公司对中国石油销售收入占比高，2023年、2024年1 - 9月分别为69.12%、62.75%，因中国石油旗下广东 石化是灰渣利用项目唯一客户。主营业务毛利率波动较大，各年分别为27.82%、21.41%、32.37%和 24.80%。 资产与负债状况 2023年末，公司固定资产较上年末增加132488.99万元，增幅268.22%，主要因多个项目投产，在建工程 转入固定资产核算。截至2024年9月30日，在建工程账面价值为74812.63万元，未来资金需求较大。同 期，公司短期借款为24676.02万元、一年内到期的非流动负债为33708.33万元、长期借款为129249.44万 元，资产负债率为66.12%，高于同行业可比公司。 近日，青岛惠城环保科技集团股份有限公司针对深圳证券交易所关于其申请向特定对象发行股票的审核 问询函，由立信会计师事务所（特殊普通合伙）进行了详细回复，就公司业务运营、财务状况等多方面 问题进行说明。 业绩波动与业务情况 惠城环保主营业务为固体废物处理处置及资源化综合利用产品的生产和销售。报告期内，公司扣非归母 净利润分别为466.51万元、-803.08万元、13953.71万 ...

Business Situation - The main business of the company is solid waste treatment and resource utilization, with significant revenue growth in 2023 due to the operation of the petroleum coke hydrogen ash comprehensive utilization project [2] - The company's net profit attributable to shareholders, excluding non-recurring gains and losses, was 4.67 million, -8.03 million, 139.54 million, and 34.42 million yuan for the respective reporting periods [2] - Revenue from sales to China Petroleum accounted for 69.12% and 62.75% of the main business revenue in 2023 and the first nine months of 2024, respectively [2] - The gross profit margin of the main business fluctuated significantly, recorded at 27.82%, 21.41%, 32.37%, and 24.80% [2] Financial Situation - As of the end of 2023, fixed assets increased by 1.32 billion yuan, a growth of 268.22%, mainly due to multiple projects being put into production [3] - As of September 30, 2024, the value of construction in progress was 748.13 million yuan, with short-term loans at 246.76 million yuan and long-term loans at 1.29 billion yuan, resulting in a debt-to-asset ratio of 66.12%, higher than comparable companies in the industry [3] - Inventory values over the last two years and the current period were 106.84 million, 193.57 million, and 279.93 million yuan, with an increase in inventory due to preparations for deep catalytic cracking of waste plastics [3] - Sales expenses in 2023 increased by 13.11 million yuan, a rise of 97.93%, primarily due to increases in agency fees, hospitality expenses, and employee salaries [3] - The value of trading financial assets at the end of the reporting period was 12.15 million yuan, representing the company's purchased financial products [3] Risks and Responses - The company faces risks including reliance on a single customer, declining performance and gross margins, impairment of fixed assets and construction in progress, inventory depreciation, and debt repayment issues [4] - The company plans to steadily advance related projects, expand steam sales channels, rationally plan equipment updates and maintenance, strengthen cost control, and explore domestic and international markets [4] - The actual controller of the company is taking measures to maintain control stability, and the company does not hold significant financial investments, complying with relevant regulations [4]