.S. factory is expected to reach full production capacity of 40-50 billion units by mid-2027, with a goal to capture 40-50% of the U.S. market share [4][11]. European Market Growth - The European market is projected to continue its rapid growth, with sales expected to exceed 10 billion units in 2026, potentially reaching 11-12 billion units [2][10]. - Other international markets, including Canada and Australia, are also showing growth, with significant increases in sales compared to 2024 [10]. Financial Performance and Profitability - The cellulose ether business has faced challenges, with profit margins declining significantly from 26-27% to around 6-7% by 2025. However, a rebound is expected in the second half of 2026 due to supply-side improvements and demand recovery [12][20]. - The plant capsule business has maintained a gross margin of over 50% despite challenges in 2025, and the company anticipates further improvements in profitability with the U.S. factory's operations [14][15]. Future Outlook - The company aims to achieve a break-even point in the cellulose ether segment in 2026, with expectations of a gradual recovery in the construction market [12][20]. - The management expresses confidence in the company's future performance, highlighting a significant improvement in fundamentals and a potential for substantial returns in the coming years [22]. Additional Insights - The company has strategically chosen North Carolina for its U.S. factory due to favorable conditions, including a concentration of health product companies and a supportive local government [18][19]. - The investment in the U.S. factory is estimated at 500 million RMB, with a deviation from the initial budget expected to be within 10% [18]. This summary encapsulates the key developments and strategic outlook for Shandong Heda, highlighting its growth potential in both domestic and international markets, particularly in the context of recent competitive dynamics and production capacity enhancements.

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Insights - The report highlights the solid cost and efficiency advantages of leading Chinese chemical companies, which are entering a long-term upward performance phase. The recovery in demand is expected to sustain the improvement in the performance of supply-constrained sectors. The carbon emission control measures are likely to lead to a re-evaluation of the Chinese chemical industry, with capacity expansion slowing down significantly. This is expected to enhance free cash flow and potential dividend yields for companies, transforming them from cash-consuming entities to cash-generating ones. The report emphasizes the importance of demand, value, and supply in identifying investment opportunities [2][29] Summary by Sections Recent Trends - As of February 26, 2026, the Guohai Chemical Prosperity Index stands at 94.19, reflecting a slight increase of 0.22 from February 19, 2026 [1] Performance Analysis - The basic chemical sector has shown a performance increase of 6.0% over the past month, 26.1% over the past three months, and 52.2% over the past year, significantly outperforming the CSI 300 index [4] Investment Opportunities - **Value-Driven Opportunities**: Companies such as Hualu Hengsheng, Luxi Chemical, and Baofeng Energy are highlighted for their potential dividend rate increases [2] - **Supply-Driven Opportunities**: Companies like Xin Fengming and Tongkun Co. are noted for benefiting from domestic supply constraints and European capacity exits [6] - **Demand-Driven Opportunities**: The report identifies companies in sectors such as gas turbines, refrigerants, and energy storage as key beneficiaries of growing demand [6][7] Key Companies and Earnings Forecast - The report provides a detailed earnings forecast for various companies, indicating a positive outlook for firms like Dongfang Shenghong, Hubei Yihua, and Baofeng Energy, with expected earnings per share (EPS) growth in the coming years [30] Market Dynamics - The report discusses the impact of geopolitical tensions on oil prices, which are expected to rise, benefiting companies like China Petroleum and China National Offshore Oil Corporation. It also notes potential supply shortages in methanol and urea due to disruptions in Iranian production [10][11] Price Trends - Recent price movements include a significant increase in battery-grade lithium carbonate prices, which rose by 19.18% week-on-week, driven by supply constraints and demand recovery [14] Conclusion - The report concludes that the chemical industry is entering a favorable cycle, driven by supply-side constraints and increasing demand, making it an attractive investment area [29]