Core Viewpoint - The company, Shandong Heda, has announced its share repurchase plan and provided updates on its financial performance for the third quarter of 2025, emphasizing the accuracy and completeness of its financial disclosures [1][2]. Financial Data Summary - The company confirmed that there are no adjustments or restatements needed for previous accounting data [4]. - The third-quarter financial report has not been audited [3][10]. - As of September 30, 2025, the company has repurchased 2,427,700 shares, representing approximately 0.6973% of its total share capital, with a total transaction amount of 29,928,786 yuan [7]. Share Repurchase Plan - The company approved a share repurchase plan on April 15, 2025, with a total repurchase amount between 50 million yuan and 100 million yuan, and a maximum repurchase price of 18.00 yuan per share [6]. - Following a mid-year profit distribution, the maximum repurchase price was adjusted to 17.90 yuan per share [7].

Financial Performance - Q3 2025 revenue was CNY 464,955,404.73, a decrease of 7.00% year-over-year[5] - Net profit attributable to shareholders was CNY 26,185,833.04, down 64.67% compared to the same period last year[5] - Basic earnings per share decreased by 63.64% to CNY 0.08[5] - Total revenue for the period reached ¥1,436,691,620.62, slightly up from ¥1,435,164,249.84 in the previous period, indicating a growth of 0.11%[22] - The net profit for the current period is 139,322,911.37, a decrease of 29.5% compared to 198,045,757.59 in the previous period[24] - The operating profit for the current period is 172,781,189.96, down from 226,461,911.57, reflecting a decline of 23.7%[24] - The total comprehensive income for the current period is 139,322,911.37, down from 198,045,757.59, reflecting a decrease of 29.5%[24] - Basic earnings per share for the current period is 0.41, compared to 0.58 in the previous period, representing a decline of 29.3%[24] Assets and Liabilities - Total assets as of September 30, 2025, were CNY 4,067,027,532.08, a decrease of 1.90% from the end of the previous year[5] - Total assets decreased to ¥4,067,027,532.08 from ¥4,145,881,622.90, a reduction of approximately 1.89%[21] - Total liabilities decreased to ¥1,748,771,863.48 from ¥1,936,048,620.51, reflecting a decline of about 9.7%[21] - The company's equity attributable to shareholders increased to ¥2,318,255,668.60 from ¥2,209,833,002.39, an increase of approximately 4.9%[21] Cash Flow - The company reported a 50.37% decline in net cash flow from operating activities year-to-date, totaling CNY 106,895,050.11[5] - Cash flow from operating activities generated a net amount of 106,895,050.11, significantly lower than 215,381,416.27 in the previous period, indicating a decrease of 50.4%[25] - Cash flow from investing activities resulted in a net outflow of -178,671,017.20, compared to -21,285,048.15 in the previous period, showing a substantial increase in cash outflow[26] - Cash flow from financing activities generated a net inflow of 125,582,336.28, contrasting with a net outflow of -115,266,146.66 in the previous period, marking a significant turnaround[26] Investments - Long-term equity investments increased by 70.62% to CNY 52,189,455.81 due to the equity method accounting for joint ventures[9] - The company invested in a new project in the U.S. with a total investment of CNY 200 billion for plant capsule production, leading to a 329.21% increase in construction in progress[9] - Investment income dropped by 76.95% to CNY 8,230,036.14, mainly due to reduced earnings from joint ventures[11] - Investment income received increased to ¥8,647,970.65, a 130.59% increase compared to ¥3,750,432.02 in the same period last year, primarily due to increased dividends from joint ventures and associates[12] - Long-term investments rose to ¥52,189,455.81 from ¥30,587,916.46, indicating a significant increase of about 70.7%[20] Expenses - Sales expenses rose by 37.34% to CNY 29,300,465.59, primarily due to increased employee compensation[11] - Financial expenses decreased by 48.92% to CNY 10,921,315.00, attributed to increased exchange gains[11] - Research and development expenses rose to ¥67,008,434.82, compared to ¥64,938,900.42, marking an increase of about 3.2%[22] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 26,049, with no preferred shareholders[15] - The company plans to repurchase shares with a total amount not less than ¥50 million and not exceeding ¥100 million, with a maximum repurchase price of ¥18.00 per share[17] - As of September 30, 2025, the company had repurchased 2,427,700 shares, accounting for approximately 0.6973% of the total share capital, with a total transaction amount of ¥29,928,786[18] Cash Management - The company's cash and cash equivalents decreased to ¥362,344,253.20 from ¥488,808,805.01, a decline of approximately 26%[20] - The cash and cash equivalents at the end of the period totaled 302,552,617.91, a decrease from 312,423,889.17 in the previous period[26] - Cash received from borrowings increased by 30.49% to ¥310,153,028.39 from ¥237,690,000.00, reflecting higher bank borrowings compared to the previous year[13] - Cash received from other financing activities rose by 543.10% to ¥344,967,386.12 from ¥53,640,914.44, primarily due to increased recovery of deposits[13] - Cash paid for debt repayment increased by 38.72% to ¥318,024,487.34 from ¥229,256,073.35, indicating higher loan repayments[13]

