北京市中伦律师事务所 关于青岛惠城环保科技集团股份有限公司 2025 年第一次临时股东大会的法律意见书 北京市中伦律师事务所（以下简称"本所"）接受青岛惠城环保科技集团股 份有限公司（以下简称"公司"）的委托，就公司 2025 年第一次临时股东大会（以 下简称"本次股东大会"）召开的有关事宜，根据《中华人民共和国公司法》（以 下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、中国 证券监督管理委员会《上市公司股东会规则》（以下简称"《股东会规则》"）等法 律、法规、规章及《青岛惠城环保科技集团股份有限公司章程》（以下简称"《公 司章程》"）的有关规定，出具本法律意见书。 本所律师根据现行法律、法规的有关规定及要求，按照律师行业公认的业务 标准、道德规范和勤勉尽责精神，对公司提供的与本次股东大会召开有关的文件 和事实进行了核查和验证，在此基础上，本所律师对本法律意见书出具之日及以 前所发生的与本次股东大会相关事实发表法律意见如下： 一、关于本次股东大会的召集和召开 （一）本次股东大会的召集 根据公司于 2025 年 6 月 30 日在巨潮资讯网（http://www.cninfo.co ...

Group 1: Silver Market Insights - The report highlights a significant market perception gap regarding silver, emphasizing that its long-term price trends are more closely correlated with gold than industrial demand [8]. - It argues that the market has overestimated the impact of industrial demand on silver prices while underestimating the investment demand driven by its financial attributes [8]. - The report suggests that even with a decline in photovoltaic demand, silver may still maintain a supply-demand gap due to recovering investment demand [8]. Group 2: Company Performance and Financials - The report indicates that the company achieved a record revenue of 30.332 billion yuan in 2024, reflecting a year-on-year increase of 6.1%, with beverage business revenue growing by 8.2% [9][10]. - The net profit attributable to the parent company reached 1.849 billion yuan in 2024, marking a 10.9% increase year-on-year, driven by product structure upgrades and cost reductions [9][10]. - The company is expected to maintain a robust growth trajectory, with projected net profits of 2.21 billion, 2.50 billion, and 2.76 billion yuan for 2025-2027, representing year-on-year growth rates of 19.3%, 13.2%, and 10.6% respectively [11]. Group 3: Industry Trends and Future Outlook - The report notes that the REITs market is expected to continue to heat up in 2025 due to a low interest rate environment and macroeconomic recovery, with a focus on asset resilience and market pricing [12]. - It highlights the importance of the PCB and switch market, driven by the growing demand for high-performance networks and AI applications, with projected revenue growth for the company in the coming years [13]. - The report emphasizes the successful trial production of a mixed waste plastic resource utilization project, which is expected to significantly contribute to the company's growth trajectory in the waste recycling sector [14][15]. Group 4: Investment Recommendations - The report recommends a "buy" rating for the company, citing its strong operational barriers, high dividend attributes, and the essential nature of its products, which are expected to benefit from increased consumer demand and cost advantages [11]. - It also suggests that the company’s innovative capabilities and strategic management will enhance its market position and profitability in the long term [10][11].

| 证券代码：300779 | 证券简称：惠城环保 | 公告编号：2025-056 | | --- | --- | --- | | 债券代码：123118 | 债券简称：惠城转债 | | 青岛惠城环保科技集团股份有限公司 关于调整惠城转债转股价格的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 2、调整后转股价格：11.15 元/股 3、转股价格调整生效日期：2025 年 7 月 22 日 一、关于"惠城转债"转股价格调整的相关规定 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意青岛惠 城环保科技股份有限公司向不特定对象发行可转换公司债券注册的批复》（证监 许可[2021]1178 号）核准，青岛惠城环保科技集团股份有限公司（以下简称"公 司"）于 2021 年 7 月 7 日公开发行 320 万张可转换公司债券，每张面值 100 元， 发行总额 32,000.00 万元。本次可转换公司债券已于 2021 年 7 月 26 日起在深圳 证券交易所（以下简称"深交所"）挂牌交易，债券简称"惠城转债"，债券代 码"123118"。" ...

