证券代码：300779 证券简称：惠城环保 公告编号：2025-034 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 关于向青岛惠城化学有限公司增资 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、关联交易的概述 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 4 月 16 日召开的第三届董事会第四十二次会议、第三届监事会第三十三次会议分别审议 通过《关于向青岛惠城化学有限公司增资暨关联交易的议案》。公司拟以自有或 自筹资金投资入股青岛惠城化学有限公司（以下简称"惠城化学"或"标的公司"）。 本次增资完成后，惠城化学的注册资本由 1,000 万元增至 2,200 万元，公司将持 有惠城化学 54.55%的股权，惠城化学将纳入公司合并报表范围。具体内容详见 公司于 2025 年 4 月 18 日在巨潮资讯网披露的《关于向青岛惠城化学有限公司增 资暨关联交易的公告》（公告编号：2025-029）。 二、关联交易的进展情况 暨关联交易的进展公告 近日，惠城化学已完成工商变更登记手续，并取得由青岛市黄岛区市场监 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the environmental protection sector, including Hui Cheng Environmental and Gao Neng Environment [4][8]. Core Insights - The Ministry of Ecology and Environment has issued guidelines to enhance environmental impact assessments for new pollutants, promoting green transformation in traditional manufacturing [11][20]. - The Ministry of Finance has allocated a budget of 13.56518 billion yuan for energy-saving and emission reduction subsidies in 2025, which will accelerate the development of the new energy vehicle industry [21][24]. - The environmental protection sector has shown strong performance, outperforming the broader market indices [28]. Summary by Sections Investment Views - The report highlights the issuance of guidelines by the Ministry of Ecology and Environment to strengthen environmental impact assessments for key industries, focusing on new pollutants [11]. - The budget for energy-saving and emission reduction subsidies has been set at 13.56518 billion yuan, with significant allocations for new energy vehicles and charging infrastructure [21][24]. - The current macroeconomic environment, characterized by historically low interest rates, presents opportunities for high-dividend and growth-oriented assets in the environmental sector [25]. Market Performance - The environmental protection sector outperformed major indices, with a weekly increase of 2.49%, surpassing the Shanghai Composite Index by 1.93% [28]. - Notable stock performances include Hanwei Technology, Fuchun Environmental, and Yuntou Ecology, which saw significant gains, while Guozhong Water and Shenwu Energy experienced declines [28]. Industry News - Recent developments include the issuance of guidelines for low-emission waste incineration in Zhejiang Province and measures to promote high-quality development in enterprises in Sichuan [39]. - The report also notes the implementation of methane emission control plans in Hunan Province, reflecting ongoing efforts to address environmental challenges [39]. Key Companies - Hui Cheng Environmental is recognized for its technological innovations and significant projects in hazardous waste management, with expectations for continued revenue growth [27]. - Gao Neng Environment aims to become a leading environmental system service provider, benefiting from increased orders related to soil pollution prevention and waste management [27]. - Hong Cheng Environment is highlighted for its stable growth and high dividend payouts, making it an attractive investment option [27].

