Core Viewpoint - The stock of Shandong Heda Group Co., Ltd. experienced abnormal trading fluctuations, with a cumulative closing price increase exceeding 20% over three consecutive trading days, prompting the company to investigate the situation and confirm no undisclosed significant information affecting the stock price [2][3]. Group 1: Stock Trading Abnormalities - The company's stock price increased by over 20% cumulatively on December 19, 22, and 23, 2025, indicating abnormal trading activity [2]. - The company conducted a verification process regarding the stock's trading fluctuations and found no need to correct or supplement previously disclosed information [3]. Group 2: Company Operations and Impact - The company reported that its recent operational status is normal, and it disclosed a significant reduction in anti-dumping duties from 172.24% to 18.71% for its subsidiary, which is expected to positively impact its business performance [3]. - There are no undisclosed significant matters related to the company by the controlling shareholders or actual controllers during the period of stock price fluctuations [4]. Group 3: Disclosure Compliance - The board of directors confirmed that there are no undisclosed matters that should be disclosed according to the Shenzhen Stock Exchange's regulations, and all previously disclosed information remains accurate [5]. - The company emphasizes that it adheres to fair disclosure practices and that all information should be verified through designated media outlets [6].

Core Viewpoint - After 13 months of international trade disputes, Chinese hard capsule manufacturers have received a favorable ruling from the U.S. Department of Commerce, significantly reducing anti-dumping and countervailing duties, which enhances their competitiveness in the U.S. market [1][4]. Group 1: Impact of Ruling on Shandong Heda - Shandong Heda's anti-dumping tax rate has dropped from 172.24% to 18.71%, a reduction of 153.53 percentage points, while the countervailing duty is set at 6.90% [1][6]. - The substantial decrease in tax rates not only restores the company's export competitiveness but also allows for the refund of previously paid high-rate deposits, positively impacting cash flow [1][10]. - Following the announcement, Shandong Heda's stock price surged, indicating market optimism regarding the ruling's implications [1][10]. Group 2: Background of the Investigation - The investigation began on November 13, 2024, when the U.S. Department of Commerce initiated anti-dumping and countervailing duty investigations on hard capsules from China, Brazil, India, and Vietnam [4][5]. - At the initial ruling stage, Shandong Heda faced a punitive tax rate of 172.24%, which raised concerns about its market viability in the U.S. [5][6]. - The U.S. market is crucial for Shandong Heda, with exports to the U.S. accounting for 62.38% of its total revenue from hard capsules [3][4]. Group 3: Future Strategies - Despite the favorable ruling, uncertainties remain as the U.S. International Trade Commission will announce its final determination on industry damage in February 2026, which could affect the enforcement of the anti-dumping duties [3][11]. - Shandong Heda has prioritized establishing a manufacturing facility in the U.S. as a strategic move to mitigate tariff risks and enhance its market presence [3][11]. - The company is also expanding its global footprint beyond the U.S., targeting markets in Germany, France, Italy, Canada, Brazil, India, and Japan, and has signed an exclusive agency agreement with IMCD to penetrate emerging markets [12].

Group 1 - The core viewpoint of the article is that Shandong Heda (002810.SZ) has announced a significant reduction in anti-dumping duties, which is expected to positively impact its business performance [1] - The company reported that its recent operational situation is normal, indicating stability in its business activities [1] - The final ruling by the U.S. Department of Commerce on anti-dumping and countervailing investigations resulted in a decrease of the anti-dumping tax rate for its subsidiary, Shandong Hershey Capsule Co., Ltd., from 172.24% to 18.71% [1]

Core Viewpoint - The company, Shandong Heda, experienced a significant stock price fluctuation, with a cumulative increase of over 20% in closing prices over three consecutive trading days, prompting an investigation into abnormal trading activity [1] Group 1: Stock Price Fluctuation - The stock price of Shandong Heda increased by more than 20% over three trading days, which is classified as abnormal trading activity according to Shenzhen Stock Exchange regulations [1] - The company confirmed that there are no corrections or supplements needed for previously disclosed information, and no recent media reports have significantly impacted the stock price [1] Group 2: Business Operations - The company reported that its recent business operations are normal, and on December 22, 2025, it disclosed the final ruling from the U.S. Department of Commerce regarding anti-dumping and countervailing investigations on hard gelatin capsules from Brazil, China, India, and Vietnam [1] - The anti-dumping tax rate for the company's wholly-owned subsidiary was reduced from 172.24% to 18.71%, which is expected to have a positive impact on the company's operating performance [1] Group 3: Disclosure and Compliance - The company, its controlling shareholders, and actual controllers have not engaged in any undisclosed significant matters or planned any major events during the period of stock price fluctuation [1] - The board of directors confirmed that there are no undisclosed matters that should be disclosed, nor have they been made aware of any information that could significantly affect the stock trading price [1] - The company maintains compliance with fair disclosure regulations [1]

