Group 1 - In the third quarter of 2025, Yingke Recycling (688087.SH) reported that 12 institutional investors held a total of 103 million shares, accounting for 53.17% of the total share capital [1] - The top ten institutional investors collectively held 52.71% of the shares, which is a decrease of 2.96 percentage points compared to the previous quarter [1] - One new public fund was disclosed during this period, while 92 public funds were not disclosed compared to the previous quarter [1] Group 2 - Two social security funds reported a decrease in holdings, with a total reduction of 0.27% [2]

Core Viewpoint - Inke Recycle (688087.SH) reported a revenue of 2.583 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 15.76% [1] - The net profit attributable to shareholders reached 226 million yuan, marking a year-on-year increase of 16.29% [1] - The basic earnings per share stood at 1.22 yuan [1] Financial Performance - Total operating revenue for the first three quarters was 2.583 billion yuan, up 15.76% year-on-year [1] - Net profit attributable to the parent company was 226 million yuan, representing a 16.29% increase compared to the previous year [1] - Basic earnings per share recorded at 1.22 yuan [1]

Core Insights - The company reported a significant increase in revenue and net profit for Q3 2025, with revenue reaching 917 million yuan, a 15.08% year-on-year increase, and net profit of 80.44 million yuan, up 104.08% from the previous year [2] - For the first three quarters of 2025, the company achieved a total revenue of 2.583 billion yuan, representing a 15.76% year-on-year growth, and a net profit of 226 million yuan, which is a 16.29% increase compared to the same period last year [2] - The operating cash flow for the company also showed strong performance, with a net amount of 409 million yuan, reflecting a 64.23% year-on-year growth [2] Business Strategy - The company is focusing on consolidating its market position while actively exploring new business growth points, enhancing its market competitiveness [3] - By leveraging a diversified product matrix and a global channel network, the company has established a complete industrial chain covering "recycling, regeneration, and utilization," which includes four main product categories: finished products, decorative building materials, recycled plastics, and environmental equipment [3] - The revenue from high value-added products has increased, effectively supporting the overall profitability of the company and driving steady profit growth, demonstrating strong operational resilience [3] Expansion Plans - The company is accelerating the consolidation and advancement of its production base layout in "China + Southeast Asia," with the Vietnam Yingke Qinghua (Phase III) project currently under construction [2] - Once completed, this project is expected to enhance the company's global manufacturing system and improve its competitiveness and operational resilience in overseas markets [2]

证券代码：688087 证券简称：英科再生 公告编号：2025-057 英科再生资源股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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（以下简称"公司"）已于 2025 年 10 月 31 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深 入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 28 日（星期五）09:00-10:00 举行 2025 年第三季度业绩说明 会，就投资者关心的问题进行交流。 一、 说明会类型 独立董事：黄业德先生、管伟先生 本次投资者说明会以网络互动形式召开，公司将针对 2025 年第 会议召开时间：2025 年 11 月 28 日（星期五）09:00-10:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网 ...

