Core Viewpoint - The Ministry of Commerce of China has initiated a preliminary anti-subsidy investigation into imported dairy products from the European Union, determining that these products are subsidized and have caused substantial harm to the domestic dairy industry [1][3][5]. Group 1: Investigation Details - The investigation was launched on August 21, 2024, following a request from the China Dairy Industry Association and the China Dairy Products Industry Association [3][5]. - The investigation period was extended to February 21, 2026, to allow for thorough examination [3]. - Various methods were employed during the investigation, including questionnaires, public hearings, and on-site verifications of both EU companies and domestic enterprises [3][4]. Group 2: Findings and Preliminary Ruling - Preliminary evidence indicates that the EU has provided significant subsidies to its dairy and dairy products sector through its Common Agricultural Policy [3][4]. - The domestic dairy industry in China has faced increasing inventory levels and a shift from profit to loss due to the impact of these subsidized imports [3][4]. - The Ministry of Commerce announced a preliminary ruling on December 22, 2025, stating that the subsidy rates for sampled EU companies range from 21.9% to 42.7%, with a uniform rate of 28.6% for cooperating companies and 42.7% for non-cooperating companies [4][5]. Group 3: Future Actions - The Ministry of Commerce plans to implement temporary anti-subsidy measures starting December 23, 2025, requiring importers to provide a corresponding temporary anti-subsidy tax deposit [1][3]. - The Ministry emphasizes its commitment to fair and transparent investigations in accordance with Chinese laws and WTO rules, while also expressing a willingness to engage in dialogue with the EU to resolve trade disputes [4][5].

Group 1 - The Ministry of Commerce of China initiated a countervailing investigation into imported dairy products from the EU on August 21, 2024, following requests from the China Dairy Industry Association and the China Dairy Products Industry Association [1] - Preliminary evidence indicates that imported dairy products from the EU are subsidized, causing substantial harm to the domestic industry in China, with a causal relationship established between the subsidies and the harm [1] - The Ministry of Commerce announced a preliminary ruling on December 22, 2025, determining that the subsidy rates for EU companies range from 21.9% to 42.7%, and decided to implement temporary countervailing measures [1]

Core Viewpoint - The Ministry of Commerce of China has initiated a preliminary anti-subsidy investigation into dairy products imported from the European Union, citing substantial subsidies provided by the EU that have harmed domestic industries [1][2]. Group 1: Investigation Details - The investigation was launched on August 21, 2024, following a request from the domestic industry, and the deadline for the investigation has been extended to February 21, 2026 [1]. - Various methods were employed for the investigation, including questionnaires, public hearings, and on-site verifications of both EU companies and domestic enterprises [1]. - Preliminary evidence indicates that the EU has provided significant subsidies to its dairy sector, leading to increased inventory and a shift from profit to loss for Chinese domestic industries [1]. Group 2: Preliminary Ruling and Tax Rates - On December 22, 2025, the Ministry announced a preliminary ruling to implement temporary anti-subsidy measures, concluding that the EU's dairy products are subsidized and have caused substantial harm to the domestic industry [1]. - The tax rates for sampled EU companies were determined to be between 21.9% and 42.7%, with a uniform rate of 28.6% applied to cooperating companies and 42.7% for non-cooperating companies [2]. Group 3: Trade Relations and Future Actions - The Chinese side has shown restraint in using trade remedy measures, having not initiated new investigations against the EU since 2025, while the EU has launched multiple investigations against China [2]. - The Ministry emphasizes its commitment to fair and transparent processes in accordance with Chinese laws and WTO rules for the ongoing investigation [2].

Group 1 - The Ministry of Commerce has made a preliminary ruling on the anti-subsidy investigation of imported dairy products from the EU, determining that these products are subsidized and have caused substantial harm to the domestic dairy industry, with a causal relationship between the subsidies and the harm identified [1][2] - The Ministry has proposed temporary anti-subsidy measures to the State Council Tariff Commission, which will implement a temporary anti-subsidy tax deposit starting from December 23, 2025, for imported dairy products from the EU [2][8] - The specific products under investigation include various dairy products such as fresh cheese, processed cheese, and cream with a fat content exceeding 10% [5][6] Group 2 - Importers of the investigated dairy products will be required to provide a temporary anti-subsidy tax deposit based on the determined subsidy rates when importing these products [2][8] - The calculation for the temporary anti-subsidy tax deposit will be based on the customs-determined taxable price of the imported goods [8] - Stakeholders have a 10-day window from the announcement date to submit written comments to the investigating authority [10]

立案后，商务部始终本着公平、公正、公开、透明的原则，严格按照中国法律法规和世贸组织相关规则 进行调查，充分保障利害关系方权利。目前，初步证据表明，原产于欧盟的进口相关乳制品存在补贴， 中国相关国内产业受到了实质损害，且补贴与实质损害之间存在因果关系。根据《中华人民共和国反补 贴条例》的有关规定，商务部于2025年12月22日发布初裁公告，裁定欧盟公司的从价补贴率为 21.9%-42.7%，并决定实施临时反补贴措施。 答：2024年8月21日，应中国奶业协会和中国乳制品工业协会申请，商务部对原产于欧盟的进口相关乳 制品发起反补贴调查。 问：我们注意到商务部网站发布了对原产于欧盟的进口相关乳制品反补贴调查初裁公告，可否介绍一下 相关情况？ ...

