Core Viewpoint - The company, Shandong Heda, faces significant challenges due to the preliminary anti-dumping and countervailing duties imposed by the U.S. Department of Commerce on hard empty capsules, with a notably high anti-dumping rate of 172.24% for its subsidiary, Hushi, compared to lower rates for other Chinese manufacturers [1][3]. Group 1: Anti-Dumping and Countervailing Duties - The U.S. Department of Commerce announced a preliminary affirmative ruling on May 22, 2025, regarding anti-dumping duties on hard empty capsules from Brazil, China, India, and Vietnam [1]. - Shandong Heda's subsidiary, Hushi, received an anti-dumping duty rate of 172.24%, significantly higher than the range of 5.4% to 88.82% for other Chinese manufacturers [3]. - The countervailing duty rate for Hushi was preliminarily set at 6.82%, while other Chinese producers faced rates between 3.45% and 8.53% [2][3]. Group 2: Impact on Sales and Revenue - During the investigation period from April 1, 2024, to September 30, 2024, sales of hard empty capsules to the U.S. accounted for 62.38% of the total revenue from this product line [2]. - For the countervailing duty investigation period from January 1, 2023, to December 31, 2023, sales to the U.S. represented 44.22% of the total revenue [2]. Group 3: Strategic Responses - The company has proactively built inventory in the U.S. to mitigate the impact of trade tensions, ensuring that current stock can meet U.S. market demand for 5 to 6 months [4]. - Shandong Heda is advancing a project to establish a plant in the U.S. with a capacity of 20 billion capsules per year, which is expected to be operational by 2026 [5]. - The company has formed a special task force and hired legal experts to navigate the dual investigations and aim for the most favorable duty rates [2][4]. Group 4: Financial Performance - In 2024, Shandong Heda reported overseas revenue of 1.232 billion yuan, with a gross margin of 30.67%, which, despite a decline, remains higher than the domestic gross margin of 20.72% [6].

Core Viewpoint - The company faces significant anti-dumping and countervailing duties from the U.S. Department of Commerce, impacting its exports of hard-shell capsules to the U.S. market, prompting the establishment of a special task force to address the situation [1][3]. Group 1: Anti-Dumping and Countervailing Duties - The preliminary anti-dumping duty rate for the company's subsidiary, Shandong Hershey Capsule Co., Ltd., is set at 172.24%, while other Chinese producers/exporters face rates between 5.4% and 88.82% [1]. - The preliminary countervailing duty rate for Shandong Hershey is 6.82%, with other Chinese producers/exporters facing rates between 3.45% and 8.53% [1]. - The U.S. will require importers to pay these duties as a cash deposit until the final rates are determined after the first annual review, expected to be published in October 2025 [1]. Group 2: Company Response and Strategy - The company is actively preparing for a field investigation by the U.S. Department of Commerce to seek a fair final ruling and has engaged a legal team to challenge the preliminary ruling [3]. - The company has maintained a stock of products in the U.S. that can meet market demand for 5 to 6 months, indicating proactive inventory management [3]. - The company is advancing a project to establish a plant in the U.S. with a capacity of 20 billion capsules per year, which has completed site selection and initial negotiations [3]. Group 3: Business Performance and Future Outlook - In 2024, the company reported revenue of 1.957 billion yuan, a year-on-year increase of 25.72%, with net profit reaching 222 million yuan, up 0.65% [4]. - Overseas revenue for 2024 was 1.232 billion yuan, a 36.19% increase, accounting for 62.96% of total revenue, reflecting deepened international market expansion [4]. - The company plans to achieve revenue of 2.25 billion yuan in 2025, with specific targets for various segments, including 1.69 billion yuan from cellulose ether and 400 million yuan from plant capsules [4].

