国金证券股份有限公司（以下简称"国金证券"或"保荐机构"）作为英科 再生资源股份有限公司（以下简称"英科再生"或"公司"）首次公开发行股票 并在科创板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证 券交易所科创板股票上市规则》《上市公司募集资金监管规则》及《上海证券交 易所科创板上市公司自律监管指引第 1 号——规范运作》等相关法律法规和规范 性文件的要求，对英科再生拟使用部分闲置募集资金临时补充流动资金的事项进 行了核查，核查的具体情况如下： 国金证券股份有限公司 关于英科再生资源股份有限公司 使用部分闲置募集资金临时补充流动资金的 核查意见 一、募集资金基本情况 根据中国证券监督管理委员会于 2021 年 5 月 25 日出具的《关于同意山东英 科环保再生资源股份有限公司首次公开发行股票注册的批复》（证监许可 [2021]1802 号），公司获准向社会公众公开发行人民币普通股（A 股）3,325.8134 万股（每股面值人民币 1 元），并于 2021 年 7 月 9 日在上海证券交易所科创板上 市（以下简称"本次发行"）。本次发行的发行价格为 21.96 元/股，本次发行募集 资金总额约 ...

证券代码：688087 证券简称：英科再生 公告编号：2025-041 英科再生资源股份有限公司 重要内容提示： 2025 年 7 月 1 日，英科再生资源股份有限公司（以下简称"公 司"）已将前次用于临时补充流动资金的募集资金 13,800 万元归还至 募集资金专用账户，并及时将募集资金归还情况通知保荐机构和保 荐代表人。 公司拟使用不超过人民币 12,000 万元的闲置募集资金临时补 充流动资金，使用期限自公司董事会决议通过之日起不超过 12 个月。 本次使用部分闲置募集资金临时补充流动资金不影响募集资 金投资项目正常建设及进展，且在上述规定期限内根据募投项目的 进展及需求及时归还至募集资金专用账户。 本次使用部分闲置募集资金临时补充流动资金仅用于公司主 营业务相关的生产经营活动，不会直接或间接用于新股配售、申购 或用于股票及其衍生品种、可转换公司债券等的交易，不存在变相 改变募集资金用途的情形。 一、募集资金基本情况 根据中国证券监督管理委员会于 2021 年 5 月 25 日出具的《关 于同意山东英科环保再生资源股份有限公司首次公开发行股票注册 的批复》（证监许可[2021]1802 号），公司获准向 ...

Summary of Key Points Core Viewpoint - The company has initiated a share repurchase program to enhance shareholder value and implement an employee stock ownership plan, with a total expected repurchase amount between RMB 40 million and RMB 80 million [1][2]. Group 1: Share Repurchase Plan - The share repurchase plan was first disclosed on April 8, 2025, and will be implemented from April 8, 2025, to April 7, 2026 [1]. - The maximum repurchase price is set at RMB 41.44 per share, with a minimum expected repurchase amount of RMB 40 million [1][2]. - The company has already repurchased a total of 38,154 shares, which accounts for 0.02% of the total share capital, with a total expenditure of RMB 973,465.25 [1][2]. Group 2: Progress of Share Repurchase - Following the annual equity distribution for 2024, the maximum repurchase price was adjusted to RMB 41.38 per share [2]. - The highest transaction price during the repurchase was RMB 25.59 per share, while the lowest was RMB 25.44 per share [2]. - The company will continue to make repurchase decisions based on market conditions and will fulfill its information disclosure obligations regarding the progress of the share repurchase [2].

一、回购股份的基本情况 英科再生资源股份有限公司（以下简称"公司"）于 2025 年 4 月 7 日召开第四 届董事会第十七次会议，审议通过了《关于以集中竞价方式回购公司股份方案的 议案》，同意公司使用自有资金及股票回购专项贷款以集中竞价交易方式回购公司 已发行的部分人民币普通股（A 股）股份，本次回购股份的价格不超过人民币 41.44 元/股（含），回购金额不低于人民币 4,000 万元（含），不超过人民币 8,000 万元（含）， 回购股份期限自公司董事会审议通过本次回购方案之日起不超过 12 个月。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 有限公司关于以集中竞价方式回购股份的回购报告书》（公告编号：2025-005）。 证券代码：688087 证券简称：英科再生 公告编号：2025-040 英科再生资源股份有限公司 关于以集中竞价方式首次回购公司股份 暨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： | 回购方案首次披露日 | 20 ...

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 ...