惠城环保(300779) - 2025年10月22日投资者关系活动记录表

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]