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].

山东赫达专注于纤维素醚等化工产品生产。长青科技主要从事农药中间体及原药制造。百合花则是钛白 粉行业的重要参与者。 化工板块的集体走强反映出市场对相关产业链的关注度提升。环氧丙烷、聚氨酯等化工原料在建筑保 温、制冷设备等下游应用领域需求稳定。 兴业股份在功能性薄膜材料方面具备竞争优势。红墙股份专业生产羟基酯类产品。北化股份则是硝化棉 等军工化工材料的主要供应商。 7月1日午后，化工板块出现集体反弹态势。红宝丽直线封涨停板，成为板块领涨标的。山东赫达、长青 科技、百合花等个股同样实现涨停。 兴业股份、红墙股份、北化股份等多只化工股涨幅超过5%。渝三峡A、华融化学、山东海化等相关个 股亦出现不同程度上涨。 据悉，红宝丽当日成交额达到2.40亿元，换手率为3.57%。该公司主营环氧丙烷衍生品业务，包括聚氨 酯硬泡组合聚醚、异丙醇胺系列产品等。公司在环氧丙烷及聚氨酯保温板领域具备技术优势。 与此同时，渝三峡A在涂料业务方面保持稳定发展。华融化学聚焦精细化工产品制造。山东海化则在纯 碱、溴素等基础化工领域占据重要地位。 化工行业作为国民经济基础产业，其产品广泛应用于建筑、汽车、电子等多个领域。行业景气度变化往 往与宏观经 ...

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].

证券代码：002810 证券简称：山东赫达 债券代码：127088 债券简称：赫达转债 山东赫达集团股份有限公司 向不特定对象发行可转换公司债券 受托管理事务报告（2024 年度） 发行人：山东赫达集团股份有限公司 （山东省淄博市周村区赫达路 999 号） 受托管理人：招商证券股份有限公司 （广东省深圳市福田区福田街道福华一路 111 号） 重要声明 依据《可转换公司债券管理办法》（以下简称"《管理办法》"）、《山东 赫达集团股份有限公司向不特定对象发行可转换公司债券募集说明书》（以下简 称"《募集说明书》"）、《山东赫达集团股份有限公司（债券发行人）与招商 证券股份有限公司（债券受托管理人）关于山东赫达集团股份有限公司可转换公 司债券受托管理协议》（以下简称"《受托管理协议》"）等相关规定及约定， 招商证券股份有限公司（以下简称"招商证券"、"受托管理人"）作为本次债 券的受托管理人编制本报告。招商证券编制本报告的内容及信息均来源于公开信 息、山东赫达集团股份有限公司（以下简称"公司"、"发行人"、"山东赫达"） 对外发布的《山东赫达集团股份有限公司 2024 年年度报告》等公开信息披露文 件、发行人提供的 ...

航拍乐山"中国绿色硅谷"核心区（资料图片）。章綦 摄（C视觉） 观城 拥有乐山大佛、峨眉山、晶硅光伏等诸多标签的乐山，还有深厚的化工基础。这里曾诞生了侯氏碱法，发行 了西南第一只股票"川盐化"。如今，乐山是全省重要盐磷化工产业基地，拥有规上化工企业35家，总产值近280亿 元。继千亿晶硅光伏产业之后，2024年，乐山提出，到2030年打造千亿绿色化工产业，强力支撑区域中心城市能 级提升。 近日，四川日报全媒体《"城"势而上·"经济大省挑大梁"四川进行时》采访组走进乐山，所到之处，一派打造 千亿绿色化工产业的热闹景象。乐山市委主要负责人表示，坚定不移走生态优先、绿色低碳高质量发展之路，乐 山将不断提升化工含"绿"量，以高端精细化学产品为转型发展方向，推动产业建圈强链，抢占未来市场。 谋"化"千亿，新的化学反应，正在乐山发生。 谋新路 从一个专班看路径选择 5月14日，乐山市委召集10余个部门及相关区（县），专题研究绿色化工产业发展工作，成立绿色化工产业发 展推进工作专班。这是全省首个市州级的绿色化工产业推进专班，负责在乐山全市范围内统筹规划、协调要素、 督察督办等。 "谋'化'千亿，乐山将举全市之力。"见证专班 ...

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].

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 ...

Core Insights - The "2025 State-Owned Enterprises Luoyang Action" event resulted in 43 cooperation agreements with a total investment of 118.1 billion yuan [1] - The signed projects cover various sectors including infrastructure, green energy, advanced manufacturing, green chemicals, modern logistics, cultural tourism, commerce, and finance [1] Group 1: Investment Agreements - 43 cooperation agreements were signed, with a total investment amounting to 118.1 billion yuan [1] - Key projects include the Southwest Storage and Logistics Base, shale gas exploration, and the Southwest International Automobile Consumption Park [1] Group 2: Investment Opportunities - Four investment opportunity lists were released, covering new productive forces, energy and chemicals, transportation logistics, and modern services, totaling 207 projects with an investment of 227.7 billion yuan [1] - Recent investments from central enterprises in Luzhou exceeded 75 billion yuan, while provincial state-owned enterprises invested nearly 30 billion yuan [2] Group 3: Future Collaborations - Future collaborations will focus on modern infrastructure, industrial transformation, and ecological protection [2] - Sichuan Energy Development Group plans to invest approximately 10 billion yuan in Luzhou, emphasizing coal power generation and 220 kV line construction [2] Group 4: Industrial Development - Luzhou is developing a leading industrial structure with a world-class quality liquor industry cluster and a significant green chemical base [2] - The city is also focusing on sectors like equipment manufacturing, electronic information, advanced materials, and biopharmaceuticals [2]

登录新浪财经APP 搜索【信披】查看更多考评等级 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 (不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 (不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 (不适用 二、公司基本情况 1、公司简介 ■ 2、报告期主要业务或产品简介 纤维素醚行业基本情况 ■ 纤维素醚具有"工业味精"之美誉，具有增稠性、水溶性、悬浮或乳胶稳定性、保护胶体、成膜性、保水 性等优良特性，被广泛应用于建材、医药、食品、纺织、日化、石油开采、采矿、造纸、聚合反应、蜂 窝陶瓷、航天航空及新能源电池等诸多领域。纤维素醚具有用途广、单位使用量小、改性效果好、对环 境友好等优点，在其添加领域内可明显改善和优化产品性能，有利于提高资源利用效率和产品附加值， 是国民经济各领域必不可少的环保型添加剂。 ■ 纤维素醚的典型分子结构图 一、HPMC概览 （ ...