Core Viewpoint - Shandong Heda has received a significant reduction in anti-dumping and countervailing duties from the U.S. Department of Commerce, which is expected to positively impact the company's financial performance and operational strategy [1][5][9]. Group 1: Anti-Dumping and Countervailing Duties - The final anti-dumping duty rate for Shandong Heda is set at 18.71%, a substantial decrease of 153.53 percentage points from the preliminary ruling [1][5]. - The countervailing duty rate for Shandong Heda is 6.90%, while other Chinese producers face rates ranging from 3.14% to 8.81% [5]. - The initial anti-dumping duty rate was 172.24%, indicating a significant improvement in the final ruling [5][6]. Group 2: Financial Implications - The reduction in duties will lead to a refund of previously paid high guarantee deposits, positively affecting the company's financial results [5][6]. - 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]. Group 3: Strategic Initiatives - In response to trade barriers, Shandong Heda is accelerating its plans to establish a manufacturing facility in the U.S. as part of its globalization strategy [7][10]. - The company aims to diversify its market presence beyond the U.S., with products already being sold in over 100 countries, including Germany, France, and Japan [10]. - The establishment of a U.S. plant is seen as a critical step to mitigate risks associated with international trade tensions and to enhance market penetration [10].

Core Viewpoint - The U.S. Department of Commerce has made a final affirmative ruling on anti-dumping and countervailing duty investigations concerning hard empty capsules from Brazil, China, India, and Vietnam, which significantly impacts the company and its operations in the U.S. market [1][2][3]. Group 1: Anti-Dumping and Countervailing Duty Results - The countervailing duty rate for the company is set at 6.90%, while other Chinese manufacturers/exporters face rates ranging from 3.14% to 8.81% [2]. - The anti-dumping duty rate for the company, as a mandatory respondent, is 18.71%, which represents a substantial decrease of 153.53% from the preliminary ruling. Other Chinese manufacturers/exporters have anti-dumping rates ranging from 0% to 18.71% [3]. Group 2: Impact on the Company - The final rulings will lead to a reduction in the amount of tax deposits the company needs to pay, and any excess deposits made previously will be refunded, positively affecting the company's financial performance [4]. - The company is actively expanding its production capacity in the U.S. and is progressing according to its planned schedule. It will continue to explore markets outside the U.S. while monitoring policy and tariff changes in key export countries to enhance its risk resilience [4]. - The company will closely follow the developments of the anti-dumping and countervailing duty investigations and fulfill its information disclosure obligations to investors [4].

Core Viewpoint - The U.S. Department of Commerce has made a final affirmative ruling on anti-dumping and countervailing duty investigations concerning hard empty capsules from Brazil, China, India, and Vietnam, which significantly impacts the company and its market positioning [1][2][3]. Group 1: Anti-Dumping and Countervailing Duty Results - The final countervailing duty rate for the company is set at 6.90%, while other Chinese manufacturers/exporters face rates ranging from 3.14% to 8.81% [2]. - The final anti-dumping duty rate for the company, which is a mandatory respondent, is 18.71%, a substantial reduction of 153.53% compared to the preliminary ruling. Other Chinese manufacturers/exporters have anti-dumping rates ranging from 0% to 18.71% [3]. Group 2: Impact on the Company - The U.S. International Trade Commission (ITC) will announce the final determination on industry damage in February 2026, after which the Department of Commerce will issue the official countervailing and anti-dumping duty orders within seven days [4]. - The final ruling significantly reduces the amount of cash deposits the company must pay, and any excess deposits previously made will be refunded, positively affecting the company's financial performance [4]. - The company is actively expanding its production capacity in the U.S. and plans to continue exploring markets outside the U.S., while closely monitoring policy and tariff changes in key export countries to enhance its risk resilience [4].

Group 1 - The final ruling by the U.S. Department of Commerce on anti-dumping and countervailing duties for hard-shell hollow capsules from Brazil, China, India, and Vietnam has resulted in a significant reduction in the tax rates for Shandong Heda, with an anti-dumping rate of 18.71% and a countervailing rate of 6.90%, both lower than the preliminary rates announced in May [3] - The ruling is expected to positively impact the company's operating performance by significantly lowering the required tax deposit amounts, with the excess deposits paid previously to be refunded [1] - The U.S. International Trade Commission (ITC) is scheduled to make a final determination on industry damage by February 2026, and if the ITC also issues a positive ruling, the U.S. Department of Commerce will formally release the anti-subsidy and anti-dumping tax orders within seven days [1] Group 2 - Shandong Heda is actively expanding its production capacity in the U.S. market, which is a key export market for Chinese capsule manufacturers, and the construction is progressing as planned [1] - The significant reduction in tax rates, combined with the advancement of local production capacity, is expected to alleviate cost pressures for the company's products in the U.S. market [1] - The company plans to continue expanding into markets outside the U.S. while closely monitoring policy and tariff changes in major export countries to enhance its risk resilience through a global industrial layout [1]