Core Viewpoint - The company announced that its stock experienced an abnormal fluctuation with a cumulative price deviation exceeding 20% over three consecutive trading days in December 2025, but no significant undisclosed information was found to impact the stock price [1] Group 1: Stock Performance - The company's stock price showed a significant deviation, with a cumulative increase of over 20% during the specified period [1] - The company confirmed that there were no major undisclosed matters affecting the stock price during the abnormal fluctuation period [1] Group 2: Business Operations - The company reported that its recent business operations are normal [1] - A subsidiary of the company saw a reduction in anti-dumping tax rate from 172.24% to 18.71%, which is expected to have a positive impact on performance [1] Group 3: Insider Trading - The company and its actual controller did not engage in any buying or selling of the company's stock during the period of abnormal fluctuation [1]

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：2025-102 山东赫达集团股份有限公司 股票交易异常波动公告 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、股票交易异常波动情况介绍 山东赫达集团股份有限公司（以下简称"公司"）（证券简称：山 东赫达，证券代码：002810）于 2025 年 12 月 19 日、12 月 22 日、 12 月 23 日连续三个交易日内日收盘价格涨幅偏离值累计超过 20%， 根据《深圳证券交易所交易规则》的有关规定，属于股票交易异常波 动情况。 二、公司关注及核实情况的说明 针对公司股票交易异常波动，公司对有关事项进行了核查，现对 可能影响公司股票交易异常波动的情况说明如下： 3、公司近期经营情况正常，公司于 2025 年 12 月 22 日披露了《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、反补贴调查终裁结果的公告》，经美国商务部终裁，公司全资 子公司山东赫尔希胶囊有限公司获得的反倾销税率由 172.24%降至 18.71%，对公司经营业绩带 ...

Summary of Shandong Heda's Conference Call Company Overview - **Company**: Shandong Heda - **Industry**: Plant-based capsules Key Points and Arguments Impact of US Anti-Dumping Duties - The US government has decided to refund the deposits, significantly alleviating the performance pressure on Shandong Heda. Previously, the prices of products exported to the US had fallen below cost, severely impacting Q3 performance. This ruling is crucial for improving current and future performance [2][3] - The company has been granted an extended window period from November 28, 2025, to February 2, 2026, during which capsules sold to the US will be exempt from anti-dumping deposits, providing a unique opportunity to accelerate shipments to the US [2][3] Competitive Tax Rate - The comprehensive tax rate for Shandong Heda's Shumei capsules is 55.81%, which is lower than competitors from India (79.47%), Brazil (71.96%), and Vietnam (71.39%). This competitive edge is expected to enhance market competitiveness after the US production capacity comes online [2][3][4] Future Production and Market Demand - The US plant is expected to start production in the second half of 2026, which will significantly boost the profitability of the plant-based capsule business. New product development is also anticipated to increase revenue. The demand for plant-based capsules in the US is projected to approach 100 billion capsules over the next three years [2][5] - The company aims to achieve full capacity operation within three to five years, targeting to surpass Lonza and become the global leader in the plant-based capsule sector [7][8] Domestic Capacity Management - To address domestic capacity issues, the company is implementing various measures, including phasing out outdated equipment, improving production efficiency, and increasing efforts in the European market. The goal for European sales is set to grow by 45%-50% year-on-year [6] Market Pricing and Profitability - The price of plant-based capsules in the US has risen to $300-$330 per 10,000 capsules in 2025, a 20% increase from the previous year. The company expects that with new production capacity, the cost per 10,000 capsules will be controlled around 140 RMB, leading to a gross profit of 150 RMB, significantly enhancing profitability [3][11][12] Industry Dynamics - The global demand for plant-based capsules is approximately 150 billion capsules, with the US accounting for 60% and Europe for 30%. The company will continue to focus on the US and European markets, which are expected to remain dominant in the short term [13] - The competitive landscape includes around 70 new plant-based capsule companies in China, with a total capacity of about 800 billion capsules, but only 50%-60% of this capacity is effectively shipped. This oversupply has led to price and margin pressures [14] Financial Performance and Projections - The gross margin for Shandong Heda has dropped to 6-7% in Q3 2025, but the company anticipates a market correction by late 2026, with many excess capacities exiting the market. A return to breakeven or slight profitability is expected [17] - In Q4, expenses are typically concentrated, leading to a higher expense ratio. However, due to better-than-expected performance in the first three quarters, the overall annual performance remains acceptable [18] Anti-Dumping Tax Adjustments - The anti-dumping tax rate for Shandong Heda has been reduced from 172% to 18%, aligning more closely with other Chinese companies. This adjustment has significantly improved profit margins for exports to the US [19][20] Price Recovery - Prior to the anti-dumping measures, the selling price to the US was approximately 220 RMB per 10,000 capsules, which fell to about 1.1 USD (approximately 77 RMB) recently. Prices have since recovered to over 200 RMB [21]

