美国对华硬壳胶囊“双反”终裁落地，中国药用辅料龙头涨停

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].