Core Viewpoint - The company, Shandong Heda Group Co., Ltd., is changing part of the fundraising purpose from the issuance of convertible bonds to permanently supplement working capital, which is deemed necessary for its operational needs and will not adversely affect other investment projects [1][5][9]. Fundraising Overview - The company was approved to issue 6 million convertible bonds with a total fundraising amount of 600 million RMB, netting approximately 592.75 million RMB after deducting issuance costs [1][2]. - As of June 30, 2025, the company has utilized approximately 457.47 million RMB of the raised funds, leaving a balance of about 135.76 million RMB [2][4]. Fund Usage Details - The remaining funds include 120 million RMB that was temporarily used to supplement working capital and has since been returned [2][4]. - The company plans to terminate the investment project for "Hershey's annual production of 15 billion plant capsules and intelligent three-dimensional warehouse upgrade project," which was initially planned for an investment of 181.68 million RMB [5][6]. Reasons for Fund Usage Change - The decision to halt the aforementioned project is influenced by changes in the international situation and market environment, which have affected the project's feasibility [5][6]. - The remaining funds will be used for daily operations and business development, enhancing the efficiency of fund usage and alleviating financial pressure [5][8]. Impact of Fund Usage Change - The change in fund usage is considered a prudent adjustment that aligns with the company's operational needs and will not negatively impact other investment projects [5][8]. - The company aims to optimize resource allocation and reduce financial costs, thereby improving operational efficiency and safeguarding the interests of the company and its investors [8][9]. Approval Process - The board of directors and the supervisory board have approved the change in fund usage, which will be submitted for further approval at the shareholders' meeting and the bondholders' meeting [8][9].

Core Viewpoint - Shandong Heda Group Co., Ltd. maintains a stable credit rating of AA- for both its corporate entity and its convertible bonds, indicating strong financial health and operational stability [1][4][5]. Company Overview - Shandong Heda primarily engages in the production of cellulose ether and plant capsules, maintaining certain technological and cost advantages [5][6]. - The company has been recognized as a "Little Giant" enterprise by the Ministry of Industry and Information Technology, reflecting its specialized and innovative capabilities [6][17]. Financial Performance - The revenue from cellulose ether has increased due to higher sales in pharmaceuticals, food, and industrial applications, while plant capsule revenue has also grown due to increased inventory for overseas sales [5][6]. - The gross margin for cellulose ether has decreased significantly, down 6.38 percentage points year-on-year to 19.13%, attributed to reduced demand in the domestic construction sector and intensified market competition [7][16]. - The gross margin for plant capsules has improved due to a decrease in fixed cost amortization following increased production [5][6]. Debt and Financial Health - As of the end of 2024, the company had total debts of 11.10 billion yuan, with a debt-to-capitalization ratio of 33.43%, indicating a light debt burden [7][9]. - The company’s short-term debt coverage is strong, with cash and cash equivalents significantly exceeding short-term liabilities [7][9]. - The overall financial risk remains low, with strong debt repayment capabilities supported by robust cash flow metrics [5][6]. Market and Industry Analysis - The cellulose ether market is expected to face continued competition, particularly in the construction sector, which is heavily influenced by the real estate market's performance [14][15]. - The global cellulose ether market is projected to grow from 5.229 billion USD in 2024 to 6.719 billion USD by 2031, indicating potential growth opportunities despite current competitive pressures [14][15]. - The company has established strong relationships with major clients in the construction and pharmaceutical sectors, enhancing its market position [17][18]. Regulatory and External Factors - The company is currently facing uncertainties due to the U.S. "double anti" investigation, which could significantly impact its plant capsule business in the U.S. market [5][6]. - The overall economic environment is characterized by a stable macroeconomic policy aimed at maintaining growth and supporting domestic demand, which may benefit the company in the long run [13][14].

Core Points - Shandong Heda Group Co., Ltd. has issued convertible bonds totaling 600,000 units with a face value of RMB 100 each, raising a total of RMB 60 million [3][14] - The bonds will be traded on the Shenzhen Stock Exchange under the name "Heda Convertible Bonds" starting from July 19, 2023 [3][4] - The initial conversion price for the bonds is set at RMB 17.40 per share, with specific conditions for adjustments based on stock performance [6][8] Section 1: Bond Overview - The bond issuance was approved by the company's board and shareholders in April and May 2022 [2] - The total amount raised after deducting issuance costs is RMB 59.275 million [3][14] - The bonds have a six-year term, with interest rates increasing from 0.20% in the first year to 3.00% in the sixth year [4][5] Section 2: Financial Performance - For the fiscal year ending December 31, 2024, the company reported total assets of RMB 4.146 billion, a 5.49% increase from the previous year [15] - The company's revenue for 2024 was RMB 1.956 billion, reflecting a 25.72% year-over-year growth [15] - The net profit attributable to shareholders decreased by 10.90% to RMB 193.495 million [15] Section 3: Fund Utilization - The funds raised will be used for the "Hershey Annual Production of 15 Billion Plant Capsules and Smart Warehouse Upgrade Project," with a total investment of RMB 1.227 billion [14] - The company has established a dedicated account for managing the raised funds, ensuring compliance with regulatory requirements [14][15] - As of December 31, 2024, the company had utilized RMB 454.304 million of the raised funds [15]

山东赫达分析师会议 调研日期：2025年05月15日 调研行业：化学制品 参与调研的机构：投资者网上提问等 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜的 ...

