Financial Performance - The company's operating revenue for the first half of 2025 was 564.07 million yuan, a decrease of 5.09% year-on-year [1][2] - The net profit attributable to shareholders was 5.02 million yuan, down 85.63% compared to the same period last year [1][2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 762.11 thousand yuan, a decline of 97.53% year-on-year [1][2] - The net cash flow from operating activities was -108.25 million yuan, representing a decrease of 413.47% compared to the previous year [1][2] Fundraising and Projects - The company raised a total of 339.75 million yuan from its initial public offering, with a net amount of 298.21 million yuan after deducting issuance costs [3] - The raised funds were allocated to projects including a 30,000 tons/year FCC catalytic solid waste regeneration project and a 10,000 tons/year industrial solid waste treatment project [3] - The company has conducted three fundraising activities since its listing, totaling 976.19 million yuan [4] Upcoming Fundraising - The company plans to raise up to 850 million yuan through a private placement of A-shares, which will be used for projects in the Jieyang Dannan Sea Petrochemical Industrial Zone and to supplement working capital [4][5] - The total investment for the projects in the Jieyang Dannan Sea Petrochemical Industrial Zone is estimated at 1.1586862 billion yuan, with specific allocations for various projects [5]

Core Viewpoint - The company, Huicheng Environmental Protection, is undergoing a significant transformation, marked by a successful trial of its innovative 200,000 tons/year mixed waste plastic deep catalytic cracking (CPDCC) project, juxtaposed with a drastic decline in net profit and cash flow issues [1][5]. Financial Performance - The company's net profit attributable to shareholders for the first half of 2025 was 5.02 million, a staggering decline of 85.6% year-on-year; after deducting non-recurring items, the profit plummeted to 760,000, down 97.5% year-on-year [1]. - The traditional business of waste catalyst treatment and resource products is described as entering a "post-growth" phase, with intensified competition leading to declining revenues and profitability [2]. Operational Challenges - The high-sulfur petroleum coke hydrogen ash treatment project, once considered a cash cow, has seen reduced profitability due to lower steam procurement prices from a key client, exposing the company's over-reliance on a single customer [2]. - The cash flow statement reveals a net cash flow from operating activities of -108 million, a significant deterioration from a positive 34.53 million in the previous year, indicating severe cash outflows for new project preparations and increased personnel costs [4]. Debt and Leverage - The company has seen a 77% year-on-year increase in net cash flow from financing activities, amounting to 776 million, primarily due to increased loan receipts [4]. - Total assets grew by 20%, driven by construction in progress (from 1.14 billion to 1.82 billion) and long-term borrowings (from 1.49 billion to 2.21 billion), with the debt-to-asset ratio rising from 69.4% at the beginning of the year to 73.94% [4]. Strategic Initiatives - The CPDCC project represents a significant opportunity in the trillion-dollar circular economy sector, with the potential for a "Davis Double" effect, but the transition from trial success to stable profitability is fraught with challenges [5]. - The company is actively expanding its waste plastic recycling operations across the country to secure raw materials, indicating a long and complex operational strategy [5]. Future Outlook - The company is in a critical transitional phase, with old revenue streams declining and new projects yet to deliver results, relying heavily on high leverage to navigate this period [6]. - Key performance indicators to monitor include the ramp-up speed of the plastic project’s capacity, product gross margins, and the timeline for operational cash flow to turn positive [6].

