证券代码：002810 证券简称：山东赫达 公告编号：2025- 076 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 "赫达转债"恢复转股的公告 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： 1、证券代码：002810 证券简称：山东赫达 2、债券代码：127088 债券简称：赫达转债 5、恢复转股时间：公司 2025 年中期权益分派股权登记日后的 第一个交易日（2025 年 9 月 17 日） 山东赫达集团股份有限公司（以下简称"公司"）因实施公司 2025 年中期权益分派，根据《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募集说明书》及相关规定，公司可转换公 司债券（债券简称：赫达转债；债券代码：127088）自 2025 年 9 月 9 日起暂停转股。具体内容详见公司于 2025 年 9 月 9 日在指定信息 披露媒体《证券时报》《中国证券报》《上海证券报》《证券日报》及 巨潮资讯网（www.cninfo.com.cn）刊登的《关于实施权益分派期间 "赫达转债"暂停转股的公告》（公告编号：2025 ...

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Insights - The chemical industry in China is expected to undergo a revaluation due to anti-involution measures, which may lead to a significant slowdown in global chemical capacity expansion. This shift could enhance the cash flow and dividend yield of Chinese chemical companies, transforming them from cash-consuming entities to profit-generating ones [6][29] - The demand for chromium salts is anticipated to rise significantly due to increased orders for gas turbines and commercial aircraft engines in Europe and the US, leading to a projected shortfall of 250,000 tons by 2028, which is about 23% of the total annual production [6] - The report highlights four key investment opportunities: low-cost expansion, improving industry conditions, new materials, and high dividend yields from state-owned enterprises [7][8] Summary by Sections Recent Performance - The basic chemical sector has shown a performance increase of 51.0% over the past 12 months, compared to 42.5% for the CSI 300 index [4] Investment Recommendations - The report emphasizes the potential for low-cost expansion in major companies such as Wanhua Chemical, Hualu Hengsheng, and others, alongside sectors like tires and fertilizers [7] - It also points out the improving conditions in various segments, including chromium salts, phosphate rock, and agricultural chemicals [8] Key Products Analysis - Recent price increases were noted for acrylic acid and esters, with butyl acrylate priced at 7,600 RMB/ton, reflecting a 3.40% increase [10] - The report also mentions the price of polymer MDI in East China at 15,550 RMB/ton, up by 1.97% [10] Company Tracking and Earnings Forecast - The report provides a detailed earnings forecast for key companies, indicating a positive outlook for many, with several companies rated as "Buy" [30]

Core Viewpoint - Shandong Heda Group Co., Ltd. announced its 2025 interim profit distribution plan, which includes a cash dividend of 1.00 RMB per 10 shares, totaling approximately 34.64 million RMB, based on a total share capital of 348,136,913 shares, excluding repurchased shares [2][3][28]. Group 1: Dividend Distribution Plan - The company will distribute a cash dividend of 1.00 RMB for every 10 shares held, amounting to a total cash distribution of 34,644,921.30 RMB (including tax) [3][4][28]. - The distribution will be based on a total share capital of 346,359,811 shares after excluding 1,777,102 shares held in the repurchase account [2][4][28]. - The ex-dividend date is set for September 17, 2025, with the record date being September 16, 2025 [8][9]. Group 2: Convertible Bond Adjustments - The conversion price for the company's convertible bonds (Heda Convertible Bonds, code: 127088) will be adjusted from 16.85 RMB to 16.75 RMB per share, effective from September 17, 2025 [12][19][21]. - This adjustment is due to the cash dividend distribution, calculated as the previous conversion price minus the cash dividend per share [21][27]. Group 3: Share Repurchase Program - The company has a share repurchase program with a maximum price limit adjusted to 17.90 RMB per share following the dividend distribution [29][30]. - As of August 29, 2025, the company has repurchased 1,777,700 shares, representing approximately 0.51% of the total share capital [26][28]. - The total funds used for repurchase amount to approximately 21.13 million RMB, with remaining funds available for further repurchase estimated at 78.87 million RMB [29][30].

Group 1 - The company Shandong Heda announced a profit distribution plan for the first half of 2025, proposing a cash dividend of 1.00 yuan for every 10 shares held [2] - The total cash dividend amount is 34,635,981.10 yuan (including tax), based on a total share count of 346,359,811 shares after excluding repurchased shares [2] - The record date for the dividend is set for September 16, 2025, and the ex-dividend date is September 17, 2025 [2]

Group 1 - The company announced an adjustment to the upper limit of the share repurchase price due to the implementation of the 2025 interim profit distribution [1][4] - The share repurchase plan was approved on April 15, 2025, with a total repurchase fund of 50 million to 100 million yuan, and a maximum repurchase price of 18 yuan per share [2][4] - As of August 29, 2025, the company had repurchased 1.7777 million shares at a total cost of approximately 21.13 million yuan, with a maximum transaction price of 14.289 yuan per share [2][4] Group 2 - The company plans to distribute a cash dividend of 1 yuan per 10 shares, totaling approximately 34.64 million yuan, based on a share base of 346,449,213 shares [3] - The adjusted upper limit for the repurchase price is now set at 17.90 yuan per share, calculated by subtracting the cash dividend per share from the previous limit [4] - The company has remaining repurchase funds of approximately 78.87 million yuan, allowing for the potential repurchase of up to 4.4061 million additional shares [4]

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：2025-075 山东赫达集团股份有限公司 关于实施 2025 年中期利润分配后调整回购股份 价格上限的公告 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。 2、回购股份的价格区间 本次回购股份的价格不超过人民币 18.00 元/股（含），未超过公 司董事会通过回购决议前三十个交易日公司股票交易均价的 150%。 具体回购价格将根据在回购实施期间公司二级市场股票价格、财务状 况及经营情况确定。 一、回购股份方案概述 1、回购股份方案基本情况 山东赫达集团股份有限公司（以下简称"公司"）于 2025 年 4 月 15 日召开第九届董事会第二十一次会议，审议通过了《关于回购公 司股份方案的议案》，同意公司使用自有资金以集中竞价交易方式回 购公司部分已发行的人民币普通股（A 股）股票，回购股份全部用于 转换上市公司发行的可转换为股票的公司债券。本次回购资金总额不 低于人民币 5,000 万元（含），不超过人民币 10,000 万元，回购价格 不超过人民币 18.00 元 ...