Core Viewpoint - The final ruling by the U.S. Department of Commerce on anti-dumping and countervailing duties for hard-shell hollow capsules from Brazil, China, India, and Vietnam significantly impacts the company, with reduced tax rates benefiting its operations [1] Group 1: Anti-Dumping and Countervailing Duties - The company received a countervailing duty rate of 6.9%, while other Chinese manufacturers/exporters received rates between 3.14% and 8.81% [1] - The anti-dumping duty rate for the company was set at 18.71%, a substantial decrease of 153.53% from the preliminary ruling, with other Chinese manufacturers/exporters facing rates from 0% to 18.71% [1] Group 2: Future Implications - The U.S. International Trade Commission (ITC) is expected to announce its final determination on industry damage by February 2026, which will lead to the formal issuance of the countervailing and anti-dumping duty orders within seven days of the ITC's ruling [1] - The final ruling significantly reduces the amount of tax deposit the company needs to pay, and the excess deposit paid earlier will be refunded, positively impacting the company's operational performance [1] Group 3: Strategic Developments - The company is actively establishing production capacity in the U.S., with construction progressing according to plan [1] - The company plans to continue expanding its markets outside the U.S. while closely monitoring policy and tariff changes in key export countries, leveraging its global industrial layout to enhance risk resilience [1]

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：2025-101 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、反补贴调查终裁结果 美国商务部对来自巴西、中国、印度和越南的硬壳空心胶囊（hard empty capsules）做出了反补贴终裁。公司获得的反补贴税率为 6.90%， | 证券代码：002810 | 证券简称：山东赫达 | 公告编号：2025-101 | | --- | --- | --- | | 债券代码：127088 | 债券简称：赫达转债 | | 中国其他生产商/出口商获得的反补贴税率为 3.14%- 8.81%。 三、反倾销终裁结果 美国商务部对来自巴西、中国、印度和越南的硬壳空心胶囊（hard empty capsules）做出了反倾销终裁。公司为强制应诉企业，税率为 18.71%，较初裁大幅降低 153.53%，中国其他生产商/出口商获得的 反倾销税率为 0%-18.71%。 四、对公司的影响 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 ...

山东赫达公告称，美国商务部对原产自巴西、中国、印度、越南的硬壳空心胶囊反倾销、反补贴调查作 出终裁。公司反补贴税率为6.90%，中国其他生产商/出口商为3.14%-8.81%；公司反倾销税率为 18.71%，较初裁大幅降低153.53%，中国其他生产商/出口商为0%-18.71%。美国国际贸易委员会将于 2026年公布产业损害最终裁定。此次终裁降低公司缴纳税费保证金金额，前期保证金差额将退还，对业 绩有积极影响。 ...

Core Insights - The chemical industry is entering a favorable phase driven by demand, value, and supply dynamics [5][6][7] - Global supply constraints and the exit of European capacities are expected to enhance the market environment for the chemical sector [7] Demand Drivers - Key opportunities identified in various sectors include: - Gas turbine upstream: companies like Zhenhua Co., Yingliu Co., Longda Co., and Wanze Co. [5] - Refrigerants and fluorinated liquids: companies such as Juhua Co., New Zhoubang, and Runhe Materials [5] - Energy storage supply chain: including Chuanheng Co., Xingfa Group, Yuntianhua, Batian Co., and others [5] - Semiconductor materials: companies like Yanggu Huatai, Wanrun Co., Dinglong Co., and others [5] Value Drivers - Potential for increased dividend yields in sectors such as: - Coal chemical: Hualu Hengsheng, Luxi Chemical, and Baofeng Energy [6] - Oil refining: Hengli Petrochemical, Satellite Chemical, and Sinopec [6] - Phosphate fertilizers: Yuntianhua, Yuntu Holdings, and others [6] Supply Drivers - Domestic anti-involution policies and the exit of European production capacities are expected to support the chemical industry: - PTA and polyester filament: companies like Xin Fengming and Tongkun Co. [7] - Tire manufacturing: including Sailun Tire, Zhongce Rubber, and others [7] Key Companies and Profit Forecasts - Selected companies with profit forecasts include: - Zhenhua Co. (Net profit forecast for 2025: 6.04 billion, PE: 21.8) [8] - Yingliu Co. (Net profit forecast for 2025: 4.08 billion, PE: 42.7) [8] - Longda Co. (Net profit forecast for 2025: 1.06 billion, PE: 34.9) [8] - Wanze Co. (Net profit forecast for 2025: 2.37 billion, PE: 32.9) [8] - Juhua Co. (Net profit forecast for 2025: 48.14 billion, PE: 24.4) [8] Industry Cycle Insights - The chemical industry is expected to enter a new cycle, with demand recovery and supply-side reforms driving growth [14][21] - The chemical price index has shown signs of recovery, indicating a potential upturn in the market [20][21]

证券日报网讯12月11日，山东赫达（002810）在互动平台回答投资者提问时表示，股东人数敬请关注公 司定期报告。 ...

Core Viewpoint - Shandong Heda (002810) has begun supplying HEC products to a well-known domestic battery company to enhance the quality of electroplated copper foil [1] Group 1: Company Developments - The company started supplying HEC products in July of this year [1] - A total of 7.2 tons of HEC products have been shipped to the battery company [1] - Other companies are currently in the testing phase for the HEC products [1]