北京 上海 南京 杭州 天津 深圳 高朋（上海）律师事务所 关于英科再生资源股份有限公司 2025 年第二次临时股东会的 法律意见书 2025 年 11 月 扬州 中国上海市徐汇区虹桥路 500 号中城国际大厦 23 楼 邮编：200030 电话/Tel：（8621）5039-2800 传真/Fax：（8621）5039-2800 网址：http://www.gaopenglaw.com www.gaopenglaw.com 中国·上海·徐汇区虹桥路 500 号 中城国际大厦 23 楼 23/F CURA International Center , No 500 HongQiao Road , XuHui District , Shanghai , 200030 ,China 电话/Tel：（8621）5039-2800 传真/Fax：（8621）5039-2800 www.gaopenglaw.com 鉴此，本所律师根据上述法律、法规、规章及规范性文件的要求，按照律师 行业公认的业务标准、道德规范和勤勉尽责精神，现出具法律意见如下： 一、 本次股东会召集人资格及召集、召开的程序 经核查，公司本次股东会是由 ...

本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 证券代码：688087 证券简称：英科再生 公告编号：2025-059 英科再生资源股份有限公司 2025年第二次临时股东会决议公告 注：截至股权登记日，公司总股本 194,054,775 股，剔除不享有股东会表决权的公司回购专 户中的股份数量 1,196,648 股，本次股东会享有表决权的股份总数为 192,858,127 股。 （四） 表决方式是否符合《公司法》及公司章程的规定，股东会主持情况等。 本次会议由公司董事会召集,由董事长刘方毅先生主持会议，采用现场投票 与网络投票相结合的方式召开。会议的召集和召开程序、出席会议人员的资格、 会议的表决方式和程序均符合《公司法》及《公司章程》的有关规定，所作决议 合法有效。 （五） 公司董事和董事会秘书的出席情况 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： 重要内容提示： | 1、出席会议的股东和代理人人数 | 42 | | --- | --- | | 普通股股东人数 | 42 ...

Group 1 - The company announced a share repurchase of 1,421,622 shares, which represents 0.73% of its total share capital [1]

Company Summary - Inke Rebirth (SH 688087) announced a share buyback of approximately 1.42 million shares, accounting for 0.73% of the total share capital, with a total expenditure of approximately RMB 39.92 million [1] - The highest and lowest prices for the buyback were RMB 30.39 and RMB 25.43 per share, respectively [1] - As of the report, Inke Rebirth has a market capitalization of RMB 5.7 billion [1] Industry Summary - The industry is experiencing a significant increase in overseas orders, with a reported growth of 246%, covering over 50 countries and regions [1] - Entrepreneurs have raised concerns about some companies selling at a loss, warning of potential vicious competition expanding into overseas markets [1]

Core Viewpoint - The company, Yingke Recycling (688087.SH), announced a share buyback program, indicating confidence in its stock value and future prospects [1] Group 1: Share Buyback Details - The company repurchased a total of 1.4216 million shares, which represents 0.73% of its total share capital [1] - The highest price paid for the shares was 30.39 CNY per share, while the lowest price was 25.43 CNY per share [1] - The total amount spent on the buyback was 39.9229 million CNY, excluding transaction fees [1]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2025/4/8 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 2025 4 8 4 7 | 月 | 日~2026 | 年 | 月 | 日 | | 预计回购金额 | 4,000万元~8,000万元 | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | | | □用于转换公司可转债 □为维护公司价值及股东权益 | | | | | | | 累计已回购股数 | 1,421,622股 | | | | | | | 累计已回购股数占总股本比例 | 0.73% | | | | | | | 累计已回购金额 | 39,922,895.52元 | | | | | | | 实际回购价格区间 | 25.43元/股~30.39元/股 | | | | | | 一、回购股份的基本情况 英科再生资源股份有限公司（ ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [2][13]. Core Insights - The company reported a revenue of 2.583 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 15.76%. The net profit attributable to shareholders was 226 million yuan, up 16.29% year-on-year [5]. - In Q3 2025, the company achieved a revenue of 917 million yuan, a 15.08% increase year-on-year, with a net profit of 80 million yuan, marking a significant growth of 104.08% year-on-year [5][6]. - The company is focusing on expanding its production bases in China and Southeast Asia, while exploring new business growth points through a diversified product matrix and global channel advantages [6]. Financial Performance - The company's gross margin for Q3 was 24.57%, slightly down by 0.21 percentage points year-on-year, while the net profit margin improved by 3.82 percentage points to 8.77% [6]. - The financial expenses have increased, with the expense ratio for the first three quarters at 17.74%, up 2.41 percentage points year-on-year. However, cash flow improved significantly, with operating cash flow for Q3 reaching 165 million yuan, an increase of 124 million yuan year-on-year [6]. Earnings Forecast - The company is expected to generate revenues of 3.43 billion yuan and 3.91 billion yuan in 2025 and 2026, respectively, representing year-on-year growth rates of 17.2% and 14.2% [7]. - The forecasted net profit attributable to shareholders for 2025 and 2026 is projected to be 320 million yuan and 380 million yuan, with growth rates of 3.36% and 18.34%, respectively [7].

