8月18日，山东赫达大宗交易成交27.19万股，成交额334.75万元，占当日总成交额的2.62%，成交价12.31元，较市场收盘价 13.62元折价9.62%。 | 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交全额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2025-08-18 | 002810 | 山东赫达 | 12.31 | 27.19 | 334.75 | 中国银河证券股份 | 国投证券股份有限 | | | | | | | | 有限公司上海长宁 | 公司烟台胜利路证 | | | | | | | | 区镇宁路证券营业 | 券营业部 | ...

Investment Rating - The report maintains a "Recommended" rating for the basic chemical industry [1] Core Insights - The report highlights the price increases of lithium carbonate and photoinitiators, suggesting a potential recovery in the chemical industry driven by anti-involution trends [1] - The basic chemical sector has shown strong relative performance, with a 39.4% increase over the past 12 months compared to the 25.7% increase in the CSI 300 index [3] Summary by Sections Recent Trends - The report notes a decline in the Guohai Chemical Prosperity Index to 92.75 as of August 14, 2025, down 0.11 from August 7, 2025 [4] Investment Recommendations - Key opportunities identified include: 1. Low-cost expansion in companies such as Wanhua Chemical, Satellite Chemical, and others [5] 2. Improvement in industry prosperity for chromium salts, phosphate rock, and various chemical sectors [6] 3. Focus on new materials with high growth potential and low domestic substitution rates [7] 4. High dividend opportunities in state-owned enterprises like China Petroleum and Sinopec [8] Price Analysis of Key Products - Industrial-grade lithium carbonate price increased by 9.93% to 83,000 CNY/ton [10] - Photoinitiator (TPO) price rose by 5.56% to 95 CNY/kg [10] - Polyester filament price increased by 2.16% to 7,100 CNY/ton [10] Company Performance Tracking - Notable companies such as Zhenhua Co. reported a 10.17% increase in revenue for the first half of 2025 [13] - Wanhua Chemical's pure MDI price was reported at 17,900 CNY/ton, with a slight increase [11] Market Observations - The report indicates a potential inventory replenishment cycle in the chemical sector due to anticipated fiscal policy support in China and the US [29]

Core Viewpoint - The announcement details the results of the repurchase of the "Heda Convertible Bonds," indicating a low level of participation from investors in the repurchase program [1][3]. Group 1: Repurchase Details - The repurchase price for the bonds is set at 100.088 CNY per bond, inclusive of interest and tax [1][2]. - The repurchase application period is from August 4, 2025, to August 8, 2025 [2]. - The total number of valid repurchase applications received is 40 bonds, amounting to a total repurchase value of 4,003.52 CNY, including interest and tax [3]. Group 2: Financial Impact - The repurchase will not have a substantial impact on the company's financial status, operational results, cash flow, or capital structure [4]. - The company's ability to fulfill its debt obligations and maintain ongoing operations remains unaffected by this repurchase [4]. Group 3: Subsequent Actions - Unrepurchased "Heda Convertible Bonds" will continue to be traded on the Shenzhen Stock Exchange [4].

Group 1 - The company announced the results of the convertible bond repurchase, with a total of 40 bonds repurchased, amounting to 4,003.52 yuan (including interest and tax) [2] - The repurchase period for the "Heda Convertible Bonds" ended on August 8, 2025, and the funds will be credited to investors' accounts by August 15, 2025 [2] - The repurchase will not have a substantial impact on the company's financial status, operating results, cash flow, or capital structure, nor will it impair the company's debt servicing ability or ongoing viability [2] Group 2 - The company provided multiple announcements regarding the bond repurchase process, ensuring transparency and compliance with relevant regulations [1] - Unredeemed "Heda Convertible Bonds" will continue to be traded on the Shenzhen Stock Exchange [2] - The company has fulfilled its obligations by transferring the repurchase funds and fees to the designated account of the China Securities Depository and Clearing Corporation [2]

证券代码：002810 证券简称：山东赫达 公告编号：2025-064 山东赫达集团股份有限公司 关于赫达转债回售结果的公告 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、回售价格：100.088 元/张（含息、税） 2、回售申报期：2025 年 8 月 4 日至 2025 年 8 月 8 日 3、回售有效申报数量：40 张 4、回售金额：4,003.52 元（含息、税） 5、发行人资金到账日：2025 年 8 月 13 日 6、回售款划拨日：2025 年 8 月 14 日 第一次提示性公告》（公告编号：2025-056）、《关于赫达转债回售的 第二次提示性公告》（公告编号：2025-059）、《关于赫达转债回售的 第三次提示性公告》（公告编号：2025-060），提示投资者可在回售 申报期内选择将其持有的"赫达转债"全部或部分回售给公司，回 售价格为人民币 100.088 元/张（含息、税），回售申报期为 2025 年 8 月 4 日至 2025 年 8 月 8 日。 二、本次可转换公司债券回售的 ...