Core Points - Shandong Heda's stock increased by 5.04% to 13.55 CNY per share, with a trading volume of 115 million CNY and a turnover rate of 2.69%, resulting in a total market capitalization of 4.717 billion CNY [1] Company Overview - Shandong Heda Group Co., Ltd. is located in Zibo City, Shandong Province, established on December 7, 1992, and listed on August 26, 2016 [1] - The company's main business involves the research, production, and sales of water-soluble polymer compounds and downstream chemical products [1] - Revenue composition includes: 72.98% from self-produced cellulose ether products, 21.10% from plant hollow capsules, 3.86% from other chemical products, 1.90% from graphite products, and 0.16% from other supplementary products [1] Shareholder Information - Huashang Fund has a fund that ranks among the top ten circulating shareholders of Shandong Heda, specifically the Huashang Selected Return Mixed A (010761), which entered the top ten in Q2 with 2.1353 million shares, accounting for 0.67% of circulating shares [2] - The estimated floating profit for today is approximately 1.3879 million CNY [2] - The fund was established on January 19, 2021, with a latest scale of 2.261 billion CNY, achieving a year-to-date return of 42.1% and a one-year return of 38.23% [2] Fund Manager Performance - The fund managers of Huashang Selected Return Mixed A are Yu Yi, Sun Wei, and Cui Zhipeng [3] - Yu Yi has a tenure of 3 years and 41 days, with a total fund asset size of 5.867 billion CNY, achieving a best return of 69.77% and a worst return of -4.46% during the tenure [3] - Sun Wei has a tenure of 2 years and 293 days, managing 7.139 billion CNY, with a best return of 60.37% and a worst return of -9.31% [3] - Cui Zhipeng has a tenure of 1 year and 294 days, managing 3.64 billion CNY, with a best return of 61.74% and a worst return of 0.03% [3]

Group 1 - The core point of the news is that Shandong Heda's stock price increased by 5.04% to 13.55 CNY per share, with a trading volume of 115 million CNY and a turnover rate of 2.69%, resulting in a total market capitalization of 4.717 billion CNY [1] - Shandong Heda Group Co., Ltd. is located in Zibo City, Shandong Province, and was established on December 7, 1992. The company was listed on August 26, 2016, and its main business involves the research, production, and sales of water-soluble polymer compounds and downstream chemical products [1] - The revenue composition of Shandong Heda includes 72.98% from self-produced cellulose ether products, 21.10% from plant hollow capsules, 3.86% from other chemical products, 1.90% from graphite products, and 0.16% from other supplementary products [1] Group 2 - From the perspective of the top ten holdings of funds, data shows that Xinyuan Fund has one fund heavily invested in Shandong Heda. The Xinyuan Specialized and New Mixed A Fund (015071) increased its holdings by 89,000 shares in the second quarter, holding a total of 742,400 shares, which accounts for 8.17% of the fund's net value, making it the largest holding [2] - The Xinyuan Specialized and New Mixed A Fund (015071) was established on June 17, 2022, with a latest scale of 95.3868 million CNY. Year-to-date returns are 25.61%, ranking 3468 out of 8160 in its category; the one-year return is 29.22%, ranking 2595 out of 8026; and since inception, it has a loss of 34.81% [2]

Group 1 - The core point of the article is that Shandong Heda announced the release of restrictions on stock options and restricted stocks for 110 incentive recipients, allowing for the circulation of 2,480,000 shares, which represents 0.7124% of the company's total share capital of 348,136,913 shares [1] Group 2 - The announcement indicates that after the completion of the procedures for lifting the restrictions, the company will issue a related notice to inform investors [1]

山东赫达集团股份有限公司 关于第三期股票期权与限制性股票激励计划 债券代码：127088 债券简称：赫达转债 证券代码：002810 股票简称：山东赫达 公告编号：2025-091 第一个行权期行权条件成就的公告 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。 重要内容提示： 1、公司第三期股票期权与限制性股票激励计划（以下简称"本次 激励计划"、"本激励计划"或"《激励计划》"）股票期权第一个行权 期符合行权条件的激励对象共 110 人，可行权的股票期权数量为 2,480,000 份，占目前公司总股本 348,136,913 股的 0.7124%。 2、本次股票期权行权采用自主行权模式。 3、本次第一个行权期可行权的股票期权若全部行权，公司股份 仍具备上市条件。 4、本次股票期权行权事宜需在中国证券登记结算有限责任公司 深圳分公司的手续办理结束后方可行权，公司届时将另行公告，敬请 投资者注意。 山东赫达集团股份有限公司（以下简称"公司"）于 2025 年 10 月 20 日召开第九届董事会第二十七次会议，审议通过《关于第三期股 票期权与限制性股票激励计划第一 ...