Core Viewpoint - The legal opinion letter from Beijing Zhonglun Law Firm confirms that Qingdao Huicheng Environmental Technology Group Co., Ltd.'s stock incentive plan has met the necessary conditions for the third vesting period of the initial grant and the second vesting period of the reserved grant, in compliance with relevant regulations and internal guidelines [1][2][27]. Group 1: Legal Framework and Compliance - The legal opinion is based on the review of relevant laws, including the Company Law, Securities Law, and the Management Measures for Equity Incentives of Listed Companies [2][3][4]. - The law firm asserts that all documents provided by the company are authentic, accurate, and complete, with no significant omissions [3][4][27]. - The adjustments and vesting matters have received the necessary approvals and authorizations, aligning with the Management Measures and Listing Rules [27]. Group 2: Incentive Plan Details - The incentive plan includes a first grant of restricted stock with a vesting period starting from July 26, 2022, and the third vesting period is set from July 26, 2025, to July 25, 2026 [16][19]. - The second vesting period for the reserved grant is based on performance metrics, requiring a revenue growth rate of at least 40% compared to 2021 [21][22]. - The total number of shares for the first grant's third vesting period is 844,200 shares, with a vesting price adjusted to 4.52 yuan per share [22][25]. Group 3: Performance Conditions - The performance conditions for the third vesting period require either a revenue growth rate of 40% or a net profit growth rate of 40% compared to 2021 [19][21]. - The company has achieved a revenue growth rate of 303.42% for the 2024 fiscal year, meeting the performance criteria for the reserved grant [21][22]. - The individual performance assessments for the incentive recipients are categorized into four levels (A, B, C, D), with the majority achieving an A rating, resulting in a 100% vesting ratio for the current period [22][24].

| 青岛惠城环保科技集团股份有限公司 | | | | 2025 年半年度报告 | | --- | --- | --- | --- | --- | | 摘要 | | | | | | 证券代码：300779 证券简称：惠城环保 | | | | 公告 | | 编号：2025-068 | | | | | | 青岛惠城环保科技集团股份有限公司 | | | | | | 一、重要提示 | | | | | | 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 | | | | | | 资者应当到证监 | | | | | | 会指定媒体仔细阅读半年度报告全文。 | | | | | | 所有董事均已出席了审议本报告的董事会会议。 | | | | | | 非标准审计意见提示 | | | | | | □适用 | ?不适用 | | | | | 董事会审议的报告期利润分配预案或公积金转增股本预案 | | | | | | □适用 | ?不适用 | | | | | 公司计划不派发现金红利，不送红股，不以公积金转增股本。 | | | | | | 董事会决议通过的本报告期优先股利润分配预案 | | | | ...

Group 1 - The board of directors of Qingdao Huicheng Environmental Technology Group Co., Ltd. held its 46th meeting on July 28, 2025, with all 7 directors present, and the meeting was deemed legally valid [1] - The board approved the company's 2025 semi-annual report and its summary, confirming compliance with relevant laws and regulations [2] - The board proposed to authorize the general manager to handle a guarantee for its subsidiary Shandong Huya Environmental Technology Co., Ltd. for a total credit of RMB 45 million, with a guarantee amount not exceeding RMB 15.694 million [3] Group 2 - The company plans to provide a new guarantee limit of up to RMB 670 million for its subsidiaries to meet operational funding needs [4] - The board approved the temporary use of up to RMB 250 million of idle funds for cash management, with a usage period of 12 months [5] - The company will distribute a cash dividend of RMB 1 per 10 shares to shareholders based on a total share capital of 194,842,016 shares [6] Group 3 - The board approved adjustments to the grant price of the 2022 restricted stock incentive plan from RMB 4.62 per share to RMB 4.52 per share [6] - The board recognized the fulfillment of vesting conditions for the first and second vesting periods of the 2022 restricted stock incentive plan, allowing for the vesting of 844,200 shares and 238,000 shares respectively [7] - The company will hold its second extraordinary general meeting on August 19, 2025, to discuss various matters [8]

Summary of Key Points Core Viewpoint - The company, Qingdao Huicheng Environmental Protection Technology Group Co., Ltd., is providing a guarantee for its associate company, Shandong Huiya Environmental Technology Co., Ltd., to apply for a comprehensive credit facility of up to RMB 45 million, with the company guaranteeing up to RMB 15.694 million based on its 34.8755% equity stake in Huiya [1][2][5]. Group 1: Guarantee Overview - The company will provide a joint liability guarantee of up to RMB 15.694 million for Shandong Huiya's credit application, with the remaining guarantee provided by other shareholders [1][4]. - The guarantee is subject to approval by the shareholders' meeting due to the amount exceeding 30% of the company's latest audited total assets [3][5]. Group 2: Financial Status of the Guaranteed Entity - As of December 31, 2024, Shandong Huiya had total assets of RMB 188.6003 million and a net loss of RMB 4.79 million [3]. - As of June 30, 2025, total assets increased to RMB 192.488 million, with a net loss of RMB 6.2171 million [3]. Group 3: Board and Supervisory Opinions - The board of directors supports the guarantee, stating it will enhance Huiya's operational efficiency and financial capability, with risks considered manageable [5][6]. - The supervisory board agrees that the guarantee will not adversely affect the company's operations and is within acceptable risk limits [6][7]. Group 4: Independent Review - The independent directors have reviewed the guarantee proposal and concluded that it adheres to principles of fairness and will not harm the company's or shareholders' interests [6][8]. - The underwriting institution, Zhongde Securities, has confirmed that the necessary approval procedures have been followed for the guarantee transaction [8].