Group 1 - The core viewpoint of the report is that Zhongyou Securities has given a "Buy" rating to Yingke Recycling (688087.SH) based on its steady revenue growth and significant profit improvement in Q3 [1] - Q3 revenue showed steady growth, particularly in the decorative building materials sector, which continues to experience high growth [1] - Q3 profit has improved significantly year-on-year, attributed to better operational performance and benefits from financial management [1] - Financial expenses have increased noticeably, but cash flow in Q3 has improved compared to the previous year [1] Group 2 - Risks include the potential underperformance of overseas production capacity and exposure to exchange rate and tariff risks [1]

Group 1 - The core theme of the forum is "Moving Towards New Horizons, Achieving Long-term Goals with Practicality, and Igniting the Future with Intelligence" [1] - In the 2024 Annual New Quality Enterprise Golden Bull Award, Yingke Recycling was recognized for its achievements in the field of renewable plastic recycling and utilization [1][4] - Yingke Recycling was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board in July 2021 and has established a global channel advantage [4] Group 2 - Yingke Recycling's business is divided into three main segments: recycling, regeneration, and utilization, focusing on high-quality tracks of recycled PS and PET [4] - The company reported a revenue of 2.583 billion yuan for the first three quarters of this year, representing a year-on-year increase of 15.76% [4] - The revenue for the first, second, and third quarters of 2025 was 793 million yuan, 873 million yuan, and 917 million yuan, respectively, achieving record highs for the same period [4] Group 3 - The Golden Bull Award is a prestigious evaluation activity organized by China Securities Journal, emphasizing transparency and professionalism [5] - This year's awards included nine categories, such as "Most Investment Value Award" and "New Quality Enterprise Golden Bull Award," based on 16 key indicators across six dimensions [5] - A total of 60 companies listed on the Sci-Tech Innovation Board were recognized for their performance in the evaluation [5]

Core Viewpoint - The company has demonstrated resilience in a challenging market environment, expanding its revenue and improving profitability through a clear development path and robust operational strategies, while actively exploring new business growth points and leveraging its diversified product matrix and global channel advantages [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved a cumulative operating revenue of 2.583 billion yuan and a net profit attributable to shareholders of 226 million yuan, with a net profit of 154 million yuan after deducting non-recurring gains and losses [2]. - The increase in non-recurring gains and losses is attributed to the company's investment in financial products using its own funds, resulting in fair value changes and income from matured investments [2]. Shareholder Information - The company has initiated a share repurchase plan, approved on April 7, 2025, allowing for the repurchase of shares at a price not exceeding 41.44 yuan per share, with a total repurchase amount between 40 million yuan and 80 million yuan [3]. - As of September 30, 2025, the company repurchased 848,200 shares, accounting for 0.44% of the total share capital, with a total expenditure of approximately 23 million yuan [4]. Stock Incentive Plan - The company has completed the repurchase and cancellation of 541,835 restricted shares as part of its 2022 stock incentive plan, reducing the total share capital from 194,596,610 shares to 194,054,775 shares [5]. Investor Communication - The company plans to hold an investor performance briefing on November 28, 2025, to discuss the third-quarter results and address investor inquiries [9][10].