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].

Core Insights - In the first three quarters of 2025, the company achieved operating revenue of 2.583 billion yuan, representing a year-on-year growth of 15.76% [1] - The net profit attributable to shareholders for the same period was 226 million yuan, an increase of 16.29% year-on-year, with the third quarter showing a remarkable growth of 104.08% [1] - The profit growth is primarily attributed to the rapid ramp-up of the Vietnam Phase II factory and continuous optimization of profitability [1] Revenue Breakdown - The quarterly revenue for the first, second, and third quarters of 2025 was 793 million yuan, 873 million yuan, and 917 million yuan respectively, with each quarter setting new historical highs for the same period [1] - The increase in revenue is supported by a rising proportion of high-value-added product income, which has enhanced overall profitability [1] Strategic Initiatives - The company is accelerating its "China + Southeast Asia" production base layout to consolidate existing market advantages while exploring new business growth points [1] - The focus is on leveraging a diversified product matrix and global channel advantages to continuously expand market coverage [1] - Future strategies include enhancing product innovation, deepening channel development, and integrating the entire industry chain, with overseas production base construction as a key focus [2]

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].