废塑料循环万亿市场启动在即 20251116 摘要 新型聚合物项目导致聚合物价格下降，压缩了物理循环再生材料的利润 空间，若情况持续，可能需要强制使用和回收以维持投资，而化学循环 市场因技术成熟和环境溢价展现增长潜力。 大型消费品公司如联合利华、高露洁调整了再生材料使用承诺，因低估 回收难度导致合格供应不足，更倾向于选择经 IICC 认证的化学循环产品。 每年超千万吨塑料垃圾入海，微塑料通过食物链威胁人体健康，塑料全 生命周期温室气体排放到 2050 年或占全球碳预算 15%，加剧气候变化， 治理成本高昂。 全球仅约 10%的废塑料被回收再生，化学循环技术可大幅提高回收率， 国际《结束塑料污染公约》旨在通过全生命周期管理治理塑料污染。 塑料回收面临技术、政策和经济成本挑战，现有制度鼓励一次性使用和 废弃，需建立新体系，全球正积极推动《结束塑料污染公约》。 欧洲循环经济立法超前，通过包装法案、数字护照等强制使用再生材料， 影响中国出口企业，中国将治理塑料污染列为国家重大改革任务。 按比例使用再生材料是解决玻璃、纺织品等低价值产品回收难题的关键， 化学循环可处理复杂混合物，汇成环保是目前唯一成熟商业化案例。 Q& ...

Summary of the Conference Call Company and Industry Overview - The conference call discusses Huicheng Environmental Protection's 200,000-ton waste plastic project in Jieyang, which has commenced production and is undergoing maintenance and upgrades to improve efficiency and output quality [2][3]. Key Points and Arguments 1. **Project Status and Production Challenges** - The Jieyang project began trial production on July 8, 2023, achieving a product yield exceeding 92% after 72 hours of stable operation. A planned maintenance shutdown occurred on July 14, 2023, to address minor design issues identified during the trial [3]. - The overall oil and gas yield reached approximately 75%, with coke revenue below 8%, aligning with expectations [2][5]. 2. **Raw Material Sources and Quality** - The project utilizes a diverse range of waste plastics, including those from household waste and paper mills. The chlorine content in household waste is lower, making it a more suitable raw material. The conversion rates for PS and ABS are high, with no negative impact on project operations [2][6]. 3. **Future Expansion Plans** - The company plans to construct five additional 600,000-ton pyrolysis units, totaling 3 million tons, requiring an investment of 10 billion yuan. The project is expected to commence by the end of next year [2][10]. - A domestic capacity target of 10 million tons is set, representing approximately 17-18% of the national plastic total, contingent on government policies [2][11]. 4. **Market Potential for Recycled Products** - The market for recycled polypropylene (RPP) is promising, with current prices exceeding 10,000 yuan per ton. However, short-term profit guidance remains unclear due to transportation and other costs [2][8]. - The company aims to enhance profit margins by establishing its own polymerization facilities or collaborating with other producers [2][8]. 5. **Tax Incentives and Regulatory Environment** - The company benefits from significant tax incentives, including a 70% VAT refund and a three-year exemption from income tax. The status of consumption tax on recycled light oil is pending confirmation from tax authorities [12][14]. 6. **Investment and Financing Strategy** - The funding for the 1.2 million-ton project is projected at 8 billion yuan, sourced from foundational capital, bank loans, and equity investments. A private placement is under consideration to secure additional funding [19][23]. - The company plans to initiate a refinancing project by the end of next year to meet the financial demands of the upcoming projects [24]. 7. **Environmental and Regulatory Engagement** - The company is actively engaging with government bodies to establish a waste sorting network and is involved in discussions with the EU regarding global plastic pollution management [11][22]. 8. **Market Size and Growth Projections** - China's waste plastic generation is currently 60 million tons, expected to reach 100 million tons by 2030. The company aims for a 50% recycling rate, which could yield 40-50 million tons of recycled material [17]. Additional Important Insights - The company has identified a significant demand for its products, with existing storage capabilities exceeding initial estimates, allowing for flexibility in meeting customer needs [9]. - The project’s design issues, including the size of the drying tower and heat exchanger, have been addressed, and the catalyst performance has been validated as satisfactory [5][26]. - The company is exploring international market opportunities while remaining adaptable to changing global policies on plastic waste management [11][22].