Core Viewpoint - The company intends to utilize idle self-owned funds for cash management to enhance fund efficiency and generate returns for shareholders while ensuring operational safety [1][2][5] Summary by Sections Basic Information - The purpose of cash management is to improve fund utilization efficiency and ensure safety while investing in high-security, liquid, and controllable risk financial products [1][2] - The company plans to use up to RMB 250 million (including principal) for cash management within a 12-month period from the board's approval [1][2] - The funds will be sourced from idle self-owned funds, excluding raised funds and bank credit [2] Review Procedures - The board approved the proposal to use idle self-owned funds for cash management, ensuring no related party transactions are involved [2][3] Investment Risks and Control Measures - The company acknowledges potential risks such as macroeconomic fluctuations and underperformance of investment returns, and has established control measures to mitigate these risks [2][3] Impact on the Company - The cash management initiative is expected to enhance fund efficiency without affecting normal operations, thereby benefiting overall performance and shareholder returns [3][5] Opinions from the Board and Supervisory Committee - The board and supervisory committee agree on the cash management plan, emphasizing its alignment with legal regulations and the interests of all shareholders [5][6] Sponsor's Verification Opinion - The sponsor, Zhongde Securities, has no objections to the cash management plan, confirming that it follows necessary decision-making procedures and benefits the company and shareholders [6]

证券代码：300779 证券简称：惠城环保 公告编号：2025-075 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 期归属条件成就及预留授予部分第二个归属期归属条件成 就的公告 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： ? 本次拟归属的限制性股票数量：1,082,200 股 ? 归属股票来源：青岛惠城环保科技集团股份有限公司（以下简称"公司"） （一）本次限制性股票计划方案及履行的程序 （1）股权激励方式：第二类限制性股票 （2）授予数量： 《2022 年限制性股票激励计划（草案）》 （以下简称"本次激 励计划"）的首次授予部分已授予尚未归属的限制性股票数量为 844,200 股，预 留授予部分已授予尚未归属的限制性股票数量为 238,000 股。 （3）首次授予日：2022 年 7 月 26 日；预留授予日：2023 年 6 月 21 日。 （4）授予价格（调整后）：因公司实施 2024 年度利润分配方案，故本次激 励计划首次授予及预留授予的授予价 ...

Core Viewpoint - The company has approved adjustments to the 2022 Restricted Stock Incentive Plan, specifically regarding the grant price of the restricted stock, following the completion of the 2024 annual profit distribution plan [6][8][9]. Implementation Procedures - The company held multiple board and supervisory meetings to review and approve the incentive plan and its related documents, ensuring compliance with regulations and obtaining independent opinions [1][2][3][4][5]. - The incentive plan was publicly announced and no objections were raised during the internal disclosure period [2][3]. Adjustment Details - The adjustment of the grant price is due to the implementation of the 2024 profit distribution plan, which involves a cash dividend of RMB 1.0 per 10 shares [6]. - The new grant price is calculated as follows: P = P0 - V, where P0 is the previous grant price of RMB 4.62, and V is the cash dividend of RMB 0.1, resulting in a new grant price of RMB 4.52 per share [6]. Impact on the Company - The adjustment of the grant price is not expected to have a significant impact on the company's financial status or operational results, nor will it affect the stability of the core team or the continued implementation of the incentive plan [8]. Opinions from Committees - The Board's Compensation and Assessment Committee and the Supervisory Committee have both expressed their agreement with the adjustment, confirming that it does not harm the interests of the company or its shareholders [8][9]. Legal Opinions - The legal opinion from Beijing Zhonglun Law Firm confirms that the adjustments and related matters have received the necessary approvals and comply with relevant regulations [9].