证券代码：002810 证券简称：山东赫达 公告编号：2025-074 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 关于可转债转股价格调整的公告 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： 1、证券代码：002810 证券简称：山东赫达 4、调整后"赫达转债"转股价格：16.75 元/股 5、转股价格调整生效日期：2025 年 9 月 17 日 一、关于"赫达转债"转股价格调整的相关规定 2、债券代码：127088 债券简称：赫达转债 3、调整前"赫达转债"转股价格：16.85 元/股 经中国证券监督管理委员会"证监许可【2023】1099 号"批复，山 东赫达集团股份有限公司（以下简称"公司"）于 2023 年 7 月 3 日公 开发行了 600.00 万张可转换公司债券（债券简称：赫达转债，债券 代码：127088），每张面值 100 元，发行总额 60,000.00 万元。 根据《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》（以下简称"《自律监管指引》"）、《山东赫达集团股份 有限公司向不 ...

证券代码：002810 证券简称：山东赫达 公告编号：2025-073 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 2025 年中期分红派息实施公告 1、公司 2024 年年度股东大会授权董事会制定中期分红方案。 本次实施的利润分配方案属于股东大会对董事会授权范围内事项，无 需提交股东大会审议。 2、公司 2025 年中期利润分配方案为：以截至 2025 年 6 月 30 日 的公司总股本 348,136,913 股，扣除回购专户上已回购股份 1,687,700 证券代码：002810 证券简称：山东赫达 公告编号：2025-073 债券代码：127088 债券简称：赫达转债 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： 1、山东赫达集团股份有限公司（以下简称"公司"）回购专用证 券账户持有的 1,777,102 股公司股份不参与本次利润分配。公司 2025 年中期利润分配方案为：以公司现有总股本 348,136,913 股剔除已回 购股份 1,777,102 股后的 346,359,811 股为基数，向全体股东每 ...

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - The Hedda Convertible Bond (127088.SZ) is a high - quality balanced bond with the issuer's performance and valuation at a low level. The company has excellent fundamentals, and its performance and valuation are at historical lows. The bond has a long remaining term [1][4] - Based on the Shanxi Securities convertible bond valuation model, if the stock price remains unchanged, without considering forced redemption and downward revision, the reasonable valuation of the Hedda Convertible Bond is between 124 and 132 yuan [5] Summary by Relevant Catalogs Information about the Convertible Bond - The Hedda Convertible Bond has a rating of AA - a bond balance of 600 million yuan, accounting for 99.97% of the total issuance. The remaining term is 3.82 years. The latest closing price is 122.79 yuan, the conversion premium rate is 50.15%, and the pure bond premium rate is 14.83% [1] Information about the Underlying Stock - The underlying stock is Shandong Hedda (002810.SZ), established in 1992. Its main products are cellulose ether and plant capsules, and its business covers more than 100 countries and regions. The latest total market value is 4.797 billion yuan, and the 2025E PE is 26.3x. The actual controller is an individual, and the largest shareholder and persons acting in concert hold a total of 39.87% of the shares. The attributable net profit in H125 decreased by 8.71% year - on - year [2] Main Highlights of the Hedda Convertible Bond - The company has been deeply involved in the cellulose ether industry for nearly 30 years. Cellulose ether has many advantages. The company's products cover more than 70 categories and more than 100 models, with rich structure and leading technology. By the end of H125, its wholly - owned subsidiary Zhongfu Hedda had a production capacity of 10,000 MT and was one of the largest HEC manufacturers in China [3] - The company has extended its industrial chain to the downstream plant capsule industry. Compared with gelatin capsules, plant capsules have many advantages and are mainly used in the steadily growing health product industry. By the end of H125, the company's effective production capacity was 30 billion capsules, with a capacity utilization rate of about 60%. The US factory with a planned capacity of 20 billion capsules is under construction and is expected to be put into production in the middle of next year [4] - The company has a high proportion of overseas revenue. In 2024, the export proportions of building - grade, pharmaceutical and food - grade cellulose ether, and plant capsules were 56.4%, 57.3%, and 88.2% respectively. In 2025, the US imposed anti - dumping duties on some of the company's products, affecting orders and increasing raw material costs. Currently, the company is actively responding, and the unreasonable factors may ease in Q4, when the performance is expected to turn around [4]

Core Viewpoint - The company, Shandong Heda Group Co., Ltd., is set to implement a mid-term equity distribution in 2025, which will affect the conversion of its convertible bonds during a specified period [2][5]. Group 1 - The convertible bonds (code: 127088, name: Heda Convertible Bonds) will have a suspension of conversion from September 9, 2025, until the first trading day after the mid-term equity distribution registration date [2][3]. - The adjustment of the conversion price will be based on specific formulas outlined in the company's prospectus, depending on various corporate actions such as stock dividends, capital increases, and cash dividends [5][6]. - The company will ensure that any changes in share capital or shareholder equity will be handled fairly and transparently, protecting the rights of convertible bondholders [7].