Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Views - The company has announced a restricted stock incentive plan for 2025, granting 7.378 million shares at a price of 12.01 CNY per share, which represents 3.94% of the total share capital at the time of the announcement. The performance targets for 2025-2029 include revenue of no less than 33.63 billion CNY in 2025, increasing to 58.81 billion CNY by 2029, and net profit of no less than 3.53 billion CNY in 2025, reaching 6.17 billion CNY by 2029 [1][2]. - The company expects a compound annual growth rate (CAGR) of 15% for both revenue and net profit from 2026 to 2029, indicating strong confidence in future growth [2]. - The company has shown significant growth in Q1, achieving a 25% increase in revenue despite it being a traditional off-season for foreign trade, driven by new products and strong performance in non-US markets [2]. - The company is the only player in the industry that has innovatively integrated the entire plastic recycling and reuse value chain, establishing strong competitive barriers through advanced technology and a unique business model [2]. Financial Summary - The company forecasts revenues of 2,924 million CNY for 2024, 3,374 million CNY for 2025, and 4,532 million CNY for 2027, reflecting growth rates of 19.09%, 15.42%, and 16.06% respectively [3][11]. - The projected net profit for 2025 is 330 million CNY, with a growth rate of 7.5% compared to 2024, and expected to reach 448 million CNY by 2027, with a CAGR of 19.79% [3][11]. - The earnings per share (EPS) are projected to be 1.76 CNY in 2025 and 2.39 CNY in 2027, with corresponding price-to-earnings (P/E) ratios of 12.26x and 10.24x [3][11].

Industry Overview - Polystyrene (PS) is a polymer synthesized from styrene monomers through free radical polymerization, classified into general-purpose polystyrene (GPPS), high-impact polystyrene (HIPS), and expandable polystyrene (EPS) [1][4] - The production capacity of polystyrene in China has been steadily increasing, with production expected to reach 4.286 million tons in 2024, up from 2.65 million tons in 2018, representing a year-on-year increase of 7.1% [1][10] Production Side - China's polystyrene production capacity has grown significantly, reaching 6.8 million tons in 2024, a year-on-year increase of 10.57% [6] - The integration trend of styrene-PS facilities is notable, with 45,000 tons of new integrated capacity accounting for 69.23% of the new capacity in 2024 [6] - The majority of polystyrene production capacity is concentrated in East and South China, with East China accounting for 72% and South China for 16% [8] Import and Export - Since 2021, China's polystyrene import volume has declined due to increased domestic production capacity, with imports of 509,300 tons in 2024, down 19.64% year-on-year [12] - Exports have increased, with 543,000 tons exported in 2024, a year-on-year increase of 3.41%, marking a shift from trade deficit to trade surplus [12] Consumption Side - The apparent consumption of polystyrene in China has risen to 4.2523 million tons in 2024, up from 3.4828 million tons in 2018, reflecting a year-on-year growth of 3.45% [14] Company Landscape - Key players in the polystyrene industry include Zhenjiang Qimei Chemical Co., Huizhou Renxin New Materials Co., Xinghui Environmental Materials Co., and Shanghai Yingke Industrial Co. [16][19] - Zhenjiang Qimei Chemical focuses on diversifying its product range and enhancing the proportion of high-tech products [17] - Huizhou Renxin has a production capacity of over 210,000 tons of general-purpose polystyrene and 90,000 tons of high-impact polystyrene [17] - Xinghui Environmental is the largest polystyrene producer in South China, with a production capacity of 350,000 tons [19] Future Trends - The polystyrene industry is expected to see steady capacity expansion, with total capacity projected to exceed 8 million tons by the end of 2025, although competition is intensifying due to oversupply [21] - Export markets are becoming increasingly important, with a compound annual growth rate of 40.52% in exports since 2019, and expectations for exports to exceed 300,000 tons by 2025 [22] - Supportive policies and regulations are being implemented to promote the healthy and standardized development of the polystyrene industry [23]