证券代码：300779 证券简称：惠城环保 公告编号：2025-055 债券代码：123118 债券简称：惠城转债 青岛惠城环保科技集团股份有限公司 2024 年年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、青岛惠城环保科技集团股份有限公司（以下简称"公司"）回购专用证 券账户中的股份 1,204,955 股不参与本次权益分派。公司 2024 年度权益分派方案 为：以公司现有总股本扣除已回购股份 1,204,955 股后的 194,842,016 股为基数， 向全体股东每 10 股派发现金红利人民币 1.0 元（含税），不送红股，不进行资 本公积金转增股本。实际派发现金分红总额=194,842,016 股×1.0 元÷10 股 =19,484,201.60（含税）。 2、本次权益分派实施后计算除权除息价格时，按公司总股本折算的每 10 股 现金红利（含税）=本次实际现金分红的总金额÷总股本×10 股=19,484,201.60 元 ÷196,046,971 股×10 股=0.993853 元（保留到小数点后六位，最后一位 ...

| 证券代码：300779 | 证券简称：惠城环保 | 公告编号：2025-057 | | --- | --- | --- | | 债券代码：123118 | 债券简称：惠城转债 | | 青岛惠城环保科技集团股份有限公司 关于控股股东部分股份解除质押的公告 2、由于"惠城转债"正处于转股期，截至 2025 年 7 月 11 日，公司总股本为 196,046,971 股。 3、截至本公告披露日，质权人海通证券股份有限公司名称已变更为国泰海通证券股份 有限公司。 二、股东股份累计质押情况 截至本公告披露日，上述股东及其一致行动人所持质押股份情况如下： | | | | | | | | | 已质押股份情况 | | 未质押股份情况 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 本次解除 | 本次解除 | | | 已质押 | | | | | | | | | | 占其所 | 占公司 | 股份限 | | 未质押 | | | 股东名 | 持股数量 | 持股 | 质押前质 | 质押后质 | | | | 占已质 | 股份限 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has successfully completed trial production of its innovative mixed waste plastic resource utilization project, marking a significant milestone in addressing global plastic pollution [1][2] - The proprietary CPDCC technology developed by the company allows for high yield and efficient processing of mixed waste plastics, achieving a product yield of over 92% [1][2] - The project has the potential to significantly impact the chemical industry by converting waste plastics into high-value chemical raw materials, with the possibility of replacing 100 million tons of crude oil annually in China [2] Financial Summary - Revenue projections for 2025-2027 are estimated at 1.77 billion, 2.75 billion, and 4.20 billion yuan respectively, with corresponding net profits of 170 million, 500 million, and 880 million yuan [3] - The company is expected to experience substantial growth, with a projected revenue growth rate of 53.7% in 2025 and 53.0% in 2027 [4] - The company's P/E ratios are projected to decrease from 278.4 in 2025 to 54.4 in 2027, indicating improving profitability [3][4]

Core Viewpoint - The successful trial production of the 200,000 tons/year mixed waste plastic resource utilization project by Huicheng Environmental Protection has garnered significant market attention, despite the company's declining financial performance in recent quarters [1][2]. Group 1: Project Overview - Huicheng Environmental Protection's project is a chemical recycling initiative under its subsidiary Dongyue Chemical, focusing on the conversion of mixed waste plastics into high-value chemical raw materials [2][3]. - The project utilizes a proprietary technology called deep catalytic cracking of mixed waste plastics (CPDCC), achieving a product yield of over 92%, which is significantly higher than the industry average of 60%-80% [3][4]. Group 2: Financial Performance - Despite the stock price soaring over 150% in the past year, the company's net profit has been declining, with expectations of losses starting from Q4 2024 [1][8]. - As of July 11, the company's market capitalization reached 48.035 billion yuan, with static and rolling P/E ratios of 1,127 times and 3,490 times, respectively [8]. Group 3: Market Context and Competition - Huicheng Environmental Protection is not the only player in the mixed plastic recycling sector; other companies like BASF and Eastman are also developing similar technologies, albeit through different methods [4]. - The company faces challenges in operational efficiency and economic viability once the project begins full-scale operations, as the availability and quality of waste plastic feedstock will significantly impact performance [5][6]. Group 4: Policy and Support - The company may benefit from government policies aimed at promoting waste recycling and resource utilization, as seen in Guangdong's recent initiatives to develop a comprehensive waste recycling system [7]. Group 5: Shareholder Concerns - There is a notable concern regarding the high level of share pledges by the controlling shareholders, with 32.4655 million shares pledged, accounting for 17.48% of the total share capital [9].

