Core Points - The company, Qingdao Huicheng Environmental Technology Group Co., Ltd., has announced adjustments to the conversion price of its convertible bonds, Huicheng Convertible Bonds [1][2][3] Group 1: Convertible Bond Issuance - The company issued 3.2 million convertible bonds with a total value of 320 million yuan, with an initial conversion price set at 17.11 yuan per share [1] - The bonds were approved by the China Securities Regulatory Commission and began trading on July 26, 2021 [1] Group 2: Conversion Price Adjustment Mechanism - The conversion price will be adjusted based on various corporate actions such as stock dividends, capital increases, and cash dividends, following specific formulas outlined in the announcement [2][3] - The adjusted conversion price will be published in accordance with regulatory requirements, detailing the adjustment date and method [3] Group 3: Historical Conversion Price Adjustments - The conversion price has been adjusted multiple times, including a reduction from 17.11 yuan to 17.06 yuan in June 2022, and further adjustments to 15.99 yuan in July 2023 and 15.93 yuan in August 2023 [3][4] - The most recent adjustment reduced the conversion price from 11.25 yuan to 11.15 yuan, effective from July 22, 2025 [5] Group 4: Recent Developments - The company held board meetings to approve the vesting of restricted stock for eligible employees, which will affect the conversion price of the bonds [5][6] - The new conversion price of 11.11 yuan per share will take effect on August 14, 2025, following the completion of the stock registration process [6]

| 证券代码：300779 | 证券简称：惠城环保 | 公告编号：2025-079 | | --- | --- | --- | | 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 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、调整前转股价格：11.15 元/股 2、调整后转股价格：11.11 元/股 3、转股价格调整生效日期：2025 年 8 月 14 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"12311 ...

证券代码：300779 证券简称：惠城环保 公告编号：2025-080 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2022年限制性股票激励计划 首次授予部分第三个归属期及预留授予部分第二个归属期 归属结果暨股份上市的公告 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。 重要内容提示： （一）本次激励计划主要内容 公司于 2022 年 6 月 13 日召开第三届董事会第七次会议、第三届监事会第七 次会议，于 2022 年 7 月 4 日召开 2022 年第一次临时股东大会，审议通过了《关 于<青岛惠城环保科技股份有限公司 2022 年限制性股票激励计划（草案）>及其 本次归属股票上市流通日：2025 年 8 月 14 日 本次归属的激励对象人数：80 人 本次归属的第二类限制性股票数量：1,082,200 股，占本次归属前公司总 股本的 0.55% 归属股票来源：公司向激励对象定向发行的公司 A 股普通股股票 青岛惠城环保科技集团股份有限公司（以下简称"公司"或"惠城环保"） 于 2025 年 7 月 28 日召开第三届董 ...

Core Viewpoint - Huicheng Environmental Protection is facing dual challenges of declining performance and reliance on major clients, prompting the company to seek a breakthrough through a targeted private placement to raise funds for environmental projects and working capital [2][7]. Performance Fluctuations - In the first half of 2025, Huicheng Environmental Protection reported revenue of 564 million yuan, a year-on-year decline of 5.09%, and a net profit attributable to shareholders of 5.02 million yuan, down 85.64% [4]. - The company experienced significant revenue growth in 2023, with revenue soaring to 1.071 billion yuan, a 194.76% increase, and net profit reaching 139 million yuan, up 5499.75%, primarily due to the successful launch of a project by its subsidiary [3]. - However, in 2024, revenue growth slowed to 1.149 billion yuan, a 7.33% increase, while net profit fell to 42.6 million yuan, down 69.24% [3]. Client Dependency - Huicheng Environmental Protection is heavily reliant on China National Petroleum Corporation (CNPC), with sales revenue from CNPC accounting for 69.12%, 61.62%, and 66.14% of its main business income in 2023, 2024, and the first half of 2025, respectively [5]. - The company is the sole supplier for the high-sulfur petroleum coke hydrogen ash utilization project for Guangdong Petrochemical, which raises concerns about the stability of its revenue stream [5][6]. Capital Expansion - Despite the challenges, Huicheng Environmental Protection is proceeding with a private placement to raise funds for projects in the Jieyang Dannan Sea Petrochemical Industrial Zone, including general industrial solid waste treatment and environmental resource utilization [7][8]. - The strategic expansion is seen as a response to favorable market prospects and aims to enhance the company's product diversification, including increasing the production of molecular sieves and catalytic agents [9].

据iFind统计，截至8月7日，沪深两市共有143只个股连续5日或5日以上获融资净买入。连续获融资净买 入天数最多的股票是惠城环保，已连续19个交易日获净买入；连续获融资净买入天数较多的还有中国宝 安、济川药业、天智航、浙江交科、中国高科、海正药业、彩讯股份、泰晶科技、赛伦生物、探路者等 股，分别获13个、12个、11个、11个、10个、10个、10个、10个、10个、10个交易日净买入。 （文章来源：证券时报网） ...

截至8月7日收盘，稀土永磁概念上涨3.24%，位居概念板块涨幅第1，板块内，48股上涨，正海磁材20% 涨停，宁波韵升涨停，奔朗新材、中科磁业、九菱科技等涨幅居前，分别上涨15.59%、13.01%、 10.07%。跌幅居前的有万朗磁塑、方邦股份、三祥新材等，分别下跌2.90%、2.09%、1.47%。 今日涨跌幅居前的概念板块 业 | | 方 | | | | | | --- | --- | --- | --- | --- | --- | | 600872 | 中炬高 | 0.00 | 0.89 | 202.16 | 1.56 | | | 新 | | | | | | 002645 | 华宏科 | 2.24 | 13.38 | 184.88 | 0.20 | | | 技 | | | | | | 300797 | 钢研纳 | 0.60 | 3.22 | 29.00 | 0.16 | | | 克 | | | | | | 301323 | 新莱福 | 1.89 | 8.27 | 14.34 | 0.05 | | 600010 | 包钢股 | 3.56 | 6.93 | -3.55 | 0.00 | | | 份 | | ...