Financial Performance - The company's revenue for Q3 2025 reached CNY 917,076,860.20, representing a year-on-year increase of 15.08%[7] - The total profit for the period was CNY 81,343,466.98, an increase of 88.91% compared to the same period last year[7] - Net profit attributable to shareholders was CNY 80,444,229.49, reflecting a 104.08% increase year-on-year[7] - The net profit after deducting non-recurring gains and losses was CNY 60,421,583.92, up 68.77% from the previous year[7] - Basic earnings per share for the period were CNY 0.41, a 95.24% increase year-on-year[8] - Total operating revenue for the first three quarters of 2025 reached ¥2,583,097,636.23, an increase of 15.7% compared to ¥2,231,451,496.15 in the same period of 2024[27] - Net profit for the first three quarters of 2025 was ¥226,267,082.93, compared to ¥194,568,839.16 in 2024, representing an increase of 16.3%[28] - Basic earnings per share (EPS) increased to 1.22 CNY from 1.04 CNY year-over-year[29] Assets and Liabilities - The company's total assets increased by 27.85% to CNY 7,039,569,688.14 compared to the end of the previous year[8] - Total assets as of the reporting date amounted to ¥7,039,569,688.14, compared to ¥5,506,042,401.17 in the previous year, indicating a growth of 27.8%[25] - Total liabilities increased to ¥4,295,739,307.09 from ¥2,971,744,405.87, marking a rise of 44.5%[24] - Current liabilities totaled ¥3,687,967,829.10, up from ¥2,416,361,436.85, reflecting an increase of 52.7%[24] - Non-current assets reached ¥3,799,465,567.26, significantly higher than ¥2,080,012,708.12 in the previous year, showing an increase of 82.6%[25] Cash Flow - The cash flow from operating activities for the year-to-date period was CNY 409,363,363.60, showing a 64.23% increase[8] - Cash inflow from operating activities for the first three quarters of 2025 was 2,697,378,351.11 CNY, up from 2,297,855,704.55 CNY in the same period of 2024, representing a growth of approximately 17.4%[29] - Net cash flow from operating activities increased to 409,363,363.60 CNY compared to 249,259,633.72 CNY in the previous year, marking a rise of about 64.3%[29] - Total cash inflow from investment activities was 680,093,041.00 CNY, significantly higher than 284,765.67 CNY in the prior year[30] - Net cash flow from investment activities was -856,817,580.24 CNY, worsening from -514,300,845.07 CNY year-over-year[30] - Cash inflow from financing activities totaled 4,685,293,314.18 CNY, compared to 2,727,479,665.09 CNY in the previous year, indicating an increase of approximately 71.8%[30] - Net cash flow from financing activities was -254,010,304.69 CNY, compared to -92,520,046.77 CNY in the same period last year[30] - The ending cash and cash equivalents balance decreased to 473,288,349.66 CNY from 935,734,708.66 CNY year-over-year[30] Shareholder Information - The company repurchased 848,200 shares, representing 0.44% of the total share capital, with a total expenditure of RMB 23,011,177.05[19] - The maximum repurchase price was set at RMB 41.44 per share, later adjusted to RMB 41.28 per share after the 2025 semi-annual equity distribution[18] - The company completed the repurchase and cancellation of 541,835 restricted shares, reducing total share capital from 194,596,610 shares to 194,054,775 shares[21] - The company plans to continue its share repurchase program within the next 12 months, with a budget between RMB 40 million and RMB 80 million[18] - The top shareholder, Zibo Yazhi Investment Co., Ltd., holds 61,159,799 shares, representing 31.52% of the total shares[16] - The second-largest shareholder, Inco Investment (Hong Kong) Limited, holds 17,297,329 shares, accounting for 8.91%[16] - The company has not engaged in any financing or securities lending activities involving its top shareholders[17] Research and Development - Research and development expenses totaled CNY 29,396,809.52, a decrease of 5.98% compared to the same period last year[8] - Research and development expenses were ¥92,094,358.67, slightly up from ¥89,918,965.81 in the previous year, reflecting a focus on innovation[27] Other Information - The company is expanding its production bases in Southeast Asia while exploring new business growth points[9] - The company did not apply new accounting standards starting from 2025[31]

Investment Rating - Maintain "Buy" rating for the environmental protection industry [1] Core Views - The Fourth Plenary Session emphasizes integrating green development into the modern industrial system, accelerating market-oriented resource allocation, and addressing local government debt as a key task for the 14th Five-Year Plan [9][10] - The report highlights significant growth in the environmental sector, particularly in clean energy, recycling resources, and waste management, driven by policy support and market reforms [12][14] Policy Tracking - The Fourth Plenary Session outlines the importance of green transformation as a systemic project across economic and social development, with specific measures to achieve carbon peak and neutrality goals [9][10] - Key initiatives include accelerating the construction of a dual control system for carbon emissions, promoting green low-carbon energy transformation, and enhancing the circular economy [10][11] Industry Trends - The environmental protection sector is witnessing a surge in new energy sanitation vehicle sales, with a year-on-year increase of 63.18% and a penetration rate rise of 6.29 percentage points to 17.40% [6][9] - The report notes improvements in the profitability of biodiesel production, with stable prices for waste cooking oil and rising net profits [12][14] Investment Recommendations - Focus on clean energy operations, particularly in green electricity and green hydrogen, with specific companies recommended for investment [12][14] - In the recycling sector, companies involved in biofuels and recycled plastics are highlighted as key investment opportunities [12][14] - The report suggests that market-oriented pricing reforms in waste and water management will enhance cash flow stability and profitability for companies in these sectors [13][14] Company Tracking - Longjing Environmental plans to raise 2 billion yuan through a private placement to enhance its capital structure and support growth in green electricity and energy storage [12][14] - The report indicates that companies in the solid waste sector are experiencing improved cash flow and dividend payouts, with notable increases in free cash flow and dividend ratios [19][20]

