每经记者｜甄素静 每经编辑｜张益铭 丨2025年5月27日 星期二丨 点评：山东赫达子公司遭美初步裁定高额反倾销税，短期内或影响对美出口，需关注最终裁定及公司应 对，长期看或加速市场多元化布局。 NO.3 新疆市场监督管理局公布5起医疗领域违法典型案例 点评：广东省启动22省联盟药品接续采购，涉及170个品种，取消A/B采购单并分组竞价，或推动药价 下降与行业整合。 NO.2 山东赫达：美国商务部初步裁定公司全资子公司获得的反倾销税率为172.24% 5月26日晚间，山东赫达发布公告，公司近日收到代理律师通知，美国商务部于美国时间2025年5月22日 宣布了对来自巴西、中国、印度和越南的硬壳空心胶囊反倾销税调查的初步肯定性裁决。初步裁定公司 全资子公司山东赫尔希胶囊有限公司获得的反倾销税率为172.24%，中国其他生产商/出口商获得的反倾 销税率为5.4%~88.82%。本次反补贴、反倾销调查的最终裁定预计将于2025年10月合并发布。本次"双 反调查"对植物胶囊系列产品出口美国市场产生了一定影响，目前公司正采取积极应对措施。 NO.1 广东省启动带量采购，含170个药品、248个品规 近日，广东省药品交易中 ...

Core Viewpoint - The company, Shandong Heda, faces significant challenges due to the preliminary anti-dumping and countervailing duties imposed by the U.S. Department of Commerce on hard empty capsules, with a notably high anti-dumping rate of 172.24% for its subsidiary, Hushi, compared to lower rates for other Chinese manufacturers [1][3]. Group 1: Anti-Dumping and Countervailing Duties - The U.S. Department of Commerce announced a preliminary affirmative ruling on May 22, 2025, regarding anti-dumping duties on hard empty capsules from Brazil, China, India, and Vietnam [1]. - Shandong Heda's subsidiary, Hushi, received an anti-dumping duty rate of 172.24%, significantly higher than the range of 5.4% to 88.82% for other Chinese manufacturers [3]. - The countervailing duty rate for Hushi was preliminarily set at 6.82%, while other Chinese producers faced rates between 3.45% and 8.53% [2][3]. Group 2: Impact on Sales and Revenue - During the investigation period from April 1, 2024, to September 30, 2024, sales of hard empty capsules to the U.S. accounted for 62.38% of the total revenue from this product line [2]. - For the countervailing duty investigation period from January 1, 2023, to December 31, 2023, sales to the U.S. represented 44.22% of the total revenue [2]. Group 3: Strategic Responses - The company has proactively built inventory in the U.S. to mitigate the impact of trade tensions, ensuring that current stock can meet U.S. market demand for 5 to 6 months [4]. - Shandong Heda is advancing a project to establish a plant in the U.S. with a capacity of 20 billion capsules per year, which is expected to be operational by 2026 [5]. - The company has formed a special task force and hired legal experts to navigate the dual investigations and aim for the most favorable duty rates [2][4]. Group 4: Financial Performance - In 2024, Shandong Heda reported overseas revenue of 1.232 billion yuan, with a gross margin of 30.67%, which, despite a decline, remains higher than the domestic gross margin of 20.72% [6].

Core Viewpoint - The company faces significant anti-dumping and countervailing duties from the U.S. Department of Commerce, impacting its exports of hard-shell capsules to the U.S. market, prompting the establishment of a special task force to address the situation [1][3]. Group 1: Anti-Dumping and Countervailing Duties - The preliminary anti-dumping duty rate for the company's subsidiary, Shandong Hershey Capsule Co., Ltd., is set at 172.24%, while other Chinese producers/exporters face rates between 5.4% and 88.82% [1]. - The preliminary countervailing duty rate for Shandong Hershey is 6.82%, with other Chinese producers/exporters facing rates between 3.45% and 8.53% [1]. - The U.S. will require importers to pay these duties as a cash deposit until the final rates are determined after the first annual review, expected to be published in October 2025 [1]. Group 2: Company Response and Strategy - The company is actively preparing for a field investigation by the U.S. Department of Commerce to seek a fair final ruling and has engaged a legal team to challenge the preliminary ruling [3]. - The company has maintained a stock of products in the U.S. that can meet market demand for 5 to 6 months, indicating proactive inventory management [3]. - The company is advancing a project to establish a plant in the U.S. with a capacity of 20 billion capsules per year, which has completed site selection and initial negotiations [3]. Group 3: Business Performance and Future Outlook - In 2024, the company reported revenue of 1.957 billion yuan, a year-on-year increase of 25.72%, with net profit reaching 222 million yuan, up 0.65% [4]. - Overseas revenue for 2024 was 1.232 billion yuan, a 36.19% increase, accounting for 62.96% of total revenue, reflecting deepened international market expansion [4]. - The company plans to achieve revenue of 2.25 billion yuan in 2025, with specific targets for various segments, including 1.69 billion yuan from cellulose ether and 400 million yuan from plant capsules [4].

