单位国内生产总值能耗较2020年下降11.6%，相当于减少11亿吨二氧化碳排放量；煤炭消费比重从2020年的56.8%下降到2024年的53.2%，非化石能源消费量 占比显著提升；森林覆盖率超25%，是全球增绿最快最多的国家……"双碳"目标提出5年、"绿水青山就是金山银山"理念提出20年来，我国推动绿色转型取 得的丰硕成果有目共睹。 全"面"布局 加强绿色战略引领 晨雾如纱，笼罩着深圳宝安循环经济产业园。垃圾转运车碾过柏油路，意料中的浊味并未传来，只有车轮与地面的接触声，像在演奏一曲"资源唤醒"的交响 乐。车窗外，厂区内的树木舒展新叶，与远处的发电塔相映，谁能想到，这里是城市"代谢废物"的归宿，更是绿色能量的源头。 走进焚烧车间，炉膛火红炽烈。在这个密闭空间里，垃圾正经历一场蜕变，从令人蹙眉的废弃物，经科技唤醒后成为能量的来源。火焰舔舐间，热能顺着管 道涌入锅炉，凝结成滚滚蒸汽，它们顺着塔筒扶摇而上，穿过脱硫脱硝的精密设备，最终化作电流，沿电网脉络走向城市的千家万户。同一时间，中控室的 屏幕显示，氮氧化物、二氧化硫的排放数据始终低于国标限值。 从沿海到内陆，从华南到华中，深圳能源环保股份有限公司（以下简称"深 ...

Core Viewpoint - The article discusses the significant disparity between the stock price and the fundamental performance of Huicheng Environmental Protection, raising concerns about its sustainability and potential classification as a "zombie stock" [3][4][30]. Group 1: Company Financial Performance - Huicheng Environmental Protection's revenue for the first half of 2025 was 564 million yuan, a year-on-year decrease of 5.09%, while net profit dropped by 85.63% to 5.02 million yuan [3][30]. - The company's stock price has increased over 20 times since 2022, reaching 175 yuan per share, despite the declining financial performance [1][3]. - The company has seen a significant increase in accounts receivable, which reached 419 million yuan in the first half of 2025, a 57.11% increase compared to the beginning of the period [33]. Group 2: Business Model and Projects - Huicheng Environmental Protection focuses on solid waste treatment, particularly in the recycling and processing of waste catalysts for refining enterprises [5][10]. - The company has launched several key projects, including a 20,000-ton/year mixed waste plastic resource utilization project, which is expected to generate significant revenue [11][12]. - The company’s innovative "one-step" process for waste plastic treatment has been highlighted as a global first, with a projected annual output value of 1.243 billion yuan for the first phase [12][14]. Group 3: Investment and Expansion Plans - The company plans to raise 850 million yuan through a private placement, with 600 million yuan allocated for the Dannan Sea Petrochemical Industrial Zone project and 250 million yuan for liquidity support [1][3]. - Future expansion plans include a 300,000-ton/year project with an estimated total investment of 20 billion yuan, indicating aggressive growth strategies despite current financial pressures [20][30]. - The company’s total investment in major projects is reported to be 3.146 billion yuan, with a remaining funding requirement of 1.666 billion yuan [20][21]. Group 4: Concerns and Comparisons - The company has drawn comparisons to Zuojiang Technology, which faced severe issues leading to its delisting due to financial fraud, raising questions about Huicheng's sustainability [4][30]. - The low proportion of institutional investors and high personal shareholder ownership (nearly 80%) has led to skepticism regarding the stock's valuation and potential manipulation [3][4]. - The company’s research and development spending has been criticized for being disproportionately low compared to its ambitious technological claims, with total R&D expenditure from 2016 to 2024 amounting to only 153 million yuan [14][17].

Core Viewpoint - Huicheng Environmental Protection has successfully completed the trial production of its 200,000 tons/year mixed waste plastic resource utilization project, marking a significant step in its green chemical industry chain and potential for replication and promotion [1]. Group 1: Project Development - The project, located in the Dannan Sea Petrochemical Industrial Zone, has a total investment of 1.5 billion yuan, with an increase of 301 million yuan announced in April 2025 [1]. - The project is expected to generate an annual output value of 1.243 billion yuan and contribute 265 million yuan in taxes once fully operational [1]. Group 2: Business Overview - Huicheng Environmental Protection specializes in solid waste treatment and disposal services, focusing on the processing and recycling of waste catalysts for refining enterprises [2]. - The company has seen its stock price increase significantly, rising over 20 times since April 2022, with a current market capitalization exceeding 48 billion yuan [2]. Group 3: Financial Performance - In 2024, the company reported an operating income of 1.149 billion yuan, a year-on-year increase of 7.33%, but net profit fell by 68.97% to 48 million yuan [3]. - For the first quarter of this year, the company experienced a decline in both operating income (2.85 billion yuan, down 4.27%) and net profit (loss of 9.2243 million yuan, down 139.75%) [3].