Core Viewpoint - The company has approved the grant of 7.378 million restricted stocks to 612 incentive objects at a price of 12.01 yuan per share, with the grant date set for June 23, 2025 [1][11]. Summary by Relevant Sections Restricted Stock Grant Situation - The decision-making process and information disclosure for the restricted stock grant have been completed, with the relevant proposals approved by the company's board and compensation committee [1][2]. - The total number of restricted stocks granted is 7.378 million, accounting for approximately 3.94% of the company's total share capital of 187.226 million shares [4][10]. Adjustments to the Incentive Plan - The number of incentive objects has been adjusted from 618 to 612, and the number of restricted stocks has been revised from 7.5 million to 7.378 million [6][11]. - The grant price was adjusted from 12.07 yuan to 12.01 yuan per share due to the company's profit distribution plan [3][4]. Compliance with Grant Conditions - The company and the incentive objects have met all necessary conditions for the grant, including no disqualifying events in the past 12 months [7][11]. - The board confirmed that the grant date of June 23, 2025, complies with relevant regulations [8][11]. Accounting Treatment and Performance Impact - The accounting treatment for the restricted stocks will involve recognizing "capital stock" and "capital surplus" based on the granted shares, with expenses recognized over the vesting period [12][13]. - The estimated impact on net profit due to the stock grant expenses is expected to be outweighed by the positive effects on company performance from enhanced management motivation [13][14]. Legal and Financial Advisory Opinions - Legal opinions confirm that the grant has received necessary approvals and complies with relevant regulations [14]. - Independent financial advisors have also affirmed that the grant conditions are met and the plan adheres to applicable laws and regulations [14].

Core Points - The company has approved a restricted stock incentive plan for 2025, which includes a list of eligible recipients [1][2][3] - The incentive plan is compliant with relevant laws and regulations, ensuring that all recipients meet the necessary qualifications [2][3] - A total of 612 recipients will be granted 7.378 million shares at a price of 12.01 yuan per share, with the grant date set for June 23, 2025 [3] Summary by Sections - **Eligibility of Recipients**: The recipients of the incentive plan do not fall under any disqualifying conditions as outlined in the management regulations and listing rules [2][3] - **Scope of Recipients**: The incentive plan includes directors, senior management, core technical personnel, and key management and technical staff, excluding independent directors and major shareholders [3] - **Compliance and Approval**: The list of recipients aligns with the approved draft of the incentive plan and meets all legal and regulatory requirements [3]

证券代码：688087 证券简称：英科再生 公告编号：2025-038 英科再生资源股份有限公司 关于调整公司2025年限制性股票激励计划 有关事项的公告 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、准确性和完整性依法承担法律责任。 英科再生资源股份有限公司于 2025 年 6 月 23 日召开的第四届董事会第二十 次会议，审议通过了《关于调整公司 2025 年限制性股票激励计划有关事项的议 案》，现将有关事项说明如下： 一、本次限制性股票授予已履行的决策程序和信息披露情况 1、2025 年 5 月 29 日，公司召开第四届董事会第十九次会议，审议通过了 《关于<英科再生资源股份有限公司 2025 年限制性股票激励计划（草案）>及其 摘要的议案》《关于<英科再生资源股份有限公司 2025 年限制性股票激励计划实 施考核管理办法>的议案》《关于提请股东会授权董事会办理 2025 年限制性股票 激励计划相关事宜的议案》。相关事项已经公司董事会薪酬与考核委员会审议通 过。 二、本次调整事项说明 （一）关于授予价格的调整 1、调整事由 根据《2025 年限制性 ...

英科再生资源股份有限公司 2025 年限制性股票激励计划激励对象名单（授予日） | 序号 | 姓名 | 国籍 | 职务 | 获授的限制 | 占授予限制 | 占授予时公司 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 性股票数量 | 性股票总数 | 股本总额的比 | | | | | | （股） | 的比例 | 例 | | | | 一、董事、高级管理人员、核心技术人员 | | | | | | 1 | 金喆 | 中国 | 董事、总经理 | 150000 | 2.03% | 0.08% | | 2 | 杨奕其 | 中国 | 董事 | 20000 | 0.27% | 0.01% | | 3 | 田婷婷 | 中国 | 副总经理 | 100000 | 1.36% | 0.05% | | 4 | 赵京生 | 中国 | 副总经理 | 60000 | 0.81% | 0.03% | | 5 | 李志杰 | 中国 | 总工程师、核 心技术人员 | 25000 | 0.34% | 0.01% | | 6 | 李寒铭 | 中国 | 财务负责人 | 80000 | 1.0 ...

