Hui Cheng Technology(SZ:300779)2026-01-06 13:56Group 1: Company Overview - Qingdao Huicheng Environmental Technology Group Co., Ltd. was established in 2006, focusing on original technology innovation to address industrial solid waste and environmental governance challenges [2]. - The company operates three main business segments: catalyst-related services, high-sulfur petroleum coke hydrogen ash utilization, and mixed waste plastic resource utilization [2]. Group 2: Catalyst Business - The catalyst-related business provides waste catalyst treatment services and produces FCC catalysts and regenerated catalysts, establishing a comprehensive service model [2]. - The company has a stable market share domestically and is actively expanding into overseas markets [2]. Group 3: High-Sulfur Petroleum Coke Utilization - The high-sulfur petroleum coke hydrogen ash utilization project is the primary and stable source of revenue, utilizing proprietary technology to provide ash treatment services and produce steam, crude vanadium, and crude nickel hydroxide [2]. Group 4: Waste Plastic Resource Utilization - The company’s 200,000 tons/year mixed waste plastic resource utilization project is a core future development direction, converting waste plastics into high-value chemical products [2][4]. - The project successfully commenced trial production in July 2025 and passed performance assessments, achieving over 92% yield of oil and gas products relative to effective carbon in waste plastics [3]. Group 5: Future Expansion Plans - The company plans to enhance the load rate of the waste plastic project and is exploring expansion opportunities in various regions, including Jieyang, Yueyang, Heze, and Tianjin [4]. - Future expansion will depend on project approvals and raw material recovery conditions, with interest from foreign enterprises for collaboration [4]. Group 6: Financial and Operational Considerations - The company’s catalyst treatment capacity is 58,500 tons/year, with catalyst production capacity at 40,000 tons/year, focusing on overseas market growth [10]. - Funding for expansion projects will be sourced from self-funding and various financing channels, including market financing and loans [12].