Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating in the given content. 2. Core Viewpoints - The company's cellulose ether exports in May 2025 were in good condition, and the current price is basically stable without significant fluctuations [26][27][28]. - The US plant construction is in progress, and the company will disclose the progress according to regulatory requirements [24][25]. - The US factory only plans to build a plant - based capsule production line, and cellulose ether will be sourced through a combination of domestic imports and US procurement [31]. - The company's repurchased shares are for converting convertible corporate bonds, and it will choose an appropriate time to implement the repurchase plan after completing the approval procedures [30]. 3. Summary by Directory 3.1. Research Basic Situation - The research object is Shandong Hedda, belonging to the chemical products industry. The reception time was May 15, 2025, and the company's reception staff included the chairman, board secretary, financial director, and securities affairs representative [17]. 3.2. Detailed Research Institutions - The reception objects include investors' online questions and others [20]. 3.3. Research Institution Proportion - No information provided on the research institution proportion in the given content. 3.4. Main Content Data - **US Plant Construction**: It is in progress, and the company will disclose the progress as required. The US factory only plans a plant - based capsule production line, and cellulose ether will be sourced from domestic imports and US procurement [24][25][31]. - **Cellulose Ether**: Exports in May 2025 were good, and the current price is stable [26][27][28]. - **2025 Performance**: Details of the 2025 business plan can be found in the 2024 annual report [29]. - **Inventory Accounting**: The inventory of plant - based capsules reserved in the US warehouse is recorded under accounts receivable in the company's statements, and relevant revenues and costs have been offset [29]. - **Share Repurchase**: The repurchased shares are for convertible corporate bonds. After completing the approval procedures on May 14, 2025, the company will choose an appropriate time to implement the plan [30].

Group 1: Company Operations - The construction of the factory in the United States is currently in progress, with updates to be disclosed according to regulatory requirements [3] - The company reported good export performance for cellulose ether in May 2025 [4] - The price of cellulose ether has remained stable in 2025, with no significant fluctuations observed [5][6] Group 2: Financial and Strategic Plans - The company's 2025 performance is expected to grow, with detailed plans available in the 2024 annual report [7] - The strategy to address U.S. trade tariffs includes reserving 4 to 6 months' worth of plant-based capsules in the U.S. warehouse, classified as accounts receivable in financial statements [7] - The purpose of the share buyback is to convert shares into convertible bonds, with plans to implement the buyback at an appropriate time following regulatory approval [7] Group 3: Future Projections and Risks - The U.S. factory will only produce plant-based capsules, with cellulose ether sourced from domestic imports, which may still face high tariff risks [8]