Core Viewpoint - Huicheng Environmental Protection has successfully completed the trial production of its 200,000 tons/year mixed waste plastic resource utilization project, marking a significant step in its green chemical industry chain and potential for replication and promotion [1]. Group 1: Project Development - The project, located in the Dannan Sea Petrochemical Industrial Zone, has a total investment of 1.5 billion yuan, with an increase of 301 million yuan announced in April 2025 [1]. - The project is expected to generate an annual output value of 1.243 billion yuan and contribute 265 million yuan in taxes once fully operational [1]. Group 2: Business Overview - Huicheng Environmental Protection specializes in solid waste treatment and disposal services, focusing on the processing and recycling of waste catalysts for refining enterprises [2]. - The company has seen its stock price increase significantly, rising over 20 times since April 2022, with a current market capitalization exceeding 48 billion yuan [2]. Group 3: Financial Performance - In 2024, the company reported an operating income of 1.149 billion yuan, a year-on-year increase of 7.33%, but net profit fell by 68.97% to 48 million yuan [3]. - For the first quarter of this year, the company experienced a decline in both operating income (2.85 billion yuan, down 4.27%) and net profit (loss of 9.2243 million yuan, down 139.75%) [3].

Core Viewpoint - Qingdao Huicheng Environmental Technology Group Co., Ltd. will implement the 2024 annual equity distribution in May 2025, affecting the convertible bonds "Huicheng Convertible Bonds" during the period from July 14, 2025, until the equity registration date for the 2024 annual equity distribution [1] Group 1 - The company will suspend the conversion of its convertible bonds from July 14, 2025, until the equity registration date for the 2024 annual equity distribution, after which the conversion will resume [1] - The convertible bonds will continue to trade normally during the suspension period, and bondholders are advised to pay attention to this notice [1] Group 2 - The adjustment methods for the conversion price of the convertible bonds are detailed in the prospectus, including formulas for adjustments based on stock dividends, capital increases, new share issuances, and cash dividends [3] - The company will announce any adjustments to the conversion price in accordance with the relevant regulations and will ensure the protection of the rights of convertible bondholders [4]

证券代码：300779 证券简称：惠城环保 公告编号：2025-054 债券代码：123118 证券简称：惠城转债 1、借款金额与期限变更 由乙方向甲方出借累计金额不超过 13,000 万元（大写金额：壹亿叁仟万元 整），于签订合同之日起分笔交付款项。上述额度在授权期限范围内可以循环滚 动使用。 青岛惠城环保科技集团股份有限公司 关于向控股子公司提供借款展期的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、借款展期事项概述 青岛惠城环保科技集团股份有限公司（以下简称"公司"）于 2025 年 6 月 27 日召开第三届董事会第四十五次会议、第三届监事会第三十五次会议审议通 过《关于向控股子公司提供借款展期的议案》，鉴于《借款合同》即将到期，基 于对控股子公司广东东粤环保科技有限公司（以下简称"东粤环保"）技术实力 的认可及后续发展潜力的信心，为进一步支持东粤环保的日常经营和业务发展， 同意公司对东粤环保提供的不超过 13,000 万元的借款进行展期，借款期限延长 至 2028 年 6 月 27 日。上述额度在授权期限范围内可以循环滚动使用，上述借 ...