Core Viewpoint - The company experienced a short-term performance pressure in Q1 2025 due to a decline in steam business revenue and increased costs associated with new project development [1][2]. Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 290 million yuan, a year-over-year decrease of 4.3% [1]. - The net profit attributable to shareholders was -8.303 million yuan, reflecting a year-over-year decline of 140.4% [1]. - The gross margin decreased to 20.3%, down 3.6 percentage points year-over-year [1]. - Operating cash flow showed a significant decline, with a net cash flow of -33.466 million yuan, a year-over-year decrease of 410.6% [1]. Group 2: Project Developments - The company has initiated a mixed waste plastic deep catalytic cracking technology project, which is expected to produce high-value products and reduce CO2 emissions [2]. - The first phase of the 20,000 tons/year waste plastic resource utilization project is in the production trial preparation stage, with strategic partnerships established with several companies [2]. - The hazardous waste project has been running stably for two years, enhancing the company's revenue and profitability [2]. Group 3: Future Outlook - The company forecasts revenues of 2.12 billion yuan, 2.75 billion yuan, and 3.43 billion yuan for 2025-2027, with net profits of 250 million yuan, 500 million yuan, and 710 million yuan respectively [3]. - The company is focusing on hazardous waste recycling technology and has significant growth potential in the waste plastic and vanadium projects [3].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company is experiencing short-term pressure on performance due to a decline in steam business revenue and increased costs associated with new project development. In Q1 2025, the company reported revenue of 290 million yuan, a year-on-year decrease of 4.3%, and a net profit attributable to shareholders of -8.3 million yuan, a year-on-year decline of 140.4% [1][2]. - The company's gross margin decreased to 20.3%, down 3.6 percentage points year-on-year, while the overall expense ratio slightly increased due to rising personnel costs and management expenses related to new projects [2]. - The company is focusing on technological innovation, particularly in the waste plastic recycling sector, with a new catalytic cracking technology that converts mixed waste plastics into high-value products. A demonstration project with a capacity of 200,000 tons per year is under construction and is expected to significantly reduce carbon emissions [3]. - The hazardous waste project has been running steadily for two years, enhancing the company's profitability. Additionally, the company is expanding its vanadium production capacity, which is anticipated to be a new growth driver [3]. Financial Summary - The company is projected to achieve revenues of 2.12 billion yuan, 2.75 billion yuan, and 3.43 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is expected to be 247 million yuan, 502 million yuan, and 705 million yuan for the same years [4][5]. - The projected P/E ratios for 2025, 2026, and 2027 are 103.4x, 50.9x, and 36.3x, respectively, indicating a potential for growth in earnings [4][5].

Financial Performance - The company reported a basic earnings per share of -0.0400 yuan for Q1 2025, a decrease of 136.36% compared to 0.1100 yuan in Q1 2024 and down from 0.3500 yuan in Q1 2023 [1] - The net profit for Q1 2025 was -0.08 billion yuan, representing a decline of 138.1% from 0.21 billion yuan in Q1 2024 and down from 0.36 billion yuan in Q1 2023 [1] - The return on equity (ROE) for Q1 2025 was -0.63%, a significant drop of 140.65% from 1.55% in Q1 2024 and down from 4.49% in Q1 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 55.9832 million shares, accounting for 35.75% of the circulating shares, with an increase of 8.1344 million shares compared to the previous period [2] - Notable shareholders include: - Qingdao Huicheng Xinde Investment Co., Ltd. holding 15.1599 million shares (9.68%) with no change - Zhang Xinguang holding 12.9836 million shares (8.29%) with an increase of 7.3125 million shares - Zhang Min holding 9.75 million shares (6.23%) with no change [3] Dividend Policy - The company has announced that it will not distribute dividends or allocate bonus shares this time [3]

| 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0次 | | 2.督导公司建立健全并有效执行规章制度的 | | | 情况 | | | （1）是否督导公司建立健全规章制度（包括 但不限于防止关联方占用公司资源的制度、 | | | 募集资金管理制度、内控制度、内部审计制 | 是 | | 度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | | 12次，保荐代表人每月获取并核查募集资金专 | | （1）查询公司募集资金专户次数 | 户的银行对账单 | | （2）公司募集资金项目进展是否与信息披露 | 是 | | 文件一致 | | | 4.公司治理督导情况 | | | （1）列席公司股东大会次数 | 0次，均事前或事后审阅会议议案 | | （2）列席公司董事会次数 | 0次，均事前或事后审阅会议议案 | | （3）列席公司监事会次数 | 0次，均事前或事后审阅会议议案 | | 5.现场检查情况 | | | （1 ...

