惠城环保多项业务情况披露：业绩、存货、项目资金等受关注

Core Viewpoint - The company is facing challenges due to reliance on a single customer for its steam business, declining profit margins, and increasing inventory levels, while also exploring new sales channels to mitigate risks and improve financial performance [2][3][4]. Group 1: Business Dependency and Revenue - The company's steam business heavily depends on Guangdong Petrochemical, which accounted for 69.12% and 61.62% of its main business revenue in 2023 and 2024 respectively [2] - The gross margin for the gray residue treatment business is projected to decline from 34.07% to 23.35% in 2024, with further decreases in steam prices expected in the first half of 2025 [2] - The company is working on establishing a steam pipeline network to expand its customer base beyond Guangdong Petrochemical, aiming to increase sales prices and volumes [2] Group 2: Financial Performance and Inventory - The company's net profit attributable to shareholders significantly decreased to 42.60 million yuan in 2024 and 5.02 million yuan in the first half of 2025, primarily due to declining gross margins [3] - The overall gross margin dropped from 32.22% to 24.74% in 2024, while inventory levels rose by 94.18% year-on-year to 376.56 million yuan at the end of 2024 [3] - The increase in inventory is linked to the advancement of a 200,000 tons/year mixed waste plastic resource utilization project [3] Group 3: Project Funding and Debt Risk - As of June 2025, the total investment for major ongoing and fundraising projects is 3.15 billion yuan, with 1.48 billion yuan already invested and a future funding requirement of 1.67 billion yuan [4] - The company anticipates total funding sources of 2.20 billion yuan, with expected net operating cash inflows of 1.04 billion yuan over the next three years [4] - The company has assessed its cash flow and revenue growth projections, indicating a low risk of debt default [4] Group 4: Investment Compliance and Risk - As of June 30, 2025, the company's trading financial assets amounted to 47.84 million yuan, all invested in low to medium-risk financial products, primarily fixed-income assets [5] - The investment strategy aligns with regulatory requirements and does not involve high-risk financial products [5] Group 5: Project Profitability Forecast - The first phase of the solid waste treatment project in the Dannan Sea Petrochemical Industrial Zone is expected to have a gross margin of 24.59%, which is relatively low compared to comparable businesses [6] - The company has been cautious in its profitability forecasts for this project, with no significant discrepancies in information disclosure [6]