金十数据5月16日讯，据中国贸易救济信息网，5月14日，应美国企业Ferroglobe USA, Inc.和Mississippi Silicon LLC于2025年4月24的申请，美国商务部宣布对进口自安哥拉、澳大利亚、老挝和挪威的金属硅 发起反倾销调查、对进口自澳大利亚、老挝、挪威和泰国的金属硅发起反补贴调查。 美国对金属硅发起双反调查 ...

(责任编辑：王治强HF013) 【美国对中国赤藓糖醇双反调查有新进展】5月13日，美国商务部发布公告，对进口自中国的赤藓糖醇 作出反补贴初裁，保龄宝税率为3.29%、三元生物为3.49%，其他生产商/出口商为3.47%。同日晚间， 三元生物公告称，此次调查对其在美销售有一定影响，后续影响程度需结合进展及市场变化研判。三元 生物正采取多种措施应对，包括调整销售策略，发力国内市场，开发B端客户，推出新产品，加快新兴 市场布局，优化出口产品结构等。今年1月2日，美国商务部发起反倾销和反补贴调查，预计2025年9月 24日发布最终裁定结果。当前代糖行业面临多重国际贸易挑战，除美国，还面临欧盟双反调查。今年1 月16日，欧盟公布中国赤藓糖醇反倾销调查终裁公告，对国内企业征收34.4%-233.3%不等反倾销税，实 施期限5年。保龄宝相关产品被征收34.4%反倾销税，2025年一季度赤藓糖醇产品收入同比增长约 123%。三元生物被征收156.7%反倾销税，公司正调整生产工艺，聘请专业律师团队争取降低税率，深 挖国内市场，开拓新兴市场。去年以来，代糖行业上市公司业绩回升。2024年，三元生物营收7.1亿 元，同比增长42. ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 关于美国商务部对原产自中国、越南 热成型模塑纤维产品发起反倾销、 反补贴调查进展情况的公告 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603091 证券简称：众鑫股份 公告编号：2025-031 浙江众鑫环保科技集团股份有限公司 一、主要情况概述 美国商务部于2024年10月对原产自中国、越南热成型模塑纤维产品正式发起反倾销、反补贴调查（以下 简称"双反调查"），具体内容详见浙江众鑫环保科技集团股份有限公司（以下简称"公司"或"众鑫股 份"）在上海证券交易所网站（www.sse.com.cn）及指定信息披露媒体上披露的《浙江众鑫环保科技集 团股份有限公司关于美国商务部对原产自中国、越南热成型模塑纤维产品发起反倾销、反补贴调查立案 的公告》（公告编号：2024-008）。 二、双反调查初裁结果 （一）反倾销初裁结果 近日，美国商务部对来自中国和越南的"热成型模塑纤维产品"反倾销作出初裁，众鑫股份为强制应诉企 业，税率为470.63%，其他非强制应诉企业平均税率为3 ...

2025年4月23日 | 7:10AM CST 中国 光伏 双反终裁税率大幅提高；在马来西亚拥有产能的 企业处在相对有利的地位 最新事件：4月21日，美国商务部宣布了对生产并进口自四个东盟国家（马来西亚、 泰国、柬埔寨和越南）的光伏电池和组件的反倾销和反补贴调查的最终肯定性决定， "双反"终裁税率远高于初裁（较初裁税率提高11-526个百分点），达到 41%-660%。反倾销税/反补贴税的生效取决于：i) 美国国际贸易委员会(ITC) 6月2日 做出最终决定；ii) 6月9日发布命令。 在本报告中，我们主要分析了中国企业在美产能所受到的潜在影响，因为此前宣布的 初裁税率就已可能导致大部分东盟产能无法盈利，而且2024年一季度以来中国头部企 业大多开始采用"自东盟进口电池+美国组装组件"的模式来进入美国市场。 王梦雯 +86(21)2401-8932 | mengwen.wang@goldmansachs.cn 高盛（中国）证券有限责任公司 杜茜 +86(21)2401-8948 | jacqueline.du@goldmansachs.cn 高盛（中国）证券有限责任公司 n 相比初裁税率情景，终裁结果对应的单 ...