调研速递|青岛惠城环保接受野村资管等70家机构调研 废塑料项目运行与扩产要点披露

Core Insights - Qingdao Huicheng Environmental Protection Technology Group Co., Ltd. held an investor relations event with participation from 70 institutions including Nomura Asset Management and Yingsheng Asset Management [1] Group 1: Investor Relations Activity - The investor relations activity was conducted via a conference call on October 12, 2025, from 20:30 to 21:30 [1] - Key personnel from the company included Chief Technology Officer Zhang Xinkong and Board Secretary Ru Fan [1] Group 2: Project Updates - The 200,000-ton waste plastic project successfully commenced trial production on July 11, 2025, and resumed production on September 29, 2025, after addressing design issues [1] - The produced plastic cracking light oil has met expected standards and has been delivered to downstream customers [1] - The company is constructing a hydrogenation unit to enhance product quality [1] Group 3: Sales and Partnerships - Customers for plastic cracking light oil include Fujian United Petrochemical, which is currently testing the product [1] - Collaborations with companies like Amco have been established for raw material supply and chemical recycling products, benefiting from green premiums [1] Group 4: Future Expansion Plans - The successful industrial verification of the 200,000-ton/year mixed waste plastic resource utilization project lays the groundwork for future expansion [1] - The company is in discussions with multiple local governments for project construction, with plans submitted to the National Development and Reform Commission [1] - Funding for expansion projects will be sourced from primary and secondary markets as well as financial loans [1] Group 5: Technical Advantages - The company has developed a unique "one-step" process that includes three core technologies for efficient plastic recycling [1] - The project is currently operating at 70% to 80% capacity, with a target to reach full capacity by Q1 2026 [1] Group 6: Raw Material Supply - The project relies on government-provided waste resources, and a cooperation agreement has been signed with China Resources Recycling Group [1] - An automated project by Guangdong Huihai Recycling Resources Co., Ltd. is expected to commence production by the end of October 2025 [1] Group 7: Convertible Bond Issues - The company advises stakeholders to monitor announcements regarding the potential redemption of convertible bonds [1]