一、限制性股票授予情况 （一）本次限制性股票授予已履行的决策程序和信息披露情况 1、2025 年 5 月 29 日，公司召开第四届董事会第十九次会议，审议通过了 《关于<英科再生资源股份有限公司 2025 年限制性股票激励计划（草案）>及其 摘要的议案》《关于<英科再生资源股份有限公司 2025 年限制性股票激励计划实 施考核管理办法>的议案》《关于提请股东会授权董事会办理 2025 年限制性股票 激励计划相关事宜的议案》。相关事项已经公司董事会薪酬与考核委员会审议通 过。 限制性股票授予日：2025 年 6 月 23 日 限制性股票授予数量：737.80 万股限制性股票，约占授予时公司股本总 额 18,722.6610 万股的 3.94%。 股权激励方式：第一类限制性股票 证券代码：688087 证券简称：英科再生 公告编号：2025-039 英科再生资源股份有限公司 关于向激励对象授予限制性股票的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 英科再生资源股份有限公司《2025 年限制性股票激励计 ...

北京 上海 南京 杭州 天津 高朋（上海）律师事务所 关于英科再生资源股份有限公司 2025 年限制性股票激励计划调整 及授予相关事项的 法律意见书 2025 年 6 月 www.gaopenglaw.com 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 深圳 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 高朋（上海）律师事务所 关于英科再生资源股份有限公司 2025 年限制性股票激励计划调整 及授予相关事项的 中国·上海·徐汇区虹桥路 500 号 中城国际大厦 23 楼 23/F CUR ...

英科再生资源股份有限公司 2025 年限制性股票激励计划 调整及授予相关事项 之 证券简称：英科再生 证券代码：688087 上海荣正企业咨询服务（集团）股份有限公司 关于 | 一、释义 3 | | --- | | 二、声明 5 | | 三、基本假设 6 | | 四、独立财务顾问意见 7 | | 五、备查文件及咨询方式 13 | 上海荣正企业咨询服务（集团）股份有限公司 独立财务顾问报告 一、释义 独立财务顾问报告 2025 年 6 月 本独立财务顾问报告中，除非文义载明，下列简称具有如下含义： | 英科再生、本公司、公 | 指 | 英科再生资源股份有限公司（含分、子公司） | | --- | --- | --- | | 司、上市公司 | | | | 本激励计划、本计划、限 | | 英科再生资源股份有限公司 年限制性股票激励 2025 | | 制性股票激励计划、股权 | 指 | 计划 | | 激励计划 | | | | 独立财务顾问 | 指 | 上海荣正企业咨询服务（集团）股份有限公司 | | 独立财务顾问报告 | | 《上海荣正企业咨询服务（集团）股份有限公司关 | | | | 于英科再生资源股份有限公司 2 ...

英科再生资源股份有限公司 （四）具有《公司法》规定的不得担任公司董事、高级管理人员情形的； （五）法律法规规定不得参与上市公司股权激励的； （六）中国证监会认定的其他情形。 董事会薪酬与考核委员会关于 2025 年限制性股票激励计划 激励对象名单（授予日）的核查意见 二、本激励计划激励对象为在公司（含分、子公司）任职的董事、高级管理 人员、核心技术人员、重要管理及技术（业务）骨干，不包括公司独立董事、外 籍员工、单独或合计持有公司 5%以上股份的股东或实际控制人及其配偶、父母、 子女。 英科再生资源股份有限公司（以下简称"公司"）董事会薪酬与考核委员会 依据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券 法》（以下简称"《证券法》"）、《上市公司股权激励管理办法》（以下简称"《管理 办法》"）、《上海证券交易所科创板股票上市规则》（以下简称"《上市规则》"）、 《科创板上市公司自律监管指南第 4 号——股权激励信息披露》（以下简称"《自 律监管指南》"）和《英科再生资源股份有限公司章程》（以下简称"《公司章程》"） 等有关规定，对公司 2025 年限制性股票激励计划（以下简称"本激励 ...