证券代码：002810 证券简称：山东赫达 山东赫达集团股份有限公司 投资者关系活动记录表 编号：2025-002 | 投资者关系活动类别 | ☐特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 业绩说明会 | | | ☐新闻发布会 ☐路演活动 | | | ☐现场参观 | | | ☐其他（请文字说明其他活动内容） | | 参与单位名称及人员姓名 | 投资者网上提问 | | 时间 | 2025年5月15日 (周四) 下午 15:00-16:30 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） 采用网络远程的方式召开业绩说明会 | | | 董事长 毕于东先生 | | | 董事会秘书 毕松羚先生 | | 上市公司接待人员姓名 | 财务总监 崔玲女士 | | | 证券事务代表 户莉莉女士 投资者提出的问题及公司回复情况 | | | 公司就投资者在本次说明会中提出的问题进行了回复： | | 投资者关系活动主要内容 | | | 介绍 | 1、请讲一下美国建厂批复进度，是否顺利？计划何时开工？谢谢 | | | 目前美国建厂正在进行中，公司将根据 ...

根据市场公开信息及5月12日披露的机构调研信息，知名私募相聚资本近期对1家上市公司进行了调研， 相关名单如下： 1）山河药辅 （相聚资本参与公司电话交流会） 调研纪要：山河药辅2024年纤维素类产品销售收入增长22%，整体价格小幅下降，2025年价格稳定，需 求旺盛。去年毛利率略降，海外市场增量大于国内市场，但毛利率略低，今年毛利率有提升空间。募投 项目4个主要品种产能利用率达60%-70%，硬质富马酸钠有较大提升空间。硬脂富马酸钠2024年可批量 销售，已有100家以上国内客户使用，预计1-2年内销量快速增长。辅料行业空间广阔，品类众多，进口 替代空间大，中美贸易战加速进口替代。新药品生产质量管理规范2026年1月1日实施，将加速行业洗 牌，利好龙头企业。植物胶囊市场需求旺盛，预计未来半年订单良好，国内市场明胶胶囊有替换可能 性。美国增加关税暂未影响出口，美国市场出口量较小，部分产品在关税豁免范围内。海外业务预计维 持高速增长，毛利率略低因国内差异化产品毛利率高，海外销售品类较少。 机构简介： 相携行远，聚惠未来。相聚资本成立于2015年1月，是中国基金业协会颁布的"中国私募基金年鉴"入选 会员。公司核心团 ...

Company Overview - The company specializes in cellulose ether, known as "industrial MSG," which has excellent properties such as thickening, water solubility, and film-forming, widely used in various industries including construction, pharmaceuticals, food, and more [3][4]. Industry Overview Cellulose Ether Applications - Cellulose ether is categorized into construction grade, pharmaceutical grade, and food grade, each with distinct applications and higher value in pharmaceutical and food grades compared to construction grade [5][6]. Construction Grade Cellulose Ether - The construction industry is the primary demand area for cellulose ether, utilized for improving the performance of building materials like premixed mortar and tile adhesives [6][7]. - The market for construction-grade cellulose ether is expected to grow due to ongoing urbanization in China, with the urbanization rate projected to reach 67% by the end of 2024, indicating significant demand for construction materials [7][10]. Pharmaceutical Grade Cellulose Ether - Pharmaceutical-grade cellulose ether is crucial for drug formulations, including controlled-release preparations, with a growing market driven by an aging population and increasing healthcare needs [16][17]. - The demand for pharmaceutical-grade cellulose ether is expected to rise as policies promote high-quality development in the pharmaceutical industry [18][19]. Food Grade Cellulose Ether - Food-grade cellulose ether is recognized as a safe food additive, used in various food products to enhance texture and moisture retention, with increasing awareness of health benefits likely to boost its market [22][23]. - The application of cellulose ether in plant-based meat products is expanding, with the global plant-based meat market projected to grow significantly, further driving demand for food-grade cellulose ether [24][25]. HEC Overview - Hydroxyethyl cellulose (HEC) is a significant non-ionic cellulose ether with diverse applications in coatings, daily chemicals, and pharmaceuticals, with a growing market due to environmental regulations favoring water-based products [26][29]. - The demand for HEC in the construction coatings sector is substantial, with the global coatings market expected to continue its growth trajectory [30][31]. Market Trends - The construction industry is transitioning towards green and smart building practices, which will enhance the demand for cellulose ether as a key additive in sustainable construction materials [11][12]. - The pharmaceutical sector is witnessing a shift towards high-quality excipients, with cellulose ether playing a vital role in innovative drug delivery systems [21][22]. - The food industry is increasingly adopting cellulose ether as a health-oriented additive, with potential growth in plant-based food products [24][25].

4月25日晚，黄山胶囊(002817)发布2025年一季报，一季度公司实现营收11,903.90万元,同比微增0.53%， 归母净利润1,883.70万元，同比上涨22.90%，扣非净利1,819.58万元，同比上涨27.65%。 在药用胶囊行业内卷加剧的背景下，黄山胶囊2025年一季度交出了一份超预期成绩单，不仅营收净利实 现双增长，归母净利润和扣非净利润大幅跳涨，这一增长不仅验证了其高端化战略转型的有效性，更折 射出行业竞争格局的深层变革。 黄山胶囊是业内规模最大的药用空心胶囊生产企业之一，年产能达400亿粒以上。经过多年持续地自主 创新研发，掌握了国内先进的肠溶包衣新材料的制备和应用方法、特型明胶空心胶囊生产技术、肠溶明 胶空心胶囊包衣配方、速溶型HPMC空心胶囊等核心技术，并构建起明胶空心胶囊、肠溶空心胶囊和速 溶型HPMC空心胶囊(植物胶囊)等全品类产品矩阵。 近年来，在药品集采政策影响下，市场上占据主导地位的传统明胶胶囊需求增速放缓，肠溶胶囊、植物 胶囊等适配创新药的高端产品需求逆势增长。为顺应市场需求，黄山胶囊积极推进高端产品技术创新研 发和产品结构的优化升级，加快在肠溶胶囊、植物胶囊等高端品类 ...