债券代码：127088 债券简称：赫达转债 证券代码：002810 股票简称：山东赫达 公告编号：2025-092 山东赫达集团股份有限公司 关于第三期股票期权与限制性股票激励计划 第一个解除限售期解除限售条件成就的公告 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。 重要内容提示： 1、公司第三期股票期权与限制性股票激励计划（以下简称"本次 激励计划"、"本激励计划"或"《激励计划》"）第一个解除限售期符 合解除限售条件的激励对象共 110 人，可解除限售的限制性股票数量 为 2,480,000 股，占目前公司总股本 348,136,913 股的 0.7124%。 2、本次解除限售的限制性股票在解除限售手续办理完成后，上 市流通前，公司将发布相关提示性公告，敬请投资者注意。 证券代码：002810 股票简称：山东赫达 公告编号：2025-092 债券代码：127088 债券简称：赫达转债 期权与限制性股票激励计划（草案）〉及其摘要的议案》等相关议案。 公司董事会薪酬与考核委员会审议并通过了上述议案，公司监事会发 表了核查意见。 具体内容详见 2024 年 9 ...

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 第三期股票期权与限制性股票激励计划 BEIJING QIZHI （JINAN） LAW FIRM 地址：山东省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 第一个行权期行权及第一个解除限售期解除限售事项的 法律意见书 京齐济法意字[2025]第 31012 号 北京市齐致（济南）律师事务所 | | | | | | 北京市齐致（济南）律师事务所 法律意见书 | 名词 | 释义 | | --- | --- | | 山东赫达/公司/本公司/上 | 山东赫达集团股份有限公司 | | 市公司/ | | | 《激励计划（草案）》 | 《山东赫达集团股份有限公司第三期股票期权与限制性股票激励 | | | 计划（草案）》 | | | 山东赫达集团股份有限公司第三期股票期权与限制性股票激励计 | | 本计划/本激励计划 | 划，即山东赫达以 A 股股票为标的，为公司董事、高级管理人员、 | | | 中层管理人员及核心骨干授予股票期权和限制性股票进行的激励 | ...

3、最近 12 个月内因重大违法违规行为被中国证监会及其派出机 构行政处罚或者采取市场禁入措施； 山东赫达集团股份有限公司 董事会薪酬与考核委员会关于第三期股票期权与限制性股 票激励计划相关事项的核查意见 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股权激 励管理办法》（以下简称"《管理办法》"）、《深圳证券交易所股票上 市规则》（以下简称"《上市规则》"）、《深圳证券交易所上市公司自 律监管指南第 1 号—业务办理》（以下简称"《监管指南第 1 号》"） 等有关法律法规、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，作为山东赫达集团股份有限公 司（以下简称"公司"）的董事会薪酬与考核委员会委员，认真审阅了 《第三期股票期权与限制性股票激励计划（草案）》（以下简称"本次 激励计划"）及其摘要等有关内容，经公司董事会薪酬与考核委员会 全体委员充分讨论，现就公司本次激励计划相关事项发表如下审核意 见： 一、关于第三期股票期权与限制性股票激励计划股票期权第一个 行权期行权条件成就的核查意见 （一）本次行 ...

证券代码：002810 证券简称：山东赫达 公告编号：2025-090 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 关于第九届董事会第二十七次会议决议的公告 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。 山东赫达集团股份有限公司（以下简称"公司"）已于 2025 年 10 月 17 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 董事会第二十七次会议的通知（以下简称"本次会议"或"会议"）。 本次会议于 2025 年 10 月 20 日在公司会议室召开，应出席董事 9 人， 实际出席董事 9 人，由董事长毕于东先生召集并主持，以现场结合通 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： 1、审议通过《关于第三期股票期权与限制性股票激励计划第一 个行权期行权条件成就的议案》。 表决结果：5 票赞成，0 票反对，0 票弃权。 关联董事包腊梅、毕松羚、毕于村、李振建回避表决。 公司本激励计划第 ...