证券日报网讯惠城环保（300779）10月23日发布公告，在公司回答调研者提问时表示，公司20万吨/年 混合废塑料资源化综合利用项目产出的液化塑料裂解气和塑料裂解轻油已实现正常销售。其中，液化塑 料裂解气的客户为茂化实华（000637）。塑料裂解轻油的客户为福建联合石化，目前产品供其试用。公 司生产出的产品经SGS检测，产品质量符合要求。鉴于不同客户不同装置针对原料指标要求存在差异， 公司正积极建设加氢装置以提升产品品质。 ...

证券之星消息，2025年10月23日惠城环保（300779）发布公告称公司于2025年10月22日组织现场参观活 动，一九私募、国泰海通、平安基金、国盛证券、杭州柏乔投资、信达证券、Andon Hong Kong、星石投 资、国都证券、正信控股、松熙资产、众合创赢、国海证券、乾瞻投资、中银证券、中财集团、华西证 券、健顺投资、上海鎏熙资产、恒泽投资、中融协众资本、深圳宇轩创富、鸿途私募、Ascent Fund、汐 泰投资、北京合创友量私募、太平洋、逐流资产、前海辰星、兆信资产参与。 具体内容如下： 问：请介绍一下销售和发货进展？ 答：公司 20 万吨/年混合废塑料资源化综合利用项目产出的液化塑料裂解气和塑料裂解轻油已实现正常销 售。其中，液化塑料裂解气的客户为茂化实华。塑料裂解轻油的客户为福建联合石化，目前产品供其试 用。公司生产出的产品经 SGS 检测，产品质量符合要求。鉴于不同客户不同装置针对原料指标要求存在 差异，公司正积极建设加氢装置以提升产品品质。 问：600 度的反应温度下，催化剂会选择怎样的一个体系？从市场销售的角度看，溯源如何做准备的？公 司 20 万吨的项目已经逐步稳定运行，后续做优化升级， ...

青岛惠城环保科技集团股份有限公司 证券代码：300779 证券简称：惠城环保 3、未来三到五年，公司国内外能完成 1500 万吨到 2000 万吨的概 率？未来扩产的过程中，公司的资金规划如何？主要侧重于哪些 方式？ 鉴于各地加快构建绿色低碳循环发展规划，多地政府与公司洽 谈当地区域废塑料资源循环利用项目建设计划，同时国外企业也有 合作意愿，公司将顺势拓展海外业务，积极探索全球发展机遇，稳 步推进国内外业务布局。对于扩产项目建设资金，公司将通过一级 市场、二级市场、金融贷款多种方式结合解决。资金并非主要问题， 核心挑战在于原料化建设进度和地方政府资源供给。 4、加氢装置投入运行时间？加氢后溢价情况如何？ 加氢装置预计 2026 年年初进行调试。公司与下游客户谈判时明 确公司产品享受绿色溢价，产品相关定价已与客户谈好并形成协议， 客户合同及订单中的产品定价、供应量等涉及保密，暂不披露。 5、您讲到了化学再生和物理再生的区别，对于化学再生产品市场 如何？应用在哪些中端客户？化学再生的市场容量如何？ 投资者关系活动记录表 编号：2025-006 | | □特定对象调研 □分析师会议 | | --- | --- | ...

Group 1 - Mindray Medical received the highest number of institutional surveys, with 184 institutions participating, including 14 fund companies, 8 securities companies, 7 private equity firms, 7 insurance companies, and 124 overseas institutions [1] - The company aims to enhance its international influence, align with its global development strategy, attract talent, and optimize shareholder structure and liquidity through its overseas listing [1] - Mindray expects a year-on-year revenue growth by Q3 2025, with a trend of quarterly improvement in revenue, particularly in international markets, which are anticipated to accelerate growth starting from Q3 [1] Group 2 - Rongbai Technology has made significant progress in developing overseas clients, including major companies like Panasonic, and has a robust overseas customer structure [2] - Dike Co. announced a cash acquisition of 62.5% of Jiangsu Jinkai Semiconductor Technology Co., which will become a subsidiary and contribute to the company's consolidated financial statements [2] - Jiangsu Jinkai focuses on storage chip packaging and testing services, with a current capacity of 3KK/month for packaging and 2.5KK/month for testing, planning to expand to 4KK/month [2] Group 3 - Huicheng Environmental has seen a dramatic increase in stock price, nearly 30 times since its low in 2022, with a recent weekly increase of over 20% [3] - The company successfully launched its 20,000 tons/year mixed waste plastic resource utilization project, with stable production following technical upgrades [3] - Jiao Cheng Ultrasonic is increasing its market share in the semiconductor packaging sector by leveraging its technology to compete against foreign equipment manufacturers [3] Group 4 - Hotgen Biotech's affiliate, ShunJing Pharmaceutical, is progressing well with its innovative drug SGC001, having completed Phase I clinical trials and preparing to initiate Phase II trials [4] - Initial results from the trials indicate that the drug's efficacy aligns with expectations, with further statistical analysis underway [4]

惠城环保（300779.SZ）10月15日在投资者互动平台表示，尊敬的投资者您好，公司20万吨/年混合废塑 料资源化综合利用项目产出的产品主要有液化塑料裂解气及塑料裂解轻油。塑料裂解轻油的客户为福建 联合石化，目前产品供其试用。液化塑料裂解气的客户为立拓新材料和茂化实华。同时与安姆科等多家 公司在原材料供应、化学循环产品（液化塑料裂解气和塑料裂解轻油）供应环节达成深度合作。未来公 司若有新的协议签署，将严格按照相关规定及时履行信息披露的义务。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司20万吨试生产项目成功启动，但订单是否 有着落？ ...