Group 1 - The company held its 24th meeting of the 9th Board of Directors on August 8, 2025, with all 7 directors present, and the meeting was conducted via telecommunication [2][4] - The Board of Directors approved the proposal not to lower the conversion price of the "Heda Convertible Bonds" [3][4] - The current conversion price is set at 16.85 yuan per share, and the conversion period is from January 8, 2024, to July 2, 2029 [8][9] Group 2 - The company issued a total of 600 million yuan in convertible bonds, with a face value of 100 yuan each, on July 3, 2023 [9] - The initial conversion price was set at 17.40 yuan per share, which has been adjusted multiple times due to various corporate actions [11][12][14] - As of August 8, 2025, the company's stock has triggered the downward adjustment clause for the conversion price, but the Board decided not to implement any downward adjustments for the next six months [17]

Group 1 - The company Shandong Heda announced that as of August 8, 2025, its stock has triggered the downward adjustment clause for the "Heda Convertible Bonds" conversion price [2] - The company's board of directors decided not to adjust the conversion price of the "Heda Convertible Bonds" downward during the upcoming six-month period from August 8, 2025, to February 7, 2026 [2] - Starting from February 8, 2026, if the downward adjustment clause is triggered again, the board will convene to decide whether to exercise the right to adjust the conversion price [2]

Core Viewpoint - Shandong Heda announced that its board meeting on August 8, 2025, reviewed the proposal regarding not adjusting the conversion price of "Heda Convertible Bonds" [2] Financial Performance - For the year 2024, Shandong Heda's revenue composition is as follows: - Cellulose ether: 71.32% - Plant capsules: 20.96% - Trade chemical products - others: 4.87% - Graphite chemical equipment: 1.56% - Diacetone acrylamide: 0.98% [2]

山东赫达集团股份有限公司 关于不向下修正"赫达转债"转股价格的公告 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 3、转股价格：16.85 元/股 4、转股期限：2024 年 1 月 8 日至 2029 年 7 月 2 日 5、截至 2025 年 8 月 8 日，公司股票已触发"赫达转债"转股 价格的向下修正条款。公司于 2025 年 8 月 8 日召开第九届董事会第 二十四次会议，审议通过了《关于不向下修正"赫达转债"转股价 格的议案》，公司董事会决定本次不向下修正"赫达转债"的转股价 格，且自董事会审议通过之日起未来六个月（2025 年 8 月 8 日至 2026 年 2 月 7 日）内如再次触发"赫达转债"的转股价格向下修正 条款，亦不提出向下修正方案。从 2026 年 2 月 8 日开始重新起算， 若再次触发"赫达转债"的转股价格向下修正条款，届时公司董事 会将再次召开会议决定是否行使"赫达转债"的转股价格向下修正 权利。 债券代码：12708 ...

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 2025 年 8 月 6 日以电话及书面方式向公司全体董事和监事发出了关于召开第 九届董事会第二十四次会议的通知（以下简称"本次会议"或"会议"）。 本次会议于 2025 年 8 月 8 日在公司会议室召开，应出席董事 7 人， 实际出席董事 7 人，会议由董事长毕于东先生召集并主持，本次会议 以通讯会议方式召开。本次会议召集和召开程序符合《中华人民共和 国公司法》《深圳证券交易所股票上市规则》和《公司章程》的有关 规定。 二、董事会会议审议情况 经全体与会董事认真审议，作出决议如下： 证券代码：002810 证券简称：山东赫达 公告编号：2025-062 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 关于公司第九届董事会第二十四次会议决议的公告 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。 特此公告。 山东赫达集团股份有限公司 董事会 1、审议通过《关于不向下修正"赫达转债"转股价格的议案》。 表决结果：7 票赞成，0 票反对，0 票弃权通过该议案。 《关于不 ...