惠城环保(300779) - 2025年7月29日投资者关系活动记录表

Project Progress - The company's 200,000 tons/year mixed waste plastic resource utilization project successfully commenced trial production on July 11, 2025, with a product yield of over 92% [2][3] - The project is expected to undergo a month-long inspection and rectification process, aiming to resume production in the third quarter of 2025 [2][3] Product Output and Sales - The main products from the project include plastic cracking gas, liquefied plastic cracking gas, and light oil, with liquefied plastic cracking gas being the highest in proportion [2][3] - The first batch of products has been sold to downstream customers, with pricing determined based on product quality and market conditions [3] Raw Material Sources - The project utilizes a mix of waste plastics from household garbage and industrial paper mills, maintaining a product yield of over 92% [4] - The company anticipates that increasing the diversity of waste plastic sources will not negatively impact yield or operations, provided the materials meet project specifications [4] Future Projects and Capacity - The company is involved in a government-led 3 million tons project, with a framework agreement signed for a two-phase construction plan (120,000 tons/year and 180,000 tons/year) [5] - The 120,000 tons project requires an estimated investment of 8 billion RMB, with funding sourced through equity financing and bank loans [10] Tax Incentives - The company benefits from tax incentives, including a 70% VAT refund policy and a "three exemptions and three reductions" policy for corporate income tax [9] Technical Aspects - The catalyst used in the trial production has shown satisfactory activity and stability, meeting expected performance standards [11] - The company has developed a proprietary mixed waste plastic deep catalytic cracking (CPDCC) technology, which has been validated over eight years and is considered to have a high technical barrier [14][15]