Core Viewpoint - The company Huicheng Environmental Protection (300779.SZ) reported that its production and operational status is normal as of October 15 [1] Group 1: Production and Operations - The company has a project for the comprehensive utilization of 200,000 tons/year of mixed waste plastics, producing liquefied plastic cracking gas and plastic cracking light oil [1] - The customer for plastic cracking light oil is Fujian United Petrochemical, which is currently testing the product [1] - The customers for liquefied plastic cracking gas include Litop New Materials and Maohua Shihua [1] Group 2: Partnerships and Collaborations - The company has established deep cooperation with several companies, including Amco, in the areas of raw material supply and chemical recycling products (liquefied plastic cracking gas and plastic cracking light oil) [1] - The company commits to timely information disclosure in accordance with relevant regulations for any new agreements signed in the future [1]

惠城环保10月12日在电话会议上表示，公司20万吨/年混合废塑料资源化综合利用项目于7月11日进行首 次投料，一次性投料成功，工艺得到验证。8月进行第二次试生产过程中，发现了油气管线设计的一些 问题，后续通过技术升级改造，于9月29日顺利复产。复产产出的塑料裂解轻油产品经第三方专业机构 检测，指标符合预期标准，并交付下游客户。目前装置处于持续稳定生产状态。公司已建设加氢装置， 未来可持续提高产品品质。 ...

责任编辑：小浪快报 点击查看公告原文>> 近日，青岛惠城环保科技集团股份有限公司举行了投资者关系活动，野村资管、胤胜资产、农银汇理等 70家机构通过电话会议参与其中。以下为本次活动的详细情况： 1.基本信息-投资者活动关系类别：其 他（电话会议） -时间：2025年10月12日20:30 - 21:30 -地点：电话会议 -参与单位名称：野村资管、胤 胜资产、农银汇理等70家机构 -上市公司接待人员姓名：首席技术官张新功先生、董事会秘书茹凡先生 2.投资者关系活动主要内容-20万吨废塑料项目运行情况：该项目于7月11日首次投料成功，验证了工 艺。8月试生产发现油气管线设计问题，经技术升级改造，9月29日复产。复产产出的塑料裂解轻油产品 经检测符合预期标准，已交付下游客户，目前装置持续稳定生产，公司还建设了加氢装置以提升产品品 质。 -产品销售与合作：塑料裂解轻油客户为福建联合石化，正供其试用；液化塑料裂解气客户为立拓 新材料和茂化实华。同时，公司与安姆科等多家公司在原材料供应、化学循环产品供应环节达成深度合 作，产品享受绿色溢价，产品定价已与客户达成协议，但具体合同及订单细节暂不披露。 -未来扩产计 划：20 ...

Core Viewpoint - Huicheng Environmental Protection's stock price has experienced a significant increase despite a drastic decline in its financial performance, leading to an extraordinarily high price-to-earnings ratio exceeding 2500 times [1][8]. Financial Performance - In the first half of 2024, Huicheng Environmental Protection reported a revenue of 564 million yuan, a year-on-year decrease of 5.09%, and a net profit of 5.02 million yuan, down 85.63% [2]. - The company's non-recurring net profit was only 762,000 yuan, a staggering decline of 97.53% year-on-year, marking the second-lowest point since its listing [2][4]. - The main business segments include resource utilization products and waste disposal services, with the resource utilization segment experiencing a revenue drop of 25.21% to 170 million yuan [2]. Business Segments - The hazardous waste disposal service revenue increased by 5.81% to 354 million yuan, primarily driven by services provided to Guangdong Petrochemical [2][3]. - The high-sulfur petroleum coke resource utilization project, which began operations in December 2022, generated 374 million yuan in revenue in the first half of 2024, with net profits of 51.28 million yuan [3]. Cost Structure - Despite a slight decline in revenue, the company's net profit saw a dramatic drop due to significantly increased expenses, including sales, management, and financial costs, which rose by 11.12%, 27.73%, and 17.94% respectively [4][5]. - The increase in costs is attributed to the establishment of multiple subsidiaries and the expansion of business operations across the country [5]. Market Performance - Since its listing, Huicheng Environmental Protection's stock has shown extreme volatility, with a peak increase of nearly 24 times since late 2022, despite inconsistent profit levels [6][7]. - The stock's performance has been driven by its small market capitalization, allowing for significant price movements with relatively small capital inflows [7]. Analyst Ratings - Despite the high valuation and declining performance, Guosheng Securities has maintained a "buy" rating on the stock, projecting revenues of 4.2 billion yuan by 2027, which would represent a 3.65-fold increase from 2024 [1][8]. - The company is currently investing in several projects, including waste plastic resource utilization, which are still under development and may impact future performance [8][9].

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].