惠城环保上半年净利下滑逾八成 年内股价翻倍创历史新高

Core Viewpoint - 惠城环保 reported a significant decline in revenue and net profit for the first half of 2025, attributed to lower steam prices and increased operational costs due to business expansion [1] Financial Performance - The company achieved revenue of 564 million yuan, a year-on-year decrease of 5.09% [1] - Net profit attributable to shareholders was 5.02 million yuan, down 85.63% year-on-year [1] - The net cash flow from operating activities was -108 million yuan, and investment cash flow was -517 million yuan [1] - As of the end of June, short-term borrowings were 218 million yuan, long-term borrowings were 2.216 billion yuan, and interest expenses reached 34.69 million yuan, with a debt-to-asset ratio of 73.94% [1] Stock Performance - The company's stock price increased approximately 87% in the first half of 2025, with a maximum increase of 148% during this period [1] - The stock price reached a historical high of 251.65 yuan per share on July 11, 2025, but has since dropped about 24% to 181.16 yuan per share [3] Business Model and Technology - 惠城环保 specializes in industrial waste treatment and recycling, focusing on the disposal of waste catalysts and the production of resource-based catalysts [2] - The company developed a proprietary mixed waste plastic deep catalytic cracking (CPDCC) technology, which allows for the direct conversion of complex mixed plastics into high-value chemical raw materials with a product yield of over 92% [2] - The CPDCC technology could potentially replace approximately 100 million tons of crude oil annually if it processes 50 million tons of waste plastics, significantly reducing reliance on fossil fuels [2] Future Projects and Market Expansion - The first 200,000 tons/year mixed waste plastic resource utilization demonstration project is set to begin construction in March 2024 and aims for trial production by July 2025 [3] - 惠城环保 is also involved in the resource utilization of high-sulfur petroleum coke and aims to expand its customer base, particularly targeting state-owned enterprises [3] - The company plans to diversify its product offerings by expanding into molecular sieves and additives, as well as exploring overseas markets for catalysts and additives [3]