证券代码：002810 证券简称：山东赫达 公告编号：2025-039 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 关于美国商务部对原产自巴西、中国、印度、越南 硬壳空心胶囊产品反倾销、反补贴调查初裁结果 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。 山东赫达集团股份有限公司（以下简称"公司"）近日收到代理 律师通知，美国商务部于美国时间 2025 年 5 月 22 日宣布了对来自巴 西、中国、印度和越南的硬壳空心胶囊（hard empty capsules）反倾销 税调查的初步肯定性裁决。现将具体情况公告如下： 一、主要情况说明 美国商务部于美国时间 2024 年 11 月 13 日发布公告，对原产自 巴西、中国、印度、越南的硬壳空心胶囊产品正式发起反倾销、反补 贴调查（以下简称"双反调查"），立案时间为美国时间 2024 年 11 月 13 日。 反倾销案件号：A-570-184，调查期限为 2024 年 04 月 01 日至 2024 年 09 月 30 日；自 2024 年 04 月 01 日至 2024 年 09 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 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）网络投票时间：2025年5月20日（星期二） 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为：2025年5月20日上午9:15-9:25，9:30- 11:30和下午13:00-15:00；通过深圳证券交易所互联网投票系统投票的具体时间为：2025年5月20日9:15- 15:00期间的任意时间。 2、会议召开地点：山东省淄博市周村区赫达路999号公司会议室。 特别提示： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会没有新议案提交表决。 3、本次股东大会无变更以往股东大会决议的情况。 一、会议的召开和出席情况 （一）会议的召开情况 1、会议召开时间： （1）现场会议召开时间：2025年5月20日（星期二）下午14:30 3、会议召开方式：现场投票与网络投票相结合的方式 4、会议召集人：公司董事会 5、会议主持人：公司董事长毕于东先生 6、会议召开的合法、合规性：本次股东大会的召开符合《公司法》《上市公司股东会规则》《深圳证 券交易所股票 ...

证券代码：002810 证券简称：山东赫达 公告编号：2025-038 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 2024 年度股东大会决议的公告 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。 特别提示： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会没有新议案提交表决。 3、本次股东大会无变更以往股东大会决议的情况。 一、会议的召开和出席情况 （一）会议的召开情况 1、会议召开时间： （1）现场会议召开时间：2025 年 5 月 20 日（星期二）下午 14:30 （2）网络投票时间：2025 年 5 月 20 日（星期二） 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为： 2025 年 5 月 20 日上午 9:15-9:25，9:30-11:30 和下午 13:00-15:00；通 过深圳证券交易所互联网投票系统投票的具体时间为：2025 年 5 月 20 日 9:15-15:00 期间的任意时间。 2、会议召开地点：山东省淄博市周村区赫达路 999 号公司会议 室。 3、会议召开方式：现场投票与网 ...

北京市齐致（济南）律师事务所 关于山东赫达集团股份有限公司 2024 年度股东大会的法律意见书 京齐济法意字[2025]第 30504 号 北京市齐致（济南）律师事务所 BEIJING QIZHI （JINAN） LAW FIRM 济南市市中区顺河东街 66 号银座晶都国际 1 号楼 3405 室 邮编：250011 电话：0531-66683939 传真：0531-66683939 北京市齐致（济南）律师事务所 法律意见书 北京市齐致（济南）律师事务所 关于山东赫达集团股份有限公司 2024年度股东大会的法律意见书 致：山东赫达集团股份有限公司 北京市齐致（济南）律师事务所（以下简称"本所"）接受贵公司的委托， 指派李莹律师、刘福庆律师（以下称"本所律师"）出席了贵公司2024年度股东大 会（以下简称"本次股东大会"或"会议"），并根据《中华人民共和国公司法》 （以下简称"《公司法》"）《上市公司股东会规则》及《深圳证券交易所上市公司 自律监管指引第1号——主板上市公司规范运作》等法律、法规、规章、规范性文 件以及《山东赫达集团股份有限公司章程》（以下简称"《公司章程》"）的规定， 出具本法律意见书。 本法 ...

