Core Insights - The company is heavily reliant on a single customer, Guangdong Petrochemical, which accounts for 69.12% and 62.75% of its sales revenue from the petroleum coke hydrogen ash utilization project in 2023 and 2024 respectively [1] - The project is projected to generate a disposal income of 627 million yuan in 2024, a decrease of 39.95 million yuan compared to 2023, with a gross profit margin dropping from 34.07% to 23.35% [1] - The company's inventory has surged significantly, increasing from 107 million yuan at the end of 2022 to 501 million yuan by June 2025, with over 56% of this inventory related to a 200,000 tons/year mixed waste plastic project [1] - The company's asset-liability ratio is expected to reach 73.94% by June 2025, coupled with a 46.75% pledge rate of shares held by the actual controller, indicating significant pressure on the cash flow [1] - The company plans to raise up to 850 million yuan through a private placement, with funds allocated for various projects and to supplement working capital [1] - In the mid-year report of 2025, the company reported an operating income of 564 million yuan, a year-on-year decrease of 5.09%, and a net profit attributable to shareholders of 5.02 million yuan, down 85.63% year-on-year [1]