Core Viewpoint - The company, Inke Recycling (688087.SH), has not yet engaged in plastic cracking technologies or projects, focusing instead on the recycling plastic sector with an innovative model of "recycling - regeneration - utilization" aimed at maximizing the value of recycled plastic resources and promoting sustainable development in the industry [1] Group 1 - The company is currently not involved in plastic cracking technology or projects [1] - The core business of the company is centered on the recycling plastic field [1] - The company aims to achieve efficient recycling and maximum value utilization of recycled plastic resources through technological and model innovation [1] Group 2 - The company is committed to promoting green and sustainable development in the industry [1] - The company will adhere to relevant regulations for timely information disclosure in case of significant business adjustments in the future [1]

Core Viewpoint - The company, Inke Recycling (688087.SH), has not yet engaged in plastic cracking technologies or projects, focusing instead on the recycling plastic sector with an innovative model of "recycling - regeneration - utilization" aimed at maximizing the value of recycled plastic resources and promoting sustainable development in the industry [1] Group 1 - The company is currently not involved in plastic cracking technology or projects [1] - The core business of the company is centered on the recycling plastic field [1] - The company aims to achieve efficient recycling and maximum value utilization of recycled plastic resources through technological and model innovation [1] Group 2 - The company is committed to promoting green and sustainable development in the industry [1] - The company will adhere to relevant regulations for timely information disclosure in case of significant business adjustments [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 1.666 billion yuan in H1 2025, representing a year-on-year increase of 16.13%. The net profit attributable to shareholders was 146 million yuan, a decrease of 6.01% year-on-year, primarily due to foreign exchange losses from the appreciation of the RMB against the USD. Excluding this factor, the company's operational profitability, revenue, and net profit all showed positive growth [7] - The revenue from the decoration and building materials segment grew by 38% year-on-year, accounting for 37.27% of total revenue in H1 2025. The company’s product mix, including high-value home consumer goods, contributed to over 75% of total revenue [7] - The company plans to distribute a cash dividend of 0.1 yuan per share, totaling 19 million yuan, reflecting its commitment to shareholder returns [7] - The company has a global marketing presence, with overseas revenue accounting for 88.80% of total revenue in H1 2025, showing a year-on-year increase of 27.84% [7] Financial Summary - The company forecasts total revenue of 2.924 billion yuan for 2024, with a year-on-year growth rate of 19.09%. The net profit attributable to shareholders is projected to be 307 million yuan, reflecting a significant increase of 57.07% compared to 2023 [1][8] - The earnings per share (EPS) is expected to be 1.58 yuan in 2024, increasing to 2.42 yuan by 2027, with a corresponding price-to-earnings (P/E) ratio decreasing from 16.86 in 2024 to 11.02 in 2027 [1][8] - The company’s operating cash flow for H1 2025 was 245 million yuan, an increase of 17.50% year-on-year, indicating improved operational efficiency [7]

Core Viewpoint - The company announced a share buyback program, indicating confidence in its financial health and future prospects [2] Summary by Categories Company Actions - The company plans to repurchase 848,200 shares, which represents 0.44% of its total share capital [2]

证券代码：688087 证券简称：英科再生 公告编号：2025-051 英科再生资源股份有限公司 关于以集中竞价方式回购股份的进展公告 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、准确性和完整性承担法律责任。 重要内容提示： 公司 2024 年度权益分派实施后,公司以集中竞价交易方式回购股份价格上限由 不超过人民币 41.44 元/股（含）调整为不超过人民币 41.38 元/股（含）。具体情况 详见公司披露于上海证券交易所网站（www.sse.com.cn）的《英科再生资源股份有 限公司关于 2024 年年度权益分派实施后调整回购股份价格上限的公告》（公告编 号：2025-036）。 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》的相关规定，公司在回购期间，应当在每个月的前 3 个交易日 内公告截至上月末的回购进展情况。现将公司回购股份进展情况公告如下： | 回购方案首次披露日 | 2025/4/8 | | | | | --- | --- | --- | --- | --- | | 回购 ...

Core Viewpoint - The company, 英科再生 (688087.SH), has announced a share buyback program, indicating a strategic move to enhance shareholder value and confidence in the company's future prospects [1] Summary by Categories Share Buyback Details - The company repurchased a total of 848,200 shares, which represents 0.44% of its total share capital [1] - The highest price paid for the shares was 28.48 CNY per share, while the lowest price was 25.43 CNY per share [1] - The total amount spent on the buyback was 23,011,177.05 CNY, excluding transaction fees [1]