证券代码：688087 证券简称：英科再生 英科再生资源股份有限公司 2025 年第二次临时股东会会议资料 2025 年 11 月 1 目 录 | 英科再生资源股份有限公司 2025 年第二次临时股东会会议须知 3 | | | | | | --- | --- | --- | --- | --- | | 2025 年第二次临时股东会会议议程 6 | | | | | | 议案一：关于修订《公司章程》并办理工商变更登记的议案 8 | | | | | | 议案二：关于修订《关联交易管理制度》的议案 11 | | | | | | 议案三：关于修订《对外担保决策制度》的议案 12 | | | | | | 议案四：关于修订《对外投资管理制度》的议案 13 | | | | | | 议案五：关于修订《募集资金管理制度》的议案 14 | | | | | | 议案六：关于参与投资 Warburg | Pincus | Global | Growth | 15,L.P.暨关联交 | | 易的议案 15 | | | | | 2 英科再生资源股份有限公司 2025 年第二次临时股东会会议须知 为维护广大投资者的合法权益，保障股东在本次股 ...

Summary of Key Points Core Viewpoint - Inke Recycling has shown a significant increase in stock price, reflecting positive market sentiment and upcoming corporate actions that may impact shareholder value [1][2]. Company Announcements - Inke Recycling will hold its second extraordinary general meeting of 2025 on November 6, 2025, to discuss six proposals, including amendments to the company's articles of association [1][3]. - The record date for shareholders to attend the meeting is October 29, 2025, and the meeting will take place in Shandong Province [1]. Investment Activities - Inke Recycling's wholly-owned subsidiary, Inke Environmental International (Hong Kong) Limited, plans to invest $30 million (approximately 213.17 million RMB) in Warburg Pincus Global Growth 15, L.P., representing about 0.18% of the fund's target size [2][3]. - The fund aims to raise $17 billion, focusing on energy transition, sustainable development, technology, and healthcare sectors [2]. - This investment is classified as a related party transaction due to common control with Inke Medical, which is also participating in the fund [2].

Core Viewpoint - The company, Yingke Recycling Resources Co., Ltd., is participating in an investment in Warburg Pincus Global Growth 15, L.P. as a limited partner, contributing $30 million, which represents approximately 0.18% of the fund's target size of $1.7 billion [2][8]. Group 1: Investment Overview - The investment is aimed at optimizing the company's investment structure and enhancing its global strategic layout [4][16]. - The investment will be made by the company's wholly-owned subsidiary, Yingke Environmental International (Hong Kong) [2][5]. - The investment is classified as a related party transaction due to the common control by the same actual controller with Yingke Medical Technology Co., Ltd. [2][6]. Group 2: Board Approval Process - The investment has been approved by various committees within the company, including the Strategic and ESG Committee, Audit Committee, and Independent Directors [3][27][28]. - The board meeting where the investment was approved had independent directors recuse themselves from voting, ensuring compliance with regulations [29]. Group 3: Fund Details - The fund, Warburg Pincus Global Growth 15, L.P., aims to invest in sectors such as energy transition, sustainable development, commercial services, industrial, technology, consumer, and healthcare [8][19]. - The fund has a lifespan of 12 years, with the possibility of a 2-year extension [8][12]. - The fund's management fee structure is set at 1.3% for the first eight years, decreasing to 1% thereafter [13]. Group 4: Financial Impact and Rationale - The investment is expected to enhance the company's profitability and align with its long-term strategic goals [16][21]. - The company has maintained positive cash flow over the past three years, indicating financial stability to support this investment [20]. - The investment is structured to minimize risk through professional management and diversified investment strategies [20][21].

证券代码：688087 证券简称：英科再生 公告编号：2025-055 英科再生资源股份有限公司 关于参与投资 Warburg Pincus Global Growth 15,L.P.暨关联交易的公告 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： 投资标的名称: Warburg Pincus Global Growth 15, L.P. 投资金额: 英科再生资源股份有限公司（以下简称"公司"）的全资孙公 司英科环保国际（香港）有限公司（以下简称"英科环保国际"）将作为该合伙 企业的有限合伙人（LP），认缴出资 3,000 万美元，占合伙企业份额 0.18%。 关联交易说明：本次公司关联方英科医疗科技股份有限公司（以下简称 "英科医疗"）全资子公司英科医疗国际（香港）有限公司（以下简称"英科医疗 国际"）亦参与投资该合伙企业，成为该合伙企业的有限合伙人之一。根据《上 海证券交易所科创板股票上市规则》《上海证券交易所上市公司自律监管指引第 5 号——交易与关联交易》等相关规定，公司与英科医疗受同一实际控制人控 ...