Financial Performance - The company's revenue for Q1 2025 was ¥285,227,485.84, a decrease of 4.27% compared to ¥297,941,945.30 in the same period last year[5] - The net profit attributable to shareholders was -¥8,303,195.86, representing a decline of 140.43% from ¥20,535,628.95 in the previous year[5] - The net cash flow from operating activities was -¥33,466,380.75, a significant decrease of 410.55% compared to ¥10,776,316.10 in the same period last year[5] - The basic and diluted earnings per share were both -¥0.04, down 136.36% from ¥0.11 in the previous year[5] - The weighted average return on equity was -0.63%, a decrease of 2.18% from 1.55% in the same period last year[5] - The company reported a net profit of -9,224,312.58 yuan for the current period, compared to a net profit of 23,208,525.79 yuan in the previous period, indicating a significant decline[30] - Operating profit for the current period was -9,690,373.61 yuan, down from 19,339,392.30 yuan in the previous period[30] - The total comprehensive income for the current period was -9,140,876.72 yuan, compared to 23,443,092.88 yuan in the previous period[31] Revenue and Costs - The decline in revenue was attributed to reduced steam sales from Guangdong Petrochemical and increased competition in the catalyst business[10] - The total operating costs for the current period were RMB 295,621,667.32, compared to RMB 278,195,200.76 in the previous period[29] - The company experienced a net cash outflow from operating activities of -33,466,380.75 yuan, contrasting with a net inflow of 10,776,316.10 yuan in the previous period[34] - Total revenue from operating activities was 224,051,380.72 yuan, compared to 211,641,908.49 yuan in the previous period, showing an increase of about 5.8%[33] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 11,100[12] - Shareholder Zhang Xinguang holds 46,263,262 shares, with 7,312,500 shares released from restrictions, leaving 38,950,762 shares under lock-up[15] - The company’s major shareholder, Qingdao Huicheng Xinde Investment Co., Ltd., holds 15,159,900 shares[13] Share Repurchase and Financing - The company plans to repurchase shares using between RMB 60 million and RMB 120 million, with a maximum repurchase price of RMB 60.00 per share[20] - The company secured a loan commitment of RMB 5,600,000 for stock repurchase purposes from a financial institution[22] - As of February 5, 2025, the company completed the share repurchase plan, acquiring a total of 1,204,955 shares, representing 0.6146% of the total share capital, with a total transaction amount of RMB 60,108,292[22] - The company plans to issue up to 58,197,099 shares to no more than 35 specific investors, aiming to raise a total of no more than RMB 850 million for various projects and working capital[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥5,364,593,611.35, an increase of 8.62% from ¥4,938,901,051.34 at the end of the previous year[5] - The total liabilities increased from RMB 3,377,161,746.90 to RMB 3,827,066,277.88 during the same period[28] - The company's cash and cash equivalents as of March 31, 2025, were RMB 281,923,925.58, slightly down from RMB 283,863,362.29 at the beginning of the period[26][27] Investment and Expenses - Research and development expenses increased to 8,064,212.73 yuan, up from 5,235,398.71 yuan, reflecting a growth of approximately 54.3%[30] - The company recorded investment cash outflows of 597,910,516.71 yuan, compared to 148,019,450.12 yuan in the previous period, indicating a substantial increase in investment activities[34] - The company reported a significant increase in financial expenses, with interest expenses at 11,979,794.35 yuan, down from 14,672,337.92 yuan in the previous period[30] Government Subsidies - The company received government subsidies amounting to ¥1,639,094.68 during the reporting period[7] Convertible Bonds - As of March 31, 2025, a total of 11,734,447 shares have been converted from the "Huicheng Convertible Bonds," with a remaining balance of RMB 123,884,600[19] - The conversion price of "Huicheng Convertible Bonds" was adjusted from RMB 15.99 to RMB 15.93 on August 29, 2023[18] - The company issued a notice regarding the adjustment of the conversion price of "Huicheng Convertible Bonds" to RMB 11.25 on November 12, 2024[19] - The adjusted conversion price of "Huicheng Convertible Bonds" will take effect on May 27, 2024, at RMB 11.29[19]