Group 1 - The State Council emphasizes the need for all departments to align their actions with the central government's economic work requirements for the upcoming year, enhancing responsibility and urgency in implementing tasks [1] - The Ministry of Commerce highlights the importance of high-quality business development and international trade coordination, aiming to boost domestic and international economic cycles [2] - Researchers at Shanghai Jiao Tong University have achieved a breakthrough in all-optical computing chips, which could significantly enhance computational efficiency for AI and large-scale data processing [3] Group 2 - The National Internet Information Office and the China Securities Regulatory Commission have taken action against 17 accounts spreading rumors and illegal stock recommendations, emphasizing the need for accurate financial information dissemination [4] - Fujian Province has introduced a comprehensive financial support plan for technology innovation, aiming for a 10% annual growth in loans to technology-related industries by 2025-2027 [5] - The world's first commercial supercritical carbon dioxide power generation unit has successfully commenced operations, marking a significant advancement in energy technology [6] Group 3 - Moore Threads has launched a new GPU architecture, "Huagang," which boasts a 50% increase in computing density and a tenfold improvement in energy efficiency [7][8] - The first L3-level autonomous driving license has been issued to Changan Automobile, marking a significant milestone in the development of autonomous driving technology [9] - Nine U.S. pharmaceutical companies have reached agreements with the government to lower drug prices, indicating a shift towards more affordable healthcare solutions [10] Group 4 - The market has shown signs of recovery with a three-day rebound, although caution is advised as the overall trend has not yet confirmed a sustained upward movement [11] - Samsung has unveiled the world's first 2nm smartphone chip, which is expected to enhance performance significantly, indicating advancements in semiconductor technology [12]

Group 1 - Hainan local stocks are involved in various industries including non-woven fabric products, concrete, rubber, pharmaceuticals, and logistics [2][3] - Hainan Rui Ze and Hainan Hai Yao have seen significant stock price increases, with Hainan Hai Yao achieving a two-day price increase [2][6] - Hainan Rubber is the leading player in China's natural rubber industry, managing 3.41 million acres of rubber plantations [2] - Hainan Airport operates duty-free businesses at major airports, holding significant stakes in duty-free shops [2] Group 2 - Companies like Hainan Huatie and Hainan Minmetals are involved in state-owned enterprises and agricultural technology, respectively [3] - Hainan Development has acquired a 45% stake in Hainan Haikong Duty-Free Group, aiming to operate duty-free businesses for island residents [6] - The logistics sector is expanding with companies like Jia Cheng International developing logistics hubs in Hainan [2][3] Group 3 - The semiconductor industry is represented by companies like InnoScience and Xiangyang Technology, focusing on cleanroom engineering and special organic materials [4] - Companies like Longfly and Hengtong Optic-Electric are leading in the optical fiber industry, with significant advancements in technology and production capacity [3][4] - The AI and robotics sectors are seeing growth with companies like Zhaowei and Keda Technology focusing on intelligent equipment and robotics [6][7] Group 4 - The consumer goods sector is highlighted by companies like Fei Ke Electric and Anji Food, which are expanding their product lines and market presence [6][7] - The energy sector is represented by companies like Sheng Tong Energy, focusing on natural gas and related assets [9] - The packaging industry is led by companies like Jia Mei Packaging, which is undergoing significant changes in ownership and management [9][10]

Core Viewpoint - The final ruling by the U.S. Department of Commerce on anti-dumping and countervailing duties for hard empty capsules from China significantly reduces the tariff rate for Shandong Heda, allowing the company to pursue a factory in the U.S. to mitigate risks associated with international trade barriers [1][13][22]. Summary by Sections Anti-Dumping and Countervailing Duties - Shandong Heda's anti-dumping duty rate is set at 18.71%, a substantial decrease of 153.53 percentage points from the preliminary ruling [5][18]. - The countervailing duty rate for Shandong Heda is 6.90%, while other Chinese producers face rates between 3.14% and 8.81% [5][18]. - The initial anti-dumping rate was 172.24%, which indicates a significant positive shift for the company [5][18]. Financial Implications - The reduction in duty rates will lead to a refund of previously paid high guarantee deposits, positively impacting the company's financial performance [5][18]. - The sales of hard empty capsules to the U.S. accounted for 62.38% of the total revenue during the investigation period, highlighting the importance of this market for the company [6][19]. Strategic Response - In response to the ongoing trade barriers, Shandong Heda plans to expedite the establishment of a manufacturing facility in the U.S. as part of its global strategy [7][20]. - The company recognizes the need for diversification beyond reliance on exports, especially in the face of changing geopolitical conditions [10][22]. - Shandong Heda aims to leverage its U.S. factory to penetrate the local market more effectively and address potential tariffs and trade issues [10][22]. Market Performance - Following the announcement of the favorable ruling, Shandong Heda's stock price reached a limit-up, trading at 14.59 yuan per share [11][24].