Core Viewpoint - The Ministry of Commerce of China has initiated a countervailing investigation into imported dairy products from the EU, concluding that these products are subsidized and have caused substantial harm to the domestic dairy industry, with a causal relationship established between the subsidies and the harm [1]. Group 1: Preliminary Ruling - The investigation has preliminarily determined that imported dairy products from the EU are subsidized [1] - The domestic dairy industry in China has suffered substantial damage due to these subsidies [1] - A causal relationship exists between the subsidies and the harm inflicted on the domestic industry [1] Group 2: Temporary Countervailing Measures - The Ministry of Commerce has proposed temporary countervailing measures to the State Council Tariff Commission, which will take effect on December 23, 2025 [2] - Importers of the investigated products will be required to provide a temporary countervailing tax deposit based on the determined subsidy rates [2] Group 3: Description of Investigated Products - The scope of the investigation includes imported dairy products originating from the EU [3] - The specific products under investigation include various types of cheese and dairy products with a fat content exceeding 10% [5][6] Group 4: Calculation of Temporary Countervailing Tax Deposit - From December 23, 2025, importers must calculate the temporary countervailing tax deposit based on the customs-determined taxable price of the imported goods [8] - The formula for calculating the deposit is: Temporary countervailing tax deposit amount = Customs-determined taxable price × Temporary countervailing tax deposit rate [8]

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].

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。 ...

Group 1 - The U.S. Department of Commerce made a final ruling on anti-dumping and countervailing investigations against Chinese molded pulp products, with the law firm Dentons representing the top two exporters, achieving the lowest national tax rates [2] - The countervailing tax rate for the client was set at 7.56%, significantly lower than the industry average of 62.66% and the punitive rate of 319.92% [2] - The combined anti-dumping and countervailing tax rate for the client is approximately 1/8 of the main competitor's rate and 1/14 of the punitive rate [2] Group 2 - In a similar investigation regarding Vietnamese molded pulp products, only two companies received a combined tax rate of 6.44%, while other Vietnamese companies faced rates between 217.33% and 412.97% [3] - The Dentons team also represented the largest Chinese exporter of paper plates to the U.S., achieving a preliminary anti-dumping tax rate of 0% [8] - The firm has filed an administrative lawsuit against the U.S. Department of Commerce's adverse facts rule, successfully obtaining a court order to stop the imposition of anti-dumping duties on their client's paper plate exports [8] Group 3 - The investigation into the anti-dumping and countervailing duties on Chinese molded pulp products has now entered the stage of investigating industry damage, with the Dentons team closely monitoring the proceedings [8]

Core Viewpoint - The U.S. Department of Commerce has issued final rulings on anti-dumping and countervailing duties against thermoformed molded fiber products from China and Vietnam, significantly impacting the industry and forcing a restructuring of global supply chains [1]. Group 1: Anti-Dumping and Countervailing Duties - The final anti-dumping duty rate for Zhongxin Co., as a mandatory respondent, is set at 283.89%, while other Chinese producers/exporters face rates ranging from 49.08% to 477.97% [1]. - The final countervailing duty rate for Zhongxin Co. is 97.82%, with other Chinese producers/exporters facing rates between 7.56% and 319.92% [1]. Group 2: Impact on the Industry - The rulings will block the export of thermoformed molded fiber products from China to the U.S., compelling U.S. customers to seek suppliers outside of China, leading to a reorganization of the global supply chain [1]. - The domestic production capacity in China is expected to become surplus, and competition in non-U.S. markets will intensify, posing significant challenges for Chinese pulp molded product manufacturers [1]. Group 3: Company Response - Zhongxin Co. plans to expand its presence in non-U.S. markets and actively identify high-potential target markets while building diversified sales channels [2]. - The company aims to optimize its production capacity and product structure to meet customer demands in the new market environment, providing high-quality products and services to all customers, including those in the U.S. [2]. - As of September 26, 2025, Zhongxin Co.'s stock price is reported at 76.09 yuan per share, with a market capitalization of approximately 7.779 billion yuan [2].