Core Viewpoint - Huicheng Environmental Protection (300779) successfully passed the performance assessment of its 200,000 tons/year mixed waste plastic resource utilization project, which is expected to enhance operational stability and capacity utilization by the end of 2026 [1] Group 1: Project Performance - The project was assessed on December 29, 2025, after a 72-hour operational data validation [1] - The facility is currently operating stably, indicating successful initial performance [1] Group 2: Future Plans - The company is actively working to increase the load rate of the facility [1] - A test for adjusting the raw material feeding method is planned to commence by the end of January 2026, aiming to gradually achieve the designed capacity [1] - There are currently no plans for modifications to the facility [1]

每经AI快讯，惠城环保（300779.SZ）12月31日在投资者互动平台表示，公司20万吨/年混合废塑料资源 化综合利用工业试验装置已完成标定，顺利通过现场性能考核。产品质量达到设计要求，充分验证了 CPDCC技术的成熟度与可靠性，具备良好的产业化推广条件。后续，公司将根据装置运行情况逐步优 化提升，力争稳步提高装置负荷率，全面达成设计产能目标。 （文章来源：每日经济新闻） ...

Core Viewpoint - Huicheng Environmental Protection confirmed that there have been no adjustments to the product planning of its 200,000 tons/year mixed waste plastic resource utilization project, focusing on the production of liquefied plastic cracking gas and plastic cracking light oil [2] Group 1: Product Details - The main components of liquefied plastic cracking gas are low-carbon olefins such as propylene, while the primary components of plastic cracking light oil are mixed aromatics [2] - The product yield exceeds 92%, although specific yield is influenced by the types and compositions of waste plastic raw materials [2] Group 2: Operational Status - The project is currently in a stable production state, with the company continuously optimizing production based on process characteristics to ensure efficient and stable operation [2] - The company aims to enhance resource utilization efficiency and economic benefits, adjusting operational strategies based on raw material characteristics and market demand rather than merely pursuing full production capacity [2]

（文章来源：证券日报） 证券日报网讯 12月5日，惠城环保在互动平台回答投资者提问时表示，公司20万吨/年混合废塑料资源 化综合利用示范项目已顺利完成第三阶段长周期稳定运行测试，整体运行情况符合预期目标。此次技改 是装置优化升级保障装置标定及后续高效稳定运行，旨在通过精细化调整，让产品质量更趋稳定、产能 释放更高效，为项目全面达产后的规模化运营奠定坚实基础。目前技改进度符合预期规划，相关配套的 加氢装置建设也在按计划推进。 ...

IPO Review and Registration Progress - Three companies were reviewed for IPO, with two approvals and one deferral. Yongda Co. faced a deferral, while Meidele and Haifiman received approvals [2][3] - Yongda Co. reported a revenue of 361 million yuan for the first three quarters of 2025, a year-on-year decline of 25.16%, and a net profit of 70 million yuan, down 3.34% [2] - Meidele's revenue from products used in the new energy battery sector accounted for about 60% of its main business income, with a high customer concentration [2] - Haifiman specializes in high-end audio products, facing inquiries regarding its technological advancements and acquisition rationality [3] Upcoming IPOs - Three companies are set to present for IPO this week: Zuxing New Materials, Mirui Technology, and Jintai Co., all targeting the Beijing Stock Exchange [4] - Zuxing New Materials has previously attempted IPOs in 2016 and 2020 but withdrew applications. Its revenue for 2022 to 2024 was 629 million, 690 million, and 707 million yuan, with net profits showing fluctuations [4][5] - Mirui Technology's revenue for the first three quarters of 2025 was 549 million yuan, down 0.95%, with a net profit of 51 million yuan, down 12.93% [6] New Stock Listings - Two new stocks were listed last week: Hai'an Group and Nante Technology, with Nante's first-day increase of 183.03% [13][14] - This week, Jingchuang Electric is scheduled to list, with an issue price of 12.1 yuan per share. For the first three quarters of 2025, it reported a revenue of 403 million yuan, up 9.48% [13] Recent IPO Approvals and Terminations - Two IPO registrations were approved: Zhixin Co. and Qiangyi Co. [10] - Zhixin Co. plans to raise 1.329 billion yuan for production line expansion and working capital, while Qiangyi Co. focuses on semiconductor testing hardware [11] - Two IPO applications were terminated due to voluntary withdrawals, including Mingshan Environmental Energy [12] Upcoming New Stock Subscriptions - Two new stocks are set for subscription this week: Muxi Co. and Angrui Micro, both targeting the Sci-Tech Innovation Board [15] - Muxi Co. aims to raise 3.904 billion yuan for GPU development projects, reporting a revenue of 1.236 billion yuan for the first three quarters of 2025, up 453.52% [15] - Angrui Micro plans to raise 2.067 billion yuan for 5G chip development, with a revenue of 1.335 billion yuan and a net loss of 63 million yuan for the same period [16]