Major Events - The actual controller, chairman, and CEO of Juran Smart Home, Wang Linpeng, passed away on July 27, 2025. He held a total of 43.93% of the company's shares. The board has appointed Wang Ning as the acting chairman and CEO [3] - Shennong Group has decided to terminate its plan for a specific stock issuance for 2024 due to changes in market conditions and will withdraw its application [5] - Xizhuang Co. plans to establish a joint venture to engage in sustainable aviation fuel-related business with a registered capital of 5 million yuan, where Xizhuang will contribute 1.1 million yuan [6] - Shandong Gold's subsidiary, Shanjin International, intends to issue H-shares and apply for listing on the Hong Kong Stock Exchange [7] - Luopusi Co. plans to acquire a 38.38% stake in Wuhan Senfurui Technology Co. for 8.82 million yuan [8] - Hengxin Life plans to invest no more than 505 million yuan to build a biodegradable product production base in Hefei, Anhui Province [9] - Hetai Machinery announced it has not participated in the Yaxi project construction, which is still in the early stages [10] - Kaishan Co. plans to acquire a 5% stake in SMGP for 3 million USD, resulting in full ownership of the company [11] - Ruian New Materials intends to terminate its raw material project due to uncertainties in the second phase of construction [12] - Zhonghua Equipment plans to purchase 100% equity of Yiyang Rubber Machine and Beihua Machine, with stock resuming trading on July 29, 2025 [13] - Huizhou Intelligent announced that a board member has resigned due to being identified as a dishonest executor [14] - Xuefeng Technology plans to acquire a 51% stake in Shengshi Putian for 154 million yuan [15][16] - Top Cloud Agriculture intends to establish a wholly-owned subsidiary focused on artificial intelligence technology with an investment of 20 million yuan [17] - Shiming Technology's actual controller is under detention, but it does not affect the company [18] - Dahua Intelligent is under investigation by the CSRC for suspected information disclosure violations [19] - Dalian Shengya plans to change its controlling shareholder and will resume trading on July 29, 2025 [20] - Fashilong has signed a share transfer agreement and will resume trading on July 29, 2025 [21] - Guangku Technology plans to acquire control of Anjie Xun, with trading suspended from July 29, 2025 [22] - Tianyi Co. has been selected as a candidate for a procurement project by China Mobile [23] - Zhongtung High-tech's subsidiary plans to implement a 1.4 billion drill bit intelligent manufacturing project with an investment of 178 million yuan [24] Performance Overview - WuXi AppTec reported a net profit of 8.561 billion yuan for the first half of 2025, a year-on-year increase of 101.92% [25] - Sujiao Science and Technology's net profit decreased by 39.54% year-on-year, with a revenue of 1.776 billion yuan [26] - Aide Biology achieved a net profit of 189 million yuan, up 31.41% year-on-year [27] - Huicheng Environmental's net profit dropped by 85.63% year-on-year, with a revenue of 564 million yuan [28] - Haida Group reported a net profit of 2.639 billion yuan, a year-on-year increase of 24.16% [30] Major Contracts - Weiye Co. won a construction project worth approximately 522 million yuan [31] - Fosun Pharma's subsidiary signed a licensing agreement for a drug targeting Alzheimer's disease [32] - Huafeng Aluminum plans to sign a raw material purchase contract with Yulin New Materials, with an estimated total amount exceeding 7.2 billion yuan [33] Shareholding Changes - Suneng Co. plans to reduce its stake by up to 1% [34] - Shengyang Technology's shareholder plans to reduce its stake by up to 1% [35] - Jingquan Hua's shareholder plans to reduce its stake by up to 1% [36] - Tigermed plans to reduce its stake by up to 3% [38] Financing Activities - Huhua Co. plans to raise no more than 586 million yuan through a private placement for various projects [39]