证券之星消息，8月7日环境治理板块较上一交易日下跌0.17%，丛麟科技领跌。当日上证指数报收于 3639.67，上涨0.16%。深证成指报收于11157.94，下跌0.18%。环境治理板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300152 | ST新动力 | 3.04 | 5.19% | 59.40万 | | 1.78亿 | | 301068 | 大地海洋 | 33.54 | 4.71% | 3.48万 | | 1.17亿 | | 688679 | 通線坏境 | 16.63 | 4.59% | 5.97万 | | 9799.47万 | | 300779 | 惠城环保 | 182.00 | 3.49% | 4.45万 | | 8.01亿 | | 836263 | 中航泰达 | 17.30 | 3.41% | 10.23万 | | 1.75亿 | | 301265 | 华新环保 | 11.70 | 2.99% | 15.56万 | | 1.80亿 | | ...

据iFind统计，截至8月6日，沪深两市共有117只个股连续5日或5日以上获融资净买入。连续获融资净买 入天数最多的股票是城地香江、惠城环保，均已连续18个交易日获净买入；连续获融资净买入天数较多 的还有聚和材料、中国宝安、久日新材、新里程、济川药业、藏格矿业、天智航、浙江交科等股，分别 获15个、12个、11个、11个、11个、10个、10个、10个交易日净买入。 （文章来源：证券时报网） ...

Core Viewpoint - The article discusses the significant disparity between the stock price and the fundamental performance of Huicheng Environmental Protection, raising concerns about its sustainability and potential classification as a "zombie stock" [3][4][30]. Group 1: Company Financial Performance - Huicheng Environmental Protection's revenue for the first half of 2025 was 564 million yuan, a year-on-year decrease of 5.09%, while net profit dropped by 85.63% to 5.02 million yuan [3][30]. - The company's stock price has increased over 20 times since 2022, reaching 175 yuan per share, despite the declining financial performance [1][3]. - The company has seen a significant increase in accounts receivable, which reached 419 million yuan in the first half of 2025, a 57.11% increase compared to the beginning of the period [33]. Group 2: Business Model and Projects - Huicheng Environmental Protection focuses on solid waste treatment, particularly in the recycling and processing of waste catalysts for refining enterprises [5][10]. - The company has launched several key projects, including a 20,000-ton/year mixed waste plastic resource utilization project, which is expected to generate significant revenue [11][12]. - The company’s innovative "one-step" process for waste plastic treatment has been highlighted as a global first, with a projected annual output value of 1.243 billion yuan for the first phase [12][14]. Group 3: Investment and Expansion Plans - The company plans to raise 850 million yuan through a private placement, with 600 million yuan allocated for the Dannan Sea Petrochemical Industrial Zone project and 250 million yuan for liquidity support [1][3]. - Future expansion plans include a 300,000-ton/year project with an estimated total investment of 20 billion yuan, indicating aggressive growth strategies despite current financial pressures [20][30]. - The company’s total investment in major projects is reported to be 3.146 billion yuan, with a remaining funding requirement of 1.666 billion yuan [20][21]. Group 4: Concerns and Comparisons - The company has drawn comparisons to Zuojiang Technology, which faced severe issues leading to its delisting due to financial fraud, raising questions about Huicheng's sustainability [4][30]. - The low proportion of institutional investors and high personal shareholder ownership (nearly 80%) has led to skepticism regarding the stock's valuation and potential manipulation [3][4]. - The company’s research and development spending has been criticized for being disproportionately low compared to its ambitious technological claims, with total R&D expenditure from 2016 to 2024 amounting to only 153 million yuan [14][17].

Core Viewpoint - The stock price of Huicheng Environmental Protection has surged over 80% in 2024, reaching around 176 yuan, despite a significant decline in its fundamental performance, including a 69.25% drop in net profit [1][3]. Financial Performance - In 2024, the company reported a net profit of 42.6 million yuan, down 69.25% year-on-year [1]. - For the first half of 2025, total revenue decreased by 5.09%, with net profit plummeting 85.63% to 502,040 yuan [1]. - The net profit margin fell from 6.57% to 0.97%, and operating cash flow turned negative, dropping nearly 413% year-on-year [1]. Business Challenges - The company faces multiple challenges in its main business, including a significant decline in gross margins for its petroleum coke hydrogen ash disposal services and waste catalyst disposal services [3]. - Period expenses have been increasing, rising as a proportion of total revenue each year [3]. - There is a notable concentration risk with downstream customers, particularly with a high dependency on sales to China National Petroleum Corporation [3]. Innovation and Future Prospects - Despite poor fundamentals, the company's stock price is buoyed by its claimed "world's first mixed waste plastic deep catalytic cracking (CPDCC)" technology, which is expected to be a future profit growth point [3]. - The first demonstration project for the CPDCC technology, capable of processing 200,000 tons per year, has successfully entered trial production [3]. Project Financing - Huicheng Environmental Protection recently disclosed a new round of fundraising, aiming to raise 850 million yuan, with approximately 250 million yuan allocated for working capital and the remainder for two project investments [5]. - Successful implementation of these projects is expected to help reduce the debt-to-asset ratio and enhance financial stability [5].