Core Viewpoint - Shandong Heda's stock price has shown fluctuations with a year-to-date increase of 4.83%, while recent trends indicate a slight decline over the past five and twenty trading days [1][2]. Financial Performance - For the first half of 2025, Shandong Heda reported revenue of 972 million yuan, representing a year-on-year growth of 3.91%. However, the net profit attributable to shareholders decreased by 8.71% to 113 million yuan [2]. - Cumulative cash dividends since the company's A-share listing amount to 411 million yuan, with 258 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Shandong Heda was 26,500, reflecting a decrease of 3.50% from the previous period. The average number of circulating shares per shareholder increased by 3.63% to 12,097 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 2.8865 million shares, down by 454,000 shares from the previous period, while Huashang Selected Return Mixed A (010761) is a new shareholder with 2.1353 million shares [3]. Business Overview - Shandong Heda, established on December 7, 1992, and listed on August 26, 2016, is located in Zibo, Shandong Province. The company specializes in the research, production, and sales of water-soluble polymer compounds and downstream chemical products [1]. - The main revenue sources for Shandong Heda include cellulose ether products (72.98%), plant hollow capsules (21.10%), other chemical products (3.86%), graphite products (1.90%), and other supplementary products (0.16%) [1].