Group 1: Company Highlights - Mindray Medical launched the world's first clinically implemented critical care AI model and established an animal healthcare subsidiary [1] - Jieshun Technology's cloud-managed SaaS service increased to 16,600 lanes, with software and cloud service revenue reaching 125 million yuan, a year-on-year growth of 26.11% [1] - State Grid Information Technology reported a revenue of 3.525 billion yuan, a decrease of 4.55% year-on-year, while its virtual power plant business is being applied in multiple cities [2] - Inke Recycling focuses on high-value applications of recycled plastics, with significant growth in non-European markets and a projected dividend of 1.00 yuan per 10 shares [3] - ZaiJing Pharmaceutical achieved a revenue of 376 million yuan, a 56% increase, driven by sales growth of its drugs [4] - Tianzhihang reported a revenue of approximately 125 million yuan, a year-on-year increase of 114.89%, with significant growth in orthopedic surgical robot sales [5] - Aibo Medical's revenue reached 787 million yuan, a 14.72% increase, with a gross margin of 65.25% [6] - Mankalon's strategy focuses on expanding its presence in core urban areas and enhancing profitability of franchise stores [7] - Oulu Tong's revenue reached 2.12 billion yuan, a 32.59% increase, with data center power business revenue growing by 94.30% [8] - Sun Paper's special paper project is operational, with plans for further production capacity expansion [9] - Taili Technology is enhancing its market penetration and focusing on customized material solutions for various industries [10] Group 2: Financial Performance - Jieshun Technology's parking asset operation revenue grew by 49.86%, with new orders totaling 677 million yuan [1] - State Grid Information Technology's net profit decreased by 11.01% due to increased corporate income tax [2] - Inke Recycling's non-U.S. market revenue grew by 31.15% year-on-year [3] - ZaiJing Pharmaceutical's new drug approvals are expected to boost future sales [4] - Tianzhihang's orthopedic robot surgeries exceeded 22,000 cases, indicating strong market demand [5] - Aibo Medical's second-quarter revenue was 430 million yuan, a 14.44% increase year-on-year [6] - Oulu Tong's R&D expenses increased by 28.26%, reflecting investment in innovation [8] - Sun Paper's projects are expected to enhance its competitive position in the market [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 1.666 billion yuan in H1 2025, representing a year-on-year increase of 16.13%. The net profit attributable to shareholders was 146 million yuan, a decrease of 6.01% year-on-year, primarily due to foreign exchange losses. Excluding these losses, the net profit would have increased by 31.59% [7] - The revenue from the decoration and building materials business grew significantly, with a year-on-year increase of 38% in H1 2025, contributing to over 75% of total revenue [7] - The company plans to distribute a cash dividend of 0.1 yuan per share, totaling 19 million yuan, reflecting a dividend payout ratio of 13.3% [7] - The company is positioned as a leader in recycled plastics, with a global presence and a focus on high-value utilization of recycled plastic products, which is expected to enhance profitability as product categories expand and channels develop [7] Financial Summary - For 2023A, total revenue is projected at 2.455 billion yuan, with a year-on-year growth of 19.41%. The net profit attributable to shareholders is expected to be 195.65 million yuan, a decrease of 15.22% [1] - The company forecasts a net profit of 386.09 million yuan for 2025E, representing a growth of 25.63% [1] - The earnings per share (EPS) for 2025E is estimated at 1.99 yuan, with a price-to-earnings (P/E) ratio of 14.53 [1] - The company’s operating cash flow for H1 2025 was 245 million yuan, an increase of 17.50% year-on-year [7] - The company’s total assets are projected to reach 6.441 billion yuan by 2025E, with total liabilities of 3.439 billion yuan [8]

Group 1 - In the first half of 2025, 18 institutional investors disclosed holdings in Yingke Recycling (688087.SH), totaling 105 million shares, which represents 56.13% of the company's total share capital [1] - The top ten institutional investors hold a combined 55.67% of the shares, with a decrease of 1.31 percentage points compared to the previous quarter [1] Group 2 - One public fund, Qianhai Kaiyuan Event-Driven Mixed A, increased its holdings, while four new public funds were disclosed, including Guotai Juxin Value Advantage Flexible Allocation Mixed A and others [2] - Three social security funds reduced their holdings, with a total decrease of 0.55%, and one social security fund was not disclosed in the current period [2]

Core Viewpoint - The recent financial report of Inke Recycling (688087) shows a mixed performance with a revenue increase but a decline in net profit, highlighting rising operational costs and potential concerns regarding financial health [1] Financial Performance - Total revenue for the first half of 2025 reached 1.666 billion yuan, a year-on-year increase of 16.13% [1] - Net profit attributable to shareholders was 146 million yuan, down 6.01% year-on-year [1] - In Q2 2025, total revenue was 873 million yuan, up 8.98% year-on-year, while net profit was 73.5 million yuan, down 11.28% year-on-year [1] - Gross margin decreased to 25.27%, a decline of 3.3% year-on-year, and net margin fell to 8.75%, down 19.07% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 235 million yuan, representing 14.1% of total revenue, an increase of 55.98% year-on-year [1] Key Financial Ratios - Return on Invested Capital (ROIC) for the previous year was 6.43%, indicating average capital returns [3] - Historical median ROIC since listing is 12.01%, with the worst year being 2023 at 6.04% [3] - Cash assets are reported to be healthy, but the company relies heavily on capital expenditures for performance [4] Debt and Cash Flow Analysis - The company has a debt ratio of 49.76% for interest-bearing liabilities, with total interest-bearing debt reaching 3.425 billion yuan, a 62.08% increase year-on-year [1][5] - Cash flow metrics indicate that cash assets cover only 72.55% of current liabilities, and the average operating cash flow over the past three years covers only 7.93% of current liabilities [5] Market Position and Fund Holdings - The largest fund holding Inke Recycling is the Yuanxin Yongfeng Youyue Life Mixed Fund, with 350,000 shares newly entered into the top ten holdings [7] - The fund's current size is 326 million yuan, with a recent net value of 2.2327, reflecting a 40.78% increase over the past year [7]