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 ...

| 证券代码：300779 | 证券简称：惠城环保 | 公告编号：2025-053 | | --- | --- | --- | | 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 关于惠城转债暂停转股的提示性公告 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、债券代码：123118 债券简称：惠城转债 在上述暂停转股期间，公司可转换公司债券正常交易，敬请"惠城转债"债 券持有人留意。 特此公告。 青岛惠城环保科技集团股份有限公司 董事会 2025 年 7 月 11 日 附件一：《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 券募集说明书》中"转股价格的调整方法及计算公式"条款规定 在本次发行之后，当公司因派送股票股利、转增股本、增发新股或配股、派 送现金股利等情况（不包括因本次发行的可转债转股而增加的股本），公司将按 下述公式进行转股价格的调整（保留小数点后两位，最后一位四舍五入）： 2、转股期限：2022 年 1 月 13 日至 2027 年 7 月 6 日止 3、暂停转股时间：2025 ...

| 证券代码：300779 | 证券简称：惠城环保 | 公告编号：2025-052 | | --- | --- | --- | | 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 关于控股子公司年产 20 万吨混合废塑料资源化综合利用示范性 东粤化学 20 万吨/年混合废塑料资源化综合利用示范性项目已完成厂房建 设、机器设备安装调试、产线试运营等各项准备工作，并于近期试生产成功，装 置运行平稳。 三、对公司的影响 东粤化学 20 万吨/年混合废塑料资源化综合利用示范性项目试生产成功，可 以产出高附加值的化工原料。该项目试生产成功实现了从"废塑料→循环化工原 料→循环高端材料"的绿色化工产业链条，同时可实现项目的复制推广。项目实 施满足市场需求，进一步优化公司业务结构，为公司培育新的利润增长点，有利 于增强公司的核心竞争力、可持续发展能力和综合盈利能力，实现公司业务布局 的完善和长期战略发展规划。 项目试生产成功的公告 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。 一、项目投资概述 1、公司于 2023 年 6 月 5 ...

Group 1 - The A-share rare earth permanent magnet sector experienced a short-term surge, with Zhongke Magnetic Industry rising over 11% [1] - Other companies such as Ningbo Yunsheng and Huicheng Environmental Protection both increased by over 6% [1] - Additional stocks including Benlang New Materials, Jiuling Technology, Galaxy Magnetic Materials, and Yujing Co., Ltd. also saw gains [1]

Group 1 - The price of Huicheng Convertible Bond has surpassed 2000 yuan, becoming the second convertible bond in history to do so, driven by the strong performance of its underlying stock, Huicheng Environmental [1][2] - Huicheng Environmental specializes in hazardous waste disposal services in the petrochemical industry and has seen its stock price rise over 4% recently, contributing to a nearly 12% increase in the convertible bond price [2] - The company's revenue for 2024 is projected to be 1.149 billion yuan, a year-on-year increase of 7.33%, while its net profit is expected to decline by 69.25% to 43 million yuan due to increased competition and rising operational costs [2][3] Group 2 - Despite the decline in performance, several brokerages remain optimistic about Huicheng Environmental's growth prospects, particularly with the launch of a new project aimed at reducing carbon emissions [4] - The company is also expanding its operations with new production facilities in Jiangxi Province, which are expected to provide additional growth opportunities [4] - The recent surge in Huicheng Convertible Bond prices has raised concerns about speculative trading, as the bond's latest conversion premium exceeds 30% and its small circulation makes it susceptible to concentrated speculation [5][6]

Core Viewpoint - The convertible bond market is witnessing significant activity, highlighted by the recent surge in Hui Cheng Convertible Bond prices, which have surpassed 2000 yuan, indicating potential structural opportunities amidst supply-demand imbalances in the market [1][2][3]. Company Overview - Hui Cheng Environmental Protection is a high-tech enterprise specializing in hazardous waste disposal services in the petrochemical industry, headquartered in Qingdao, Shandong, and established in 2006. Its main business includes comprehensive utilization of petrochemical waste resources, hazardous waste treatment, and waste management [7]. Financial Performance - In 2024, Hui Cheng Environmental Protection reported a revenue of 1.149 billion yuan, a year-on-year increase of 7.33%, while the net profit attributable to shareholders decreased by 69.25% to 43 million yuan. The company faces significant operational challenges, including increased competition and rising operational costs, which have compressed profit margins [7]. - For Q1 2024, the company reported a revenue of 285 million yuan, a year-on-year decline of 4.27%, and a net loss of 8.3032 million yuan, primarily due to reduced steam sales and increased project-related costs [7]. Project Developments - The company is developing a 200,000 tons/year mixed waste plastic resource utilization project in Guangdong, which is expected to significantly reduce carbon emissions and create a new growth trajectory for the company. This project has strategic partnerships with several major firms [8]. - Additionally, Hui Cheng Environmental Protection is establishing a new materials company in Jiujiang, Jiangxi, with plans for multiple production facilities, which are anticipated to contribute to future growth [9]. Market Dynamics - The recent performance of Hui Cheng Convertible Bond has outpaced its underlying stock, with a conversion premium exceeding 30%. The limited outstanding balance of the bond (124 million yuan) has made it susceptible to concentrated speculative trading [12]. - Historical examples of convertible bond price volatility are noted, with previous instances of significant price drops following peaks, indicating potential risks in the current market environment [13].

证券代码：300779 证券简称：惠城环保 公告编号：2025-051 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 2025 年第二季度可转债转股情况的公告 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： 1、"惠城转债"（债券代码：123118）转股期为 2022 年 1 月 13 日至 2027 年 7 月 6 日；初始转股价格为 17.11 元/股，最新转股价格为 11.25 元/股。 2、2025 年第二季度，共有 130 张"惠城转债"完成转股（票面金额共计 13,000.00 元人民币），合计转换成 1,148 股"惠城环保"股票（股票代码:300779）。 3、截至 2025 年第二季度末，公司剩余可转债为 1,238,716 张，剩余可转债 票面总金额为 123,871,600.00 元人民币。 根据《深圳证券交易所创业板股票上市规则》和《深圳证券交易所可转换公 司债券交易实施细则》的有关规定，青岛惠城环保科技集团股份有限公司（以下 简称"公司"）现将 2025 年第二季度可转换公司债券（以下 ...

证券代码：300779 证券简称：惠城环保 公告编号：2025-050 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"惠城转债"2025 年付息的公告 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 1、惠城转债（债券代码：123118）将于 2025 年 7 月 7 日按面值支付第四年 利息，每 10 张"惠城转债"（面值 1,000 元）利息为 18.00 元（含税）。 5、除息日：2025 年 7 月 7 日 6、"惠城转债"本次付息的债权登记日为 2025 年 7 月 4 日，凡在 2025 年 7 月 4 日（含）前买入并持有本期债券的投资者享有本次派发的利息。2025 年 7 月 4 日卖出本期债券的投资者不享有本次派发的利息。在付息债权登记日前（包 括付息债权登记日）申请转换成公司股票的可转债，公司不再向其持有人支付本 计息年度及以后计息年度的利息。 7、下一付息期起息日：2025 年 7 月 7 日 8、下一年度的票面利率：2.50% 青岛惠城环保科技集团股份有限公司（以下简称"公司"）于 202 ...