惠城环保最新披露的年报显示，2024年，该公司实现营业收入约1.5亿元，同比增长7.33%，净利润0.43 亿元，同比下滑69.25%。早在今年1月，该公司就已在业绩预告中披露，去年业绩大幅下滑，但股价依 旧一路冲高。 而在过去一年，该股涨幅更大。去年2月初到今年3月底，一年稍多的时间里，惠城环保的股价，从 20.75元的低点，一路飙涨到最的154.41元，累计涨幅达到6.6倍以上。截至4月23日收盘，最新股价仍达 132.2元，成为山东股价最高的上市公司，力压中际旭创（300308.SZ）、青岛啤酒（600600.SH）、东 阿阿胶（000423.SZ）等山东知名上市企业。 股价却飙升了6倍以上，"山东第一高价股"惠城环保（300779.SZ）的业绩，经历了一年短暂的增长后， 又开始猛烈下降。 股价大涨的驱动因素，分别是2023年投产的高硫石油焦制氢（POX）灰渣综合利用、年产能20万吨的混 合废塑料资源化综合利用示范性两个项目。但年报数据显示，前者依赖单一大客户，去年毛利率已经大 幅下滑，后者至今仍未投产。 依赖单一大客户业绩变脸 年报数据显示，2024年全年，惠城环保实现营业收入11.49亿元，同比增长 ...

沪指4月21日上涨0.45%，申万所属行业中，今日上涨的有26个，涨幅居前的行业为有色金属、计算 机，涨幅分别为3.79%、2.72%。环保行业今日上涨0.62%。跌幅居前的行业为银行、食品饮料，跌幅分 别为1.23%、0.59%。 资金面上看，两市主力资金全天净流入145.17亿元，今日有21个行业主力资金净流入，计算机行业主力 资金净流入规模居首，该行业今日上涨2.72%，全天净流入资金39.51亿元，其次是有色金属行业，日涨 幅为3.79%，净流入资金为28.93亿元。 主力资金净流出的行业有10个，房地产行业主力资金净流出规模居首，全天净流出资金8.12亿元，其次 是环保行业，净流出资金为2.61亿元，净流出资金较多的还有交通运输、综合、农林牧渔等行业。 环保行业今日上涨0.62%，全天主力资金净流出2.61亿元，该行业所属的个股共133只，今日上涨的有95 只，涨停的有1只；下跌的有33只。以资金流向数据进行统计，该行业资金净流入的个股有51只，其 中，净流入资金超千万元的有6只，净流入资金居首的是福龙马，今日净流入资金1814.17万元，紧随其 后的是兴源环境、上海凯鑫，净流入资金分别为1351. ...

Investment Rating - The report maintains a "Buy" rating for key companies in the environmental sector, including 惠城环保 (Hui Cheng Environmental) and 高能环境 (Gao Neng Environment) [4][29]. Core Insights - The Ministry of Ecology and Environment has issued guidelines to strengthen the management of new pollutants and construction waste, marking a shift towards precise pollution control in China. This is expected to create new opportunities in environmental monitoring, industrial pollution control, and hazardous waste treatment [10][18]. - The report highlights the importance of companies with core competencies in industrial pollution control and environmental monitoring equipment, recommending 聚光科技 (Juguang Technology) and 雪迪龙 (Xuedilong) as potential investment targets [18]. - The construction waste management sector is entering a phase of refined management, with new technical specifications aimed at reducing, classifying, and recycling construction waste. Companies like 翰蓝环境 (Hanlan Environment) and 洪城环境 (Hongcheng Environment) are identified as having technological advantages in this area [19][28]. Summary by Sections 1. Investment Views - The report discusses the Ministry of Ecology and Environment's guidelines on new pollutants, emphasizing the prohibition of projects that do not meet pollution control requirements [10]. - It also covers the draft technical specifications for construction waste pollution control, which aim to enhance management practices [19]. 2. Market Performance - The environmental sector underperformed compared to the broader market, with a decline of 0.69% against a 1.19% increase in the Shanghai Composite Index [31]. - Notable stock performances include 国中水务 (Guozhong Water) with a gain of 13.07% and 易世达 (Yishida) with a loss of 14.61% [31]. 3. Industry News - Recent developments include the establishment of a regular supervision mechanism for urban sewage treatment plants in Guizhou and the release of a draft management method for ecological environment-oriented development projects in Shandong [40]. - A new standard for greenhouse gas emissions reporting in the liquor industry has been introduced, effective from April 19, 2025 [41][42]. 4. Key Announcements - The report includes performance forecasts for various companies, indicating significant growth in net profits for some firms, such as 甘肃能源 (Gansu Energy) and 银星能源 (Yinxing Energy) [43].