证券日报网讯 12月1日，惠城环保（300779）在互动平台回答投资者提问时表示，经内部核查，公司20 万吨/年混合废塑料资源化综合利用项目产品规划未发生任何调整，产出的产品仍以液化塑料裂解气及 塑料裂解轻油为主。 ...

格隆汇12月1日丨惠城环保(300779.SZ)在投资者互动平台表示，近期网络上出现关于我司产品、设备存 在问题的不实传言，该信息未经正规渠道核实，缺乏事实依据，已对公司声誉及市场秩序造成不良影 响。经内部核查，公司20万吨/年混合废塑料资源化综合利用项目产品规划未发生任何调整，产出的产 品仍以液化塑料裂解气及塑料裂解轻油为主。液化塑料裂解气主要成分为丙烯等低碳烯烃，塑料裂解轻 油的主要成分是混合芳烃。为保障装置标定及后续高效稳定运行的工作，2025 年11 月 20日装置进入停 工技改阶段，技改相关工作进度符合预期规划，正常推进。公司配套建设的加氢装置核心目的是为提升 裂解装置产出产品品质提升，目前按照既定进度表正常推进。公司在此提醒广大投资者及社会公众，不 信谣、不传谣，共同维护良好的市场环境。 ...

Core Viewpoint - The Chinese government has emphasized the importance of "Beautiful China" and green low-carbon development in its 14th Five-Year Plan, which is expected to drive the growth of the circular economy industry, highlighting the role of leading companies like Huicheng Environmental Protection in this transition [1] Group 1: Company Overview - Huicheng Environmental Protection has been a pioneer in waste treatment and resource recycling since its establishment in 2006, achieving significant technological advancements and industrial integration after its listing on the ChiNext board in 2019 [2] - The company has developed original technologies in large-scale solid waste harmless treatment and resource reuse, including the FCC waste catalyst resource utilization technology, which separates elements from non-recyclable waste catalysts to recover valuable materials [2] Group 2: Technological Innovations - The company has introduced a groundbreaking mixed waste plastic deep catalytic cracking technology (CPDCC), which allows for the direct conversion of mixed waste plastics into high-value products without the need for complex sorting [3] - This technology boasts a product yield of over 92% and significantly reduces carbon emissions compared to traditional waste incineration methods, with potential annual savings of 100-150 million tons of crude oil and a reduction of 250 million tons of CO₂ emissions based on processing 50 million tons of waste plastic [3] Group 3: Project Developments - The East Guangdong Chemical's 20,000 tons/year mixed waste plastic resource utilization demonstration project is set to begin trial production in July 2025, marking a significant milestone in the industrialization of the CPDCC technology [4] - The project is expected to generate an annual output value of 1.243 billion yuan and contribute 238 million yuan in taxes, showcasing the economic viability of the technology [4] Group 4: Future Plans and Collaborations - The company plans to expand its operations based on local waste collection volumes, with future projects potentially producing a wider range of chemical raw materials beyond just liquefied plastic cracking gas and light oil [5] - Strategic partnerships have been established with organizations like China Resource Recycling Company to enhance resource acquisition and chemical recycling efforts, aiming to create a replicable model for high-value waste plastic utilization [5][6] - The company is also collaborating with investment institutions to accelerate the deployment of chemical recycling projects across various provinces and internationally, targeting a total of 3 million tons of waste plastic processing by 2026 [6]

Core Viewpoint - The article highlights the significant advancements made by Qingdao Huicheng Environmental Technology Group in the recycling of low-value mixed plastic waste, showcasing their innovative CPDCC technology that enables the conversion of waste plastics into high-value chemical raw materials, thus contributing to a circular economy and reducing plastic pollution [2][6][9]. Summary by Sections Project Progress - Huicheng Environmental announced key progress in its 200,000 tons/year mixed plastic waste resource utilization project, achieving a closed-loop cycle from waste plastic to plastic raw materials, with products meeting quality standards [2][6]. Technology and Innovation - The CPDCC technology addresses six critical bottlenecks in the resource utilization of mixed waste plastics, including efficient sorting, core reactor design, and energy efficiency, significantly enhancing economic viability and reducing carbon emissions [6][7]. - The technology can produce chemical raw materials equivalent to three times the amount obtained from one kilogram of crude oil, while avoiding landfill or incineration [7]. Expansion and Collaboration - Huicheng Environmental has signed cooperation agreements with Zhongzi Environmental and is steadily advancing expansion projects in multiple locations, including Jieyang, Yueyang, and Heze [7]. - The company aims to establish a green recycling system and has completed the ISCC PLUS certification for its project, promoting the construction of waste sorting centers and agricultural film recovery projects [7][8]. Industry Impact - The successful integration of technology and industry collaboration demonstrates that waste plastics can be incorporated into the circular economy, transforming them into valuable resources [8][9]. - The company is committed to providing high-quality recycled materials and innovative solutions for the petrochemical industry and solid waste resource utilization [8][9]. Upcoming Conference - Zhang Xinkong, the founder and CTO of Huicheng Environmental, will present at the 2025 (3rd) Polymer Recycling Conference in Ningbo, sharing insights on the company's advancements and contributions to the industry [2][8].