Core Viewpoint - The company, Huicheng Environmental Protection (300779.SZ), has addressed recent rumors regarding issues with its products and equipment, stating that these claims lack factual basis and have negatively impacted its reputation and market order [1] Group 1: Product and Project Status - The company's 200,000 tons/year mixed waste plastic resource utilization project remains unchanged, with the main products being liquefied plastic cracking gas and plastic cracking light oil [1] - The primary component of liquefied plastic cracking gas is propylene and other low-carbon olefins, while the main component of plastic cracking light oil is mixed aromatics [1] Group 2: Technical Upgrades and Operations - To ensure the calibration and subsequent efficient operation of the facility, the project will enter a shutdown technical upgrade phase on November 20, 2025, with progress aligning with the expected timeline [1] - The hydrogenation unit being constructed is aimed at enhancing the quality of the products produced by the cracking unit, and it is currently progressing according to the established schedule [1] Group 3: Investor Communication - The company urges investors and the public not to believe or spread rumors, emphasizing the importance of maintaining a healthy market environment [1]

岷山环能的保荐机构（主承销商）是德邦证券股份有限公司，保荐代表人是蔡畅、陈培生。 根据《中国证券监督管理委员会行政许可实施程序规定》第二十一条的规定，中国证监会决定终止 岷山环能向不特定合格投资者公开发行股票并在北交所上市注册程序。 岷山环能是一家集原生资源清洁生产、再生资源回收利用、高新材料制造为一体的资源生产和资源 综合利用企业。岷山环能实际控制人为何秋安、王爱云、何占源。报告期内，公司控股股东、实际控制 人未发生变化。 岷山环能拟在北交所发行股票总数不超过7,000.00万股（含本数，未考虑超额配售选择权的情况 下）或不超过8,050.00万股（含本数，全额行使本次股票发行的超额配售选择权的情况下），公司及主 承销商可以根据具体发行情况择机采用超额配售选择权，采用超额配售选择权发行的股票数量不得超过 本次发行股票数量的15%（即不超过1,050.00万股），且发行后公众股东持股比例不低于股本总额的 25%、发行对象不少于100人、发行后股东人数不少于200人为前提。 岷山环能拟募集资金29,547.29万元，用于用户侧电化学储能电站项目（一期）、退役动力电池梯次 利用及回收项目（一期）、网络智能化城市矿 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has terminated the registration process for Mingshan Environmental Energy's public offering and listing on the Beijing Stock Exchange, following the company's request to withdraw its application [1][3]. Group 1: Company Actions - Mingshan Environmental Energy voluntarily requested to withdraw its registration application for public stock issuance and listing on the Beijing Stock Exchange [1]. - The company announced its decision to terminate the public offering based on comprehensive considerations of its business development direction and strategic planning, as well as a careful analysis of the current capital market environment [4]. Group 2: Company Background - Mingshan Environmental Energy, located in Anyang, Henan Province, is engaged in clean production of primary resources, recycling of renewable resources, and manufacturing of high-tech materials [4]. - The company processes primary mineral powder and recycled lead-acid batteries, producing industrial raw materials such as lead ingots, silver ingots, non-standard gold ingots, zinc ingots, and copper products, which are widely used across various sectors of the national economy [4]. Group 3: Financial Information - The company initially planned to issue up to 70 million shares, or up to 80.5 million shares if the overallotment option was fully exercised, aiming to raise 295 million yuan for various projects [4]. - For the first half of 2025, Mingshan Environmental Energy reported revenue of 1.688 billion yuan, a year-on-year increase of 27.16%, and a net profit attributable to shareholders of 41.26 million yuan, up 13.72% year-on-year [4].

岷山环能位于安阳市龙安区，是一家集原生资源清洁生产、再生资源回收利用、高新材料制造为一体的 资源生产和资源综合利用企业。该公司对原生矿粉及废旧铅酸蓄电池等再生城市矿山资源进行熔炼及深 加工提纯，产出铅锭、银锭、非标金锭、锌锭、铜产品等工业基础原材料，被广泛应用于国民经济各个 领域。 招股书披露，岷山环能原拟发行股份不超过7000万股或不超过8050万股（全额行使超额配售选择权的情 况下），募集资金2.95亿元，用于用户侧电化学储能电站项目（一期）、退役动力电池梯次利用及回收 项目（一期）、网络智能化城市矿山回收系统项目（一期）、材料科学与城市矿山联合实验室项目、岷 山环能光伏综合智慧能源项目。 【大河财立方消息】11月28日，证监会发布注册程序终止通知书称，在审阅岷山环能公开发行股票并在 北交所上市注册申请文件的过程中，该公司主动要求撤回注册申请文件。证监会决定终止岷山环能向不 特定合格投资者公开发行股票并在北交所上市注册程序。 记者了解到，今年4月11日，岷山环能上市事项通过北交所上市委员会审核。4月30日，岷山环能提交注 册申请。 对于撤单北交所，岷山环能在此前公告中表示称，基于公司自身业务发展方向及战略 ...

Group 1 - The company has successfully completed the third phase of long-term stable operation testing for its 200,000 tons/year mixed waste plastic resource utilization demonstration project, meeting expected operational goals [1] - The technological transformation will lay a foundation for subsequent equipment calibration and efficient stable operation, providing important demonstration experience for promoting the green and high-quality development of the waste plastic circular economy industry [1] - The construction of the hydrogenation unit is progressing steadily as planned, with commissioning expected to begin in early 2026 [1] Group 2 - An investor inquired about the reasons for advancing the technological transformation from the original plan during the Spring Festival to November, and whether the hydrogenation and PSA units would require downtime [3] - The investor also asked if the company would be able to quickly reach full production status after the technological transformation and if the facility could operate at 120% capacity once the upgrades are completed [3]