Group 1 - The company has approved a share repurchase plan using its own funds, with a total repurchase amount not less than RMB 50 million and not exceeding RMB 100 million, at a maximum price of RMB 18.00 per share [2][3] - The repurchase period is set for 12 months from the date of the board's approval [2][3] - The company has completed its first share repurchase, acquiring 433,600 shares, which accounts for approximately 0.1245% of the total share capital, with a total transaction amount of RMB 5,167,438 [3][4] Group 2 - The highest transaction price during the repurchase was RMB 12.07 per share, while the lowest was RMB 11.80 per share [3] - The repurchase complies with relevant laws and regulations, and the company will continue to implement the repurchase plan based on market conditions [3] - The company will fulfill its information disclosure obligations in accordance with legal requirements [3]

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：2025-037 山东赫达集团股份有限公司 关于首次回购公司股份的公告 根据《上市公司股份回购规则》和《深圳证券交易所上市公司自 律监管指引第 9 号——回购股份》等相关规定，公司应当在首次回购 事实发生的次一交易日予以披露。现将公司首次回购股份情况公告如 下： 一、首次回购股份的具体情况 2025 年 5 月 16 日，公司首次通过股份回购专用证券账户以集中 | 证券代码：002810 | 证券简称：山东赫达 | 公告编号：2025-037 | | --- | --- | --- | | 债券代码：127088 | 债券简称：赫达转债 | | 竞价交易方式回购公司股份 433,600 股，约占公司总股本（以 2025 年 5 月 15 日收市后公司总股本 348,136,913 股为依据计算）的 0.1245%， 其中，最高成交价为 12.07 元/股，最低成交价为 11.80 元/股，成交 总金额 5,167,438 元（不含交易费用）。 本次回购符合相关法律、行政法规的要求，符合公司既定的回购 方案。 二、 ...

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating in the given content. 2. Core Viewpoints - The company's cellulose ether exports in May 2025 were in good condition, and the current price is basically stable without significant fluctuations [26][27][28]. - The US plant construction is in progress, and the company will disclose the progress according to regulatory requirements [24][25]. - The US factory only plans to build a plant - based capsule production line, and cellulose ether will be sourced through a combination of domestic imports and US procurement [31]. - The company's repurchased shares are for converting convertible corporate bonds, and it will choose an appropriate time to implement the repurchase plan after completing the approval procedures [30]. 3. Summary by Directory 3.1. Research Basic Situation - The research object is Shandong Hedda, belonging to the chemical products industry. The reception time was May 15, 2025, and the company's reception staff included the chairman, board secretary, financial director, and securities affairs representative [17]. 3.2. Detailed Research Institutions - The reception objects include investors' online questions and others [20]. 3.3. Research Institution Proportion - No information provided on the research institution proportion in the given content. 3.4. Main Content Data - **US Plant Construction**: It is in progress, and the company will disclose the progress as required. The US factory only plans a plant - based capsule production line, and cellulose ether will be sourced from domestic imports and US procurement [24][25][31]. - **Cellulose Ether**: Exports in May 2025 were good, and the current price is stable [26][27][28]. - **2025 Performance**: Details of the 2025 business plan can be found in the 2024 annual report [29]. - **Inventory Accounting**: The inventory of plant - based capsules reserved in the US warehouse is recorded under accounts receivable in the company's statements, and relevant revenues and costs have been offset [29]. - **Share Repurchase**: The repurchased shares are for convertible corporate bonds. After completing the approval procedures on May 14, 2025, the company will choose an appropriate time to implement the plan [30].

Group 1: Company Operations - The construction of the factory in the United States is currently in progress, with updates to be disclosed according to regulatory requirements [3] - The company reported good export performance for cellulose ether in May 2025 [4] - The price of cellulose ether has remained stable in 2025, with no significant fluctuations observed [5][6] Group 2: Financial and Strategic Plans - The company's 2025 performance is expected to grow, with detailed plans available in the 2024 annual report [7] - The strategy to address U.S. trade tariffs includes reserving 4 to 6 months' worth of plant-based capsules in the U.S. warehouse, classified as accounts receivable in financial statements [7] - The purpose of the share buyback is to convert shares into convertible bonds, with plans to implement the buyback at an appropriate time following regulatory approval [7] Group 3: Future Projections and Risks - The U.S. factory will only produce plant-based capsules, with cellulose ether sourced from domestic imports, which may still face high tariff risks [8]