Group 1 - The core point of the article is that Huicheng Environmental Protection has successfully commenced the normal sales of plastic pyrolysis light oil produced from its 200,000 tons/year mixed waste plastic resource utilization project [2] Group 2 - The company confirmed that it will deliver the products according to the contractual agreements [2]

Core Viewpoint - The company is actively engaging in the recycling of waste plastics, producing chemical raw materials that can be utilized in creating green packaging materials, supported by ISCC PLUS certification for traceability in the plastic lifecycle [1] Group 1: Project Details - The company has a 200,000 tons per year mixed waste plastic resource utilization project, producing liquefied plastic cracking gas and plastic cracking light oil [1] - The products from this project are part of a circular economy chain, transforming waste plastics into high-end materials [1] Group 2: Certification and Pricing - The company has obtained ISCC PLUS certification, which serves as a premium basis for the traceability of the entire lifecycle of plastics [1] - During negotiations with downstream customers, the company emphasizes that its products enjoy a green premium, with pricing already agreed upon and contracts signed, although specific details remain confidential [1]

Core Viewpoint - Huicheng Environmental Protection (300779) announced that its 200,000 tons/year mixed waste plastic resource utilization project has achieved normal sales of liquefied plastic cracking gas and plastic cracking light oil [1] Group 1: Product Sales - The liquefied plastic cracking gas is being sold to Maohua Shihua (000637) [1] - The plastic cracking light oil is currently being trialed by Fujian United Petrochemical [1] Group 2: Product Quality - Products have passed SGS testing, confirming that the quality meets requirements [1] - The company is actively constructing hydrogenation facilities to enhance product quality due to varying raw material requirements from different customers [1]

Core Viewpoint - 惠城环保 is actively expanding its operations in the waste plastic recycling sector, with a focus on enhancing product quality and increasing production capacity through strategic investments and partnerships [1][4]. Group 1: Sales and Production Progress - The company has successfully commenced normal sales of liquefied plastic cracking gas and plastic cracking light oil from its 200,000 tons/year mixed waste plastic resource utilization project, with customers including 茂化实华 and 福建联合石化 [2]. - The company is constructing hydrogenation facilities to improve product quality, with plans for commissioning in early 2026 [5]. Group 2: Future Expansion Plans - The company aims to complete verification experiments for different catalyst formulations by the second half of 2025, targeting full production capacity by early 2026 [3]. - Future expansion plans include scaling up to 200,000 tons and 600,000 tons based on local waste collection volumes and project approvals [3][4]. Group 3: Financial Performance - In the first half of 2025, the company reported a main 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% [7]. - The company has a debt ratio of 73.94% and has seen a net inflow of 826 million yuan in financing over the past three months [7][8]. Group 4: Market Opportunities - The company is exploring both domestic and international markets for waste plastic recycling projects, with interest from local governments and foreign enterprises [4]. - The market capacity for chemical recycling is expected to be comparable to that of physical recycling, with a focus on producing essential chemical raw materials like ethylene and propylene [6].

Group 1: Technology and Innovation - The company has developed a proprietary mixed waste plastic deep catalytic cracking technology (CPDCC), achieving a product yield of over 92%, significantly higher than the traditional two-step method which has a yield of only 50-60% [2][3] - The CPDCC technology allows for continuous and stable feeding of solid waste plastics, addressing issues of coking at high temperatures [2] - The company utilizes a circulating fluidized bed reactor to solve heat supply challenges during the cracking process, particularly for solid waste plastics [2] Group 2: Sales and Production - The company’s 200,000 tons/year mixed waste plastic resource utilization project has begun normal sales of liquefied plastic cracking gas and light oil, with customers including Maohua Shihua and Fujian United Petrochemical [2][3] - The company plans to complete verification experiments for different catalyst formulations by the second half of 2025, aiming for full production by Q1 2026 [3] - Future expansion plans include scaling up to 200,000 tons and 600,000 tons based on local waste recovery volumes [3][4] Group 3: Market and Financial Strategy - The company anticipates the potential to process 15 million to 20 million tons of waste plastics in the next three to five years, with ongoing discussions for regional recycling projects [4] - Funding for expansion projects will be sourced through a combination of primary and secondary markets, as well as financial loans, with the main challenge being the pace of raw material recovery [4][5] - The company has established agreements with customers for green premium pricing on products, enhancing market competitiveness [5] Group 4: Environmental Impact and Market Capacity - Chemical recycling offers a new solution for waste plastic management, contrasting with physical recycling which ultimately leads to incineration and CO2 emissions [6][7] - The market capacity for chemical recycling is expected to be comparable to that of physical recycling, focusing on producing essential chemical raw materials like ethylene, propylene, and low-carbon aromatics [6][7]

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]